Title 12 — Banks and Banking
Chapter 3 — Federal Reserve System
§ 327. Surrender of stock and cancellation of memberships
Statutory text
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.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 63–6 § 9 · 38 Stat. 103
Enacted · 12 U.S.C. § 327
Dec. 23, 1913, ch. 6, § 9 (par.), 38 Stat. 259
Source evidence
Code source credit
Dec. 23, 1913, ch. 6, § 9 (par.), 38 Stat. 259Enacted provision · exact public law section
Sec. 9. That whenever receivers appointed by a Federal court Rights of employees under Federal court receivers. are in the possession and control of the business of employers covered by this Act the employees of such employers shall have the right to be heard through their representatives in such court upon all questions affecting the terms and conditions of their employment; and Restriction on reducing wages. no reduction of wages shall be made by such receivers without the authority of the court therefor, after notice to such employees, said notice to be given not less than twenty days before the hearing upon the receivers’ petition or application, and to be posted upon all customary bulletin boards along or upon the railway or in the customary places on the premises of other employers covered by this Act.
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
This subchapter, referred to in text, was in the original “this section”, meaning section 9 of act , which is classified generally to this subchapter (§ 321 et seq.).
Codification
Section is comprised of the ninth par. of section 9 of act , as amended. The ninth par. constituted the seventh par. of section 9 in 1917 (40 Stat. 232), became the eighth par. in 1927 (44 Stat. 1229), and became the ninth par. in 1950 (64 Stat. 458). For further details, see Codification note set out under section 321 of this title.
Amendments
1930—Act , inserted “or has ceased to exercise banking functions without a receiver or liquidating agent having been appointed therefor,” to first sentence.
Statutory Notes and Related Subsidiaries
Change of Name
Section 203(a) of act , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
Credits
1913–1935 · 4 acts
- 1913Dec. 23, 1913, ch. 6, § 9 (par.), 38 Stat. 259
- 1917June 21, 1917, ch. 32, § 3, 40 Stat. 233
- 1930Apr. 23, 1930, ch. 207, § 2, 46 Stat. 251
- 1935Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.
Show as published
(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.)