12 U.S.C. § 95 — Emergency limitations and restrictions on

Page 55 TITLE 12—BANKS AND BANKING § 95 remaining sentences of R.S. § 5198 are classified to sec- tion 86 of this title. Act Mar. 3, 1911, conferred powers and duties of former circuit courts on district courts. AMENDMENTS 1982—Pub. L. 97–320, as amended by Pub. L. 97–457, amended section generally. Prior to amendment sec- tion read as follows: ‘‘Actions and proceedings against any association under this chapter may be had in any district or Territorial court of the United States held within the district in which such association may be established, or in any State, county, or municipal court in the county or city in which said association is lo- cated having jurisdiction in similar cases.’’ Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1983 AMENDMENT Pub. L. 97–457, § 20(b), Jan. 12, 1983, 96 Stat. 2509, pro- vided that: ‘‘The amendment made by subsection (a) [amending this section] shall be deemed to have taken effect upon the enactment of Public Law 97–320 [Oct. 15, 1982].’’ § 94a. Repealed. June 25, 1948, ch. 646, § 39, 62 Stat. 992, eff. Sept. 1, 1948 Section, act July 12, 1882, ch. 290, § 4, 22 Stat. 163, re- lated to jurisdiction and venue. See sections 1348 and 1394 of Title 28, Judiciary and Judicial Procedure. § 95. Emergency limitations and restrictions on business of members of Federal Reserve Sys- tem; designation of legal holiday for national banking associations; exceptions; ‘‘State’’ de- fined (a) In order to provide for the safer and more effective operation of the National Banking Sys- tem and the Federal Reserve System, to pre- serve for the people the full benefits of the cur- rency provided for by the Congress through the National Banking System and the Federal Re- serve System, and to relieve interstate com- merce of the burdens and obstructions resulting from the receipt on an unsound or unsafe basis of deposits subject to withdrawal by check, dur- ing such emergency period as the President of the United States by proclamation may pre- scribe, no member bank of the Federal Reserve System shall transact any banking business ex- cept to such extent and subject to such regula- tions, limitations and restrictions as may be prescribed by the Secretary of the Treasury, with the approval of the President. Any indi- vidual, partnership, corporation, or association, or any director, officer or employee thereof, vio- lating any of the provisions of this section shall be deemed guilty of a misdemeanor and, upon conviction thereof, shall be fined not more than $10,000 or, if a natural person, may, in addition to such fine, be imprisoned for a term not ex- ceeding ten years. Each day that any such viola- tion continues shall be deemed a separate of- fense. (b)(1) In the event of natural calamity, riot, insurrection, war, or other emergency condi- tions occurring in any State whether caused by acts of nature or of man, the Comptroller of the Currency may designate by proclamation any day a legal holiday for the national banking as- sociations located in that State. In the event that the emergency conditions affect only part of a State, the Comptroller of the Currency may designate the part so affected and may proclaim a legal holiday for the national banking associa- tions located in that affected part. In the event that a State or a State official authorized by law designates any day as a legal holiday for ceremonial or emergency reasons, for the State or any part thereof, that same day shall be a legal holiday for all national banking associa- tions or their offices located in that State or the part so affected. A national banking association or its affected offices may close or remain open on such a State-designated holiday unless the Comptroller of the Currency by written order di- rects otherwise. (2) For the purpose of this subsection, the term ‘‘State’’ means any of the several States, the District of Columbia, the Commonwealth of Puerto Rico, the Northern Mariana Islands, Guam, the Virgin Islands, American Samoa, the Trust Territory of the Pacific Islands, or any other territory or possession of the United States. (Mar. 9, 1933, ch. 1, title I, § 4, 48 Stat. 2; Pub. L. 96–221, title VII, § 705, Mar. 31, 1980, 94 Stat. 187; Pub. L. 97–320, title IV, § 407, Oct. 15, 1982, 96 Stat. 1513; Pub. L. 97–457, § 21, Jan. 12, 1983, 96 Stat. 2509.) Editorial Notes AMENDMENTS 1983—Subsec. (b)(1). Pub. L. 97–457 inserted ‘‘a State or’’ before ‘‘a State official’’. 