12 U.S.C. § 197
Shareholders’ meeting; continuance of receivership; appointment of agent; winding up business; distribution of assets
United States · Title 12 — BANKS AND BANKING · Status: effective
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- Citation
- 12 U.S.C. § 197, Shareholders’ meeting; continuance of receivership; appointment of agent; winding up business; distribution of assets, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/437188
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Full text
First. To pay the expenses of the execution of the trust to the date of such payment.
Second. To repay any amount or amounts which have been paid in by any shareholder or shareholders of the association upon and by reason of any and all assessments made upon the stock of the association by order of the Comptroller of the Currency in accordance with the provisions of the statutes of the United States.
Third. To pay the balance ratably among such stockholders, in proportion to the number of shares held and owned by each. Such distribution shall be made from time to time as the proceeds shall be received and as shall be deemed advisable by the Comptroller of the Currency, or the Federal Deposit Insurance Corporation if continued as receiver of the bank under subsection (a) of this section, or such agent, as the case may be.
Legislative history
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