§ 327. Surrender of stock and cancellation of memberships
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If at any time it shall appear to the Board of Governors of the Federal Reserve System that a member bank has failed to comply with the provisions of this subchapter, or the regulations of the Board of Governors of the Federal Reserve System made pursuant thereto, or has ceased to exercise banking functions without a receiver or liquidating agent having been appointed therefor, it shall be within the power of the board after hearing to require such bank to surrender its stock in the Federal reserve bank and to forfeit all rights and privileges of membership.
The Board of Governors of the Federal Reserve System may restore membership upon due proof of compliance with the conditions imposed by this subchapter.
(Dec. 23, 1913, ch. 6, § 9 (par.), 38 Stat. 259; June 21, 1917, ch. 32, § 3, 40 Stat. 233; Apr. 23, 1930, ch. 207, § 2, 46 Stat. 251; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)
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U.S. Code
11 references not yet in our index
- Dec. 23, 1913, ch. 6, § 9
- 38 Stat. 259
- June 21, 1917, ch. 32, § 3
- 40 Stat. 233
- Apr. 23, 1930, ch. 207, § 2
- 46 Stat. 251
- Aug. 23, 1935, ch. 614
- 49 Stat. 704
- 40 Stat. 232
- 44 Stat. 1229
- 64 Stat. 458
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§ 327
Surrender of stock and cancellation of memberships
Fed. Reg.×6
C.F.R.×2
Stat. Comp.×1
Stat.×1
U.S.C.×1
ActDec. 23, 1913, ch. 6, § 9
Stat.38 Stat. 259
ActJune 21, 1917, ch. 32, § 3
Stat.40 Stat. 233
ActApr. 23, 1930, ch. 207, § 2
Cites 12 · showing 6Cited by 11 across 5 sources