16 
FEDERAL RESERVE ACT Sec. 
such reports shall be made annually on call of the Federal 
reserve bank on dates to be fixed by the Federal Reserve 
Board. Failure to make such reports within ten days 
after the date they are called for shall subject the offend- 
ing bank to a penalty of $100 a day for each day that it 
[ails to transmit such report; such penalty to be collected 
by the Federal reserve bank by suit or otherwise. 
As a condition of membership such banks shall likewise 
be subject to examinations made by direction of the 
Federal Reserve Board or of the Federal reserve bank by 
sxaminers selected or approved by the Federal Reserve 
Board. 
Whenever the directors of the Federal reserve bank 
shall approve the examinations made by the State author- 
ities, such examinations and the reports thereof may be 
accepted in lieu of examinations made by examiners 
selected or approved by the Federal Reserve Board: Pro- 
vided, however, That when it deems it necessary the board 
may order special examinations by examiners of its own 
selection and shall in all cases approve the form of the 
report. The expenses of all examinations, other than those 
made by State authorities, may, in the discretion of the 
Federal Reserve Board, be assessed against the banks 
examined and, when so assessed, shall be paid by the 
banks examined. Copies of the reports of such exam- 
inations may, in the discretion of the Federal Reserve 
Board, be furnished to the State authorities having super- 
vision of such banks, to officers, directors, or receivers 
of such banks, and to any other proper persons. 
If at any time it shall appear to the Federal Reserve 
Board that a member bank has failed to comply with the 
provisions of this section or the regulations of the Federal 
Reserve Board made pursuant thereto, or has ceased to 
exercise banking functions without a receiver or liquidat- 
ing agent having been appointed therefor, it shall be within 
the power of the board after hearing to require such bank 
0 surrender its stock in the Federal reserve bank and to 
forfeit all rights and privileges of membership. The Fed- 
ara] Reserve Board may restore membership upon due 
proof of compliance with the conditions imposed by this 
section. 
Any State bank or trust company desiring to withdraw 
from membership in a Federal reserve bank may do so, 
after six months’ written notice shall have been filed with