§ 333. — Mutual savings banks; application and admission to membership in Federal Reserve System.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC333]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER VIII--STATE BANKS AS MEMBERS OF SYSTEM
Sec. 333. Mutual savings banks; application and admission to
membership in Federal Reserve System
Any mutual savings bank having no capital stock (including any other
banking institution the capital of which consists of weekly or other
time deposits which are segregated from all other deposits and are
regarded as capital stock for the purposes of taxation and the
declaration of dividends), but having surplus and undivided profits not
less than the amount of capital required for the organization of a
national bank in the same place, may apply for and be admitted to
membership in the Federal Reserve System in the same manner and subject
to the same provisions of law as State banks and trust companies, except
that any such savings bank shall subscribe for capital stock of the
Federal reserve bank in an amount equal to six-tenths of 1 per centum of
its total deposit liabilities as shown by the most recent report of
examination of such savings bank preceding its admission to membership.
Thereafter such subscription shall be adjusted semiannually on the same
percentage basis in accordance with rules and regulations prescribed by
the Board of Governors of the Federal Reserve System. If any such mutual
savings bank applying for membership is not permitted by the laws under
which it was organized to purchase stock in a Federal reserve bank, it
shall, upon admission to the system, deposit with the Federal reserve
bank an amount equal to the amount which it would have been required to
pay in on account of a subscription to capital stock. Thereafter such
deposit shall be adjusted semiannually in the same manner as
subscriptions for stock. Such deposits shall be subject to the same
conditions with respect to repayment as amounts paid upon subscriptions
to capital stock by other member banks and the Federal reserve bank
shall pay interest thereon at the same rate as dividends are actually
paid on outstanding shares of stock of such Federal reserve bank. If the
laws under which any such savings bank was organized be amended so as to
authorize mutual savings banks to subscribe for Federal reserve bank
stock, such savings bank shall thereupon subscribe for the appropriate
amount of stock in the Federal reserve bank, and the deposit
hereinbefore provided for in lieu of payment upon capital stock shall be
applied upon such subscription. If the laws under which any such savings
bank was organized be not amended at the next session of the legislature
following the admission of such savings bank to membership so as to
authorize mutual savings banks to purchase Federal reserve bank stock,
or if such laws be so amended and such bank fail within six months
thereafter to purchase such stock, all of its rights and privileges as a
member bank shall be forfeited and its membership in the Federal Reserve
System shall be terminated in the manner prescribed in this subchapter
with respect to State member banks and trust companies. Each such mutual
savings bank shall comply with all the provisions of law applicable to
State member banks and trust companies, with the regulations of the
Board of Governors of the Federal Reserve System and with the conditions
of membership prescribed for such savings bank at the time of admission
to membership, except as otherwise hereinbefore provided with respect to
capital stock.
(Dec. 23, 1913, ch. 6, Sec. 9 (par.), as added June 16, 1933, ch. 89,
Sec. 5(c), 48 Stat. 164; amended 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 sixteenth par. of section 9 of act Dec.
23, 1913, as amended. The sixteenth par. constituted the fourteenth par.
of section 9 in 1933 (48 Stat. 164), became the fifteenth par. in 1935
(49 Stat. 704), and became the sixteenth par. in 1950 (64 Stat. 458).
For further details, see Codification notes set out under sections 321
and 329a 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.
