I
STATUTORY REQUIREMENTS
Specific provisions of the Federal Reserve Act applicable to State banks and trust companies which become member banks are quoted at the end of this regulation.
II
BANKS ELIGIBLE FOR MEMBERSHIP
A State bank or a trust company to be eligible for membership in a federal reserve bank must comply with the following conditions:
(1) It must have been incorporated under a special or general law of the State or district in which it is located.
(2) It must have a minimum paid-up unimpaired capital stock as follows:
In cities or towns not exceeding 3,000 inhabitants, $25,000.
In cities or towns exceeding 3,000 but not exceeding 6,000 inhabitants, $50,000.