§ 19-3-9 - Financial institutions and credit unions joining federal reserve system.
SECTION 19-3-9
§ 19-3-9 Financial institutions and creditunions joining federal reserve system. – (a) A financial institution, including a credit union, may subscribe to thecapital stock and become a member of a federal reserve bank within the federalreserve district where the financial institution or credit union is situatedunder the provisions of the United States Federal Reserve Act, 12 U.S.C. §221 et seq. The member financial institution or credit union shall be subjectto the provisions of the Federal Reserve Act relative to member banks, and tothe regulations of the federal reserve board.
(b) Every member financial institution or credit union mayhave and exercise any and all of the powers and privileges which may beexercised by member banks under the provisions of the Federal Reserve Act.