United States Code (Last Updated: May 24, 2014) |
Title 12. BANKS AND BANKING |
Chapter 3. FEDERAL RESERVE SYSTEM |
SubChapter XVI. CIVIL LIABILITY OF FEDERAL RESERVE AND MEMBER BANKS, SHAREHOLDERS, AND OFFICERS |
§ 503. Liability of directors and officers of member banks
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If the directors or officers of any member bank shall knowingly violate or permit any of the agents, officers, or directors of any member bank to violate any of the provisions of sections 375, 375a, 375b, and 376 of this title or regulations of the board made under authority thereof, or any of the provisions of sections 217, 218, 219, 220, 655, 1005, 1014, 1906, or 1909 of title 18, every director and officer participating in or assenting to such violation shall be held liable in his personal and individual capacity for all damages which the member bank, its shareholders, or any other persons shall have sustained in consequence of such violation.
References In Text
Sections 217, 218, 219, and 220 of title 18, referred to in text, were renumbered sections 212, 213, 214, and 215 of title 18, respectively, by Pub. L. 87–849, § 1(d),
Codification
In text, “sections 375, 375a, 375b, and 376 of this title” was in the original “this section”, meaning section 22 of act
Amendments
1954—Act