§335 — Title 12 Banks and Banking | U.S. Code

Summary

State member banks must follow the same limits and rules on buying, selling, underwriting, and holding investment securities and stock that apply to national banks under paragraph "Seventh" of section 24. That requirement does not cover any interest a State member bank holds under section 24a; those interests are governed by the rules in section 24a.

Title 12, §335

Banks and Banking — Source: USLM XML via OLRC

State member banks shall be subject to the same limitations and conditions with respect to the purchasing, selling, underwriting, and holding of investment securities and stock as are applicable in the case of national banks under paragraph “Seventh” of section 24 of this title. This section shall not apply to any interest held by a State member bank in accordance with section 24a of this title and subject to the same conditions and limitations provided in such section.

Notes & Related Subsidiaries

Editorial Notes

Codification Section is comprised of the twentieth par. of section 9 of act Dec. 23, 1913, as amended. The twentieth par. constituted the eighteenth par. of section 9 in 1933 (48 Stat. 16), became the nineteenth par. in 1935 (49 Stat. 704), and became the twentieth par. in 1950 (64 Stat. 458). For further details, see Codification notes set out under section 321 and 329a of this title.

Amendments

1999—Pub. L. 106–102 inserted at end “This section shall not apply to any interest held by a State member bank in accordance with section 24a of this title and subject to the same conditions and limitations provided in such section.”

Statutory Notes and Related Subsidiaries

Effective Date

of 1999 AmendmentAmendment by Pub. L. 106–102 effective 120 days after Nov. 12, 1999, see section 161 of Pub. L. 106–102, set out as a note under section 24 of this title.

§335 Dealing in Investment Securities; Limitations and Conditions