FROM T^.E UNITED STATES GOVERNMENT THROUGH THB SUPERINTENDENT OF DOCUMENTS g 506 Rev. Stat, prohibits the withdrawal of this book, for home use. 400s Cornell University Library HG 2560.A5 1918 ,ndex-d-.gesto1theFeder^res^^^^^^^^ 3 1924 021 158 328 Cornell University Library The original of this book is in the Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924021158328 INDEX-DIGEST OF THE FEDERAL RESERVE ACT AND AMENDMENTS SECOND EDITION The Act of December 23, 1913 The Act of August 4, 1914 The Act of August 15, 1914 The Act of March 3, 1915 The Act of September 7, 191ft The Act of June 21, 1917 And those provisions of the following Acts which affect the Federal Reserve System: The Act of May 18, 1916 The Act of July 17, 1916 The Act of April 24, 1917 , The Act of September 24, 1917 CompQed and Published under the Direction of The Federal Reserve Board WASHINGTON GOVERNMENT PRINTING OFFICE ,1918 ADDITIONAL TOPIES OP Tins PUBUCATtON MAY BE PROCOREn PROM THE FEDERAL RESERVE HOARD OR FROM ANY FEDERAL RESERVE BANE AT Jl.OO Per Copy Houno in Pape« $1.2S Per Copy Bound in Bdcerau FEDERAL RESERVE ACT. (Approved Dec. 23, 1913.) As amended Aug. 4, 1914 (38 Stat., 682; Chap. 22S); Aug. 15, 1914 (38 Stat., 691; Chap. 232); Mar. 3, 1915 (38 Stat., 958; Chap. 93); Sept. 7, 1916 (39 Stat., 752; Chap. 461); Jane 21, 1917 (40 Stat., Chap. 32). An Act To provide for the establishment of Federal reserve tanks, to furnish an elastic currency, to afford means of rediscounting com- mercial paper, to establish a more effective supervision of banking in the United States, and for other purposes. Be it enacted hy the Senate and House of Representatives l of the United States cf America in Congress assembled, 2 That tho short title of this Act shall be the "Federal 3 Rosorvo Act." 4 Wherever the word "bank" is used in this Act, tho 5 word shall be held to include State bank, banking asso- 6 elation, and trust company, except where national banks 7 or Federal reserve banks arc specifically referred to. 8 The terms "national bank" and "national banking 9 association" used in this Act shall be held to be s^'nony- 10 mous and interchangeable. The term "member bank" 11 shall be held to mean any national bank, State bank, or 12 bank or trust company which has become a member of is one of the reserve banks created by this Act, Tho term 14 "board" shall bo hold to mean Federal Reserve Board; 15 the term "district" shaU be held to mean Federal reserve IG district; the term "reserve bank" shall bo held to mean 17 Federal reserve bank. 18 FEDERAL RESERVE DISTRICTS. 19 Sec, 2. As soon as practicable, the Secretary of the 20 Treasury, the Secretary of Agriculture and the Comptroller 21 of the Currency, acting as "The Reserve Bank Organi- 22 zation Committee," shall designate not less than eight 23 nor more than twelve cities to be Imown as Federal re- 24 serve cities, and shall divide the continental United 25 States, excluding Alaska, into districts, each district to 26 contain only one of such Federal reserve cities. The do- 27 termination of said organization committee shall not be 28 subject to review except by the Federal Reserve Board 20 when organized: Provided, That tho districts shall bo 30 3 IKDEX-DIGEST OF FEDEEAL KESEEVE ACT AND AMENDMENTS. 1 apportioned with due regard to the convenience and cua- 2 tomary course of business and shall not necessarily be 3 cotcrrainous with any State or States. The districts 4 thus created may be readjusted and new districts may 5 from time to time be created by the Federal Reserve 6 Board, not to exceed twelve in all. Sucli districts shall 7 be Imown as Federal reserve districts and may be desig- 8 natod by number. A majority of the organization, com- 9 mittee shall constitute a quorum with authority to act. 10 Said organization committee shall be authorized to 11 employ counsel and expert aid, to take testimony, to send' 12 for persons and papers, to administer oaths, and to make 13 such investigation as may be deemed necessary by the 14 said committee in determining the reserve districts and 15 in designating the cities within such districts where such 16 Federal reserve banks shall be severally located. The 17 said committee shall supervise the organization in each 18 of the cities designated of a Federal reserve bank, which 19 shall include in its title the name of the city in which it is 20 situated, as "Federal Reserve Bank of Chicago." 21 Under regulations to be prescribed by the organization 22 committee, every national banking association in the 23 United States is hereby required, and every eligible bank 24 in the United States and every trust company within the 25 District of Columbia, is hereby authorized to signify in 26 writing, within sixty days after the passage of this Act, 27 its acceptance of the terms and provisions hereof. When 28 the organization committee shall have designated the 29 cities in which Federal reserve banks arc to be organized, 30 and fixed the geographical limits of the Federal reserve 31 districts, every national banking association within that 32 district shall be required within thirty days after notice 33 from the organization committee, to subscribe to the 34 capital stock of such Federal reserve bank in a sum equal 35 to six per centum of the paid-up capital stock and surplus 36 of such bank, one-sixth of the subscription to be payable 37 on call of the organization committee or of the Federal 38 Reserve Board, one-sixth within three months and one- 39 sixth within six months thereafter, and the remainder of 40 the subscription, or any part thereof, shall be subject to 41 call when deemed necessary by the Federal Reserve 42 Board, said payments to be in gold or gold certificates. 43 The shareholders of every Federal reserve bank shall be 44 held individually responsible, equally and ratably, and not INDEX-DIGEST OF FEDERAL liESEKVE ACT AND AMENDMENTS., one for another, for all contracts, debts, and engagements l of such bank to the extent of the amount of their sub- 2 scrip tions to such stock at the par value thereof in addi- 3 tion to the amount subscribed, whether such subscrip- 4 tions have been paid up in whole or in part, under the 5 provisions of this Act. 6 Any national bank failing to signify its acceptance of 7 the terms of this Act within the sixty days aforesaid, 8 shall cease to act as a reserve, agent, upon thirty days' 9 notice, to be given within the discretion of the said or- 10 ganization committee or of the Federal Eeserve Board, il Should any national banking association in the United 12, States now organized faU within one year after the pas- 13, sage of this Act to become a member bank or fail to com- 14 ply with any of the provisions of this Act applicable 15 thereto, all of the rights, privileges, and franchises of 16 such association granted to it under the national-bank 17 Act, or under the provision of this Act, shall be thereby 18 forfeited. Any noncompliance with or violation of this 19 Act shall, however, be determined and adjudged by any 20 court' of the United States of competent jurisdiction in a 21 suit brought for that purpose in the district or territory in 22 which such bank is located, under direction of the Federal 23 Reserve Board, by the ComptroEer of the Currency in 24 his own name before the association shall be declared 25 dissolved. In cases of such noncompliance or violation, 26 other than the farure to become a member bank under 27 the provisions of this Act, every director who participated 28 in or assented to the same shall be held liable in his per- 29 sonal or individual capacity for all damages which said 30 bank, its shareholders, or any other person shall have 31 sustained in consequence of such violation. 32 Such dissolution shall not take, away or impair any 33 remedy against such corporation, its stockholders or 34 office.s, for any liability or penalty which shall have 35 been previously incurred. 36 Should the subscriptions by banks to the stock of said 37 Federal reserve banks or any one or more of them be, in 38 the judgment of the organization committee, insufficient 39. to provide the amount of capital required theefor, then 40 and in that event the said organization committee may, 41 under conditions and regulations to be prescribed by it, 42 offer to public subscription at par such an amount of 43 stock in said Federal reserve banks, or any one or more 44 IKDEX-DIGEST OF FEDERAL KESERVE ACT AND AMENDMENTS. 1 of them, as said committee shall determine, subject to 2 the same conditions as to payment and stock liability 3 as provided for member banks. 4 No individual, copartnership, or corporation other 5 than a member bank of its district shall be permitted to 6 subscribe for or to hold at any time more than $25,000 7 par value of stock in any Federal reserve bank. Such 8 stock shall be known as public stock and may be trans- 9 ferred on the books of the Federal reserve bank by the 10 chairman of the board of directors of such bank. 11 Should the total subscriptions by banks and the public 12 to the stock of said Federal reserve banks, or any one or 13 more of them, be, in the judgment of the organization 14 conunittce, insufficient to provide the amount of capital 15 required therefor, then and in that event the said organi- 16 zation committee shall allot to the United States such an 17 amount of said stock as said committee shall determine. 18 Said United States stock shall be paid for at par out of 19 any money in the Treasury not otherwise appropriated, 20 and shall be held by the Secretary of the Treasury and 21 disposed of for the benefit of the United States in such 22 manner, at such times, and at such price, not less than 23 par, as the Secretary of the Treasury shall determine. 24 Stock not held by member banks shall not be entitled 25 to voting power. 26 The Federal Reserve Board is hereby empowered to 27 adopt and promulgate rules and regulations governing 28 the transfers of said stock. 29 No Federal reserve bank shall commence business with 30 a subscribed capital less than $4,000,000. The organiza- 31 tion of reserve districts and Federal reserve cities shall 32 not be construed as changing the present status of reserve 33 cities and central reserve cities, except in so far as this 34 Act changes the amount of reserves that may be carried 35 with approved reserve agents located therein. The or- 30 ganization committee shall have power to appoint such 37 assistants and incur such expenses in carrying out the 38 provisions of this Act as it shall deem necessary, and such 39 expenses shall be payable by the Treasurer of the United' 40 States upon voucher approved by the Secretary of the 41 Treasury, and the sum of $100,000, or so much thereof as 42 may be necessary, is hereby appropriated, out of any 43 moneys in the Treasury not otherwise appropriated, for 44 the payment of such expenses. tNDEX-DIGESr OF FEDERAL RESERVE ACT? AND AMENDMENT^. 7 BRANCH OFFICES. 1 Sec. 3. The Federal Reserve Board may permit or 2 p/hy"™"* require any Federal reserve bank to establish branch 3 ^jfi^n'^"^ banks, within the Federal reserve district in which it is 4 |'»'-> "^w. located or within the district of any Federal reserve 5 bank which may have been suspended. Such branches, G subject to such rules and regulations as the Federal Re- 7 serve Board may prescribe, shall be operated under the 8 .supervision of a board of directors to consist of not more than seven nor less than three directors, of whom a 10 majority of one shall be appointed by the Federal reserve 11 bank of the district, and the remaining directors by the 12 Federal Reserve Board. Directors of branch banks 13 shaU hold office during the pleasure of the Federal Re- 14 serve Board. 15 FEDERAL RESERVE BANKS. 16 Sec. 4. When the organization committee shall have 17 ed^bT*™Spl «stabHshed Federal reserve districts as provided in sec- 18 ^["^Jjj''""^ tion two of this Act, a certificate shall bo filed with the 19 ||»'-> <^p- Comptroller of the Currency showing the geographical 20 limits of such districts and the Federal reserve city 21 designated in each of such districts. The Comptroller of 22 the Currency shall thereupon cause to be forwarded to 23 «ach national bank located in each district, and to such 24 other banks declared to be eligible by the organization 25 committee which may apply therefor,' an application 26 blank in form to bo approved by the organization com- 27 mittee, which blank shall contain a resolution to be 28 adopted by the board of directors of each bank executing 29 such apphcation, authorizing a subscription to the capi- 30 tal stock of the Federal reserve bank organizing in that 31 district in accordance with the provisions of this Act. 32 When the minimum amount of capital stock prescribed 33 by this Act for the organization of any Federal reserve 34 bank shall have been subscribed and allotted, the organi- 35 zation committee shall designate any five banks of those 36 whose applications have been received, to execute a cer- 37 tificate of organization, and thereupon the banks so des- 38 ignated shall, under their seals, make an organization 30 certificate which shall specifically state the name of such 40 Federal reserve bank, the territorial extent of the district 41 over which the operations of such Federal reserve bank 42 ^ EsTDEX-DIGEST OF FBDEEAL KESEKVE ACT AND AMENDMENTS. : 1 are to be carried on, the city and State ia which said bank 2 is to be located, the amount of capital stock and the num- 3 ber of shares into which the same is divided, the name 4 and place of doing business of each bank executing such 5 certificate, and of aU banks which have subscribed to the G capital stock of such Federal reserve bank and the num- 7 bor of shares subscribed by each, and the fact that the ' 8 certificate is made to enable those banks executing same, 9 and all banks which have subscribed or may thereafter 10 subscribe to the capital stock of such Federal reserve 11 bank, to avaU themselves of the advantages of this Act, 12 The said organization certificate shall be acknowledged 13 before a judge of some court of record or notary public; 14 and shall be, together with the acknowledgment thereof, 15 authenticated by the seal of such court, or notary, trans- 16 mitted to the Comptroller of the Currency, who shall file, 17 record and carefully preserve the same in his office. 18 Upon the filing of such certificate with the Comptroller 19 of the Currency as aforesaid, the said Federal reserve bank 20 shall become a body corporate, and as such, and in the , w , 21 name designated ia such organization certificate, shall 22 have power — 23 First. To adopt and use a corporate seal. 24 Second. To have succession for a period of twenty years 25 from its organization unless it is sooner dissolved by an 26 Act of Congress, or unless its franchise becomes forfeited 27 by some violation of law. 28 Third. To make contracts. 29 Fourth. To sue and be sued, complain and defend, in 30 any court of law or equity. 31 Fifth. To appoint by its board of directors such officers 32 and employees as are not otherwise provided for in this 33 Act, to define theb duties, require bonds of them and fix 34 the penalty thereof, and to dismiss at pleasure such offi- 35 cers or employees. 36 Sixth. To prescribe by its board of directors, by-laws 37 not inconsistent with law, regulating the manner in which 38 its general business may be conducted and the privileges 39 granted to it by law may be exercised and enjoyed. 40 Seventh. To exercise by its board of directors, or 41 duly authorized officers or agents, aU powers specifically 42 granted by the provisions of this Act and such incidental 43 powers as shall be necessary to carry on the business of 44 banking within the limitations prescribed by this Act, INDEX-DIGEST OF FEDEKAL EESEEVE ACT AND AMENDMENTS. Eighth. Upon deposit with the Treasurer of the 1 United States of any bonds of the United States in the 2 manner provided by existing law relating to national 3 banks, to receive from the Comptroller of the Currency . 4 circulating notes in blank, registered and, countersigned 5 as provided by law, equal in amount to the par value of 6 the bonds so deposited, such notes to be issued under the 7 sam3 conditions and provisions ot law as relate to the 8 i3su3 of circulating notes of national banks secured by 9 bonds of the United States bearing the circulating priv- 10 ilege, except that the issue of such notes shall not be 11 limited to the capital stock of such Federal reserve bank. 12 But no Federal reserve bank shall transact any busi- 13 ness except such as is incidental and necessarily prelimi- 14 nary to its organization until it has been authorized by 15 the Comptroller of the Currency to commence business l.c under the provisions ot this Act. 17 Every Federal reserve bank shall be conducted under IS tha supervision and control of a board of directors. 19 The board of directors shall perform the duties usually 20 appertaining to the office of directors of banking associa- 21 tions and all such duties as are prescribed by law. 22 Said board shall administer the afTairs of said bank 23 fairly and impartially and -without discrimination in 24 favor of or against any member bank or banks and shall, 25 subject to the ■ provisions of law and the orders of the 26 Federal Reserve Board, extend to each member bank 27 such discounts, advancements and accommodations as 28 may be safely and reasonably made with due regard for 29 the claims and demands ot other member banks. 30 Such board of directors shall be selected as hereinafter 31 specified and shall consist ol nine members, holdirg office 32 for three years, and divided into three classes, designated 33 as classes A, B, and C. 34 Class A shall consist of three members, who shall be 35 chosen by and be representative of the stock-holding 36 banks. 37 Class B shall consist of three members, who at the time 38 of their election shall be actively engaged in their district 39 in commerce, agriculture or some other industrial pursuit. 40 Class C shall consist of throe members who shall be 41 designated by the Federal Reserve Board. When the 42 necessary subscriptions to the capital stock have been 43 obtained for the organization of any Federal reserve 44 10 INDEX-DIGEST OP FEDERAL RESERVE ACT AND AMENDMENTS. 1 bank, the Federal Reserve Board shall appoint the class 2 C directors and shall designate one of such directors as 3 chairman of the board to be selected. Pending the 4 designation of such chairman, the organization committee 5 shall exercise ihe powers and duties appertaining to the 6 office of chairman in the organization of such Federal 7 reserve bank. 8 No Senator or Representative in Congress shall be a 9 member of the Federal Reserve Board or an officer or a 10 director of a Federal reserve bank. 11 No director of class B shall be an cfficer, director, or 12 employee of any bank. 13 No director of class C shall be an officer, director, 14 employee, or stockholder of any bank. 15 Directors of class A and class B shall be chosen in the 16 following manner: 17 The chairman of the board of directors of the Federal 18 reserve bank of the district in which the bank is situated 19 or, pending the appointment of such chairman, ithe 20 organization committee shall classify the member banks 21 of the district into three general groups or divisions. 22 Each group shall contain as nearly as may be one-third of 23 the aggregate number of the member banks of the dis- 24 trict and shall consist, as nearly as may be, of banks of 25 similar capitalization. The groups shall be designated 26 by number by the chairman. 27 At a regularly called meeting of the board of directors 28 of each member bank in the district it shaU elect by ballot 29 a district reserve elector and shall certify his name to the 30 chairman of the board of directors of the Federal reserve 31 bank of the district. The chairman shall make lists of 32 the district reserve electors thus named by banks in each 33 of the aforesaid three groups and shall transmit one list 34 to each elector in each group. 35 Each member bank shall be permitted to nominate to 30 the chairman one candidate for director of class A and one 37 candidate for director of class B. The candidates so 38 nominated shaU be hsted by the chairman, indicating by 39 whom nominated, and a copy of said Ust shall, within 40 fifteen days after its completion, be furnished by the 41 chairman to each elector. 42 Every elector shall, within fifteen days after the receipt 43 ot the said list, certify to the chairman his first, second, 44 and other choices of a director of class A and class B, 45 respectively, upon a preferential baUot, on a form fur- INDEX-DIGEST OE FEDERAL EESERVE ACT AND AMENDMENTS. 11 nished by the chairman of the board of directors of the l Federal reserve bank of the district. Each elector shall 2 make a cross opposite the name of the first, second, and 3 other choices for a director of class A and for a director 4 of class B, but shall not vote more than one choice for 5 any one candidate. 6 Any candidate having a majority of aU votes cast in 7 the column of first choice shall be declared elected. If 8 no candidate have a majority of aU the votes in the first 9 column, then there shall be added together the votes cast XO by the electors for such candidates in the second column 11 and the votes cast for the several candidates in the first 12 column. If any candidate then have a majority of the 13 eleectors voting, by adding together the first and second 14 choices, he shall be declared elected. If no candidate 15 have a majority of electors voting when the first and ,16 second choices shall have been added, then the votes cast 17 in the third column for other choices shall be added to- 18 gether in like manner, and the candidate then having the 19 highest number of votes shall be declared elected. An 20 immediate report of election shall be declared. 21 Class C directors shall be appointed by the Federal 22 Reserve Board. They shall have been for at least two 23 years residents of the district for which they are ap- 24 pointed, one of whom shall be designated by said board 25 as chairman of the board of directors of the Federal 26 reserve bank and as "Federal reserve agent." He shall 27 bo a person of tested banking experience, and in addition 28 to his duties as chairman of the board of directors of the 29 Federal reserve bank he shall be required to maintain, 30 under regulations to be established by the Federal 31 Eeserve Board, a local office of said board on the prem- 32 ises of the Federal reserve bank. He shall make regular 33 reports to the Federal Reserve Board and shall act as its 34 official representative for the performance of the functions 35 conferred upon it by this act. He shall receive an annual 36 compensation to be fixed by the Federal Reserve Board 37 and paid monthly by the Federal reserve bank to which 38 he is designated. One of the directors of class C shall be 39 appointed by the Federal Reserve Board as deputy 40 chairman to exercise the powers of the chairman of the 41 board when necessary. In case of the absence of the 42 chairman and deputy chairman, the third class C director 43 shall preside at meetings of the board. 44 12 INDEX-DIGEST OF FEDERAL KESEEVE ACT AND AMENDMENTS. 1 Subject to the approval of the Federal Reserve Board, 2 the Federal reserve agent shall appoint one or more 3 assistants. Such assistants, who shall be persons of 4 tested banking experience, shall assist the Federal reserve 5 agent in the performance of his duties and shall also have 6 power to act in his name and stead during his absence or 7 disability. The Federal Reserve Board shaU require 8 such bonds of the assistant Federal reserve agents as it 9 may deem necessary for the protection of the United 10 States. Assistants to the Federal reserve agent shall. 11 receive an annual compensation, to be fixed and paid in 12 the same manner as that of the Federal reserve agent. 13 Directors of Federal reserve banks shall receive, in 14 addition to any compensation otherwise provided, a 15 reasonable allowance for necessary expenses in attending. 16 meetings of their respective boards, which amount shall 17 be paid by the respective Federal reserve banks. Any 18 compensation that may be provided by boards of di- 19 rectors of Federal reserve banks for directors, officers or 20 employees shall be subject to the approval of the Federal 21 Reserve Board. 22 The Reserve Bank Organization Committee may, in 23 organizing Federal reserve banks, call such meetings of 24 bank directors in the several districts as may be necessary 25 to carry out the purposes of this Act, and may exercise 26 the functions herein conferred upon the chairman of the 27 board of directors of each Federal reserve bank pending 28 the complete organization of such bank. 29 At the first meeting of the fuU board of directors of each 30 Federal reserve bank, it shall be the duty of the directors 31 of classes A, B, and C, respectively, to designate one of the 32 members of each class whose term of office shall expire 33 in one year from the first of January nearest to date of 34 such meeting, one whose term of office shall expire at the 35 end of two years fropa said date, and one whose term of 36 office shall expire at the end of three years from said date. 37 Thereafter every director of a Federal reserve bank 38 chosen as hereinbefore provided shall hold office for a 39 term of three years. Vacancies that may occur in the 40 several classes of directors of Federal reserve banks may 41 be filled in the manner provided for the original selection 42 of such directors, such appointees to hold office for the 43 unexpired terms of their predecessors. INDEX-DIGEST OF EEDEEAL KESEBVE ACT AND AMENDMENTS. STOCK issues; increase and decrease of CAPITAL. 1 Sec. 5. The capital stock of each Federal reserve bank 2 shall be divided into shares of $100 each. The out- 3 standing capital stock shall be increased from time to 4 time as member banks increase their capital stock and 5 surplus or as additional banks become members, and 6 may be decreased as member banks reduce their capital 7 stock or surplus or cease to be members. Shares of the 8 capital stock of Federal reserve banks owned by member 9 banks shall not be transferred or hypothecated. When 10 a member bank increases its capital stock or surplus, 11 it shall thereupon subscribe for an additional amount 12 of capital stock of the Federal reserve bank of its dis- 13 trict equal to six per centum of the said increase, one- 14 half of said subscription to be paid in the manner herein- 15 before provided for original subscription, and one-half 16 subject to call of the Federal Keserve Board. A bank 17 applying for stock in a Federal reserve bank at any 18 time after the organization thereof must subscribe for 19 an amount of the capital stock of the Federal reserve 20 bank equal to six per centum of the paid-up capital 21 stock and surplus of said applicant bank, paying therefor 22 its par value plus one-half of one per centum a month 23 from the period of the last dividend. When the capital 24 stock of any Federal reserve bank shall have been in- 25 creased either on account of the increase of capital stock 26 of member banks or on account of the increase in the 27 number of member banks, the board of directors shall 28 cause to be executed a certificate to the Comptroller of 29 the Currency showing the increase in capital stock, the 30 amount paid in, and by whom paid. When a member 31 bank reduces its capital stock it shall surrender a pro- 32 portionate amount of its holdings in the capital of said 33 Federal reserve bank, and when a member bank volun- 34 tarily liquidates it shall surrender all of its holdings of 35 the capital stock of said Federal reserve bank and be 36 released from its stock subscription not previously 37 called. In either case the shares surrendered shall be 38 canceled and the member bank shall receive in payment 39 therefor, under regulations to be prescribed by the 40 Federal Reserve Board, a sum equal to its cash-paid 41 subscriptions on the shares surrendered and one-half 42 of one per centum a month from the period of the last 43 dividend, not to exceed the book value thereof, less 44 i3 14 INDEX-DIGEST OP FEDEEAL KESEEVE ACT AND AMENDMENTS. 1 any liability of such member bank to the Federal reserve 2 bank. 3 Sec. 6. If any iremter bank eh£ll te declared irsol- 4 Tcnt and a receiTcr af pointed llicre:^or, the stock held 5 by it in said Federal reserve bank shall be canceled, with- 6 out impairment of its hability, and aU cash-paid sub- 7 scriptions on said stock, with one-half of one per centum 8 per month from the period of last dividend, not to exceed 9 the book value thereof, shall be first applied to aU debts 10 of the insolvent member bank to the Federal reserve 11 bank, and the balance, if any, shall be paid to the re- 12 ceiver of the insolvent bank. Whenever the capital 13 stock of a Federal reserve bank is reduced, either on 14 account of a reduction in capital stock of any member 15 bank or of the Hquidation or insolvency of such bank, 16 the board of directors shall cause to be executed a cer- 17 tificate to the Comptroller of the Currency showing such 18 reduction of capital stock and the amount repaid to 19 such bank. • 20 DIVISION OF EAKNINGS. 21 Sec. 7. After all necessary expenses of a Federal 22 reserve bank have been paid or provided for, the stock- 23 holders shall be entitled to receive an annual dividend 24 of six per centum on the paid-in capital stock, which 25 dividend shall be cumulative. After the aforesaid divi- 26 dend claims have been fully met, all the net earnings 27 shall be paid to the United States as a franchise tax, 28 except that one-half of such net earnings shall be paid 2j into a surplus fund imtil it shall amount to forty per 30 centum of the paid-in capital stock of such bank. 31 The net earnings derived by the United States from 32 Federal reserve banks shall, in the discretion of the 33 Secretary, be used to supplement the gold reserve held 34 against outstanding United States notes, or shall be 35 applied to the reduction of the outstanding bonded 36 indebtedness of the United States under regulations 37 to be prescribed by the Secretary of the Treasury, 38 Should a Federal reserve bank be dissolved or go into 39 hquidation, any surplus remaining, after the payment 40 of all debts, dividend requirements as hereinbefore 41 provided, and the par value of the stock, shall be paid 42 to and become the property of the United States and shall 43 be similarly apphed. 44 Federal reserve banks, including the capital stock and 45 surplus therein, and the income derived therefrom shall INDEX-DIGEST OF FEDERAL EESEEVE ACT AND AMENDMENTS. 15' be exempt from Federal, State, and local taxation, l except taxes upon real estate. 2 Sec. 8. Section fifty-one hundred and fifty-four, United 8 States Revised Statutes, is hereby amended to read as 4 follows: 5 Any bank incorporated by special law of any State G or of the United States or organized under the general 7 laws of any State or of the United States and having an 8 unimpaired capital sufficient to entitle it to become a 9 national banking association under the provisions of the 10 existing laws may, by the vote of the shareholders owning ii not less than fifty-one per centum of the capital stock of 12 such ' bank or banking association, with the approval 13 of the Comptroller of the Currency be converted into a 14 national banking association, with any name approved 15 by the Comptroller of the Currency: 16 Provided, however, That said conversion shall not be in 17 contravention of the State law. In such case the articles 18 of association and organization certificate may be exe- 19 cuted by a majority of the directors of the bank or bank- 20 ing institution, and the certificate shall declare that 21 the owners of fifty-one per centum of the capital stock 22 have authorized the directors to make such certificate 23 and to change or convert the bank or banking institution 24 into a national association. A majority of the directors, 25 after executing the articles of association and the organi- 26 zation certificate, shall have power to execute aU other 27 papers and to do whatever may be required to make its 28 organization perfect and complete as a national associa- 29 tion. The shares of any such bank may continue to be 30 for the same amount each as they M^ere before the con- 31 version, and the directors may continue to be directors 32 of the association until others are elected or appointed in 33 accordance with the provisions of the statutes of the 34 United States. When the Comptroller has given to 35 such bank or banking association a certificate that the 36 provisions of this Act have been complied with, such 37 bank or banking association, and all its stockholders, 38 officers, and employees, shall have the same powers and 39 privileges, and shall be subject to the same duties, 40 liabilities, and regulations, in all respects, as shall have 41 been prescribed by the Federal Reserve Act and by the 42 national banking Act for associations originally organized 43 as national banking associations. 44 16 INDEX-DIGEST OF FEDEEAL KESERVE ACT AND AMENDMENTS. '1 STATE BANKS AS MEMBERS. j/,fy»™f°^ ,2 Sec. 9. Any bank incorporated by special law of any 2i?T9i7'"("o ^ State, or organized under the general laws of any State Stat., chap. 4 or of the United States, desiring to become a member 5 of tbe Federal Reserve System, may make application 6 to the Federal Reserve Board, under such rules and 7 regulations as it may prescribe, for the right to subscriho 8 to the stock of the Federal reserve bank organized within 9 the district in which the applying bank is located. Such 10 application shall be for the same amount of stock that 11 the applying bank would be required to subscribe to as a 12 national bank. The Federal Reserve Board, subject 13. to such conditions as it may presciibe, may permit 14 the applying bank to become a stockholder of such 15 Federal reserve bank. 16 In acting upon such applications the Federal Reserve 17 Board shall consider the financial condition of the apply- 18 ing bank, the general character of its management, and 19 whether or not the corporate powers exercised are con- 20 sistent with the purposes of this act. 21 Whenever the Federal Reserve Board shall permit the 22 applying bank to become a stockholder in the Federal 23 reserve bank of the district its stock subscription shall 24 be payable on call of the Federal Reserve Board, and 25 stock issued to it shall be held subject to the provisions 26 of this act. 27 All banks admitted to membership under authority of 28 this section shall be required to comply with the reserve 29 and capital requirements of this act and to conform to 30 those provisions of law imposed on national banks which 31 prohibit such banks from lending on or purchasing their 32 own stock, which relate to the withdrawal or impairment 33 of their capital stock, and which relate to the payment of, 34 unearned dividends. Such banks and the officers, agents, 35 and employees thereof shall also be subject to the pro- 36 visions of and to the penalties prescribed by section flfty- 37 two hundred and nine of the Revised Statutes, and shall 38 be required to make reports of condition and of the pay- 39 ment of dividends to the Federal reserve bank of which 40 they become a member. Not less than three of such re- 41 ports shall bo made annually on call of the Federal reserve 42 bank on dates to be fixed by the Federal Reserve Board. 43 Failure to make such reports within ten days after the 44 date they are called for shall subject the offending bank INDEX-DIGEST OF EEDEKAL RESERVE ACT AND AMENDMENT^. 17 to a penalty of $100 a day for each day that it fails to 1 transmit such report; such penalty to be collected by the 2 Federal reserve bank by suit or otherwise. 3 As a condition of membership such banks shall likewise 4 be subject to examinations made by direction of the Fed- 5 <3ral Eeserve Board or of the Federal reserve bank by 6 examiners selected or approved by the Federal Reserve 7 Board. 