§625 — Title 12 Banks and Banking | U.S. Code

Summary

Corporations formed under this law must hold a yearly stockholder meeting on the date their bylaws set, and it must be at their U.S. home office. They must keep at that office books with all stockholders’ names, board members’ names and addresses, and copies of any reports sent to the Board of Governors of the Federal Reserve System. They must file reports in the form and at the times the Board requires. The Board can examine the corporation at least once a year or more often by examiners it appoints. The Board sets the examination cost, and the corporation must pay it.

Title 12, §625

Banks and Banking — Source: USLM XML via OLRC

Every corporation organized under the provisions of this subchapter shall hold a meeting of its stockholders annually upon a date fixed in its bylaws, such meeting to be held at its home office in the United States. Every such corporation shall keep at its home office books containing the names of all stockholders thereof, and the names and addresses of the members of its board of directors, together with copies of all reports made by it to the Board of Governors of the Federal Reserve System. Every such corporation shall make reports to the Board of Governors of the Federal Reserve System at such times and in such form as it may require; and shall be subject to examination once a year and at such other times as may be deemed necessary by the Board of Governors of the Federal Reserve System by examiners appointed by the Board of Governors of the Federal Reserve System, the cost of such examinations, including the compensation of the examiners, to be fixed by the Board of Governors of the Federal Reserve System and to be paid by the Corporation examined.

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. 17 (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.

§625 Stockholders’ Meetings; Books and Records; Reports; Examination