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 offending
 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 authorities,
 such examinations and the reports thereof may be
accepted in lieu of examinations made by examiners
selected or approved by the Federal Reserve Board: Provided,
 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 examinations
 may, in the discretion of the Federal Reserve
Board, be furnished to the State authorities having supervision
 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 liquidating
 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 Fedara]
 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