8 Whenever the directors of the Federal reserve bank 9 shall approve the examinations made by the State author- 10 ities, such examinations and the reports thereof may be 11 accepted in heu of examinations made by examiners 12 selected or approved by the Federal Reserve Board : Pro- 13 vided, Ticwever, That when it deems it necessary the board 14 may order special examinations by examiners of its own 15 selection and shall in all cases approve the form of the 16 report. The expenses of all examinations, other than 17 those made by State authorities, shall be assessed against 18 and paid by the banks examined. 19 If at any time it shall appear to the Federal Reserve 20 Board that a member bank has failed to comply with the 21 provisions of this section oi- the regulations of the Federal 22 Reserve Board made pursuant thereto, it shall be within 23 the power of the board after hearing to require such bank 24 to surrender its stock in the Federal reserve bank and to 26 forfeit all rights and privileges of membership. The 20 Federal Reserve Board may restore membership upon 27 An eiTcr in Uie ofOeiai text. tbcuU read, sec. 19. INDEX-DIGEST OF FEDEBAL EESEBVE ACT AND AMEXDMEXTS. 23 ing the pchod of suspension, and, when deemed advisable, l to liquidate or reorganize such bank. 2 (i) To require bonds of Federal reserve agents, to make 3 regulations for the safeguarding of all collateral, bonds, 4 Federal reserve notes, money or property of any kind 5 deposited in the hands of such agents, and said board 6 shall perform the duties, functions, or services specified 7 in this Act, and make all rules and regulations necessary 8 to enable said board effectively to perform the same. 9 (j) To exercise general supervision over said Federal 10 reserve banks. 11 (k) To grant by special permit to national banks ap- 12 plying therefor, when not in contravention of State or 13 local law, the right to act as trustee, executor, adminis- 14 trator, or registrar of stocks and bonds under such rules 15 and regulations as the said board may prescribe. 16 G) To employ such attorneys, experts, assistants, 17 clerks, or other employees as may be deemed necessary 18 to conduct the business of the board. All salaries and 19 fees shall be fixed in advance by said board and shall be 20 paid in the same manner as the salaries of the members 21 of said board. All such attorneys, experts, assistants, 22 clerks, and other employees shall be appointed without 23 regard to the provisions of the Act of January sixteenth, 24 eighteen himdred and eighty-three (volume twenty-two, 25 United States Statutes at Large, page four himdred and 26 three), and amendments thereto, or any rule or regulation 27 made in pursuance thereof: Provided, That nothing 28 herein shall prevent the President from placing said 29 employees in the classified service. 30 (m) Upon the aflBrmative vote of not less than five of 31 its members the Federal Keserve Board shall have power, 32 from time to time, by general ruling, covering all dis- 33 tricts alike, to permit member banks to carry in the Fed- 34 eral reserve banks of their respective districts any portion 35 of their reserves now required by section nineteen of this 36 Act to be held in their own vaults. 37 FEDEEAL ADVISOEY COUNCIL. 38 Sec. 12, There is hereby created a Federal Advisory 39 Council, which shall consist of as many members as there 40 are Federal reserve districts. Each Federal reserve bank 41 by its board of directors shall annually select from its 42 own Federal reserve district one member of said council, 43 24 INDEX-DIGEST OF FEDEKAL EESERVE ACT AND AMENDMENTS. 1 who shall receive such compensation and allowances as 2 may be fixed by his board of directors subject to the 3 approval of the Federal Reserve Board. The meetings 4 of said advisory council shall be held at Washington, 5 District of Columbia, at least four times each year, and 6 oftener if called by the Federal Eeserve Board. Th& 7 council may in addition to the meetings above provided 8 for hold such other meetings in Washington, District of 9 Columbia, or elsewhere, as it may deem necessary, may 10 select its own officers and adopt its own methods of pro- 11 cedure, and a majority of its members shall consitute a 12 quorum for the transaction of business. Vacancies in 13 the council shall be filled by the respective reserve banks, 14 and members selected to fill vacancies, shall serve for the 15 unexpired term. 16 The Federal Advisory Council shall have power, by 17 itself or through its officers, (1) to confer directly with the 18 Federal Reserve Board on general business conditions; 19 (2) to make oral or written representations concerning 20 matters within the jurisdiction of said board; (3) to call 21 for information and to mal^e recommendations in regard 22 to discount rates, rediscount business, note issues, reserve 23 conditions in the various districts, the purchase and sale 24 of gold or securities by reserve banks, open-market 25 operations by said banks, and the general affairs of the 26 reserve banking system. 27 POWERS OF FEDERAL RESERVE BANKS. edby™tSp^ ^^ ^®''" ^^* ^^J Federal reserve bank may receive from s^ilis^'dis ^^ ^^y ^^ ^*^ member banks, and from the United States, chaVo'o-'aet ^^ deposits of Current funds in lawful money, national-bank sn)?Vl9i6 ^^ notes, Federal reserve notes, or checks, and drafts, pay- <39|tatv*2, 32 able upon presentation, and also, for collection, maturings ^ne2i''im ^^ notes and biUs ; or, solely for purposes of exchange or of (40 Stat., 34 coUestion, may receive from other Federal reserve banks 35 deposits of current funds in lawful money, national-bank 36 notes, or checks upon other Federal reserve banks, and 37 checks and drafts, payable upon presentation within its 38 district, and maturing notes and bills payable within its 39 district; or, solely for the purposes of exchange or of 40 collection, may receive from any nonmember bank or trust 41 company deposits of current funds in lawful money, 42 national-bank notes, Federal reserve notes, checks and 43 drafts payable upon presentation, or maturing notes and 44 bills: Provided, Such nonmember bank or trust company INDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENIS. 26 maintains with the Federal reserve bank of its district a l balance sufficient to offset the items in transit held for its 2 account by the Federal reserve bank: Provided further, 3 That nothing in this or any other section of this act shall 4 be construed as prohibiting a member or nonmembor 5 bank from making reasonable charges, to be determined G and regulated by the Federal Reserve Board, but in no 7 case to exceed 10 cents per $1 00 or fraction thereof, based 8 on the total of chocks and drafts presented at any one 9 time, for collection or payment of checks and drafts and 30 remission therefor by exchange or otherwise ; but no such 11 charges shall be made against the Federal reserve banks. 12 Upon the indorsement of any of its member banks, 13 which shall be deemed a waiver of demand, notice and 14 protest by such bank as to its own indorsement exclu- 15 sively, any Federal reserve bank may discatint notes, 16 drafts, and biUs of exchange arising out of actual com- 17 mercial transactions; that is, notes, drafts, and bills of 18 exchange issued or drawn for agricultural, industrial, 19 or commercial purposes, or the proceeds of which have 20 been used, or are to be used, for such purposes, the 21 Federal Reserve Board to have the right to determine 22 or define the character of the paper thus eligible for 23 discount, within the meaning of this Act. Nothing in 24 this Act contained shall be construed to prohibit such 25 notes, drafts, and bills of exchange, secured by staple 26 agricultural products, or other goods, wares, or merchan- 27 dise from being eligible for such discount; but such defi- 28 nition shall not include notes, draf4,s, or bills covering 29 merely investments or issued or drawn for the purpose 30 of carrying or trading in stocks, bonds, or other invest- 31 ment securities, except bonds and notes of the Govern- 32 ment of the United States. Notes, drafts, and biUs 33 admitted to discount under the terms of this paragraph 34 must have a maturity at the time of discount of not 35 more than ninety days, exclusive of days of grace: 36 Provided, That notes, drafts, and bills drawn or issued 37 for agricultural purposes or based on live stock and having 38 a maturity not exceeding six months, exclusive of days 39 of grace, may be discounted in an amount to be limited 40 to a percentage of the assets of the Federal reserve bank, 41 to be ascertained and fixed by the Federal Reserve 42 Board. 43 The aggregate of such notes, drafts, and bills bearing 44 the signature or indorsement of any one borrower, 45 2C IXDEX-DIGEST OF FEDEEAL EESEKVE XCT AND AMENDMENTS. 1 whether a person, company, firm, or corporation, rcdis- 2 counted for any one bank shall at no time exceed ten 3 per centum of the unimpaired capital and surplus of 4 said bank ; but this restriction shall not apply to the dis- 5 count of bills of exchange drawn in good faith against C actually existing values. 7 Any Federal reserve bank may discount acceptances 8 of the kinds hereinafter described, which have a matm-ity 9 at the time of discount of not more than three months' 10 sight, exclusive of days of grace, and which are indorsed 11 by at least one member bank. 12 Any member bank may accept drafts or bills of 13 exchange drawn upon it having not more than six 14 months' sight to run, exclusive of days of grace, which 15 grow out of transactions involving the importation or 16 exportation of goods; or which grow out of transactions 17 involving the domestic shipment of goods, provided 18 shipping documents conveying or securirg title are at- 19 tached at the time of acceptance; or which are seciu-ed 20 at the time of acceptance by a warehouse receipt or other 21 such document conveying or securirg title coverirg 22 readily marketable staples. No member bank shall 23 accept, whether in a foreign or domestic transaction, for 24 any one person, company, firm, or corporation to an 25 amount equal at any time in the aggregate to more than 26 ton per centum of its paid-up and unimpaired capital 27 stock and surplus, unless the bank is secured either by 28 attached documents or by some other actual security 29 growing out of the same transaction as the acceptance; 30 and no bank shall accept such bills to an amount equal 31 at any time in the aggregate to more than one-half of 32 its paid-up and unimpaired capital stock and surplus: 33 Provided, however, That the Federal Reserve Board, 34 under such general regulations as it may prescribe, which 35 shall apply to all banks aUke regardless of the amount 30 of capital stock and surplus, may authorize any member 37 baiik to accept such bills to an amount not exceeding 38 at any time in the aggregate one hundred per centum of 39 its paid-up and unimpaired capital stock and surplus: 40 Provided further, That the aggregate of acceptances 41 growing out of dpmestic transactions shall in no event 42 exceed fifty per centum of such capital stock and surplvis. 43 Any Federal reserve bank may make advances to its 44 member banks on their promissory notes for a period 45 not exceeding fifteen days at ratps to be established by INDEX-DIGEST OF FEDEEAL KESEEVE ACT AND AMENDMENTS. 27 such Federal reserve banks, subject to the review and l determination of the Federal Reserve Board, provided 2 such promissory notes are secured by such notes, drafts^ 3 bills of excliange, or bankers' acceptances as are eligible 4 for rediscount or for purchase by Federal reserve banks 5 under the provisions of this Act, or by the deposit or G pledge of bonds or notes of the United States. 7 Section fifty-two hundred and two of the Revised 8 Statutes of the United States is hereby amended so as 9 to read as follows: No national banking association 10 shall at any time be indebted, or in any way liable, to 11 an amount exceeding the amount of its capital stock at 12 such time actually paid in and remaining undiminished 13 by losses or otherwise, except on account of demands of 14 the nature following: 15 First. Notes of circulation. 16 Second. Moneys deposited with or collected by the 17 association. 18 Third. Bills of exchange or drafts drawn against money 10 actually on deposit to the credit of the association, or 20 due thereto. 21 Fourth. Liabilities to the stockliolders of the associa- 22 tion for dividends and reserve profits. 23 Fiftli. Liabihties incurred under the provisions of the 24 Federal Reserve Act. 25 The discount and rediscount and the purchase and sale 2C by any Federal reserve bank of any bills receivable and 27 of domestic and foreign bills of exchange, and of accept- 28 auces authorized by this Act, shall be subject to such 29 restrictions, limitations, and regulations as may be 30 imposed by the Federal Reserve Board. 31 That in addition to the powers now vested by law in 32 national banking associations organized under the laws 33 of the United States any such association located and 34 doing business in any place the population of which docs 35 not exceed five thousand inhabitants, as shown by the 36 last preceding decennial census, may, under such rules 37 and regulations as may be prescribed by the Comptroller 38 of the Currency, act as the agent for any fire, life, or 39 other insurance company authorized by the authorities 40 of the State in which said bank is located to do business 41 in said State, by soliciting and selling insurance and col- 42 lecting premiums on policies issued by such company; 43 and may receive for services so rendered such fees or 44 commissions as may bo agreed upon between the said 45 28 INDEX-DIGEST OF EEDEEAL EESEBVE ACT AND AMENDMENTS. 1 association and the insurance company for which it may 2 act as agent; and may also act as the broker or agent 3*for others in maldng or procuring loans on real estate 4 located within one hundred miles of the place in which 5 said bank may be located, receiving for such services a 6 reasonable fee or commission: Provided, however, That 7 no such bank shall in any case guarantee either the prin- 8 cipal or interest of any such loans or assume or guarantee 9 the payment of any premium on insurance policies issued 10 through its agency by its principal: And pre vided further, 11 That the bank shall not guarantee the truth of any state- 12 ment made by an assured in filing his appHcation for 13 insurance. 14 Any member bank may accept drafts or bills of 15 exchange drawn upon it having not more than three 16 months' sight to run, exclusive of days of grace, drawn 17 under regulations to be prescribed by the Federal Reserve 18 Board by banks or bankers in foreign countries or depend- 19 encies or insular possessions of the United States for the 20 purpose of furnishing dollar exchange as required by the 21 usages of trade in the respective countries, dependencies, 22 or insular possessions. Such drafts or biUs may be 23 acquired by Federal reserve banks in such amounts and 24 subject to such regulations, restrictions, and limitations 25 as may be prescribed by the Federal Reserve Board: 26 Provided, however. That no member bank shall accept 27 such drafts or bills of exchange referred to this paragraph 28 for any one bank to an amount exceeding in the aggregate 29 ten per centum of the paid-up and unimpaired capital 30 and surplus of the accepting bank unless the draft or 31 bill of exchange is accompanied by documents conveying 32 or securing title or by some other adequate security: 33 Pre vided further. That no member bank shall accept such 34 drafts or bills in an amount exceeding at any time the 35 aggregate of one-half of its paid-up and unimpaired 36 capital and surplus. 37 OPEN-MAEKET OPEEAXIONS. ed1)y*artap^ 38 Ssc. 14. Any Federal reserve bank may, nnder rules r°m6^f39 ^^ ^^^ regulations prescribed by the Federal Reserve chap*' 461)' ^"^ Board, purchase and sell in the open market, at home or proved /uno ^^ abroad, either from or to domestic or foreign banks, l'»'at^'"diap' ^^ firms, corporations, or individuals, cable transfers and 32)- 43 bankers' acceptances and bills of exchange of the kinds INDEX-DIGEST OF FEDEKAL EESERVE ACT AND AMENDMENTS. 29 and maturities by this Act made eligible for rediscount, 1 with or without the indorsement of a mtmber bank. 2 Every Federal reserve bank shall have power: 3 (a) To deal in gold coin and bullion at homo or abroad, 4 to make loans thereon, exchange Federal reserve notes 5 for gold, gold coin, or gold certificates, and to contract 6 for loans ot gold coin or bullion, giving therefor, when 7 necessary, acceptable security, including the hypothe- 8 catian ot United States bonds or other securities which 9 Federal reserve banks are authorized to hold; 10 (b) To buy and sell, at home or abroad, bonds and 11 notes of the United States, and bills, notes, revenue 12 bonds, and warrants with a maturity from date of pur- 13 chase ot not exceeding six months, issued in anticipation 14 of the collection of taxes or in anticipation of the receipt 15 of assured revenues by any State, county, district, politi- 16 cal subdivision, or municipahty in the continental 17 United States, including irrigation, drainage, and recla- 18 mation districts, such purchases to be made in accord- 19 anco with rules and regulations prescribed by the Federal 20 Reserve Board; 21 (c) To purchase from member banks and to sell, with 22 or without its indorsement, bUls of exchange arising out 23 of commercial transactions, as hereinbefore defined; 24 (d) To establish from time to time, subject to review 25 and determination of the Federal Reserve Board, rates 26 of discount to be charged by the Federal reserve bank 27 for each class of paper, which shall bo fixed with a view 28 of accommodating commerce and business ; 29 (e) To establish accounts with other Federal reserve 30 banks for exchange piu-poses and, with the consent or 31 upon the order and direction of the Federal Reserve 32 Board and under regulations to be prescribed by said 33 board, to open and maintain accounts in foreign coun- 34 trio3, appoint correspondents, and establish agencies in 35 such countries wheresoever it may be deemed best lor 30 the purpose of purchasing, selling, and collecting bills of 37 exchange, and to buy and sell, with oi without its indorse- 38 ment, through such correspondents or agencies, bills of 39 exchange (or acceptances) arising out of actual commer- 40 cial transactions which have not more than ninety days 41 to run, exclusive of days of grace, and which bear the 42 signature of two or more responsible parties, and, with 43 the consent of the Federal Reserve Board, to open and 44 30 UfDEX-DIGEST OP FEDEEAL BESEBVE ACT AND AMENDMEXTS, 1 maintain banking accounts for such foreign correspond- 2 onts or agencies. "Whenever any such account has been 3 opened or agency or correspondent has been appointed 4 by a Federal reserve bank, with the consent of or under 5 the order and diiection of the Federal Reserve Board, G any other Federal reserve bank may, with the consent 7 and approval of the Federal Reserve Board, bo permitted 8 to carry on or conduct, through the Federal roservo 9 bank opening such account or appointirg such cgercy 10 or correspondent, any transaction authorized by this 11 section under rules and regulations to be prescribed by 12 the board. 13 GOVERNMENT DEPOSITS. 14 Sec. 15. The moneys held in the general fund of the 15 Treasury, except the five per centum fund for the ro- 16 dcmption of outstanding national-bank notes and tho 17 fxmds provided in this Act for the redemption of Federal 18 reserve notes may, upon the direction of the Secretary 19 of the Treasury, be deposited in Federal reserve banks, 20 which banks, when required by the Secretary of th(y 21 Treasury, shall act as fiscal agents of the United States; 22 and the revenues of the Govemnent or any part thereof 23 may be deposited in such banks, and disbursements 24 may be made by checks drawn against such deposits. 25 No public funds of the Philippine Islands, or oi tho 20 postal savings, or any Goverrjnent funds, shall be depos- 27 ited in the continental United States in any bank not 28 belonging to the system estabUshed by this Act:', Pro- 29 vided, Tiowever, That nothing in this Act shall be construed 30 to deny the right of the Secretary of the Treasury to use 31 member banks as depositories. 32 NOTE ISSUES. Asamond- 33 See. 16. Federal reserve notes, to be issued at the dis- provwiscpt. 34 cretion of the Federal Reserve Board for the purpose of ^lat., 752, 35 making advances to Federal reserve banks through tho act' op- 33 Federal reserve agents as hereinafter set foith and tor no S. 1917 (10 37 other purpose, are hereby authorized. The said notes Bfat., chap. x i ' 82). 1 Modiiicd as to postal savings tunds by the act of May 18, 1916. Sec sec. 2, 1. S, p.53. Modified as to Uovemment fnnds by the act ol April 21, 1917, and the act of Septem- ber 21, 1917. See sec. 7, 1, 36, p. 51, also sec. 8, 1, 9, p. 54. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 31 shall be obligations of tbe United States and shall be re- l ceivable by all national and member banks and Federal 2 reserve banks and ior all taxes, customs, and other public 3 dues. They shall be redeemed in gold on demand at the 4 Treasury Department ot the United States, in the city of 5 Washington, District of Columbia, or in gold or law-ful 6 money at any Federal reserve bank. 7 Any Federal reserve bank may make application to the 8 local Federal reserve agent for such amount of the Federal 9 reserve notes hereinbefore provided for as it may require. 10 Such appHcation shall be accompanied with a tender to 11 the local Federal reserve agent of collateral in amount 12 equal to the sum of the Federal reserve notes thus applied 13 for and issued pursuant to such application. The col- 14 lateral security thus ofrered shall be notes, drafts, bills of 15 exchange, or acceptances acquired under the provisions IC of section thirteen of this act, or bills of exchange indorsed 17 by a member bank of any Federal reserve district and 18 purchased under the provisions of section fourteen of this 19 act, or bankers' acceptances purchased under the pro- 20 visions of said section fourteen, or gold or gold certifi- 21 cates; but in no event shall such collateral security, 22 whether gold, gold certificates, or ehgible paper, be less 23 than the amount of Federal reserve notes applied for. 24 The Federal reserve agent shall each day notify the Fed- 25 eral Reserve Board ol all issues and withdrawals of Fed- 26 oral reserve notes to and by the Federal reserve bank to 27 which he is accredited. The said Federal Reserve Board 28 may at any time call upon a Federal reserve bank for 29 additional seciu"ity to protect the Federal reserve notes 30 issued to it. 31 Every Federal reserve bank shall maintain reserves in 32 gold or lawful, money of not less than thirty-five per 33 centum against its deposits and reserves in gold of not 34 less than forty per centum against its Federal reserve 35 notes in actual circulation: Provided, however, That when 36 the Federal reserve agent holds gold or gold certificates as 37 collateral for Federal reserve notes issued to the bank 38 such gold or gold certificates shall be counted as part of 39 the gold reserve which such bank is required to maintain 40 against its Federal reserve notes in actual circulation. 41 Notes so paid out shall bear upon their faces a distinctive 42 letter and serial number which shall be assigned by the 43 Federal Reserve Board to each Federal reserve bank. 44 Whenever Federal reserve notes issued through one Fed- 45 32 INDEX-DIGEST OF FEDEKAL EESEEVE ACT AND AMENDMENTS. 1 oral reserve bank shall be received by another Federal 2 reserve bank, they shall be promptly returned for credit 3 or redemption to the Federal reserve bank through which 4 they were originally issued or, upon direction of such 5 Federal reserve bank, they shall be forwarded direct to C the Treasurer of the United States to be retired. No 7 Federal reserve bank shall pay out notes issued through 8 another under penalty ot a tax of ten per centum upon 9 the face value of notes so paid out. Notes presented for 10 redemption at the Treasury of the United States shall be 11 paid out of the redemption fund and returned to the 12 Federal reserve banks through which they were originally 13 issued, and thereupon such Federal reserve bank shall, 14 upon demand of the Secretary of the Treasury, reimburse 15 such redemption fund in lawful money or, if such Federal 16 reserve notes have been redeemed by the Treasurer in 17 gold or gold certificates, then such funds shall be reim- 18 biu^ed to the extent deemed necessary by the Secretary 19 of the Treasury in gold or gold certificates, and such 20 Federal reserve bank shall, so long as any of its Federal 21 reserve notes remain outstanding, maintain -with the 22 Treasiu"er in gold an amount sufficient in the judgment 23 of the Secretary to provide for all redemptions to be made 24 by the Treasurer. Federal reserve notes received by the 25 Treasurer otherwise than for redemption may be ex- 20 changed for gold out ot the redemption fund hereinafter 27 provided and returned to the reserve bank through which 28 they were oiiginally issued, or they may be returned to 29 such bank for the credit of the United States. Federal 30 reserve notes unfit for circulation shall be returned by 31 the Federal reserve agents to the Comptroller of the 32 Currency lor cancellation and destruction. 33 The Federal Reserve Board shall require each Federal 34 reserve bank to maintain on deposit in the Treasury of 35 the United States a sum in gold sufficient in the judgment 36 of the Secretary of the Treasury for the redemption of 37 the Federal reserve notes issued to such bank, but in 38 no event less than five per centum of the total r mount 39 of notes issued less the amount of gold or gold certificates 40 held by the Federal reserve agent as collateral security; 41 but such deposit of gold shall be counted and included 42 as part of the forty per centum reserve hereinbefore 43 required. The board shall have the right, acting through 44 the Federal reserve agent, to grant in whole or in part 45 or to reject entirely the apphcation of any Federal INDEX-DIGEST OP FEDEEAL EESEEVE ACT AND AMENDMENTS. 33 reserve bank for Federal reserve notes; but to the extent l that such application may be granted the Federal 2 Reserve Board shall, through its local Federal reserve 3 agent, supply Federal reserve notes to the banks so 4 applying, and such bank shall be charged with the 5 amount of notes issued to it and shall pay such rate of 6 interest as may be established by the Federal Reserve 7 Board on only that amount of such notes which equals 8 the total amount of its outstanding Federal reserve 9 notes less the amount of gold or gold certificates held 10 by the Federal reserve agent as collateral security. 11 Federal reserve notes issued to any such bank shall, 12 upon delivery, together with such notes of such Federal 13 reserve bank as may be issued under section eighteen 14 of this act upon security of United States two per centum 15 GoTemment bonds, become a first and paramount lien 16 on aU the assets of such bank. 17 Any Federal reserve bank may at any time reduce 18 its liability for outstanding Federal reserve notes by 19 depositing with the Federal reserve agent its Federal 20 reserve notes, gold, gold certificates, or lawful money 21 of the United States. Federal reserve notes so deposited 22 shall not bo reissued, except upon compliance with the 23 conditions of an original issue. 24 The Federal reserve agent shall hold such gold, gold 25 certificates, or lawful money available exclusively for 26 exchange for the outstanding Federal reserve notes 27 when offered by the reserve bank of which he is a director. 28 Upon the request of the Secretary of the Treasury the 29 Federal Reserve Board shall require the Federal reserve 30 agent to transmit to the Treasurer of the United States 31 so much of the gold held by him as collateral security for 32 Federal reserve notes as may be required for the exclusive 33 purpose of the redemption of such Federal reserve notes, 34 but such gold when deposited with the Treasurer shall 35 be counted and considered as if collateral security on 36 deposit with the Federal reserve agent. 37 Any Federal reserve bank may at its discretion with- 38 draw collateral deposited with the local Federal reserve 39 agent for the protection of its Federal reserve notes 40 issued to it and shall at the same time substitute therefor 41 other collateral of equal amount with the approval of 42 the Federal reserve agent under regulations to bo pre- 43 scribed by the Federal Reserve Board. Any Federal 44 20592°— 18 3 34 INDEX-DIGEST OF FEDEEAL EESEKVE ACT AND AMENDMENTS. 1 reserve bank may retire any of its Federal reserve notes 2 by depositing them with the Federal reserve agent or 3 with the Treasurer of the United States, and such Federal 4 reserve bank shall thereupon be entitled to receive back 5 the collateral deposited with the Federal reserve agent 6 for the security of such notes. Federal reserve banks 7 shall not be required to maintain the reserve or the re- 8 demption fund heretofore provided for against Federal 9 reserve notes which have been retired. Federal reserve 10 notes so deposited shall not be reissued except upon 11 compliance with the conditions of an original issue. 12 All Federal reserve notes and all gold, gold certificates, 13 and lawful money issued to or deposited with any 14 Federal reserve agent under the provisions of the Federal 15 reserve act shall hereafter be held for such agent, under IG such rules and regulations as the Federal Reserve Board 17 may prescribe, in the joint custody of himseK and the 18 Federal reserve bank to which he is accredited. Such 19 agent and such Federal reserve bank shall be jointly 20 liable for the safe-keeping of such Federal reserve notes, 21 gold, gold certificates, and lawful money. Nothing 22 herein contained,, however, shall be construed to pro- 23 hibit a Federal reserve agent from depositing gold or 24 gold certificates with the Federal Reserve Board, to be 25 held by such board subject to his order, or with the 20 Treasurer of the United States for the purposes author- 27 ized by law. 28 In order to furnish suitable notes for circulation as 29 Federal reserve notes, the Comptroller of the Currency 30 shall, under the direction of the Secretary of the Treasury, 31 cause plates and dies to be engraved in the best manner 32 to guard against counterfeits and fraudulent alterations, 33 and shall have printed therefrom and num-bered such 34 quantities of such notes of the denominations of $5, $10, 35 $20, $50, $100, as may be required to supply the Federal 30 reserve banks. Such notes shall be in form and tenor 37 as directed by the Secretary of the Treasury under the 38 provisions of this Act and shall bear the distbictivo 39 numbers of the several Federal reserve banks through 40 which they are issued. 41 When such notes have been prepared, they shall be 42 deposited in the Treasury, or in the subtreasury or mint 43 of the United States nearest the place of business of each 44 Federal reserve bank and shall be held for the use of .such INDEX-DIGEST OP FEDERAL EESEKVE ACT AND AMEXDJIEXTS. 35 bank subject to the order of the Comptroller of the Cur- l renoy for their delivery, as provided by this Act. 2 The plates and dies to be procured by the Comptroller 3 of the Currency for the printing of such circulating notes 4 shall remain under his control and direction, and the 5 expenses necessarily incurred in executing the laws 6 relating to the procuring of such notes, and all other ex- 7 penses incidental to their issue and retirement, shall be 8 paid by the Federal reserve banks, and the Federal 9 I Reserve Board shall include in its estimate of expenses 10 levied against the Federal reserve banks a sufficient 11 amount to cover the expenses herein provided for. 12 The examination of plates, dies, bed pieces, and so 13 forth, and regulations relating to such examination of 14 plates, dies, and so forth, of national-bank notes provided 15 for in section fifty-one hundred and seventy-four, Revised Id Statutes, is hereby extended to include notes herein 17 provided for. 18 Any appropriation heretofore made out of the general 19 funds of the Treasury for engraving plates and dies, the 20 purchase of distinctive paper, or to cover any other ex- 21 pense in connection with the printing of national-bank 22 notes or notes provided for by the Act of May thirtietli. 23 nineteen hundred and eight, and any distinctive paper 24 that may be on hand at the time of the passage of this 25 Act may be used in the discretion of the Secretary for the 2a purposes of this Act, and should the appropriations here- 27 tofore made be insufficient to m.eet the requirements of 28 tliis Act in addition to circulating notes provided for by 29 existing law, the Secretary is hereby authorized to use 30 so much of any funds in the Treasury not otherwise ap- 31 propriated for the purpose of furnishing the notes afore- 32 said: Provided, however, That nothing in this section con- 33 tained shall be construed as exempting national banks 34 or Federal reserve banks from their hability to reimburse 35 the United States for any expenses incurred in printing 3G and issuing circulating notes. 37 Every Federal reserve bank shall receive on deposit at 38 par from me.nber banks or from Federal reserve banks 39 checks and drafts dra'A'n upon any of its depositors, and 40 when re.nitted by a Federal reserve bank, checks and 41 drafts dra^m by any depositor in any other Federal 42 reserve bank or member bank upon funds to the credit 43 of said depositor in said reserve bank or member bank. 44 36 CfDZX-DIGEST OF FEDEKAL KESEKVE ACT AND AMENDMENTS. 1 Nothing heroin contained shall be construed as prohibiting 2 a member bank from charging its actual expense incurred 3 in collecting and remitting funds, or for exchange sold 4 to its patrons. The Federal Reserve Board shall, by 5 rule, fix the charges to be collected by the member banks 6 from its patrons whose checks are cleared through the 7 Federal reserve bank and the charge which may be im- 8 posed for the service of clearing or collection rendered 9 by the Federal reserve bank. 10 The Federal Reserve Board shall make and promulgate 11 from time to time regulations governing the transfer of 12 funds and charges therefor among Federal reserve banks 13 and their branches, and may at its discretion exercise 14 the functions of a clearing house for such Federal reserve 15 banks, or may designate a Federal reserve bank to 16 exercise such functions, and may also require each such 17 bank to exercise the functions of a clearing house for its 18 member banks. 19 That the Secretary of the Treasury is hereby authorized 20 and directed to receive deposits of gold coin or of gold 21 certificates with the Treasurer or any assistant treasurer 22 of the United States when tendered by any Federal 23 reserve bank or Federal reserve agent for credit to its or 24 his account with the Federal Reserve Board. The Sec- 25 retary shall prescribe by regulation the form of receipt 26 to be issued by the Treasurer or Assistant Treasurer to 27 the Federal reserve bank or Federal reserve agent making 28 the deposit, and a duplicate of such receipt shall be 29 delivered to the Federal Reserve Board by the Treasurer 30 at Wasliington upon proper advices from any assistant 31 treasurer that such deposit has been made. Deposits so 32 made shall be held subject to the orders of the Federal 33 Reserve Board and shall be payable in gold coin or gold 34 certificates on the order of the Federal Reserve Board ^o 35 any Federal reserve bank or Federal reserve agent at the 3G Treasury or at the Subtreasury of the United States 37 nearest the place of business of such Federal reserve 38 bank or such Federal reserve agent: Provided, Jwwever, 39 That any expense incurred in shipping gold to or from 40 the Treasury or subtrcasuries in order to make such 41 payments, or as a result of making such payments, shall 42 be paid by the Federal Reserve Board and assessed against 43 the Federal reserve banks. The order used by the Fed- 44 eral Reserve Board in making such payruents shall bo 45 signed by the governor or vice governor, or such other INDEX-DIGEST OF FEDERAL EESERVE ACT AND AMENDMEXIS. 