§ 329. Capital stock required as condition precedent to membership

365 words·~2 min read·/usc/title-12/section-329

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

No applying bank shall be admitted to membership unless it possesses capital stock and surplus which, in the judgment of the Board of Governors of the Federal Reserve System, are adequate in relation to the character and condition of its assets and to its existing and prospective deposit liabilities and other corporate responsibilities: Provided, That no bank engaged in the business of receiving deposits other than trust funds, which does not possess capital stock and surplus in an amount equal to that which would be required for the establishment of a national banking association in the place in which it is located, shall be admitted to membership unless it is, or has been, approved for deposit insurance under the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.].

The capital stock of a State member bank shall not be reduced except with the prior consent of the Board.

(Dec. 23, 1913, ch. 6, § 9 (par.), 38 Stat. 259; June 21, 1917, ch. 32, § 3, 40 Stat. 234; Mar. 4, 1923, ch. 252, title IV, § 401, 42 Stat. 1478; June 16, 1933, ch. 89, § 17(b), 48 Stat. 185; July 15, 1952, ch. 753, § 1, 66 Stat. 633.)

Connections6 cite this · traces to 2

Cited by 6 sections

CFR

§ 265.20
Functions delegated to Federal Reserve Banks.

statute-compilations

Sec. 9
state banks as members

Traces to 2 documents

U.S. Code

15 references not yet in our index

Dec. 23, 1913, ch. 6, § 9
38 Stat. 259
June 21, 1917, ch. 32, § 3
40 Stat. 234
Mar. 4, 1923, ch. 252
42 Stat. 1478
June 16, 1933, ch. 89, § 17(b)
48 Stat. 185
July 15, 1952, ch. 753, § 1
66 Stat. 633
act Sept. 21, 1950, ch. 967, § 2
64 Stat. 873
40 Stat. 232
44 Stat. 1229
64 Stat. 458

Citation graph

cites case law

§ 329

Capital stock required as condition precedent to membership

Fed. Reg.×4

C.F.R.×1

Stat. Comp.×1

U.S.C.§ 1811

U.S.C.§ 321

ActDec. 23, 1913, ch. 6, § 9

Stat.38 Stat. 259

ActJune 21, 1917, ch. 32, § 3

Stat.40 Stat. 234

ActMar. 4, 1923, ch. 252

Cites 17 · showing 7Cited by 6 across 3 sources