12 U.S.C. § 335
Dealing in investment securities; limitations and conditions
State member banks shall be subject to the same limitations and conditions with respect to the purchasing, selling, underwriting, and holding of investment securities and stock as are applicable in the case of national banks under paragraph “Seventh” of section 24 of this title. This section shall not apply to any interest held by a State member bank in accordance with section 24a of this title and subject to the same conditions and limitations provided in such section.
Notes of Decisions
Cited in 6
cases, 1966–1988 · leading case: Sec. Indus. Ass'n v. Bd. of Governors of the Fed. Reserve Sys., 468 U.S. 137 (1984).
Sec. Indus. Ass'n v. Bd. of Governors of the Fed. Reserve Sys., 468 U.S. 137 (1984). “" Section 5(c) of the Act, 12 U. S. C. § 335 , makes § 16's limitations applicable to state banks that are members of the Federal Reserve System.”
Fed. Sec. L. Rep. P 95,494 Great W. Bank & Trust v. Sol Kotz, 532 F.2d 1252 (9th Cir. 1976). “§§ 24 and 301, and state banks which are members of the Federal Reserve, 12 U.S.C. § 335 . See also 12 C.F.R. § 7.”
Baker, Watts & Co. v. Saxon, 261 F. Supp. 247 (D.D.C. 1966). “applicable to national banks, 12 U.S.C. § 335 . Thus practically the entire commercial banking system of the United States, composed of national banks and the vast majority of State banks that were members of the Federal Reserve System was encompassed by the far-reaching…”
Sec. Indus. Ass'n v. Bd. of Governors of the Fed. Reserve Sys., Chase Manhattan Corp., Intervenor, 847 F.2d 890 (D.C. Cir. 1988). “See also Act § 5(c), 12 U.S.C. § 335 (1982) (section 16 limitations apply to state member banks).”
The Port of New York Auth. v. Baker, Watts & Co., 392 F.2d 497 (D.C. Cir. 1968). “12 U.S.C. § 335 (1964) makes state member banks subject to the limitations imposed on national banks by 12 U.”
Inv. Co. Inst. v. Bd. of Governors of the Fed. Reserve Sys., 606 F.2d 1004 (D.C. Cir. 1979). “These limitations are' made applicable to state member banks by § 5(c) of the GlassSteagall Act, 12 U.S.C. § 335 . 24 . Petitioner claims that, in reliance on this ruling, numerous national and state member banks are now acting as investment advisers to closed-end investment…”
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