U.S. Code, Title 12, Banks and Banking

Contents:
Author: "U.S. Congress, Office of the Law Revision Counsel"

Show Summary

§ 521. Reserve-Bank Branches; Establishment; Directors; Discontinuance of Branches; Approval for Erection of Branch Bank Building

     The Board of Governors of the Federal Reserve System may permit or require any Federal reserve bank to establish branch banks within the Federal reserve district in which it is located or within the district of any Federal reserve bank which may have been suspended. Such branches, subject to such rules and regulations as the Board of Governors of the Federal Reserve System may prescribe, shall be operated under the supervision of a board of directors to consist of not more than seven nor less than three directors, of whom a majority of one shall be appointed by the Federal reserve bank of the district, and the remaining directors by the Board of Governors of the Federal Reserve System. Directors of branch banks shall hold office during the pleasure of the Board of Governors of the Federal Reserve System.

     The Board of Governors of the Federal Reserve System may at any time require any Federal reserve bank to discontinue any branch of such Federal reserve bank established under this section. The Federal reserve bank shall thereupon proceed to wind up the business of such branch bank, subject to such rules and regulations as the Board of Governors of the Federal Reserve System may prescribe.

     No Federal Reserve bank shall have authority hereafter to enter into any contract or contracts for the erection of any branch bank building of any kind or character or to authorize the erection of any such building, except with the approval of the Board of Governors of the Federal Reserve System.

(Dec. 23, 1913, ch. 6, § 3, 38 Stat. 253; June 21, 1917, ch. 32, § 1, 40 Stat. 232; Feb. 25, 1927, ch. 191, § 19, 44 Stat. 1234; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 87–622, § 2, Aug. 31, 1962, 76 Stat. 418.)

Amendments

     1962—Pub. L. 87–622 added par. providing that no Federal Reserve Bank shall have authority to enter into any contract for the erection of a branch bank building or to authorize the erection of such building, except with the approval of the Board of Governors of the Federal Reserve System.

     1927—Act Feb. 25, 1927, added par. authorizing the Federal Reserve Board to discontinue and wind up the business of branch banks.

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.

Contents:

Related Resources

None available for this document.

Download Options


Title: U.S. Code, Title 12, Banks and Banking

Select an option:

*Note: A download may not start for up to 60 seconds.

Email Options


Title: U.S. Code, Title 12, Banks and Banking

Select an option:

Email addres:

*Note: It may take up to 60 seconds for for the email to be generated.

Chicago: "U.S. Congress, Office of the Law Revision Counsel", "§ 521. Reserve-Bank Branches; Establishment; Directors; Discontinuance of Branches; Approval for Erection of Branch Bank Building," U.S. Code, Title 12, Banks and Banking in U.S. Code, Title 12, Banks and Banking (Washington, D.C.: Government Printing Office, 2002), Original Sources, accessed April 19, 2018, http://www.originalsources.com/Document.aspx?DocID=CMQ23JP87XL2WDU.

MLA: "U.S. Congress, Office of the Law Revision Counsel". "§ 521. Reserve-Bank Branches; Establishment; Directors; Discontinuance of Branches; Approval for Erection of Branch Bank Building." U.S. Code, Title 12, Banks and Banking, in U.S. Code, Title 12, Banks and Banking, Washington, D.C., Government Printing Office, 2002, Original Sources. 19 Apr. 2018. www.originalsources.com/Document.aspx?DocID=CMQ23JP87XL2WDU.

Harvard: "U.S. Congress, Office of the Law Revision Counsel", '§ 521. Reserve-Bank Branches; Establishment; Directors; Discontinuance of Branches; Approval for Erection of Branch Bank Building' in U.S. Code, Title 12, Banks and Banking. cited in 2002, U.S. Code, Title 12, Banks and Banking, Government Printing Office, Washington, D.C.. Original Sources, retrieved 19 April 2018, from http://www.originalsources.com/Document.aspx?DocID=CMQ23JP87XL2WDU.