12 U.S.C. § 521 — Reserve-bank branches; establishment; directors; discontinuance of branches; approval for erection of branch bank building

in plain englishAI-generated · not legal advice

This section governs branches of Federal Reserve banks. It covers establishment, directors, supervision, discontinuance, and approval of branch-bank buildings.

The Board of Governors of the Federal Reserve System may permit or require any Federal reserve bank to establish branch banks within the Federal reserve district in which it is located or within the district of any Federal reserve bank which may have been suspended. Such branches, subject to such rules and regulations as the Board of Governors of the Federal Reserve System may prescribe, must be operated under the supervision of a board of directors to consist of not more than seven nor less than three directors, of whom a majority of one must be appointed by the Federal reserve bank of the district, and the remaining directors by the Board of Governors of the Federal Reserve System. Directors of branch banks must hold office during the pleasure of the Board of Governors of the Federal Reserve System. The Board of Governors of the Federal Reserve System may at any time require any Federal reserve bank to discontinue any branch of such Federal reserve bank established under this section. The Federal reserve bank must thereupon proceed to wind up the business of such branch bank, subject to such rules and regulations as the Board of Governors of the Federal Reserve System may prescribe. No Federal Reserve bank must have authority hereafter to enter into any contract or contracts for the erection of any branch bank building of any kind or character or to authorize the erection of any such building, except with the approval of the Board of Governors of the Federal Reserve System.

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

The Board of Governors of the Federal Reserve System may permit or require any Federal reserve bank to establish branch banks within the Federal reserve district in which it is located or within the district of any Federal reserve bank which may have been suspended. Such branches, subject to such rules and regulations as the Board of Governors of the Federal Reserve System may prescribe, shall be operated under the supervision of a board of directors to consist of not more than seven nor less than three directors, of whom a majority of one shall be appointed by the Federal reserve bank of the district, and the remaining directors by the Board of Governors of the Federal Reserve System. Directors of branch banks shall hold office during the pleasure of the Board of Governors of the Federal Reserve System.

The Board of Governors of the Federal Reserve System may at any time require any Federal reserve bank to discontinue any branch of such Federal reserve bank established under this section. The Federal reserve bank shall thereupon proceed to wind up the business of such branch bank, subject to such rules and regulations as the Board of Governors of the Federal Reserve System may prescribe.

No Federal Reserve bank shall have authority hereafter to enter into any contract or contracts for the erection of any branch bank building of any kind or character or to authorize the erection of any such building, except with the approval of the Board of Governors of the Federal Reserve System.

Source credit: (Dec. 23, 1913, ch. 6, § 3, 38 Stat. 253; June 21, 1917, ch. 32, § 1, 40 Stat. 232; Feb. 25, 1927, ch. 191, § 19, 44 Stat. 1234; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 87–622, § 2, Aug. 31, 1962, 76 Stat. 418.)

history & why it existsrecord from the source credit

1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 253
1917Amended · Act of June 21, 1917, ch. 32 · 40 Stat. 232
1927Amended · Act of Feb. 25, 1927, ch. 191 · 44 Stat. 1234
1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
1962Amended · Pub. L. 87-622 · 76 Stat. 418

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