12 U.S.C. § 143 — Banks in Alaska and insular possessions;

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is amended by striking out ‘central reserve or’; ‘‘(4) section 2 of the Act of March 3, 1887 (ch. 378; 24 Stat. 560) is repealed; ‘‘(5) the last paragraph of section 2 of the Federal Reserve act (12 U.S.C., sec. 224) is amended by strik- ing out ‘and central reserve cities’; ‘‘(6)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462) is amended by striking out ‘or central reserve’; ‘‘(8) the fifth paragraph (lettered (c)) of such section 19 is repealed; ‘‘(9) subparagraph (2) of the sixth paragraph of such section 19 (as added by the first section of this Act) is amended by striking out ‘and a member bank in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) and inserting in lieu thereof the following: ‘(1) by member banks in reserve cities, (2) by member banks not in reserve cities, or (3) by all member banks’; and ‘‘(11) the seventh paragraph of such section is fur- ther amended by striking out ‘and central reserve cit- ies’.’’ § 142. Banks in reserve cities; reserves National banking associations located in re- serve cities or central reserve cities shall main- tain reserves provided for in section 462 of this title for banks so located. (R.S. § 5191 (part); Dec. 23, 1913, ch. 6, §§ 19, 27, 38 Stat. 270, 274; Aug. 4, 1914, ch. 225, 38 Stat. 682; Aug. 15, 1914, ch. 252, 38 Stat. 691; June 21, 1917, ch. 32, § 10, 40 Stat. 239.) Editorial Notes REFERENCES IN TEXT Section 462 of this title, referred to in text, was omit- ted from the Code. See section 461 of this title. CODIFICATION R.S. § 5191 derived from act June 3, 1864, ch. 106, § 31, 13 Stat. 108, which was the National Bank Act, and act Mar. 1, 1872, ch. 22, 17 Stat. 32. See section 38 of this title. Some of the other provisions of R.S. § 5191 were classi- fied to section 141 of this title prior to its omission from the Code, some are classified to section 143 of this title, and some were not included in the Code. Statutory Notes and Related Subsidiaries TERMINATION OF CENTRAL RESERVE CITIES Central reserve cities terminated, see section 3(b) of Pub. L. 86–114 set out as a note under former section 141 of this title. § 143. Banks in Alaska and insular possessions; lawful money reserves 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 re- spects. Whenever the lawful money of any such association shall fall below 15 percent of its de- posits such association shall not increase its li- abilities by making any new loans or discounts other than by discounting or purchasing bills of exchange payable at sight nor make any divi- dends 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 Cur- rency 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 law- ful money the Comptroller may, with the con- currence of the Secretary of the Treasury, ap- point a receiver to wind up the business of the association as provided in section 192 of this title. (R.S. § 5191 (part).) Editorial Notes CODIFICATION R.S. § 5191 derived from act June 3, 1864, ch. 106, § 31, 13 Stat. 108, which was the National Bank Act, and act Mar. 1, 1872, ch. 22, 17 Stat. 32. See section 38 of this title. Some of the other provisions of R.S. § 5191 were classi- fied to section 141 of this title prior to its omission from the Code, some are classified to section 142 of this title, and some were not included in the Code. Executive Documents EXCEPTION AS TO TRANSFER OF FUNCTIONS Functions vested by any provision of law in Comp- troller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title. § 144. Certain balances counted toward reserves in dependencies and insular possessions Four-fifths of the reserve of 15 per centum which a national bank located 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 Sys- tem, is required to keep, may consist of balances due such bank from associations approved by the Comptroller of the Currency and located in any one of the reserve cities as now or hereafter defined by law or designated by the Board of Governors of the Federal Reserve System. (R.S. § 5192; July 1, 1952, ch. 536, 66 Stat. 314; Pub. L. 86–70, § 7, June 25, 1959, 73 Stat. 142; Pub. L. 86–114, § 3(b)(3), July 28, 1959, 73 Stat. 263.)