12-U.S.C.-503
§503 – Liability of Directors and officers of Member Banks
Pathway
Title 12 > Chapter 3 > Subchapter XVI > Section 503
Details
- Reference: Section 503
- Legend: §503 – Liability of Directors and officers of Member Banks
- USCode Year: 2013
Provision Content
If the directors or officers of any member bank shall knowingly violate or permit any of the agents, officers, or directors of any member bank to violate any of the provisions of sections 375, 375a, 375b, and 376 of this title or regulations of the board made under authority thereof, or any of the provisions of sections 217, 218, 219, 220, 655, 1005, 1014, 1906, or 1909 of title 18, every director and officer participating in or assenting to such violation shall be held liable in his personal and individual capacity for all damages which the member bank, its shareholders, or any other persons shall have sustained in consequence of such violation.
(Dec. 23, 1913, ch. 6, §22(f), as added Sept. 26, 1918, ch. 177, §5, 40 Stat. 971; amended Sept. 3, 1954, ch. 1263, §28, 68 Stat. 1236.)
References in Text
Sections 217, 218, 219, and 220 of title 18, referred to in text, were renumbered sections 212, 213, 214, and 215 of title 18, respectively, by Pub. L. 87–849, §1(d), Oct. 23, 1962, 76 Stat. 1125. Sections 212 and 213 of title 18, as redesignated, were subsequently repealed by Pub. L. 108–198, §2(a), Dec. 19, 2003, 117 Stat. 2899.
Codification
In text, sections 375, 375a, 375b, and 376 of this title was in the original this section, meaning section 22 of act Dec. 23, 1913, which was also classified to sections 593 to 599 of this title. Such sections were repealed by act June 25, 1948, ch. 645, §21, 62 Stat. 862, eff. Sept. 1, 1948, and the provisions thereof were reenacted as sections 217, 218, 219, 220, 655, 1005, 1014, 1906, and 1909 of Title 18, Crimes and Criminal Procedure. Reference to such repealed sections was omitted from the text in view of act Sept. 3, 1954, which amended the text by incorporating therein the reference to the sections of Title 18. The text of section 375 of this title was struck out by Pub. L. 111–203, title VI, §615(b), July 21, 2010, 124 Stat. 1615.
Amendments
1954—Act Sept. 3, 1954, inserted or any of the provisions of sections 217, 218, 219, 220, 655, 1005, 1014, 1906, or 1909 of title 18,.
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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