§ 53-61. Authority to join federal reserve bank. - North Carolina Statutes

§53‑61.  Authority to join federal reserve bank.

(a)        Terms Defined. –The words "Federal Reserve Act," as herein used, shall be held tomean and to include the act of Congress of the United States, approved December23, 1913, as heretofore and hereafter amended. The words "Federal ReserveBoard" shall be held to mean the Federal Reserve Board created anddescribed in the Federal Reserve Act. The words "federal reservebanks" shall be held to mean federal reserve banks created and organizedunder the authority of the Federal Reserve Act. The words "memberbank" shall be held to mean any national or state bank or bank and trustcompany which has become or which becomes a member of one of the federalreserve banks created by the Federal Reserve Act.

(b)        Membership in Bank.– Any bank incorporated under the laws of this State shall have the power tosubscribe to the capital stock and become a member of a federal reserve bank.

(c)        Powers Vested byFederal Reserve Act. – Any bank incorporated  under the laws of this Statewhich is, or which may become, a member of the federal reserve bank is by thisChapter vested with all powers conferred upon member banks of the federalreserve banks by terms of the Federal Reserve Act as fully and completely as ifsuch powers were specifically enumerated and described therein, and such powersshall be exercised subject to all restrictions and limitations imposed by theFederal Reserve Act, or by regulations of the Federal Reserve Board madepursuant thereto. The right, however, is expressly reserved to revoke or toamend the powers herein conferred.

(d)        Compliance withReserve Requirements. – A compliance on the part of any such bank with thereserve requirements of the Federal Reserve Act shall be held to be a fullcompliance with the provisions of the laws of this State, which require banksto maintain cash balances in their vaults or with other banks, and no such bankshall be required to carry or maintain reserve other than such as is requiredunder the terms of the Federal Reserve Act.

(e)        Supervision andExamination of Bank. – Any such bank shall continue to be subject to thesupervision and examination required by the laws of this State, except that theFederal Reserve Board shall have the right, if it deems necessary, to makeexaminations; and the authorities of this State having supervision over suchbanks may disclose to the Federal Reserve Board, or to the examiners dulyappointed by it, all information in reference to the affairs of any bank whichhas become, or desires to become, a member of a federal reserve bank. (1921,c. 4, s. 42; C.S., s. 220(q).)