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Title 12 — Banks and BankingRelease 119-73not60

§466 Reserves of Banks in Dependencies or Insular Possessions

Title 12 › Chapter 3— FEDERAL RESERVE SYSTEM › Subchapter XIV— BANK RESERVES › § 466

Last updated Apr 3, 2026|Official source

Summary

Banks in U.S. territories or any part of the United States outside the continental U.S. can either stay nonmember banks and must keep the reserves and follow the rules that now apply to them. Or, with the Federal Reserve Board’s permission, they can join a Federal Reserve district, buy stock, keep required reserves, and follow all other rules in this chapter.

Full Legal Text

Title 12, §466

Banks and Banking — Source: USLM XML via OLRC

National banks, or banks organized under local laws, located in a dependency or insular possession or any part of the United States outside the continental United States, may remain nonmember banks, and shall in that event maintain reserves and comply with all the conditions now provided by law regulating them; or said banks may with the consent of the Board of Governors of the Federal Reserve System, become member banks of any one of the reserve districts, and shall in that event take stock, maintain reserves, and be subject to all the other 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 subsec. (h), formerly eleventh par., of section 19 of act Dec. 23, 1913, as redesignated by Pub. L. 89–597.

Amendments

1959—Pub. L. 86–70 struck out “in Alaska or” before “in a dependency”.

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. § 466

Title 12 — Banks and Banking

Last Updated

Apr 3, 2026

Release point: 119-73not60