12-U.S.C.-463

§463 – Limitation On Amount of Balance With Any Depository Institution Without Access to Federal Reserve Advances

Pathway

Title 12 > Chapter 3 > Subchapter XIV > Section 463

Details

• Reference: Section 463
• Legend: §463 – Limitation On Amount of Balance With Any Depository Institution Without Access to Federal Reserve Advances
• USCode Year: 2013

Provision Content

No member bank shall keep on deposit with any depository institution which is not authorized to have access to Federal Reserve advances under section 347b  of this title a sum in excess of 10 per centum of its own paid-up capital and surplus.

(Dec. 23, 1913, ch. 6, §19(e), formerly §19 (par. 8), 38 Stat. 270; Aug. 15, 1914, ch. 252, 38 Stat. 691; June 21, 1917, ch. 32, §10, 40 Stat. 239; renumbered §19(e), Pub. L. 89–597, §2(b), Sept. 21, 1966, 80 Stat. 824; Pub. L. 96–221, title I, §105(e), Mar. 31, 1980, 94 Stat. 140.)

References in Text

Section 347b of this title, referred to in text, was in the original a reference to section 10(b) of this Act, meaning section 10(b) of the Federal Reserve Act. Section 10(b) of that Act was renumbered section 10B by Pub. L. 102–242, title I, §142(a)(2), Dec. 19, 1991, 105 Stat. 2279, without a corresponding amendment to this section.

Codification

Section is comprised of part of subsec. (e), formerly eighth par., of section 19 of act Dec. 23, 1913, as redesignated by Pub. L. 89–597. Remainder of subsec. (e) of such section 19 is classified to section 374 of this title.

Amendments

1980—Pub. L. 96–221 substituted provisions limiting amount of balance required to be kept with any depository institution without access to Federal Reserve advances, for provisions limiting amount of balance required  to  be  kept  with  any  State  bank  or  trust company.

Effective Date of 1980 Amendment

Amendment by Pub. L. 96–221 effective on first day of sixth month which begins after Mar. 31, 1980, see section 108 of Pub. L. 96–221, set out as a note under section 248 of this title.

U.S. Encyclopedia of Law Coverage

12-U.S.C.-419 in the Legal Encyclopedia: Banking Law

In this entry about 12-U.S.C.-419, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.

12-U.S.C.-413 in the Legal Encyclopedia: Federal Reserve System

In this entry about 12-U.S.C.-413, find legal reference material, bibliographies and premiere content related to federal reserve system in the American Encyclopedia of Law, presenting a comprehensive view of the United States federal reserve system-specific issues, written by authorities in the field.

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