§ 64a. — Individual liability of shareholders; limitation on liability.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC64a]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER II--CAPITAL, STOCK, AND STOCKHOLDERS
Sec. 64a. Individual liability of shareholders; limitation on
liability
The additional liability imposed upon shareholders in national
banking associations by the provisions of sections 63 and 64 of this
title shall not apply with respect to shares in any such association
issued after June 16, 1933. Such additional liability shall cease on
July 1, 1937, with respect to all shares issued by any association which
shall be transacting the business of banking on July 1, 1937: Provided,
That not less than six months prior to such date, such association shall
have caused notice of such prospective termination of liability to be
published in a newspaper published in the city, town, or county in which
such association is located, and if no newspaper is published in such
city, town, or county, then in a newspaper of general circulation
therein. If the association fail \1\ to give such notice as and when
above provided, a termination of such additional liability may
thereafter be accomplished as of the date six month \2\ subsequent to
publication, in the manner above provided. In the case of each
association which has not caused notice of such prospective termination
of liability to be published prior to May 18, 1953, the Comptroller of
the Currency shall cause such notice to be published in the manner
provided in this section, and on the date six months subsequent to such
publication by the Comptroller of the Currency such additional liability
shall cease.
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\1\ So in original. Probably should be ``fails''.
\2\ So in original. Probably should be ``months''.
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(June 16, 1933, ch. 89, Sec. 22, 48 Stat. 189; Aug. 23, 1935, ch. 614,
title III, Sec. 304, 49 Stat. 708; May 18, 1953, ch. 59, Sec. 2, 67
Stat. 27.)
References in Text
Sections 63 and 64 of this title, referred to in text, were repealed
by Pub. L. 86-230, Sec. 7, Sept. 8, 1959, 73 Stat. 457.
Amendments
1953--Act May 18, 1953, provided for termination of the additional
liability, referred to in the section, by action of the Comptroller of
the Currency with regard to those associations which had not, prior to
May 18, 1953, caused notice of termination to be published.
1935--Act Aug. 23, 1935, added second and third sentences.
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.
