12 U.S.C. § 335
Section 335 · Dealing in investment securities; limitations and conditions
This is § 9 of the Federal Reserve Act of 1913
Amended 3 times on record
Applied in 4 court decisions — leading case Securities Industry Ass'n v. Board of Governors of the Federal Reserve System (1984)
Most recently applied in Securities Industry Ass'n v. Board of Governors of the Federal Reserve System (May 1988)
How often courts cite this section
Court decisions citing this, by year.Markers show enactment, consequential amendments, and circuit splits over this section — watch for a citation surge after a change or a disagreement. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
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.
Editorial notes U.S. Code · Office of the Law Revision Counsel
Codification
Section is comprised of the twentieth par. of section 9 of act Dec. 23, 1913, as amended. The twentieth par. constituted the eighteenth par. of section 9 in 1933 (48 Stat. 16), became the nineteenth par. in 1935 (49 Stat. 704), and became the twentieth par. in 1950 (64 Stat. 458). For further details, see Codification notes set out under sections 321 and 329a of this title.
Amendments
1999—Pub. L. 106–102 inserted at end “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.”
Effective Date of 1999 Amendment
Amendment by Pub. L. 106–102 effective 120 days after Nov. 12, 1999, see section 161 of Pub. L. 106–102, set out as a note under section 24 of this title.