
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC322]

 
                       TITLE 12--BANKS AND BANKING
 
                    CHAPTER 3--FEDERAL RESERVE SYSTEM
 
            SUBCHAPTER VIII--STATE BANKS AS MEMBERS OF SYSTEM
 
Sec. 322. Determination on application

    In acting upon such applications the Board of Governors of the 
Federal Reserve System shall consider the financial condition of the 
applying bank, the general character of its management, and whether or 
not the corporate powers exercised are consistent with the purposes of 
this chapter.

(Dec. 23, 1913, ch. 6, Sec. 9 (par.), as added June 21, 1917, ch. 32, 
Sec. 3, 40 Stat. 233; amended Aug. 23, 1935, ch. 614, title II, 
Sec. 203(a), 49 Stat. 704.)

                          Codification

    Section is comprised of the fourth par. of section 9 of act Dec. 23, 
1913, as amended. The fourth par. constituted the second par. of section 
9 in 1917 (40 Stat. 232), became the third par. in 1927 (44 Stat. 1229), 
and became the fourth par. in 1950 (64 Stat. 458). For further details, 
see Codification note set out under section 321 of this title.

                         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.
