Any association may go into liquidation and be closed by the vote of its shareholders owning two-thirds of its stock. If the liquidation is to be effected in whole or in part through the sale of any of its assets to and the assumption of its deposit liabilities by another bank, the purchase and sale agreement must also be approved by its shareholders owning two-thirds of its stock unless an emergency exists and the Comptroller of the Currency specifically waives such requirement for shareholder approval.
The shareholders shall designate one or more persons to act as liquidating agent or committee, who shall conduct the liquidation in accordance with law and under the supervision of the board of directors, who shall require a suitable bond to be given by said agent or committee. The liquidating agent or committee shall render annual reports to the Comptroller of the Currency on the 31st day of December of each year showing the progress of said liquidation until the same is completed. The liquidating agent or committee shall also make an annual report to a meeting of the shareholders to be held on the date fixed in the articles of association for the annual meeting, at which meeting the shareholders may, if they see fit, by a vote representing a majority of the entire stock of the bank, remove the liquidating agent or committee and appoint one or more others in place thereof. A special meeting of the shareholders may be called at any time in the same manner as if the bank continued an active bank and at said meeting the shareholders may, by vote of the majority of the stock, remove the liquidating agent or committee. The Comptroller of the Currency is authorized to have an examination made at any time into the affairs of the liquidating bank until the claims of all creditors have been satisfied, and the expense of making such examinations shall be assessed against such bank in the same manner as in the case of examinations made pursuant to subchapter XV of chapter 3 of this title.
Notes of Decisions
Brown v. O'KEEFE, 300 U.S. 598 (1937).
· cites it 2× “§§ 6220 and 6221; 12 U. S. C. §§ 181 , 182), the Atlantic City National Bank being the liquidating agent! The terms of liquidation are defined by an agreement.”
Wannamaker v. Edisto Nat. Bank of Orangeburg, 62 F.2d 696 (4th Cir. 1933).
· cites it 4× “§ 5220, 12 U. S. C. § 181 (12 USCA § 181), is that any association may go into liquidation and be closed by the vote of its shareholders owning two-thirds of its stock.”
Off. of Thrift Supervision v. Paul, 985 F. Supp. 1465 (S.D. Fla. 1997).
“Its language is similar to 12 U.S.C. § 181 8(i)(l), although authorizing appeals to the district court within thirty days of appointment of a conservator or receiver.”
Lawrence Nat. Bank v. Rice, 82 F.2d 28 (10th Cir. 1936).
· cites it 2× “, §§ 5220, 5221 ( 12 U.S.C.A. §§ 181 , 182). It published the notices required by the latter section.”
Hoehn v. Crews, 144 F.2d 665 (10th Cir. 1944).
“On November 25, 1929, the stockholders and directors of the American National Bank by appropriate proceedings went into voluntary liquidation under 12 U.S.C.A. § 181 . Prior thereto, all known claims had been paid and the $240,000 received from the First National Bank had been…”
Minichello v. Saxon, 266 F. Supp. 279 (M.D. Penn. 1967).
· cites it 2× “Insolvency is not the test for the application of 12 U.S.C. § 181 . Basically, the Comptroller is charged with the fundamental power of decision on the question of an emergency.”
Garber v. Crews, 324 U.S. 200 (1945).
“4 12 U. S. C. § 181 . 5 323 U. S. 701 . 6 Supra, Note 1.”
United States v. Jimmie Lee Wingard, 522 F.2d 796 (4th Cir. 1975).
“Since the Federal Deposit Insurance Corporation is an agency of the United States government, 12 U.S.C. § 181 et seq., certificates bearing its purported seal would be admissible under this rule.”
Wichita Royalty Co. v. City Nat. Bank, 95 F.2d 671 (5th Cir. 1938).
“Thereafter in May, 1936, the old bank filed an amended petition in the state court, and the Wichita Royalty Company and its trustee Scannell on June 18, 1936, filed what they termed a “third amended original answer, cross-action and intervention in lieu and in amendment of”…”
Frank v. Giesy, 117 F.2d 122 (9th Cir. 1941).
“12U.S.C.A. § 181. The lease in question provided for the payment of graduated rentals ranging from $450 per month for the first five years to $600 for the last five, and the lessee was required to pay all taxes, assessments and insurance premiums.”
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