Title 12, Banks and BankingRelease 119-102
§466 Reserves of Banks in Dependencies or Insular Possessions
Title 12 › CHAPTER 3 — FEDERAL RESERVE SYSTEM › SUBCHAPTER XIV — BANK RESERVES › § 466
Summary
Banks in U.S. territories or outside the continental U.S. can remain nonmember banks and follow reserve rules, or, with Federal Reserve Board permission, join a reserve district, buy stock, keep required reserves, and follow member-bank rules.
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
Aug 21, 2026
Release point: 119-102