§ 522. — Federal reserve branch bank buildings.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC522]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER XVII--RESERVE-BANK BRANCHES
Sec. 522. Federal reserve branch bank buildings
No Federal Reserve \1\ bank may authorize the acquisition or
construction of any branch building, or enter into any contract or other
obligation for the acquisition or construction of any branch building,
without the approval of the Board.
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\1\ So in original. Probably should not be capitalized.
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(Dec. 23, 1913, ch. 6, Sec. 10 (par.), as added June 3, 1922, ch. 205,
42 Stat. 622; amended Feb. 6, 1923, ch. 60, 42 Stat. 1223; July 30,
1947, ch. 352, 61 Stat. 520; May 29, 1953, ch. 87, 67 Stat. 41; Pub. L.
87-622, Sec. 1, Aug. 31, 1962, 76 Stat. 418; Pub. L. 93-495, title I,
Sec. 108, Oct. 28, 1974, 88 Stat. 1505; Pub. L. 102-491, Sec. 2, Oct.
24, 1992, 106 Stat. 3144.)
Codification
Section is comprised of ninth paragraph of act Dec. 23, 1913,
Sec. 10, as added June 3, 1922. For classification to this title of
other pars. of section 10, see Codification note set out under section
241 of this title.
Amendments
1992--Pub. L. 102-491 amended section generally. Prior to amendment,
section read as follows: ``No Federal reserve bank shall have authority
hereafter to enter into any contract or contracts for the erection of
any branch bank building of any kind or character, or to authorize the
erection of any such building, if the cost of the building proper,
exclusive of the cost of the vaults, permanent equipment, furnishings,
and fixtures, is in excess of $250,000: Provided, That nothing herein
shall apply to any building under construction prior to June 3, 1922:
Provided further, That the cost as above specified shall not be so
limited as long as the aggregate of such costs which are incurred by all
Federal Reserve banks for branch bank buildings with the approval of the
Board of Governors after July 30, 1947 does not exceed $140,000,000.''
1974--Pub. L. 93-495 increased from $60,000,000 to $140,000,000 the
limitation on aggregate costs of constructing branch bank buildings.
1962--Pub. L. 87-622 increased from $30,000,000 to $60,000,000 the
limitation on aggregate costs of constructing branch bank buildings.
1953--Act May 29, 1953, increased from $10,000,000 to $30,000,000
the limitation on aggregate cost of constructing branch bank buildings.
1947--Act July 30, 1947, inserted proviso exempting limitation on
cost of construction where aggregate costs do not exceed $10,000,000.
