12-U.S.C.-502

§502 – Liability of Shareholders of Federal Reserve Banks On Contracts, Etc.

Pathway

Title 12 > Chapter 3 > Subchapter XVI > Section 502

Details

• Reference: Section 502
• Legend: §502 – Liability of Shareholders of Federal Reserve Banks On Contracts, Etc.
• USCode Year: 2013

Provision Content

The shareholders of every Federal reserve bank shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such bank to the extent of the amount of their subscriptions to such stock at the par value thereof in addition to the amount subscribed, whether such subscriptions have been paid up in whole or in part under the provisions of this chapter.

(Dec. 23, 1913, ch. 6, §2 (par.), 38 Stat. 252.)

References in Text

This chapter, referred to in text, was in the original this Act, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables.

Codification

Section is comprised of the fourth par. of section 2 of act Dec. 23, 1913. For classification of other pars. of section 2 of this Act, see Codification note set out under section 222 of this title.

U.S. Encyclopedia of Law Coverage

12-U.S.C.-501 in the Legal Encyclopedia: Banking Law

In this entry about 12-U.S.C.-501, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.

12-U.S.C.-501A in the Legal Encyclopedia: Liability

In this entry about 12-U.S.C.-501A, find legal reference material, bibliographies and premiere content related to liability in the American Encyclopedia of Law, presenting a comprehensive view of the United States liability-specific issues, written by authorities in the field.

12-U.S.C.-482 in the Legal Encyclopedia: Federal Reserve System

In this entry about 12-U.S.C.-482, find legal reference material, bibliographies and premiere content related to federal reserve system in the American Encyclopedia of Law, presenting a comprehensive view of the United States federal reserve system-specific issues, written by authorities in the field.

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