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Title 12 USC 95a

This document outlines regulations for national banks during emergencies as declared by the President or Comptroller of the Currency. It allows the Secretary of the Treasury, with presidential approval, to regulate national banks during emergencies declared by the President to protect the banking system and currency. It also allows the Comptroller of the Currency to declare legal holidays for national banks in states or parts of states experiencing natural disasters, riots, or other emergency conditions. Finally, it defines "State" to include U.S. territories for purposes of applying these emergency regulations.

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186 views2 pages

Title 12 USC 95a

This document outlines regulations for national banks during emergencies as declared by the President or Comptroller of the Currency. It allows the Secretary of the Treasury, with presidential approval, to regulate national banks during emergencies declared by the President to protect the banking system and currency. It also allows the Comptroller of the Currency to declare legal holidays for national banks in states or parts of states experiencing natural disasters, riots, or other emergency conditions. Finally, it defines "State" to include U.S. territories for purposes of applying these emergency regulations.

Uploaded by

A. J. Bey
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Title 12 USC 95a

In order to provide for the safer and more effective operation of the National Banking System and
the Federal Reserve System, to preserve for the people the full benefits of the currency provided for
by the Congress through the National Banking System and the Federal Reserve System, and to
relieve interstate commerce of the burdens and obstructions resulting from the receipt on an
unsound or unsafe basis of deposits subject to withdrawal by check, during such emergency period
as the President of the United States by proclamation may prescribe, no member bank of
the Federal Reserve System shall transact any banking business except to such extent and subject
to such regulations, limitations and restrictions as may be prescribed by the Secretary of the
Treasury, with the approval of the President. Any individual, partnership, corporation, or
association, or any director, officer or employee thereof, violating any of the provisions of this
section shall be deemed guilty of a misdemeanor and, upon conviction thereof, shall be fined not
more than $10,000 or, if a natural person, may, in addition to such fine, be imprisoned for a term
not exceeding ten years. Each day that any such violation continues shall be deemed a separate
offense.
(b)
(1)
In the event of natural calamity, riot, insurrection, war, or other emergency conditions occurring in
any State whether caused by acts of nature or of man, the Comptroller of the Currency may
designate by proclamation any day a legal holiday for the national banking associations located in
that State. In the event that the emergency conditions affect only part of a State, the Comptroller of
the Currency may designate the part so affected and may proclaim a legal holiday for the national
banking associations located in that affected part. In the event that a State or a State official
authorized by law designates any day as a legal holiday for ceremonial or emergency reasons, for
the State or any part thereof, that same day shall be a legal holiday for all national banking
associations or their offices located in that State or the part so affected. A national banking
association or its affected offices may close or remain open on such a State-designated holiday
unless the Comptroller of the Currency by written order directs otherwise.
(2)
For the purpose of this subsection, the term “State” means any of the several States, the District of
Columbia, the Commonwealth of Puerto Rico, the Northern Mariana Islands, Guam, the Virgin
Islands, American Samoa, the Trust Territory of the Pacific Islands, or any other territory or
possession of the United States.
(Mar. 9, 1933, ch. 1, title I, § 4, 48 Stat. 2; Pub. L. 96–221, title VII, § 705, Mar. 31, 1980, 94 Stat.
187; Pub. L. 97–320, title IV, § 407, Oct. 15, 1982, 96 Stat. 1513; Pub. L. 97–457, § 21, Jan. 12,
1983, 96 Stat. 2509.)

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