PRIA, Government Policy, Made Personal

Summary

All people who plan to organize the corporation must sign the articles of association from section 612 and send them to the Board of Governors of the Federal Reserve System. The Board will file and keep those papers in its office. Those signers must also sign an organization certificate that lists six things: the proposed corporate name (the Board must approve it); where the business will operate and the U.S. location of its home office; the amount of capital stock and number of shares; each signer’s name, business or home address, and the number of shares they subscribe to; and a statement that the certificate lets current and future subscribers use the benefits of this subchapter.

Title 12, §613

Banks and Banking, Source: USLM XML via OLRC

Articles of association described in section 612 of this title shall be signed by all of the persons intending to participate in the organization of the corporation and, thereafter, shall be forwarded to the Board of Governors of the Federal Reserve System and shall be filed and preserved in its office. The persons signing the said articles of association shall, under their hands, make an organization certificate which shall specifically state: First. The name assumed by such corporation, which shall be subject to the approval of the Board of Governors of the Federal Reserve System. Second. The place or places where its operations are to be carried on. Third. The place in the United States where its home office is to be located. Fourth. The amount of its capital stock and the number of shares into which the same shall be divided. Fifth. The names and places of business or residence of the persons executing the certificate and the number of shares to which each has subscribed. Sixth. The fact that the certificate is made to enable the persons subscribing the same, and all other persons, firms, companies, and corporations, who or which may thereafter subscribe to or purchase shares of the capital stock of such corporation, to avail themselves of the advantages of this subchapter.

Notes & Related Subsidiaries

Editorial Notes

References in Text

Articles of association described in section 612 of this title, referred to in text, was in the original “Such articles of association”. This subchapter, referred to in par. sixth, was in the original “this section”, meaning section 25A of act Dec. 23, 1913, which is classified to this subchapter (§ 611 et seq.). Codification Section is comprised of par. 4 (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.

Statutory Notes and Related Subsidiaries

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.

§613 Signing of Articles of Association; Forwarding to and Filing by Board of Governors of the Federal Reserve System; Organization Certificate; Contents