37 officers or members as the board may by regulation i prescribe. The form of such order shall be approved by 2 the Secretary of the Treasury. 3 The expenses necessarily incurred in carrying out 4 these provisions, including the cost of the certificates or 5 receipts issued for deposits received, and all expenses 6 incident to the handling of such deposits shall be paid 7 by the Federal Reserve Board and included in its assess- 8 ments against the several Federal reserve banks. 9 Gold deposits standing to the credit of any Federal lO reserve bank with the Federal Reserve Board shall, at 11 the option of said bank, be counted as part of the lawful 12 reserve which it is required to maintain against out- 13 standing Federal reserve notes, or as a part of the reserve 14 it is required to maintain against deposits. 15 Nothing in this section shall be construed as amending 16 section six of the act of March fourteenth, nineteen hun- 17 dred, as amended by the acts of March fourth, nineteen 18 hundred and seven, March second, nineteen hundred and 19 eleven, and Jime twelfth, nineteen hundred and sixteen, 20 nor shall the provisions of this section be construed to 21 apply to the deposits made or to the receipts or certifi- 22 Gates issued under those acts. 23 Sec. 17. So much of the provisions of section fifty-one 24 g/by*™f°* himdred and fif ty^nine of the Revised Statutes of the 25 5i™7g'J/",^§ United States, and section four of the act of Juno twen- 20 |tat.,.chap. tieth, eighteen hundred and seventy-four, and section 27 eight of the act of July twelfth, eighteen hundred and 28 eighty-two, and of any other provisions of existing stat- 29 utes as require that before any national banking asso- 30 ciation shall be authorized to commence banking business 31 it shall transfer and deliver to the Treasurer of the 32 United States a stated amount of United States registered 33 bonds, and so much of those provisions or of any other 34 provisions of existing statutes as require any national 35 banking association now or hereafter organized to main- 36 tain a minimum deposit of such bonds with the Treasiirer 37 is hereby repealed. 38 REFUNDING BONDS. 39 Sec. 18. After two years from the passage of this Act, 40 and at any time during a period of twenty years there- 41 after, any member bank desiring to retire the whole or any ,42 part of its circulating notes, may file with the Treasurer 43 of the United States an application to sell for its account, 44 38 IXDEX-DIGEST OF FEDEKAL KESEKVE ACT AND AMEITDMENTS. 1 at par and accrued interest, United States bonds securing 2 circulation to te retired. 3 Tne Treasurer shall, at the end of each quarterly period, 4 furnish the Federal Keserre Board with a list of such 5 applications, and the Federal Reserve Board may, in its 6 discretion, require the Federal reserve banks to purchase 7 such bonds from the banks whose applications have been 8 fi?ed with the Treasurer at least ten days before the end 9 of any quarterly period at which the Federal Reserve 10 Board may direst the purchase to be made: Provided, 11 That Federal reserve banks shall not be permitted to 12 purchase an amount to exceed $25,000,000 of such bonds 13 in any one year, and which amount shall include 14 bonds acquired under section four of this Act by the 15 Ferleral reserve bank. 16 Provided further, That the Federal Reserve Board shall 17 allot to each Federal reserve bank such proportion of 18 such bonds as the capital and surplus of such banks shall 19 bear to the aggre;^ate capital and surplus of all the Fcd- 20 eral reserve banks. 21 Upon notice from the Treasurer of the aiuount of bonds 22 so sold for its account, each member bank shall duly 23 assign and transfer, in writing, such bonds to the Federal 24 reserve bank purchasing the same, and such Federal 25 reserve bank shall, thereupon, deposit -lawful money with 20 the Treasurer of the United States for the purchase price 27 of such bonds, and the Treasurer shall pay to the mem- 28 ber bank selling such bonds any balance due after deduct- 29 ing a sufficient sum to redeem its outstanding notes 30 secured by such bonds, which notes shall be canceled and 31 permanently retired when redeemed. 32 Tne Federal reserve banks purchasing such bonds shall 33 be permitted to take out an amount of circulating notes 34 equal to the par value of such bonds. 35 Upon the deposit with the Treasurer of the United 3G States of bonds so purchased, or any bonds with the cir- 37 culating privilege acquired under section four of this Act, 38 any Federal reserve bank making such deposit in the 39 manner provided by existing law, shall be entit!!ed to 40 receive from the Comptroller of the Currency circulating 41 notes in blank, registoted and countersigned as provided 42 by law, equal in amount to the par value of the bonds 43 -so deposited. Such notes shall bo the obligations of the 44 Federal reserve bank procuring the same, and shall be in IKDEX-DIGEST OF FEDEEAL EESEEVE ACT AND AMENDMENTS. 39 form prescribed by the Secretary of the Treasury, and l to the same tenor and effect as national-bank notes now 2 provided by law. They snail be issued and redeemed 3 under the same terms and conditions as national-bank 4 notes except that they shall not be limited to the amount 5 of the capital stock of the Federal reserve bank issuing G them. 7 Upon application of any Federal reserve bank, ap- 8 proved by the Federal Reserve Board, the Secretary of the 9 Treasury may issue, in exchange for United States two 10 per centum gold bonds bearing the circulation privilege, 11 but against which no circulation is outstanding, one- 12 year gold notes of the United States without the circula- 13 tion privilege, to an amount not to exceed one-half of the 14 two per centum bonds so tendered for exchange, and 15 thirty-year three per centum gold bonds without the 36 circulation privilege for the remainder of the two per 17 centum bonds so tendered : Provided, That at the time of 18 such exchange the Federal reserve bank obtaining sucli 19 one-year gold notes shall enter into an obligation with 20 the Secretary of the Treasury binding itself to purchase 21 from the United States for gold at the maturity of such 22 one-year notes, an amount equal to those delivered in ex- 23 change for such bonds, if so requested by the Secretary, 24 and at each maturity of one-year notes so purchased by 25 such Federal reserve bank, to purchase from the United 2G States such an amount of one-year notes as the Secretary 27 may tender to such bank, not to exceed the amount issued 28 to such bank in the first instance, in exchange for the two 29 per centum United States gold bonds; said obligation to 30 purchase at maturity such notes shall continue in force 31 for a period not to exceed thirty years. 32 For the purpose of makiog the exchange herein pro- 33 vided for, the Secretary of the Treasury is authorized to 34 issue at par Treasury notes in coupon or registered form 35 as he may prescribe in denominations of one hundred 30 dollars, or any* multiple thereof, bearing interest at the 37 rate of three per centum per annum, payable quarterly, 38 such Treasury notes to be payable not more than one 39 year from the date of their issue in gold coin of the present 40 standard value, and to be exempt as to principal and 41 interest from the payment of all taxes and duties of the 42 United States except as provided by this Act, as well as 43 from taxes in any form by or under State, municipal, or 44 40 INDEX-DIGEST OF PEDEEAL RESERVE ACT AND AMENDMENTS. 1 local authorities. And for the same purpose, the Secre- 2 tary is authorized and empowered to issue United States 3 gold bonds at par, bearing three per centum interest 4 payable thirty years from date of issue, such bonds to be 5 of the same general tenor and effect and to be issued 6 under the same general terms and conditions as the 7 United States three per centum bonds without the circu- 8 lation privilege now issued and outstanding. 9 Upon application of any Federal reserve bank, ap- 10 proved by the Federal Reserve Board, the Secretary may 11 issue at par such three per centum bonds in exchange for 12 the one-year gold notes hereia provided for. , 13 BANK RESERVES. edlTy wJt'Sp-' ^^ ^^°' ^^' l^emand deposits within the meaning of this Is'"'r9i4'^"& ^^ -^^* ^tHA. comprise all deposits payable within thirty chap''252)' ^^ ^^'■yS) ^^^ t™^ deposits shaU comprise all deposits paya- proved Juni ^"^ ^^® after thirty days, all savings accounts and certificates Btat '"cha^" ^® ^^ deposit wMch are subject to not less than thirty days' 32 )'. 19 notice before payment, and aU postal savings deposits.* 20 Every bank, banking association, or trust company 21 which is or which becomes a member of any Federal 22 reserve bank shall establish and maintain reserve balances 23 with its Federal reserve bank as follows: 24 (a) If not in a reserve or central reserve city, as now 25 or hereafter defined, it shall hold and maintain with the 20 Federal reserve bank of its district an actual net balance 27 equal to not less than seven per centum of the aggregate 28 amount of its demand deposits and three per centum of 29 its time deposits. 30 (&) If in a reserve city, as now or hereafter defined, it 31 shall hold and maintain with the Federal reserve bank 32 of its district an actual net balance equal to not less than 33 ten per centum of the aggregate amount of its demand 34 deposits and three per centum of its time deposits. 35 (c) If in a central reserve city, as now or hereafter 36 defined, it shall hold and maintain with the Federal 37 reserve bank of its district an actual net balance equal 38 to not less than thirteen per centum of the aggregate 39 amount of its demand deposits and three per centum of 40 its time deposits. 41 No member bank shall keep on deposit with any State 42 bank or trust company which is not a member bank a 43 sum in excess of ten per centum of its own paid-up capi- 1 Government deposits other than postal savings deposits not subject to reserve requirements. See sec. 7 ol act approved Apr. 24, 1917, appendix, p. 61. INDEX-DIGEST OF FEDERAL EESEBVE ACT ASD AMENDMENTS. 41 tal and surplus. No member bank sball act as the me- l dium or agent of a nonmembcr bank in applying for 2 or receiving discoxmts from a Federal reserve bank under 3 the provisions of this Act, except by permission of the 4 Federal Reserve Board. 5 The required balance carried by a member bank v?ith 6 a Federal reserve bank may, under the regulations and 7 subject to such penalties as may be prescribed by the 8 Federal Reserve Board, be checked against and with- 9 drawn by such member baivk for the purpose of meeting 10 existing Mabilities: Provided, Jimcever,, That no bank 11 shall at any time make new loans or shall pay any divi- 12 dends unless and until the total balance rcqxiired by law 13 is fully restored. 14 In estimatiag the balances required by this Act, the 15 net difference of amounts due to and from other banks 16 shall be taken as the basis for ascertaining the deposits 17 against which the required balances with Federal reserve 18 banks shall be determined. 19 National banks, or banks organized under local laws, 20 located in Alaska or in a dependency or insular posses- 21 sion or any part of the United States outside the conti- 22 nental United States, may remain nonmember banks, and 23 shall in that event maintain reserves and comply with 24 all the conditions now provided by law regulating them; 25 or said banks may, with the consent of the Reserve 26 Board, become member banks of any one of the reserve 27 districts, and shall in that event take stock, maintain 28 reserves, and be subject to all the other provisions of 29 this Act. 30 Sec. 20. So much of sections two and three of the Act 31 of June twentieth, eighteen hundred and seventy-fom-, 32 entitled "An Act fixing the amoimt of United States 33 notes, providing for a redistribution of the national- 34 bank currency, and for other purposes," as provides that 35 the fund deposited by any national banking association 36 with the Treasurer of the United States for the redemp- 37 tion of its notes shall te counted as a part of its lawful 38 reserve as provided in the Act aforesaid, is hereby 39 repealed. And from and after the passage of this Act 40 such fimd of five per centTim shall in no case be counted 41 by any national banking association as a part of its law- 42 ful reserve. 43 42 INDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENTS. 1 BANK EXAMINATIONS. 2 Sec. 21. Section fifty-two hundred and forty, United 3 States Revised Statutes, is amended to read as follows: 4 Tne Comptroller of the Currency, w^ith the approval 5 of the Secretary of the Treasury, shall appoint cxamin- 6 ers who shall examine every memter bank ^ at least twice 7 in each calendar year and oftener if considered necessary: 8 Provided, Jioweier, That the Federal Reseive Board may 9 axithorize examination by the State authorities to be 10 accepted in the case of State banks and trust companies 11 and may at any* time divect the holding of a special 12 examination of State banks or trust companies that are 13 stockholders in any Federal reserve bank. The exam- 14 iner making the examination of any national bank, or 15 of any other member bank, shall have power to make a 16 thorough examination of all the affairs of the bank, and 17 in doing so he shall have power to administer oaths 18 and to examine any of the ofBcers and agents thereof 19 under oath and shall make a full and defcared report of 20 the condition of said bank to the Comptroller of the Cur- 21 rency. 22 The Federal Reserve Board, upon the rccommenda- 23 tion of the Comptroller of the Currency, shall fix the 24 salaries of all bank examiners and make report thereof 25 to Congress. Tne expense of the examinations herein 2G provided for shall be assessed by the Comptroller of the 27 Currency upon the banks examined in proportion to 28 assets or resources held by the banks upon the dates tof 29 examination of the various banks. 30 In addition to the examinations made and conducted 31 by the Comptroller of the Currency, every- Federal re- 32 serve bank may, with the approval of the Federal re- 33 serve agent or the Federal Reserve Board, provide for 34 special examination of member banks within its district. 35 The expense of such examinations shall be borne by the 36 bank examined. Such examinations shall be so conducted 37 as to inform the Federal reserve bank of the condition of 38 its memter banks and of the lines of credit which are 39 being extended by them. Every Federal reserve bank 40 shall at all times furnish to the Federal Reseive Board 41 such information as may be demanded concerning the 42 condition of any member bank within the district of the 43 said Federal reserve bank. ' Except banVs admitted to membership in the system under autliorlty of sec. 9 of this act. Sec sec. 9 of this act as amended by act approved Juno 21, 1917. INDEX-DIGEST OF FEDEEAL EESEBVE ACT AND AMENDMENTS. 43 No bank shall bo subject to any visitatorial powers l other than such as are authorized by law, or vested in 2 the courts of justice or such as shall be or shall have been 3 exercised or directed by Congress, or by either House 4 thereof or by any committee of Congress or of either 5 House duly authorized. 6 The Federal Eeserve Board shall, at least once each 7 year, order an examination of each Federal reserve 8 bank, and upon joint application of ten member banks 9 the Federal Eeserve Board shall order a special exam- 10 ination and report of the condition of any Federal re- il serve bank. 12 Sec. 22. No m.em.ber bank or any ofl^cer, director, or 13 (./^y''™"* employee thereof shall hereafter make any loan or grant 14 ^["Yqi/'ho any gratuity to any bank examiner. Any bank officer, 15 ^^'f'"' '''"'p* director, or employee violating this provision shall be IG deemed guilty of a misdemeanor and shall be imprisoned 17 not exceeding one year or fined not more than $5,000, 18 or both; and may be f:ned a further sum equal to the 19 money so loaned or gratuity given. Any examiner 20 accepting a loan or gratuity from any bank examined 21 by him or from an officer, director, or employee thereof 22 shall be deemed guilty of a misdemeanor and shall be 23 imprisoned not exceeding one year or fined not more 24 than $5,000, or both; and may be fined a further sum 25 equal to the money so loaned or gratuity given; and shaU 26 forever thereafter be disqualified from holding office as 27 a national-bank examiner. No national-bank examiner 28 shall perform any other service for compensation while 29 holding such office for any bank or officer, director, or 30 employee thereof. 31 Other than the usual salary or director's fee paid to 32 any officer, director, employee, or attorney of a member 33 bank, and other than a reasonable fee paid by said 34 bank to such officer, director, employee, or attorney for 35 services rendered to such bank, no officer, director, em- 3G ployee, or attorney of a member bank shall be a benefi- 37 ciary of or receive, directly or indirectly, any fee, com- 38 mission, gift, or other consideration for or in connection 39 with any transaction or business of the bank: Provided, 40 Jiowever, That nothing in this act contained shall be 41 construed to prohibit a director, officer, employee, or 42 attorney from receiving the same rate of interest paid to 43 other depositors for similar deposits made with such 44 bank: And provided furtJier, That notes, drafts, bills of 45 44 INDEX-DIGEST OP FEDERAL KESERVE ACT AND AMENDMENTS. 1 exchange, or other evidences of debt executed or indorsed 2 by directors or attorneys of a member bank may be dis- 3 counted with such member bank on the same terms and 4 conditions as other notes, drafts, bills of exchange, or 5 evidences of debt upon the aflirmative vote or written G assent of at least a majority of the members of the 7 board of directors of such member bank. No examiner, 8 public or private, shall disclose the names of borrowers 9 or the collateral for loans of a member bank to other 10 than the proper officers of such bank without first having 11 obtained the express permission in writing from the Comp- 12 troUer of the Currency, or from the board of directors, of 13 such bank, except when ordered to do so by a court of 14 competent jurisdiction, or by direction of the Congress 15 of the United States, or of either House thereof, or any 16 committee of Congress or of either House duly authorized. 17 Any person violating any provision of this section shall 18 be punished by a fine of not exceeding $5,000 or by im- 19 prisonment not exceeding one year, or both. 20 Except as provided in existing laws, this provision 21 shall not take effect imtil sixty days after the passage of 22 this Act. 23 Sec. 23. The stockholders of every national banking 24 association shall be held individually responsible for all 25 contracts, debts, and engagements of such association, 20 each to the amount of his stock therein, at the par value 27 thereof in addition to the amount invested in such stock. 28 The stockholders in any national banking association 29 who shall have transferred their shares or registered 30 the transfer thereof within sixty days next before the 31 date of the failure of such association to meet its obli- 32 gations, or with knowledge of such impending failure, 33 shall be liable to the same extent as if they had made 34 no such transfer, to the extent that the subsequent 35 transferee fails to meet such liability; but this provision 36 shall not be construed to affect in any way any recourse ' 37 which such shareholders might otherwise have against 38 those in whose names such shares are registered at the 39 time of such failure. 40 LOANS ON FARM LANDS. eAtywi^p^^^ Sec. 24. Any national banking association not situ- r°m'tf "(19 '^^ ated in a central reserve city may make loans secured diap'ieif ^' ^^ ^y improved and unencumbered farm land situated 44 within its Federal reserve district or within a radius of INDEX-DIGEST 01" FEDEHAL EESEEVE ACT AND AMENDMENTS. 45 one hundred miles of the place in which such bank is i located,- irrespective of district lines, and may also make 2 loans secured by improved and unencumbered real es- 3 tate located within one hundred miles of the place in 4 which such bank is located, irrespective of district lines; 6 but no loan made upon the security of such farm land 6 shall be made for a longer time than five years, and no 7 loan made upon the security of such real estate as dis- 8 tinguished from farm land shall be made for a longer 9 time than one year nor shall the amount of any such 10 loan, whether upon such farm land or upon such real 11 estate, exceed fifty per centum of the actual value of 12 the property offered as security. Any such bank may 13 make such loans, whether secured by such farm land or 14 such real estate, in an aggregate sum equal to twenty- 15 five per centum of its capital and surplus or to one-third 10 of its time deposits and such banks may continue here- 17 after as heretofore to receive time deposits and to pay 18 interest on the same. 19 The Federal Reserve Board shall have power from 20 time to time to add to the list of cities in which national 21 banks shall not be permitted to make loans secured upon 22 real estate in the manner described in this section. 23 FOREIGN BRANCHES. 24 Sec. 25. Any national banking association possessing 25 jfl^y"™^?' a capital and surplus of $1,000,000 or more may file appli- 26 '^'^°il^^% cation with the Federal Reserve Board for permission to 27 f^p^'ieif.^' exercise, upon such conditions and under such regidations 28 as may be prescribed by the said board, either or both of 29 the following powers: 30 First. To estabHsh branches in foreign countries or 31 dependencies or insular possessions of the United States 32 for the furtherance of the foreign commerce of the United 33 States, and to act if required to do so as fiscal agents of 34 the United States. 35 Second. To invest an amount not exceeding in the 36 aggregate ten per centum of its paid-in capital stock and 37 surplus in the stock of one or more banks or corporations 38 chartered or incorporated under the laws of the United 39 States or of any State thereof, and principally engaged in 40 international or foreign banking, or banking in a depend- 41 ency or insular possession of the United States either 42 directly or through the agency, ownership, or control of 43 46 INDEX-DIGEST OF FEDERAL EESEEVE ACT AND AMENDMENTS. 1 local institutions in foreign countries, or in such depend- 2 encies or insular possessions. 3 Such application shall specify the name and capital of 4 the banking association filing it, the powers applied for, 5 and the place or places where the banking operations pro- 6 posed are to be carried on. The Federal^ Reserve Board 7 shall Jtiave power to approve or to reject such application 8 in whole or in part if for any reason the granting of such 9 application is deemed inexpedient, and shall also have 10 power from time to time to increase or decrease the num- 11 ber of places where such banking operations may be 12 carried on. 13 Every national banking association operating foreign 14 branches shall be required to furnish information con- 15 corning the condition of such branches to the Comptroller IG of the Currency upon demand, and every member bank 17 investing in the capital stock of banks or corporations 18 described under subparagraph two of the first paragraph 19 of this section shall be required to furnish information 20 concerning the condition of such banks or corporations 21 to the Federal Reserve Board upon demand, and the 22 Federal Reserve Board may order special examinations 23 of the said branches, banks, or corporations at such time 24 or times as it may deem besti 25 Before any national bank shall be permitted to purchase 26 stock in any such corporation the said corporation shall 27 enter into an agreement or undertaking with the Federal 28 Reserve Board to restrict its operations or conduct its 29 business in such manner or under such limitations and rc- 30 strictions as the said board may prescribe for the place 31 or places wherein such business is to be conducted. If at 32 any time the Federal Reserve Board shall ascertain that S3 the regulations proscribed by it are not being complied 34 with, said board is hereby authorized and empowered to 35 institute an hivestigation of the matter and to send for 36 persons and papers, subpoena witnesses, and administer 37 oaths in order to' satisfy itseK as to the actual nature of 38 the transactions referred to. Should such investigation 39 result in establishing the failure of the corporation in 40 question, or of the national bank or banks which may be 41 stockholders therein, to comply with the regulations laid 42 down by the said Federal Reserve Board, such national 43 banks may be required to dispose of stock holdings in the 44 said corporation upon reasonable notice. INDEX-DIGEST OF FEDERAL EESEEVE ACT AND AMENDMElfTS. 47 Every such national banking association shall conduct 1 the accounts of each foreign branch independently of the 2 accounts of other foreign branches established by it and 3 of its home office, and shall at the end of each fiscal period 4 transfer to its general ledger the profit or loss accrued at 5 each branch as a separate item. 6 Any director or other officer, agent, or employee of any 7 member bank may, with the approval of the Federal Ee- 8 servo Board, be a director or other officer, agent, or em- 9 ployee of any such bank or corporation above men- 10 tioned in the capital stock of which such member bank 11 shall have invested as hereinbefore provided, without 12 being subject to the provisions of section eight of the 13 Act approved October fifteenth, nineteen hundred and 14 fourteen, entitled "An Act to supplement existing laws 15 against unlawful restraints and monopolies, and for other 10 purposes." 17 Sec. 26. All provisions of law inconsistent with or super- 18 seded by any of the provisions of this Act are to that 19 extent and to that extent only hereby repealed: Provided, 20 Nothing in this Act contained shall be construed to repeal 21 the parity provision or provisions contained in an Act 22 approved March fourteenth, nineteen hundred, entitled 23 "An Act to define and fix the standard of value, to main- 24 tain the parity of all forms of money issued or coined by 25 the United States, to refund the public debt, and for other 26 purposes," and the Secretary of the Treasury may, for the 27 purpose of maintaining such parity and to strengthen 28 the gold reserve, borrow gold on the security of United 29 States bonds authorized by section two of the Act last 30 referred to or for one-year gold notes bearing interest at a 31 rate of not to exceed three per centum per annum, or sell 32 the same if necessary to obtain gold. When the funds of 33 the Treasury on hand justify, he may purchase and retire 34 such outstanding bonds and notes. 35 Sec. 27. The provisions of the Act of May thirtieth, 36 ^^ amemi- nineteen hundred and eight, authorizing national 37 proverf^ii'iK! currency associations, the issue of additional national- 38 g',,"'^„ /j*- bank circulation, and creating a National Monetary Com- 39 '^^^- ^^^' mission, which expires by limitation under the terms of 40 such Act on the thirtieth day of June, nineteen hundred 41 and fourteen, are hereby extended to June thirtieth, nine- 42 teen hundred and fifteen, and sections fifty-one hundred 43 48 INDEX-DIGEST OF FEDEKAL BESEEVE ACT AXD AMENDMENTS. 1 fifty-three, fifty-one hundred and seventy-two, fifty-one 2 hundred and ninety-one, and fifty-two hundred and 3 fourteen of the Revised Statutes of the United States, 4 wliich were amended by the Act of May thirtieth, nineteen 5 hundred and eight, are hereby recnacted to read as such 6 sections read prior to May thirtieth, nineteen hundred and 7 eight, subject to such amendments or modifications as are 8 prescribed in this Act: Provided, however , That section 9 nine of the Act first referred to in this section is hereby 10 amended so as to change the tax rates fixed in said Act 11 by making the portion appUcable thereto read as follows: 12 National banking associations having circulating notes 13 secured otherwise than by bonds of the United States, 14 shall pay for the first three months a tax at the rate of 15 three per centum per annum upon the average amount of 16 such of their notes in circulation as are based upon the 17 deposit of such securities, and afterwards an additional 18 tax rate of one-half of one per centum per annum for each 19 month until a tax of six per centum per annum is reached, 20 and thereafter such tax of six per centum per annum 21 upon the average amount of such notes: Provided further, 22 That whenever in his judgment he may deem it desirable, 23 the Secretary of the Treasury shall have power to suspend 24 the hmitations imposed by section one and section three 25 of the Act referred to in this section, which prescribe " 26 that such additional circulation secured otherwise than by 27 bonds of the United States shall be issued only to Na- 28 tional banks having circulating notes outstanding secured 29 by the deposit of bonds of the United States to an amount 30 not less than forty per centum of the capital stock of such 31 banks, and to suspend also the conditions and hmitations 32 of section five of said Act except that no bank shall be 33 permitted to issue circulating notes in excess of one hun- 34 dred and twenty-five per centum of its unimpaired 35 capital and surplus. He shall require each bank and 36 currency association to maintain on deposit in the Treas- 37 ury of the United States a sum in gold sufficient in his 38 judgment for the redemption of such notes, but in no 39 event less than five per centum. He may permit 40 National banks, during the period for which such 41 provisions are suspended, to issue additional circula- 42 tion under the terms and conditions of the Act referred 43 to as herein amended: Provided further, That the Secre- 44 tary of the Treasury, in his discretion, is further author- 45 ized to extend the benefits of this Act to all qualified INDEX-DIGEST OF FEDERAL KESEEVE ACT AND AMENDMENTS. 49 State banks and trust companies, which have joined the l Federal reserve system, or Avhich may contract to join 2 within fifteen days after the passage of this Act. 3 Sec. 28. Section fifty-one hundred and forty-three of 4 the Revised Statutes is hereby amended and reenacted 5 to read as follows: Any association formed under this 6 tit!e may, by the vote of shareholders o'WTiing two-thiic's 7 of its capital stock, reduce its capital to any sum not 8 below the amount required by this title to authorize the 9 formation of associations; but no such reduction shall be 10 allowab?c which will reduce the capital of the association 11 below the amount required for its outstanding circuia- 12 tion, nor shall any rediiction be made until the amount 13 of the proposed reduction has been reported to the Comp- 14 troller of the Currency and such reduction has been ap- 15 proved by the said Comptroller of the Currency and by 16 the Federal Reserve Board, or by the organization com- 17 mifctee pending the organization of the Federal Reserve 18 Board. 19 Sec. 29. If any clause, sentence, paragraph, or part of 20 this Act shall for any reason be adjudged by any court of 21 competent jurisdiction to be invalid, such judgment shall 22 not affect, impair, or invalidate the remainder of this Act, 23 but shall be confined in its operation to the clause, sen- 24 tence, paragi-aph, or part thereof directly involved in the 25 controversy in which such judgment shall have been 26 rendered. 27 Sec. 30, The right to amend, alter, or repeal this Act 28 is hereby expressly reserved. 29 20592°— 18 4 1 APPENDIX. 2 Provisions of the fscrin loan act, approved July 17, 1916, 3 which affect Federal reserve banks and member banks 4 of the Federal Eeserve System. 6 FARM LOAN ACT. 6 An Act To provide capital for agricultural development, to create 7 standard Terms of investment based upon farm mortgage, to equalize 8 rales of interest upon farm loans, to furnish a market for United States 9 bonds, to create Government depositaries and financial agents for the 10 United States, and for other purjioses. 11 capital stock op federal land banks. 12 Sec. 5. — 13 At least twenty-five per centum of that part of the 14 capital of any Federal land bank for which stock is out- 15 standing in the name of national farm loan associations 16 shall be held in quick assets, and may consist of cash in 17 the vaults of said land bank, or in deposits in member 18 banks of the Federal Reserve System, or in readily markot- 19 able securities which are approved under rules and rcgu- 20 lations of the Federal farm loan board: Provided, That 21 not less than five per centum of such capital shall be 22 invested in United States Government bonds. 23 GOVERNMENT DEPOSITARIES. 24 Sec. 6. That all Federal land banks and joint stock 25 land banks organized under this Act, when designated for 26 that purpose by the Secretary of the Treasury, shall bo 27 depositaries of public money, except receipts from cus- 28 toms, under such regulations a^ may be proscribed by 29 said Secretary; and they may also bo employed as 30 financial agents of the Government; and they shall 31 perfonn aU such reasonable duties, as depositaries of 32 public money and financial agents of the Government, 33 as may be required of them. And the Secretary of the 34 Treasury shall require of the Federal land banks and 35 joint stock land banks thus designated satisfactory 36 security, by the deposit of United States bonds or other- 37 wise, for the safe-keeping and prompt payment of the 38 public money deposited with them, and for the faithful 39 performance of their duties as financial agents of the 50 < INDEX-DIGEST OF FEDEKAL EESEBVE ACT AND AMENDMENTS. 51 Government. No Government funds deposited under 1 the provisions of this section shall be invested in mort- 2 gage loans or farm loan bonds. 3 POWERS OF FEDERAL LAND BANKS. 4 Sec. 13. That every Federal land bank shall have 6 power, subject to the limitations and requirements of 6 this Act — 7 Fifth. To deposit its securities, and its current funds 9 subject to check, with any member bank of the Federal 10 reserve system, and to receive interest on the same as ll may be agreed. 12 INVESTMENT IN FARM LOAN BONDS. 13 Sec. 27. That farm loan bonds issued under the pro- 14 visions of this Act by Federal land banks or joint stock 15 land banks shall be a lawful investment for all fiduciary 16 and trust funds, and may be accepted as security for all 17 public deposits. 18 Any member bank of the Federal reserve system may 19 buy and sell farm loan bonds issued under the authority 20 of this Act. 21 Any Federal reserve bank may buy and sell farm loan 22 bonds issued under this Act to the same extent and sub- 23 ject to the same limitations placed upon the purchase and 24 sale by said banks of State, county, district, and municipal 25 bonds imder subsection (b) of section /fourteen of the 26 Federal Reserve Act approved December twenty-third, 27 nineteen hundred and thirteen. 28 Section 7 of "An Act to authorize an issue of bonds to meet 29 expenditures for the national security and defense, and, for 30 the purpose of assisting in the prosecution of the war, to 31 extend credit to foreign Governments', and for other pur- 32 poses, approved April 24, 1917, which affects Federal 33 reserve banks and member banks of the Federal reserve 34 system." 