§ 338. — Examination of affiliates; forfeiture of membership on refusal of affiliate to give information or pay expense.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC338]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER VIII--STATE BANKS AS MEMBERS OF SYSTEM
Sec. 338. Examination of affiliates; forfeiture of membership on
refusal of affiliate to give information or pay expense
In connection with examinations of State member banks, examiners
selected or approved by the Board of Governors of the Federal Reserve
System shall make such examinations of the affairs of all affiliates of
such banks as shall be necessary to disclose fully the relations between
such banks and their affiliates and the effect of such relations upon
the affairs of such banks. The expense of examination of affiliates of
any State member bank may, in the discretion of the Board of Governors
of the Federal Reserve System, be assessed against such bank and, when
so assessed, shall be paid by such bank. In the event of the refusal to
give any information requested in the course of the examination of any
such affiliate, or in the event of the refusal to permit such
examination, or in the event of the refusal to pay any expenses so
assessed, the Board of Governors of the Federal Reserve System may, in
its discretion, require any or all State member banks affiliated with
such affiliate to surrender their stock in the Federal Reserve bank and
to forfeit all rights and privileges of membership in the Federal
Reserve System, as provided in this subchapter.
(Dec. 23, 1913, ch. 6, Sec. 9 (par.), as added June 16, 1933, ch. 89,
Sec. 5(c), 48 Stat. 166; 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 twenty-second par. of section 9 of act
Dec. 23, 1913, as amended. The twenty-second par. constituted the
twenty-first par. of section 9 in 1933 (48 Stat. 166), became the
twenty-second par. in 1935 (49 Stat. 704), and became the twenty-third
par. in 1950 (64 Stat. 458), and became the twenty-second par. in 1966
(80 Stat. 243). 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.
