§ 282. — Subscription to capital stock by national banking association.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC282]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER VI--CAPITAL AND STOCK OF FEDERAL RESERVE BANKS; DIVIDENDS AND
EARNINGS
Sec. 282. Subscription to capital stock by national banking
association
Every national banking association within each Federal reserve
district shall be required to subscribe to the capital stock of the
Federal reserve bank for that district in a sum equal to 6 per centum of
the paid-up capital stock and surplus of such bank, one-sixth of the
subscription to be payable on call of the Board of Governors of the
Federal Reserve System, one-sixth within three months and one-sixth
within six months thereafter, and the remainder of the subscription, or
any part thereof, shall be subject to call when deemed necessary by the
Board, said payments to be in gold or gold certificates.
(Dec. 23, 1913, ch. 6, Sec. 2, 38 Stat. 252; Aug. 23, 1935, ch. 614,
title II, Sec. 203(a), 49 Stat. 704.)
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.
Section Referred to in Other Sections
This section is referred to in section 481 of this title.
