12 U.S.C. § 466
Section 466 · Reserves of banks in dependencies or insular possessions
This is § 19 of the Federal Reserve Act of 1913
Amended 6 times on record
Applied in 2 court decisions — leading case Vermilya-Brown Co. v. Connell (1948)
Most recently applied in Vermilya-Brown Co. v. Connell (December 1948)
National banks, or banks organized under local laws, located in a dependency or insular possession or any part of the United States outside the continental United States, may remain nonmember banks, and shall in that event maintain reserves and comply with all the conditions now provided by law regulating them; or said banks may with the consent of the Board of Governors of the Federal Reserve System, become member banks of any one of the reserve districts, and shall in that event take stock, maintain reserves, and be subject to all the other provisions of this chapter.
Editorial notes U.S. Code · Office of the Law Revision Counsel
Codification
Section is comprised of subsec. (h), formerly eleventh par., of section 19 of act Dec. 23, 1913, as redesignated by Pub. L. 89–597.
Amendments
1959—Pub. L. 86–70 struck out “in Alaska or” before “in a dependency”.
Change of Name
Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
Cross References
Reserves of national banks located in Alaska and insular possessions, see section 143 of this title.