US (United States) Code. Title 12. Chapter 1: The Comptroller of the Currency

Codificación normativa de EEUU (Estados Unidos) Legislación Federal estadounidense # Banks and banking

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12 USC CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

.

-HEAD-

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

-MISC1-

Sec.

1. Office of Comptroller of the Currency.

2. Comptroller of the Currency; appointment; term.

3. Oath of Comptroller.

4. Deputy Comptrollers.

4a. Delegation of authority by Comptroller.

5, 6. Repealed.

7. Chief of examining division.

8. Clerks.

9. Additional examiners, clerks, and other employees.

9a. Repealed.

10. Salaries of Deputy Comptrollers, examiners, and other employees

as part of bank examination expenses.

11. Interest in national banks.

12. Seal of Comptroller.

13. Rooms for Currency Bureau.

14. Report of Comptroller.

15. Repealed.

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12 USC Sec. 1 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

-HEAD-

Sec. 1. Office of Comptroller of the Currency

-STATUTE-

There shall be in the Department of the Treasury a bureau charged

with the execution of all laws passed by Congress relating to the

issue and regulation of a national currency secured by United

States bonds and, under the general supervision of the Board of

Governors of the Federal Reserve System, of all Federal Reserve

notes, except for the cancellation and destruction, and accounting

with respect to such cancellation and destruction, of Federal

Reserve notes unfit for circulation, the chief officer of which

bureau shall be called the Comptroller of the Currency, and shall

perform his duties under the general directions of the Secretary of

the Treasury. The Comptroller of the Currency shall have the same

authority over matters within the jurisdiction of the Comptroller

as the Director of the Office of Thrift Supervision has over

matters within the Director's jurisdiction under section

1462a(b)(3) of this title. The Secretary of the Treasury may not

delay or prevent the issuance of any rule or the promulgation of

any regulation by the Comptroller of the Currency.

-SOURCE-

(R.S. Sec. 324; Dec. 23, 1913, ch. 6, Sec. 10, 38 Stat. 261; June

3, 1922, ch. 205, 42 Stat. 621; Aug. 23, 1935, ch. 614, title II,

Sec. 203(a), 49 Stat. 704; Pub. L. 89-427, Sec. 1, May 20, 1966, 80

Stat. 161; Pub. L. 103-325, title III, Sec. 331(b)(2), Sept. 23,

1994, 108 Stat. 2232.)

-REFTEXT-

REFERENCES IN TEXT

The bureau, referred to in text, is known as the Office of the

Comptroller of the Currency.

-COD-

CODIFICATION

R.S. Sec. 324 derived from act June 3, 1864, ch. 106, Sec. 1, 13

Stat. 99, which was the National Bank Act. See section 38 of this

title.

Section is comprised of R.S. Sec. 324, as amended by the eighth

paragraph of act Dec. 23, 1913, Sec. 10.

-MISC3-

AMENDMENTS

1994 - Pub. L. 103-325 inserted at end ''The Comptroller of the

Currency shall have the same authority over matters within the

jurisdiction of the Comptroller as the Director of the Office of

Thrift Supervision has over matters within the Director's

jurisdiction under section 1462a(b)(3) of this title. The

Secretary of the Treasury may not delay or prevent the issuance of

any rule or the promulgation of any regulation by the Comptroller

of the Currency.''

1966 - Pub. L. 89-427 inserted exception relating to cancellation

and destruction, and accounting with respect to the cancellation

and destruction, of Federal Reserve notes unfit for circulation.

-CHANGE-

CHANGE OF NAME

Section 203(a) of act Aug. 23, 1935, changed name of Federal

Reserve Board to Board of Governors of the Federal Reserve System.

-TRANS-

EXCEPTION AS TO TRANSFER OF FUNCTIONS

Functions vested by any provision of law in Comptroller of the

Currency, referred to in this section, were not included in

transfer of functions of officers, agencies, and employees of

Department of the Treasury to Secretary of the Treasury, made by

Reorg. Plan No. 26 of 1950, Sec. 1, eff. July 31, 1950, 15 F.R.

4935, 64 Stat. 1280. See section 321(c)(2) of Title 31, Money and

Finance.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in title 31 section 307.

