Title 12 — Banks and BankingRelease 119-73

§282 Subscription to capital stock by national banking association

Title 12 › Chapter CHAPTER 3— - FEDERAL RESERVE SYSTEM › Subchapter SUBCHAPTER VI— - CAPITAL AND STOCK OF FEDERAL RESERVE BANKS; DIVIDENDS AND EARNINGS › § 282

Last updated Apr 6, 2026|Official source

Summary

Every national bank must buy stock in its district's Federal Reserve Bank equal to 6% of the bank's paid-up capital and surplus. One-sixth of that amount must be paid when the Federal Reserve's Board of Governors calls for it, one-sixth within three months, and one-sixth within six months after that. The Board can call for the rest later if needed. All payments must be made in gold or gold certificates.

Full Legal Text

Title 12, §282

Banks and Banking — Source: USLM XML via OLRC

Every national banking association within each Federal reserve district shall be required to subscribe to the capital stock of the Federal reserve bank for that district in a sum equal to six per centum of the paid-up capital stock and surplus of such bank, one-sixth of the subscription to be payable on call of the Board of Governors of the Federal Reserve System, one-sixth within three months and one-sixth within six months thereafter, and the remainder of the subscription, or any part thereof, shall be subject to call when deemed necessary by the Board, said payments to be in gold or gold certificates.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Codification Section is based on part of the third par. of section 2 of act Dec. 23, 1913. The rest of the third par. was not included in the Code. For classification of other pars. of section 2 of this Act, see Codification note set out under section 222 of this title.

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.

Reference

Citations & Metadata

Citation

12 U.S.C. § 282

Title 12 — Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73