The required balance carried by a member bank with a Federal reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Board of Governors of the Federal Reserve System, be checked against and withdrawn by such member bank for the purpose of meeting existing liabilities.
Dec. 23, 1913, ch. 6, § 19(f) 38 Stat. 270 Aug. 15, 1914, ch. 252 38 Stat. 691 June 21, 1917, ch. 32, § 10 40 Stat. 239 Aug. 23, 1935, ch. 614 49 Stat. 704 July 7, 1942, ch. 488, § 3 56 Stat. 648 Pub. L. 89–597, § 2(b)80 Stat. 824 (, formerly § 19 (par. 9), ; , ; , ; , title II, § 203(a), ; , ; renumbered § 19(f), , , .)
Editorial Notes
Codification
Pub. L. 89–597Section is comprised of subsec. (f), formerly ninth par., of section 19 of act , as redesignated by .
Amendments
1942—Act , struck out proviso which prohibited making new loans or paying dividends until required balance was restored.
Statutory Notes and Related Subsidiaries
Change of Name
Section 203(a) of act , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.