Title 12, Banks and BankingRelease 119-102

§623 Voluntary Liquidation

Title 12 › CHAPTER 6 — FOREIGN BANKING › SUBCHAPTER II — ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING › § 623

Last updated Aug 21, 2026|Official source

Summary

A corporation set up under this part can decide to wind up its business and close. To do that, shareholders who together own two-thirds of the stock must 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

Aug 21, 2026

Release point: 119-102