12 USC 621 – Liability of shareholders on unpaid subscriptions; membership of corporation in Federal reserve bank prohibited
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Shareholders in any corporation organized under the provisions of this subchapter shall be liable for the amount of their unpaid stock subscriptions. No such corporation shall become a member of any Federal reserve bank.
Terms Used In 12 USC 621
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.