|
U.S. Code as of:
01/19/04
Section 622. Forfeiture of rights and privileges; dissolution; liability of directors and officers
Should any corporation organized under this subchapter violate or
fail to comply with any of the provisions of this subchapter, all
of its rights, privileges, and franchises derived herefrom may
thereby be forfeited. Before any such corporation shall be declared
dissolved, or its rights, privileges, and franchises forfeited, any
noncompliance with or violation of such laws shall, however, be
determined and adjudged by a court of the United States of
competent jurisdiction, in a suit brought for that purpose in the
district or territory in which the home office of such corporation
is located, which suit shall be brought by the United States at the
instance of the Board of Governors of the Federal Reserve System or
the Attorney General. Upon adjudication of such noncompliance or
violation, each director and officer who participated in, or
assented to, the illegal act or acts shall be liable in his
personal or individual capacity for all damages which the said
corporation shall have sustained in consequence thereof. No
dissolution shall take away or impair any remedy against the
corporation, its stockholders, or officers for any liability or
penalty previously incurred.
|
|