12 USC § 502 - Liability of shareholders of Federal reserve banks on contracts, etc.

---
identifier: "/us/usc/t12/s502"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 502 - Liability of shareholders of Federal reserve banks on contracts, etc."
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "502"
section_name: "Liability of shareholders of Federal reserve banks on contracts, etc."
chapter_number: 3
chapter_name: "FEDERAL RESERVE SYSTEM"
subchapter_number: "XVI"
subchapter_name: "CIVIL LIABILITY OF FEDERAL RESERVE AND MEMBER BANKS, SHAREHOLDERS, AND OFFICERS"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Dec. 23, 1913, ch. 6, § 2 (par.), 38 Stat. 252.)"
---


# § 502. Liability of shareholders of Federal reserve banks on contracts, etc.

The shareholders of every Federal reserve bank shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such bank to the extent of the amount of their subscriptions to such stock at the par value thereof in addition to the amount subscribed, whether such subscriptions have been paid up in whole or in part under the provisions of this chapter.

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**Source Credit**: (Dec. 23, 1913, ch. 6, § 2 (par.), 38 Stat. 252.)

## Editorial Notes

### References in Text

This chapter, referred to in text, was in the original “this Act”, meaning , , known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under  and Tables.

### Codification

Section is comprised of the fourth par. of section 2 of act . For classification of other pars. of section 2 of this Act, see Codification note set out under .