§ 6.1-8. State banks may become members of Federal Reserve Bank System or the Federal Home Loan Bank Syste...
Any bank heretofore or hereafter incorporated under the laws of this Commonwealth may, if it so elects, become a member bank of the Federal Reserve Bank System or the Federal Home Loan Bank System of the United States, or both, subject to the provisions of the acts of Congress of the United States, approved December 23, 1913, and July 22, 1932, respectively, and of any amendment thereof permitting it to do so, and shall be vested with all powers conferred upon state member banks of such systems by the terms of such acts, which shall be exercised subject to all restrictions and limitations imposed by the Federal Reserve Act or the Federal Home Loan Bank Act, or by regulations of the Federal Reserve Board or the Federal Housing Finance Board, respectively, made pursuant thereto. The right, however, is expressly reserved to revoke or amend the powers herein conferred. The State Corporation Commission may disclose to the Federal Reserve Board, or to examiners duly appointed by it, all information in reference to the affairs of any bank which has become, or desires to become a member of the system.
(Code 1950, § 6-24; 1966, c. 584; 1993, c. 182.)
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