Us Code § 502 - Liability of shareholders of Federal reserve banks on contracts, etc.
Full text of Us Code United States Code § 502 — Liability of shareholders of Federal reserve banks on contracts, etc., with citation guidance and answers to common questions.
§ 502. Liability of shareholders of Federal reserve banks on contracts, etc.
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.)
Editorial Notes
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.
About This Section
12 U.S.C. § 502 is part of Title 12 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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