The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

Bibliographic data

Monograph

Identifikator:: 1856431436

URN:: urn:nbn:de:zbw-retromon-262738

Document type:: Monograph

Title:: The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

Place of publication:: Washington

Publisher:: United States Government Printing Office

Year of publication:: 1931

Scope:: ii, 170 Seiten

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

1) FEDERAL RESERVE ACT Sec. 25 (8) No member of the Federal Reserve Board shall be an officer or director of any corporation organized under the provisions of this section, or of any corporation en- gaged in similar business organized under the laws of any State, nor hold stock in any such corporation, and before entering upon his duties as a member of the Federal Reserve Board he shall certify under oath to the Secretary of the Treasury that he has complied with this requirement. Shareholders in any corporation organized under the provisions of this section shall be liable for the amount of their unpaid stock subscriptions. No such corpora- tion shall become a member of any Federal reserve bank. Should any corporation organized hereunder violate or fail to comply with any of the provisions of this sec- tion, 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 deter- mined 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 Federal Reserve Board or the Attorney General. Upon adjudi- cation 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 cor- poration, its stockholders, or officers for any liability or penalty previously incurred. Any such corporation may go into voluntary liqui- dation and be closed by a vote of its shareholders owning two-thirds of its stock. Whenever the Federal Reserve Board shall become satisfied of the insolvency of any such corporation, it may appoint a receiver who shall take possession of all of the property and assets of the corporation and exercise the same rights, privileges, powers, and authority with respect thereto as are now exercised by receivers of national banks appointed by the Comptroller of the

Access restriction

Copyright

fullscreen: The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation