NRS 673.2265 Membership in Federal Reserve System: Authorization; powers, duties and examination of member.

474 words·~2 min read·/nv/chapter-673-savings-banks/673-2265·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. Any savings bank licensed pursuant to this chapter may subscribe to the stock of a Federal Reserve Bank and become a member of the Federal Reserve System.

2. Any savings bank licensed pursuant to this chapter which is, or which becomes, a member bank is, by this section, vested with all powers conferred upon member banks of the Federal Reserve System by the terms of the Federal Reserve Act as fully and completely as if such powers were specifically enumerated and described in this section, and all such powers must be exercised subject to all restrictions and limitations imposed by the Federal Reserve Act, or by regulations of the Board of Governors of the Federal Reserve System made pursuant thereto. The right, however, is expressly reserved to revoke or to amend the powers conferred in this section.

3. Compliance on the part of any such savings bank with the reserve requirements of the Federal Reserve Act shall be deemed to be full compliance with those provisions of the laws of this State which require savings banks to maintain cash balances in their vaults or with other banks, and no such savings bank need carry or maintain a reserve other than such as is required under the terms of the Federal Reserve Act.

4. Any such savings bank continues to be subject to supervision and examinations required by the laws of this State, except that the Board of Governors of the Federal Reserve System may, if it deems necessary, make examinations of the savings bank. The authorities of this State having supervision over such savings bank may disclose to the Board of Governors of the Federal Reserve System, or to examiners appointed by it, all information in reference to the affairs of any savings bank which has become, or desires to become, a member bank of the Federal Reserve System.

5. The provisions of this section shall not be construed to limit the ability of a savings bank to engage in any activity authorized by NRS 673.300 .

6. As used in this section:

(a)“Board of Governors of the Federal Reserve System” means the Board of Governors of the Federal Reserve System created and described in the Federal Reserve Act.

(b)“Federal Reserve Act” means the Act of Congress, approved December 23, 1913, being c. 6, 38 Stat. 251, as amended.

(c)“Federal Reserve Bank” means the Federal Reserve Banks created and organized under authority of the Federal Reserve Act.

(d)“Federal Reserve System” means, collectively, the Federal Reserve Banks and the Board of Governors of the Federal Reserve System.

(e)“Member bank” means any national bank, state bank, savings bank or banking and trust company which has become or which becomes a member of the Federal Reserve System.