§ 622. — Forfeiture of rights and privileges; dissolution; liability of directors and officers.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC622]
TITLE 12--BANKS AND BANKING
CHAPTER 6--FOREIGN BANKING
SUBCHAPTER II--ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING
Sec. 622. Forfeiture of rights and privileges; dissolution;
liability of directors and officers
Should any corporation organized under this subchapter violate or
fail to comply with any of the provisions of this subchapter, all of its
rights, privileges, and franchises derived herefrom may thereby be
forfeited. Before any such corporation shall be declared dissolved, or
its rights, privileges, and franchises forfeited, any noncompliance with
or violation of such laws shall, however, be determined and adjudged by
a court of the United States of competent jurisdiction, in a suit
brought for that purpose in the district or territory in which the home
office of such corporation is located, which suit shall be brought by
the United States at the instance of the Board of Governors of the
Federal Reserve System or the Attorney General. Upon adjudication of
such noncompliance or violation, each director and officer who
participated in, or assented to, the illegal act or acts shall be liable
in his personal or individual capacity for all damages which the said
corporation shall have sustained in consequence thereof. No dissolution
shall take away or impair any remedy against the corporation, its
stockholders, or officers for any liability or penalty previously
incurred.
(Dec. 23, 1913, ch. 6, Sec. 25A (par.), formerly Sec. 25(a), as added
Dec. 24, 1919, ch. 18, 41 Stat. 378; amended Aug. 23, 1935, ch. 614,
title II, Sec. 203(a), 49 Stat. 704; renumbered Sec. 25A, Pub. L. 102-
242, title I, Sec. 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.)
References in Text
Organized under this subchapter, referred to in text, was in the
original ``organized hereunder'', meaning under section 25A of act Dec.
23, 1913, which comprises this subchapter (Sec. 611 et seq.).
This subchapter, referred to in text, was in the original ``this
section'', meaning section 25A of act Dec. 23, 1913.
Codification
Section is comprised of a part of section 25A, formerly section
25(a), which was added to act Dec. 23, 1913, ch. 6, by act Dec. 24,
1919.
Change of Name
Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve
Board to Board of Governors of the Federal Reserve System.
