ALLcrimesfood&drugstaxestelecomcommercehealthconservationtransportationagricultureveteransbrowse all titles »
0

12 U.S.C. § 323 — Stock in Federal reserve banks; method of payment

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 60 words · no verdicts yet

in plain englishAI-generated · not legal advice

When the Federal Reserve Board approves a bank's application to become a stockholder in its district's Federal Reserve Bank, the bank must pay for its stock when the Board calls for payment. That stock is then held subject to the rules of this law.

When the Board of Governors of the Federal Reserve System approves a bank's application to become a stockholder in the Federal Reserve Bank of its district, the bank must pay for its stock subscription whenever the Board calls for that payment — not necessarily all at once. Once the stock is issued to the bank, it is held subject to all the rules of this chapter.
the actual law source: uscode.house.gov ↗public domain

Whenever the Board of Governors of the Federal Reserve System shall permit the applying bank to become a stockholder in the Federal reserve bank of the district its stock subscription shall be payable on call of the Board of Governors of the Federal Reserve System, and stock issued to it shall be held subject to the provisions of this chapter.

Source credit: (Dec. 23, 1913, ch. 6, § 9 (par.), 38 Stat. 259; June 21, 1917, ch. 32, § 3, 40 Stat. 233; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)

history & why it existsrecord from the source credit
  • 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 259
  • 1917Amended · Act of June 21, 1917, ch. 32 · 40 Stat. 233
  • 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704

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

all 0 arguments · sorted by: best

0/280

no arguments yet — make the first case