§ 143. — Banks in Alaska and insular possessions; lawful money reserves.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC143]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER VIII--RESERVE CITIES; LAWFUL RESERVES
Sec. 143. Banks in Alaska and insular possessions; lawful money
reserves
Every national banking association located in Alaska or in a
dependency or insular possession or any part of the United States
outside of the continental United States, and not a member of the
Federal reserve system, shall at all times have on hand in lawful money
of the United States an amount equal to at least 15 percent of the
aggregate amount of its deposits in all respects. Whenever the lawful
money of any such association shall fall below 15 percent of its
deposits such association shall not increase its liabilities by making
any new loans or discounts other than by discounting or purchasing bills
of exchange payable at sight nor make any dividends of its profits until
the required proportion between the aggregate amount of its deposits and
its lawful money of the United States has been restored. And the
Comptroller of the Currency shall notify any such association whose
lawful money reserve shall be below the amount required to be kept on
hand to make good such reserve, and if such association shall fail for
thirty days thereafter so to make good its lawful money the Comptroller
may, with the concurrence of the Secretary of the Treasury, appoint a
receiver to wind up the business of the association as provided in
section 192 of this title.
(R.S. Sec. 5191.)
Codification
R.S. Sec. 5191 derived from act June 3, 1864, ch. 106, Sec. 31, 13
Stat. 108, which was the National Bank Act, and act Mar. 1, 1872, ch.
22, 17 Stat. 32. See section 38 of this title.
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the
Currency, referred to in this section, not included in transfer of
functions to Secretary of the Treasury, see note set out under section 1
of this title.
