12 U.S.C. § 522 — Federal Reserve branch bank buildings

Page 180 TITLE 12—BANKS AND BANKING § 506 L. 95–630 set out as an Effective Date of 1978 Amend- ment note under section 93 of this title. § 506. Notice after separation from service The resignation, termination of employment or participation, or separation of an institution- affiliated party (within the meaning of section 1813(u) of this title) with respect to a member bank (including a separation caused by the clos- ing of such a bank) shall not affect the jurisdic- tion and authority of the Board to issue any no- tice and proceed under this section against any such party, if such notice is served before the end of the 6-year period beginning on the date such party ceased to be such a party with re- spect to such bank (whether such date occurs be- fore, on, or after August 9, 1989). (Dec. 23, 1913, ch. 6, § 19(m), as added Pub. L. 101–73, title IX, § 905(g), Aug. 9, 1989, 103 Stat. 461.) Editorial Notes REFERENCES IN TEXT This section, referred to in text, means section 19 of act Dec. 23, 1913, which is classified to sections 142, 371b, 371b–1, 374, 374a, 461, 463 to 466, 505, and 506 of this title. SUBCHAPTER XVII—RESERVE-BANK BRANCHES § 521. Reserve-bank branches; establishment; di- rectors; discontinuance of branches; ap- proval for erection of branch bank building The Board of Governors of the Federal Reserve System may permit or require any Federal re- serve bank to establish branch banks within the Federal reserve district in which it is located or within the district of any Federal reserve bank which may have been suspended. Such branches, subject to such rules and regulations as the Board of Governors of the Federal Reserve Sys- tem may prescribe, shall be operated under the supervision of a board of directors to consist of not more than seven nor less than three direc- tors, of whom a majority of one shall be ap- pointed by the Federal reserve bank of the dis- trict, and the remaining directors by the Board of Governors of the Federal Reserve System. Di- rectors of branch banks shall hold office during the pleasure of the Board of Governors of the Federal Reserve System. The Board of Governors of the Federal Reserve System may at any time require any Federal re- serve bank to discontinue any branch of such Federal reserve bank established under this sec- tion. The Federal reserve bank shall thereupon proceed to wind up the business of such branch bank, subject to such rules and regulations as the Board of Governors of the Federal Reserve System may prescribe. No Federal Reserve bank shall have authority hereafter to enter into any contract or contracts for the erection of any branch bank building of any kind or character or to authorize the erec- tion of any such building, except with the ap- proval of the Board of Governors of the Federal Reserve System. (Dec. 23, 1913, ch. 6, § 3, 38 Stat. 253; June 21, 1917, ch. 32, § 1, 40 Stat. 232; Feb. 25, 1927, ch. 191, § 19, 44 Stat. 1234; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 87–622, § 2, Aug. 31, 1962, 76 Stat. 418.) Editorial Notes AMENDMENTS 1962—Pub. L. 87–622 added par. providing that no Fed- eral Reserve Bank shall have authority to enter into any contract for the erection of a branch bank building or to authorize the erection of such building, except with the approval of the Board of Governors of the Fed- eral Reserve System. 1927—Act Feb. 25, 1927, added par. authorizing the Federal Reserve Board to discontinue and wind up the business of branch banks. 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. § 522. Federal Reserve branch bank buildings No Federal Reserve bank may authorize the acquisition or construction of any branch build- ing, or enter into any contract or other obliga- tion for the acquisition or construction of any branch building, without the approval of the Board. (Dec. 23, 1913, ch. 6, § 10 (par.), as added June 3, 1922, ch. 205, 42 Stat. 622; amended Feb. 6, 1923, ch. 60, 42 Stat. 1223; July 30, 1947, ch. 352, 61 Stat. 520; May 29, 1953, ch. 87, 67 Stat. 41; Pub. L. 87–622, § 1, Aug. 31, 1962, 76 Stat. 418; Pub. L. 93–495, title I, § 108, Oct. 28, 1974, 88 Stat. 1505; Pub. L. 102–491, § 2, Oct. 24, 1992, 106 Stat. 3144.) Editorial Notes CODIFICATION Section is comprised of ninth paragraph of act Dec. 23, 1913, § 10, as added June 3, 1922. For classification to this title of other pars. of section 10, see Codification note set out under section 241 of this title. AMENDMENTS 1992—Pub. L. 102–491 amended section generally. Prior to amendment, section read as follows: ‘‘No Federal re- serve bank shall have authority hereafter to enter into any contract or contracts for the erection of any branch bank building of any kind or character, or to authorize the erection of any such building, if the cost of the building proper, exclusive of the cost of the vaults, permanent equipment, furnishings, and fixtures, is in excess of $250,000: Provided, That nothing herein shall apply to any building under construction prior to June 3, 1922: Provided further, That the cost as above specified shall not be so limited as long as the aggre- gate of such costs which are incurred by all Federal Re- serve banks for branch bank buildings with the ap- proval of the Board of Governors after July 30, 1947 does not exceed $140,000,000.’’ 