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12 U.S.C. § 142 — Banks in reserve cities; reserves
Federal law — U.S. Code and appendices · legal_authorities
National banking associations located in reserve cities or central reserve cities shall maintain reserves provided for in [section 462 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section462&num=0&edition=prelim) for banks so located.
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Source file: Laws/federal/codes/united-states-code/title-12/section-142-banks-in-reserve-cities-reserves--68780ad32d.md
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Source location: Title 12, Chapter 2, § 142; chapter-002-national-banks.md
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National banking associations located in reserve cities or central reserve cities shall maintain reserves provided for in [section 462 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section462&num=0&edition=prelim) for banks so located.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment of applicable definitions, payment of interest, obligations as deposits, and regulations** The Board is authorized for the purposes of this section 11 See References in Text note below. to define the terms used in this section,1 to determine what shall be deemed a payment of interest, to determine what types of obligations, whether issued directly by a member bank or indirectly by an affiliate of a member bank or by other means, and, regardless of the use of the proceeds, shall be deemed a deposit, and to prescribe such regulations as it may deem necessary to effectuate the purposes of this section 1 and to prevent evasions thereof.
**(b) Additional definitions; required amounts of reserves maintained against transaction accounts; waiver of ratio limits in extraordinary circumstances; supplemental reserves; reserves related to foreign obligations or assets; exemption for certain deposits; discount and borrowing; transitional adjustments; additional exemptions and waivers; earnings on balances**
(1) The following definitions and rules apply to this subsection, subsection (c), and sections 248–1, 248a, 342, 360, and 412 of this title:
(A) The term “depository institution” means—
(i) any insured bank as defined in section 3 of the Federal Deposit Insurance Act [[12 U.S.C. 1813](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)] or any bank which is eligible to make application to become an insured bank under section 5 of such Act [[12 U.S.C. 1815](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1815&num=0&edition=prelim)];
(ii) any mutual savings bank as defined in section 3 of the Federal Deposit Insurance Act or any bank which is eligible to make applicatio
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Federal law — U.S. Code and appendices · legal_authorities
The Act entitled “An Act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof,” approved June 3, 1864, shall be known as “The National Bank Act.”
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section, acts Dec. 23, 1913, ch. 6, § 19 (par.), 38 Stat. 270; Aug. 15, 1914, ch. 252, 38 Stat. 691; June 21, 1917, ch. 32, § 10, 40 Stat. 239; Sept. 26, 1918, ch. 177, § 4, 40 Stat. 970; July 28, 1959, Pub. L. 86–114, §§ 1, 2(a), 3(b)(7)–(9), 73 Stat. 863, which related to balances member banks were required to keep in reserve banks, was omitted from the Code in view of the striking out of second through fifth pars. of section 19 of act Dec. 23, 1913 (formerly comprising this section), and incorporation of provisions of such paragraphs in subsecs. (a) to (c) of section 19 of act Dec. 23, 1913 by section 2(a) of Pub. L. 89–597, Sept. 21, 1966, 80 Stat. 823. See [section 461 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section461&num=0&edition=prelim).
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 141
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Federal law — U.S. Code and appendices · legal_authorities
Every national banking association located in Alaska or in a dependency or insular possession or any part of the United States outside of the continental United States, and not a member of the Federal reserve system, shall at all times have on hand in lawful money of the United States an amount equal to at least 15 percent of the aggregate amount of its deposits in all respects. Whenever the lawful money of any such association shall fall below 15 percent of its deposits such association shall not increase its liabilities by making any new loans or discounts other than by discounting or purchasing bills of exchange payable at sight nor make any dividends of its profits until the required proportion between the aggregate amount of its deposits and its lawful money of the United States has been restored. And the Comptroller of the Currency shall notify any such association whose lawful money reserve shall be below the amount required to be kept on hand to make good such reserve, and if such association shall fail for thirty days thereafter so to make good its lawful money the Comptroller may, with the concurrence of the Secretary of the Treasury, appoint a receiver to wind up the business of the association as provided in [section 192 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section192&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
Page 58
TITLE 12—BANKS AND BANKING
§ 142
Statutory Notes and Related Subsidiaries
CENTRAL RESERVE AND RESERVE CITIES
Pub. L. 86–114, § 3(b), July 28, 1959, 73 Stat. 263, pro-
vided that: ‘‘Effective three years after the date of the
enactment of this Act [July 28, 1959]—
‘‘(1) New York and Chicago are reclassified as re-
serve 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 amended by strik-
ing out ‘and central reserve cities’;
‘‘(6) section 11(e) of the Federal Reserve Act (12
U.S.C., sec. 248e) is amended by striking out ‘and cen-
tral reserve’ each place it appears;
‘‘(7) the third paragraph (lettered (a)) of section 19
of the Federal Reserve Act (12 U.S.C., sec. 462) is
amended by striking out ‘or central reserve’;
‘‘(8) the fifth paragraph (lettered (c)) of such section
19 is repealed;
‘‘(9) subparagraph (2) of the sixth paragraph of such
section 19 (as added by the first section of this Act)
is amended by striking out ‘and a member bank in a
central reserve city may hold and maintain the re-
serve balances which are in effect under this section
for member banks described in paragraph (a) or (b),’;
‘‘(10) the seventh paragraph of such section 19 is
amended by striking out clauses (1), (2), (3), and (4)
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