Title 12, Banks and BankingRelease 119-102
§621 Liability of Shareholders on Unpaid Subscriptions; Membership of Corporation in Federal Reserve Bank Prohibited
Title 12 › CHAPTER 6 — FOREIGN BANKING › SUBCHAPTER II — ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING › § 621
Summary
Shareholders must pay any unpaid shares; such corporations cannot join Federal Reserve banks.
Full Legal Text
Title 12, §621
Banks and Banking, Source: USLM XML via OLRC
Shareholders in any corporation organized under the provisions of this subchapter shall be liable for the amount of their unpaid stock subscriptions. No such corporation shall become a member of any Federal reserve bank.
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.). Codification Section is comprised of par. 13 (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. § 621
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102