The procedure for acquiring membership in the federal reserve system is as follows:

1. A resolution by the board of directors, upon a form furnished by the federal reserve agent, applying for stock in the federal reserve bank. Accompanying the application and as a part of it must be a certified statement of the condition of the applying bank or trust company, a copy of the charter and articles of incorporation, together with any amendments thereto, and a statement containing certain additional information requested. The State Banking Department is also requested to furnish the federal reserve bank with two copies of its last report of examination and with copies of all correspondence relating thereto.

2. Examination By An Examiner From The Staff Of The Federal Reserve Bank.

3. Sending of the application to the Federal Reserve Board, which determines whether or not it shall be approved, and if approved, upon what conditions.

4. If approved, payment of the amount required on the capital stock subscription and the making of the necessary reserve deposit.2