Index-digest of the Federal Reserve Act and Amendments: Together with Those Provisions of Other Acts which Affect the Federal Reserve System

Board of Governors of the Federal Reserve System (U.S.), United States. Federal Reserve Board

U.S. Government Printing Office, 1924 - 1346 pages

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ployee any private banker or any director or other	1

PROVISIONS OF OTHER ACTS OF CONGRESS WHICH	2

Provided That nothing in this section shall apply	4

mutual savings banks not having a capital stock repre	5

Provided further That a director	6

other officer or employee of such bank banking associa	7

That from and after two years from the date	8

or employee of not more than one other bank or trust	9

notes drawn for commercial purposes The Federal 27	541

28	544

d The Commission or the Secretary of the Treasury	545

may call upon the Federal Reserve Board for advice and 30 assistance with respect to any such application or loan e There is hereby appropriated out...	549

certificate The rate of interest for such rediscounts 32	565

the Federal Reserve Board use any obligation or paper so 41	576

to approve or reject such application in whole or	597

of such Federal reserve agent or of the Federal Reserve 38	620

company organized under the laws of the United States	10

or any State where the entire capital stock of one	11

And provided	12

further That nothing contained in this section shall	13

undivided profits aggregating more than 5000000 and	14

defined in the Federal Reserve Act from being an officer	15

or director or both an officer and director in one mem	16

And provided further That nothing in this	17

public money and financial agents of the Government	18

as may be required of them And the Secretary of	19

association organized or operating under the laws of the	20

POWER OF NATIONAL BANK TO HOLD REAL PROPERTY	21

with the Enemy Act be and hereby is amended to read	22

where the postal savings deposits are made such deposits	23

one thousand fine and upon such terms as shall be	25

prescribe by means of licenses or otherwise any transac	26

tions in foreign exchange and the export hoarding melt	27

ing or earmarkings of gold or silver coin or bullion or cur	28

same If no such member bank and no other qualified	29

That the Federal reserve banks shall be au	30

United States of the product of mines situated in the	31

penalties imposed by section nine of said Federal reserve	32

Act for the violation of any of the provisions of said	33

Any officer director agent or employee of any Federal	34

DEPOSIT OF FUNDS OF FEDERAL LAND BANKS IN	35

cured by such notes or bonds and indorsed by a member	36

accordance with the then existing regulations of the	37

collaterally in order to evade the provisions thereof	38

who shall certify a check before the amount thereof	39

shall have been regularly entered to the credit of	40

ernment deposits also sec 19 which prescribes reserve requirements of member banks	41

guilty of a misdemeanor and shall on conviction thereof	42

34	105

ion was obviously intended to amend section 5202 of the Revised Statutes	106

be at an interest rate equal to the prevailing rate for el 38	107

sidered as money borrowed within the meaning of this	111

commodation in the transaction of its business	113

27	114

nated by Act of Congress hereafter enacted	127

the Secretary of the Treasury may pay such certificates 20	135

FEDERAL INTERMEDIATE CREDIT BANKS	136

when chartered and established shall have power subject 8	147

porations having an authorized capital stock of 1000000	212

may be imposed by the Federal Farm Loan Board not 10	245

or over may be organized under the provisions of this 16 title to exercise all the powers enumerated in section 203	246

Treasury shall require of the Federal land banks	255

section The total liabilities to any association of any 26 person or of any corporation or firm or company or the 27 several members thereof upon an...	259

The total liabilities to any association of 35	260

poration or received from time to time in the course of 36	262

for the raising breeding fattening or marketing of live 22	267

any of the purposes hereinafter specified in section three 42	269

this Act may be made for the purpose of conserving the 21 existing stock of gold in the United States of facilitating 22 the settlement in silver of trad...	270

issued by any other Federal Intermediate Credit Bank and 25	275

except bank notes issued for circulation and for each 36	305

d Rates of interest or discount charged by the Federal	312

in advance of maturity whether or not so extended 21	327

charge or collect directly or indirectly any fee or other 15	329

any person or of any company corporation or firm for 36	335

charge or collect either directly or indirectly any fee 4 or other compensation for assisting in any manner a 5 veteran or his dependents in obtaining a...	337