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12 USC Sec. 2 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

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Sec. 2. Comptroller of the Currency; appointment; term

-STATUTE-

The Comptroller of the Currency shall be appointed by the

President, by and with the advice and consent of the Senate, and

shall hold his office for a term of five years unless sooner

removed by the President, upon reasons to be communicated by him to

the Senate.

-SOURCE-

(R.S. Sec. 325; Aug. 23, 1935, ch. 614, title II, Sec. 209, 49

Stat. 707.)

-COD-

CODIFICATION

R.S. Sec. 325 derived from act June 3, 1964, ch. 106, Sec. 1, 13

Stat. 99, which was the National Bank Act. See section 38 of this

title.

Provisions of this section which prescribed the annual basic

compensation of the Comptroller of the Currency were omitted to

conform to the provisions of the Executive Schedule. See section

5314 of Title 5, Government Organization and Employees.

-MISC3-

AMENDMENTS

1935 - Act Aug. 23, 1935, struck out ''on the recommendation of

the Secretary of the Treasury'' after ''President'', where first

appearing, and changed the salary from ''$5,000 a year'' to

''$15,000 a year''.

REPEALS

Act Oct. 15, 1949, ch. 695, Sec. 4, 63 Stat. 880, formerly cited

as a credit to this section, was repealed by Pub. L. 89-554, Sec.

8(a), Sept. 6, 1966, 80 Stat. 655.

-TRANS-

EXCEPTION AS TO TRANSFER OF FUNCTIONS

Functions vested by any provision of law in Comptroller of the

Currency, referred to in this section, were not included in

transfer of functions to Secretary of the Treasury, see note set

out under section 1 of this title.

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12 USC Sec. 3 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

-HEAD-

Sec. 3. Oath of Comptroller

-STATUTE-

The Comptroller of the Currency shall, within fifteen days from

the time of notice of his appointment, take and subscribe the oath

of office.

-SOURCE-

(R.S. Sec. 326; Pub. L. 86-251, Sec. 1(d), Sept. 9, 1959, 73 Stat.

488; Pub. L. 92-310, title II, Sec. 223(a), June 6, 1972, 86 Stat.

206.)

-COD-

CODIFICATION

R.S. Sec. 326 derived from act June 3, 1864, ch. 106, Sec. 1, 13

Stat. 99, which was the National Bank Act. See section 38 of this

title.

-MISC3-

AMENDMENTS

1972 - Pub. L. 92-310 struck out provisions which required the

Comptroller to give a bond in the sum of $250,000.

1959 - Pub. L. 86-251 increased the surety bond requirement from

$100,000 to $250,000.

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12 USC Sec. 4 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

-HEAD-

Sec. 4. Deputy Comptrollers

-STATUTE-

The Secretary of the Treasury shall appoint no more than four

Deputy Comptrollers of the Currency, one of whom shall be

designated First Deputy Comptroller of the Currency, and shall fix

their salaries. Each Deputy Comptroller shall take the oath of

office and shall perform such duties as the Comptroller shall

direct. During a vacancy in the office or during the absence or

disability of the Comptroller, each Deputy Comptroller shall

possess the power and perform the duties attached by law to the

office of the Comptroller under such order of succession following

the First Deputy Comptroller as the Comptroller shall direct.

-SOURCE-

(R.S. Sec. 327; Mar. 4, 1923, ch. 252, Sec. 209(b), 42 Stat. 1467;

Pub. L. 86-251, Sec. 1(a), Sept. 9, 1959, 73 Stat. 487; Pub. L.

92-310, title II, Sec. 223(b), June 6, 1972, 86 Stat. 206.)

-COD-

CODIFICATION

R.S. Sec. 327 derived from act June 3, 1864, ch. 106, Sec. 1, 13

Stat. 99, which was the National Bank Act. See section 38 of this

title.

R.S. Sec. 327, contained after the word ''Secretary'' the

following ''who shall be entitled to a salary of two thousand five

hundred dollars a year, and'' which was omitted from this section

on authority of act Mar. 4, 1923, Sec. 209(b), fourth sentence,

which was classified to section 9a of this title and regulated the

salaries of deputy comptrollers.

-MISC3-

AMENDMENTS

1972 - Pub. L. 92-310 struck out provisions which required each

Deputy Comptroller to give a bond in the sum of $100,000.

