PRIA, Government Policy, Made Personal

Summary

Each national bank in a Federal Reserve district must buy stock in that district’s Federal Reserve Bank equal to 6% of the bank’s paid‑up capital stock and surplus. One‑sixth of that amount must be paid when the Board of Governors calls for it, another one‑sixth within three months, a third one‑sixth within six months, and the rest can be called later by the Board if needed. All payments must be in gold or gold certificates.

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.

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.

§282 Subscription to Capital Stock by National Banking Association