35 Sec. 7. That the Secretary of the Treasury, in his dis- 36 cretion, is hereby authorized to deposit in such banks and 37 trust companies as he may designate the proceeds, or any 38 part thereof, arising from the sale of the bonds and ccr- 39 tificates of indebtedness authorized by this Act, or the 40 bonds previously authorized as described in section four 41 52 IXDEX-DIGEST OP FEDERAL BESEKVE ACT AKD AMENDMENTS, . 1 of this Act, and such deposits may bear such rate of 2 interest and be subject to such terms and conditions as 3 the Secretary of the Treasury may prescribe: Provided, " 4 That the amount so deposited shall not in any case exceed 5 the amount withdrawn from any such bank or trust com- 6 pany and inrested in such bonds or certificates of indebt- 7 edness plus the amount so invested by such bank or trust 8 company, and such deposits shall be secured in the man- 9 ner required for other deposits by section fifty-one hun- 10 dred and fifty-three, Kevised Statutes, and amendments 11 thereto: Provided farther, That the provisions of section 12 fifty-one hundred and ninety-one of the Revised Statutes, 13 as amended by the Federal Reserve Act and the amend- 14 ments thereof, with reference to the reserves required to 15 be kept by national banking associations and other mem- 16 ber banks of the Federal reserve system, shall not apply 17 to deposits of public moneys by the United States in 18 designated depositaries. Provisions of tlie Act approved May 18, 1916, which i affect memkr banks of the Federal Reserve System. 2 An Act To amend Ihe Act approved June twen- 3 ty-fifth. nineteen hundred and ten, authoriz- 4 in_18 9 130 INDEX-DIGEST OE EEDEEAL RESERVE A.OT AND AMENDMENTS. BANK; BANKS— § 19:1. 31: p. § 19:1. 37: p. § 19:1. 41: p, § 19:1. 42: p, § 19:1. 42: p. § 19:1. l:p, § 19:1. 2:p, § 19:1. 3: p. § 19:1. 6:p, § 19:1. 7:p, § 19:1. 10: p, § 19:1. 11: p, § 19:1. 16: p. § 19:1. 19: p. § 19:1. 20: p. § 19:1. 20: p. § 19:1. 23: p, § 19:1. 26: p, § 19:1. 26: p. § 19:1. 27: p, § 20:1. 35: p, §21:1. l:p, § 21:1. 6:p § 21:1. 10: p, §21:1. 12: p § 21:1. 13: p, § 21:1. 14: p. § 21:1. 15: p, § 21:1. 16: p, § 21:1. 20: p, § 21:1. 24: p, § 21:1. 27: p § 21:1. 28: p, § 21:1. 29: p, § 21:1. 32: p, § 21:1. 34: p, § 21:1. 36: p, § 21:1. 37: p Continued. 40. Federal reserve bank. 40. Federal reserve bd,iik. 40. Member bank. 40. State bank. 40. Nonmember bank. 41. Member bank. 41. Nonmember bank. 41. Federal reserve bank. 41. Member bank. 41. Federal reserve bank, 41. Member bank. 41. Member bank. 41. National or State banks, etc. 41. Federal reserve banks. 41. National banks located in Alaska. 41. Banks organized under local laws. 41. Nonmember banks. 41. National banks in Alaska. 41. Banks organized under local laws 41. Member banks. 41. National-bank currency. 42. Bank examinations. 42. Member bank. 42. State banks. 42. State banks. 42. Federal reserve bank. 42. National bank. 42. Member bank. 42. National bank. 42. National bank. 42. Bank examiner. 42. National banks. 42. National banks. 42. National banks. 42. Federal reserve bank. 42. Member banks. 42. Member bank. 42. Federal reserve bank. INDEX-DIGEST OF FEDERAL BESBftVE ACT AKD AMENDMENTS. 131 BANK; BANKS—' § 21 §21 § 21 §21 §21 §21 §22 § 22 §22 §22 §22 § 22 §22 §22 §22 §22 § 22 §22 §22 §22 §22 §22 § 22 § 22 §22 §24 §24 §24 §24 §24 §25 §25 §25 §25 §25 §25 §25 38: p 39: p, 42: p 43: p, l:p, l:p, 13: p, 15: p, 15: p, 21: p, 28: p, 28: p ,30: p. 34: p, 35: p, 36: p. 37: p. 40: p. 45: p. 2: p. 3: p. 7: p. 9: p. 10: p. 13: p. l:p. 5: p. 13: p. 17: p. 22: p. 38: p. 16: p. 17: p. 20: p. 23: p; 25: p. 40: p. Continued. 42. Member banks. 42. Federal reserve bank. 42. Member bank. 42. Federal reserve bank. 43. National bank. 43. State bank. 43. Member bank. 43. Bank examiner. 43. Bank officer. 43. National bank. 43. National-bank examiner. . 43. National-bank examiner. 43. Any bank. 43. Member bank. 43. Member bank. 43. Member bank. 43. Member bank. 43. Member bank. 43. Member bank. 44. Member bank. 44. Member bank. 44. Member bank. 44. Member bank. 44. Member bank. 44. Member bank. 45. National bank. National bank. National bank. . National banks. National banks. 45. Banks engaged in foreign business. 46. Member bank. 46. Banks engaged in foreign business. 46. Banks engaged in foreign business. 46. Banks engaged in foreign business. 46. National bank. 46. National bank. 45. 45. 45. 45. 132 INDEX-DIGEST OF FEDERAL B.ESREVE ACT AND AMENDMENTS. BANK; BANKS— Continued. § 25: 1. 40: p. 46. National banks. § 25: 1. 43: p. 46. National banks. § 25: 1. 8: p. 47. Member bank. § 25: 1. 10: p. 47. Bank engaged in foreign business. § 25: 1. 11: p. 47. Member bank. § 27: 1. 38: p. 47. National-bank circulation. § 27: 1. 28: p. 48. National banks. § 27:1. 31: p. 48. National banks. § 27: 1. 32: p. 48. National bank. § 27: 1. 35: p. 48. National bank. § 27: 1. 40: p. 48. National banks. § 27: 1. 1: p. 49. State banks. § 5: 1. 14: p. 50. Federal land bank. (Act of July 17, 1916.) § 5: 1. 18: p. 50. Member banks. (Act of July 17, 1916.) § 13: 1. 5: p. 51. Federal land bank. (Act of July 17, 1916.) § 13: 1. 10: p. 51. Member bank. (Act of July 17, 1916.) § 27: 1. 19: p. 51. Member bank. (Act of July 17, 1916.) § 27: 1. 22: p. 51. Federal reserve bank. (Act of July 17, 1916.) § 27: i. 25: p. 51. Federal reserve banks, (Act of July 17, 1916.) § 7:1. 37: p. 51. Banks and trust companies. (Act of April 24, 1917.) § 7:1. 5: p. 52. Bank or trust company. (Act of AprU 24, 1917.) § 7:1. 7: p. 52. Bank or trust company. (Act of April 24, 1917.) §- 7: 1. 16: p. 52. Member banks. (Act of April 24, 1917.) § 2: 1. 10: p. 53. Solvent banks. (Act of May 18, 1916.) § 2: 1. 11: p. 53. Member banks. (Act of May 18, 1916.) § 2: 1. 19: p. 53. Banks. • (Act of May 18, 1916.) § 2: 1. 21: p. 53. Bank. (Act of May 18, 1916.) § 2: 1. 25: p. 53. Member banks. (Act of May 18, 1916.) 5 2: 1. 31 : p. 53. Member banks. (Act of May 18, 1916.) § 2: 1. 33: p. 53. Member banks. (Act of May 18, 1916.) § 2: 1. 34: p. 53. Bank. (Act of May 18, 1916.) § 2: 1. 36: p. 53. Member bank. (Act of May 18, 1916.) § 2: 1. 42: p. 53. Bank. (Act of May 18, 19l6.) § 8:1. 11: p. 54. Banks and trust companies. (Act of Sep- tember 24, 1917.) ■ INDEX-DIGESr OF FEDERAL RESERVE ACT AND AMENDMENTS. 133 BANK; BANKS— Continued. § 8: 1. 26: p. 54, Member banks. (Act of September 24, 1917.) See also, "Bank directors"; "Bank examina- tion"; "Bank reserves"; "Branch bank"; "Eligible bank"; "Federal land bank"; "Federal reserve bank"; "Foreign bank"; "Member bank"; "National bank"; "Non- member bank"; "State bank"; "Trust company." BANKERS. § 13:1. 18: p. 28. Member banks may accept doUar exchange drafts or bills, etc., drawn by banks or bankers in foreign countries, etc. BANKERS' ACCEPTANCES. §13:1. 4: p. 27. Advances by Federal reserve banks to member banks on their promissory notes secured ^by eligible bankers' acceptances, etc. § 14: 1. 43: p. 28. Federal reserve banks may purchase and sell, in the open market, etc., eligible bankers' acceptances, etc. § 16: 1. 20: p. 31. Collateral for Federal reserve notes may be bankers' acceptances purchased under the provisions of section 14, etc. BANKING. § 4:1. 44: p. 8. Federal reserve banks shall have such inci- dental powers as shall be necessary to carry on the business of banking, etc. §10:1. 1 : p. 20. At least two of the appointive members of the Federal Reserve Board shall be persons experienced in banking or finance. § 14:1. l:p. 30. Federal reserve banks may, etc., open and maintain banking accounts for such foreign correspondents or agencies. § 17: 1. 31: p. 37. Repeal of laws requiring the deposit of a stated amount of United States registered bonds with the Comptroller of the Currency before commencing banking business. § 19:1. 20: p. 40. Required reserves for every banking associa- tion, etc. § 25:1. 41: p. 45. Principally engaged in international or for- eign banking, or banking in a dependency, etc. § 25: 1. 5: p. 46. Apphcation for branches shall state the place ^ or places where the banking operations are to be carried on. § 25: 1. 11: p. 46. The Federal Reserve Board may increase or decrease the number of places where such banking operations may be carried on. 134 INDEX-DIGEST OP FEDEEAL EESEEVE ACT AND AMENDMENTS. BANKING ACT. See "National Banking Act." BANKING ASSOCIATION; ASSOCIATIONS. See also "National banking association." , § 1:1. 6: p. 3. Word"bank"sliallbelield to include "banking association." § 1:1. 9: p. 3. The terms "national bank" and "national banking association" shall be held to be synonymous. § 2 : 1. 22 : p. 4. Every national banking association required to join the Federal reserve system. § 2:1. 31: p. 4. Every national banking association required to subscribe to stock of the Federal reserve bank, etc. § 2:1. 12: p. 5. Penalty for failure of any national banking association to become a member bank. § 4: 1. 21: p. 9. Directors of Federal reserve banks shall per- form the duties usually appertaining to the oiEce of directors of banking associations, etc. § 8: 1. 13: p. 15. Conversion of State bank, etc., into a national bank by vote of the shareholders owning not less than 51 per centum of the capitd stock of such bank or banking association, etc. § 8: 1. 36: p. 15. When the Comptroller has given a certificate, etc., to such bank or banking association, it shall have the same powers, etc., and be subject to the same duties, etc., as pro- scrilsed by the Federal Reserve Act and by the National Bank Act, etc. §25:1. 4: p. 46. The appUcations for authority to establish foreign branches shall specify the name and capital of -the banking association filing it, etc. BANKING EXFEBIENCE. § 4: 1. 28: p. 11. The Federal reserve agent shall be a person of tested banking experience. § 4:1. 4 : p. 12. Assistants to Federal reserve agents shall bo persons of tested banking experience. BANKING INSTITUTION. § 8:1. 20: p. 15. Conversion of a State, etc., banking institn- § 8: 1. 24: p. 15. tion into a national bank. § 10 : 1. 30 : p. 20. No member of the Federal Reserve Board shall § 10: 1. 31: p. 20. be an officer or director or hold stock«in any bank, banking institution, etc. INDEX-DIGEST OF EEDEBAL EESEEVE ACT AND AMENDMENTS. 135 BANKING SYSTEM, RESERVE. § 12:1. 2G: p. 24. The Federal Advisory Council shall have power to call for information and to make recommendations in regard to, etc., and the general affairs of the reserve banking system. BANKS. See "Bank, Banks." BASED ON. § 13: 1. 38: p. 25. Notes, etc., based on live stock. BASED UPON. § 27: 1. IG: p. 48. Tax prescribed on circulating notes based npon the deposit of securities other than Government bonds. BASIS. § 19:1. 17: p. 41. Shall be taken as the basis for ascertaining reserve balances. BEAR. § 14: 1. 42: p. 29. Which bear the signature of two or more responsible parties. § 16: 1. 42: p. 31. Shall bear upon their faces a distinctive letter, etc. § 16: 1. 38: p. 34. Shall bear the distinctive numbers of the several Federal reserve banks. § 18: 1. 19: p. 38. As the capital and surplus of such bank shall bear to the aggregate capital and surplus of all the Federal reserve banks. § 7:1. 1: p. 52. Such deposits may bear such rate of interest, § 8:1. 16: p. 54. etc. (Act of April 24, 1917.) (Act of September 24, 1917.) BEARING INTEREST. § 18: 1. 37: p. 39. Bearing interest at the rate of 3 per centum. § 18: 1. 3: p. 40. Bearing interest at the rate of 3 per centum. § 26: 1. 31: p. 47. Bearing interest at a rate of not to exceed 3 per centum. BEARING THE CIRCULATION PRIVILEGE. § 4:1. 10: p. 9. As relate to the issue of circulating notes of national banks secured by bonds of the United States bearing the circulation privilege. § 18: 1. 11: p. 39. In exchange for United States 2 per centum gold bonds bearing the circulation privi- lege. BEARING THE SIGNATURE OR INDORSEMENT. § 13:1. 44: p. 25. Limitation upon the notes, etc., which may be discounted by Federal reserve banks for any one bank, bearing the signature or indorsement of any one borrower, etc. 136 INDEX-DIGEST OF FEDERAL EESERVE ACT AND AMENDMENTS. BECOME; BECOMES § 1 13 p. 3. § 2 14 p. 5. § 2 27 p. 5. § 4 20 p. 8. § 4 26 p. 8. § 5 6 p. 13. § 7 42 p. 14. § 8 9 p. 15. § 9 4 p. 16. § 9 14 p. 16. § 9 22 p. 16. § 9 40 p. 16. § 9 3 p. 18. § 9 13 p. 18. § 9 16 p. 18. § 9 25 p. 18. 1 9 1 p. 19. § 16 16 p. 33. § 19 21 p. 40. § 19 27 p. 41. BED PIECES. § 16 •1. 13 p. 35. BEFOBE. I 2:1. 25: p. § 4 § 8 §10 §17 §18 § 19 §23 §25 1.13: p. 8. 1.31: p. 15. 1. 32: p. 20. 1.30: p. 37. 1. 8: p. 38. 1. 19: p. 40. 1.30: p. 44. 1.25: p. 46. ; BECOMING. Become a member. Become a member. Become a member. Become a body corporate. Becomes forfeited. Become members. Become the property of the United States. Become a national banking association. Become a member. Become a stockholder. Become a stockholder. Become a member. Become due. Become a national banking association. Becoming members. Becoming a member. Become liable. Become a first and paramount lien. Becomes a member. Become member banks. The examination of, and regulations relating to the examination of plates, dies, bed pieces, etc., of national-bank notes provided for in section 5174, Revised Statutes, is hereby extended to include notes herein provided for. Before the association shall be declared dis- solved. Before a judge of some court of record. Before the conversion. Before entering upon his duties. Before authorization to commence banking business. Before the end of any quarterly period. Before payment. Before the date of the failure. Before permission to purchase stock. INDEX-DIGEST OP FEDERAL BESERVE ACT AND AMENDMENTS. 137 BEING EXTENDED. § 21:1. 39: p. 42. And of the lines of credit which are being extended by them. BEING SUBJECT TO. § 25: 1. 13: p. 47. Without being subject to the provisions of the Civil Service Act. § 2: 1. 14: p. 53. Being subject to National or State supervision. (Act of May 18, 1916.) BELONGING TO THE SYSTEM. § 15: 1. 28: p. 30. In any bank not belonging to the system establishd by this Act. BELOW THIRTY-TWO AND ONE-HALF PEK CENTUM. § 11: 1. 15: p. 22. When said reserve falls below thirty-two and one-half per centum, etc. § 11: 1. 19: p. 22. That such reserve falls below thirty-two and one-half per centum, etc. below' FORTY PER CENTUM. § 11: 1. 11: p. 22. When the gold reserve held against Federal reserve notes falls below forty per centum, etc. BELOW THE AMOUNT. § 28 : 1. 9 : p. 49. Not below the amount required by this title, etc. § 28: 1. 12: p. 49. Below the amount required for its outstanding circulation, etc. BELOW THE LEVEL. § 11:1. 8: p. 22. The Federal Reserve Board shall establish a graduated tax upon the amounts by which the reserve requirements of this Act may bo permitted to fall below the level hereinafter specified. BENEFICIARY OF. § 22: 1. 37: p. 43. No officer, attorney, etc., of a member bank, shall bo a beneficiary of, or receive, etc., any fee, commission, gift, etc., for or in connec- tion with any transaction or business of the bank. BENEFIT OF THE UNITED STATES. § 2:1. 21: p. 6. Said United States stock, etc., shall bo dis- posed of for the benefit of the United States, etc, BENEFITS OF THIS ACT, § 27: 1. 45: p. 48. The Secretary of the Treasury may extend the benefits of this Act to aU qualified State banks and trust companies, etc. BEST. § 14: 1. 36: p. 29. Wheresoever it may be deemed best. § 16: 1. 31 : p. 34. In the best manner. § 25: 1. 24: p. 46. As it may deem best. 138 IKDEX-DIGEST OP FEDEBAL EESEEVE ACT AND AMENDMENTS. BETWEEN. § 13: 1. 45: p. 27. Such fees or commissions as may be agreed upon between the said association and the insurance company, etc. BILLS; BILLS OF EXCHANGE. § 9 : 1. 32 : p. 18. No Federal reserve bank shall be permitted to discount for any State bank or trust com- pany, notes, drafts, or bills of exchange of any one borrower who is liable for borrowed money to such State bank or trust com- pany in an amount greater than 10 per centum of the capital and surplus, etc. § 9 : 1. 36 : p. 18. The discount of bills of exchange drawn against actually existing value, etc., shall not be considered as borrowed money within the meaning of this section. § 9:1. 42: p. 18. The Federal reserve bank, as a condition of § 9:1. 2: p. 19. the discount of notes, drafts, and bills of exchange for such State bank or trust com- pany shall require a certificate or guaranty to the effect that the borrower is not and will not be permitted to become liable to such bank in excess of the amount provided by this section, etc., while such notes, drafts, or bills of exchange are under discount with the Federal reserve bank. § 13: 1. 33: p. 24. Federal reserve banks may receive from mem- ber banks, etc., for collection, maturing notes and bills. § 13:1. 38: p. 24. Federal reserve banks may receive, for pur- poses of exchange or collection, from other Federal reserve banks, etc., maturing notes and bills payable within its district. § 13: 1. 44: p. 24. Federal reserve banks may receive from any nonmember bank or trust ompany, solely for purposes of exchange or of collection, etc., maturing notes and bills, etc. § 13:1. 17: p. 25. Federal reserve banks may discount notes, § 13: 1. 18: p. 25. 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 com- mercial purposes, etc. § 13: 1. 26: p. 25. Nothing in this Act, etc., shall be construed to prohibit such notes, drafts, and bills of exchange secured by staple agricultural products, or other goods, wares, or mer- chandise from being eligible for such dis- count. INDEX-DIGEST OF PEDEKAL EESEKVE ACT AND AMENDMENTS. 139 Bills ; Bins OF EXCHAHTGE— Contimicd. § 13: 1. 29: p. 25. Such definition shall not include notes, drafts> or bills covering merdy investments, etc. § 13:1. 33: p. 25. Notes, drafts, and bills admitted to discount under the terms of this paragraph must have a maturity at the time of discount of not more than 90 days, exclusive of days of grace. § 13:1. 37: p. 25. Notes, drafts, and bills drawn or issued for agricultural purposes or based on live stock and having a maturity of not exceeding six months, etc., may be discounted in an amount to be limited, etc. § 13: 1. 44: p. 25. The aggregate of such notes, drafts, and bills bearing the signature or indorsement of any one borrower, etc., rcdiscounted for any one bank shall at no time exceed 10 per centum of the unimpaired capital and surplus of said bank. § 13: 1. 5: p. 26. Tliis restriction shall not apply to bills of ex- chaage drawn in good faith against actually existing values. § 13: 1. 12: p. 26. Any member bank may accept drafts or bills of exchange drawn upon it, etc. § 13: 1. 30: p. 26. No bank shall accept such bills, etc., to more than one-half of its paid-up and unimpaired capital stock and surplus, provided, etc. § 13: 1. 37: p. 26. The Federal Reserve Board, etc., may au- thorize any member bank to accept such bills to an amount not exceeding, etc., 100 per centum of its paid-up and unimpaired capital stock and surplus. § 13:1. 4: p. 27. Any Federal reserve bank may make ad- vances to its member banks on their pro- missory notes, etc., provided such promis- sory notes are secured by such notes, drafts, bills of exchange, etc., as are ehgiblo for rediscount or for purchase, etc. § 13: 1. 19: p. 27. No national banking association shall, etc., bo indebted or in any way Mable, etc., to an amount exceeding the amount of its paid-in and undiminished, etc., capital stock, ex- cept, etc., bills of exchange or drafts drawn against money actually on deposit to the credit of the association or due thereto, etc. § 13: 1. 27: p. 27. The discount and rediscount and the purchase § 13:1. 28: p. 27. and sale by any Federal reserve bank of any bills receivable and of domestic and foreign bills of exchange, etc., shall be sub- ject to such restrictions, limitations, and regulations as may be imposed by the Fed- eral Reserve Board. 140 INDEX-DIGEST OF FEDERAL EESEKVE ACT AND AMENDMENTS. BiriS; Bills OF EXCHANGE— Continued. § 13:1. 14 : p. 28. Any member bank may accept drafts or bills of exchanpre drawn upon it, etc., for the purpose of furnishing dollar exchange. § 13:1. 22: p. 28. Such drafts or bills may be acquired by Federal reserve banks, in such amounts and subject to such regulations, restrictions, and limitations as may be prescribed by the Federal Reserve Board, provided, etc. § 13: 1. 27: p. 28. No member bank shall accept such drafts or § 13: 1. 31: p. 28. bills of exchange, etc., for any one bank to an amount exceeding, etc., 10 per centum of the paid-up, etc., capital and surplus of the accepting bank, unless the draft or bill of exchange is accompanied by documents, conveying or securing title or by some other adequate security. § 13: 1. 34: p. 28. No member bank shall accept such drafts or bills in an amount exceeding at any time, etc., one-half of its paid-up, etc., capital and surplus. § 14: 1. 43: p. 28. Any Federal reserve bank may, etc., purchase and sell in the open market, at home or abroad, etc., bills of exchange, of the kinds and maturities by this Act made eligible for rediscount, etc., with or without the in- dorsement of a member bank. § 14:1. 12: p. 29. May buy and sell, at home or abroad, etc., bills, notes, revenue bonds and warrants, , etc. § 14:1. 23: p. 29. May purchase from member banks and sell, with or without its indorsement, bills of exchange arising out of commercial transac- tions, etc. § 14:1. 37: p. 29. May, with the consent, etc., of the Federal Reserve Board, etc., appoint correspondents and estabhsh agencies in foreign countries, etc., for the purpose of purchasing, selling, and collecting bills of exchange, etc. § 14:1. 39: p. 29. May buy and sell, with or without its in- dorsement, through such correspondents or agencies, bills ,of exchange or acceptances arising out of actual commercial transac- tions, etc. § 16: 1. 15: p. 31. The collateral security for Federal reserve §16:1. 17: p. 31. notes shall be, etc., bills of exchange or acceptances acquired under the provisions of section 13 of this Act, or bills of exchange indorsed by a member bank of any Federal reserve district and purchased under the provisions of section 14, etc. INDEX-DIGEST OF FEDEEAL EESEEVE ACT AND AMENDMENTS. 141 Bills ; BILIS OF EXCHAITGE— Continued. § 22: 1. 45: p. 43. Notes, drafts, bills of exchange, or other evi- §22:1. 4: p. 44. dences of debt, executed or indorsed by directors or attorneys of a member bank, may be discounted with such member bank on the same terms and conditions as other notes, drafts, bills of exchange, etc., upon the af&rmative vote or written assent or at least a majority of the members of the board of directors of such member bank. BILIS EECEIVABLE. § 13: 1. 27: p. 27. The discount and rediscount and the purchase and sale by any Federal reserve bank of any bills receivable, etc., shall be subject to such restrictions, limitations, and regula- tions as may be imposed by the Federal Reserve Board. BINDING ITSELF TO PURCHASE. § 18: 1. 21 : p. 39. Shall enter into an obligation with the Secre- tary of the Treasury, binding itself to pur- chase from the Umted States for gold, at the maturity of such one-year notes, an amount equal to those delivered in ex- change for such bonds, etc. BLANK, APPLICATION. § 4: 1. 27: p. 7. Shall cause to be forwarded, etc., an applica- tion blank. § 4: 1. 28: p. 7. "Which blank shall contain a resolution, etc. BLANK, CIRCULATING NOTES IN. § 4:1. 5: p. 9. To receive from the Comptroller circulating § 18: 1. 41 : p. 38. notes in blank, etc. BOARD. § 1:1. 15: p. 3. The term "board" shall bo held to mean Federal Reserve Board. BOARD, FEDERAL RESERVE. See "Federal Reserve Board. " BOARD OF DIRECTORS. See also "Directors." § 2: 1. 10: p. 6. Public stock shall be transferred on the books of the Federal reserve bank by the chairman of the board of directors of such bank. § 3:1. 9: p. 7. Branch banks shall be operated under the supervision of a board of directors, etc. § 4: 1. 29: p. 7. which blank shall contain a resolution to be adopted by the board of directors of each bank executing such application. § 4:1. 31: p. 8. The Federal reserve bank shall appoint by its board of directors such officers and employ- ees, etc. 142 INDEX-DIGEST OF EEDEEAL EESEEVE ACT AND AMENDMENTS. BOARD OP DIRECTORS— Continued. § 4: 1. 36: p. 8. To prescribe by its board of directors by-laws not inconsistent with law. § 4: 1. 40: p. 8. To exorcise by its board of directors, etc., all powers- specifically granted, etc. § 4:1. 19: p. 9. Every Federal reserve bank shall be con- ducted under the supervision and control of a board of directors. § 4: 1. 20: p. 9. The board of directors shall perform the duties usually appertaining to the office of direc- tors, etc. § 4: 1. 23: p. 9. Said board shall administer the afTairs of the bank fairly and impartially, etc. § 4:1. 31: p. 9. Said board of directors shall be selected as hereinafter specified. § 4: 1. 17: p. 10. The chairman of the board of directors of the Federal reserve bank shall classify the member banks, etc. § 4: 1. 27: p. 10. Each member bank shall elect a district reserve elector at a regularly called meeting of the board of directors. § 4: 1. 30: p. 10. Shall certify his name to the chairman of the board of directors of the Federal reserve bank. § 4:1. 20: p. 11. The Federal Reserve Board shall designate one of the class C directors as chairman of the board of directors of the Federal reserve bank, etc. § 4: 1. 29: p. 11. The Federal reserve agent shall maintain a local office, etc., in addition to his duties as chairman of the board of directors of the Federal reserve bank. § 4:1. 16: p. 12. Directors of Federal reserve banks shall re- ceive a reasonable allowance, etc., for attending meetings of their respective boards. § 4: 1. 18: p. 12. The compensation provided by boards of di- rectors of Federal reserve banks for direc- tors, officers, and employees siiall be subject to the (tpproval of the Federal Reserve Board. § 4: 1. 27: p. 12. The Reserve Bank Organization Committee may exercise the functions herein conferred upon the chairman of the board of directors of each Federal reserve bank, etc. § 4: 1. 29: p. 12. The terms of the directors shall be designated at the first meeting of the full board of directors. INDEX-DIGEST OP FEDEEAL BESEEVE ACT AND AMENDMENTS. 143 BOARD OF DIRECTORS— Continued. § 5 : 1. 2S : p. 13. The board of directors shall execute a certificate of increase in capital stock to the Comptrol- ler of the Currency. § 6 : 1. 16 : p. 14. The board of directors shall execute a certificate of reduction of capital stock, etc., to the Comptroller of the Currency. § 12:1. 42: p. 23. Each Federal reserve bank by its board ol directors shaU annually select, etc., one member of the Federal Advisory Council. §12:1. 2 : p. 24. His compensation and allowances shall be fixed by his board of directors, subject to the ap- proval of the Federal Reserve Board. §22:1. 7: p. 44. Loans, etc., to directors or attorndys must have the affirmative vote or written assent of at least a majority of the members of the board of directors, etc. § 27: 1. 12: p. 44. No examiner shall disclose the names of bor- rowers, etc., without first having obtained the express permission in writing from the Comptroller of the Currency or from the board of directors, etc. BODY CORPORATE. § 4: 1. 20: p. 8. Upon the filing of such certificate, etc., the Federal reserve bank shall become a body corporate, etc. BONDED INDEBTEDNESS. § 7: 1. 35: p. 14. The net earnings derived by the United States from Federal reserve banks may be applied to the reduction of the outstanding bonded indebtedness of the United States. BONDS. § 4: 1. 33: p. 8. The Federal reserve bank may require bonds of its officers and employees and fix the penalty thereof. § 4: 1. 8: p. 12. The Federal Reserve Board shall require such bonds of the assistant Federal reserve agents as it may deem necessary for the protection of the United States. §11:1. 3: p. 23. The Federal Reserve Board may require bonds of Federal reserve agents. §11:1. 4: p. 23. The Federal Reserve Board may make regula- tions for the safeguarding of all collateral, bonds, etc., deposited in the hands of such Federal reserve agents. § 11:1. 15: p. 23. The Federal Reserve Board may grant by special permit to national banks, etc., the right to act, etc., as registrar of stocks and bonds, etc. 144 INDEX-DIGEST OF FEDERAL EESEEVE ACT AND AMENDMENTS. BOiroS— Continued . § 13:1. 31: p. 25. Such definition of eligible paper shall not § 13: 1. 32: p. 25. include notes, etc., issued or drawn for the purpose of carrying or trading in stocks, bonds, etc., except bonds and notes of the Government of the United States. § 14: 1. 11: p. 29. Federal reserve banks may buy and seU, at § 14:1. 13: p. 29. home or abroad, bonds and notes of the United States, and bills, notes, revenue bonds, and warrants^ etc., issued in antici- pation of the collection of taxes, etc. § 27: 1. 23: p. 51. Any Federal reserve bank may buy and seD § 27: 1. 26: p. 51. farm loan bonds, etc., to the same extent and subject to the same limitations imposed by subsection (b) of section 14 of the Federal Reserve Act upon the purchase and sale by said banks of State, county, district, and municipal bonds. (Act of July, 17, 1916.) § 7: 1. 39: p. 51. Arising from the sale of the bonds, etc., I 7:1. 41: p. 61. authorized by this Act or the bonds pre- viously authorized, etc, (Act of April 24, 1917.) § 7:1. 6: p. 52. And invested in such bonds, etc. (Act of April 24, 1917.) § 8:1. 14: p. 54. Arising from the sale of the bonds, etc., au- thonzed by this Act. (Act of September 24, 1917.) BONDS, FAEM lOAlff. See "Farm loan bonds." BOH^DS, EEFUNDIBra. See "United States bonds." BOITDS, UiriTED STATES, See "United States bonds." BOOK VAITJE, Iir FO EVENT TO EXCEED THE. § 9:1, 8: p. 18. The amount refunded in no event to exceed the book value of the stock at that time, etc. BOOK VALTTE, ITOT TO EXCEED THE. § 5: 1. 44: p. 13. Not to exceed the book value thereof, less any liability, etc. § 6:1. 9: p. 14. Not to exceed the book value thereof, etc. BOOKS. § 2:1. 9: p. 6. PubUc stock may be transferred on the books of the Federal reserve bank by the chairman of the board of directors of such bank. § 11: 1. 30: p. 21. The Federal Reserve Board may examine at its discretion the accounts, books, and affairs of each Federal reserve bank and of each member bank. INDEX-DIGEST OF FEDERAL BESEEVE ACT AND AMENDMENTS. 145 BOOKS— Continued. § 11:1. 41: p. 22. The Federal Reserve Board may require the writinw off of doubtful or worthless assets upon the books and balance sheets of Fed- eral reserve banks. BOBNE. §21:1. 35 : p. 42. The expense of such examination shall be borne by the bank examined. BOEEOW GOLD. § 26: 1. 29: p. 47. The Secretary of the Treasury ma,y, for the purpose of maintaining such parity and to strengthen the gold reserve, borrow gold on the security of United States bonds, etc. BOEEOWED MONEY. § 9 : 1. 33 : p. 18. No Federal reserve bank shall be permitted to discount for any State bank or trust com- pany, notes, etc., of any one borrower who IS liable for borrowed money to such State bank, etc., in an amount greater than 10 per centum of the capital and surplus of such State bank or trust company. § 9:1. 40: p. 18. The discount of bills of exchange drawn against actually existing value and the dis- count of commercial or business paper actually owned by the person negotiatmg the same, shall not be considered as bor- rowed money within the meaning of this section. BOEEOWEE. § 9 : 1. 33 : p. 18. Of any one borrower who is liable for borrowed money to such State bank, etc. § 9: 1. 44: p. 18. A certificate or guaranty to the effect that the borrower ig not Uable to such bank in excess, etc. § 13: 1. 45: p. 25. The aggregate of such notes, etc., bearing the signature or indorsement of any one bor- rower, etc., shall at no time exceed 10 per centum of the unimpaired capital and sur- plus of said bank, etc. BOEEOWEES. §22:1. 8: p. 44. BOTH. § 22:1. 19: p. 43. § 22:1. 25: p. 43. § 22:1. 19: p. 44. § 25:1. 29: p. 45. 20592"— 18 10 No examiner, public or private, shall disclose the names of borrowers or the collateral for loans, etc., to other than the proper officers of such bank without first having obtained the express permission in writing from the Comptroller, etc. Imprisonment, etc., fine, etc., or both. Either or both of the following powers, etc. 146 INDEX-DIGEST OF FEDERAL KESEEVE ACT AND AMENDMENTS. BEAUCH, BRANCHES. § 3:1. 1 : p. 7. Branch offices. (Heading of section 3.) § 3:1. 3: p. 7. The Federal Reserve Board may permit or require any Federal reserve bank to estab- lish branch banks, etc. § 3:1. 6: p. 7. Such branches, etc., shall be operated under the supervision of a board of directors, etc. § 3:1. 13: p. 7. Directors of branch banks shall hold office during the pleasure of the Federal Eeserve Board. § 16:1. 13: p. 36. The Federal Reserve Board shall make, etc., regulations governing the transfer of funds, etc., among Federal reserve banks and their branches. § 25: 1. 24: p. 45. Foreign branches. (Heading of section 25.) § 25:1. 31: p. 45. Application to establish branches in foreign countries, etc. § 25:1. 14: p. 46. National banking associations operating for- § 25:1. 15: p. 46. eign branches shaU bo required to furnish information to the Comptroller concerning the condition of such branches, etc. § 25: 1. .23: p. 46. The Federal Reserve Board may order special examinations of the said branches, etc. § 25: 1. "2: p. 47. Every national banking association shall con- § 25: 1. 3: p. 47. duct the accounts of each foreign branch independently of the accounts of other foreign branches established by it. § 25: 1. 6: p. 47. ShaU at the end of each fiscal period transfer to its general ledger the profit or loss accrued at each branch as a sepai'ate item. BROKEK. §13:1. 2 : p. 28. Certain specified national banks may act as tho broker or agent of others in making or pro- curing loans on real estate located, etc. BEOUGHT FOR THAT PTJEPOSE. § 2:1. 22: p. 5. Any noncompliance with or violation of this Act shall be determined, etc., in a suit brought for that purpose, etc. BUILIOK, GOLD. §14:1. 4 : p. 29. Federal reserve banks shall have power to deal in gold coin and bullion, at home or alroad, etc. § 14:1. 7: p. 29. And to contract for loans of gold coin or bullion, etc. INDEX-DIGEST OF FEDERAL RESEEVE ACT AND AMENDMENTS. 147 BUREAU; BUREAUS. §10:1. 7 : p. 21 . Nothing in this Act shall be construed as taking away any powers heretofore vested by law in the Secretary of the Treasury which relate to the supervision, etc., of the Treasury Department and bureaus under such department, etc. § 10: 1. 20: p. 21. A bureau charged with the execution of all laws passed by Congress relating to the issue, etc., of national currency, etc. § 10 : 1. 25 : p. 21 . The chief officer of which bureau shall be called the Comptroller of the Currency. § 11: 1. 23: p. 22. The Federal Reserve Board shall supervise and regulate the issue and retirement of Federal reserve notes through the bureau under the charge of the Comptroller of the Currency, etc. BUSINESS. § 2:1. 2 : p. 4. Customary course of business. § 2:1. 29: p. 6. Commence business. § 4:1. 4: p. 8. Place of doing business. § 4:1. 38: p. 8. General business. § 4:1. 43: p. 8. Business of banking. § 4: 1. 13: p. 9. Transact any business. § 4: 1. 16: p. 9. Commence business. § 9: 1. 38: p. 18. Business paper. § 10: 1. 31: p. 19. Business of the Federal Reserve Board. § 11:1. 19: p. 23. Business of the Federal Reserve Board. § 12: 1. 12: p. 24. Transaction of business. § 12: 1. 18: p. 24. General business conditions. § 12: 1. 22: p. 24. Rediscount business. § 13: 1. 35: p. 27. Doing business. § 13: 1. 41: p. 27. Do business. § 14: 1. 29: p. 29. Accommodating commerce and business. § 16: 1. 43: p. 34. Place of business. § 16: 1. 37: p. 36. Place of business. § 17: 1. 31: p. 37. Commence banking business. § 22: 1. 40: p. 43. Business of the bank. § 25: 1. 29: p. 46. Conduct its business. § 25: 1. 31: p. 46. Wherein such business is to be conducted. " 148 INDEX-DIGEST OP FEDERAL EESEEVE ACT AND AMENDMENTS. BUY AND SEII. § 14: 1. 