posted on Feb, 14 2012 @ 10:45 AM
The US Code Title 12 chapter 3, subchapter 6 www.law.cornell.edu...
I suggest you obtain an annotated copy for greater details.
INDIVIDUAL (PUBLIC) SUBSCRIPTION to stock was allowed with a limit of $25,000 max for each of the 12 per Fed Banks.
"No individual, copartnership, or corporation other than a member bank of its district shall be permitted to subscribe for or to hold at any time
more than $25,000 par value of stock in any Federal reserve bank. Such stock shall be known as public stock and may be transferred on the books of the
Federal reserve bank by the chairman of the board of directors of such bank."
Today they insist all stock is owned by member banks. It could be that individually sold their shares to a bank they owned.
Furthermore if the stock was not totally subscribed the US Treasury was obligated to purchase the remainder. The Fed notified the Treasury in 1941
that it was full subscribed!