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Federal law — U.S. Code and appendices · legal_authorities
No Senator or Representative in Congress shall be a member of the Board of Governors of the Federal Reserve System or an officer or a director of a Federal reserve bank.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 303
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Stable record: federal_law:legal_authorities:record_usc_7c15e429a65eab386cde698a
Source file: Laws/federal/codes/united-states-code/title-12/section-303-qualifications-and-disabilities--d5f27c2023.md
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Passage SHA-256: cc6066eee279dc46f543063a546f86722c4b6e3adcf926e5794b241f7cfe351e
Source location: Title 12, Chapter 3, § 303; chapter-003-federal-reserve-system.md
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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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 301
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** In order to provide thrift institutions for the deposit of funds and for the extension of credit for homes and other goods and services, the Comptroller of the Currency is authorized, under such regulations as the Comptroller of the Currency may prescribe— (1) to provide for the organization, incorporation, examination, operation, and regulation of associations to be known as Federal savings associations (including Federal savings banks), and (2) to issue charters therefor, giving primary consideration of the best practices of thrift institutions in the United States. The lending and investment powers conferred by this section are intended to encourage such institutions to provide credit for housing safely and soundly. **(b) Deposits and related powers** (1) **Deposit accounts** (A) Subject to the terms of its charter and regulations of the Comptroller of the Currency, a Federal savings association may— (i) raise funds through such deposit, share, or other accounts, including demand deposit accounts (hereafter in this section referred to as “accounts”); and (ii) issue passbooks, certificates, or other evidence of accounts. (B) A Federal savings association may not permit any overdraft (including an intraday overdraft) on behalf of an affiliate, or incur any such overdraft in such savings association’s account at a Federal reserve bank or Federal home loan bank on behalf of an affiliate.All savings accounts and demand accounts shall have the same priority upon liquidation. Holders of accounts and obligors of a Federal savings association shall, to such extent as may be provided by its charter or by regulations of the Comptroller of the Currency, be members of the savings association, and shall have such voting rights and such other
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1464
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Federal law — U.S. Code and appendices · legal_authorities
Page 109 TITLE 12—BANKS AND BANKING § 304 Statutory Notes and Related Subsidiaries CHANGE OF NAME Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System. § 303. Qualifications and disabilities No Senator or Representative in Congress shall be a member of the Board of Governors of the Federal Reserve System or an officer or a di- rector of a Federal reserve bank. No director of class B shall be an officer, direc- tor, or employee of any bank. No director of class C shall be an officer, direc- tor, employee, or stockholder of any bank. (Dec. 23, 1913, ch. 6, § 4 (pars.), 38 Stat. 255; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.) Editorial Notes CODIFICATION Section is comprised of pars. 13 to 15 of section 4 of act Dec. 23, 1913. For classification to this title of other pars. of section 4, see Codification note set out under section 301 of this title. Statutory Notes and Related Subsidiaries CHANGE OF NAME Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System. § 304. Class A and class B directors; selection Directors of class A and class B shall be cho- sen in the following manner: The Board of Gov- ernors of the Federal Reserve System shall clas- sify the member banks of the district into three general groups or divisions designating each group by number. Each group shall consist as nearly as may be of banks of similar capitaliza- tion. Each member bank shall be permitted to nominate to the chairman of the board of direc- tors of the Federal reserve bank of the district one candidate for director of class A and one candidate for director of class B. The candidates so nominated shall b
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 303
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