12 U.S.C. § 283
Public subscription to capital stock
No individual, copartnership, or corporation other than a member bank of its district shall be permitted to subscribe for or to hold at any time more than $25,000 par value of stock in any Federal reserve bank. Such stock shall be known as public stock and may be transferred on the books of the Federal reserve bank by the chairman of the board of directors of such bank.
Notes of Decisions
Cited in 1
case, 1982–1982 · leading case: Lee Construction Co. v. Federal Reserve Bank of Richmond
Lee Construction Co. v. Federal Reserve Bank of Richmond (1982)
“12 U.S.C. § 283 . The net earnings of each Federal Reserve Bank, after all necessary expenses have been paid or provided for, are allotted first to the payment of a statutorily-prescribed dividend of 6% 17 and second to the surplus fund of such Federal Reserve Bank.”
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