12 U.S.C. § 51c — “Common stock”, “capital”, and “capital stock” defined
submitted 93 years ago by ch. 1 to r/title-12-BANKS-AND-BANKING · 94 words · no verdicts yet
This section defines three banking terms. Common stock is any national bank stock that isn't the preferred stock described in nearby sections. Capital means unimpaired common stock plus unimpaired preferred stock, while capital stock in certain other sections means only common stock.
The term “common stock” as used in sections 51a, 51b, 51c, and 51d 1 of this title means stock of national banking associations other than preferred stock issued under the provisions of said sections. The term “capital” as used in provisions of law relating to the capital of national banking associations shall mean the amount of unimpaired common stock plus the amount of preferred stock outstanding and unimpaired; and the term “capital stock”, as used in sections 101, 177, and 178 1 of this title, shall mean only the amount of common stock outstanding.
Source credit: (Mar. 9, 1933, ch. 1, title III, § 303, 48 Stat. 5.)
- 1933Enacted · Act of Mar. 9, 1933, ch. 1 · 48 Stat. 5
A history note hasn’t been published yet. The record shows enactment by ch. 1 on 1933-03-09.
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