12 U.S.C. § 327
Surrender of stock and cancellation of memberships
If at any time it shall appear to the Board of Governors of the Federal Reserve System that a member bank has failed to comply with the provisions of this subchapter, or the regulations of the Board of Governors of the Federal Reserve System made pursuant thereto, or has ceased to exercise banking functions without a receiver or liquidating agent having been appointed therefor, it shall be within the power of the board after hearing to require such bank to surrender its stock in the Federal reserve bank and to forfeit all rights and privileges of membership. The Board of Governors of the Federal Reserve System may restore membership upon due proof of compliance with the conditions imposed by this subchapter.
Notes of Decisions
Cited in 4
cases, 1947–1962 · leading case: Eccles v. Peoples Bank of Lakewood Vill., 333 U.S. 426 (1948).
Eccles v. Peoples Bank of Lakewood Vill., 333 U.S. 426 (1948). “684 , 704, 12 U.S.C. § 327 . See also § 5 of the Administrative Procedure Act, 60 Stat.”
Peoples Bank v. Eccles, 161 F.2d 636 (D.C. Cir. 1947). “Title 12 U.S.C.A. § 327 , expressly provides that if a member bank has failed to comply with the provisions of certain sections of the Federal Reserve Act, or the regulations of the Board of Governors made pursuant thereto, or has ceased to exercise banking functions without a…”
Cont'l Bank & Trust Co. v. William McChesney Martin, Jr., 303 F.2d 214 (D.C. Cir. 1962). “259 , 260 (1913), as amended, 12 U.S.C. § 327 (1958), 12 U.S.C.A. § 327 .”
The Cont'l Bank & Trust Co., of Salt Lake City, Utah v. Emery J. Woodall, 239 F.2d 707 (10th Cir. 1957). “12 U.S. C.A. § 327. Under the clear commands of the statute, after a state bank has been admitted to membership in the Federal Reserve System it must meet certain requirements.”
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