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12 U.S.C. § 327 — Surrender of stock and cancellation of memberships

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 121 words · no verdicts yet

in plain englishAI-generated · not legal advice

A member bank that breaks these rules can be forced to give up its stock. This ends its rights and privileges as a Federal Reserve member. The Board can later restore membership once the bank proves compliance.

If the Board of Governors of the Federal Reserve System finds that a member bank has broken the rules of this subchapter, or the Board's regulations under it, or has stopped doing banking business without a receiver or liquidator being appointed, the Board can — after a hearing — require the bank to surrender its stock in its Federal Reserve bank. That takes away all of the bank's rights and privileges as a member. The Board of Governors can later restore that bank's membership once the bank proves it has met the conditions this subchapter requires.
the actual law source: uscode.house.gov ↗public domain

If at any time it shall appear to the Board of Governors of the Federal Reserve System that a member bank has failed to comply with the provisions of this subchapter, or the regulations of the Board of Governors of the Federal Reserve System made pursuant thereto, or has ceased to exercise banking functions without a receiver or liquidating agent having been appointed therefor, it shall be within the power of the board after hearing to require such bank to surrender its stock in the Federal reserve bank and to forfeit all rights and privileges of membership. The Board of Governors of the Federal Reserve System may restore membership upon due proof of compliance with the conditions imposed by this subchapter.

Source credit: (Dec. 23, 1913, ch. 6, § 9 (par.), 38 Stat. 259; June 21, 1917, ch. 32, § 3, 40 Stat. 233; Apr. 23, 1930, ch. 207, § 2, 46 Stat. 251; 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
  • 1930Amended · Act of Apr. 23, 1930, ch. 207 · 46 Stat. 251
  • 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.

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