Fourth To sue and be sued complain and defend in 35	338

of the Currency for permission to invest an amount not 18 exceeding in the aggregate 10 per centum of its paidin 19 capital stock and surplus in the ...	345

porations shall have powers	350

1 Upon the indorsement of any National Agricultural	351

Second Such as shall be mortgaged to it in good faith 28 by way of security for debts previously contracted 29 Third Such as shall be conveyed to it ...	359

of debts previously contracted in the course of its 31 dealings 32 Fourth Such as it shall purchase at sales under judg	376

any court of law and equity as fully as natural persons 36	377

live stock if the notes or other such obligations repre 30	378

relating solely to transactions to be executed wholly	380

DEPOSIT OF FUNDS OF WAR FINANCE CORPORATION	397

IN MEMBER BANKS OR FEDERAL RESERVE BANKS FEDERAL RESERVE BANKS AS DEPOSITARIES AND FISCAL AGENTS OF WAR FIN...	399

SEC 15 That all net earnings of the Corporation	401

That if any moneys or bullion constituting part of the 37 trust funds or other special funds heretofore required by 38 law to be kept in Treasury offic...	402

pany filed as provided by law during the fiscal year next 26	414

shall prohibit any private banker or any officer director	415

required for its operations shall be accumulated as a 28 reserve fund until such time as the Corporation liquidates 29 under the terms of this title Such...	422

for subsidiary coinage shall for the purposes of this Act 28 be regarded as a sale or resale	423

tor within fifteen days after the notice such interest shall 25 be only up to the fifteenth day after such notice The 26 Director shall deduct the amount ...	424

19	425

or rediscount unless it has at the time of discount or 22	429

mitted by rules and regulations prescribed by the Comp	431

igible commercial paper of corresponding maturities 39	433

The Comptroller of the Currency shall have discretion	434

Credit Corporation or of any bank or trust company 22 which is a member of the Federal Reserve System to re 23 discount for such corporation ban...	453

charged by it for the discount or rediscount of 90day 26	454

joint stock land banks thus designated satisfactory	458

applicant and the character and value of the security 43	460

and when a director officer or employee has been elected 28	463

or employee of any member bank or class A director of 20 a Federal reserve bank who shall first procure the con	469

entered into shall be prescribed by the Secretary of	474

troller of the Currency with the approval of the Secre 33 tary of the Treasury 10 per centum of such capital stock	487

and surplus fund of such association and the total liabili 35 ties to any association of any person or of any corpora 36 tion or firm or company or the ...	488

committee such stenographers services to be rendered 18	490

at a cost not exceeding 1 25 per printed page The 19	501

Sections 5 6 13 and 27 of the Farm Loan Act approved 39	512

Board On the majority vote of the members of the 33 Federal Farm Loan Board any Federal Intermediate 34 Credit Bank shall be required to redisco...	513

security by the deposit of United States bonds or other 23 wise for the safekeeping and prompt payment of	516

shall by such bank be kept separate and distinct from the 41 assets funds and securities of the Federal reserve bank	521

Board	536

be coined out of bullion purchased under authority of 23	539

Treasury	540

Provided however That whenever Federal reserve notes 19 are issued against the security of such obligations or 20 paper the Federal Reserve Board ...	628

and other officers define their duties require bonds of 39	642

sent of the Federal Reserve Board which board is hereby 22 authorized at its discretion to grant withhold or revoke	681

Provided further	691

in proportion to the membership of such committee from 22	698

of subdivision a of section 203 Such indorsement 27 shall be deemed to be waiver of demand notice and 28 protest by such corporation as to its own...	729

TIONS 2	731

40	733

41	734

other Federal reserve notes which may from time	737

part 25	740

26	741

DEPOSITS	750

results of its inquiries together with its recommenda 26	761

public money deposited with them and for the faithful 25 performance of their duties as financial agents of the 26 Government No Government fund...	763

POWERS OF FEDERAL LAND BANKS 30 SEC 13 That every Federal land bank shall have 31 power subject to the limitations and requirements of ...	764

33	765

Credit Corporations may be kept on deposit subject to 28 check in any member bank of the Federal reserve system	766

uary 31 1924	767

29	768

34	769

or firm the liabilities of the several members thereof 38	777

liability direct or indirect for any debentures or other 42	778

liquidation or otherwise in excess of a reasonable reserve 37	784

No certificate issued or right conferred under the pro 26	789

in the Treasury not otherwise appropriated the sum of 33 300000000 which shall be used as a revolving fund for 34 the purpose of making the loans...	791

pay to the bank in full satisfaction of its claim the 37 amount of the unpaid principal and unpaid interest at 38 the rate fixed in the note accrued up to...	809

capital of any Federal land bank for which stock is out 44	832

re 30	839

exception made under 3 hereof shall not apply to	844

provisions of this Act shall upon conviction thereof 8 be subject to a fine of not more than 500 or imprison 9 ment for not more than one year or both	847

