[Code of Federal Regulations]
[Title 12, Volume 2]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR209.1]

[Page 308]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 209--ISSUE AND CANCELLATION OF FEDERAL RESERVE BANK CAPITAL STOCK (REGULATION I)--Table of Contents
 
Sec. 209.1  Authority, purpose, and scope.

    (a) Authority. This part is issued pursuant to 12 U.S.C. 222, 248, 
282, 286-288, 321, 323, 327-328, and 466.
    (b) Purpose. The purpose of this part is to implement the provisions 
of the Federal Reserve Act relating to the issuance and cancellation of 
Federal Reserve Bank stock upon becoming or ceasing to be a member bank, 
or upon changes in the capital and surplus of a member bank, of the 
Federal Reserve System.
    (c) Scope. This part applies to member banks of the Federal Reserve 
System, to national banks in process of organization, and to state banks 
applying for membership. National banks and locally-incorporated banks 
located in United States dependencies and possessions are eligible (with 
the consent of the Board) but not required to apply for membership under 
section 19(h) of the Federal Reserve Act, 12 U.S.C. 466.\1\
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    \1\ If such a bank desires to become a member bank under the 
provisions of Sec. 19(h) of the Federal Reserve Act, it should 
communicate with the Federal Reserve Bank with which it desires to do 
business.
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