12 U.S.C. § 182 — Notice of intent to dissolve
submitted 71 years ago by Congress to r/title-12-BANKS-AND-BANKING · 110 words · no verdicts yet
When a bank votes to liquidate, its board of directors must have the bank's president or cashier certify this to the Comptroller of the Currency, under the bank's seal. The bank must also publish notice in a local newspaper every issue for two months, telling creditors to submit their claims.
Whenever a vote is taken to go into liquidation it shall be the duty of the board of directors to cause notice of this fact to be certified, under the seal of the association, by its president or cashier, to the Comptroller of the Currency, and publication thereof to be made for a period of two months in every issue of a newspaper published in the city or town in which the association is located, or if no newspaper is there published, then in the newspaper published nearest thereto, that the association is closing up its affairs, and notifying its creditors to present their claims against the association for payment.
Source credit: (R.S. § 5221; Aug. 9, 1955, ch. 626, 69 Stat. 546.)
- 1955Enacted · Act of Aug. 9, 1955, ch. 626 · 69 Stat. 546
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