12 U.S.C. § 335 — Dealing in investment securities; limitations and conditions

This law says State member banks — banks that are members of the Federal Reserve System but chartered by a state — must play by the same rules as national banks when it comes to investment securities. Specifically, whenever a State member bank buys, sells, underwrites, or holds investment securities and stock, it must follow the same limits and conditions that apply to national banks under paragraph "Seventh" of section 24 of this title. There's one carve-out: this rule does not apply to any interest a State member bank holds under section 24a of this title. Interests held under section 24a instead follow the separate conditions and limits already written into that section.