§ 502. — Liability of shareholders of Federal reserve banks on contracts, etc.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC502]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER XVI--CIVIL LIABILITY OF FEDERAL RESERVE AND MEMBER BANKS,
SHAREHOLDERS, AND OFFICERS
Sec. 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, Sec. 2, 38 Stat. 252.)
Section Referred to in Other Sections
This section is referred to in section 481 of this title.
