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12 U.S.C. § 73Oath

submitted 101 years ago by Congress to r/title-12-BANKS-AND-BANKING · 222 words · no verdicts yet

in plain englishAI-generated · not legal advice

Every national bank director must swear an oath to run the bank honestly and follow the banking laws. The oath also confirms the director truly owns the required stock, free of any loan or pledge. It must be signed before an outside notary and sent to the Comptroller of the Currency, who keeps it on file for ten years.

This section requires every director of a national bank to take a formal oath when appointed or elected. - In the oath, the director promises to diligently and honestly manage the bank's affairs, so far as that duty falls to him, and not to knowingly violate — or willingly let anyone else violate — the banking laws in title 62 of the Revised Statutes. - The director also swears that he truly and personally owns, in good faith, the number of shares of stock the law requires directors to hold, and that this stock is not "hypothecated" — pledged as collateral — for any loan or debt. - The oath must be taken in front of a notary public authorized by the state, or another officer with an official seal who is allowed to administer oaths. It cannot be taken before a notary or officer who works for the director's own bank. - Once signed by the director and certified by the notary or officer, the oath must be sent right away to the Comptroller of the Currency. The Comptroller's office keeps it on file for ten years.
the actual law source: uscode.house.gov ↗public domain

Each director, when appointed or elected, shall take an oath that he will, so far as the duty devolves on him, diligently and honestly administer the affairs of such association, and will not knowingly violate or willingly permit to be violated any of the provisions of title 62 of the Revised Statutes, and that he is the owner in good faith, and in his own right, of the number of shares of stock required by title 62 of the Revised Statutes, subscribed by him, or standing in his name on the books of the association, and that the same is not hypothecated, or in any way pledged, as security for any loan or debt. The oath shall be taken before a notary public, properly authorized and commissioned by the State in which he resides, or before any other officer having an official seal and authorized by the State to administer oaths, except that the oath shall not be taken before any such notary public or other officer who is an officer of the director’s bank. The oath, subscribed by the director making it, and certified by the notary public or other officer before whom it is taken, shall be immediately transmitted to the Comptroller of the Currency and shall be filed and preserved in his office for a period of ten years.

Source credit: (R.S. § 5147; Feb. 20, 1925, ch. 274, 43 Stat. 955.)

history & why it existsrecord from the source credit
  • 1925Enacted · Act of Feb. 20, 1925, ch. 274 · 43 Stat. 955

A history note hasn’t been published yet.

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