12 U.S.C. § 283
Section 283 · Public subscription to capital stock
This is § 2 of the Federal Reserve Act of 1913
Amended 1 time on record
Applied in 1 court decisions — leading case 558 F. Supp. 165 - Lee Construction Co. v. Federal Reserve Bank of Richmond (1982)
Most recently applied in 558 F. Supp. 165 - Lee Construction Co. v. Federal Reserve Bank of Richmond (August 1982)
No individual, copartnership, or corporation other than a member bank of its district shall be permitted to subscribe for or to hold at any time more than $25,000 par value of stock in any Federal reserve bank. Such stock shall be known as public stock and may be transferred on the books of the Federal reserve bank by the chairman of the board of directors of such bank.