12 USC 282: Subscription to capital stock by national banking association
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12 USC 282: Subscription to capital stock by national banking association Text contains those laws in effect on January 2, 2001
From Title 12-BANKS AND BANKINGCHAPTER 3-FEDERAL RESERVE SYSTEMSUBCHAPTER VI-CAPITAL AND STOCK OF FEDERAL RESERVE BANKS; DIVIDENDS AND EARNINGS

§282. Subscription to capital stock by national banking association

Every national banking association within each Federal reserve district shall be required to subscribe to the capital stock of the Federal reserve bank for that district in a sum equal to 6 per centum of the paid-up capital stock and surplus of such bank, one-sixth of the subscription to be payable on call of the Board of Governors of the Federal Reserve System, one-sixth within three months and one-sixth within six months thereafter, and the remainder of the subscription, or any part thereof, shall be subject to call when deemed necessary by the Board, said payments to be in gold or gold certificates.

(Dec. 23, 1913, ch. 6, §2, 38 Stat. 252 ; Aug. 23, 1935, ch. 614, title II, §203(a), 49 Stat. 704 .)

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.

Section Referred to in Other Sections

This section is referred to in section 481 of this title.