12 U.S.C. § 221 — Definitions

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 217 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section defines key terms used throughout this chapter of the banking laws. "Bank" includes state banks, banking associations, and trust companies, and "member bank" means any bank that has joined a Federal Reserve bank. It also defines "board," "district," "reserve bank," "the continental United States," and the terms for U.S. government bonds and notes.

This section defines terms used throughout this chapter of the banking law. "Bank" includes a state bank, banking association, or trust company — except in places where national banks or Federal reserve banks are specifically named instead. A state bank also includes any bank operating under the Code of Law for the District of Columbia. "National bank" and "national banking association" mean the same thing and can be used interchangeably in this chapter. "Member bank" means any national bank, state bank, or bank or trust company that has become a member of one of the Federal reserve banks. "Board" means the Board of Governors of the Federal Reserve System. "District" means a Federal reserve district. "Reserve bank" means a Federal reserve bank. "The continental United States" means the states of the United States plus the District of Columbia. The terms "bonds and notes of the United States," "bonds and notes of the Government of the United States," and "bonds or notes of the United States," as used in this chapter, all include certificates of indebtedness and Treasury bills issued under section 3104 of title 31.

the actual law source: uscode.house.gov ↗public domain

Wherever the word “bank” is used in this chapter, the word shall be held to include State bank, banking association, and trust company, except where national banks or Federal reserve banks are specifically referred to. For purposes of this chapter, a State bank includes any bank which is operating under the Code of Law for the District of Columbia.

The terms “national bank” and “national banking association” used in this chapter shall be held to be synonymous and interchangeable. The term “member bank” shall be held to mean any national bank, State bank, or bank or trust company which has become a member of one of the Federal reserve banks. The term “board” shall be held to mean Board of Governors of the Federal Reserve System; the term “district” shall be held to mean Federal reserve district; the term “reserve bank” shall be held to mean Federal reserve bank; the term “the continental United States” means the States of the United States and the District of Columbia.

The terms “bonds and notes of the United States”, “bonds and notes of the Government of the United States”, and “bonds or notes of the United States” used in this chapter shall be held to include certificates of indebtedness and Treasury bills issued under section 3104 of title 31.

Source credit: (Dec. 23, 1913, ch. 6, § 1 (pars.), 38 Stat. 251; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 86–70, § 8(a), June 25, 1959, 73 Stat. 142; Pub. L. 97–258, § 2(c), Sept. 13, 1982, 96 Stat. 1058; Pub. L. 109–351, title VII, § 725(a)(1), Oct. 13, 2006, 120 Stat. 2001; Pub. L. 109–356, title I, § 123(a)(1), Oct. 16, 2006, 120 Stat. 2028.)

history & why it existsrecord from the source credit

1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 251
1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
1959Amended · Pub. L. 86-70 · 73 Stat. 142
1982Amended · Pub. L. 97-258 · 96 Stat. 1058
2006Amended · Pub. L. 109-351 · 120 Stat. 2001
2006Amended · Pub. L. 109-356 · 120 Stat. 2028

A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.

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