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U.S. Code as of:
01/19/04
Section 618. Capital stock; amount; when paid in
No corporation shall be organized under the provisions of this
subchapter with a capital stock of less than $2,000,000,
one-quarter of which must be paid in before the corporation may be
authorized to begin business, and the remainder of the capital
stock of such corporation shall be paid in installments of at least
10 per centum on the whole amount to which the corporation shall be
limited as frequently as one installment at the end of each
succeeding two months from the time of the commencement of its
business operations until the whole of the capital stock shall be
paid in: Provided, however, That whenever $2,000,000 of the capital
stock of any corporation is paid in the remainder of the
corporation's capital stock or any unpaid part of such remainder
may, with the consent of the Board of Governors of the Federal
Reserve System and subject to such regulations and conditions as it
may prescribe, be paid in upon call from the board of directors;
such unpaid subscriptions, however, to be included in the maximum
of 10 per centum of the national bank's capital and surplus which a
national bank is permitted under the provisions of this Act to hold
in stock of corporations engaged in business of the kind described
in this subchapter and subchapter I of this chapter. The capital
stock of any such corporation may be increased at any time, with
the approval of the Board of Governors of the Federal Reserve
System, by a vote of two-thirds of its shareholders or by unanimous
consent in writing of the shareholders without a meeting and
without a formal vote, but any such increase of capital shall be
fully paid in within ninety days after such approval; and may be
reduced in like manner, provided that in no event shall it be less
than $2,000,000. No corporation, except as herein provided, shall
during the time it shall continue its operations, withdraw or
permit to be withdrawn, either in the form of dividends or
otherwise, any portion of its capital. Any national bank may invest
in the stock of any corporation organized under this subchapter.
The aggregate amount of stock held by any national bank in all
corporations engaged in business of the kind described in this
subchapter or subchapter I of this chapter shall not exceed an
amount equal to 10 percent of the capital and surplus of such bank
unless the Board determines that the investment of an additional
amount by the bank would not be unsafe or unsound and, in any case,
shall not exceed an amount equal to 20 percent of the capital and
surplus of such bank.
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