1982—Subsec. (b)(1). Pub. L. 97–320 substituted ‘‘In the event that a State official authorized by law designates any day as a legal holiday for ceremonial or emergency reasons, for the State or any part thereof, that same day shall be a legal holiday for all national banking as- sociations or their offices located in that State or the part so affected. A national banking association or its affected offices may close or remain open on such a State-designated holiday unless the Comptroller of the Currency by written order directs otherwise’’ for ‘‘In the event that a State or a State official authorized by law designates any day as a legal holiday for either emergency or ceremonial reasons for all banks char- tered by that State to do business within that State, that same day shall be a legal holiday for all national banking associations chartered to do business within that State unless the Comptroller of the Currency shall by written order permit all national banking associa- tions located in that State to remain open’’. 1980—Pub. L. 96–221 designated existing provisions as subsec. (a) and added subsec. (b). Executive Documents TERMINATION OF TRUST TERRITORY OF THE PACIFIC ISLANDS For termination of Trust Territory of the Pacific Is- lands, see note set out preceding section 1681 of Title 48, Territories and Insular Possessions. BANK HOLIDAY OF 1933 Proclamations Nos. 2039, 2040, and 2070, dated Mar. 6, 1933, Mar. 9, 1933, and Dec. 30, 1933, respectively, related to the temporary suspension of banking transactions beginning Mar. 6, 1933, by all member banks of the Fed- eral Reserve System. Pursuant to Ex. Ord. No. 6073, dated March 10, 1933, formerly set out as a note under this section, the Sec- retary of the Treasury by order of March 11, 1933, au- thorized all Federal reserve banks and nonmember banks and other banking institutions to resume their normal and usual banking functions on March 13, 1933, Page 56 TITLE 12—BANKS AND BANKING §§ 95a, 95b subject to certain restrictions. See 31 C.F.R. 121.20–121.22. The fifth and sixth paragraphs of Ex. Ord. No. 6073, relating to the removal of gold coin, gold bul- lion, or gold certificates from the United States by cor- porations, etc., including banking institutions and au- thorization of banking institutions to pay out gold coin, gold bullion or gold certificates, were revoked by Ex. Ord. No. 11825, Dec. 31, 1974, 40 F.R. 1003. PROC. NO. 2725. EXEMPTION OF MEMBER BANKS OF FEDERAL RESERVE SYSTEM Proc. No. 2725, Apr. 7, 1947, 12 F.R. 2343, 61 Stat. 1062, provided: NOW, THEREFORE, I, HARRY S. TRUMAN, Presi- dent of the United States of America, acting under and by virtue of the authority vested in me by section 5(b) of the Trading with the Enemy Act of October 6, 1917, 40 Stat. 415, as amended [50 U.S.C. 4305(b)], and section 4 of the act of March 9, 1933, 48 Stat. 2 [12 U.S.C. 95] and by virtue of all other authority vested in me, do here- by, in the interest of the internal management of the Government, proclaim, order, direct, and declare that the said proclamations of March 6 and March 9, 1933, and Executive order of March 10, 1933, as amended, are further amended to exclude from their scope banking institutions which are members of the Federal Reserve System: Provided, however, That no banking institution shall pay out any gold coin, gold bullion, or gold cer- tificates, except as authorized by the Secretary of the Treasury, or allow the withdrawal of any currency for hoarding. This proclamation shall become effective as of March 15, 1947. §§ 95a, 95b. Omitted Editorial Notes CODIFICATION Section 95a, act Oct. 6, 1917, ch. 106, § 5(b), 40 Stat. 415; Sept. 24, 1918, ch. 176, § 5, 40 Stat. 966; Mar. 9, 1933, ch. 1, title I, § 2, 48 Stat. 1; May 7, 1940, ch. 185, § 1, 54 Stat. 179; Dec. 18, 1941, ch. 593, title III, § 301, 55 Stat. 839; Proc. No. 2695, eff. July 4, 1946, 11 F.R. 7517, 69 Stat. 1352; Pub. L. 95–223, title I, §§ 101(a), 102, 103(b), Dec. 28, 1977, 91 Stat. 1625, 1626; Pub. L. 100–418, title II, § 2502(a)(1), Aug. 23, 1988, 102 Stat. 1371; Pub. L. 103–236, title V, § 525(b)(1), Apr. 30, 1994, 108 Stat. 474, which re- lated to regulation of transactions in foreign exchange of gold and silver, property transfers, vested interests, enforcement and penalties, was omitted because § 5(b) of act Oct. 6, 1917, is also classified to section 4305(b) of