Exhibit 780

Federal Reserve Act, Section 5 (stock in Federal reserve banks), as published by the Board of Governors

Exhibit 780 · Statute

Federal Reserve Act, Section 5 (stock in Federal reserve banks), as published by the Board of Governors

Shares of the capital stock of Federal reserve banks owned by member banks shall not be transferred or hypothecated.

Shares are $100 each. A member bank subscribes an amount equal to 6 per centum of its paid-up capital stock and surplus, half paid in and half subject to call by the Board. Shares may not be transferred or hypothecated.

Source: Board of Governors of the Federal Reserve System
Date: 1913, as amended (page opened 10 November 2026)
Quoted from: Sec. 5, para. 1 (amount of shares), 12 U.S.C. 282
Grade: Primary record
Document: https://www.federalreserve.gov/aboutthefed/section5.htm
Accessed: 2026-11-09
Cited by: Findings citing this exhibit

Cited by

Finding POL-8.3: Primary record A member bank must subscribe Reserve Bank stock equal to 6 percent of its paid-up capital and surplus, half paid in, and may not transfer or pledge it. Since 1 January 2016 a member bank above an inflation-adjusted $10 billion in assets (the Fed reports $12.8 billion for 2025) receives a cumulative dividend of the lesser of 6 percent and the 10-year Treasury high yield, and smaller banks receive 6 percent.