FEDERAL · 12 U.S.C. · Chapter SUBCHAPTER VIII—STATE BANKS AS MEMBERS OF SYSTEM
Surrender of stock and cancellation of memberships
12 U.S.C. § 327
Title12 — Banks and Banking
ChapterSUBCHAPTER VIII—STATE BANKS AS MEMBERS OF SYSTEM
This text of 12 U.S.C. § 327 (Surrender of stock and cancellation of memberships) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
12 U.S.C. § 327.
Text
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.
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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.
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Bluebook (online)
12 U.S.C. § 327, Counsel Stack Legal Research, https://law.counselstack.com/usc/12/327.