11: p. 29. Every Federal reserve bank shall have power to buy and sell, at homo or abroad, bonds and notes of the United States and bills, notes, revenue bonds, and warrants, etc, § 14: 1. 38: p. 29. To buy and sell with or without its indorse- ment, through such correspondents or agencies, bills of exchange or acceptances arising out of actual commercial toansac- tions, etc. § 27: 1. 20: p. 51. Any member bank of the Federal reserve sys- tem may buy and sell farm loan bonds, etc. (Act of July 17, 1916.) § 27: 1. 22: p. 51. Any Federal reserve bank may buy and sell farm loan bonds, etc., to the same extent and subject to the same limitations placed upon the purchase and sale by said banks of State, countv, district, and municipal bonds under subsection (b) of section 14, of the Federal Reserve Act. (Act of July 17, 1916.) BY AND WITH THE ADVICE AND CONSENT OF THE SENATE, § 10: 1. 22: p. 19. And five members appointed by the President of the United States, by and with the advice and consent of the Senate. § 10: 1. 40: p. 20. A successor shall be appointed by the Presi- dent, with the advice and consent of the Senate. BY AUTHOEITY THEREOF. § 2:1. 23: p. 53. And the regulations made by authority there- of. (Act of May 18, 1916.) BY DIEECTION OF. § 22: 1. 14: p. 44. Except when ordered to do so, etc., by direc- tion of the Congress of the United States, etc. BY ITSEIF, § 12: 1. 16: p. 24. By itself, or through its officers. BY NTJMBEE. § 2:1. 8: p. 4. Such districts, etc., may be designated by number. § 4: 1. 26: p. 10. The groups shall be designated by number by the chairman. BY-IAWS. § 4: 1. 36: p. 8. The Federal reserve bank shall have power to prescribe by its board of directors, by-laws not inconsistent with law, etc. C. CLASS; CLASSES. § 4: 1. 34: p. 9. Said board of directors, etc., shall bo divided into three classes, designated as Classes A, B, and C. § 4:1. 41: p. 9. Class C shall consist of three members who shall be designated by the Federal Reserve Board. § 4:1. 2: p. 10. When the necessary subscriptions to the capital stock have been obtained, etc., the Federal Reserve Board shall appoint the Class C directors and shall designate one as chairman of the board, etc. § 4:1. 13: p. 10. No director of Class C shall be an officer, director, employee, or stockholder of any bank. § 4:1. 22: p. 11. Class C directors shall be appointed by the Federal Reserve Board. § 4: 1. 23: p. 11. They shall have been for at least two years residents of the district, etc. § 4: 1. 25: p. 11. One shall be designated as chairman of the Board, etc., and as Federal reserve agent, etc. § 4: 1. 39: p. 11. One of the directors of Class C shall be ap- pointed, etc., deputy chairman, etc. § 4: 1. 43: p. 11. In case of the absence of the chairman and deputy chairman, the third Class C director shall preside at meetings of the board. § 4: 1. 31: p. 12. It shall be the duty of the directors of Classes A, B, and C, respectively, to designate one of the members of each class whose term of ofl3.ce shall expire, etc. CABLE TRANSFERS. ' § 14: 1. 42; p. 28. Federal reserve banks, ^etc, may buy and sell in the open market, at home or abroad, etc., cable transfers, etc. CALENDAR YEAR. § 9: 1. 37: p. 17. No Federal reserve bank shall, except under express authority of the Federal Reserve Board, cancel within the same calendar year more than 25 per centum of its capital stock for the purpose of effecting voluntary withdrawals during that year. § 21: 1. 7: p. 42. Shall appoint examiners who shall examine every member bank at least twice in each calendar year, etc. 149 150 IITDEX-DIGEST OF FEDEEAL EESEEVE ACT AND AMENDMENTS. CALL. § 2:1. 37: p. 4. One-sixth of the subscription to be payable on call of the Organization Conmutteo or of the Federal Reserve Board. § 2:1. 41: p. 4. The remainder of the subscription, or any part thereof, shall be subject to call when deemed necessary by the Federal Reserve Board. § 4:1. 23: p. 12. The Reserve Bank Organization Committee may, etc., call such meetings of bank di- rectors, etc., as may be necessary, etc. And one-half subject to call of the Federal Reserve Board. § 5:1. 17: p. 13. § 9:1. 24: p. 16. The stock subscriptions of State banks, etc., admitted into the Federal reserve system shall be payable on call of the Federal Reserve Board. § 9:1. 41: p. 16. State banks, etc., admitted to membership shall make not less than three reports of condition and of payment of dividends aimually on call of the Federal Reserve Board. § 12 : 1. 20 : p. 24. The Federal Advisory Council shall have power to call for information, etc., from the Federal Reserve Board. § 16: 1. 29: p. 31. The Federal Reserve Board may at any time call upon a Federal reserve bank for addi- tional security to protect the Federal reserve notes issued to it. CALLED. § 4:1. 27: p. 10 § 5:1. 38: p. 13 At a regularly called meeting, etc. And be released from its stock subscription not previously called. § 9:1. 44: p. 16. Penalty for failure of a State bank, etc., admitted as a member to make reports within 10 days after they are called for. The chief officer of which bureau shall bo called the Comptroller of the Currency. Meetings of the Federal Advisory Council shall be, etc., at least four times each year, and oftener if called by the Federal Reserve Board. I 10:1. 25: p. 21, I 12:1. 6: p. 24 CANCEL. § 9:1. 37: p. 17. No Federal reserve bank, except under express authority of the Federal Reserve Board, shall cancel, within the same cal- endar year, more than 25 per centum of its stock for the purpose of effecting voluntary withdrawals, during that year, of Stato banks, etc., admitted to membership. INDEX-DIGEST OF FEDEEAL BESEBVE ACT AND AMENDMENTS. 151 CANCELED. § 5:1. 39: p. 13. In either case the shares surrendered shall be canceled. § 6:1. 5: p. 14. Stock held by an insolvent member bank shall bo canceled. § 18:1. 30: p. 38. Which notes shall be canceled and perma- nently retired when redeemed. CANCEIIATION. § 9: 1. 33: p. 17. A State bank, etc., may withdraw from mem- bership in a Federal reserve bank after six months' written notice, etc., upon the sur- render and cancellation of all its holdings of capital stock in the Federal reserve bank, etc. § 16: 1. 32: p. 32. Federal reserve notes unfit for circulation shall be returned by the Federal reserve agents to the Comptroller of the Currency for cancellation and destruction. CAUDIDATE; CANDIDATES. § 4:1. 36: p. 10. Each member bank shall be permitted to § 4:1. 37: p. 10. nominate to the chairman one candidate for director of class A and one candidate for director of class B. § 4:1. 37: p. 10. The candidates so nominated shall be listed by the chairman. § 4: 1. 6: p. 11. Electors shall not vote more than one choice for any one candidate. § 4:1. 7: p. 11. Any candidate having a majority of all votes cast in the column of first choice shall be declared elected. § 4:1. 9: p. 11. If no candidate has such majority, the votes, § 4:1. 11: p. 11. cast for candidates in the second column § 4: 1. 12: p. 11. shall be added to the votes cast for the several candidates in the first column. § 4:1. 13: p. 11. If any candidate then have a majority, etc. he shall be declared elected. § 4:1. 15: p. 11. If no candidate have a majority, etc., the votes § 4: 1. 19: p. 11. cast in the third column for other choices shall be added, etc., and the candidate hav- ing the highest number of votes shall be declared elected. CAPACITY. § 2: 1. 30: p. 5. Shall be held liable in his personal or individ- ual capacity. CAPITAL REQUIEEMENTS. § 9: 1. 29: p. 16. All State banks, etc., admitted to membership must comply with the reserve and capital requirements of this Act. 152 INDEX-DIGEST OF FEDEEAL BESEEVE ACT AND AMENDMENTS. CAPITAI STOCK; STOCK. See also "Shares." § 2: 1. 34: p. 4. Subscription to the capital stock of Federal § 2 : 1. 35 : p. 4. reserve banks. § 2:1. 3 : p. 5. Individual liability of shareholders. § 2 : 1. 37 : p. 5. If subscriptions are insufficient, an offer for § 2:1. 40: p. 5. public subscription authorized. § 2:1. 44: p. 5. § 2:1. 2: p. 6. § 2:1. 7: p. 6. Limitation of such public subscription to $25,000 for any one individual, etc., other than a member bank of its district. § 2:1. 8 : p. 6. To bo known as public stock. § 2: 1. 12: p. 6. If the total subscriptions by banks and the § 2:1. 17: p. 6. public are insufficient, etc., the Organization § 2:1. 18: p. 6. Committee shall allot stock to the United States, etc., at par, etc. § 2: 1. 24: p. 6. Stock not held by member banks shall not be entitled to votmg power. § 2: 1. 28: p. 6. The Federal Reserve Board shall adopt, etc., rules and regulations governing the transfers of said stock. § 4:1. 30: p. 7. An application blank authorizing subscription to the capital stock of Federal reserve banks. § 4:1. 37: p. 7. Five banks, etc., shall be designated to execute a certificate of organization when the minimum amount of capital stock, etc., shall have been subscribed and allotted. § 4 : 1. 2 : p. 8. Such certificate shall state the amount of capital stock, etc. § 4:1. 6: p. 8. And the names of aU banks which have sub- scribed to the capital stocky etc. § 4:1. 10: p. 8: To enable all banks which have subscribed or may hereafter subscribe to the capital stock to avail themselves of the advantages of this Act. § 4:1. 12: p. 9. The issue by Federal reserve banks of cir- culating notes secured by bonds of the United States shall not be limited to the capital stock of such Federal reserve bank. § 4:1. 43: p. 9. When the necessary subscriptions to the capital stock have been obtained, etc., the the Federal Reserve Board shall appoint the class C directors, etc. § 5:1. 2: p. 13. The capital stock of each Federal reserve bank shall be divided into shares of $100 each. INDEX-DIGEST OF FEDEEAL EESEEVE ACT AND AMENDMENTS. 158 CAPITA! STOCK; STOCK— Continued. § 5:1. 4: p. 13. The outstanding stock shall be increased or § 5:1. 5: p. 13. decreased as member banks increase or § 5:1. 7 : p. 13. decrease their capital stock or as additional banks become members. § 5:1. 9: p. 13. Shares of the capital stock of Federal reserve banks owned by member banks shall not be transferred or hypothecated. § 5: 1. 11: p. 13. Subscription for an additional amount of the § 5: 1. 13: p. 13. capital stock of a Federal reserve bank when a member bank increases its capital stock or surplus. § 5: 1. 18: p. 13. Subscripton to the capital stock in a Federal § 5: 1. 20: p. 13. reserve bank after the organization thereof. § 5:1. 21: p. 13. § 5: 1. 24: p. 13. Shall cause to be executed a certificate show- § 5: 1. 26: p. 13. ing the increase of the capital stock of a I 5: 1. 30: p. 13. Federal reserve bank, etc. § 5:1. 32: p. 13. A member bank reducing its capital stock § 5:1. 33: p. 13. shall surrender a proportionate amount of its holdings in the capital of the Federal reserve banlc. § 5: 1. 36: p. 13. A member bank which voluntarily liquidates § 5:1. 37: p. 13. shaU surrender all of its lioldings of the capital stock of said Federal reserve bank, and be released from its stock subscription not previously called. § 6: 1. 4: p. 14. The stock held by an insolvent member bank, § 6:1. 7: p. 14. etc., shall be canceled, etc., and all cash-naid subscriptions on said stock, etc., shall be first applied, etc. § 6: 1. 13: p. 14. Shall cause to bo executed a certificate, etc., § 6: 1. 14: p. 14. showing the reduction of the capital stock § 6: 1. 18: p. 14. of a Federal reserve bank. § 7: 1. 24: p. 14. The stockholders shall be entitled to receive an annual cumulative dividend of 6 jier centum on the paid-in capital stock of Federal reserve banks. § 7: 1. 30: p. 14. One-half of the net earnings shall bo paid into a surplus fund until it shall amount to 40 per centum of the paid-in capital stock. § 7: 1. 41: p. 14. Should a Federal reserve bank be dissolved or go into liquidation, any surplus, etc., after payment of all debts, etc., and tho par value of tho stock, shall bo paid to tho United States, etc. 154 INDEX-DIGEST OF FEDEKAL KESEBVE ACT AND AMENDMENTS. CAPITAL STOCK; STOCK— Continued. § 7:1. 44: p. 14. The capital stock of Federal reserve banks, etc., shall be exempt from Federal, State and local taxation, except taxes on real estate. § 8:1. 9: p. 15. Conversion permitted of a State bank, etc., § 8:1. 12: p. 15. having an unimpaired capital sufficient to entitle it to become a national banking association, by vote of the shareholders owning not less than 51 per centum of the capital stock, etc. § 8: 1. 22: p. 15. The certificate shall declare that the owners of 51 per centum of the capital stock have authorized the directors to make such cer- tificate, etc. § 9:1. 8: p. 16. A State bank, etc., may make application for the right to subscribe to the stock of the Federal reserve bank. § 9: 1. 10: p. 16. For the same amount of stock that the apply- ing bank would be required to subscribe to as a national bank. § 9: 1. 23: p. 16. On admission, its stock subscription shall bo § 9:1. 25: p. 16. payable on call of the Federal Reserve . Board and stock issued to it shall be held subject to the provisions of this Act. § 9: 1. 32: p. 16. Such banks, etc., shall be required, etc., to conform to those provisions of law imposed on national banks which prohibit such banks from lending on or purchasing their own stock. § 9: 1. 25: p. 17. For failing to comply with this section or with the regulations of the Federal Reserve Board, a member bank may be required to surrender its stock, etc. § 9: 1. 34: p. 17. A State bank, etc., may withdraw from mem- bership, upon six months' written notice, etc., upon the surrender and cancellation oi all of its holdings of capital stock in the Federal reserve bank. § 9: 1. 39: p. 17. No Federal reserve bank shall, except under express authority of Federal Reserve Board, cancel, within the same calendar year, more than 25 per centum of its capital stock for the purpose of effecting voluntary with- drawals. § 9: 1. 42: p. 17. Upon surrender of its stock holdings, etc., all of its rights and privileges as a member bank shall cease, etc. INDEX-DIGEST OF FEDERAL BESEEVE ACT AND AMENDMENTS. 155 CAPITAL STOCK; STOCK— Continued. § 9:1. 8: p. 18. Tho amount refunded in no event to exceed the book value of the stock, etc. § 9:1. 13: p. 18. The applying bank must have a paid-up, unimpaired capital sufficient to entitle it to become a national banking association in tho place where it is situated, etc. § 9: 1. 35: p. 18. No Federal reserve bank shall bo permitted to discount for any State bank, etc., notes, etc, of any one borrower who is liable for borrowed money to such State bank, etc., in an amount greater than 10 per centum of tlie capital and surplus of such State bank, etc. § 10: 1. 18: p. 20. The Federal Eeservo Board shall have power to levy semiannually upon the Federal reserve banks, in proportion to their capital stock and surplus, an assessment, etc. § 10:1. 31: p. 20. No member of the Federal Reserve Board shall hold stock iii any bank, banking insti- tution, or trust company, etc. § 11: 1. 15: p. 23. To grant by special permit to national banks applying therefor, etc., the right to act as registrar of stocks and bonds, etc. § 13: 1. 31: p. 25. Such definition of eligible paper shall not include notes, etc., drawn for the purpose of carrying or trading in stocks, bonds, etc. § 13: 1. 3: p. 26. The aggregate of notes, etc., bearing the signa- ture or indorsement of any one borrower, etc., shall at no time exceed 10 per centum of the unimpaired capital and surplus of said bank. § 13: 1. 26: p. 26. No member bank shall accept, etc., for any one person, etc., to an amount, etc., more than 10 per centum of its paid-up, etc., capital stock and surplus, unless the bank is secured, etc. § 13: 1. 32: p. 26. No bank shall accept such biUs, etc., to more than one-half of its paid-up, etc., capital stock and surplus, provided, etc. § 13: 1. 36: p. 26. The Federal Reserve Board, under regulations, § 13: 1. 39: p. 26. etc., which shall apply to all banks alike, regardless of the amount of capital stock and surplus, may authorize any member bank to accept such bills to an amount not exceeding, etc., 100 per centum of its paid-up, etc., capital stock and surplus. 156 INDEX-DIGEST OF FEDERAL BESEEVE ACT AND AMENDMENTS. CAPITAL STOCK; STOCK— Continued. § 13: 1. 42: p. 26. The aggregate of acceptances growing out of domestic transactions shall in no event ex- ceed 50 per centuiri of such capital stock and surplus. § 13: 1. 12: p. 27. Exceptions stated to the requirement that no national banking association shall be in- debted, etc., to an amount exceeding the amount of its capital stock at such time actually paid in and remaining undimin- ished, etc. * § 13: 1. 29: p. 28. No member bank shall accept dollar exchange drafts or bills to an amount exceeding, etc., 10 per centum of tlie paid-up, etc., capital and surplus of the accepting bank, unless the draft or bill is accompanied by docu- ments, etc. § 13: 1. 36: p. 28. No member bank shaU accept such drafts or bills in an amount exceeding at any time the aggregate of one-half of its paid-up, etc., capital and surplus. § 18: 1. 18: p. 38. The Federal Reserve Board shall allot to each § 18:1. 19: p. 38. Federal reserve bank such proportion of such bonds as the capital and surplus of such bank shall bear to the aggregate capital, etc. §18:1. 6 : p. 39. Notes of the Federal reserve banks secured by United States bonds with the circulating privilege shall not be limited to the amount of tlie capital stock of the Federal reserve bank issuing them. § 19: 1. 43: p. 40. No member bank shall keep on deposit with any State bank or trust company not a member bank a sum in excess of 10 per centum of its own paid-up capital and surplus. § 19: 1. 28: p. 41. National banks, or banks organized under local laws, located in Alaska, or in a de- pendency, etc., may, etc., with the consent of the Federal Reserve Board, becomo member banks of any one of the reserve districts, and shall in that event take stock, maintain reserves, and be subject to aU the other provisions oi this Act. § 23:1. 26 : p. 44. The stockholders of national banking associa- § 23: 1. 27: p. 44. tions shall be held individually responsible for all contracts, debts, etc., of such asso- ciation, each to the amount of his stock therein, at the par value thereof, in addition to the amount invested in such stock. INDEX-DIGEST OJ? FEDERAL RESERVE AC J AND AMENDMENTS. 157 CAPITAI STOCK; STOCK— Continued. § 24 : 1. 16 : p. 45. Any such bank may make such loans, whether secured by such farm land or such real estate, in an aggregate sum equal to 25 per centum of its capital and surplus, etc. § 25: 1. 26: p. 45. Any national banking association possessing a capital and surplus of $1,000,000 or more may file application, etc., to establish branches in foreign countries, etc. § 25: 1. 37: p. 45. To invest an amount not exceeding, etc., 10 § 25: 1. 38: p. 45. per centum of its paid-in capital stock and surplus in the stock of one or more banks or corporations, etc., principally engaged in in- ternational or foreign banking, etc. § 25: 1. 3: p. 46. Such application shall specify the name and capital of the banking association filing it, etc. § 25: 1. 17: p. 46. Every member bank investing in the capital stock of such banks, etc., shall furnish infor- mation, etc., to the Federal Reserve Board upon demand, etc. § 25 : 1. 26 : p. 46. Before any national bank shall be permitted to purchase stock in any such corporation, the said corporation shall enter into an agreement, etc., with the Federal Reserve Board to restrict its operations, etc. § 25: 1. 43: p. 46. For failure of the corporation in question or of the national bank or banks, etc., to comply with the regulations of the Federal Reserve Boalrd, such national banks may be required to dispose of stock holdings in the said cor- poration upon reasonable notice. § 25: 1. 11: p. 47. Interlocking officers, directors, etc., permitted between member banks and any such bank or corporation in the capital stock of which such member bank shall have invested. § 27: 1. 30: p. 48. The Secretary of the Treasury may suspend the limitations of sections 1 and 3 of the Act of May 30, 1908, hmiting the issue of additional circulation secured otherwise than by United States bonds, to national banks having circulating notes outstanding, secured by the deposit of United States bonds, to an amount not less than 40 per centum of the capital stock of such bauKs, etc. § 27: 1. 35: p. 48. No bank shall be permitted to issue circulat- ing notes in excess of 125 per centum of its unimpaired capital and surplus. 158 INDEX-DIGEST OF FEDERAL EESEEVE ACT AND AKtBIfDMENTS. . CAPITAI STOCK; STOCK— Continued. § 28: 1. 8: p. 49. A national bank may reduce its capital by vote of the shareholders owning two-thirds of its capital stock, etc. § 28: 1. 11: p. 49. No such reduction shall be allowable which will reduce the capital below the amount required for its outstanding circulation. § 5:1. 14: p. 50. At least 26 per centum of that part of the capital of any Federal land bank for which stock is outstanding, etc., may consist of deposits in member banks of the Federal reserve system, etc. (Act of July 17, 1916.) § 2:1. 21: p. 53. Substantially in proportion to the capital § 2:1. 32: p. 53. and surplus of each such bank. (Act of May 18, 1916.) CAPITALIZATION. § 4: 1. 25: p. 10. Each group shall consist, as nearly as may be, of banks of similar capitalization. CAREFULIY PRESEEVE. § 4:1. 17: p. 8. The Comptroller of the Currency shall file, record, and carefnlly preserve the organiza- tion certificate, etc. CABBIED. § 2 : 1. 34: p. 6. The amount of reserves that may be carried. § 4:1. l:p. 8. Over which the operations of such Federal reserve bank are to bo carried on. § 10: 1. 22: p. 20. Any deficit carried forward from the preceding year. § 19:1. 6: p. 41. The required balance carried by a member bank, etc., may, etc., be checked against, etc. § 25 : 1. 6 : p. 46. Where the banking operations proposed are to be carried on. § 25; 1. 12: p. 46. Where such banking operations may be carried on. CAEEY. § 4: 1. 43: p. 8. Necessary to carry on the business of bank- ing, etc. § 4:1. 25: p. 12. Necessary to carry out the purposes of this Act. § 11: 1. 34: p. 23. To permit member banks to carry in the Federal reserve banks, etc., any portion of their reserves, etc. § 14: 1. 8: p. 30. To carry on, or conduct, through tho Federal reserve bank opening such account, etc. INDEX-DIGEST 01" FEDEEAL BESEKVE ACT AND AMENDMENTS. 159 CARRYIKra. § 2: 1. 37: p. 6. Incur such expenses in carrying out the pro- visions of this Act, etc. § 13: 1. 31: p. 25. Issued or drawn for the purpose of carrying or trading in stocks, bonds, etc. § 16: 1. 4: p. 37. The expenses necessarily incurred in carrying out these provisions, etc. CASE; CASES. § 2: 1. 26: p. 5. In cases of such noncompliance, etc. § 5: 1. 38: p. 13. In either case. § 8: 1. 18: p. 15. In such case. § 9: 1. 16: p. 17. In all cases. § 13: 1. 8: p. 25. In no case. § 13: 1. 7: p. 28. In any case. § 20: 1. 41 : p. 41. In no case. § 21: 1. 10: p. 42. In the case of. § 7:1. 4: p. 52. In any case. (Act of April 24, 1917.) CASH-PAID SUBSCEIPTION; SUBSCRIPTIONS. § 2:1. 5: p. 5. Whether such subscriptions have been paid up in whole or in part. § 5: 1. 41: p. 13. A sum equal to its casl-paid subscriptions on the stock surrendered. § 6: 1. 6: p. 14. And all cash-paid subscriptions, etc., shall bo first applied, etc. § 9:1. 5: p. 18. Shall be entitled to a refund of its cash-paid subscriptions with interest, etc. CAST. § 4:1. 7: p. 11. Majority of aU votes cast. § 4: 1. 10: p. 11. Shall be added together the votes cast. § 4: 1. 12: p. 11. The votes cast. § 4: 1. 17: p. 11. The votes cast. CAUSE. § 4: 1. 23: p. 7. Cause to be forwarded. § 5: 1. 29: p. 13. Cause to be executed. § 6: 1. 16: p. 14. Cause to bo executed. § 10: 1. 6: p. 20. Unless sooner removed for cause. § 10: 1. 15: p. 21. Cause the same to bo printed. § 16: 1. 31 : p. 34. Cause plates and dies to be engraved. CEASE AND DETERMINE. § 9:1. 2: p. 18. All its rights and privileges as a member bank shall thereupon cease and determine. 160 IXDEX-DIGEST OF FEDEBAL EESERVE ACT AND AMENDMENTS. CEASE TO ACT AS RESEEVE AGENT. § 2:1. 9 : p. 5. Any national bank failing to accept this Act I within eo days, etc., shall cease to act as reserve agent, etc. CEASE TO BE MEMBERS. § 5:1. 8: p. 13. The capital of the Federal reserve bank shall be decreased as member banks reduce their capital stock or surplus or cease to be members. CEHSTTS, lAST FEECEDIITG DECENNIAL § 13: 1. 37: p. 27. As shown by the last preceding decennial census. CENTRAL RESERVE CITIES; CITY. § 2 : 1. 33 : p. 6. The organization of reserve districts and Federal reserve citic^ shall not bo construed as changing the present status of reserve and central reserve cities, except, etc. § 11: 1. 30: p. 22. The Federal Reserve Board shall have power to add to the number of cities classified as reserve and central reserve cities under ex- isting law, etc. § 11: 1. 33: p. 22. The Federal Reserve Board may reclassify existing reserve and central reserve cities or terminate their designation as such. § 19: 1. 24: p. 40. Reserve balances prescribed for member banks not in a reserve or central reserve city. § 19 : 1. 35 : p. 40. Reserve balances prescribed for member banks in a central reserve city as now or hereafter defined. § 24 : 1. 42 : p. 44. Loans on improved and unincumbered farm land and real estate permitted to any national bank not situated in a central re- serve city, etc. CERTIFICATE OF CONVERSION BY A STATE BANK INTO A NATIONAL BANK. § 8 : 1. 19 : p. 15. May be executed by a majority of the directors. 8:1. 21: p. 15. The certificate shall declare that the owners of 51 per centum of the capital stock have authorized the directors to make such certificate, etc. After executing, etc., the certificate, etc. When the Comptroller has given, etc., a certif- icate, etc. CERTIFICATE OF INCREASE OF CAPITAL STOCK OF FEDERAL RESERVE BANKS. § 5:1. 29: p. 13. § 8:1. 23: p. 15 § § 8:1. 27: p. 15, 8:1. 36: p. 15. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 161 CERTIFICATE OF DECREASE OF CAPITAL STOCK OF FED- ERAL RESERVE BANKS. § 6:1. 16: p. 14. CERTIFICATE OF ORGANIZATION COMMITTEE. § 4: 1. 19: p. 7. To be filed witli the Comptroller, showing the geographical limits of such districts, etc. CERTIFICATE OF ORGANIZATION OF MEMBER BANKS. § 4:1.37:p. 7. The Organization Committee shall designate any five banks to execute a certificate, etc. § 4:1. 40: p. 7. What the organization certificate shall state. § 4:1. 5: p. 8. The name and place of business of each bank executing such certificate. § 4:1. 8: p. 8. That the certificate is made to enable those banks, etc. § 4 : 1. 12 : p. 8 . The certificate shall be acknowledged before a judge, etc. § 4: 1. 18: p. 8. Upon the filing of such certificate, etc. § 4: 1. 21: p. 8. In the name designated in such organization certificate, etc. CERTIFICATE OR GUARANTY BY A STATE BANK AS TO LOANS TO BORROWERS. § 9:1. 43: p. 18. CERTIFICATE TO BE FILED WITH COMPTROLLER. § 4 : 1. 19 : p. 7. A certificate shall be filed with the Comptroller by the Organization Committee showing the geographical limits of such districts, etc. § 4: 1. 12: p. 8. The organization certificate of member banks shall be acknowledged, etc., and transmitted to the Comptroller, who shall file it, etc. § 5: 1. 29: p. 13. Directors of Federal reserve banks shall cause to be executed to the Comptroller a certifi- cate showing the increase of stock of said bank. § 6: 1. 16: p. 14. Directors of Federal reserve banks shall cause to be executed to the Comptroller a certifi- cate showing the reduction of capital of said bank. § 8:1. 19: p. 15. Execution of a State bank conversion cer- tificate. CERTIFICATE TO BE GIVEN BY COMPTROLLER. § 8: 1. 36: p. 15. A certificate to a converted State bank that the provisions of this Act have been com- plied with. 20592°— 18 11 162 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. CERTIFICATES, GOID. See "Gold certificates." CERTIFICATES OF DEPOSIT. § 19: 1. 17: p. 40. Time deposits shall comprise, etc., all certifi- cates of deposit which are subject to not less than 30 days' notice before payment. CERTIFICATES OF IITDEBTEDNESS. § 7: 1. 39: p. 51. Arising from the sale of the bonds and certifi- cates of indebtedness authorized by this Act. (Act of April 24, 1917.) § 7:1. 6: p. 52. And invested in such bonds or certificates of indebtedness, etc. (Act of April 24, 1917.) § 8: 1. 14: p. 54. Arising from the sale of the bonds and certifi- cates of indebtednesis, etc. (Act of Septem- ber 24, 1917.) CERTIFIED; CERTIFY. § 4:1. 29: p. 10. Directors shall certify the name of the dis- trict reserve elector to the chairman, etc. § 4: 1. 43: p. 10. Every elector shall, etc., certify to the chair- man his first, second, and other choices of a ' director, etc. § 9:1. 7 : p. 19. It shall be unlawful, etc., to certify any check, § 9:1. 9: p. 19. etc., unless the person, etc., drawing the check has on deposit at the time such check is certified an amount of money equal to the amount specified in such check. § 9:1. 11: p. 19. Any check so certified, etc., shall be a good and vahd obUgation against such bank, etc. § 10: 1. 33: p. 20. Members of the' Federal Reserve Board shall certify under oath to the Secretary of the Treasury that they have comphed with this requirement of section 10. CHAIRMAN OF THE BOARD OF DIRECTORS, FEDERAL RE- SERVE BANK. § 2: 1. 10: p. 6. Public stock may be transferred on the books of the Federal reserve bank by the chair- man, etc. § 4:1. 3: p. 10. The Federal Reserve Board shall designate one of the class C directors as chairman of the board. § 4:1. 4: p. 10. Pending the designation of such chairman, § 4:1. 6: p. 10. the organization committee shall exercise the powers, etc., appertaining to the office of chairman, etc. § 4: 1. 17: p. 10. The chairman of the board of directors, etc., or, § 4: 1. 19: p. 10. pending his appointment, the Organization Committee, shall classify the member banks, etc. INDEX-raGEST OF FEDEEAL EESEBVE ACT AND AMENDMENTS. 163 CHAIRMAN OF THE BOARD OF DIRECTORS, FEDERAL RE- SERVE BAISTK— Continued. § 4: 1. 26: p. 10. The groups shall be designated by number by the chairman. § 4: 1. 30: p. 10. Shall certify the name of the district reserve elector to the chairman, etc. § 4: 1. 31: p. 10. The chairman shall make lists of the district reserve electors, etc. § 4: 1. 36: p. 10. Each member bank shall be permitted to nominate to the chairman one candidate, etc. § 4: 1. 38: p. 10. The candidates so nominated shall be listed by the chairman, etc. § 4: 1. 41: p. 10. A copy of said list shall, etc., be furnished by the chairman to each elector. § 4: 1. 43: p. 10. Every elector, etc., shall certify to the chair- man his first, second, and other choices, etc. § 4:1. 1 : p. 11. Upon a preferential ballot on a form furnished by the chairman, etc. § 4: 1. 26: p. 11. One of the class C directors shall be desig- nated by the Federal Reserve Board as chairman, etc. § 4: 1. 29: p. 11. He, shall be required to maintaia, etc., a local office of said board on the premises of the Federal reserve bank in addition to his duties as chairman, etc. § 4: 1. 41 : p. 11. One of the class C directors shall be appointed as deputy chairman to exercise the powers of the chairman of the board when neces- sary. § 4: 1. 43: p. 11. In the absence of the chairman and deputy chairman the third class C director shaJi preside, etc. § 4: 1. 26: p. 12. Pending complete organization of the bank, the organization committee, etc., may exer- cise the functions herein conferred upon the chairman, etc. CHAIRMAN OF THE FEDERAL RESERVE BOARD. § 10: 1. 27: p. 20. The Secretary of the Treasury shall be ex ofiicio chairman of the Federal Reserve Board. CHAIRMAN, DEPUTY. § 4: 1. 41: p. 11. One of the directors of class C shall be ap- pelated by the Federal Reserve Board as deputy chairman to exercise the powers of the chairman of the board when necessary. 164 INDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENTS. CHANGE. § 8: 1. 24: p. 15. Have authorized the directors to make such certificate and to change or convert the bank, etc., into a national association. § 27:1. 10: p. 48. Section 9 of the Act of May 30, 1908, is hereby amended so as to change the tax rates, etc. CHAITGES. § 2 : 1. 34 : p. 6. Except in so far as this Act changes the amount ' of reserves that may be carried with approved reserve agents located therein. CHANGING. § 2: 1. 32: p. 6. Shall not be construed as changing the present status of reserve cities and central reserve cities, except, etc. CHARACTER. § 9: 1. 18: p. 16. The Federal Reserve Board shaJl consider the general character of its management, etc. § 11: 1. 39: p. 21. Shall furnish full information regarding the character of the money held as reserve, etc. § 11:1. 23: p. 25. The Federal Reserve Board shall have the right to determine or define the character of the paper thus eligible for discount, etc. CHARGE; CHARGES. § 11: 1. 24: p. 22. Through the bureau under the charge of the Comptroller, etc. § 13 : 1. 6: p. 25. Nothing in this or any other section of this Act shall be construed as prohibiting a member or nonmember bank from malSng reason- able charges, etc., based on the total of checks and drafts presented at any one time, tor collection or payment of checks and drafts and remission therefor by exchange or otherwise, etc. § 13: 1. 12: p. 25. No such charges shall be made against the Federal reserve banks. § 16: 1. 5: p. 36. The Federal Reserve Board shall, by rule, fix § 16: 1. 7: p. 36. the charges to be collected by the member banks from its patrons whose cheeks are cleared through the Federal reserve bank and the charge which may be imposed for the service of clearing or collection ren- dered by the Federal reserve bank. § 16: 1. 12: p. 36. The Federal Reserve Board shall make and promulgate, etc., regulations governing the transfer ol funds and charges therefor among Federal reserve banks and their branches. INDEX-DIGEST OE EEDEEAL RESERVE ACT AND AMENDMENTS. 165 CHARGED. § 10: 1. 20: p. 21. A bureau charged with the execution of all laws, etc., relating to the issue and regula- tion of national currency, etc. § 14: 1. 27: p. 29. The Federal reserve banks shall estabhsh, etc., subject to review and determination of the Federal Reserve Board, rates of discount to be charged by the Federal reserve banks on each class of paper, etc. § 16: 1. 5: p. 33. Such bank shall be charged with the amount of notes issued to it. CHARGING ITS ACTUAL EXPENSE. § 16: 1. 2: p. 36. From charging its actual expense incurred in collecting and remitting funds, or for ex- change sold to its patrons. CHARTER AND STATUTORY RIGHTS. § 9: 1. 26: p. 18. Any bank becoming a member of the Federal reserve system shall retain its fuU charter and statutory rights as a State bank or trust company, etc. CHARTERED. § 25: 1 39: p. 45. One or more banks or corporations chartered or incorporated under the laws of the United States or of any State thereof, etc. CHECK; CHECKS. It shall be unlawful, etc., to certify any check drawn, etc., unless the person, etc., draw'ing the check has on deposit at time such check is certified, an amount of money equal to the amount specified in such check. § 9:1. 11: p. 19. Any check so certified by duly authorized officers shall be a good and vaUd obligation against such bank, etc. § 13: 1. 31: p. 24. Any Federal reserve bank may receive from any of its member banks and from the United States, etc., deposits of current funds, etc., or checks, and drafts, etc., pay- able upon presentation. § 13: 1. 36: p. 24. Any Federal reserve bank may receive from § 13: 1. 37: p. 24. other Federal reserve banks, solely for pur- poses of e.Kchange or collection, deposits of current funds, etc., or checks upon other Federal reserve banks, and checks and drafts payable upon presentation within its dis- trict, etc. § 13: 1. 42: p. 24. Any Federal reserve bank may receive, solely for purposes of exchange or of collection, from any nonmember bank or trust com- pany, deposits of cuirent funds, etc., checks and drafts payable upon presentation, etc. 9 1. 7 P- 19. 9 1. 8 P- 19. 9 1. 