
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC53]

 
                       TITLE 12--BANKS AND BANKING
 
                        CHAPTER 2--NATIONAL BANKS
 
             SUBCHAPTER II--CAPITAL, STOCK, AND STOCKHOLDERS
 
Sec. 53. When capital stock paid in

    All of the capital stock of every national banking association shall 
be paid in before it shall be authorized to commence business.

(R.S. Sec. 5140; Pub. L. 86-230, Sec. 4, Sept. 8, 1959, 73 Stat. 457.)

                          Codification

    R.S. Sec. 5140 derived from act June 3, 1864, ch. 106, Sec. 14, 13 
Stat. 103, which was the National Bank Act. See section 38 of this 
title.


                               Amendments

    1959--Pub. L. 86-230 substituted requirement that all the capital 
stock of a national bank must be paid in before it commences business 
for permissive authority to be open for business upon payment of 50 per 
centum of the capital stock and installment payment of the remaining 50 
per centum.
