§ 194. — Dividends on adjusted claims; distribution of assets.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC194]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER XIII--RECEIVERSHIP
Sec. 194. Dividends on adjusted claims; distribution of assets
From time to time, the comptroller shall make a ratable dividend of
the money so paid over to him by such receiver on all such claims as may
have been proved to his satisfaction or adjudicated in a court of
competent jurisdiction, and, as the proceeds of the assets of such
association are paid over to him, shall make further dividends on all
claims previously proved or adjudicated; and the remainder of the
proceeds, if any, shall be paid over to the shareholders of such
association, or their legal representatives, in proportion to the stock
by them respectively held.
(R.S. Sec. 5236; Pub. L. 103-325, title VI, Sec. 602(g)(12), Sept. 23,
1994, 108 Stat. 2294.)
Codification
R.S. Sec. 5236 derived from act June 3, 1864, ch. 106, Sec. 50, 13
Stat. 114, which was the National Bank Act. See section 38 of this
title.
Amendments
1994--Pub. L. 103-325 struck out ``, after full provision has been
first made for refunding to the United States any deficiency in
redeeming the notes of such association'' after ``From time to time''.
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 of
functions 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, Sec. 4, 47 Stat.
1567.
Section Referred to in Other Sections
This section is referred to in section 197 of this title.
