Individual liability of shareholders; limitation on liability
United States Code
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How this statute sits in the citation network, derived from CiteLaw's graph of published opinions.
Frequently CitedTop 23% most-cited · cited by 8 decisions
8
Citing decisions
6+
Courts citing
Citations by decade
2
4
1
1
1930s1940s1960s1980s
Courts citing this statute
Most recently cited by8
- 1982Continental Assurance Co. v. American Bankshares Corp. E.D. Wis.
- 1962Camden Trust Co. v. Gidney D.C. Cir.
- 1944Anderson v. Abbott U.S.
- 1942Haight v. Franklin 2d Cir.
- 1941Frank v. Giesy 9th Cir.
- 1941Stein v. Delano 3d Cir.
- 1939Federal Deposit Ins. v. Gunderson 8th Cir.
- 1937Nettles v. Rhett E.D.S.C.
Counts reflect decisions in the CiteLaw corpus and may lag very recent opinions.
Text
The additional liability imposed upon shareholders in national banking associations by the provisions of sections 63 and 64 of this title shall not apply with respect to shares in any such association issued after June 16, 1933. Such additional liability shall cease on July 1, 1937, with respect to all shares issued by any association which shall be transacting the business of banking on July 1, 1937: Provided, That not less than six months prior to such date, such association shall have caused notice of such prospective termination of liability to be published in a newspaper published in the city, town, or county in which such association is located, and if no newspaper is published in such city, town, or county, then in a newspaper of general circulation therein. If the association fail 11 So in original. Probably should be “fails”. to give such notice as and when above provided, a termination of such additional liability may thereafter be accomplished as of the date six month 22 So in original. Probably should be “months”. subsequent to publication, in the manner above provided. In the case of each association which has not caused notice of such prospective termination of liability to be published prior to May 18, 1953, the Comptroller of the Currency shall cause such notice to be published in the manner provided in this section, and on the date six months subsequent to such publication by the Comptroller of the Currency such additional liability shall cease. (Source: (June 16, 1933, ch. 89, § 22, 48 Stat. 189; Aug. 23, 1935, ch. 614, title III, § 304, 49 Stat. 708; May 18, 1953, ch. 59, § 2, 67 Stat. 27.))