Title 12, Banks and BankingRelease 119-102
§323 Stock in Federal Reserve Banks; Method of Payment
Title 12 › CHAPTER 3 — FEDERAL RESERVE SYSTEM › SUBCHAPTER VIII — STATE BANKS AS MEMBERS OF SYSTEM › § 323
Summary
When the Board of Governors of the Federal Reserve allows a bank to become a shareholder in the Federal Reserve Bank for its district, the bank must pay for its stock when the Board calls for payment. Any stock it gets is governed by the rules in this chapter.
Full Legal Text
Title 12, §323
Banks and Banking, Source: USLM XML via OLRC
Whenever the Board of Governors of the Federal Reserve System shall permit the applying bank to become a stockholder in the Federal reserve bank of the district its stock subscription shall be payable on call of the Board of Governors of the Federal Reserve System, and stock issued to it shall be held subject to the provisions of this chapter.
Legislative History
Notes & Related Subsidiaries
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 the fifth par. of section 9 of act Dec. 23, 1913, as amended. The fifth par. constituted the third par. of section 9 in 1917 (40 Stat. 232), became the fourth par. in 1927 (44 Stat. 1229), and became the fifth par. in 1950 (64 Stat. 458). For further details, see Codification note set out under section 321 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. § 323
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102