Source: https://www.law.cornell.edu/uscode/text/12/375a
Timestamp: 2017-11-22 07:37:37
Document Index: 444153591

Matched Legal Cases: ['§ 375', '§ 375', '§ 375', '§\u202f375', '§\u202f22', '§\u202f12', '§\u202f326', '§\u202f1', '§\u202f1', '§\u202f110', '§\u202f421', '§\u202f334', '§\u202f601', '§\u202f421', '§\u202f421', '§\u202f421']

12 U.S. Code § 375a - Loans to executive officers of banks | US Law | LII / Legal Information Institute
U.S. Code › Title 12 › Chapter 3 › Subchapter X › § 375a
12 U.S. Code § 375a - Loans to executive officers of banks
§ 375a.
(1) General prohibition; authorization for extension of credit; conditions for creditExcept as authorized under this section, no member bank may extend credit in any manner to any of its own executive officers. No executive officer of any member bank may become indebted to that member bank except by means of an extension of credit which the bank is authorized to make under this section. Any extension of credit under this section shall be promptly reported to the board of directors of the bank, and may be made only if—
(2) Mortgage loansA member bank may make a loan to any executive officer of the bank if, at the time the loan is made—
A member bank may make extensions of credit not otherwise specifically authorized under this section to any executive officer of the bank, in an amount prescribed in a regulation of the member bank’s appropriate Federal banking agency.
(Dec. 23, 1913, ch. 6, § 22(g), as added June 16, 1933, ch. 89, § 12, 48 Stat. 182; amended June 14, 1935, ch. 245, 49 Stat. 375; Aug. 23, 1935, ch. 614, title III, § 326(c), 49 Stat. 716; Apr. 25, 1938, ch. 173, 52 Stat. 223; June 20, 1939, ch. 214, § 1, 53 Stat. 842; Pub. L. 90–44, § 1, July 3, 1967, 81 Stat. 109; Pub. L. 95–630, title I, § 110, Nov. 10, 1978, 92 Stat. 3665; Pub. L. 97–320, title IV, § 421, Oct. 15, 1982, 96 Stat. 1522; Pub. L. 103–325, title III, § 334(a), Sept. 23, 1994, 108 Stat. 2233; Pub. L. 109–351, title VI, § 601(a), Oct. 13, 2006, 120 Stat. 1978.)
1982—Par. (2). Pub. L. 97–320, § 421(a), struck out “not exceeding $60,000” after “may make a loan”.
Par. (3). Pub. L. 97–320, § 421(a), struck out “, not exceeding the aggregate amount of $20,000 outstanding at any one time,” after “officer of the bank”.
Par. (4). Pub. L. 97–320, § 421(b), substituted “in an amount prescribed in a regulation of the member bank’s appropriate Federal banking agency” for “not exceeding the aggregate amount of $10,000 outstanding at any one time”.