Re:Since member banks are only required to pay half the price of their stock
They only get paid for capital they actually contributed, so it's 6%.
Not according to the Fed:
"Member banks must subscribe to stock in their regional Federal Reserve Bank in an amount equal to 6 percent of their capital and surplus, half of which must be paid in while the other half is subject to call by the Board of Governors......
Member banks receive a 6 percent dividend annually on their stock, as specified by law .... "
http://www.federalreserve.gov/pf/pdf/pf_complete.pdf
They have to buy a certain amount of stock. Half now, half if the Board of Governors tells them.
They don't get paid for the stock they didn't buy yet.