FEDERAL · 12 U.S.C. · Chapter 3
Surrender of stock and cancellation of memberships
Current through Pub. L. 119-102
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.
Free access — add to your briefcase to read the full text and ask questions with AI
12 U.S.C. § 327 (Surrender of stock and cancellation of memberships) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Eccles v. Peoples Bank of Lakewood Village
333 U.S. 426 (Supreme Court, 1948)
Peoples Bank v. Eccles
161 F.2d 636 (D.C. Circuit, 1947)
Continental Bank and Trust Company v. William McChesney Martin, Jr.
303 F.2d 214 (D.C. Circuit, 1962)
The Continental Bank and Trust Company, of Salt Lake City, Utah v. Emery J. Woodall
239 F.2d 707 (Tenth Circuit, 1957)
Source Credit
History
(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.)
Editorial Notes
Editorial Notes
References in Text
This subchapter, referred to in text, was in the original "this section", meaning section 9 of act Dec. 23, 1913, which is classified generally to this subchapter (§321 et seq.).
Codification
Section is comprised of the ninth par. of section 9 of act Dec. 23, 1913, 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 Apr. 23, 1930, 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 Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
References in Text
This subchapter, referred to in text, was in the original "this section", meaning section 9 of act Dec. 23, 1913, which is classified generally to this subchapter (§321 et seq.).
Codification
Section is comprised of the ninth par. of section 9 of act Dec. 23, 1913, 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 Apr. 23, 1930, 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 Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.