1. As used in this section: (a) Board of Governors of the Federal Reserve System means the Board of Governors of the Federal Reserve System created and described in the Federal Reserve Act. (b) Federal Reserve Act means the Act of Congress, approved December 23, 1913, being c. 6, 38 Stat. 251, as amended. (c) Federal Reserve Bank means the Federal Reserve Banks created and organized under authority of the Federal Reserve Act. (d) Member bank means any national bank, state bank or banking and trust company which has become or which becomes a member of one of the Federal Reserve Banks created by the Federal Reserve Act. 2. Any bank organized under the laws of this state may subscribe to the stock and become a member of a Federal Reserve Bank. 3. Any bank organized under the laws of this state which is, or which becomes, a member of a Federal Reserve Bank is, by this section, vested with all powers conferred upon member banks of the Federal Reserve Banks by the terms of the Federal Reserve Act as fully and completely as if such powers were specifically enumerated and described in this section, and all such powers must be exercised subject to all restrictions and limitations imposed by the Federal Reserve Act, or by regulations of the Board of Governors of the Federal Reserve System made pursuant thereto. The right, however, is expressly reserved to revoke or to amend the powers conferred in this section. 4. A compliance on the part of any such bank with the reserve requirements of the Federal Reserve Act shall be deemed to be a full compliance with those provisions of the laws of this state which require banks to maintain cash balances in their vaults or with other banks, and no such bank need carry or maintain a reserve other than such as is required under the terms of the Federal Reserve Act. 5. Any such bank continues to be subject to the supervision and examinations required by the laws of this state, except that the Board of Governors of the Federal Reserve System may, if it deems necessary, make examinations. The authorities of this state having supervision over such bank may disclose to the Board of Governors of the Federal Reserve System, or to examiners appointed by it, all information in reference to the affairs of any bank which has become, or desires to become, a member of a Federal Reserve Bank.
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