12 U.S.C. § 322
Determination on application
In acting upon such applications the Board of Governors of the Federal Reserve System shall consider the financial condition of the applying bank, the general character of its management, and whether or not the corporate powers exercised are consistent with the purposes of this chapter.
Notes of Decisions
Cited in 2
cases, 1957–1960 · leading case: The Continental Bank and Trust Company, of Salt Lake City, Utah v. Emery J. Woodall
The Continental Bank and Trust Company, of Salt Lake City, Utah v. Emery J. Woodall (1957)
“12 U.S.C.A. § 322 . The section further provides that whenever the Board shall permit an applying bank to become a stockholder in the Federal Reserve Bank of the district, its stock subscription shall be payable on call of the Board, and stock issued to it shall be held subject…”
Old Kent Bank and Trust Company v. William McC Martin, Jr., Individually and as Chairman of the Board of Governors of th (1960)
“Appellant urges that the only standards on which the Board may act are those contained in 12 U.S.C.A. § 322 , which reads: “In acting upon such application the Board of Governors of the Federal Reserve System shall consider the financial condition of the applying bank, the…”
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