§ 222. — Federal reserve districts; membership of national banks.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC222]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER I--DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS
AFFECTING SYSTEM
Sec. 222. Federal reserve districts; membership of national
banks
The continental United States, excluding Alaska, shall be divided
into not less than eight nor more than twelve districts. Such districts
may be readjusted and new districts may from time to time be created by
the Board of Governors of the Federal Reserve System, not to exceed
twelve in all: Provided, That the districts shall be apportioned with
due regard to the convenience and customary course of business and shall
not necessarily be coterminous with any State or States. Such districts
shall be known as Federal Reserve districts and may be designated by
number. When the State of Alaska or Hawaii is hereafter admitted to the
Union the Federal Reserve districts shall be readjusted by the Board of
Governors of the Federal Reserve System in such manner as to include
such State. Every national bank in any State shall, upon commencing
business or within ninety days after admission into the Union of the
State in which it is located, become a member bank of the Federal
Reserve System by subscribing and paying for stock in the Federal
Reserve bank of its district in accordance with the provisions of this
chapter and shall thereupon be an insured bank under the Federal Deposit
Insurance Act [12 U.S.C. 1811 et seq.], and failure to do so shall
subject such bank to the penalty provided by section 501a of this title.
(Dec. 23, 1913, ch. 6, Sec. 2, 38 Stat. 251; Aug. 23, 1935, ch. 614,
title II, Sec. 203(a), 49 Stat. 704; Pub. L. 85-508, Sec. 19, July 7,
1958, 72 Stat. 350; Pub. L. 86-3, Sec. 17, Mar. 18, 1959, 73 Stat. 12.)
References in Text
The Federal Deposit Insurance Act, referred to in text, is act Sept.
21, 1950, ch. 967, Sec. 2, 64 Stat. 873, as amended, which is classified
generally to chapter 16 (Sec. 1811 et seq.) of this title. For complete
classification of this Act to the Code, see Short Title note set out
under section 1811 of this title and Tables.
Amendments
1959--Pub. L. 86-3 required readjustment of districts when the State
of Hawaii is admitted to the Union.
1958--Pub. L. 85-508 required readjustment of districts when the
State of Alaska is admitted to the Union, and inserted provisions
requiring national banks to become members of the Federal Reserve System
upon commencing business or within 90 Days after admission into the
Union of the State in which they are located.
Change of Name
Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve
Board to Board of Governors of the Federal Reserve System.
Admission of Alaska and Hawaii to Statehood
Alaska was admitted into the Union on Jan. 3, 1959, on issuance of
Proc. No. 3269, Jan. 3, 1959, 24 F.R. 81, 73 Stat. c16, and Hawaii was
admitted into the Union on Aug. 21, 1959, on issuance of Proc. No. 3309,
Aug. 21, 1959, 24 F.R. 6868, 73 Stat. c74. For Alaska Statehood Law, see
Pub. L. 85-508, July 7, 1958, 72 Stat. 339, set out as a note preceding
section 21 of Title 48, Territories and Insular Possessions. For Hawaii
Statehood Law, see Pub. L. 86-3, Mar. 18, 1959, 73 Stat. 4, set out as a
note preceding section 491 of Title 48.
Section Referred to in Other Sections
This section is referred to in section 481 of this title.
