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FEDERAL RESERVE ACT Bec. ¢ 
Federal reserve bank, and when a member bank volun- 
tarily liquidates it shall surrender all of its holdings of 
the capital stock of said Federal reserve bank and be 
released from its stock subscription not previously 
called. In either case the shares surrendered shall be 
canceled and the member bank shall receive in payment 
therefor, under regulations to be prescribed by the 
Federal Reserve Board, a sum equal to its cash-paid 
subscriptions on the shares surrendered and one-half 
of one per centum a month from the period of the last 
dividend, not to exceed the book value thereof, less 
any liability of such member bank to the Federal reserve 
bank. 
I" pondedby Sec. 6. If any member bank shall be declared insolvent 
Lam 45 and a receiver appointed therefor, the stock held by it in 
207). said Federal reserve bank shall be canceled, without 
impairment of its liability, and all cash-paid subscrip- 
tions on said stock, with one-half of 1 per centum per 
month from the period of last dividend, if earned, not to 
exceed the book value thereof, shall be first applied to all 
debts of the insolvent member bank to the Federal Te- 
serve bank, and the balance, if any, shall be paid to the 
receiver of the insolvent bank. 
If any national bank which has not gone into liquida- 
tion as provided in section 5220 of the Revised Statutes 
(United States Code, title 12, section 181) and for which 
a receiver has not already been appointed for other lawful 
cause, shall discontinue its banking operations for a period 
of sixty days the Comptroller of the Currency may, if he 
deems it advisable, appoint a receiver for such bank. The 
stock held by the said national bank in the Federal reserve 
bank of its district shall thereupon be canceled and said 
national bank shall receive in payment therefor, under 
regulations to be prescribed by the Federal Reserve 
Board, a sum equal to its cash-paid subscriptions on the 
shares canceled and one-half of 1 per centum a month 
from the period of the last dividend, if earned, not to 
exceed the book value thereof, less any liability of such 
national bank to the Federal reserve bank. 
Whenever the capital stock of a Federal reserve bank 
is reduced either on account of a reduction in capital 
stock of any member bank or of the liquidation or insol- 
vency of such bank or on account of the appointment of a 
receiver for a national bank following discontinuance of