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12 U.S.C. § 341 — General enumeration of powers
Federal law — U.S. Code and appendices · legal_authorities
Upon the filing of the organization certificate with the Comptroller of the Currency a Federal reserve bank shall become a body corporate and as such, and in the name designated in such organization certificate, shall have power—
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Source file: Laws/federal/codes/united-states-code/title-12/section-341-general-enumeration-of-powers--5154c8ad7a.md
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Source location: Title 12, Chapter 3, § 341; chapter-003-federal-reserve-system.md
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Upon the filing of the organization certificate with the Comptroller of the Currency a Federal reserve bank shall become a body corporate and as such, and in the name designated in such organization certificate, shall have power—
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter.
**(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5301
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Federal law — U.S. Code and appendices · legal_authorities
Every association which shall have failed to pay up its capital stock, as required by law, and every association whose capital stock shall have become impaired by losses or otherwise, shall, within three months after receiving notice thereof from the Comptroller of the Currency, pay the deficiency in the capital stock, by assessment upon the shareholders pro rata for the amount of capital stock held by each; and the Treasurer of the United States shall withhold the interest upon all bonds held by him in trust for any such association, upon notification from the Comptroller of the Currency, until otherwise notified by him. If any such association shall fail to pay up its capital stock, and shall refuse to go into liquidation, as provided by law, for three months after receiving notice from the comptroller, a receiver may be appointed to close up the business of the association, according to the provisions of [section 192 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section192&num=0&edition=prelim). And provided, That if any shareholder or shareholders of such bank shall neglect or refuse, after three months’ notice, to pay the assessment, as provided in this section, it shall be the duty of the board of directors to cause a sufficient amount of the capital stock of such shareholder or shareholders to be sold at public auction (after thirty days’ notice shall be given by posting such notice of sale in the office of the bank, and by publishing such notice in a newspaper of the city or town in which the bank is located, or in a newspaper published nearest thereto,) 11 So in original. to make good the deficiency, and the balance, if any, shall be returned to such delinquent shareholder or shareholders.
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Federal law — U.S. Code and appendices · legal_authorities
Every Federal reserve bank shall be conducted under the supervision and control of a board of directors.
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Federal law — U.S. Code and appendices · legal_authorities
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
Page 121
TITLE 12—BANKS AND BANKING
§ 341
the Comptroller of the Currency may appoint
a conservator or receiver for a national bank.
(2) Powers
The conservator or receiver for an uninsured
State member bank referred to in paragraph
(1) shall exercise the same powers, functions,
and duties, subject to the same limitations, as
a conservator or receiver for a national bank.
(b) Board authority
The Board shall have the same authority with
respect to any conservator or receiver appointed
under subsection (a), and the uninsured State
member bank for which the conservator or re-
ceiver has been appointed, as the Comptroller of
the Currency has with respect to a conservator
or receiver for a national bank and the national
bank for which the conservator or receiver has
been appointed.
(c) Bankruptcy proceedings
The Board (in the case of an uninsured State
member bank which operates, or operates as,
such a multilateral clearing organization) may
direct a conservator or receiver appointed for
the bank to file a petition pursuant to title 11,
in which case, title 11 shall apply to the bank in
lieu of otherwise applicable Federal or State in-
solvency law.
(Dec. 13, 1913, ch. 6, § 9B, as added Pub. L. 106–554,
§ 1(a)(5) [title I, § 112(b)], Dec. 21, 2000, 114 Stat.
2763, 2763A–392.)
Editorial Notes
REFERENCES IN TEXT
Section 4422 of this title, referred to in subsec. (a)(1),
was repealed by Pub. L. 111–203, title VII, § 740, July 21,
2010, 124 Stat. 1729.
CODIFICATION
Section was enacted as section 9B of act Dec. 13, 1913,
and not as part of section 9 of such act which comprises
this subchapter.
SUBCHAPTER IX—POWERS AND DUTIES OF
FEDERAL RESERVE BANKS
§ 341. General enumeration of powers
Upon the filing of the organization certificate
with the
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 341
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