Title 12 — Banks and Banking
Chapter 3 — Federal Reserve System
§ 463. Limitation on amount of balance with any depository institution without access to Federal Reserve advances
Statutory text
No member bank shall keep on deposit with any depository institution which is not authorized to have access to Federal Reserve advances under section 347b 1 of this title a sum in excess of 10 per centum of its own paid-up capital and surplus.
Footnotes
- 1 See References in Text note below.
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 § 19(e) · 38 Stat. 103
Enacted · 12 U.S.C. § 463
Dec. 23, 1913, ch. 6, § 19(e), formerly § 19 (par. 8), 38 Stat. 270
Source evidence
Code source credit
Dec. 23, 1913, ch. 6, § 19(e), formerly § 19 (par. 8), 38 Stat. 270Monetary Control Act of 1980
Pub. L. 96–221 title I § 105(e) · 94 Stat. 131
Substituted · 12 U.S.C. § 463
Pub. L. 96–221 substituted provisions limiting amount of balance required to be kept with any depository institution without access to Federal Reserve advances, for provisions limiting amount of balance required to be kept with any State bank or trust company
Source evidence
Code amendment note
Pub. L. 96–221 substituted provisions limiting amount of balance required to be kept with any depository institution without access to Federal Reserve advances, for provisions limiting amount of balance required to be kept with any State bank or trust company.Enacted provision · exact public law section
(e) The first sentence of section 19(e) of the Federal Reserve Act (12 U.S.C. 463) is amended to read as follows: “No member bank shall keep on deposit with any depository institution which is not authorized to have access to Federal Reserve advances under section 10(b) of 12 USC 347b. this Act a sum in excess of 10 per centum of its own paid-up capital and surplus.”.Effective date note
Amendment by Pub. L. 96–221 effective on first day of sixth month which begins after Mar. 31, 1980, see section 108 of Pub. L. 96–221, set out as a note under section 248 of this title.
1 of 2 references resolved to an enrolled provision · 1 partial
Editorial Notes
References in Text
Section 347b of this title, referred to in text, was in the original a reference to section 10(b) of this Act, meaning section 10(b) of the Federal Reserve Act. Section 10(b) of that Act was renumbered section 10B by Pub. L. 102–242, title I, § 142(a)(2), , 105 Stat. 2279, without a corresponding amendment to this section.
Codification
Section is comprised of part of subsec. (e), formerly eighth par., of section 19 of act , as redesignated by Pub. L. 89–597. Remainder of subsec. (e) of such section 19 is classified to section 374 of this title.
Amendments
1980—Pub. L. 96–221 substituted provisions limiting amount of balance required to be kept with any depository institution without access to Federal Reserve advances, for provisions limiting amount of balance required to be kept with any State bank or trust company.
Statutory Notes and Related Subsidiaries
Effective Date of 1980 Amendment
Amendment by Pub. L. 96–221 effective on first day of sixth month which begins after , see section 108 of Pub. L. 96–221, set out as a note under section 248 of this title.
Credits
1913–1980 · 5 acts
- 1913Dec. 23, 1913, ch. 6, § 19(e), formerly § 19 (par. 8), 38 Stat. 270
- 1914Aug. 15, 1914, ch. 252, 38 Stat. 691
- 1917June 21, 1917, ch. 32, § 10, 40 Stat. 239
- 1966renumbered § 19(e), Pub. L. 89–597, § 2(b), , 80 Stat. 824
- 1980Pub. L. 96–221, title I, § 105(e), , 94 Stat. 140.
Show as published
(Dec. 23, 1913, ch. 6, § 19(e), formerly § 19 (par. 8), 38 Stat. 270; Aug. 15, 1914, ch. 252, 38 Stat. 691; June 21, 1917, ch. 32, § 10, 40 Stat. 239; renumbered § 19(e), Pub. L. 89–597, § 2(b), , 80 Stat. 824; Pub. L. 96–221, title I, § 105(e), , 94 Stat. 140.)