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12 U.S.C. § 463 — Limitation on amount of balance with any depository institution without access to Federal Reserve advances

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 44 words · no verdicts yet

in plain englishAI-generated · not legal advice

A member bank of the Federal Reserve System cannot keep more than 10% of its own paid-up capital and surplus on deposit with a depository institution that lacks access to Federal Reserve advances.

A member bank cannot keep more than 10 percent of its own paid-up capital and surplus on deposit with any depository institution that is not authorized to get advances from the Federal Reserve under section 347b.
the actual law source: uscode.house.gov ↗public domain

No member bank shall keep on deposit with any depository institution which is not authorized to have access to Federal Reserve advances under section 347b 1 of this title a sum in excess of 10 per centum of its own paid-up capital and surplus.

Source credit: (Dec. 23, 1913, ch. 6, § 19(e), formerly § 19 (par. 8), 38 Stat. 270; Aug. 15, 1914, ch. 252, 38 Stat. 691; June 21, 1917, ch. 32, § 10, 40 Stat. 239; renumbered § 19(e), Pub. L. 89–597, § 2(b), Sept. 21, 1966, 80 Stat. 824; Pub. L. 96–221, title I, § 105(e), Mar. 31, 1980, 94 Stat. 140.)

history & why it existsrecord from the source credit
  • 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 270
  • 1914Amended · Act of Aug. 15, 1914, ch. 252 · 38 Stat. 691
  • 1917Amended · Act of June 21, 1917, ch. 32 · 40 Stat. 239
  • 1966Amended · Pub. L. 89-597 · 80 Stat. 824
  • 1980Amended · Pub. L. 96-221 · 94 Stat. 140

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

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