Four-fifths of the reserve of 15 per centum which a national bank located in a dependency or insular possession or any part of the United States outside of the continental United States, and not a member of the Federal Reserve System, is required to keep, may consist of balances due such bank from associations approved by the Comptroller of the Currency and located in any one of the reserve cities as now or hereafter defined by law or designated by the Board of Governors of the Federal Reserve System.
July 1, 1952, ch. 53666 Stat. 314Pub. L. 86–70, § 773 Stat. 142Pub. L. 86–114, § 3(b)(3)73 Stat. 263(R.S. § 5192; , ; , , ; , , .)
Editorial Notes
Codification
act June 3, 1864, ch. 106, § 3113 Stat. 108section 38 of this titleR.S. § 5192 derived from , , which was the National Bank Act. See .
Amendments
Pub. L. 86–1141959— struck out “central reserve or” before “reserve cities”.
Pub. L. 86–70 struck out “in Alaska or” before “in a dependency”.
1952—Act , reduced the required amount of cash on hand from two-fifths to one-fifth of the required reserve of 15 per centum.
Statutory Notes and Related Subsidiaries
Effective Date of 1959 Amendment
Pub. L. 86–114section 3(b) of Pub. L. 86–114section 141 of this titleAmendment by effective three years after , see , set out as a Central Reserve and Reserve Cities note under former .
Executive Documents
Exception as to Transfer of Functions
section 1 of this titleFunctions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under .