Title 12 — Banks and BankingRelease 119-73not60
§623 Voluntary Liquidation
Title 12 › Chapter 6— FOREIGN BANKING › Subchapter II— ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING › § 623
Summary
A corporation organized under this part can decide to shut down and liquidate if shareholders holding two-thirds of its stock vote in favor.
Full Legal Text
Title 12, §623
Banks and Banking — Source: USLM XML via OLRC
Any corporation organized under this subchapter may go into voluntary liquidation and be closed by a vote of its shareholders owning two-thirds of its stock.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
Any corporation organized under this subchapter, referred to in text, was in the original “Any such corporation”. Codification Section is comprised of par. 15 (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. § 623
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60