9 P- 19. 9 1. 11 P- 19. 166 INDEX-DIGEST OP FEDERAL RESERVE ACT AND AMENDMENTS. CHECK; CHECKS § 13:1. 9: p. § 13:1. 10: p. —Continued. 25 : Nothing in this or any other section of this Act 25. shall be construed as prohibiting a member or nonmember bank from making reasonable charges, to be determined and regulated by the Federal Reserve Board, etc., based on the total of checks and drafts presented at any one time, for collection or payment of checks and drafts and remission therefor by exchange or otherwise. § 15: 1. 24: p. 30. Disbursement may be made by checks drawn against Government deposits in Federal reserve banks. § 16:1. 40: p. 35. § 16:1. 41: p. 35. Federal reserve banks shall receive on deposit at par from member banks or from Federal reserve banks, checks and drafts drawn upon any of its depositors, and when re- mitted by a Federal reserve bank, checks and drafts drawn by any depositor in any other Federal reserve bank or member bank upon funds to the credit of said depositor in said reserve bank or member bank. § 16: 1. 6: p. 36. The Federal Reserve Board shall fix by rule the charges to be collected by the member banks whose checks are cleared through the Federal reserve bank, etc. § 13: 1. 10: p. 51. Every Federal land bank may deposit, etc., its current funds, subject to check, with any member bank of the Federal reserve system, etc. (Act of July 17, 1916.) ■ CHECKED AGAINST. § 19:1. 9: p. 41. CHICAGO. § 2:1. 20: p. 4. CHIEF OFFICER. § 10:1. 24: p. 21. CHOICE; CHOICES. § 4:1. 44: p. 10. § 4:1. 4:p. 11. § 4:1. 5:p. 11. § 4:1. 8:p. 11. § 4:1. 15: p. 11. § 4:1. 17: p. 11. § 4:1. 18:p. 11. The required balance carried by a member bank with a Federal reserve bank may, etc., be checked against, etc. Shall include in its title the name of the city in which it is situated, as "Federal Reserve Bank of Chicago." The chief ofl&cer of which bureau shall be called the Comptroller of the Currency. Fiist, second, and other choices. First, second, and other choices. One choice for any one candidate. Column of first choice. First and second choices. First and second choices. In the third column for other choices. INDEX-DIGEST OP PEDEBAL RESERVE ACT AND AMENDMENTS. 167 CHOSEN. § 4:1. 36: p. 9. Class A directors shall be chosen by and be representative of the stock-holding banks. § 4:1. 15: p. 10. Directors of class A and class B shall be chosen in the following manner. § 4:1. 38: p. 12. Thereafter every director of a Federal reserve bank chosen as hereinbefore pro- vided shall hold office for a term of three years. CIRCUIATING; CIRCULATING NOTES. See also "Notes of Cir- culation." § 4:1. 5: p. 9. Federal reserve banks, etc., upon deposit, etc., shall have power to receive from the Comptroller circulating notes in blank, etc. § 4:1. 9 : p. 9. Such notes shall be issued under the same con- ditions and provisions of law as relate to the issue of circulating notes of national banks, etc. § 4: 1. 10: p. 9. Secured by bonds of the United States bearing the circulating privilege. § 4: 1. 11 : p. 9. The issue of such notes shall not be limited to the capital stock of such Federal reserve bank. § 16: 1. 4: p. 35. Plates and dies, etc., for the printing of such circulating notes. § 16: 1. 29: p. 35. In addition to circulating notes provided for by existing law. § 16: 1. 37: p. 35. From their liabihty to reimburse the United States for any expenses incurred in printing and issuing circulating notes. § 18: 1. 43: p. 37. Desiring to retire the whole or any part of its circulating notes. § 18: 1. 33: p. 38. The Federal reserve banks purchasing such bonds shall be permitted to take out an amount of circulating notes equal to the par value of such bonds. § 18:1. 36: p. 38. Upon deposit, etc., of any bonds with the circu- lating privilege acquired under section 4. §118:1. 40: p. 38. The Federal reserve bank, etc., shall be entitled to receive from the Comptroller circulating notes in blank, etc. § 18: 1. 43: p. 38. Such notes shall be the obligations of the Federal reserve banks procuring the same. § 27: 1. 12: p. 48. Tax prescribed upon circulating notes secured § 27: 1. 16: p. 48. otherwise than by bonds of the United § 27:1. 21: p. 48. States. 168 INDEX-DIGEST OP PEDEEAL RESERVE ACT AND AMENDMENTS. CIRCULATING; CIRCULATING NOTES— Continued. § 27: 1. 28: p. 48. The Secretary of the Treasury may suspend the limitations of sections 1 and 3 of the Act of May 30, 1908, which prescribe that such additional circulation, secured other- wise than by bonds of the United States, shall be issued only to national banks hav- ing circulating notes outstanding secured by the deposit of bonds of the United States to an amount not less than 40 per centum of the capital stock of such bank. § 27: 1. 33: p. 48. No bank shall be permitted to issue circulat- ing notes in excess of 125 per centum of its unimpaired capital and surplus. § 27: 1. 38: p. 48. The Secretary of the Treasury shall require each bank and currency association to maintain on deposit in the Treasury of the United States a sum in gold sufficient, in his judgment, for the redemption of such notes, etc. CIRCULATION. § 13: 1. 16: p. 27. Notes of circulation made an exception to the rule that the liabiUty of a national bank shall not exceed the amount of its capital stock at such -tiine actually paid in, etc. § 16: 1. 36: p. 31. Every Federal reserve bank shall maintain reserves in gold of not less than 40 per centum against its Federal reserve notes in actual circulation. §16:1. 41:p. 31. Gold and gold certificates held by the Federal reserve agent as collateral for Federal reserve notes shall be counted as part of the gold reserve which such bank is required to maintain against its Federal reserve notes in actual circulation., § 16: 1. 30: p. 32. Federal reserve notes unfit for circulation shall be returned, etc., to the Comptroller for cancellation and destruction. § 16: 1. 28: p. 34. In order to furnish suitable notes for circu- lation, the Comptroller, etc., shall cause plates and dies to be engraved, etc. § 18: 1. 2: p. 38. May file with the Treasurer an application to seU for its account, at par and accrued interest. United States bonds securing circulation to be retired. § 18:1. 1 1 : p. 39. Gold bonds bearing the circulation privilege § 18: 1. 12: p. 39. but against which no circulation is outstand- ing. § 18: 1. 13: p. 39. One-year gold notes of the United States without the circulation privilege. INDEX-DIGEST OF EEDEKAL RESERVE ACT AND AMENDMENTS. 169 CIRCULATION— Continued. § 18: 1. 17: p. 39. Gold bonds without the circulation privilege for the remainder, etc. § 18: 1. 7: p. 40. The United States 3 per centum bonds with- out the circulation privilege now issued and outstanding. § 27: 1. 39: p. 47. The provisions of the Act of May 30, 1908, authorizing, etc., the issue of additional national-bank circulation, etc., are hereby extended to June 30, 1915, etc. § 27: 1. 16: p. 48. Shall pay for the first three months a tax, etc., upon the average amount of such of their notes in circulation as are based upon the deposit of such securities, etc. § 27: 1. 26: p. 48. The Secretary of the Treasury may suspend the limitations of sections 1 and 3 of said Act which prescribe that such additional circulation, etc., shall be issued only, etc. § 27 : 1. 41 : p. 48. The Secretary of the Treasury, etc., during the period for which such provisions are sus- pended, may permit national banks to issue additional circulation, etc. § 28: 1. 12: p. 49. No such reduction shall be allowable which will reduce the capital of the association below the amount required for its outstand- ing circulation. CITIES; CITY. § 2: 1. 24: p. 3. Not more than 12 cities. § 2: 1. 25: p. 3. To be known as Federal reserve cities. § 2:1. 27: p. 3. Each district to contain only one of such Federal reserve cities. § 2: 1. 15: p. 4. In designating the cities within such districts, etc. § 2: 1. 18: p. 4. The organization in each of the cities desig- nated of a Federal reserve bank. § 2 : 1. 19: p. 4. Which shall include in its title the name of the city in which it is situated, etc. ^ 2: 1. 29: p. 4. Shall have designated the cities in which Fed- eral reserve banks are to be organized. § 2. !. 31 ; p. 6. The organization of reserve districts and Fed- § 2 : 1. .33 . p. 6. eral reserve cities shall not change the pres- § 2; 1. 33 I . 0. ent status of reserve cities and central reserve cities except, etc. § 4: 1. 21: p. 7. The certificate shall show, etc., the Federal reserve city designated, etc. § 4:1. 1: p. 8. And the' city and State in which said bank is to be located. 170 INDEX-DIGEST OB" FEDERAL RESERVE ACT AND AMENDMENTS. CITIES; CITY— Continued. § 11: 1. 29: p. 22. The Federal Eeserve Board may add to the § 11: 1. 30: p. 22. number of cities classified as reserve and central reserve cities, etc. § 11: 1. 33: p. 22. The Federal Reserve Board may reclassify existing reserve and central reserve cities, or terminate their designation as such. § 16: 1. 5: p. 31. Federal reserve notes, etc., shall be redeemed in gold on demand at the Treasury Depart- ment of the United States in the city of Washington, D. C.„or, etc. § 19 : 1. 24 : p. 40. Reserve balances prescribed for banks not in a reserve or central reserve city. § 19: 1. 30: p. 40. Reserve balances prescribed for a bank if in a reserve city. § 19: 1. 35: p. 40. Reserve balances prescribed for a bank in a central reserve city. § 24: 1. 42: p. 44. Any national bank, not situated in a centraJ reserve city, may make loans secured by improved and unencumbered farm land, and real estate, etc. § 24: 1. 21: p. 45. The Federal Reserve Board may add to the list of cities in which national banks may not loan on real estate, etc. In each city, etc. (Act of May 18, 1916.) In the city, etc. (Act of May 18, 1916.) In any city, etc. (Act of May 18, 1916.) CIVII-SERVICE ACT. See "Act of January 16, 1883." CLAIMS AND DEMANDS. § 4: 1. 30: p. 9. With due regard for the claims and demands of other member banks. CLAIMS, DIVIDEND. § 7: 1. 26: p. 14. All the net earnings, after the aforesaid divi- dend claims have been fully met, shall be paid to the United States, etc. CLASS. § 4: 1. 32: p. 12. The directors shall designate one of the mem- bers of each class for terms of one, two, and three years, etc. CLASS A DIKECTORS. § 4: 1. 35: p. 9. Shall consist of three members chosen by and representative of the stock-holding banks. 2:1. 18: p. 53 2:1. 28: p. 53 2:1.38: p. 53 § 4:1. 15 § 4:1.36 § 4:1.44 § 4:1. 4 § 4:1.31 p. 10. Method of election, p. 10. p. 10. p. 11. p. 12. Designation of terms. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 171 CLASS B DIRECTORS. § 4:1. 34: p. 9. Shall consist of three members who at the § 4: 1. 38: p. 9. time of their election shall be actively en- gaged in their district in commerce, agri- culture, or some other industrial pursuit. § 4:1. 11: p. 10. No director of class B shall be an ofl&cer, director, or employee of any bank. § 4: 1. 15: p. 10. Method of election. § 4:1. 37: p. 10. § 4:1. 5: p. 11. § 4: 1. 31: p. 12. Designation of terms. ^ CIASS C DIRECTORS. § 4: 1. 34: p. 9. Shall consist of three members designated by § 4: 1. 41: p. 9. the Federal Reserve Board. § 4:1. l:p. 10. Shall be appointed after the necessary sub- . scriptions to the stock have been obtained. § 4:1. 2: p. 10. One shall be designated as chairman of the board. § 4:1. 13: p. 10. No director of class C shall be an officer, director, employee, or stockholder of any bank. § 4:1. 22: p. 11. Shall be appointed by the Federal Reserve Board. § 4: 1. 23 : p. 11. Must have been for at least two years residents of the district. § 4: 1. 25: p. 11. One shaU be designated as chairman and as Federal reserve agent. § 4 : 1. 39 : p. 1 1 . One shall be appointed by the Federal Reserve Board as deputy chairman. § 4: 1. 43: p. 11. In the absence of the chairman and deputy chairman, the third class C director shall preside, etc. § 4: 1. 31: p. 12. Designation of terms. CLASS OF PAPER. § 14: 1. 28: p. 29. The Federal reserve bank shall establish, etc., ' subject to review and determination of the Federal Reserve Board, rates of discount to be charged for each class of paper, etc. CLASSES A, B, AlfD C. § 4:1. 34: p. 9. The board of directors shall be divided into three classes, designated as classes A, B, and C. § 4:1. 31:p.l2. It shall be the duty of the directors of classes A, B, and C, respectively, to designate the terms of office, etc. 172 INDEX-DIGEST OF FEDERAL BESEKVE ACT AND AMENDMENTS. CLASSES OF DIRECTORS. § 4:1. 40: p. 12. Vacancies in the several classes of directors ma3^ be filled in the manner provided for the original selection. CLASSES, THREE. § 4:1. 33: p. 9. CLASSIFIED. § 11:1. 29: p. 22. The board of directors of Federal reserve banlis shall be divided into three classes, etc. The Federal Reserve Board may add to the number of cities classified as reserve and central reserve cities, etc. CLASSIFIED SERVICE. § 11:1. 30: p. 23. Nothing herein shall prevent the President from placing sadd employees in the classified service. CLASSIFY. § 4: 1. 20: p. 10. The Organization Conunittee shall classify the member banks of the district into three general groups or divisions. CLAUSE. § 29: 1. 20: p. 49. If any clause, etc., of this Act, etc., be ad- § 29 : 1. 24 : p. 49. judged, etc., invalid, such judgment shall not affect, impair, etc., the remainder of this Act, but shall be confined in its operation to the clause, etc., directly involved, etc. CLAYTON ANTITRUST ACT. See "Act of October 15, 1914." CLEARED. § 16: 1. 6: p. 36. The Federal Reserve Board shall by rule fix the charges to be collected by the member banks from its patrons whose checks are cleared through the Federal reserve bank. 8: p. 36. The Federal Reserve Board shall by rule fix the charge which may be imposed for the service of clearing or collection rendered by the Federal reserve bank. CLEARING. § 16:1. CLEARING HOUSE. § 16:1. 14: p. 36. § 16:1. 17: p. 36. The Federal Reserve Board may, at its dis- cretion, exercise the functions of a clearing house for such Federal reserve banks, or may designate a Federal reserve bank to exercise such functions, and may aJso require each such bank to exercise the func- tions of a clearing house for its member banks. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 173 CLERK; CIERKS. § 9:1. 5: p. 19. It shall be unlawful for any officer, clerk, etc., to certify any check, etc., unless the person, etc., drawing the check has on deposit, etc., an amount of money equal to the amount specified in such check. § 9: 1. 13: p. 19. The act of any officer, clerkj etc., in violation of this section, may subject such bank to a forfeiture of its membership, etc., upon hearing by the Federal Eeserve Board. § 11: 1. 18: p. 23. The Federal Reserve Board may employ such clerks, etc., as may be deemed necessary. § 11: 1. 23: p. 23. All such clerks, etc., shall be appointed without regard to the provisions of the Act of Jan- uary 16, 1883. (Civil service Act.) COIN. § 14: 1. 4: p. 29. Every Federal reserve bank shall have power to deal in gold coin and bullion, etc. §14:1. 6: p. 29. To exchange Federal reserve notes for gold coin, etc. § 14: 1. 7: p. 29. To contract for loans of gold coin, etc. § 16: 1. 20: p. 36. The Secretary of the Treasury is hereby authorized to receive deposits of gold coin, etc., when tendered by any Federal reserve bank or Federal reserve agent for credit to its or his account with the Federal Re- serve Board. § 16: 1. 33: p. 36. Deposits so made shall be held subject to the orders of the Federal Reserve Board and shall be payable in gold coin, etc. § 18:1. 40: p. 39. The Secretary of the Treasury may issue at par Treasury notes, etc., payable, etc., in gold coin, etc. COINED. § 26: 1. 25: p. 47. An "Act, etc., to maintain the parity of all forms of money issued or coined," etc. COLLATERAL; COLLATERAL SECURITY. § 11: 1. 4: p. 23. The Federal Reserve Board shall have power to make regulations for the safeguarding of aU collateral, etc., in the hands of such agents. § 16: 1. 12: p. 31. The application for Federal reserve notes shall be accompanied with a tender, etc., of collateral, etc. § 16: 1. 14: p. 31. The collateral security thus offered shall be etc. § 16: 1. 22: p. 31. The collateral security in no event shall be less than the amount of Federal reserve notes applied for. 174 INDEX-DIGEST OF FEDEEAL EESERVE ACT AND AMENDMENTS. COLLATERAL; COLLATERAL SECURITY— Continued. § 16: 1. 38: p. 31. The gold or gold certificates held by the agent as collateral shall be counted as part of the gold reserve, etc., against Federal reserve notes in actual circulation. § 16: 1. 40: p. 32. A redemption fund shall be maintained in the Treasury by Federal reserve banks, to be in no event less than 5 per centum of the total amount of notes issued, less the amount of gold or gold certificates held by the Fed- eral reserve agent as collateral security. § 16: 1. 11 : p. 33. And shall pay such rate of interest as may be established by the Federal Reserve Board on only that amount of notes which equals the total amount of its outstanding Federal reserve notes, less the amount of gold or gold certificates held by the Federal reserve agent as collateral security. § 16 : 1. 32 : p. 33. ypon request of the Secretary of the Treasury, the Federal Reserve Board shall require the Federal reserve agent to transmit to the Treasurer so much of the gold held by him as collateral security as may be required for the exclusive purpose of the redemption of such Federal reserve notes. § 16: 1. 36: p. 33. Such gold when deposited with the Treasurer shaU be counted and considered as if col- lateral security on deposit with the Federal reserve agent. § 16: 1. 39: p. 33. Any Federal reserve bank may, at its discre- § 16: 1. 42: p. 33. tion, withdraw collateral deposited with the local Federal reserve agent, etc., and shall, etc., substitute therefor other collateral of equal amount, etc. § 16: 1. 5: p. 34. Any Federal reserve bank may retire its notes by depositing them with the Federal re- serve agent or with the Treasurer of the United States, and shall thereupon be en- titled to receive back the collateral deposit- ed, etc. § 22: 1. 9: p. 44. No examiner, public or private, shall disclose the names of borrowers or the collateral for loans of a member bank, etc. COLLECTED. § 9:1. 2: p. 17. Such penalty shall be collected by the Federal reserve bank by suit or otherwise. § 13:1. 17: p. 27. Moneys deposited with or collected by the association made an exception to the rule that a national bank shall not be indebted, etc., to an amount exceeding the amount of its capital stock at such time actually paid in, etc. INDEX-DIGEST OE FEDERAL EESEBVE ACT AND AMENDMENTS. 175 COLlECTED^Continued. . § 16: 1. 5: p. 36. The Federal Reserve Board shall by rule fix the charges to be collected by the member banks from its patrons, etc. COLLECTING AND REMITTING FUUDS. § 16: 1. 3: p. 36. From charging its actual expense incurred in collecting and remitting funds, etc. COLLECTING BILLS OF EXCHANGE. § 14: 1. 37: p. 29. For the purpose of purchasing, selling, and collecting bills of exchange, etc. COLLECTING PKEMITJMS ON POLICIES. § 13: 1. 42: p. 27. By soliciting and selling insurance and col- lecting premiums on policies issued by such company. COLLECTION. § 13: 1. 32: p. 24. For collection. § 13: 1. 34: p. 24. For purposes of exchange or of collection. § 13: 1. 40: p. 24. For purposes of exchange or of collection. § 13: 1. 10: p. 25. For collection or payment. § 14: 1. 15: p. 29. In anticipation of the collection of taxes. § 16: 1. 8: p. 36. For the service of clearing or collection. COLUMBIA, DISTRICT OF. § 2:1. 25: p. 4. Every trust company within the District of Columbia is hereby authorized to accept this Act. § 10: 1. 24: p. 20. Washington, District of Columbia. § 12: 1. 5: p. 24. Washington, District of Columbia. 24. Washington, District of Columbia. 31. Washington, District of Columbia. See "Washington, District of Columbia." 11. Column of first choice. 11. All the votes in the first column. 11. In the second column. 11. In the first column. 11. In the third column. 21. The weekly statements of the Federal Reserve Board shall show in detail the assets and liabilities of the Federal reserve banks, single and combined. § 12: 1. 8: :P § 16: 1. 6: :p COLUMN, § 4: 1. 8: P § 4: 1. 10: P § 4: 1. 11: P § 4: 1. 13: P § 4: 1. 18: P COMBINED . § 11: 1. 38: P 176 INDEX-DIGEST OF FEDERAL EESERVE ACT AND AMENDMENTS. COMMENCE BANKING BUSINESS. § 17: 1. 31: p. 37. Eepeal of specified laws requiring national banks to deliver United States registered bonds to the Treasurer of the United States before they shall be authorized to commence banking^ business. COMMENCE BUSINESS. § 2:1. 29: p. 6. No Federal reserve bank shall commence business with a subscribed capital less than $4,000,000. § 4:1. 16: p. 9. No Federal reserve bank shall transact any except incidental, etc., business until au- thorized by the Comptroller of the Currency to commence business, etc. COMMERCE. See also "Trade." § 4: 1. 40: p. 9. Class B directors, at the time of their election, shall be actively engaged in their district in commerce, agriculture, or some other indus- trial pursuit. § 14: 1. 29: p. 29. Rates of discount which shall be fixed with a view of accommodating commerce and business. § 25: 1. 33: p. 45. To establish branches in foreign countries, etc., for the furtherance of the foreign commerce of the United States. COMMEECIAI, INDUSTRIAI, AND GEOGRAPHICAI DIVISIONS. § 10: 1. 27: p. 19. In selecting the five appointive members, etc., the President shall have due regard to a fair representation of the different com- mercial, industrial, and geographical divi- sions of the country. COMMEECIAI OE BUSINESS PAPER. § 9:1. 38: p. 18. The discount of commercial or business paper actually owned by the person ne- gotiating the same shall not be considered as borrowed money within the meaning of this section. COMMERCIAL PURPOSES, AGRICULTURAI, INDUSTRIAL, OR. § 13: 1. 20: p. 25. That is, notes, drafts, and bills issued or drawn for agricultural, industrial, or com- mercial purposes. COMMERCIAL TRANSACTIONS, ARISING OUT OF ACTUAL. § 13: 1. 17: p. 25. Notes, drafts, and biUs of exchange arising out of actual commercial transactions. § 14 : 1. 40 : p. 29. Bills of exchange or acceptances arising out of actual commercial transactions. INDEX-DIGEST OP FEDEBAL RESERVE ACT AND AMENDMENTS. 177 COMMERCIAL TRANSACTIOITS, ARISING OUT OF. § 14: 1. 24: p. 29. Bills of exchange arising out of commercial transactions, etc. COMMISSION; COMMISSIONS. § 10: 1. 45: p. 20. The President may fill vacancies on the Federal Reserve Board during the recess of the Senate by granting commissions, etc. § 13: 1. 45: p. 27. National banks may receive for soliciting and selling insurance, etc., such fees or com- missions as may be agreed upon, etc. § 13:1. 6: p. 28. National banks may receive for acting as broker or agent for procuring loans on real estate, etc., a reasonable fee or commission. § 22: 1. 38: p. 43. No ofScer, director, etc., shall receive any fee, commission, etc., in connection with any transaction or business of the bank. COMMISSION, NATIONAL MONETARY. § 27: 1. 39: p. 47. The provisions of the Act of May 30, 1908, etc., creating a National Monetary Com- mission, etc., are hereby extended to June 30, 1915. COMMITTEE OF CONGRESS. § 21: 1. 5: p. 43. No bank shall be subject to any visitatorial powers other than, etc., such as shall be etc., exercised and directed by, etc., any committee of Congress, etc. § 22: 1. 16: p. 44. No examiner shall disclose the names of borrowers, etc., except by direction of, etc., any committee of Congress. COMMITTEE, RESERVE BANK ORGANIZATION. See "Reserve Bank Organization Committee." COMMUNICATED. § 11: 1. 37: p. 22. The cause of such removal to be forthwith communicated in writing, etc., to the removed officer or director and to said bank. COMPANIES; COMPANY. See also "Trust companies, company." § 1:1. 7: p. 3. Trust company. § 1:1. 13: p. 3. Trust company. § 2: 1. 24: p. 4. Trust company. § 9: 1. 30: p. 17. Trust company. § 9: 1. 27: p. 18. Trust company. § 9:1. 32: p. 18. Trust company. § 9: 1. 34: p. 18. Trust company, § 9: 1. 36: p. 18. Trust company. 20592°— 18 12 178 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. COMPANIES ; COMPANY— Continued. § 9: 1. 43: p. 18. Trust company. § 9:1. 8: p. 19. Person or company. § 10: 1. 30: p. 20. Trust company. § 10: 1. 32: p. 20. Trust company. § 13: 1. 41: p. 24. Trust company. § 13: 1. 1: p. 26. Person, company, etc. § 13: 1. 24: p. 26. Person, company, etc. § 13: 1. 40: p. 27. Insurance company. § 13: 1. 43: p. 27. Insurance company. § 13: 1. 1: p. 28. Insurance company. § 19: 1. 20: p. 40. Trust company. § 19: 1. 42: p. 40. Trust company. § 21: 1. 10: p. 42. Trust companies. § 21: 1. 12: p. 42. Trust companies. § 27: 1. 1: p. 49. Trust companies. § 7: 1. 38: p. 51. Trust companies. (Act of April 24, 1917.) § 7:1. 5: p. 52. Trust company. (Act of April 24, 1917.) § 7:1. 7: p. 52. Trust company. (Act of April 24, 1917.) § 8:1. 12: p. 54. Trust companies. (Act of September 24, 1917.) COMPENSATION. § 4: 1. 37: p. 11. Annual compensation of Federal reserve agent. § 4:1. ll:p. 12. Annual compensation of the assistants to the Federal reserve agents. § 4:1. 14: p. 12. Directors of Federal reserve banks shaU receive in addition to any compensation otherwise provided, etc. § 4:1. 18: p. 12. Anj^ compensation provided by directors for directors, officers, or employees shall be subject to the approval of the Federal Re- serve Board. § 12: 1. 1 : p. 24. Members of the Federal Advisory CouncU shall receive such compensation, etc., as may be fixed by the directors, subject to the ap- proval of the Federal Reserve Board. § 22: 1. 29: p. 43. No national bank examiner shall perform any other service for compensation, etc. COMPETENT JURISDICTION. § 2: 1. 21: p. 5. Any court of the United States of competent jurisdiction. § 22: 1. 14: p. 44. A court of competent jurisdiction. § 29: 1. 22: p. 49. Any court of competent jurisdiction. INDEX-DIGEST OF FEDERAL EESERVE ACT AND AMENDMENTS. 179 COMPIAIIT AND DEFEND. § 4:1. 29: p. 8. Federal reserve banks shall have power to complain and defend, etc. COMPLETE. § 4: 1. 28: p. 12. Pending the complete organization of such bank. § 8: 1. 29: p. 15. To make its organization perfect and complete. COMPLETION. § 4: 1. 40: p. 10. A copy of the Mst of candidates shall be fur- nished by the chairman to each elector ^\-ithin 15 days after its completion. COMPLIANCE. § 9: 1. 28: p. 17. The Federal Reserve Board may restore mem- bership upon due proof of compliance, etc. § 16: 1. 23: p. 33. Federal reserve notes deposited to reduce liabihty shall not be reissued except upon compliance with the terms of an original issue. .§ 16: 1. 11: p. 34. Federal reserve notes deposited to be retired shall not be reissued except upon com- pliance with the conditions of an original issue. COMPLIED WITH. § 8:1. 37: p. 15. A certificate from the Comptroller that the provisions of this Act have been complied with. § 10: 1. 35: p. 20. Shall certify under oath to the Secretary of the Treasury that he has complied with this requirement. § 25: 1. 33: p. 46. The Federal Reserve Board may institute an investigation, etc., if it shall ascertain that its regulations as to the business of a cor- E oration engaged principally in foreign, etc., anking business, in which a national bank holds stock, are not being complied with. COMPLY. § 2: 1. 14: p. 5. Penalty for any national bank which fails to comply with any of the provisions of this Act applicable thereto. § 9: 1. 28: p. 16. State banks, etc., admitted must comply with the reserve and capital requirements of this Act, etc. § 9: 1. 21: p. 17. Penalty for a State, etc., member bank which has failed to comply with the provisions of this section or the regulations of the Federal Reserve Board. § 19: 1. 24: p. 41. National banks, etc., in Alaska, etc., remaining nonmember banks must maintain reserves and comply with all the conditions now provided by law regarding them. 180 INDEX-DIGEST OF FEDEEAL KESEKVE ACT AND AMENDMENTS. COMPLY— Continued. § 25: 1. 41: p. 46. National banks may be required to dispose of stock holdings in said corporation for failure of the corporation or of the national bank or banks which may be stockholders therein to comply with the regulations laid down by the Federal Reserve Board. COMPEISE. § 19:1. 15: p. 40. Demand deposits shall comprise all deposits payable within 30 days. § 19:1. 16: p. 40. Time deposits shall comprise all deposits payable after 30 days, etc. COMPTROLLEE OF THE. CimilEirCY. § 2:1. 21: p. 3. Shall be a member of the Reserve Bank Organization Committee. § 2: 1. 24: p. 5. Suits for noncompliance with or violation of this Act shall be brought by the Comp- troller in his own name under direction of the Federal Reserve Board. § 4: 1. 20: p. 7. The Organization Committee shall file a cer- tificate with the Comptroller showing the geographical limits of such districts, etc. § 4: 1. 22: p. 7. The Comptroller shall cause to be forwarded an application blank, etc. § 4:1. 16: p. 8. The organization certificate shall be trans- mitted to the Comptroller, who shall file, record, an'd carefully preserve the same in his office. § 4:1. 18: p. 8. Upon filing such certificate with the Comp- troller, the Federal reserve bank shall become a body corporate, etc. § 4:1. 4: p. 9. Upon deposit, etc., of any United States bonds in the manner provided by existing law, the Federal reserve banks shall be entitled to receive from the Comptroller circulating notes, etc. § 4: 1. 16: p. 9. Federal reserve banks shall transact only inci- dental, etc., business until authorized by the Comptroller to commence business, etc. § 5: 1. 29: p. 13. Certificate to the Comptroller of increase of stock by a Federal reserve bank. § 6: 1. 17: p. 14. Certificate to the Comptroller of decrease of stock by a Federal reserve bank. § 8: 1. 14: p. 15. Approval of the Comptroller to the conversion of a State, etc., bank into a national bank. § 8:1. 16:p. 15. Approval of the Comptroller of the name of the converted bank. INDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENTS. 181 COMPTROLIER OF THE CURRENCY— Continued. § 8:1. 35: p. 15. Certificate of the Comptroller to a converted bank that the provisions of this Act have been complied with. § 10: 1. 20: p. 19. The Comptroller shall be an ex officio member of the Federal Reserve Board. § 10:1. 34: p. 19. Salary of the Comptroller as an ex officio § 10: 1. 37': p. 19. member. § 10: 1. 41: p. 19. Shall be ineligible while in office and for two years thereafter to hold any office, position, or employment, etc., in any member bank. § 10: 1. 25: p. 21. The chief officer of which bureau shall be called the Comptroller of the Currency. § 10: 1. 24: p. 22. The Federal Reserve Board shall supervise and regiolate the issue and retirement of Federal reserve notes through the bureau under the charge of the Comptroller. § 11: 1. 27: p. 22. The Federal Reserve Board shall prescribe rules and regulations under which such notes may be delivered by the Comptroller to the Federal reserve agents applying therefor. § 13: 1. 38: p. 27. Certain national banks, etc., may act as agent for any fire, life, or other insurance company, etc., under such rules and regulations as may be prescribed by the Comptroller. § 16: 1. 31: p. 32. Federal reserve notes unfit for circulation shall be returned by the Federal reserve agents to the Comptroller for cancellation and destruction. § 16: 1. 29: p. 34. The Comptroller shall, under direction of the Secretary of the Treasury, cause plates and dies to be engraved, etc. § 16: 1. 1: p. 35. Federal reserve notes shall be held for the use of such bank subject to the order of the Comptroller for their delivery, etc. § 16: 1. 3: p. 35. The plates and dies to be procured by the Comptroller, etc., shall remain Tinder his control and direction. § 18: 1. 40: p. 38. Any Federal reserve bank making such deposit, etc., shall be entitled to receive from the Comptroller circulating notes in blank, etc. §21:1. 4: p. 42. The Comptroller shall appoint bank exam- iners, with the approval of the Secretary of the Treasury. § 21: 1. 20: p. 42. The bank examiners shall make a full and detailed report of the condition of said bank to the Comptroller. 182 INDEX-DIGEST OF FEDEKAL EESEEVE ACT AND AMENDMENTS. COMPTROLIEE OF THE CFERENCY— Continued. § 21: 1. 23: p. 42. The Federal Reserve Board shall fix the sal- aries of all bank examiners, upon the recom- mendation of the Comptroller. § 21: 1. 26: p. 42. The expense of examinations shall be assessed by the Comptroller upon the banks exam- ined, etc. § 21: 1. 31: p. 42. Every Federal reserve bank, etc., may make special examination of member banks in addition to examinations made and con- ducted by the Comptroller. § 22: 1. 11: p. 44. No examiner shall disclose the names of bor- rowers, etc., without first having obtained the express permission in writing from the Comptroller, etc. § 25: 1. 15: p. 46. National banks shall furnish information as to the condition of their foreign branches to the Comptroller upon demand. § 28: 1. 14: p. 49. Reduction in the capital stock of a national § 28 : 1. 16 : p. 49. bank shall not be made until reported to the Comptroller and approved by the Comptrol- &* ler and by the Federal Reserve Board, etc. CONCEENING. § 12: 1. 19: p. 24. Concerning matters within the jurisdiction of the Federal Reserve Board. § 21 : 1. 41 : p. 42. Concerning the condition of any member bank. § 25: 1. 14: p. 46. Concerning the condition of such branches. § 25: 1. 20: p. 46. Concerning the condition of such banks or cor- porations. CONDITION; CONDITIONS. § 2:1. 42: p. 5. Under conditions and regulations. § 2:1. 2: p. 6. Subject to the same conditions. § 4:1. 8: p. 9. Under the same conditions. § 9: 1. 13: p. 16. Subject to such conditions. § 9: 1. 17: p. 16. The Federal Reserve Board shall consider the financial condition of the appljring State, etc., bank. § 9: 1. 38: p. 16. State, etc., banks admitted must make reports of condition, etc. § 9:1. 4:p.l7. Asa condition of membership such banks shall likewise be subject to examinations, etc. § 9: 1. 28: p. 17. The Federal Reserve Board may restore mem- bership upon due proof of compliance with the conditions imposed by this section. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 183 CONDITION; CONDITIONS— Continued. § 9: 1. 41: p. 18. The Federal reserve bank, as a condition of the discount of notes, etc. , for such State bank, etc., shall require a certificate or guaranty, etc. § 11: 1. 34: p. 21. The Federal Reserve Board shall pubUsh once each week a statement showing the condition . of each Federal reserve bank, etc. § 12: 1. 18: p. 24. The Federal Advisory Council shall have power to confer directly with the Federal Reserve Board on general business conditions. § 12:1. 23: p. 24. The Federal Advisory Council may call for information and make recommendations in regard to reserve conditions, etc. § 16: 1. 24: p. 33. Federal reserve notes so deposited shall not be reissued except upon compliance with the conditions of an original issue. § 18: 1. 4: p. 39. Federal reserve bank notes shall be issued and redeemed under the same terms and condi- tions as national bank notes, except, etc. § 18: 1. 6: p. 40. Such bonds-, etc., to be issued under the same general terms and conditions as the United States 3 per cent bonds, etc. § 19: 1. 25: p. 41. And shall in that event maintain reserves and comply with all the conditions now provided by law regulating them. § 21: 1. 20: p. 42. Shall make a full and detailed report of the condition of said bank. § 21: 1. 37: p. 42. So as to inform the Federal reserve bank of the condition of its member banks. § 21: 1. 42: p. 42. Such information as may be demanded con- cerning the condition of any member bank. § 21 : 1. 11 : p. 43. A special examination and report of the condi- tion of any Federal reserve bank. § 22: 1. 4: p. 44. Notes, etc., of directors and attorneys may be discounted, etc., on the same terms and conditions as other notes, etc., upon the affirmative vote, etc., of at least a majority of the directors. § 25:1. 