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12 U.S.C. § 224 — Status of reserve cities under former statutes
Federal law — U.S. Code and appendices · legal_authorities
The organization of reserve districts and Federal reserve cities shall not be construed as changing the present status of reserve cities except in so far as this chapter changes the amount of reserves that may be carried with approved reserve agents located therein.
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Source file: Laws/federal/codes/united-states-code/title-12/section-224-status-of-reserve-cities-under-former-statutes--6981aa03dd.md
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Source location: Title 12, Chapter 3, § 224; chapter-003-federal-reserve-system.md
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The organization of reserve districts and Federal reserve cities shall not be construed as changing the present status of reserve cities except in so far as this chapter changes the amount of reserves that may be carried with approved reserve agents located therein.
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Federal law — U.S. Code and appendices · legal_authorities
No Federal reserve bank shall commence business with a subscribed capital less than $4,000,000.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section, R.S. § 5191 (part); acts Dec. 23, 1913, ch. 6, § 2 (part), 38 Stat. 251; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704, which set out a list of reserve and central reserve cities and permitted the Board of Governors of the Federal Reserve System to reclassify, add to, or terminate the designation of such cities, was apparently included in the 1926 ed. of the Code on the basis of authorities other than the source credits. Accordingly, and because the continuing accuracy of the table was doubtful, this section was omitted.
Some of the other provisions of R.S. § 5191 are classified to sections 142 and 143 of this title and some were not included in the Code.
For classification of other provisions of section 2 of act Dec. 23, 1913, see Codification note set out under [section 222 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section222&num=0&edition=prelim).
#### Central Reserve and Reserve Cities
Pub. L. 86–114, § 3(b), July 28, 1959, 73 Stat. 263, provided that: “Effective three years after the date of the enactment of this Act [July 28, 1959]— “(1) New York and Chicago are reclassified as reserve cities under the Federal Reserve Act; “(2) the classification ‘central reserve city’ under the Federal Reserve Act, and the authority of the Board of Governors of the Federal Reserve System to classify or reclassify cities as ‘central reserve cities’ under such Act, are terminated; “(3) section 5192 of the Revised Statutes of the United States (12 U.S.C., sec. 144) is amended by striking out ‘central reserve or’; “(4) section 2 of the Act of March 3, 1887 (ch. 378; 24 Stat. 560) is repealed; “(5) the last paragraph of section 2 of the Federal Reserve act (12 U.S.C., sec. 224) is a
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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
The continental United States, excluding Alaska, shall be divided into not less than eight nor more than twelve districts. Such districts may be readjusted and new districts may from time to time be created by the Board of Governors of the Federal Reserve System, not to exceed twelve in all: Provided, That the districts shall be apportioned with due regard to the convenience and customary course of business and shall not necessarily be coterminous with any State or States. Such districts shall be known as Federal reserve districts and may be designated by number. When the State of Alaska or Hawaii is hereafter admitted to the Union the Federal Reserve 11 Capitalized as in original. districts shall be readjusted by the Board of Governors of the Federal Reserve System in such manner as to include such State. Every national bank in any State shall, upon commencing business or within ninety days after admission into the Union of the State in which it is located, become a member bank of the Federal Reserve System by subscribing and paying for stock in the Federal Reserve bank of its district in accordance with the provisions of this chapter and shall thereupon be an insured bank under the Federal Deposit Insurance Act [[12 U.S.C. 1811](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1811&num=0&edition=prelim) et seq.], and failure to do so shall subject such bank to the penalty provided by [section 501a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section501a&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
Page 85
TITLE 12—BANKS AND BANKING
§ 224
the Federal Reserve System by subscribing and
paying for stock in the Federal Reserve bank of
its district in accordance with the provisions of
this chapter and shall thereupon be an insured
bank under the Federal Deposit Insurance Act
[12 U.S.C. 1811 et seq.], and failure to do so shall
subject such bank to the penalty provided by
section 501a of this title.
(Dec. 23, 1913, ch. 6, § 2 (part), 38 Stat. 251; Aug.
23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub.
L. 85–508, § 19, July 7, 1958, 72 Stat. 350; Pub. L.
86–3, § 17, Mar. 18, 1959, 73 Stat. 12.)
Editorial Notes
REFERENCES IN TEXT
This chapter, referred to in text, was in the original
‘‘this Act’’, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251,
known as the Federal Reserve Act. For complete classi-
fication of this Act to the Code, see References in Text
note set out under section 226 of this title and Tables.
The Federal Deposit Insurance Act, referred to in
text, is act Sept. 21, 1950, ch. 967, § 2, 64 Stat. 873, which
is classified generally to chapter 16 (§ 1811 et seq.) of
this title. For complete classification of this Act to the
Code, see Short Title note set out under section 1811 of
this title and Tables.
CODIFICATION
Section is based on part of the first par. of section 2
of act Dec. 23, 1913. Some of the other provisions of the
first par. are classified to section 223 of this title, and
some were not included in the Code.
The second par. of section 2 is classified in part to
section 225 of this title. The rest of the second par. was
not included in the Code.
The third par. of section 2 is classified in part to sec-
tion 282 of this title. The rest of the third par. was not
included in the Code.
The fourth par. of section
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