Title 12 — Banks and Banking
Chapter 3 — Federal Reserve System
§ 466. Reserves of banks in dependencies or insular possessions
Statutory text
National banks, or banks organized under local laws, located in a dependency or insular possession or any part of the United States outside the continental United States, may remain nonmember banks, and shall in that event maintain reserves and comply with all the conditions now provided by law regulating them; or said banks may with the consent of the Board of Governors of the Federal Reserve System, become member banks of any one of the reserve districts, and shall in that event take stock, maintain reserves, and be subject to all the other provisions of this chapter.
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(h) · 38 Stat. 103
Enacted · 12 U.S.C. § 466
Dec. 23, 1913, ch. 6, § 19(h), formerly § 19 (par. 11), 38 Stat. 270
Source evidence
Code source credit
Dec. 23, 1913, ch. 6, § 19(h), formerly § 19 (par. 11), 38 Stat. 270Alaska Omnibus Act
Pub. L. 86–70 § 8(b) · 73 Stat. 141
Struck · 12 U.S.C. § 466
Pub. L. 86–70 struck out “in Alaska or” before “in a dependency”
Source evidence
Code amendment note
Pub. L. 86–70 struck out “in Alaska or” before “in a dependency”.Enacted provision · exact public law section
(b) Section 19 of the Federal Reserve Act, as amended (12 U.S.C. 466), 38 Stat. 270. is further amended by striking the words “in Alaska or”.
1 of 2 references resolved to an enrolled provision · 1 partial
Editorial Notes
References in Text
This chapter, referred to in text, was in the original “this Act”, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables.
Codification
Section is comprised of subsec. (h), formerly eleventh par., of section 19 of act , as redesignated by Pub. L. 89–597.
Amendments
1959—Pub. L. 86–70 struck out “in Alaska or” before “in a dependency”.
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
1913–1966 · 6 acts
- 1913Dec. 23, 1913, ch. 6, § 19(h), formerly § 19 (par. 11), 38 Stat. 270
- 1914Aug. 15, 1914, ch. 252, 38 Stat. 692
- 1917June 21, 1917, ch. 32, § 10, 40 Stat. 240
- 1935Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704
- 1959Pub. L. 86–70, § 8(b), , 73 Stat. 142
- 1966renumbered § 19(h), Pub. L. 89–597, § 2(b), , 80 Stat. 824.
Show as published
(Dec. 23, 1913, ch. 6, § 19(h), formerly § 19 (par. 11), 38 Stat. 270; Aug. 15, 1914, ch. 252, 38 Stat. 692; June 21, 1917, ch. 32, § 10, 40 Stat. 240; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 86–70, § 8(b), , 73 Stat. 142; renumbered § 19(h), Pub. L. 89–597, § 2(b), , 80 Stat. 824.)