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12 U.S.C. § 466 — Reserves of banks in dependencies or insular possessions

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 466 — Reserves of banks in dependencies or insular possessions

National banks, or banks organized under local laws, located in a dependency or insular possession or any part of the United States outside the continental United States, may remain nonmember banks, and shall in that event maintain reserves and comply with all the conditions now provided by law regulating them; or said banks may with the consent of the Board of Governors of the Federal Reserve System, become member banks of any one of the reserve districts, and shall in that event take stock, maintain reserves, and be subject to all the other provisions of this chapter.

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Source location: Title 12, Chapter 3, § 466; chapter-003-federal-reserve-system.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 226 — “Federal Reserve Act”

The short title of the Act of December 23, 1913, ch. 6, 38 Stat. 251, shall be the “Federal Reserve Act.”

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 192 — Default in payment of circulating notes

On becoming satisfied, as specified in sections 131 and 132 11 See References in Text note below. of this title, that any association is in default, the Comptroller of the Currency may forthwith appoint a receiver, and require of him such bond and security as he deems proper. Such receiver, under the direction of the Comptroller, shall take possession of the books, records, and assets of every description of such association, collect all debts, dues, and claims belonging to it, and, upon the order of a court of record of competent jurisdiction, may sell or compound all bad or doubtful debts, and, on a like order, may sell all the real and personal property of such association, on such terms as the court shall direct. Such receiver shall pay over all money so made to the Treasurer of the United States, subject to the order of the Comptroller, and also make report to the Comptroller of all his acts and proceedings.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 466 — Reserves of banks in dependencies or insu-

Page 170 TITLE 12—BANKS AND BANKING § 464 nated by Pub. L. 89–597. Remainder of subsec. (e) of such section 19 is classified to section 374 of this title. AMENDMENTS 1980—Pub. L. 96–221 substituted provisions limiting amount of balance required to be kept with any deposi- tory institution without access to Federal Reserve ad- vances, for provisions limiting amount of balance re- quired to be kept with any State bank or trust com- pany. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1980 AMENDMENT Amendment by Pub. L. 96–221 effective on first day of sixth month which begins after Mar. 31, 1980, see sec- tion 108 of Pub. L. 96–221, set out as a note under sec- tion 248 of this title. § 464. Checking against and withdrawal of re- serve balance The required balance carried by a member bank with a Federal reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Board of Governors of the Federal Reserve System, be checked against and withdrawn by such member bank for the purpose of meeting existing liabilities. (Dec. 23, 1913, ch. 6, § 19(f), formerly § 19 (par. 9), 38 Stat. 270; Aug. 15, 1914, ch. 252, 38 Stat. 691; June 21, 1917, ch. 32, § 10, 40 Stat. 239; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; July 7, 1942, ch. 488, § 3, 56 Stat. 648; renumbered § 19(f), Pub. L. 89–597, § 2(b), Sept. 21, 1966, 80 Stat. 824.) Editorial Notes CODIFICATION Section is comprised of subsec. (f), formerly ninth par., of section 19 of act Dec. 23, 1913, as redesignated by Pub. L. 89–597. AMENDMENTS 1942—Act July 7, 1942, struck out proviso which pro- hibited making new loans or paying dividends until re- quired balance was restored. Statutory Notes and Related Subsidiaries CHANGE OF NAME Section

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