12 U.S.C. § 1846 — Reservation of rights to States
submitted 70 years ago by ch. 240 to r/title-12-BANKS-AND-BANKING · 124 words · no verdicts yet
This section reserves specified powers and rights to the States. It also limits the Board’s authority in the circumstances stated.
(a) Nothing in this chapter prevents a State* from using powers and jurisdiction it now has or later obtains over companies, banks, bank* holding companies, and their subsidiaries.
(b) Nothing in this chapter changes a State’s or its political subdivisions’ authority to adopt, apply, or administer a tax or tax method for a bank, bank holding company, foreign bank, or any affiliate* of one, when the tax or method is otherwise allowed by the Constitution or Federal law.
No provision of this chapter shall be construed as preventing any State* from exercising such powers and jurisdiction which it now has or may hereafter have with respect to companies, banks, bank* holding companies, and subsidiaries thereof.
No provision of this chapter shall be construed as affecting the authority of any State or political subdivision of any State to adopt, apply, or administer any tax or method of taxation to any bank, bank holding company, or foreign bank, or any affiliate* of any bank, bank holding company, or foreign bank, to the extent that such tax or tax method is otherwise permissible by or under the Constitution of the United States or other Federal law.
Source credit: (May 9, 1956, ch. 240, § 7, 70 Stat. 138; Pub. L. 100–86, title I, § 101(f), Aug. 10, 1987, 101 Stat. 563; Pub. L. 103–328, title I, § 101(b), Sept. 29, 1994, 108 Stat. 2341.)
- 1956Enacted · Act of May 9, 1956, ch. 240 · 70 Stat. 138
- 1987Amended · Pub. L. 100-86 · 101 Stat. 563
- 1994Amended · Pub. L. 103-328 · 108 Stat. 2341
A history note hasn’t been published yet. The record shows enactment by ch. 240 on 1956-05-09.
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