Title 12 — Banks and Banking
Chapter 3 — Federal Reserve System
§ 329. Capital stock required as condition precedent to membership
Statutory text
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.
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. § 329
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
The Federal Deposit Insurance Act, referred to in text, is act Sept. 21, 1950, ch. 967, § 2, 64 Stat. 873, which is classified generally to chapter 16 (§ 1811 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1811 of this title and Tables.
Codification
Section is comprised of the eleventh par. of section 9 of act , as amended. The eleventh par. constituted the ninth par. of section 9 in 1917 (40 Stat. 232), became the tenth par. in 1927 (44 Stat. 1229), and became the eleventh par. in 1950 (64 Stat. 458). For further details, see Codification note set out under section 321 of this title.
Amendments1933–1952 · 2 rounds
1952
Act , vested in Board of Governors discretion with respect to admission of State banks to membership.
1933
Act , dropped alternative method of meeting the capital requirement and inserted proviso.
Credits
1913–1952 · 5 acts
- 1913Dec. 23, 1913, ch. 6, § 9 (par.), 38 Stat. 259
- 1917June 21, 1917, ch. 32, § 3, 40 Stat. 234
- 1923Mar. 4, 1923, ch. 252, title IV, § 401, 42 Stat. 1478
- 1933June 16, 1933, ch. 89, § 17(b), 48 Stat. 185
- 1952July 15, 1952, ch. 753, § 1, 66 Stat. 633.
Show as published
(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.)