1959 - Pub. L. 86-251 provided for the appointment of four Deputy

Comptrollers instead of one, the designation of one as the First

Deputy, the fixing of salaries, increase in surety bond requirement

from $50,000 to $100,000 and order of succession.

-TRANS-

EXCEPTION AS TO TRANSFER OF FUNCTIONS

Functions vested by any provision of law in Comptroller of the

Currency, referred to in this section, not included in transfer of

functions to Secretary of the Treasury, see note set out under

section 1 of this title.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 9 of this title.

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12 USC Sec. 4a 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

-HEAD-

Sec. 4a. Delegation of authority by Comptroller

-STATUTE-

The Comptroller of the Currency may delegate to any duly

authorized employee, representative, or agent any power vested in

the office by law.

-SOURCE-

(R.S. Sec. 327A, as added Pub. L. 96-221, title VII, Sec. 707(a),

Mar. 31, 1980, 94 Stat. 188.)

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12 USC Sec. 5, 6 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

-HEAD-

Sec. 5, 6. Repealed. Pub. L. 86-251, Sec. 1(b), (c)(1), Sept. 9,

1959, 73 Stat. 487, 488

-MISC1-

Section 5, act Mar. 4, 1909, ch. 297, Sec. 1, 35 Stat. 867,

related to appointment, succession in office and penal bond of

assistant deputy comptroller. See section 4 of this title.

Section 6, act Mar. 4, 1923, ch. 252, title II, Sec. 209(b)

(pt.), 42 Stat. 1467, related to appointment, oath of office, penal

bond, assigned duties and administration of national agricultural

credit corporation provisions of third Deputy Comptroller. See

section 4 of this title.

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12 USC Sec. 7 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

-HEAD-

Sec. 7. Chief of examining division

-STATUTE-

The Comptroller of the Currency may designate a national bank

examiner to act as chief of the examining division in his office.

-SOURCE-

(Jan. 3, 1923, ch. 22, 42 Stat. 1096.)

-COD-

CODIFICATION

Section is based on Treasury Department Appropriation Act, 1924,

act Jan. 3, 1923.

-TRANS-

EXCEPTION AS TO TRANSFER OF FUNCTIONS

Functions vested by any provision of law in Comptroller of the

Currency, referred to in this section, not included in transfer of

functions to Secretary of the Treasury, see note set out under

section 1 of this title.

-MISC5-

SIMILAR PROVISIONS

Similar provisions were contained in act Feb. 17, 1922, ch. 55,

42 Stat. 375, and in earlier appropriation acts.

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12 USC Sec. 8 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

-HEAD-

Sec. 8. Clerks

-STATUTE-

The Comptroller of the Currency shall employ, from time to time,

the necessary clerks, to be appointed and classified by the

Secretary of the Treasury, to discharge such duties as the

comptroller shall direct.

-SOURCE-

(R.S. Sec. 328.)

-COD-

CODIFICATION

R.S. Sec. 328 derived from act June 3, 1864, ch. 106, Sec. 1, 13

Stat. 100, which was the National Bank Act. See section 38 of this

title.

-TRANS-

EXCEPTION AS TO TRANSFER OF FUNCTIONS

Functions vested by any provision of law in Comptroller of the

Currency, referred to in this section, not included in transfer of

functions to Secretary of the Treasury, see note set out under

section 1 of this title.

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12 USC Sec. 9 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

-HEAD-

Sec. 9. Additional examiners, clerks, and other employees

-STATUTE-

The Comptroller of the Currency is authorized to employ such

additional examiners, clerks, and other employees as he deems

necessary to carry out the provisions of sections 4, 6, 9, 10, 1151

to 1318, and 1322 of this title and to assign to duty in the office

of his bureau in Washington such examiners and assistant examiners

as he shall deem necessary to assist in the performance of the work

of that bureau.

-SOURCE-

(Mar. 4, 1923, ch. 252, title II, Sec. 209(b), 42 Stat. 1467.)

-REFTEXT-

REFERENCES IN TEXT

Section 6, referred to in text, was repealed by Pub. L. 86-251,

Sec. 1(c)(1), Sept. 9, 1959, 73 Stat. 488.

