§ 327. — Surrender of stock and cancellation of memberships.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC327]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER VIII--STATE BANKS AS MEMBERS OF SYSTEM
Sec. 327. Surrender of stock and cancellation of memberships
If at any time it shall appear to the Board of Governors of the
Federal Reserve System that a member bank has failed to comply with the
provisions of this subchapter, or the regulations of the Board of
Governors of the Federal Reserve System made pursuant thereto, or has
ceased to exercise banking functions without a receiver or liquidating
agent having been appointed therefor, it shall be within the power of
the board after hearing to require such bank to surrender its stock in
the Federal reserve bank and to forfeit all rights and privileges of
membership. The Board of Governors of the Federal Reserve System may
restore membership upon due proof of compliance with the conditions
imposed by this subchapter.
(Dec. 23, 1913, ch. 6, Sec. 9 (par.), 38 Stat. 259; June 21, 1917, ch.
32, Sec. 3, 40 Stat. 233; Apr. 23, 1930, ch. 207, Sec. 2, 46 Stat. 251;
Aug. 23, 1935, ch. 614, title II, Sec. 203(a), 49 Stat. 704.)
References in Text
This subchapter, referred to in text, was in the original ``this
section'', meaning section 9 of act Dec. 23, 1913, which is classified
generally to this subchapter (Sec. 321 et seq.).
Codification
Section is comprised of the ninth par. of section 9 of act Dec. 23,
1913, as amended. The ninth par. constituted the seventh par. of section
9 in 1917 (40 Stat. 232), became the eighth par. in 1927 (44 Stat.
1229), and became the ninth par. in 1950 (64 Stat. 458). For further
details, see Codification note set out under section 321 of this title.
Amendments
1930--Act Apr. 23, 1930, inserted ``or has ceased to exercise
banking functions without a receiver or liquidating agent having been
appointed therefor,'' to first sentence.
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 71a of this title.
