§ 323. — Stock in Federal reserve banks; method of payment.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC323]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER VIII--STATE BANKS AS MEMBERS OF SYSTEM
Sec. 323. Stock in Federal reserve banks; method of payment
Whenever the Board of Governors of the Federal Reserve System shall
permit the applying bank to become a stockholder in the Federal reserve
bank of the district its stock subscription shall be payable on call of
the Board of Governors of the Federal Reserve System, and stock issued
to it shall be held subject to the provisions of this chapter.
(Dec. 23, 1913, ch. 6, Sec. 9 (par.), 38 Stat. 259; June 21, 1917, ch.
32, Sec. 3, 40 Stat. 233; Aug. 23, 1935, ch. 614, title II, Sec. 203(a),
49 Stat. 704.)
Codification
Section is comprised of the fifth par. of section 9 of act Dec. 23,
1913, as amended. The fifth par. constituted the third par. of section 9
in 1917 (40 Stat. 232), became the fourth par. in 1927 (44 Stat. 1229),
and became the fifth par. in 1950 (64 Stat. 458). For further details,
see Codification note set out under section 321 of this title.
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.