Title 50, War and National Defense. Section 95b, act Mar. 9, 1933, ch. 1, title I, § 1, 48 Stat. 1, which related to ratification of acts of President and Secretary of the Treasury, was omitted because § 1 of act Mar. 9, 1933, is also set out as a note under section 4305 of Title 50, War and National Defense. SUBCHAPTER V—OBTAINING AND ISSUING CIRCULATING NOTES §§ 101 to 110. Repealed. Pub. L. 103–325, title VI, § 602(e)(5)–(11), (f)(2)–(4)(A), (g)(9), Sept. 23, 1994, 108 Stat. 2292, 2294 Section 101, acts Mar. 14, 1900, ch. 41, § 12, 31 Stat. 49; Oct. 5, 1917, ch. 74, § 2, 40 Stat. 342, provided for delivery of circulating notes in blank to national banking asso- ciations depositing bonds with Treasurer of United States. Section 101a, R.S. § 5159; Dec. 23, 1913, ch. 6, § 17, 38 Stat. 268; June 21, 1917, ch. 32, § 9, 40 Stat. 239, related to deposit of bonds to secure circulating notes. Section 102, R.S. § 5158, construed term ‘‘United States bonds’’ as including registered bonds. Section 103, act Oct. 5, 1917, ch. 74, § 3, 40 Stat. 342, re- lated to denominations of notes and limitation on amount of $1 and $2 notes. Section 104, R.S. § 5172; May 30, 1908, ch. 229, § 11, 35 Stat. 551; Dec. 23, 1913, ch. 6, § 27, 38 Stat. 274; Aug. 4, 1914, ch. 225, 38 Stat. 682; Mar. 3, 1919, ch. 101, § 4, 40 Stat. 1315, related to printing and form of circulating notes. Section 105, act June 20, 1874, ch. 343, § 5, 18 Stat. 124, provided that Comptroller of Currency was to print charter numbers of association on national bank notes. Section 106, act Mar. 3, 1875, ch. 130, § 1, 18 Stat. 372, provided for printing national-bank notes on distinc- tive paper adopted by Secretary of the Treasury. Section 107, R.S. § 5173, related to custody of plates and dies procured for printing notes and payment of ex- penses. Section 108, R.S. § 5174; Feb. 27, 1877, ch. 69, § 1, 19 Stat. 252, related to examination of plates, dies, and other material from which national-bank circulation was printed, and destruction of obsolete material. Section 109, R.S. § 5182; Jan. 13, 1920, ch. 38, 41 Stat. 387, provided that banks could issue and circulate notes the same as money if signed by officers in manner of obligatory promissory notes payable on demand at place of business, and specified demands for which such notes were to be received. Section 110, R.S. § 5183; Feb. 18, 1875, ch. 80, § 1, 18 Stat. 320, prohibited banks from issuing unauthorized notes. SUBCHAPTER VI—REDEMPTION AND REPLACEMENT OF CIRCULATING NOTES § 121. Repealed. Pub. L. 103–325, title VI, § 602(f)(4)(B), Sept. 23, 1994, 108 Stat. 2292 Section, acts June 20, 1874, ch. 343, § 3, 18 Stat. 123; Dec. 23, 1913, ch. 6, § 20, 38 Stat. 271; May 29, 1920, ch. 214, § 1, 41 Stat. 654, provided that every national banking association was to establish reserve in Treasury for re- demption of notes by Treasurer of United States, for- ward notes unfit for use to Treasurer for disposition, and reimburse expenses of Treasury. § 121a. Redemption of notes unidentifiable as to bank of issue Whenever any Federal Reserve bank notes or Federal Reserve notes are presented to the Treasurer of the United States for redemption and such notes cannot be identified as to the bank of issue or the bank through which issued, the Treasurer of the United States may redeem such notes under such rules and regulations as the Secretary of the Treasury may prescribe. (June 13, 1933, ch. 62, § 1, 48 Stat. 127; Pub. L. 89–427, § 4(a), May 20, 1966, 80 Stat. 161; Pub. L. 103–325, title VI, § 602(g)(8)(A), Sept. 23, 1994, 108 Stat. 2294.) Editorial Notes AMENDMENTS 1994—Pub. L. 103–325, § 602(g)(8)(A)(ii), which directed the amendment of this section by striking out ‘‘, and the notes, other than Federal Reserves notes, so re- deemed shall be forwarded to the Comptroller of the Currency for cancellation and destruction’’ after ‘‘Treasury may prescribe’’, was executed by striking out text which contained the word ‘‘Reserves’’ rather than ‘‘Reserve’’, to reflect the probable intent of Con- gress. Pub. L. 103–325, § 602(g)(8)(A)(i), substituted ‘‘When- ever any Federal Reserve bank notes,’’ for ‘‘Whenever any national-bank notes, Federal Reserve bank notes,’’. 1966—Pub. L. 89–427 excepted Federal Reserve notes from the category of notes which, upon redemption by the Treasurer of the United States, must be forwarded to the Comptroller of the Currency for cancellation and destruction.