Title 12 — Banks and BankingRelease 119-73
§631 False representations as to liability of United States for acts of corporation; punishment
Title 12 › Chapter CHAPTER 6— - FOREIGN BANKING › Subchapter SUBCHAPTER II— - ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING › § 631
Summary
If you work for or are linked to a corporation set up under this part of the law, you must not say the United States will pay that corporation’s bonds or debts or is legally responsible for the corporation’s actions or mistakes. Saying that is a crime punishable by a fine of up to $10,000 and up to five years in prison.
Full Legal Text
Title 12, §631
Banks and Banking — Source: USLM XML via OLRC
Whoever being connected in any capacity with any corporation organized under this subchapter, represents in any way that the United States is liable for the payment of any bond or other obligation, or the interest thereon, issued or incurred by any corporation organized under this subchapter, or that the United States incurs any liability in respect of any act or omission of the corporation, shall be punished by a fine or 11 So in original. Probably should be “of”. not more than $10,000 and by imprisonment for not more than five years.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
This subchapter, referred to in text, was in the original “this section”, meaning section 25A of act Dec. 23, 1913, which is classified to this subchapter (§ 611 et seq.). Organized under this subchapter, referred to the second time in text, was in the original “organized hereunder”, meaning under section 25A of act Dec. 23, 1913. Codification Section is comprised of par. 23 (undesignated) of section 25A of act Dec. 23, 1913, which comprises this subchapter. For complete classification of section 25A of this Act, see Codification note set out under section 611 of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 631
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73