§ 55. — Enforcing payment of deficiency in capital stock; assessments; liquidation; receivership.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC55]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER II--CAPITAL, STOCK, AND STOCKHOLDERS
Sec. 55. Enforcing payment of deficiency in capital stock;
assessments; liquidation; receivership
Every association which shall have failed to pay up its capital
stock, as required by law, and every association whose capital stock
shall have become impaired by losses or otherwise, shall, within three
months after receiving notice thereof from the Comptroller of the
Currency, pay the deficiency in the capital stock, by assessment upon
the shareholders pro rata for the amount of capital stock held by each;
and the Treasurer of the United States shall withhold the interest upon
all bonds held by him in trust for any such association, upon
notification from the Comptroller of the Currency, until otherwise
notified by him. If any such association shall fail to pay up its
capital stock, and shall refuse to go into liquidation, as provided by
law, for three months after receiving notice from the comptroller, a
receiver may be appointed to close up the business of the association,
according to the provisions of section 192 of this title. And provided,
That if any shareholder or shareholders of such bank shall neglect or
refuse, after three months' notice to pay the assessment, as provided in
this section, it shall be the duty of the board of directors to cause a
sufficient amount of the capital stock of such shareholder or
shareholders to be sold at public auction (after thirty days' notice
shall be given by posting such notice of sale in the office of the bank,
and by publishing such notice in a newspaper of the city or town in
which the bank is located, or in a newspaper published nearest thereto),
to make good the deficiency, and the balance, if any, shall be returned
to such delinquent shareholder or shareholders.
(R.S. Sec. 5205; June 30, 1876, ch. 156, Sec. 4, 19 Stat. 64.)
Codification
R.S. Sec. 5205 derived from act Mar. 3, 1873, ch. 269, Sec. 1, 17
Stat. 603.
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.