1974—Pub. L. 93–495 increased from $60,000,000 to $140,000,000 the limitation on aggregate costs of con- structing branch bank buildings. 1962—Pub. L. 87–622 increased from $30,000,000 to $60,000,000 the limitation on aggregate costs of con- structing branch bank buildings. 1953—Act May 29, 1953, increased from $10,000,000 to $30,000,000 the limitation on aggregate cost of con- structing branch bank buildings. 1947—Act July 30, 1947, inserted proviso exempting limitation on cost of construction where aggregate costs do not exceed $10,000,000. Page 181 TITLE 12—BANKS AND BANKING § 548 CHAPTER 4—TAXATION SUBCHAPTER I—FEDERAL RESERVE BANKS Sec. 531. Exemption from taxation. SUBCHAPTER II—NATIONAL BANK CIRCULATION 541. Tax on circulating notes generally. 542 to 547. Omitted or Repealed. SUBCHAPTER III—NATIONAL BANK SHARES 548. State taxation. SUBCHAPTER IV—STATE BANK CIRCULATION 561 to 570. Omitted. SUBCHAPTER I—FEDERAL RESERVE BANKS § 531. Exemption from taxation Federal reserve banks, including the capital stock and surplus therein and the income de- rived therefrom shall be exempt from Federal, State, and local taxation, except taxes upon real estate. (Dec. 23, 1913, ch. 6, § 7(c), 38 Stat. 258; Mar. 3, 1919, ch. 101, § 1, 40 Stat. 1314; Pub. L. 103–66, title III, § 3002(c)(2), Aug. 10, 1993, 107 Stat. 338.) Editorial Notes CODIFICATION Section is comprised of subsec. (c) [formerly third un- designated par.] of section 7 of act Dec. 23, 1913. Subsec. (a) of section 7 and subsec. (b) [enacted by Pub. L. 106–113, div. B, § 1000(a)(5) [title III, § 302(2)], Nov. 29, 1999, 113 Stat. 1536, 1501A–304] of section 7 are classified to section 289 of this title. Another subsec. (b) of sec- tion 7 is classified to section 290 of this title. AMENDMENTS 1993—Pub. L. 103–66 inserted section catchline. SUBCHAPTER II—NATIONAL BANK CIRCULATION § 541. Tax on circulating notes generally In lieu of all existing taxes, every association shall pay to the Treasurer of the United States, in the months of January and July, a duty of one-half of 1 per centum each half year upon the average amount of its notes in circulation. (R.S. § 5214; Mar. 3, 1883, ch. 121, § 1, 22 Stat. 488.) Editorial Notes CODIFICATION R.S. § 5214 derived from act June 3, 1864, ch. 106, § 41, 13 Stat. 111, which was part of the National Bank Act. See section 38 of this title. § 542. Omitted Editorial Notes CODIFICATION Section, act Mar. 14, 1900, ch. 41, § 13, 31 Stat. 49, re- lated to tax on circulating notes secured by 2 per cen- tum bonds. § 543. Repealed. Pub. L. 97–258, § 5(b), Sept. 13, 1982, 96 Stat. 1068 Section, act Dec. 21, 1905, ch. 3, § 1, 34 Stat. 5, related to tax on circulating notes secured by Panama Canal 2 per centum bonds and rights and privileges of such bonds. §§ 544 to 547. Omitted Editorial Notes CODIFICATION Section 544, R.S. § 5215; act Mar. 3, 1883, ch. 121, § 1, 22 Stat. 488, related to half-yearly return of circulation. Section 545, R.S. § 5216; act Mar. 3, 1883, ch. 121, § 1, 22 Stat. 488, related to penalty for failure to make return. Section 546, R.S. § 5217, related to enforcing tax on circulation. Section 547, R.S. § 5218; act June 10, 1921, ch. 18, § 304, 42 Stat. 24, related to refunding excess tax. Statutory Notes and Related Subsidiaries REPEALS Effective July 1, 1935, the permanent appropriation provided for in former section 547 of this title was re- pealed by act June 26, 1934, ch. 756, § 2, 48 Stat. 1226, such act authorizing in lieu thereof, an annual appro- priation from the general fund of the Treasury. REDEMPTION OF BONDS; TERMINATION OF CIRCULATING NOTES In a communication from the Treasury Department dated February 17, 1941, it was stated ‘‘The Secretary of the Treasury called for redemption the only out- standing issues of United States bonds bearing the cir- culation privilege as follows: ‘‘2% Consols. of 1930, as of July 1, 1935, ‘‘2% Panama Canal bonds of 1916–36, and ‘‘2% Panama Canal bonds of 1918–38, as of August 1, 1935. ‘‘The retirement of these issues automatically put an end to National Bank note circulation and the collec- tion of the tax thereon.’’ SUBCHAPTER III—NATIONAL BANK SHARES § 548. State taxation For the purposes of any tax law enacted under authority of the United States or any State, a national bank shall be treated as a bank orga- nized and existing under the laws of the State or other jurisdiction within which its principal of- fice is located. (R.S. § 5219; Mar. 4, 1923, ch. 267, 42 Stat. 1499; Mar. 25, 1926, ch. 88, 44 Stat. 223; Pub. L. 91–156, §§ 1(a), 2(a), Dec. 24, 1969, 83 Stat. 434.) Editorial Notes CODIFICATION R.S. § 5219 derived from act June 3, 1864, ch. 106, § 41, 13 Stat. 111, which was the National Bank Act, and act Feb. 10, 1868, ch. 7, 15 Stat. 34. See section 38 of this title. AMENDMENTS 1969—Pub. L. 91–156, § 2(a), substituted provisions di- recting that national banks, for purposes of both Fed- eral and State tax laws, be treated as banks organized and existing under the laws of the State or other juris- diction within which each bank’s principal office is lo- cated for provisions placing restrictions on the tax- ation of national bank shares and, for the period until the effective date of such amendment, set out interim provisions regarding intangible personal property taxes of States and local governments on national banks. Pub. L. 91–156, § 1(a), added par. 5.