§ 59. Reduction of capital

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. undated

   R.S. § 5143

   Enacted · 12 U.S.C. § 59

   R.S. § 5143

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code source credit
   R.S. § 5143

2. 2006

   Pub. L. 109–351 title III § 304 · 120 Stat. 1966

   Amended · 12 U.S.C. § 59

   Pub. L. 109–351 amended section generally. Prior to amendment, section read as follows: “Any association formed under title 62 of the Revised Statutes may, by the vote of shareholders owning two-thirds of its capital stock, reduce its capital to any sum not below the amount required by title 62 of the Revised Statutes to authorize the formation of associations; but no such reduction shall be allowable which will reduce the capital of the association below the amount required for its outstanding circulation, nor shall any reduction be made until the amount of the proposed reduction has been reported to the Comptroller of the Currency and such reduction has been approved by said Comptroller of the Currency and no shareholder shall be entitled to any distribution of cash or other assets by reason of any reduction of the common capital of any association unless such distribution shall have been approved by the Comptroller of the Currency and by the affirmative vote of at least two-thirds of the shares of each class of stock outstanding, voting as classes.”

   Source evidence

   Code amendment note
   Pub. L. 109–351 amended section generally. Prior to amendment, section read as follows: “Any association formed under title 62 of the Revised Statutes may, by the vote of shareholders owning two-thirds of its capital stock, reduce its capital to any sum not below the amount required by title 62 of the Revised Statutes to authorize the formation of associations; but no such reduction shall be allowable which will reduce the capital of the association below the amount required for its outstanding circulation, nor shall any reduction be made until the amount of the proposed reduction has been reported to the Comptroller of the Currency and such reduction has been approved by said Comptroller of the Currency and no shareholder shall be entitled to any distribution of cash or other assets by reason of any reduction of the common capital of any association unless such distribution shall have been approved by the Comptroller of the Currency and by the affirmative vote of at least two-thirds of the shares of each class of stock outstanding, voting as classes.”

   Enacted provision · exact public law section
   SEC. 304. REPEAL OF OBSOLETE PROVISION IN THE REVISED STATUTES.   Section 5143 of the Revised Statutes of the United States (12 U.S.C. 59) is amended to read as follows: “SEC. 5143. REDUCTION OF CAPITAL. “(a) In General.— Subject to the approval of the Comptroller of the Currency, a national banking association may, by a vote of shareholders owning, in the aggregate, two-thirds of its capital stock, reduce its capital. “(b) Shareholder Distributions Authorized.— As part of its capital reduction plan approved in accordance with subsection (a), and with the affirmative vote of shareholders owning at least two thirds of the shares of each class of its stock outstanding (each voting as a class), a national banking association may distribute cash or other assets to its shareholders.” .

1 of 2 references resolved to an enrolled provision · 1 unresolved