28: p. 45. Upon such conditions, etc., as may be pre- scribed by the Federal Reserve Board. § 25: 1. 15: p. 46. Furnish information concerning the condition of such branches. § 25: 1. 20: p. 46. Furnish information concerning the condition of such banks or corporations. § 27: 1. 31: p. 48. To suspend also the conditions and limitations of section 5 of the Act of May 30, 1908. 184 INDEX-DIGEST OF FEDEBAL EESEEVE ACT AND AMENDMENTS. CONDITION ; CONDITIONS— Continued. § 27: 1. 42. p. 48. To issue additional circulation under the terms and conditions of the Act of May 30, 1908, as amended. § 7:1. 2: p. 52. Subject to such terms and conditions, etc. § 8: 1. 19: p. 54. (Act of April 24, 1917.) (Act of September 24, 1917.) CONDUCT. § 11: 1. 19: p. 23. The Federal Eeserve Board may employ such attorneys, experts, assistants, clerks, or other employees as may be deemed neces- sary to conduct the business of the board. § 14: 1. 8: p. 30. To carry on or conduct, through the Federal reserve bank opening such account, etc., any transaction authorized by this section, etc. § 25: 1. 28: p. 46. Said corporation shall enter into an agree- ment, etc., to restrict its operations or conduct its business, etc. §25:1. l:p. 47. Shall conduct the accounts of each foreign branch independently, etc. CONDUCTED. § 4: 1. 38: p. 8. The manner in which its general business may be conducted. § 4: 1. 18: p. 9. Every Federal reserve bank shall be conducted under the supervision and control of a board of directors. § 21: 1. 30: p. 42. In addition to the examinations made and conducted by the Comptroller. § 21: 1. 36: p. 42. Such examinations shall be so conducted as to inform the Federal reserve bank, etc. § 25: 1. 31: p. 46. The place or places in which such business is to be conducted. CONFER DIEECTIY. § 12:1. 17: p. 24. The Federal Advisory Council shall have power to confer directly with the Federal Reserve Board, etc. CONFEREED. § 4: 1. 36: p. 11. Shall act as its official representative for the performance of the functions conferred upon it by this Act. § 4:1. 26: p. 12. The Organization Committee may exercise the functions herein conferred upon the chairman, etc., pending the complete or- ganization of such bank. CONFINED. § 29: 1. 24: p. 49. Shall be confined in its operation to the clause, etc., directly involved in the controversy in which such judgment shall have been rendered. INDEX-DIGEST OP FEDEKAL BESEEVE ACT AND AMENDMENTS. 185 COITFIBMED. § 10:1. 30: p. 19. CONFLICT. § 10:1. 9: p. 21. CONFORM. § 9:1. 29: p. 16. CONGRESS. § 4:1. 26: p. 8 The five appointive members appointed by the President and confirmed as aforesaid, shall devote their entire time to the business of the Federal Reserve Board. Wherever any power vested by this Act in the Federal Reserve Board or Federal reserve agent appears to conflict with the powers of the Secretary of the Treasury, such powers shall be exercised subject to the supervision and control of the Secretary. To conform to those provisions of law imposed on national banks which prohibit such banks from lending on or purchasing their own stock, etc. Unless it is sooner dissolved by an Act of Congress. § 4:1. 8: p. 10. No Senator or Representative in Congress shall be a member of the Federal Reserve Board or an officer or director of a Federal reserve bank. The report of the Federal Reserve Board shall be printed by the Speaker, etc., for the in- formation of Congress. A bureau charged with the execution of all laws passed by Congress relating to the issue and regulation of national currency, etc. The Federal Reserve Board shall report to Congress as to the salaries of bank examiners fixed by it. No bank shall be subject to any visitatorial powers, etc., other than such as shall be or shall have been exercised or directed by Congress or by either House thereof, or by any committee of Congress, duly authorized. No examiner shall disclose the names of borrowers, etc., except by direction of the Congress of the United States, or of either House thereof, or any committee of Con- gress, etc. In connection with the printing of national bank notes or notes provided for by the Act of May 30, 1908. § 22: 1. 39: p. 43. In connection with any transaction or business of the bank. § 10:1. 16: p. 21. § 10:1. 21: p. 21. §21:1. 25: p. 42. §21:1. 4: p. 43. §21:1. 5: p. 43. §22:1. 14: p. 44. § 22:1. 16: p. 44. CONNECTION. § 16:1. 22: p. 35. 186 INDEX-DIGEST OF FEDERAL KESEEVE ACT AND AMENDMENTS. CONSENT. § 10:1. 23: p. 19. § 10:1. 40: p. 20. § 14:1. 31: p. 29. § 14:1. 44: p. 29. § 14:1. 4: p. 30. § 14:1. 6: p. 30. § 19:1. 26: p. 41. CONSEQUENCE. § 2:1. 32: p. 5. CONSIDER. § 9:1. 17: p. 16. CONSIDERATION. § 22:1. 39: p. 43. CONSIDERED. § 9:1. 40: p. 18. With the advice and consent of the Senate. With the advice and consent of the Senate. With the consent or upon the order and direc- tion of the Federal Reserve Board. With the consent of the Federal Reserve Board. With the consent of, etc., the Federal Reserve Board. With the consent and approval of the Federal Reserve Board. With the consent of the Federal Reserve Board. Which said bank, its shareholders, or any other person shall have sustained in con- sequence of such violation. The Federal Reserve Board shall consider the financial condition of the applying bank. Any fee, commission, gift, or other considera- tion, for or in connection with any transac- tion or busiaess of the bank. § 16:1. 36: p. 33. Shall not be considered as borrowed money within the meaning of this section. Shall be counted and considered as if col- lateral security on deposit with the Federal reserve agent. §21:1. 7: p. 42. Shall examine every member bank at least twice in each calendar year and oftener if considered necessary. CONSIST. § 3:1. 9: p. 7. § 4:1. 32: p. 9. § 4:1. 35: p. 9. § 4:1. 38: p. 9. § 4:1. 41: p. 9. § 4:1. 24: p. 10. § 10:1. 19: p. 19. The board of directors of branch banks shall consist of not more than seven nor less than three directors. The board of directors shall consist of nine members. Class A shall consist of three members. Class B shall consist of three members. Class C shall consist of three members. Each group shall consist, as nearly as may be, of banks of similar capitalization. The Federal Reserve Board shall consist of seven members. IJSTDEX-DIGEST OF FEDERAL EESERVE ACT AND AMENDMENTS. 187 CONSIST— Continued. § 12: 1. 40: p. 23. The Federal Advisory Council shall consist of as many members as there are Federal reserve districts. § 5: 1. 16: p. 50. And may consist of deposits in member banks of the Federal reserve system. (Act of July 17, 1916.) CONSISTENT. § 9:1. 19: p. 16. The Federal Reserve Board shall consider, etc., whether or not the corporate powers exercised are consistent with the purposes of this Act. CONSOLIDATED STATEMENT. § 11:1. 35: p. 21. The Federal Reserve Board shall publish once each week, etc., a consolidated state- ment for aU Federal reserve banks. CONSTITUTE. § 2:1. 9: p. 4. A majority of the Organization Committee shall constitute a quorum, etc. § 12: 1. 11: p. 24. A majority of the members of the Federal Advisory Council shall constitute a quorum, etc. CONSTRUED. § 2: 1. 32: p. 6. Shall not be construed as changing the present status of reserve cities and central reserve cities, etc. § 10:1. 3: p. 21. Nothing in this Act shall be construed as taking away any powers heretofore vested by law in the Secretary of the Treasury, etc. § 13: 1. 5: p. 25. Nothing in this or any other section of this Act shall be construed as prohibiting a member or nonmember bank from making reasonable charges, etc., for collection or payment of checks and drafts and remission therefor, by exchange or otherwise, etc. § 13: 1. 25: p. 25. Nothing in this Act contained shall be con- strued to prohibit such notes, etc., secured by staple agricultural products, etc., from being eligible for such discount. § 15:1. 29: p. 30. Nothing in this Act shall be construed to deny the right of the Secretary of the Treasury to use member banks as de- positories. § 16: 1. 22: p. 34. Nothing herein contained shall be construed to prohibit a Federal reserve agent from depositing gold, etc., with the Federal Reserve Board, etc. 188 INDEX-DIGEST OF PEDEKAL RESERVE ACT AND AMENDMENTS. CONSTRUED— Continued. § 16 : 1. 34 : p. 35. Nothing in this section contained shall be construed as exempting national banks or Federal reserve banks from their liability to reimburse the United States for any expenses incurred in printing and issuing circulating notes. § 16:1. l:p. 36. Nothing herein contained shall be construed as prohibiting a member bank from charging its actual expense incurred in collecting or remitting funds or for exchange sold its patrons. § 16: 1. 16: p. 37. Nothing in this section shall be construed as amending section 6 of the Act of March 14, 1900, as amended, etc. [See note under "Act of March 14, 1900," supra.] § 16:1. 21: p. 37. Nor shall the provisions of this section be construed to apply to the deposits made or to the receipts or certificates issued under those Acts. § 22: 1. 42: p. 43. Nothing in this Act contained shall be con- strued to prohibit a director, etc., from receiving the same rate of interest paid to other depositors for similar deposits. § 23: 1. 36: p. 44. This provision shall not be construed to affect in any way any recourse, etc., against those in whose names such shares are registered at the time of such failure. § 26: 1. 21: p. 47. Nothing in this Act contained shall be con- strued to repeal the parity provision or provisions contained in an Act approved March 14, 1900, etc. CONTAIN. § 2: 1. 27: p. 3. Each district shall contain only one of such Federal reserve cities. § 4: 1. 28: p. 7. Which blank shall contain a resolution to be adopted by the board of director3, etc. § 4: 1. 22: p. 10. Each group shall contain, as nearly as may be, one-third of the aggregate number of the member banks. CONTAINED. § 10: 1. 3: p. 21. Nothing in this Act contained, etc. § 13: 1. 25: p. 25. Nothing in this Act contained, etc. § 16: 1. 22: p. 34. Nothing herein contained, etc. § 16: 1. 33: p. 35. Nothing in this section contained, etc. § 16: 1. 1: p. 36. Nothing herein contained, etc. § 22: 1. 41: p. 43. Nothing in this Act contained, etc. INDEX-DIGEST OF PEDEEAL RESERVE ACT AND AMENDMENTS. 189 CONTAINED— Continued . § 26: 1. 21: p. 47. Nothing in this Act contained, etc. § 26: 1. 22: p. 47. The parity provisions, etc., contained in an Act approved March 14, 1900, etc. CONTINENTAL UNITED STATES. § 2:1. 25: p. 3. Shall divide the continental United States, excluding Alaska, into districts. § 14: 1. 17: p. 29. Warrants, etc., issued, etc., by any State, county, etc., in the continental United States. § 15: 1. 27: p. 30. No postal savings funds, etc., shall be deposited in the continental United States in any bank not belonging to the system established by this Act. (Modified by the Act of May 18, 1916. See § 2:1. 8: p. 53.) § 19: 1. 22: p. 41. National banks, or banks organized under local laws, located in Alaska or in a depend- ency or insular possession, or any part of the United States, outside the continental United States, may remain nonmember banks, etc. CONTINUE. § 8: 1. 30: p. 15. The shares, etc., of a converted bank may con- tinue to be for the same amount. § 8: 1. 32: p. 15. The directors may continue to be directors of the association, etc. § 9: 1. 27: p. 18. May continue to exercise aU corporate powers granted it by the State ia which it was created. § 18: 1. 31: p. 39. Said obhgation to purchase at maturity such notes shall continue in force for a period not to exceed 30 years. § 24: 1. 17: p. 45. Such banks may continue hereafter, as hereto- fore, to receive time deposits and to pay iaterest on the same. CONTRACT; CONTRACTS. § 2:1. l:p. 5. The shareholders of every Federal reserve bank shall be held individually responsible, equally and ratably, and not one for an- other, for all contracts, etc., of such bank to the extent, etc. § 4 : 1. 28 : p. 8. Federal reserve banks shaU have power to make contracts. § 14: 1. 6: p. 29. Federal reserve banks may contract for loans of gold coin or bullion, etc. 190 INDEX-DIGEST OF FEDEEAL BESEEVE ACT AND AMENDMENTS. CONTRACT ; CONTEACTS— Continued. § 23 : 1. 25 : p. 44. The stockholders of every national bank shall be held individually responsible for all con- tracts, etc., of such association, each to the amount, etc. § 27: 1. 2: p. 49. The Secretary of the Treasury is authorized to extend the benfits of this Act to all qualified State banks and trust cdmpanies, etc., which may contract to join the Federal reserve system, etc. CONTEAVEITTIOIT. § 8: 1. 18: p. 15. Provided, however, that said conversion shall not be in contravention of the State law. § 11:1. 13: p. 23. To grant, etc., to national banks, etc., the right to act as trustee, etc., when not in contravention of State or local law. COlirTROI, § 4: 1. 19: p. 9. Under the supervision and control of a board of directors. § 10: 1. 6: p. 21. Which relate to the supervision and control of the Treasury Department, etc. § 10: 1. 11: p. 21. Such powers shall be exercised subject to the supervision and control of the Secretary of the Treasury. § 16:1. 5: p. 35. The plates and dies to be procured by the Comptroller, etc., shall remain under his control and direction. § 25: 1. 43: p. 45. Or through the agency, ownership or control of local institutions in foreign countries. CONTROVERSY. § 29: 1. 26: p. 49. Shall be confined in its operation to the clause, sentence, etc., directly involved in the con- troversy in which such judgment shall have been rendered. CONVENES. § 10: 1. 2: p. 21. Shall expire 30 days after the next session of the Senate convenes. CONVENIENCE. § 2:1. 1 : p. 4. The districts shall be apportioned with due regard to the convenience and customary course of business. CONVENIENT. § 2: 1. 42: p. 53. In the bank most convenient to such locality. (Act of May 18, 1916.) CONVERSION. § 8: 1. 17: p. 15. Provided, however, that said conversion shall not be in contravention of the State law. § 8: 1. 31 : p. 15. The shares of any such bank may continue to be for the same amount each as they were before the conversion. INDEX-DIGEST OF FEDERAL EESEEVE ACT AND AMENDMENTS. 191 CONVERT. § 8:1. 24: p. 15. CONVERTED. § 8:1. 14: p. 15. CONVEYING. § 13:1. 18: p. 26 Aiid to change or convert the bank, etc., into a national association. Any State bank, etc., may, by a vote of the shareholders, owning not less than 51 per centum of the capital stock, etc., with the approval of the Comptroller, be converted into a national banking association, etc. Provided shipping documents conveying or securing title are attached at the time of acceptance. § 13: 1. 21 : p. 26. Or which are secured at the time of acceptance by a warehouse receipt or other such docu- ment conveying or securing title coveriag readily marketable staples. § 13: 1. 31: p. 28. Unless the draft or bill of exchange is accom- panied by documents conveying or securing title, etc. COPARTNERSHIP. § 2:1. 4: p. 6. COPY. § 4:1. 39: p. 10. CORPORATE, BODY, § 4:1. 20: p. 8. No individual, copartnership, etc., shall be per- mitted to subscribe for ot hold at any time more than $25,000 par value of stock in any Federal reserve bank. A copy of said list of candidates shall, etc., be furnished by the chairman to each elector. Upon the filing of such certificate, etc., the Federal reserve bank shall become a body corporate. CORPORATE POWERS. § 9: 1. 19: pi 16. The Federal Reserve Board shall consider whether or not the corporate powers exer- cised are consistent with the purposes of this Act. § 9: 1. 28: p. 18. May continue to exercise all corporate powers granted it by the State in which it was created. CORPORATE SEAL § 4:1.23: p. 8. CORPORATION; § 2:1. 34: p, § 2:1. 4: p. 6. Federal reserve banks shall have power to adopt and use a corporate seal. CORPORATIONS. 5. Such dissolution shall not take away or impair any remedy against such corporation, etc. No individual, corporation, etc., shall be per- mitted to subscribe to or hold more than $25,000 par value of stock in any Federal reserve bank. 192 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. CORPORATION ; CORPORATIONS— Continued. § 13:1. l:p. 26. Whether a person, company, firm, or cor- poration, etc. § 13: 1. 24: p. 26. For any one person, company, firm, or cor- poration, etc. § 14: 1. 42: p. 28. Either from or to domestic or foreign banks, firms, corporations, etc. § 25 : 1. 38 : p. 45. One or more banks or corporations chartered or incorporated under the laws of the United States or of any State thereof and principally engaged in international or foreign banking. § 25: 1. 17: p. 46. Every member bank investing in the capital stock of banks or corporations, etc. § 25: 1. 20: p. 46. Shall be required to furnish information con- cerning the condition of such banks or corporations. § 25: 1. 23: p. 46. The Federal Reserve Board may order special examinations of the said branches, banks, or corporations, etc. § 25: 1. 26: p. 46. Before any national bank may purchase stock in any such corporation the said corporation shall enter into an agreement or undertaking, etc. § 25 : 1. 39 : p. 46. Should such investigation result in establish § 25: 1. 44: p. 46. ing the failure of the corporation, etc., or of the national bank or banks which may be stockholders therein, to comply with the regulations laid down by the Fed!eral Reserve Board, such national banks may be required to dispose of stock holding in the said cor- poration, etc. § 25: 1. 10: p. 47. Interlocking directors, etc., permitted be- tween a member bank and any such bank or corporation, etc. CORRESPONDENT ; CORRESPONDENTS. § 14: 1. 35: p. 29. Federal reserve banks may appoint corres- pondents, etc., in such foreign countries. § 14: 1. 39: p. 29. May buy and sell, etc., through such corres- pondents, etc. § 14 : 1. 1 : p. 30. May maintain banking accounts for such foreign correspondents, etc. §14:1. 3: p. 30. Whenever such correspondent has been ap- § 14:1. 10: p. 30. pointed by a Federal reserve bank, etc., other Federal reserve banks may carry on or conduct, etc., through the Federal reserve bank, etc., appointing such correspondent, any transaction authorized by this section, etc. INDE;X,-mGEST OP FEDERAL BESEBVE ACT AND AMENDMENTS. 193 COST. §16:1. 5: p. 37. Including the cost of the certificates or receipts issued for deposits received, etc, COTERMINOUS. § 2:1. 3: p. 4. The districts, etc., shall not necessarily be coterminous with any State or States. COTTNCII, FEDERAI ADVISORY. See "Federal Advisory Council." COUNSEL, § 2:1. 11: p. 4. COUNTED. § 16:1. 39: p. 31. § 16:1. 41: p. 32. § 16: 1. 36: p. 33. The Organization Committee shall be author- ized to employ counsel, etc. Such gold, etc., shall be counted as part of the gold reserve, etc. Such deposit of gold shall be counted and in- cluded as part of the 40 per centiun reserve hereinbefore required. Such gold when deposited with the Treasurer shall be counted and considered as if col- lateral security on deposit with the Federal reserve agent. § 16: 1. 12: p. 37. Gold deposits standing to the credit of any Federal reserve bank with the Federal Re- serve Board shall, at the option of said bank, be counted as part of the lawful reserve, etc., against outstanding Federal reserve notes or as a part of the reserve, etc., against deposits. § 20: 1. 38: p. 41. So much of existing laws as provide that the 5 per centum redemption fund deposited by a national bank with the Treasurer of the United States shall be counted as part of the lawful reserve, is hereby repealed, etc. § 20: 1. 41: p. 41. From and after the passage of this Act such fund of 5 per centum shall in no case be counted by a national bank as a part of its lawful reserve. COUNTERFEITS. § 16:1. 32: p. 34. COUNTERSIGNED. § 4:1. 5: p. 9. § 18:1. 41: p. 38. Plates and dies to be engraved in the best manner to guard against counterfeits. Shall be. entitled to receive from the Comp- troller circulating notes, in blank, registered and countersigned, etc. COUNTRIES; COUNTRY. § 10: 1. 29: p. 19. The President shall have due regard to a fair representation of the different commercial, industrial, and geographical divisions of the country. 20592°— 18 13 194 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. COUITTRIES : COTHTTEY— Continued. § 13:1. 18 : p. 28. Dollar exchange drafts or bills, drawn by f 13: 1. 21: p. 28. banks and bankers in foreign conntries, etc., as required by the usages of trade in the respective countries, etc. § 14: 1. 34: p. 29. Open and maintain accounts in foreign coun- tries. § 14 : 1. 36 : p. 29. Establish agencies in such countries. § 25: 1. 31: p. 45. To establish branches in foreign countries. § 25: 1. 1: p. 46. Or through the agency, ownership, or control of local institutions in foreign countries, etc. COUNTY. § 14:1. 16: p. 29. Warrants, etc., issued in anticipation of the receipt of assured revenues by any State, county, etc. I 27: 1. 25: p. 51. Federal reserve banks may buy and sell farm loan bonds, etc., to the same extent and subject to the same limitations placed upon the purchase and sale by said banks of State, county, etc., bonds under subsection (b) of section 14 of the Federal Reserve Act. (Act of July 17, 1916.) coupoBr. § 18 : 1. 35 : p. 39. The Secretary of the Treasury, for the purpose of making the exchange herein provided for, is authorized to issue at par Treasury notes in coupon or registered form, etc. COUSSE OF BUSINESS. § 2:1. 2: p. 4. The districts shall be apportioned with due regard to the convenience and customary course of business. 5. Any court of the United States of competent jurisdiction. 8. A judge of some court of record. 8. Authenticated by the seal of such court. 8. Court of law or equity. 43. Vested in the courts of justice. 44. A court of competent jurisdiction. 49. Any court of competent jurisdiction. The Federal Reserve Board shall include in its estimate of expenses levied against the Fed- eral reserve banks a sufficient amount to cover the expenses herein provided for. COUET; COUETS § 2:1. 21: p. § 4 1. 13: p. § 4 1. 15: p. § 4 1. 30: p. §21 1. 3: p. §22 1. 13: p. §29 1,21: p. COVEE. § 16 1. 12: p. INDEX-DIGEST 01" FEDEKAt EfiSEBVE ACT AND AMENDMENTS. 195 COVER — Continued. § 16:1. 21: p. 35. Any appropriation heretofore made, etc., to cover any other expense in connection with the printing of national bank notes, etc., may be used, etc., for the purposes of this Act. COVERING. § 11:1. 33: p. 23. By general ruling covering all districts alike, § 13: 1. 29: p. 25. Such definition shall not include notes, etc., covering merely investments. § 13: 1. 21 : p. 26. Or which are secured at the time of acceptance by a warehouse receipt or other such docu- ment convejdng or securing title covering readily marketable staples. CREATED. § 1:1. 14: p. 3. Reserve banks created by this Act. § 2:1. 4: p. 4. The districts thus created may be readjusted, etc. § 2:1. 5: p. 4. New districts may from time to time be created, etc. § 9: 1. 29: p. 18. By the State in which it was created. § 10: 1. 18: p. 19. A Federal Reserve Board is hereby created. § 12: 1. 39: p. 23. There is hereby created a Federal Advisory Council. CREATING. § 27: 1. 39: p. 47. The Act of May 30, 1908, creating a National Monetary Commission, etc., is hereby ex- tended, etc. CREDIT. § 13: 1. 20: p. 27. Money actually on deposit to the credit of the association. §16:1. 2: p. 32. Shall be promptly returned for credit or redemption. § 16: 1. 29: p. 32. Or they may be returned to such bank for the credit of the United States. § 16: 1. 43: p. 35. Upon funds to the credit of said depositor. § 16: 1. 23: p. 36. For credit to its or his account with the Federal Reserve Board. § 16:1. 10: p. 37. Gold deposits standing to the credit of any Federal reserve bank with the Federal Reserve Board. § 21: 1. 38: p. 42. To inform the Federal reserve bank of the condition of its member banks and of the lines of credit which are being extended by them. 196 INDEX-DIGEST OP FEDEBAL EESEEVE ACT AND AMENDMENTS. CBOSS. § 4:1. 3: p. 11. Each elector shall make a cross opposite the name, etc. CUMUIATIVE. § 7 : 1. 25 : p. 14. Which dividend shall be cnmnlatiTe. CTTEEENCY. See "Comptroller of the Currency." CTIRREirCT ASSOCIATION. See also "National Currency Associa- tion." § 27 : 1. 36 : p. 48. The Secretary of the Treasury shall require each bank and cnrrency association to main- tain on deposit in the Treasury of the United States a sum in gold sufficient in his judg- ment for the redemption of such notes, but in no event less than 5 per centum. CUEREITCY, NATIONAI. § 10: 1. 22: p. 21. A bureau charged with the execution of all laws passed by Congress relating to the issue and regulation of national currency secured by United States bonds, etc. CUREENCY, NATIONAI-BANK. § 20 : 1. 35 : p. 41. Entitled "An Act, etc., providing for the redis- tribution of the national-bank cnrrency, etc." See also "Circulating notes"; "Circulation privilege"; " National - bank circulation"; "National-bank notes"; "Notes"; "Notes of circulation." CURRENT FUNDS. § 13: 1. 30: p. 24. Federal reserve banks may receive, etc., de- § 13: 1. 35: p. 24. posits of current funds, etc. § 13:1. 41: p. 24. § 13:1. 9: p. 51. Every Federal land bank may deposit its current funds, subject to check, with any member bank of the Federal reserve system, etc. (Act of July 17, 1916.) CUSTODY. § 16: 1. 17: p. 34. In the joint custody of himself and the Federal reserve bank to which he is accredited. CUSTOMARY COURSE OF BUSINESS. § 2:1. l:p. 4. The districts shall be apportioned with due regard to the convenience and customary course of business. CUSTOMS. § 16: 1. 3: p. 31. Federal reserve notes shall be receivable by all national and member banks and Federal re- serve banks and for all taxes, customs, and other pubUc dues. D. DAMAGES. § 2 : 1. 30 : p. 5. Every director who participated in or assented to the same shall be held liable in his per- sonal or individual capacity for all damages, etc. DATE; DATES. § 4: 1. 33: p. 12. Nearest to date of such meeting. § 4: 1. 35: p. 12. At the end of two years from said date. § 4: 1. 36: p. 12. At the end of three years from said date. § 9: 1. 42: p. 16. On dates to be fixed by the Federal Reserve Board. § 9: 1. 44: p. 16. Within 10 days after the date they are called for. § 9:1. 6; p. 18. From date of last dividend. § 10 : 1. 25 : p. 20. At a date to be fixed by the Organization Com- mittee. § 14: 1. 13: p. 29. With a maturity from date of purchase. § 18 : 1. 40 : p. 39. Not more than one year from the date of their issue. § 18: 1. 4: p. 40. Payable 30 years from date of issue. § 21 : 1. 28: p. 42. Upon the dates of examination. § 23: 1. 31 : p. 44. Within 60 days next before the date of the fail- ure of such association to meet its oblige^ tions. DAY; DAYS. Each day. § 9:1. 1 : p. 17. Penalty of $100 for each day that it fails to transmit such report. § 16: 1. 25: p. 31. The Federal reserve agent shall each day notify the Federal Reserve Board of all issues and withdrawals of Federal re- serve notes. Ten days. § 9: 1. 43: p. 16. Penalty for failure to make such reports within ten days, etc. § 18: 1. 8: p. 38. Whose applications have been filed with the Treasurer at least ten days before the end of any quarterly period, etc. 197 198 INDEX-DIGEST OF FEDEBAL KESEKVE ACT AND AMENDMENTS. DAY; DAYS— Continued. Fifteen days. § 4:1. 40: p. 10. § 4:1. 42: p. 10. § 10:1. 14: p. 20. § 11:1. 5: p. 22. § 13:1. 45: p. 26. §27:1. 3: p. 49. Thirtieth day. § 27:1. 41: p. 47. Thirty days. § 2:1. 32: p^. 4. § 2:1. 9: p. 5. § 10:1. l:p. 21. § 11:1. 3: p. 22. 19:1. 16: p. 40. 19:1. 17: p. 40. 19:1. 18: p. 40. A copy of the list of candidates, within fifteen days after its completion, shall be furnished, etc., to each elector. Every elector shall certify his choices within fifteen days after receipt of said list. Each member of the Federal Reserve Board shall make and subscribe to the oath of office within fifteen days after notice of appointment. May renew such suspension of reserve re- quirements for periods not exceeding fifteen days, etc. Advances by Federal Reserve banks to member banks on their promissory notes, for a period not exceeding fifteen days, etc. Which may contract to join within fifteen days after the passage of this Act. The provisions of the Act of May 30, 1908, which expires by limitations, etc., on the thirtieth day of June, 1914, etc., are hereby extended to June 30, 1915. Shall be required to subscribe within thirty days after notice from the Or- ganization Committee. Shall ceaSe to act as reserve agent upon thirty days' notice. Commissions which shall expire thirty days after the next session of the Senate convenes. May suspend any reserve requirements specified in this Act for a period not exceeding thirty days, etc. Demand' deposits, etc., shall comprise all deposits payable within thirty days. Time deposits shall comprise aU deposits payable after thirty days, etc. Time deposits shall comprise 'certificates of deposit which are subject to not less than thirty days' notice before pay- ment. INDEX-DIGEST OF EEDEEAL BESEEVE ACT AND AMENDMENTS. 199 DAY; DAYS— Continued. Sixty days. § 2:1. 26: p. 4. Every national bank is hereby required and every eligible bank in the United States and every trust company within the District of Columbia is hereby authorized to signify its acceptance this Act within sixty days after its passage. § 2:1. 8 : p. 5. Penalty for failure to signify its acceptance witmn the sixty days aforesaid. § 22: 1. 21: p. 44. This provision shall not take effect until sixty days after the passage of this Act. § 23: 1. 30: p. 44. Or registered the transfer thereof within sixty days next before the date of the failure, etc. Ninety days. § 13 : 1. 36: p. 25. Must have a maturity at the time of dis- count of not more than ninety days, etc. § 14:1. 41: p. 29. Bills of exchange or acceptances, etc., which have not more than ninety days to run, etc. DAYS OF GRACE, EXCLUSIVE OF. § 13 : 1. 36 : p. 25. Maturity of not more than 90 days, exclusive of days of grace. § 13: 1. 39: p. 25. A maturity not exceeding six months, exclu- sive of days of grace. § 13:1. 10: p. 26. A maturity at the time of discount of not more than three months sight, exclusive of days of grace. § 13:1. 14: p. 26. Having not more than six months sight to run, exclusive of days of grace. § 13: 1. 16: p. 28. Haying not more than three months sight to run, exclusive of days of grace. § 14: 1. 42: p. 29. Which have not more than 90 days to run, exclusive of days of grace. DEAL IN GOLD COIN AND BTJLIION. § 14: 1. 4: p. 29. Every Federal reserve bank shall have power to deal in gold coin and bullion, at home or abroad. DEAIT WITH. § 9:1. 40: p. 17. Applications for withdrawal from member- ship shall be dealt with in the order in which filed with the Federal Keserve Board. 200 INDRX-DIGEST OF PEDEBAI. RESERVE ACT AND AMENDMENTS. DEBT; DEBTS. § 2:1. l:p. 5. The shareholders of everj Federal reserve bank shall be held individually responsible, etc., for all contracts, debts, etc., of such bank, to the extent, etc. § 6:1. 9: p. 14. The cash-paid subscriptions in an insolvent member bank, etc., shall be first applied to all debts, etc., to the Federal reserve bank. § 7:1. 40: p. 14. Any surplus remaining of a dissolved or hquidated Federal reserve bank, after pay- ment of aU debts, etc., shall be paid to the United States, etc. §22:1. 1 : p. 44. Bills of exchange or other evidences of debt §22:1. 5: p. 44. executed or indorsed by attorneys or , directors of a member bank, may be dis- counted, etc., upon the aflHxmative vote, etc., of a majority of the directors, etc. § 23 : 1. 25 : p. 44. The stockholders of every national bank shall be held individually responsible for all contracts, debts, etc., of such association, each to the amount, etc. § 26: 1. 26: p. 47. Entitled "An Act, etc., to refund the public debt, etc." DECEMBER 23, 1913. § 27: 1. 27: p. 51. Subject to the same limitations placed upon the purchase and sale by said banks of State, county, etc., bonds under subsection (b) of section 14 of the Federal Reserve Act approved December 23, 1913. (Act of July 17, 1916.) § 2: 1. 13: p. 53. The Act approved December 23, 1913. (Act § 2: 1. 26: p. 53. of May 18, 1916.) DECENNIAL CENSUS. § 13: 1. 37: p. 27. As shown by the last preceding decennial census. DECLARE. § 8: 1. 21: p. 15. The organization certificate shall declare, etc. DECLARED. § 2:1. 25: p. 5. Before the association shall be declared dis- solved. § 4 : 1. 25 : p. 7. And to such other banks declared to be eligible. § 4:1. 8: p. 11. Shall be declared elected. § 4: 1. 15: p. 11. Shall be declared elected. § 4: 1. 20: p. 11. Shall be declared elected. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 201 D E GLARED— Continued. § 4:1. 21:p. 11. An immediate report of election shall be declared. § 6:1. 3: p. 14. If any member bank shaU be declared in- solvent, etc. DECEEASE. § 25: 1. 10: p. 46. The Federal Reserve Board shall have power to increase or decrease the number of E laces where such bankiag operations may e carried on. DECBEASED. § 5:1. 7: p. 13. The stock of the Federal reserve banks may be decreased as member banks reduce their capital, etc. DEDTJCTING. § 18: 1. 28: p. 38. After deducting a sufficient sum to redeem its outstanding notes secured by such bonds, etc. DEEM; DEEMS. § 2: 1. 38: p. 6. As it shall deem necessary. § 4:1. 9: p. 12. As it may deem necessary. § 9:1. 14: p. 17. When it deems it necessary. § 11: 1. 33: p. 21. As it may deem necessary. § 12: 1. 9: p. 24. As it may deem necessary. § 25: 1. 24: p. 46. As it may deem best. § 27: 1. 22: p. 48. Whenever he may deem it desirable DEEMED. § 2: 1. 13: p. 4. As may be deemed necessary. § 2 : 1. 41 : p. 4. When deemed necessary. §11:1. 1 : p. 23. When deemed advisable. § 11:1. 18 : p. 23. As may be deemed necessary. § 13: 1. 14: p. 25. Shall be deemed a waiver of demand, notice, and protest. § 14: 1. 36: p. 29. Wheresoever it may be deemed best. § 16: 1. 18: p. 32. To the extent deemed necessary. § 22: 1. 17: p. 43. Shall be deemed guilty of a misdemeanor. § 22 : 1. 23 : p. 43. Shall be deemed guilty of a misdemeanor. § 25 : 1. 9 : p. 46. Is deemed inexpedient. DEFEND. § 4:1. 29: p. 8. Federal reserve banks shaU have power to sue and be sued, to complain and defend, etc. 202 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. DEFICIEITCY. § 11:1. 13: p. 22. The Federal Reserve Board shall establish a graduated tax of not more than 1 per centum per annum upon such deficiency until, etc. DEFICIT. . § 10:1. 21: p. 20. Together with any deficit carried forward ft-om the preceding halt year. DEFIITE. § 4: 1. 33: p. 8. To define their duties. § 13: 1. 23: p. 25. To define the character of the paper thus eUgible for discount. § 26: 1. 24: p. 47. Entitled "An Act to define and fix the stand- ard of value, etc." DEFINED. § 14: 1. 24: p. 29. As hereinbefore defined. § 19: 1. 25: p. 40. As now or hereafter defined. § 19; 1. 30: p. 40. As now or hereafter defined. § 19: 1. 36: p. 40.. As now or hereafter defined. DEFINITION. § 13:1. 28: p. 25. Such defiliition of eUgible paper shall not include notes, etc., covering merely invest- ments, etc. DEFINITIONS OF WORDS AND PHEASES. See "Comprise"; "Construed"; "Held." DELIVER. § 17: 1. 32: p. 37. Repeal of so much of the provisions of certain specified Acts as required that national banks, before being authorized to com- mence banking business, shall transfer and deliver to the Treasurer of the United States a stated amount of United States registered bonds. DELIVERED. § 11: 1. 27: p. 22. Under which such notes may be delivered by the Comptroller. § 16: 1. 29: p. 36. A duplicate of such receipt shall be delivered to the Federal Reserve Board. § 18: 1. 23: p. 39. An amount of such one-year notes equal to those delivered in exchange for such bonds. DELIVERY. § 16:1. 13: p. 33. Federal reserve notes, and Federal reserve bank notes, etc., shall upon delivery, etc., become a first and paramount hen on all the assets of such bank. § 16:1. 2: p. 35. Subject to the order of the Comptroller for their delivery, etc. INDEX-DIGEST OF FEDEBAL BESEKVE ACT AND AMENDMENTS. 