Title 12, Banks and BankingRelease 119-110
§631 False Representations as to Liability of United States for Acts of Corporation; Punishment
Title 12 › CHAPTER 6 — FOREIGN BANKING › SUBCHAPTER II — ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING › § 631
Summary
Anyone who is connected in any way with a company set up under this law and says the United States will pay that company’s bonds or debts, or will be responsible for the company’s actions or failures, can be punished. They can be fined up to $10,000 and can be sent to prison for up to five years.
Full Legal Text
Title 12, §631
Banks and Banking, Source: USLM XML via OLRC
Whoever being connected in any capacity with any corporation organized under this subchapter, represents in any way that the United States is liable for the payment of any bond or other obligation, or the interest thereon, issued or incurred by any corporation organized under this subchapter, or that the United States incurs any liability in respect of any act or omission of the corporation, shall be punished by a fine or not more than $10,000 and by imprisonment for not more than five years.
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.). Organized under this subchapter, referred to the second time in text, was in the original “organized hereunder”, meaning under section 25A of act Dec. 23, 1913. Codification Section is comprised of par. 23 (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. § 631
Title 12, Banks and Banking
Last Updated
Sep 23, 2026
Release point: 119-110