§ 53. — When capital stock paid in.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC53]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER II--CAPITAL, STOCK, AND STOCKHOLDERS
Sec. 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. Sec. 5140; Pub. L. 86-230, Sec. 4, Sept. 8, 1959, 73 Stat. 457.)
Codification
R.S. Sec. 5140 derived from act June 3, 1864, ch. 106, Sec. 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.
