§466. Reserves of banks in dependencies or insular possessions

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.

(Dec. 23, 1913, ch. 6, §19(h), formerly §19 (par. 11), 38 Stat. 270 ; Aug. 15, 1914, ch. 252, 38 Stat. 692 ; June 21, 1917, ch. 32, §10, 40 Stat. 240 ; Aug. 23, 1935, ch. 614, title II, §203(a), 49 Stat. 704 ; Pub. L. 86–70, §8(b), June 25, 1959, 73 Stat. 142 ; renumbered §19(h), Pub. L. 89–597, §2(b), Sept. 21, 1966, 80 Stat. 824 .)

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".

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.

Cross References

Reserves of national banks located in Alaska and insular possessions, see section 143 of this title.

Section Referred to in Other Sections

This section is referred to in sections 248, 1424, 1828, 3105 of this title.