r- 
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SEC. 2 
FEDERAL RESERVE ACT 
the subscription, or any part thereof, shall be subject to 
call when deemed necessary by the Federal Reserve 
Board, said payments to be in gold or gold certificates. 
The shareholders of every Federal reserve bank shall be 
held individually responsible, equally and ratably, and not 
one for another, for all contracts, debts, and engagements 
of such bank to the extent of the amount of their sub- 
scriptions to such stock at the par value thereof in addi- 
sion to the amount subscribed, whether such subscriptions 
have been paid up in whole or in part, under the provisions 
of this Act. 
Any national bank failing to signify its acceptance of 
the terms of this Act within the sixty days aforesaid, 
shall cease to act as a reserve agent, upon thirty days’ 
notice, to be given within the discretion of the said or- 
zanization committee or of the Federal Reserve Board. 
Should any national banking association in the United 
States now organized fail within one year after the pas- 
sage of this Act to become a member bank or fail to com- 
ply with any of the provisions of this Act applicable 
thereto, all of the rights, privileges, and franchises of 
such association granted to it under the national-bank 
Act, or under the provisions of this Act, shall be thereby 
forfeited. Any noncompliance with or violation of this 
Act shall, however, be determined and adjudged by any 
court of the United States of competent jurisdiction in a 
suit brought for that purpose in the district or territory in 
which such bank is located, under direction of the Federal 
Reserve Board, by the Comptroller of the Currency in 
bis own name before the association shall be declared 
dissolved. In cases of such noncompliance or violation, 
other than the failure to become a member bank under 
the provisions of this Act, every director who participated 
in or assented to the same shall be held liable in his per- 
sonal or individual capacity for all damages which said 
bank, its shareholders, or any other person shall have 
sustained in consequence of such violation. 
Such dissolution shall not take away or impair any 
remedy against such corporation, its stockholders or 
officers, for any liability or penalty which shall have 
Seen previously incurred. 
Should the subscriptions by banks to the stock of said 
Federal reserve banks or any one or more of them be, in 
the judgment of the organization committee, insufficient 
to provide the amount of capital required therefor, then