Act of Feb. 11, 1932, ch. 38, 47 Stat. 47
An Act Exempting building and loan associations from being adjudged bankrupts
Seventy-Second Congress, Session I · Approved February 11, 1932
This is an unofficial transcription, prepared by Robert J. Pfister for ease of reading and copying. The authoritative text is the United States Statutes at Large.
United States Statutes at Large (PDF, 1 page) (opens in a new tab) Unofficial transcription (PDF, 1 page) (opens in a new tab)
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 4 of the Act entitled “An Act to establish a uniform system of bankruptcy throughout the United States,” approved July 1, 1898, as amended (U.S.C., title 11, sec. 22), is amended to read as follows:
“Sec. 4. Who may become bankrupts.—(a) Any person, except a municipal, railroad, insurance, banking corporation, or a building and loan association, shall be entitled to the benefits of this Act as a voluntary bankrupt.
“(b) Any natural person, except a wage earner or a person engaged chiefly in farming or the tillage of the soil, any unincorporated company, and any moneyed, business, or commercial corporation (except a municipal, railroad, insurance, or banking corporation, or a building and loan association) owing debts to the amount of $1,000 or over, may be adjudged an involuntary bankrupt upon default or an impartial trial, and shall be subject to the provisions and entitled to the benefits of this Act.
“The bankruptcy of a corporation or association shall not release its officers, directors, or stockholders, as such, from any liability under the laws of a State or Territory or of the United States.”
Approved, February 11, 1932.