c.9 
ral 
ve 
YS 
d- 
it 
ed 
1S 
he 
hy 
ve 
nk 
J 
he 
irs 
(Y= 
rd 
FT 
he 
Se 
he 
KS 
ne 
n- 
ve 
1 
re 
ve 
ne 
al 
tO 
1 t= 
1n 
1k 
tO 
d- 
10 
18 
AW 
0, 
‘h 
JC, 9 
FEDERAL RESERVE ACT 
the Federal Reserve Board, upon the surrender and can- 
cellation of all of its holdings of capital stock in the Fed- 
’ral reserve bank: Provided, That the Federal Reserve 
Board, in its discretion and subject to such conditions as it 
may prescribe, may waive such six months’ notice in indi- 
vidual cases and may permit any such State bank or trust 
company to withdraw from membership in a Federal re- 
serve bank prior to the expiration of six months from the 
late of the written notice of its intention to withdraw: 
Provided, however, That no Federal reserve bank shall, 
3xcept under express authority of the Federal Reserve 
Board, cancel within the same calendar year more than 
iwenty-five per centum of its capital stock for the purpose 
of effecting voluntary withdrawals during that year. All 
such applications shall be dealt with in the order in which 
they are filed with the board. Whenever a member bank 
shall surrender its stock holdings in a Federal reserve bank, 
or shall be ordered to do so by the Federal Reserve Board, 
inder authority of law, all of its rights and privileges as a 
member bank shall thereupon cease and determine, and 
after due provision has been made for any indebtedness 
due or to become due to the Federal reserve bank it shall 
be entitled to a refund of its cash paid subscription with 
Interest at the rate of one-half of one per centum per 
month from date of last dividend, if earned, the amount 
refunded in no event to exceed the book value of the stock 
at that time, and shall likewise be entitled to repayment 
of deposits and of any other balance due from the Federal 
feserve bank. 
No applying bank shall be admitted to membership in 
2 Federal reserve bank unless (a) it possesses a paid-up 
unimpaired capital sufficient to entitle it to become a 
national banking association in the place where it is situ- 
ated under the provisions of the National Bank Act, or 
(b) it possesses a paid-up, unimpaired capital of at least 
850 per centum of the amount sufficient to entitle it to 
become a national banking association in the place where 
it is situated under the provisions of the National Bank 
Act and, under penalty of loss of membership complies 
with rules and regulations ‘which the Federal Reserve 
Board shall prescribe fixing the time within which and 
the method by which the unimpaired capital of such 
bank shall be increased ‘out-of net income to equal the 
capital which would have been required if such bank had 
17