§ 464. — Checking against and withdrawal of reserve balance.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC464]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER XIV--BANK RESERVES
Sec. 464. Checking against and withdrawal of reserve balance
The required balance carried by a member bank with a Federal Reserve
Bank may, under the regulations and subject to such penalties as may be
prescribed by the Board of Governors of the Federal Reserve System, be
checked against and withdrawn by such member bank for the purpose of
meeting existing liabilities.
(Dec. 23, 1913, ch. 6, Sec. 19(f), formerly Sec. 19 (par. 9), 38 Stat.
270; Aug. 15, 1914, ch. 252, 38 Stat. 691; June 21, 1917, ch. 32,
Sec. 10, 40 Stat. 239; Aug. 23, 1935, ch. 614, title II, Sec. 203(a), 49
Stat. 704; July 7, 1942, ch. 488, Sec. 3, 56 Stat. 648; renumbered
Sec. 19(f), Pub. L. 89-597, Sec. 2(b), Sept. 21, 1966, 80 Stat. 824.)
Codification
Section is comprised of subsec. (f), formerly ninth par., of section
19 of act Dec. 23, 1913, as redesignated by Pub. L. 89-597.
Amendments
1942--Act July 7, 1942, struck out proviso which prohibited making
new loans or paying dividends until required balance was restored.
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 sections 248, 1424, 1828, 3105 of
this title.
