US Code / 2018 US Code / Title 12. Banks and Banking / Chapter 2. National Banks / Subchapter II. Capital, Stock, and Stockholders / 12 U.S. Code §67. Individual liability of shareholders; compromises; authority of receiver

12 U.S. Code §67. Individual liability of shareholders; compromises; authority of receiver

Section Text

Any receiver of a national banking association is authorized, with the approval of the Comptroller of the Currency and upon the order of a court of record of competent jurisdiction, to compromise, either before or after judgment, the individual liability of any shareholder of such association.

Editorial Notes

EXCEPTION AS TO TRANSFER OF FUNCTIONS Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer to Secretary of the Treasury, see note set out under section 1 of this title.APPLICATION TO DISTRICT OF COLUMBIA Provisions of this section were made applicable to banks, etc., in the District of Columbia by act Mar. 4, 1933, ch. 274, §4, 47 Stat. 1567.

Citation

12 U.S.C. § 67 (2018)