6.1-8 - (Repealed effective October 1, 2010) State banks may become members of Federal Reserve Bank System or the Federal Home Loan Bank System.
§ 6.1-8. (Repealed effective October 1, 2010) State banks may become membersof Federal Reserve Bank System or the Federal Home Loan Bank System.
Any bank heretofore or hereafter incorporated under the laws of thisCommonwealth may, if it so elects, become a member bank of the FederalReserve Bank System or the Federal Home Loan Bank System of the UnitedStates, or both, subject to the provisions of the acts of Congress of theUnited States, approved December 23, 1913, and July 22, 1932, respectively,and of any amendment thereof permitting it to do so, and shall be vested withall powers conferred upon state member banks of such systems by the terms ofsuch acts, which shall be exercised subject to all restrictions andlimitations imposed by the Federal Reserve Act or the Federal Home Loan BankAct, or by regulations of the Federal Reserve Board or the Federal HousingFinance Board, respectively, made pursuant thereto. The right, however, isexpressly reserved to revoke or amend the powers herein conferred. The StateCorporation Commission may disclose to the Federal Reserve Board, or toexaminers duly appointed by it, all information in reference to the affairsof any bank which has become, or desires to become a member of the system.
(Code 1950, § 6-24; 1966, c. 584; 1993, c. 182.)