12 USC § 623 - Voluntary liquidation

---
identifier: "/us/usc/t12/s623"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 623 - Voluntary liquidation"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "623"
section_name: "Voluntary liquidation"
chapter_number: 6
chapter_name: "FOREIGN BANKING"
subchapter_number: "II"
subchapter_name: "ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING"
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, § 25A (par.), formerly § 25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378; renumbered § 25A, Pub. L. 102–242, title I, § 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.)"
---


# § 623. Voluntary liquidation

Any corporation organized under this subchapter may go into voluntary liquidation and be closed by a vote of its shareholders owning two-thirds of its stock.

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**Source Credit**: (Dec. 23, 1913, ch. 6, § 25A (par.), formerly § 25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378; renumbered § 25A, Pub. L. 102–242, title I, § 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.)

## Editorial Notes

### References in Text

Any corporation organized under this subchapter, referred to in text, was in the original “Any such corporation”.

### Codification

Section is comprised of par. 15 (undesignated) of section 25A of act , which comprises this subchapter. For complete classification of section 25A of this Act, see Codification note set out under .