Us Code § 53 - When capital stock paid in
Full text of Us Code United States Code § 53 — When capital stock paid in, with citation guidance and answers to common questions.
§ 53. When capital stock paid in
All of the capital stock of every national banking association shall be paid in before it shall be authorized to commence business.
(R.S. §5140; Pub. L. 86–230, §4, Sept. 8, 1959, 73 Stat. 457.)
Editorial Notes
Codification
R.S. §5140 derived from act June 3, 1864, ch. 106, §14, 13 Stat. 103, which was the National Bank Act. See section 38 of this title.
Amendments
1959—Pub. L. 86–230 substituted requirement that all the capital stock of a national bank must be paid in before it commences business for permissive authority to be open for business upon payment of 50 per centum of the capital stock and installment payment of the remaining 50 per centum.
About This Section
12 U.S.C. § 53 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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