11	849

Corporation shall have power under such rules and regu	851

TITLE IV	852

This provision in effect amends sec 5202 of the Revised Statutes and sec 13	853

Reserve System and to receive interest on the same as 37 may be agreed 38 INVESTMENT IN FARM LOAN BONDS	857

ments decrees or mortgages held by the association or 34 shall purchase to secure debts due to it 35	862

shall be fixed by the Federal Reserve Board In case 33	865

1920 author	875

the Federal Reserve	886

producers of agricultural products provided such notes 33 drafts or bills of exchange are secured at the time of 34 discount or purchase by warehous...	897

acquired for any purpose for which it is authorized to 42	903

obligations issued under this title and all such debentures 43	905

which deposited the same sell any such bonds or obli 42	906

of Apr 13 31 consist of three Members of the Banking and Currency izing pro 32 Committee of the Senate to be appointed by the Presi discount 33 ...	907

them and fix the penalty thereof dismiss such officers or 40	920

organized or operating under the laws of the United 33	944

such consent from being an officer director or employee 24 of not more than two other banks banking associations 25 or trust companies whether or...	945

Whenever any such payment is made an amount of 39	959

serve banks	962

Adjusted Service Pay No right to adjusted service pay under the provisions	970

appropriate language to be prescribed in form and sub 45	1002

of the loan but not before the expiration of six months 40	1003

within the United States and transfers of evidences of 32 indebtedness or of the ownership of property between the 33 United States and any foreign ...	1006

States in any city or incorporated town or village of 34	1010

The consent of the Federal Reserve Board may be 30 procured before the person applying therefor has been 31 elected as a class A director of a Fede...	1013

andor shipping documents or of the live stock covered 36	1014

by Act approved Dec 24 1919 amending the Federal Reserve Act as to corporations 49	1017

or as a director of any member bank 33	1018

34	1020

SEC 27 That farm loan bonds issued under the pro 40 visions of this Act by Federal land banks or joint stock 41 land banks shall be a lawful investm...	1027

depositaries The Secretary of the Treasury is hereby 21 authorized to designate depositaries in foreign countries 22 with which shall be deposited all ...	1028

3 To sell or negotiate with or without recourse any 40 note draft or bill of exchange discounted or purchased	1034

But no such association shall hold the possession of any 36 real estate under mortgage or the title and possession 37 of any real estate purchased to se...	1044

36 banks or be used from time to time as well as any other 18 24 37 funds of the Corporation in the purchase or redemption	1053

the Agricultural Credits Act of 1923	1071

hereunder 42 b National Agricultural Credit Corporations organ	1073

that the net return on such certificates of indebtedness	1086

section and for paying the judgments decrees and 36 awards referred to in subdivision e of section 206	1087

countries to provide for current disbursements to the 25 military and naval forces of the United States and to	1102

two per cent bonds used to secure Federal reserve bank 39	1111

When any person elected or chosen as a director or 35 officer or selected as an employee of any bank or other 36 corporation subject to the provisio...	1121

named under Title V no adjusted service certificate 36	1126

of this title shall be assignable or serve as security for 14 any loan Any assignment or loan made in violation 15 of the provisions of this section shall ...	1127

or breaking up of such standard silver dollars 37 SEC 5 That in order to prevent contraction of	1153

f A carrier may issue evidences of indebtedness to 38 the United States pursuant to this section without the 39 authorization or approval of any autho...	1165

by his adjusted service certificate with or without the 33 consent of the beneficiary thereof any amount not in 34 excess of the loan basis as defined i...	1170

The Director may in his discretion accept the certificate 42	1171

Federal and without compliance with any requirement 41 State or Federal as to notification	1173

notes after deducting the amount of the tax upon such 40	1205

shall at no time exceed 10 per centum of the amount of 39	1207

a mend 38 of any bonds issued by the Corporation The Federal sections 15 39 reserve banks are hereby authorized to act as depositaries and 24 in 40...	1210

sections 22	1242

notes of any one person corporation or firm or company 44 or the several members thereof for more than six months 45 in any consecutive twelve ...	1258

of this section of the certificate The rate of interest 36 charged upon the loan by the bank shall not exceed 37 by more than 2 per centum per annum ...	1262

by any Federal reserve bank of obligations or paper	1277

currency the Federal reserve banks may be either per 39 mitted or required by the Federal Reserve Board	1282

secured by such bonds or notes of the United States	1285

the request of the Secretary of the Treasury to issue 41 Federal reserve bank notes in any denominations 42 including denominations of 1 and 2 auth...	1287

year from the date of his election or employment	1293

capital stock of the Corporation equal in par value to the 40	1302

maturity of the certificate The Director shall deduct 40 the amount so paid from the face value as determined in 41 section 501 of the certificate and ...	1303

diplomatic and consular and other representatives of the 27 United States in and about such countries until six 28 months after the termination of the ...	1309

and in respect to Federal reserve notes issued against 29 the security of such obligations or paper shall extend 30 in so far as applicable to the acquisit...	1310

