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12 U.S.C. § 282 — Subscription to capital stock by national banking association
Federal law — U.S. Code and appendices · legal_authorities
Every national banking association within each Federal reserve district shall be required to subscribe to the capital stock of the Federal reserve bank for that district in a sum equal to six per centum of the paid-up capital stock and surplus of such bank, one-sixth of the subscription to be payable on call of the Board of Governors of the Federal Reserve System, one-sixth within three months and one-sixth within six months thereafter, and the remainder of the subscription, or any part thereof, shall be subject to call when deemed necessary by the Board, said payments to be in gold or gold certificates.
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Stable record: federal_law:legal_authorities:record_usc_825d44f7fee537637c365a0f
Source file: Laws/federal/codes/united-states-code/title-12/section-282-subscription-to-capital-stock-by-national-banking-association--ae09df727e.md
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Source location: Title 12, Chapter 3, § 282; chapter-003-federal-reserve-system.md
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Every national banking association within each Federal reserve district shall be required to subscribe to the capital stock of the Federal reserve bank for that district in a sum equal to six per centum of the paid-up capital stock and surplus of such bank, one-sixth of the subscription to be payable on call of the Board of Governors of the Federal Reserve System, one-sixth within three months and one-sixth within six months thereafter, and the remainder of the subscription, or any part thereof, shall be subject to call when deemed necessary by the Board, said payments to be in gold or gold certificates.
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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 104
TITLE 12—BANKS AND BANKING
§ 266
performance of their duties as financial agents
of the Government: Provided, That no such secu-
rity shall be required for the safekeeping and
prompt payment of such parts of the deposits of
the public money in such banks as are insured
deposits and each officer, employee, or agent of
the United States having official custody of pub-
lic funds and lawfully depositing the same in an
insured bank shall, for the purpose of deter-
mining the amount of the insured deposits, be
deemed a depositor in such custodial capacity
separate and distinct from any other officer, em-
ployee, or agent of the United States having of-
ficial custody of public funds and lawfully depos-
iting the same in the same insured bank in cus-
todial capacity. Notwithstanding any other pro-
vision of law, no department, board, agency, in-
strumentality, officer, employee, or agent of the
United States shall issue or permit to continue
in effect any regulations, rulings, or instruc-
tions or enter into or approve any contracts or
perform any other acts having to do with the de-
posit, disbursement, or expenditure of public
funds, or the deposit, custody, or advance of
funds subject to the control of the United States
as trustee or otherwise which shall discriminate
against or prefer national banking associations,
State banks members of the Federal Reserve
System, or insured banks not members of the
Federal Reserve System, by class, or which shall
require those enjoying the benefits, directly or
indirectly, of disbursed public funds so to dis-
criminate. All Acts or parts thereof in conflict
herewith are repealed. The terms ‘‘insured
bank’’ and ‘‘insured deposit’’ as used in this sec-
tion shall be construed according to the defini-
tions of
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 282
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