12 USC § 323 - Stock in Federal reserve banks; method of payment

---
identifier: "/us/usc/t12/s323"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 323 - Stock in Federal reserve banks; method of payment"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "323"
section_name: "Stock in Federal reserve banks; method of payment"
chapter_number: 3
chapter_name: "FEDERAL RESERVE SYSTEM"
subchapter_number: "VIII"
subchapter_name: "STATE BANKS AS MEMBERS OF SYSTEM"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Dec. 23, 1913, ch. 6, § 9 (par.), 38 Stat. 259; June 21, 1917, ch. 32, § 3, 40 Stat. 233; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)"
---


# § 323. Stock in Federal reserve banks; method of payment

Whenever the Board of Governors of the Federal Reserve System shall permit the applying bank to become a stockholder in the Federal reserve bank of the district its stock subscription shall be payable on call of the Board of Governors of the Federal Reserve System, and stock issued to it shall be held subject to the provisions of this chapter.

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**Source Credit**: (Dec. 23, 1913, ch. 6, § 9 (par.), 38 Stat. 259; June 21, 1917, ch. 32, § 3, 40 Stat. 233; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)

## Editorial Notes

### References in Text

This chapter, referred to in text, was in the original “this Act”, meaning , , known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under  and Tables.

### Codification

Section is comprised of the fifth par. of section 9 of act , as amended. The fifth par. constituted the third par. of section 9 in 1917 (), became the fourth par. in 1927 (), and became the fifth par. in 1950 (). For further details, see Codification note set out under .

## Statutory Notes and Related Subsidiaries

### Change of Name

Section 203(a) of act , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.