State-Chartered Banks Must Be Members of the Federal Reserve System

question 6

True/False

State-chartered banks must be members of the Federal Reserve System.

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Definitions:

Voidable

A term used in law to describe a transaction or agreement that is valid and enforceable on the face of it, but may be rejected or canceled by one of the parties involved due to certain defects or circumstances.

Comprehend

The cognitive process of understanding, grasping, or getting the meaning of something.

Doctrine of Necessaries

Legal principle holding a spouse responsible for providing the necessary expenses of the family, like food, shelter, and medical care.

Disaffirm

The legal act of rejecting or voiding a contract or agreement, especially by a party who was not at full capacity when the agreement was made.