Title 12 — Banks and Banking
Chapter 3 — Federal Reserve System
§ 338. Examination of affiliates; forfeiture of membership on refusal of affiliate to give information or pay expense
Statutory text
In connection with examinations of State member banks, examiners selected or approved by the Board of Governors of the Federal Reserve System shall make such examinations of the affairs of all affiliates of such banks as shall be necessary to disclose fully the relations between such banks and their affiliates and the effect of such relations upon the affairs of such banks. The expense of examination of affiliates of any State member bank may, in the discretion of the Board of Governors of the Federal Reserve System, be assessed against such bank and, when so assessed, shall be paid by such bank. In the event of the refusal to give any information requested in the course of the examination of any such affiliate, or in the event of the refusal to permit such examination, or in the event of the refusal to pay any expenses so assessed, the Board of Governors of the Federal Reserve System may, in its discretion, require any or all State member banks affiliated with such affiliate to surrender their stock in the Federal Reserve bank and to forfeit all rights and privileges of membership in the Federal Reserve System, as provided in 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.
Gold Reserve Act of 1934
Pub. L. 73–6 § 9 · 48 Stat. 337
Enacted · 12 U.S.C. § 338
Dec. 23, 1913, ch. 6, § 9 (par.), as added June 16, 1933, ch. 89, § 5(c), 48 Stat. 166
Source evidence
Code source credit
Dec. 23, 1913, ch. 6, § 9 (par.), as added June 16, 1933, ch. 89, § 5(c), 48 Stat. 166Enacted provision · exact public law section
Sec. 9. Section 3699 of the Revised Statutes (U.S.C., title 31, sec. R.S., sec. 3699, p. 731; U.S.C., p. 1024. 733) is amended to read as follows: “Sec. 3699. The Secretary of the Treasury may anticipate the Anticipating interest payment on public debt. payment of interest on the public debt, by a period not exceeding one year, from time to time, either with or without a rebate of interest upon the coupons, as to him may seem expedient; and he may Sale of gold in public interest. sell gold in any amounts, at home or abroad, in such manner and at such rates and upon such terms and conditions as he may deem most advantageous to the public interest, and the proceeds of any gold so sold shall be covered into the general fund of the Treasury: Provided, however, That the Secretary of the Treasury may sell the Proviso. Parity maintenance. gold which is required to be maintained as a reserve or as security for currency issued by the United States, only to the extent necessary to maintain such currency at a parity with the gold dollar.”
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 twenty-second par. of section 9 of act , as amended. The twenty-second par. constituted the twenty-first par. of section 9 in 1933 (48 Stat. 166), became the twenty-second par. in 1935 (49 Stat. 704), and became the twenty-third par. in 1950 (64 Stat. 458), and became the twenty-second par. in 1966 (80 Stat. 243). For further details, see Codification notes set out under sections 321 and 329a of this title.
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 · 2 acts
- 1913Dec. 23, 1913, ch. 6, § 9 (par.), as added June 16, 1933, ch. 89, § 5(c), 48 Stat. 166
- 1935amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.
Show as published
(Dec. 23, 1913, ch. 6, § 9 (par.), as added June 16, 1933, ch. 89, § 5(c), 48 Stat. 166; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)