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12 U.S.C. § 285 — Nonvoting stock
submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 13 words · no verdicts yet
in plain englishAI-generated · not legal advice
Stock in this entity that isn't held by member banks carries no voting power. Only stock owned by member banks lets its holder vote. This section states that rule alone.
If stock is not held by a member bank, that stock does not come with any voting power. In other words, only member banks that hold stock get a say through voting — anyone else holding the stock has no vote.
the actual law source: uscode.house.gov ↗public domain
Stock not held by member banks shall not be entitled to voting power.
Source credit: (Dec. 23, 1913, ch. 6, § 2 (par.), 38 Stat. 253.)
history & why it existsrecord from the source credit
- 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 253
A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.
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