Tennessee Code 45-2-503 – Powers of federal reserve bank membership
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Terms Used In Tennessee Code 45-2-503
- Bank: means any person, as hereinafter defined, doing a banking business subject to the laws of this or any other jurisdiction and, for the purposes of supervision, examination and liquidation, includes industrial investment companies and industrial banks authorized by chapter 5 of this title. See Tennessee Code 45-1-103
- Federal Reserve Act: includes the act of congress of the United States approved December 23, 1913, as amended. See Tennessee Code 45-2-501
- Federal reserve bank: means the federal reserve banks created and organized under the authority of the Federal Reserve Act. See Tennessee Code 45-2-501
- Federal reserve board: means the federal reserve board, created and described in the Federal Reserve Act. See Tennessee Code 45-2-501
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
A state bank that is or that becomes a member of a federal reserve bank is by this part vested with all powers conferred upon member banks of the federal reserve banks by the terms of the Federal Reserve Act as fully and completely as if the powers were here specifically enumerated and described, and all the powers shall be exercised, subject to all restrictions and limitations imposed by the Federal Reserve Act, or by regulations of the federal reserve board made pursuant to the act. The right, however, is expressly reserved to revoke or to amend the powers herein conferred.