State banking institutions are authorized to do any act necessary to obtain insurance
of their deposits by the United States or any agency or instrumentality thereof including
the federal deposit insurance corporation and to acquire and hold membership in the
federal reserve system. Such banking institutions which are members of the federal reserve system shall
be vested with all powers conferred upon members of such system by the terms of the
Federal Reserve Act, as amended, as fully as if such powers were specifically granted
herein; and all such powers shall be exercised subject to all restrictions and limitations
imposed by the Federal Reserve Act, as amended, or by regulations of the federal reserve
board made pursuant thereto. Any such banking institution shall continue to be subject to the supervision and
examinations required by the laws of this State, except that the federal reserve board
or the federal deposit insurance corporation shall have the right, if either deems
it necessary to make examinations; and the commissioner of banking may disclose to
the federal reserve board or the federal deposit insurance corporation, or to examiners
duly appointed by either, all information in reference to the affairs of any banking
institution which has become, or desires to become, a member of the federal reserve
system or the federal deposit insurance corporation.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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