
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: 12USC327]

 
                       TITLE 12--BANKS AND BANKING
 
                    CHAPTER 3--FEDERAL RESERVE SYSTEM
 
            SUBCHAPTER VIII--STATE BANKS AS MEMBERS OF SYSTEM
 
Sec. 327. Surrender of stock and cancellation of memberships

    If at any time it shall appear to the Board of Governors of the 
Federal Reserve System that a member bank has failed to comply with the 
provisions of this subchapter, or the regulations of the Board of 
Governors of the Federal Reserve System made pursuant thereto, or has 
ceased to exercise banking functions without a receiver or liquidating 
agent having been appointed therefor, it shall be within the power of 
the board after hearing to require such bank to surrender its stock in 
the Federal reserve bank and to forfeit all rights and privileges of 
membership. The Board of Governors of the Federal Reserve System may 
restore membership upon due proof of compliance with the conditions 
imposed by this subchapter.

(Dec. 23, 1913, ch. 6, Sec. 9 (par.), 38 Stat. 259; June 21, 1917, ch. 
32, Sec. 3, 40 Stat. 233; Apr. 23, 1930, ch. 207, Sec. 2, 46 Stat. 251; 
Aug. 23, 1935, ch. 614, title II, Sec. 203(a), 49 Stat. 704.)

                       References in Text

    This subchapter, referred to in text, was in the original ``this 
section'', meaning section 9 of act Dec. 23, 1913, which is classified 
generally to this subchapter (Sec. 321 et seq.).

                          Codification

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


                               Amendments

    1930--Act Apr. 23, 1930, inserted ``or has ceased to exercise 
banking functions without a receiver or liquidating agent having been 
appointed therefor,'' to first sentence.

                         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 71a of this title.
