12 USC 289 - Dividends and surplus funds of reserve banks; transfer for fiscal year 2000

U.S Code last checked for updates: Nov 22, 2024

§ 289.

Dividends and surplus funds of reserve banks; transfer for fiscal year 2000

(a)

Dividends and surplus funds of reserve banks

(1)

Stockholder dividends

(A)

Dividend amount

After all necessary expenses of a Federal reserve bank have been paid or provided for, the stockholders of the bank shall be entitled to receive an annual dividend on paid-in capital stock of—

(i)

in the case of a stockholder with total consolidated assets of more than $10,000,000,000, the smaller of—

(I)

the rate equal to the high yield of the 10-year Treasury note auctioned at the last auction held prior to the payment of such dividend; and

(II)

6 percent; and

(ii)

in the case of a stockholder with total consolidated assets of $10,000,000,000 or less, 6 percent.

(B)

Dividend cumulative

(C)

Inflation adjustment

(2)

Deposit of net earnings in surplus fund

(3)

Limitation on surplus funds

(A)

In general

(B)

Transfer to the general fund

(b)

 See Codification note below.

Transfer for fiscal year 2000

(1)

In general

(2)

Allocated by Fed

(3)

Replenishment of surplus fund prohibited

(Dec. 23, 1913, ch. 6, § 7(a), (b), 38 Stat. 258; Mar. 3, 1919, ch. 101, § 1, 40 Stat. 1314; June 16, 1933, ch. 89, § 4, 48 Stat. 163; Pub. L. 103–66, title III, § 3002(a), Aug. 10, 1993, 107 Stat. 337; Pub. L. 103–325, title VI, § 602(d), Sept. 23, 1994, 108 Stat. 2291; Pub. L. 106–113, div. B, § 1000(a)(5) [title III, § 302], Nov. 29, 1999, 113 Stat. 1536, 1501A–304; Pub. L. 114–94, div. C, title XXXII, §§ 32202, 32203(a), Dec. 4, 2015, 129 Stat. 1739; Pub. L. 115–123, div. C, title II, § 30205, Feb. 9, 2018, 132 Stat. 127; Pub. L. 115–174, title II, § 217, May 24, 2018, 132 Stat. 1326.)

cite as: 12 USC 289