12 U.S.C. § 11 — Interest in national banks

submitted 26 years ago by Pub. L. 106-569 to r/title-12-BANKS-AND-BANKING · 32 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Comptroller of the Currency cannot own a stake in a national bank. The Deputy Comptroller cannot either. This rule covers both direct and indirect interests, and it includes federal savings associations too.

Neither the Comptroller of the Currency nor the Deputy Comptroller may hold an interest in any national bank. This ban applies whether the interest is direct or indirect. The same ban applies to holding an interest in any Federal savings association.

the actual law source: uscode.house.gov ↗public domain

It shall not be lawful for the Comptroller or the Deputy Comptroller of the Currency, either directly or indirectly, to hold an interest in any national bank or any Federal savings association.

Source credit: (R.S. § 329; Pub. L. 106–569, title XII, § 1233(b), Dec. 27, 2000, 114 Stat. 3037; Pub. L. 111–203, title III, § 314(c), July 21, 2010, 124 Stat. 1524.)

history & why it existsrecord from the source credit

2000Enacted · Pub. L. 106-569 · 114 Stat. 3037
2010Amended · Pub. L. 111-203 · 124 Stat. 1524

A history note hasn’t been published yet. The record shows enactment by Pub. L. 106-569 on 2000-12-27.

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