§ 503. — Liability of directors and officers of member banks.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC503]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER XVI--CIVIL LIABILITY OF FEDERAL RESERVE AND MEMBER BANKS,
SHAREHOLDERS, AND OFFICERS
Sec. 503. Liability of directors and officers of member banks
If the directors or officers of any member bank shall knowingly
violate or permit any of the agents, officers, or directors of any
member bank to violate any of the provisions of sections 375, 375a,
375b, and 376 of this title or regulations of the board made under
authority thereof, or any of the provisions of sections 212, 213, 214,
215, 655, 1005, 1014, 1906, or 1909 of title 18, every director and
officer participating in or assenting to such violation shall be held
liable in his personal and individual capacity for all damages which the
member bank, its shareholders, or any other persons shall have sustained
in consequence of such violation.
(Dec. 23, 1913, ch. 6, Sec. 22(f), as added Sept. 26, 1918, ch. 177,
Sec. 5, 40 Stat. 971; amended Sept. 3, 1954, ch. 1263, Sec. 28, 68 Stat.
1236.)
Codification
In text, ``sections 375, 375a, 375b, and 376 of this title'' was in
the original ``this section'', meaning section 22 of act Dec. 23, 1913,
which was also classified to sections 593 to 599 of this title. Such
sections were repealed by act June 25, 1948, ch. 645, Sec. 21, 62 Stat.
862, eff. Sept. 1, 1948, and the provisions thereof were reenacted as
sections 217, 218, 219, 220, 655, 1005, 1014, 1906, and 1909 of Title
18, Crimes and Criminal Procedure. Reference to such repealed sections
was omitted from the text in view of act Sept. 3, 1954, which amended
the text by incorporating therein the reference to the sections of Title
18.
Reference to sections ``212, 213, 214, 215'' of title 18 were
substituted for sections ``217, 218, 219, 220'' of title 18 on authority
of section 1(d) of Pub. L. 87-849, Oct. 23, 1962, 76 Stat. 1125, which
redesignated sections 217, 218, 219, and 220 of title 18 as sections
212, 213, 214, and 215, respectively.
Amendments
1954--Act Sept. 3, 1954, inserted ``or any of the provisions of
sections 217, 218, 219, 220, 655, 1005, 1014, 1906, or 1909 of title
18,''.
Section Referred to in Other Sections
This section is referred to in section 504 of this title.
