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12 U.S.C. § 283 — Public subscription to capital stock

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 68 words · no verdicts yet

in plain englishAI-generated · not legal advice

No person or company — except a member bank — may own more than $25,000 of stock in a Federal Reserve Bank. This stock is called "public stock." The bank's board chairman handles transfers of it.

Only a member bank of a Federal Reserve district is allowed to hold or subscribe to Federal Reserve Bank stock without limit. Any individual, partnership, or corporation that is not a member bank of that district cannot hold more than $25,000 in par value of stock in that Federal Reserve Bank at any one time. This kind of stock is called "public stock." It can be transferred on the Federal Reserve Bank's books, and the chairman of the bank's board of directors handles that transfer.
the actual law source: uscode.house.gov ↗public domain

No individual, copartnership, or corporation other than a member bank of its district shall be permitted to subscribe for or to hold at any time more than $25,000 par value of stock in any Federal reserve bank. Such stock shall be known as public stock and may be transferred on the books of the Federal reserve bank by the chairman of the board of directors of such bank.

Source credit: (Dec. 23, 1913, ch. 6, § 2 (par.), 38 Stat. 253.)

history & why it existsrecord from the source credit
  • 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 253

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

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