The required balance carried by a member bank with a Federal reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Board of Governors of the Federal Reserve System, be checked against and withdrawn by such member bank for the purpose of meeting existing liabilities.
Title 12
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12 U.S.C. § 464.Chapter 3
§ 464
Checking against and withdrawal of reserve balance
Title 12
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Subchapter: BANK RESERVES
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