National banks, or banks organized under local laws, located in a dependency or insular possession or any part of the United States outside the continental United States, may remain nonmember banks, and shall in that event maintain reserves and comply with all the conditions now provided by law regulating them; or said banks may with the consent of the Board of Governors of the Federal Reserve System, become member banks of any one of the reserve districts, and shall in that event take stock, maintain reserves, and be subject to all the other provisions of this chapter.
Dec. 23, 1913, ch. 6, § 19(h) 38 Stat. 270 Aug. 15, 1914, ch. 252 38 Stat. 692 June 21, 1917, ch. 32, § 10 40 Stat. 240 Aug. 23, 1935, ch. 614 49 Stat. 704 Pub. L. 86–70, § 8(b)73 Stat. 142 Pub. L. 89–597, § 2(b)80 Stat. 824 (, formerly § 19 (par. 11), ; , ; , ; , title II, § 203(a), ; , , ; renumbered § 19(h), , , .)
Editorial Notes
References in Text
act Dec. 23, 1913, ch. 6 38 Stat. 251 section 226 of this titleThis chapter, referred to in text, was in the original “this Act”, meaning , , known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under and Tables.
Codification
Pub. L. 89–597Section is comprised of subsec. (h), formerly eleventh par., of section 19 of act , as redesignated by .
Amendments
Pub. L. 86–701959— struck out “in Alaska or” before “in a dependency”.
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.