§ 284. — Omitted.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC284]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER VI--CAPITAL AND STOCK OF FEDERAL RESERVE BANKS; DIVIDENDS AND
EARNINGS
Sec. 284. Omitted
Codification
Section, act Dec. 23, 1913, ch. 6, Sec. 2, 38 Stat. 251, was omitted
as obsolete pursuant to a communication from the Board of Governors of
the Federal Reserve System dated Mar. 7, 1941, which stated ``As
originally enacted the Federal Reserve Act provided for a Reserve Bank
Organization Committee to have charge of the initial steps in organizing
the Federal Reserve System and this Committee was authorized to allot
Federal Reserve Bank stock to the United States in the event that
subscriptions to such stock by banks and by the public were inadequate.
However, subscriptions by member banks were adequate and there was no
necessity or authority for the allocation of any stock to the United
States. Accordingly, [this section] is now of no practical effect, and
may be regarded as obsolete.''