That all moneys of the Corporation not otherwise 39 employed may be kept on deposit subject to check 40 with the Treasurer of the United States or ...	1311

ed by act of Aug ments to 21 22 23 act of	1312

cretion is hereby authorized to deposit in such incor 35 porated banks and trust companies as he may designate 36 the proceeds or any part thereof ar...	1313

This section in effect amends sec 15 Federal Reserve Act which relates to Gov	1315

ernment deposits also sec 19 which prescribes reserve requirements of member banks 42 2 This section further amends sec 15 Federal Reserve Act w...	1316

This section in effect amends secs 13 and 16 of the Federal Reserve	1317

Other editions - View all

Index-digest of the Federal Reserve Act and Amendments: Together with Those ...
Board of Governors of the Federal Reserve System (U.S.),United States. Federal Reserve Board
Full view - 1924

Index-digest of the Federal Reserve Act and Amendments
Board of Governors of the Federal Reserve System (U.S.)
Full view - 1924

Common terms and phrases

Adjusted Compensation Act aggregate Agricultural Credits Act amended appointed Appropriation Act approved authorized bank or trust bills of exchange board of directors capital and surplus capital stock centum centum per annum circulating notes Clayton Act comptroller corporation organized Currency deposits drafts eligible Enemy Act exceed exceeding Farm Loan Act Federal Farm Loan Federal Reserve Act Federal reserve agent Federal reserve bank Federal Reserve Board Federal reserve notes Federal reserve system Finance Corporation Act funds hereby indorsement liabilities Liberty Bond Act line 27 line 30 line 9 located maturity member bank national banking association obligations organization certificate organization committee outstanding paid paid-up payment penalty permitted Pittman Act Postal Savings Act prescribed purchase Revenue Act Second Liberty Bond Secretary sell stock and surplus thereof Third Liberty Bond tion transactions Transportation Act Treasury trust company U. S. Revised Statutes unimpaired capital United War Finance Corporation

Popular passages

Page 261 - To exercise by its board of directors, or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, etc.‎

Appears in 649 books from 1798-2006

Page 755 - The shareholders of every Federal reserve bank shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such bank to the amount of their subscriptions to such stock at the par value thereof in addition to the amount subscribed, etc.‎

Appears in 358 books from 1778-2005

Page 258 - To prescribe by its board of directors by-laws not inconsistent with law or with the regulations of the Federal Reserve Board regulating the manner in which its stock shall be transferred, its directors elected or appointed, its officers and employees appointed, its property transferred, and the privileges granted to it by law exercised and enjoyed. (Sec.‎

Appears in 274 books from 1798-2005

Page 258 - 6.) To exercise by its board of directors, or duly authorized officers or agents, all powers specifically granted by the provisions of this act and such incidental powers as shall be necessary to carry on the business of banking within the limitations prescribed by this act.‎

Appears in 393 books from 1798-2005

Page 511 - To exercise, by its board of directors or duly authorized officers or agents, all powers specifically granted by the provisions of this act and such incidental powers as shall be necessary to carry on the business of banking within the limitations prescribed by this act.‎

Appears in 409 books from 1798-2005

Page 933 - Any Federal reserve bank may discount notes, drafts, and bills of exchange arising out of actual commercial transactions; that is, notes, drafts, and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds of which have been used or are to be used for such purposes.‎

Appears in 259 books from 1893-2005

Page 261 - To prescribe, by its board of directors, by-laws not inconsistent with law, regulating the manner in which its stock shall be transferred, its directors elected or appointed, its officers appointed, its property transferred, its general business conducted, and the privileges granted to it by law exercised and enjoyed. (US‎

Appears in 273 books from 1798-2005

Page 755 - The stockholders of every national banking association shall be held individually responsible for all contracts, debts, and engagements of such association, each to the amount of his stock therein, at the par value thereof, in addition to the amount invested in such stock,‎

Appears in 388 books from 1778-2005

Page 897 - The stockholders of every national banking association shall be held individually responsible for all contracts, debts, and engagements of such association, each to the amount of his stock therein, at the par value thereof in addition to the amount invested in such stock.‎

Appears in 388 books from 1778-2005

Page 762 - Drawn under regulations to be prescribed by the Federal Reserve Board by banks or bankers in foreign countries or dependencies or insular possessions of the United States for the purpose of furnishing dollar exchange as required by the usages of trade in the respective countries, dependencies, or insular possessions.‎

Appears in 259 books from 1820-2003

Bibliographic information

Title	Index-digest of the Federal Reserve Act and Amendments: Together with Those Provisions of Other Acts which Affect the Federal Reserve System
Authors	Board of Governors of the Federal Reserve System (U.S.), United States. Federal Reserve Board
Contributor	United States
Edition	3
Publisher	U.S. Government Printing Office, 1924
Length	1346 pages

Export Citation	BiBTeX EndNote RefMan

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