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Title 12, Banks and BankingRelease 119-110

§64a Individual Liability of Shareholders; Limitation on Liability

Title 12 › CHAPTER 2 — NATIONAL BANKS › SUBCHAPTER II — CAPITAL, STOCK, AND STOCKHOLDERS › § 64a

Last updated Sep 23, 2026|Official source

Summary

Extra liability for shareholders under sections 63 and 64 does not apply to shares issued after June 16, 1933. If a national bank is doing business on July 1, 1937, that extra liability stops on that date only if the bank published a notice at least six months earlier in a local newspaper or, if none exists, in a paper of general circulation there. If the bank did not publish the notice in time, the liability ends six months after it does publish. If a bank had not published by May 18, 1953, the Comptroller of the Currency will publish the notice, and the liability ends six months after that publication.

Full Legal Text

Title 12, §64a

Banks and Banking, Source: USLM XML via OLRC

The additional liability imposed upon shareholders in national banking associations by the provisions of section 63 and 64 of this title shall not apply with respect to shares in any such association issued after June 16, 1933. Such additional liability shall cease on July 1, 1937, with respect to all shares issued by any association which shall be transacting the business of banking on July 1, 1937: Provided, That not less than six months prior to such date, such association shall have caused notice of such prospective termination of liability to be published in a newspaper published in the city, town, or county in which such association is located, and if no newspaper is published in such city, town, or county, then in a newspaper of general circulation therein. If the association fail to give such notice as and when above provided, a termination of such additional liability may thereafter be accomplished as of the date six month subsequent to publication, in the manner above provided. In the case of each association which has not caused notice of such prospective termination of liability to be published prior to May 18, 1953, the Comptroller of the Currency shall cause such notice to be published in the manner provided in this section, and on the date six months subsequent to such publication by the Comptroller of the Currency such additional liability shall cease.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 63 and 64 of this title, referred to in text, were repealed by Pub. L. 86–230, § 7, Sept. 8, 1959, 73 Stat. 457.

Amendments

1953—Act
May 18, 1953, provided for termination of the additional liability, referred to in the section, by action of the Comptroller of the Currency with regard to those associations which had not, prior to
May 18, 1953, caused notice of termination to be published. 1935—Act Aug. 23, 1935, added second and third sentences.

Executive Documents

Exception as to

Transfer of Functions

Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in

Transfer of Functions

to Secretary of the Treasury, see note set out under section 1 of this title.

Reference

Citations & Metadata

Citation

12 U.S.C. § 64a

Title 12, Banks and Banking

Last Updated

Sep 23, 2026

Release point: 119-110