FeperaL RESERVE Act 
any one or more of them, as said committee shall determine, subject to the same condi- 
tions as to payment and stock liability as provided for member banks. 
No individual, copartnership, or corporation other than a member bank of its dis- 
trict shall be permitted to subscribe for or to hold at any time more than $25,000 par 
value of stock in any Federal reserve bank. Such stock shall be known as public stock 
and may be transferred on the books of the Federal reserve bank by the chairman of 
the board of directors of such bank. 
Should the total subscriptions by banks and the public to the stock of said Federal 
reserve banks, or any one or more of them, be, in the judgment of the organization 
committee, insufficient to provide the amount of capital required therefor, then and in 
that event the said organization committee shall allot to the United States such an 
amount of said stock as said committee shall determine. Said United States stock shall 
be paid for at par out of any money in the Treasury not otherwise appropriated, and 
shall be held by the Secretary of the Treasury and disposed of for the benefit of the 
United States in such manner, at such times, and at such price, not less than par, as 
the Secretary of the Treasury shall determine. 
Stock not held by member banks shall not be entitled to voting power. 
The Federal Reserve Board is hereby empowered to adopt and promulgate rules and 
regulations governing the transfers of said stock. 
No Federal reserve bank shall commence business with a subscribed capital less than 
$4,000,000. The organization of reserve districts and Federal reserve cities shall not 
be construed as changing the present status of reserve cities and central reserve cities, 
except in so far as this Act changes the amount of reserves that may be carried with 
approved reserve agents located therein. The organization committee shall have 
Power to appoint such assistants and incur such expenses in carrying out the provisions 
of this Act as it shall deem necessary, and such expenses shall be payable by the Treas- 
urer of the United States upon voucher approved by the Secretary of the Treasury, and 
the sum of $100,000, or so much thereof as may be necessary, is hereby appropriated, 
out of any moneys in the Treasury not otherwise appropriated, for the payment of such 
expenses. 
Branch Offices 
As amended by act approved June 21, 1917 (40 Stat., 232, chap. 32); act approved 
February 25, 1927. 
Sec. 8. The Federal Reserve Board may permit or require any Federal reserve bank 
to establish branch banks within the Federal reserve district in which it is located or 
within the district of any Federal reserve bank which may have been suspended. Such 
branches, subject to such rules and regulations as the Federal Reserve Board may 
Prescribe, shall be operated under the supervision of a board of directors to consist of 
not more than seven nor less than three directors, of whom a majority of one shall be 
appointed by the Federal reserve bank of the district, and the remaining directors by 
the Federal Reserve Board. Directors of branch banks shall hold office during the 
Pleasure of the Federal Reserve Board. 
The Federal Reserve Board may at any time require any Federal Reserve Bank to 
discontinue any branch of such Federal Reserve Bank established under this section. 
The Federal Reserve Bank shall thereupon proceed to wind up the business of such 
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