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12 U.S.C. § 625 — Stockholders’ meetings; books and records; reports; examination

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 187 words · no verdicts yet

in plain englishAI-generated · not legal advice

Each covered corporation must hold an annual stockholders’ meeting, keep specified records, file required reports, and undergo examinations.

(a) Annual meeting and records. Each corporation covered by this subchapter must hold a stockholders’ meeting every year on the date its bylaws set. The meeting must be at the corporation’s home office in the United States. The corporation must keep there books listing all stockholders and the names and addresses of its directors, along with copies of all reports it sends to the Board of Governors of the Federal Reserve System. (b) Reports and examinations. The corporation must file reports with the Board at the times and in the form the Board requires. Board-appointed examiners may examine it once each year and at other times the Board considers necessary. The Board sets the examination cost, including examiner pay, and the examined corporation must pay it.
the actual law source: uscode.house.gov ↗public domain

Every corporation organized under the provisions of this subchapter shall hold a meeting of its stockholders annually upon a date fixed in its bylaws, such meeting to be held at its home office in the United States. Every such corporation shall keep at its home office books containing the names of all stockholders thereof, and the names and addresses of the members of its board of directors, together with copies of all reports made by it to the Board of Governors of the Federal Reserve System. Every such corporation shall make reports to the Board of Governors of the Federal Reserve System at such times and in such form as it may require; and shall be subject to examination once a year and at such other times as may be deemed necessary by the Board of Governors of the Federal Reserve System by examiners appointed by the Board of Governors of the Federal Reserve System, the cost of such examinations, including the compensation of the examiners, to be fixed by the Board of Governors of the Federal Reserve System and to be paid by the Corporation examined.

Source credit: (Dec. 23, 1913, ch. 6, § 25A (par.), formerly § 25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; renumbered § 25A, Pub. L. 102–242, title I, § 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.)

history & why it existsrecord from the source credit
  • 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 41 Stat. 378
  • 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
  • 1991Amended · Pub. L. 102-242 · 105 Stat. 2281

A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.

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