Sections 1151, 1161 to 1163, 1171, 1172, 1181, 1182, 1191, 1201,

1202, 1211 to 1215, 1221 to 1223, 1231, 1232, 1241 to 1244, 1246,

1247, 1249, 1251, 1261, 1271, 1281 to 1283, 1291 to 1293, 1301 to

1303, and 1322 of this title, included within the reference to

sections 1151 to 1318, and 1322 of this title, were repealed by

Pub. L. 86-230, Sec. 24, Sept. 8, 1959, 73 Stat. 466.

Section 1151a, included within the reference to sections 1151 to

1318 of this title, was repealed by Pub. L. 92-181, title V, Sec.

5.26(a), Dec. 10, 1971, 85 Stat. 624.

Sections 1245, 1248, and 1311 to 1318, included within the

reference to sections 1151 to 1318 of this title, were repealed by

act June 25, 1948, ch. 645, Sec. 21, 62 Stat. 862, eff. Sept. 1,

1948.

The bureau, referred to in text, is known as the Office of the

Comptroller of the Currency.

-COD-

CODIFICATION

Section is comprised of subsec. (b), third sentence, of section

209 of act Mar. 4, 1923. For classification to this title of other

provisions of section 209, see Tables.

-TRANS-

EXCEPTION AS TO TRANSFER OF FUNCTIONS

Functions vested by any provision of law in Comptroller of the

Currency, referred to in this section, not included in transfer of

functions to Secretary of the Treasury, see note set out under

section 1 of this title.

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12 USC Sec. 9a 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

-HEAD-

Sec. 9a. Repealed. Pub. L. 89-554, Sec. 8(a), Sept. 6, 1966, 80

Stat. 645

-MISC1-

Section, act Mar. 4, 1923, ch. 252, title II, Sec. 209(b), 42

Stat. 1467, authorized Comptroller to fix in advance pay of deputy

comptrollers, examiners, clerks, and certain other employees.

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12 USC Sec. 10 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

-HEAD-

Sec. 10. Salaries of Deputy Comptrollers, examiners, and other

employees as part of bank examination expenses

-STATUTE-

The salaries of the Deputy Comptrollers and of all national bank

examiners and assistant examiners assigned to duty in the office of

the bureau in Washington in connection with the supervision of

national banks shall be considered part of the expenses of the

examinations provided for by subchapter XV of chapter 3 of this

title.

-SOURCE-

(Mar. 4, 1923, ch. 252, title II, Sec. 209(b), 42 Stat. 1467; Pub.

L. 86-251, Sec. 1(c)(2), Sept. 9, 1959, 73 Stat. 488.)

-REFTEXT-

REFERENCES IN TEXT

Subchapter XV (Sec. 481 et seq.) of chapter 3 of this title,

referred to in text, was in the original a reference to section

5240 of the Revised Statutes.

-COD-

CODIFICATION

Section is comprised of subsec. (b), fifth sentence, of section

209 of act Mar. 4, 1923. For classification to this title of other

provisions of section 209, see Tables.

-MISC3-

AMENDMENTS

1959 - Pub. L. 86-251 included all Deputy Comptrollers instead of

only two deputy comptrollers and struck out provisions deeming the

salaries of deputy comptroller, examiners, assistant examiners,

clerks and other employees as expenses of administration of

national agricultural credit corporation provisions and considering

the salary of the additional deputy comptroller as partly an

expense of administration in proportion to time spent in such

administration.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 9 of this title.

-CITE-

12 USC Sec. 11 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

-HEAD-

Sec. 11. Interest in national banks

-STATUTE-

It shall not be lawful for the Comptroller or the Deputy

Comptroller of the Currency, either directly or indirectly, to hold

an interest in any national bank.

-SOURCE-

(R.S. Sec. 329; Pub. L. 106-569, title XII, Sec. 1233(b), Dec. 27,

2000, 114 Stat. 3037.)

-COD-

CODIFICATION

R.S. Sec. 329 derived from act June 3, 1864, ch. 106, Sec. 1, 13

Stat. 99, which was the National Bank Act. See section 38 of this

title.

-MISC3-

AMENDMENTS

2000 - Pub. L. 106-569 substituted ''to hold an interest in any

national bank'' for ''to be interested in any association issuing

national currency under the laws of the United States''.

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12 USC Sec. 12 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

-HEAD-

Sec. 12. Seal of Comptroller

-STATUTE-

The seal devised by the Comptroller of the Currency for his

office, and approved by the Secretary of the Treasury, shall

continue to be the seal of office of the comptroller, and may be

renewed when necessary. A description of the seal, with an

impression thereof, and a certificate of approval by the Secretary

of the Treasury, shall be filed in the office of the Secretary of

State.

-SOURCE-

(R.S. Sec. 330; Feb. 18, 1875, ch. 80, Sec. 1, 18 Stat. 317.)

-COD-

CODIFICATION

R.S. Sec. 330 derived from act June 3, 1864, ch. 106, Sec. 2, 13

Stat. 100, which was the National Bank Act. See section 38 of this

title.

-TRANS-

EXCEPTION AS TO TRANSFER OF FUNCTIONS

Functions vested by any provision of law in Comptroller of the

Currency, referred to in this section, not included in transfer of

functions to Secretary of the Treasury, see note set out under

section 1 of this title.

-CITE-

12 USC Sec. 13 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

-HEAD-

Sec. 13. Rooms for Currency Bureau

-STATUTE-

There shall be assigned, from time to time, to the Comptroller of

the Currency, by the Secretary of the Treasury, suitable rooms in

the Treasury Building for conducting the business of the Currency

Bureau, containing safe and secure fireproof vaults, in which the

Comptroller shall deposit and safely keep all the plates not

necessarily in the possession of engravers or printers, and other

valuable things belonging to his department; and the Comptroller

shall from time to time furnish the necessary furniture,

stationery, fuel, lights, and other proper conveniences for the

transaction of the business of his office.

-SOURCE-

(R.S. Sec. 331.)

-REFTEXT-

REFERENCES IN TEXT

The bureau, referred to in text, is known as the Office of the

Comptroller of the Currency.

-COD-

CODIFICATION

R.S. Sec. 331 derived from act June 3, 1864, ch. 106, Sec. 3, 13

Stat. 100, which was the National Bank Act. See section 38 of this

title.

-TRANS-

EXCEPTION AS TO TRANSFER OF FUNCTIONS

Functions vested by any provision of law in Comptroller of the

Currency, referred to in this section, not included in transfer of

functions to Secretary of the Treasury, see note set out under

section 1 of this title.

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12 USC Sec. 14 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

-HEAD-

Sec. 14. Report of Comptroller

-STATUTE-

The Comptroller of the Currency shall make an annual report to

Congress. The report required under this section shall include the

report required under section 57a(f)(7) of title 15.

-SOURCE-

(R.S. Sec. 333; Feb. 18, 1875, ch. 80, Sec. 1, 18 Stat. 317; Aug.

7, 1946, ch. 770, Sec. 1(39), 60 Stat. 869; Pub. L. 106-569, title

XI, Sec. 1103(c), Dec. 27, 2000, 114 Stat. 3031.)

-COD-

CODIFICATION

R.S. Sec. 333 derived from acts June 3, 1864, ch. 106, Sec. 61,

13 Stat. 117, and Feb. 19, 1873, ch. 166, 17 Stat. 466. Act June 3,

1864, was the National Bank Act. See section 38 of this title.

-MISC3-

AMENDMENTS

2000 - Pub. L. 106-569 inserted at end ''The report required

under this section shall include the report required under section

57a(f)(7) of title 15.''

1946 - Act Aug. 7, 1946, repealed in the opening clause, the

requirement that the report to Congress shall be submitted at the

commencement of its session, and repealed all provisions

prescribing contents of the exhibits in the report.

-TRANS-

EXCEPTION AS TO TRANSFER OF FUNCTIONS

Functions vested by any provision of law in Comptroller of the

Currency, referred to in this section, not included in transfer of

functions to Secretary of the Treasury, see note set out under

section 1 of this title.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 36 of this title.

-CITE-

12 USC Sec. 15 01/06/03

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TITLE 12 - BANKS AND BANKING

CHAPTER 1 - THE COMPTROLLER OF THE CURRENCY

-HEAD-

Sec. 15. Repealed. Aug. 7, 1946, ch. 770, Sec. 1(40, 50), 60 Stat.

869, 870

-MISC1-

Section, act Apr. 28, 1902, ch. 594, Sec. 1, 32 Stat. 138,

required inclusion of expenses of liquidation of national banks in

annual report of Comptroller of the Currency.

-CITE-