203 DEMAND; DEMANDS. § 4:1. 30. p. 9. With due regard for the claims and demands of other member banks. § 13: 1. 14: p. 25. Which shall be deemed a M''aiver of demand, notice, and protest. § 13:1. 14: p. 27. Except on account of demands of the nature following. § 16:1. 4: p. 31. Federal reserve notes shall be redeemed in gold on demand at the Treasury Depart- ment, etc. § 16: 1. 14: p. 32. Shall, upon demand, etc., reimburse such redemption fund. § 25: 1. 16: p. 46. Shall be required to furnish information con- cerning the condition of such branches to the Comptroller upon demand, etc. § 25: 1. 21: p. 46. Shall be required to furnish information con- cerning the condition of such banks or cor- porations to the Federal Reserve Board upon demand. DEMAND DEPOSITS. § 19: 1. 14: p. 40. Demand deposits defined. § 19 : 1. 28 : p. 40. Prescribed reserve balances against demand § 19:1. 33: p. 40. deposits. § 19:1. 39: p. 40. DEMANDED. § 21 : 1. 41 : p. 42. Every Federal reserve bank shall at all times furnish to the Federal Reserve Board such information as may be demanded concerning the condition of any member bank, etc. DENOMINATIONS. § 16: 1. 34: p. 34. Such Federal reserve notes, of the denomina- tions of $5, $10, $20, $50, $100, as may be required, etc. § 18: 1. 36: p. 39. To issue at par Treasury notes, etc., in denominations of $100, or any multiple thereof, etc. DENY. § 15: 1. 30: p. 30. Nothing in this Act shall be construed to deny the right of the Secretary of the Treasury to use member banks as depositaries. DEPARTMENT. § 10: 1. 6: p. 21. Which relate to the supervision, management § 10:1. 7: p. 21. and control, of the Treasury Department and bureaus under such department. § 10:1. 12: p. 20. The Secretary of the Treasury may assign offices in the Department of the Treasury for the use of the Federal Reserve Board. 204 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. DEPARTMElfT— Continued. § 10: 1. 19: p. 21. There shall be in the Department of the Tresury a bureau, etc. § 16:1. 5: p. 31. Federal reserve notes shall be redeemed in gold on demand at the Treasury Depart- ment of the United States, etc. DEPENDENCIES OF THE UNITED STATES ; DEPENDENCY OF THE UNITED STATES. § 13: 1. 18: p. 28. Banks or bankers, etc., in dependencies of the United States. § 13:1. 21: p. 28. Usages of trade in the respective coimtries, dependencies, etc. § 19: 1. 21 : p. 41. Located in Alaska or in a dependency. § 25: 1. 32: p. 45. Branches in foreign countries or dependencies, etc., of the United States. § 25:1. 41: p. 45. Banking in a dependency, etc., of the United States. § 25 : 1. 1 : p. 46. Local institutions in foreign coimtries or in sudi dependencies. DEPOSIT; DEPOSITS. § 4:1. l:p. 9. Upon deposit with the Trea,surer of the United States of any bonds of the United States, etc., the Federal reserve bank shall have power to receive from the Comptroller circulating notes, etc. § 9:1. 9: p. 18. Shall Ukewise be entitled to repayment of deposits and of any other balance, etc. § 9:1. 9: p. 19. Unless the person or company drawing the check has on deposit at the time such check is certified an amount of money equal to the amount specified in such check. § 13: 1. 30: p. 24. Any Federal reserve bank may receive, etc., § 13: 1. 35: p. 24. deposits of current funds, etc. § 13:1. 41: p. 24. § 13:1. 6: p. 27. Promissory notes of member banks to Federal reserve banks for advances may be secured, etc., by the deposit or pledge of bonds or notes of the United States, etc. § 13:1. 20: p. 27. Money actually on deposit to the credit of the association. § 15:1. 13 : p. 30. Government deposits. (Heading of section 15.) § 15: 1. 24: p. 30. Disbursements may be made by checks drawn against such deposits. INDEX-DIGEST OP FEDERAL EESEBVE ACT AND AMENDMENTS. 205 DEPOSIT; DEPOSITS— Continued. § 16: 1. 34: p. 31. Every Federal reserve bank shall maintain reserves in gold or lawful money of not less than 35 per centum against its deposits. § 16: 1. 34: p. 32. The Federal Keserve Board shall require each Federal reserve bank to maintam on de- posit in the Treasury a sum in gold sufl&- cient, etc., for the redemption of the Federal reserve notes issued to it. § 16: 1. 41: p. 32. But such deposit of gold shall be counted and included as a part of the 40 per centum reserve, etc. § 16: 1. 37: p. 33. Such gold, when deposited with the Treasurer shafl be counted, etc., as if collateral security on deposit with the Federal reserve agent. § 16: 1. 38: p. 35. Every Federal reserve bank shall receive on deposit at par, etc. § 16:1. 20: p. 36. The Secretary of the Treasury is hereby authorized and directed to receive de- posits of gold coin or of gold certificates, etc., when tendered by any Federal reserve bank or Federal reserve agent, etc. § 16: 1. 28: p. 36. The Secretary of the Treasury shall prescribe, etc., the form of receipt to be issued by the Treasurer, etc., to the Federal reserve bank or Federal reserve agent making the de- posit. § 16: 1. 31: p. 36. A duplicate of such receipt shall be delivered to the Federal Reserve Board, etc., upon proper advices, etc., that such deposit has been made. § 16: 1. 31: p. 36. Deposits so made shall be held subject to the orders of the Federal Reserve Board. § 16:1. 6: p. 37. Including the cost of the certificates or receipts issued for deposits received. § 16: 1. 7: p. 37. All expenses incident to the handling of such deposits shall be paid by the Federal Reserve Board and included in its assessments, etc. § 16: 1. 10: p. 37. Gold deposits standing to the credit of any § 16: I. 15: p. 37. Federal reserve bank with the Federal Reserve Board, shall, at the option of said bank, be counted as part of the lawful reserve, etc., against its outstanding Federal reserve notes or against its deposits. § 16:1. 22: p. 37. Nor shall the provisions of this section be construed to apply to the deposits made, etc., under section 6 of the act of March 14, 1900, as amended, etc. [See note under "Act of March 14, 1900," supra.] 206 INDEX-DIGEST OP PEDEEAL BESERVE ACT AND AMENDMENTS. DEPOSIT; DEPOSITS— Cnntinued. § 17:1. 37: p. 37. So much of existing statutes as require a national bank to maintain a minimum deposit of United States bonds -with the Treasurer is hereby repealed. § 18:1. 25: p. 38. Such Federal reserve bank shall thereupon deposit lawful money with the Treasurer for the purchase price of such bonds. § 18: 1. 35: p. 38. Upon the deposit, etc., of United States bonds § 18: 1. 38: p. 38. so purchased or any bonds with the circu- latmg privilege acquired under section 4, any Federal reserve bank making such deposit shall be entitled to receive, etc., circulating notes, etc., equal in amount to the par value of the bonds so deposited. § 19: 1. 14: p. 40. Definition of demand deposits. § 19:1. 15: p. 40. § 19: 1. 16: p. 40. Definition of time deposits. § 19:1. 17: p. 40. § 19:1. 18: p. 40. Time deposits shall comprise certificates of deposit subject to not less than 30 days' notice before payment. § 19: 1. 19: p. 40. Time deposits shall comprise all postal savings deposits. § 19: 1. 28: p. 40. Reserve balances prescribed for demand de- posits in banks not in a reserve or central reserve city. § 19: 1. 29: p. 40. Reserve balances prescribed for time deposits in banks not in a reserve or central reserve city. § 19: 1. 34: p. 40. Reserve balances prescribed for reserve city banks. Demand deposits. § 19: 1. 34: p. 40. Reserve balances prescribed for reserve city banks. Time deposits. § 19: 1. 39: p. 40. Reserve balances prescribed for central reserve city banks. Demand deposits. § 19: 1. 40: p. 40. Reserve balances prescribed for central reserve city banks. Time deposits. § 19: 1. 41: p. 40. No member bank shall keep on deposit with any nonmember State bank or trust com- pany a sum in excess of 10 per centum of its own paid-up capital and surplus. §19:1. 17: p. 41. Rule for ascertaining the deposits against which required balances, etc., shall be de- termined. § 22: 1. 44: p. 43. Nothing in this Act shall be construed to pro- hibit a director, etc., from receiving the same rate of interest paid to other depositors for similar deposits, etc. INDEX-DIGEST OP FEDBBAL BJESEBVE ACT AND AMfe^fDMENTS. 207 DEPOSIT; DEPOSITS— Cnntinued. § 24: 1. 17: p. 45. Any such bank may loan on farm land or real estate up to one-ttdrd of its time deposits. § 24: 1. 18: p. 45. Such banks may continue, etc., to receive time deposits and to pay interest on the same . § 27: 1. 18: p. 48. Shall pay for the first three months a tax at the rate of 3 per centum per annum upon the average amount of such of their notes, etc., as are based upon the deposit of such securities. § 27: 1. 29: p. 48. Having circulating notes outstanding secured by the deposit of bonds of the United States. § 27: 1. 36: p. 48. The Secretary of the Treasury shall require each bank and currency association to main- tain on deposit in the Treasury, etc., a sum in gold sufficient, etc. § 5: 1. 17: p. 50. A specified part of the capital of any Federal land bank may consist of deposits in member banks of the Federal reserve system. (Act of July 17, 1916.) § 13: 1. 9 : p. 51. Any Federal land bank may deposit its securi- ties and current funds with any member bank of the Federal reserve system. (Act of July 17, 1916.) § 7: 1. 37: p. 51. Is hereby authorized to deposit in such banks, § 8: 1. 10: p. 54. etc. (Act of April 24,, 1917.) (Act of Sep- tember 24, 1917.) § 7:1. 1 : p. 52. Such deposits may bear such rate of interest, § 8:1. 16: p. 54. etc. (Act of April 24, 1917.) (Act of Sep- tember 24, 1917.) § 7:1. 8: p. 52. Such deposits shall be secured in the manner § 7:1. 9: p. 52. required for other deposits, etc. (Act of April 24, 1917.) § 7: 1. 17: p. 52. Section 5191 of United States Revised Stat- § 8:1. 28: p. 54. utes, as amended by the Federal Reserve Act and amendments thereof, as to reserves of national and member banks shall not apply to dieposits of pubUc moneys by the United States in designated depositaries (Act of April 24, 1917.) (Act of September 24, 1917.) § 2:1. 22: p. 53. In banks located therein willing to receive such deposits. (Act of May 18, 1916.) § 2 : 1. 34 : p. 53. If such member banks fail to quaUfy to receive such deposits, etc. (Act of May 18, 1916.) § 2: 1. 39: p. 53. Or if none where such deposits are made will § 2: 1. 40: p. 53. receive such deposits, etc. (Act of May 18, 1916.) 208 INDEX-MGEST OF EEDEEAL BfcSEKVE ACT AND AMENDMENTS. DEPOSIT; DEPOSITS— Continued. § 8:1. 16: p. 54. Such deposits, etc., shall be secured in such manner,etc., as the Secretary of the Ti'easury may from time to time prescribe, etc. (Act of September 24, 1917.) DEPOSITARIES. See also "Depositories." § 7:1. 18: p. 52. Reserve balance requirements shall not apply § 8 : 1. 29 : p. 54. to deposits of public moneys by the United States in designated depositaries. (Act of April 24, 1917.) (Act of September 24, 1917.) DEPOSITARY OFFICES. See "Postal savings depository offices." DEPOSITED. § 4:1. 7: p. 9. To receive from the Comptroller circulating notes, etc., equal in amount to the par value of the bonds so deposited, § 11: 1. 6: p. 23. The Federal Reserve Board shall make regu- lations for the safeguarding of aU collateral, bonds, Federal reserve notes, money, or property of any kind deposited in the hands of such agents. § 13:1. 17: p. 27. Moneys deposited with or collected by the association. § 15: 1. 19: p. 30. The moneys held in the general fund of the Treasury, except, etc., may be deposited in Federal reserve banks upon direction of the Secretary of the Treasury. § 15: 1. 23: p. 30. The revenues of the Government or any part thereof may be deposited in such banks. § 15: 1. 26: p. 30. No pubhc funds of the Philippine Islands or of the postal savings, or any Government funds, shall be deposited in the continental United States in any bank not belonging to the system estabhshed by this Act. [Modified as to postal savings by the Act of May 18, 1916, but the preference is given to member banks. See § 2: 1. 8: p. 53.] [Modified also as to the proceeds of the sale of United States bonds, etc., by the Act of April 24, 1917, and by the Act of September 24, 1917. See § 7:1. 36: p. 51. § 8:1. 9: p. 54.] . § 16: 1. 22: p. 33. Federal reserve notes so deposited shall not be reissued except upon compUance with the conditions of an original issue. § 16: 1. 35: p. 33. Such gold when deposited with the Treasurer shafl be counted, etc., as if collateral secu- rity, etc. INDEX-DIGEST OF FEDERAL RESEKVE ACT AND AMENDMENTS. 209 DEPOSITED— Continued. § 16: 1. 39: p. 33. Any Federal reserve bank, etc., may withdraw collateral deposited witli the local Federal reserve agent, etc. § 16: 1. 5: p. 34. Shall be entitled to receive back the collateral deposited with the Federal reserve agent, etc. § 16: 1. 10: p. 34. Federal reserve notes so deposited shall not be reissued, except, etc. § 16: 1. 13: p. 34. All Federal reserve notes, gold, etc., issued to or deposited with any Federal reserve agent, etc., shall be held in joint custody, etc. § 16 : 1. 42 : p. 34. Federal reserve notes, when prepared, shall be deposited in the Treasury, subtreasury, or mint, etc. § 18 : 1. 43 : p. 38. Shall be entitled to receive from the Comptrol- ler circulating notes, etc., equal in amount to the par value of the bonds so deposited. § 20: 1. 36: p. 41. Repeal of so much of certain statutes as pro- vide that the 5 per centum redemption fund deposited with the Treasurer by a national bank shall count as a part of its lawful reserve. § 7:1. 4: p. 52. The amount so deposited shall not in any case exceed, etc. (Act of April 24, 1917.) § 2:1. 9: p. 53. Shall be deposited in solvent banks, etc. (Act of May 18, 1916.) ' § 2:1. 19: p. 53. Shall be deposited in banks located therein. (Act of May 18, 1916.) § 2 : 1. 41 : p. 53. Shall be deposited in the bank most convenient to such locahty. (Act of May 18, 1916.) DEPOSITING. § 16: 1. 20: p. 33. Any Federal reserve bank may reduce its lia- bility for outstanding Federal reserve notes by depositing with the Federal reserve agent its Federal reserve notes, gold, gold certifi- cates, or lawful money, etc. §|16: 1" 2: p. 34. A Federal reserve bank may retire any of its Federal reserve notes by depositing them with the Federal reserve agent or with the Treasurer, etc. § 16: 1. 23: p. 34. Nothing herein shall prohibit a Federal reserve agent from depositing gold or gold certificates with the Federal Reserve Board, etc. 20592°— 18 U '210 INDEX-DIGEST OF FEDEBAL RESERVE ACT AND AMENDMENTS. DEPOSITOR; DEPOSITORS. § 16: 1. 40: p. 35. Every Federal reserve bank shall receive on deposit at par from member banks or from Federal reserve banks, checks and drafts drawn upon any of its depositors, etc. § 16: 1. 42: p. 35. And, when remitted by a Federal reserve § 16: 1. 44: p. 35. bank, checks and drafts drawn by any depositor in any other Federal reserve bank or member bant upon funds to the credit of said depositor in said reserve bank or member bank. § 22: I. 44: p. 43. Nothing in this Act, etc., shall prohibit a director, etc., from receiving the same rate of interest paid to other depositors, etc. DEPOSITORIES. § 15: 1. 31: p. 30. Nothing in this Act, etc., shall be construed to deny the right of the Secretary to use member banks as depositories. See also "Depositaries." DEPOSITORY OFFICES. See "Postal savings depository offices." See also "Depositaries." DEPUTY CHAIRMAN. § 4: 1. 40: p. 11. One of the directors of class C shall be ap- pointed by the Federal Reserve Board as deputy ohairmaB. § 4: 1. 43: p. 11. In case of the absence of the chairman and deputy chairmau, the third class C director shall preside, etc. DERIVED. § 7: 1. 31: p. 14. The net earnings derived by the United States from Federal reserve banks shall, in the dis- cretion of the Secretary of the Treasury, be used, etc. § 7: 1. 45: p. 14. Federal reserve banks, including, etc., the income derived therefrom, shall be exempt from Federal, State, and local taxation, except taxes upon real estate. DESCRIBED. § 13: 1. 8: p. 26. Federal reserve banks may discount accept- ances of the kinds hereinafter described, etc. § 24: 1. 23: p. 45. In the manner described in this section. §25:1. 18: p. 46. Banks or corporations described under subpara- graph 2 or the first paragraph of this section. § 7 : 1. 41 : p. 51. As described in section 4 of this Act. (Act of April 24, 1917.) INDEX-DlGESr OP FEDERAL EESERVE ACT AND AMENDMENTS. 211 DESIGNATE. § 2:1. 23: p. 3. The Organization Committee shall designate not less than 8 nor more than 12 ( ities, etc. § 4: 1. 36: p. 7. The Organization Committee shall designate any five banks, etc., to execute a certificate of organization. § 4:1. 2 : p. 10. The Federal Reserve Board shall designate one of the class C directors as chairman. § 4: 1. 31: p. 12. The directors shall designate the members of each class for terms of one, two, and three years, respectively. § 16: I. 15: p. 36. The Federal Eeserve Board may designate a Federal reserve bank to exercise clearing house functions for the Federal reserve banks. § 7: 1. 38: p. 51. In such banks, etc., as he may designate, etc. (Act of April 24, 1917.) § 8: 1. 12: p. 54. In such incorporated banks, etc., as he may designate, etc. (Act of September 24, 1917.) DESIGNATED. § 2:1. 7: p. 4. Federal reserve districts may be designated by number. § 2: 1. 18: p. 4. Shall supervise the organization of a Federal reserve bank in each of the cities designated. § 2: 1. 28: p. 4. When the organization committee shall have designated the Federal reserve cities, etc. § 4 : 1. 22 : p. 7. A certificate shall be filed with the Comptroller showing, etc., the Federal reserve city designated in each of such districts. § 4: 1. 38: p. 7. The banks so designated shall, under their seals, make an organization certificate. § 4:1. 21: p. 8. The Federal reserve bank, etc., in the name designated in such organization certificate, shall have power, etc. § 4: 1. 33: p. 9. Said board of directors, etc., shall be divided into three classes, designated as classes A, B, and C. § 4: 1. 42: p. 9. Class C, etc., shall be designated by the Fed- eral Reserve Board. § 4: 1. 25: p. 10. The groups shall be designated by number by the chairman. § 4:1. 25: p. 11. One of whom shall be designated by said board as chairman, etc. § 4: 1. 39: p. 11. By the Federal reserve bank to which he is designated. 212 INDEX-DIGEST OF FEDEHAL BESEEVE ACT AND AMENDMENTS. DESIGNATED— Continued. § 10: 1. 2: p. 20. One shall be designated by the President to serve for 2 years, one for 4 years, one for 6 years, one for 8 years, and one for 10 years. § 10: 1. 7: p. 20. One shall be designated by the President as governor and one as vice governor of the Federal Keserve Board. § 7:1. 18: p. 52. Section 5191 of the Eevised Statutes, as § 8 : 1. 29 : p. 54. amended by the Federal Reserve Act and the amendments thereto with reference to reserves, etc., shall not applj^ to deposits of public moneys by the United States in designated depositaries. (Act of April 24, 1917.) (Act of September 24, 1917.) DESIGNATIlirG. § 2:1. 15: p. DESIGIfATIOlT. § 4:1. 4: p. § 11:1. 34: p. DESIBABIE. § 27:1. 22: DESIRING. § 9:1. 4. In designating the cities within such districts, etc. 10. Pending the designation of such chairman, etc. 22. The Federal Reserve Board may reclassify existing reserve and central reserve cities or terminate their designation as such. 48. Whenever the Secretary of the Treasury may deem it desirable, etc. 4: p. 9:1. 30: p. 16. Any State bank, member, etc. etc., desiring to become a 17. Any State bank or trust company desiring to withdraw, etc. § 18 : 1. 42 : p. 37. Any member bank desiring to retire the whole or any part of its circulating notes, etc. DESTRUCTION. § 16:1. 32: p. 32. DETAIL IN. § 11:1. 37: p. 21. DETAILED. § 21:1. 19: p. 42. DETERMINATION. § 2:1. 27: p. 3. Federal reserve notes unfit for circulation shall be returned, etc., for cancellation and destruction. Such statements shall show in detail the assets and liabilities of the Federal reserve banlcs, single and combined. The examiner shall make a full and detailed report of the conditions of said bank to the Comptroller. The determination of said Organization Com- mittee shall not be subject to review except by the Federal Reserve Board when organ- ized. INDEX-DIGEST OF FEDEBAL EESEBVE ACT AND AMENDMENTS. 213 DETERMINATIOIT— Continued. § 13: 1. 2: p. 27. Rates on advances to member banks on their promissory notes shall be fixed by the Federal reserve banks subject to the review and determination of the Federal Reserve Board. § 14: 1. 26: p. 29. Rates of discount to be established by the Federal reserve banks shall be subject to review and determination of the Federal Reserve Board. DETEBMIIfE. § 2:1. 1: p. 6. May offer to public subscription at par, etc., such an amount of stock in said Federal reserve banks as said Organization Com- mittee shall determine. § 2:1. 17: p. 6. Shall allot to the United States such an amount of said stock as said committee shall determine. § 2:1. 23: p. 6. § 9:1. 2: p. 18. § 13:1. 22: p. 25. DETERMIITED. § 2:1. 20: p. 5. At such price, not less than par, as the Secre- tary of the Treasury shall determine. All its rights and privileges as a member bank shall thereupon cease and determine. The Federal Reserve Board shall have the right to determine or define the character 01 the paper thus eligible, etc. Any noncompliance with or violation of this Act shall be determined and adjudged by any court of the United States of competent jurisdiction, etc. § 13: I. 6: p. 25. Reasonable charges for collection or payment of checks and drafts, etc., not to exceed, etc., to be determined and regulated by the Federal Reserve Board, etc. § 19:1. 19: p. 41. As the basis for ascertaining the deposits against which required balances with Fed- eral reserve banks shall be determined. DETEEMimifG. § 2:1. 14: p. 4. DEVOTE. §10:1. 31: p. 19. DIES, PLATES AND. § 16:1. 31: p. 34. § 16:1. 3: p. 35. The Organization Committee may make such investigation as may be deemed necessary in determining the reserve districts, etc. The five appointive members shall devote their entire time to the business of the Federal Reserve Board. Shall cause plates and dies to be engraved, etc The plates and dies, etc., shall remain under the control and direction of the Comptroller. 214 INDEX-DIGEST OF FEDERAL RESEBVE ACT AITD AMENDMENTS. DIES, PLATES AND— Continued. § 16: 1. 13; p. 35. The provisions of section 5174, Revised Stat- § 16: 1. 15: p. 35. utes, as to the examination of plates, dies, etc., of national-bank notes and the regula- tions relating thereto, is hereby extended to include Federal reserve notes. § 16: 1. 20: p. 35. Any appropriation heretofore made, etc., for engraving plates and dies may be used, etc., for the purposes of this Act. DIFFERENCE. § 19: 1. 16: p. 41. The net difference of amounts due to and from other banks shall be taken as the basis for ascertaining the deposits against which re- quired balances with Federal reserve banks shall be determined. DIFFERENT. § 10: 1. 27: p. 19. The President shall have due regard to a fair representation of the different commercial, etc., divisions of the country. DIRECT. § 16:1. 5: p. 32. Or, upon direction of such Federal reserve bank, shall be forwarded direct to the Treasurer, to be retired. § 18: 1. 10: p. 38. Before the end of any quarterly period at which the Federal Reserve Board may direct the purchase to be made. § 21: 1. 11: p. 42. The Federal Reserve Board may, at any time, direct the holding of a special examination of State banks and trust companies that are stockholders, etc. DIRECTED. § 16:1. 37: p. 34. Federal reserve notes shall be ia form and tenor as directed by the Secretary of the Treasury. § 16: 1. 20: p. 36. The Secretary of the Treasury is authorized and directed to receive deposits of gold coiu, etc. § 21 : 1. 4: p. 43. Or such as shall be or shall have been exercised or directed by Congress, etc. DIRECTION; DIRECTIONS. § 2 : 1. 23 : p. 5. Under direction of the Federal Reserve Board. § 9:1. 5: p. 17. By direction of the Federal Reserve Board. § 10: 1. 27: p. 21. Under the general directions of the Secretary of the Treasury. § 14: 1. 32: p. 29. Upon the order and direction of the Federal I 14: 1. 5: p. 30. Reserve Board. I 15: 1. 18: p. 30. Upon the direction of the Secretary of the Treasmy. INDEX-DIGEST OF EEDEEAL KESEEVE ACT AND AMENDMENTS. 2.15 DIRECTION; DIRECTIONS— Continued. § 16: 1. 4 : p. 32. Upon direction of such Federal reserve bank. § 16: 1. 30: p. 34. Under the direction of the Secretary of the Treasury. § 16: 1. 5: p. 35. Under his control and direction. § 22 : 1. 14 : p. 44. By direction of the Congress of the United States. DIRECTLY, § 12:1. 17: p. 24. The Federal Adinsory Council shall have Sower, etc., to coijer directly with the 'ederal Reserve Board. § 22: 1. 38: p. 43. Or receive directly or indirectly, any fee, etc. § 25 : 1. 43 : pi 45. Either directly or through the agency, owner- ship, or control, etc. § 29: 1. 25: p. 49. Directly involved in the controversy. DIRECTOR; DIRECTORS. § 2 : 1. 28 : p. 5. Every director who participated in or assented to the same shall.be held hable, etc. § 2: 1. 10: p. 6. Public stock may be transferred, etc., by the chairman of the board of directors of such bank. § 3: 1. 9: p. 7. Branches shall be operated under the super- vision of a board oi directors to consist of not more than seven nor less than three direc- tors. § 3; I. 12: p. 7. The remaining directors shall be appointed by the Federal Reserve Board. § 3:1. 13: p. 7. Directors of branch banks shall hold office during the pleasure of the Federal Reserve Board. § 4 : 1. 29 : p. 7. Shall contain a resolution to be adopted by the . board of directors of each bank executing such application. § 4:1. 31: p. 8. To appoint, by its board of directors, such officers and employees, etc. § 4: 1. 36: p. 8. To prescribe, by its board of directors, by- laws, etc. § 4: 1. 40: p. 8. To exercise by its board of directors, etc., all powers specifically granted, etc. § 4:1. 19: p. 9. Every Federal reserve bank shall be con- ducted under the supervision and control of a board of directors. § 4 : 1. 20 : p. 9. The board of directors shall perform the duties § 4:1. 21: p. 9. usually appertaining to the office of directors, etc. 216 INDEX-DIGEST OF FEDERAL RESERVE ACT AKD AMENDMENTS. DIBECTOR; DIRECTORS— Continued. § 4:1. 31: p. 9. Such board of directors shall be selected as hereinafter specified. § 4:1. 2: p. 10. The Federal Reserve Board shall appoint the class C directors and shall designate one of such directors as chairman. § 4: 1. 10: p. 10. No Senator or Representative shall be, etc., an officer or a director of a Federal reserve bank. § 4 : 1. 1 1 : p. 10. No director of class B shall be an officer, director, or employee of any bank. § 4: 1. 13: p. 10. No director of class C shall be an officer, direc- tor, employee, or stockholder of any bank. § 4: 1. 15: p. 10. Directors of class A and class B shall be chosen in the following manner. § 4: 1. 17: p. 10. The chairman of the board of directors, etc., shall classify, the member banks, etc.' § 4 : 1. 27 : p. 10. The board of directors shall elect by ballot a district reserve elector. § 4: 1. 30: p. 10. Shall certify his name to the chairman of the board of directors. § 4 : 1. 36 : p. 10. Each member bank shall be permitted to § 4 : 1. 37 : p. 10. nominate to the chairman one candidate for director of class A and one for director of class B. § 4: 1. 44: p. 10. Shall certify to the chairman his, etc., choices of a director of class A and class B upon a preferential ballot, etc. § 4:1. 1: p. 11. On a form furnished by the chairman of the board of directors. § 4:1. 4: p. 11. Shall make a cross opposite the name of the first, second, and other choices for a, director of class A and for a director of class B. § 4:1. 22: p. 11. Class C directors shall be appointed by the Federal Reserve Board. § 4:1. 26: p. 11. The Federal Reserve Board shall designate one of the class C directors as chairman of • the board of directors, etc. § 4: 1. 29: p. 11. In addition to his duties as chairman of the board of directors the Federal reserve agent shall be required to maintain a local office of said board, etc. § 4: I. 39: p. 11. One of the directors of class C shall be ap- pointed deputy chairman. § 4 : 1. 43 : p. 1 1 . In the absence of the chairman and deputy chairman, the third. class C director shall preside, etc. INDEX-DIGEST OF FEDEBAL RESERVE ACT AND AMENDMENTS. 217 DIRECTOR; DIRECTORS— Continued. § 4: 1. 13: p. 12. Directors shall receive, etc., a reasonable allowance for necessary expenses in attend- ing meetings, etc. § 4: 1. 18: p. 12. The compensation provided by boards of § 4: 1. 19: p. 12. directors for directors^ etc., shall be subject to the approval of the Federal Reserve Board. § 4: 1. 24: p. 12. The Organization Committee may call such meetings of bank directors as may be necessary, etc. § 4:1. 27: p. 12. The Organization Committee may exercise the functions conferred upon the chairman of the board of directors, pending the com- plete organization of such bank. § 4:1. 29: p. 12. At the first meeting of the full board of § 4: 1. 30: p .12. directors, the directors of classes A, B, and C shall designate the terms, etc. § 4:1. 37: p. 12. Thereafter every director, etc., shall hold office for a term of three years. § 4:1. 40: p. 12. Vacancies in the several classes of directors § 4: 1. 42: p. 12. shall be filled in the manner provided for the original selection of such directors. § 5: 1. 28: p. 13. The board of directors of the Federal reserve § 6:1. 16: p. 14. bank shall execute a certificate to the Comptroller showing the increase of capital stock, or the reduction of capital stock. § 8: 1. 20: p. 15. The certificate of conversion may be exe- cuted by a majority of the directors. § 8: 1. 23: p. 15. The certificate shall declare that the owners, etc., have authorized the directors to make such certificate. § 8: 1. 25: p. 15. A majority of the directors, etc., shall have power to execute all other papers, and to do whatever may be required to make its organization perfect and complete as a national association. § 8:1. 32: p. 15. The directors of the converted State bank, § 8: 1. 32: p. 15. etc., may continue to be directors, etc., un- til others are elected, etc. § 9:1. 9: p. 17. The directors of the Federal reserve bank may approve State examinations, etc. § 10: 1.- 29: p. 20. No member of the Federal Reserve Board shall be an officer or director of any bank, etc. § 11: 1. 35: p. 22. The Federal Reserve Board may suspend or remove any officer or director of any Federal reserve bank. 218 INDEXrDIGEST 0¥ EEDEBAL RESERVE ACT AND AMENDMENTS, DIRECTOR; DIRECTORS— Continued. § 11:1. 38: p. 22. The cause of such removal to be forthwith communicated, etc., to the removed officer or director, etc. § 12: 1. 42: p. 23. The board of directors of each Federal reserve bank shall annually select one member of the Federal Advisory Coiincil from its own Federal reserve district. § 12: 1. 2: p. 24. Each member of the Federal Advisory Coun- cil shall receive such compensation, etc., as may be fixed by his board of directors, etc., subject to the approval of the Federal Keserve Board. § 16: 1. 28: p. 33. When offered by the reserve bank of which the Federal reserve agent is a director. §22:1. 13: p. 43. No director, etc., of a member bank shall make any loan, etc., to a bank examiner. § 22: 1. 16: p. 43. Penalty for any director, etc., violating this provision. § 22: 1. 22: p. 43. Penalty for any examiner accepting a loan, etc., from any director, etc. § 22: 1. 30: p. 43. No nationaj-bank examiner shall perform any other service for compensation, etc., for any bank or officer, director, etc. § 22: 1. 32: p. 43. Other than the usual salary or director's fee § 22: 1. 33: p. 43. paid to any director, etc., and other tlian a § 22:1. 35 : p. 43. reasonable fee paid by said bank to such offi- § 22: 1. 36: p. 43. cer, director, etc., for services rendered, etc., no director, etc., shall be a beneficiary of or receive, etc., any fee, commission, etc., for or in connection with any transaction or business of the bank. § 22: 1. 42: p. 43. Nothing in this Act, etc., shall be construed to prohibit a director, etc., from receiving interest, etc., on deposits, the same as paid to other depositors. § 22: 1. 2: p. 44. Notes, etc., executed or indorsed by directors, § 22: 1. 7: p. 44. etc., of a member bank may be discounted, etc., upon the affirmative vote, etc., of at least a majority of the board of directors, etc. § 22: 1. 12: p. 44. No examiner, etc. shall disclose the names of borrowers, etc., without first having ob- tained the express permission in writing, etc., from the comptroller or from the board of directors, etc. INDEX-DIGEST OF FEDERAL KESEEVE ACT AND AMENDMENTS. 219 DIRECTOE; DIRECTORS— Continued. § 25:1. 7: p. 47. Any director, etc., of a member bank, inay, § 25:1. 9: p. 47. with the approval of the Federal Eeserve Board, be a director, etc., of any such bank or corporation above mentioned, in the capital stock of which sUch member bank shall have invested, etc., without being subject to the provisions of section 8 of the Act approved October 15, 1914, etc. (The Clayton Antitrust Act.) DISABILITY. § 4:1. 7: p. 12. The assistant Federal reserve agents shall act in his name and stead during his absence or disability. DISBURSEMENTS. § 15: 1. 23: p. 30. Disbursements may be made by checks drawn against Government deposits. DISCLOSE. § 22: 1. 8: p. 44. No examiner shall disclose the names of bor- rowers, etc. DISCOUNT; DISCOUNTS. § 4: 1. 28: p. 9. Shall extend to each member bank such dis- counts, etc., as may be safely and reason- ably made, etc. § 9 : 1. 31 : p. 18. No Federal reserve bank shall discount for any § 9: 1. 36: p. 18. State bank, etc., notes, etc., of any one bor- § 9: 1. 38: p. 18. rower who is liable, etc., to such State bank, etc., in an amount greater than 10 per cbntum of the capital and surplus of such State bank, etc., but the discount of bills drawn against actually existing value and , the discount of commercial, etc., paper actually owned, etc., shall not be considered as borrowed money, etc. § 9: 1. 42: p. 18. The Federal reserve bank, as a condition of the § 9:1. 3: p. 19. discount of notes, etc., for such State bank, etc., shall require a certificate or guaranty that the borrower is not liable in excess of the amount, etc., and will not be permitted to becdme liable, etc., while such notes, etc.,. are under discount with the Federal reserve bank. § 11: 1. 22: p. 22. The Federal reserve bank shall add an amount equal to said tax to the rates of interest and discount fixed by the Federal Reserve Board. § 12:1. 22: p. 24. The Federal Advisory Council shall have power to make recommendations in regard to discount rates, etc. 220 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. DISCOUNT; DISCOUNTS— Continued. § 13: 1. 16: p. 25. Any Federal reserve bank may discoant notes, etc., arising out of actual commercial trans- actions. § 13 : 1. 24: p. 25. The Federal Keserve Board shall have the right to determine or define the character of the paper thus eUgible for disconnt, etc. )§ 13: 1. 28: p. 25. Nothing in this Act shall be construed to pro- hibit such notes, etc., secured by staple agri- cultural products, or other goods, wares, or merchandise, from being eUgible for such discount. § 13: 1. 34: p. 25. Maturity prescribed for notes, etc., admitted § 13: 1. 35: p. 25. to discount, etc. § 13:1. 39: p. 25. § 13: 1. 4: p. 26. This restriction shall not apply to the discount of bills of exchange drawn in good faith against actually existing values. §13:1. 7 : p. 26. Any Federal reserve bank may discount accept- ances of the kinds hereinafter described, etc. §13:1. 9 : p. 26. Prescribed maturity for acceptances at time of discount. § 13: 1. 26: p. 27. The discount and rediscount, etc., by any Federal reserve bank of any bills receivable, etc., shall be subject to such restrictions, etc., as may be imposed by the Federal Reserve Board. § 14: 1. 27: p. 29. Federal reserve banks shall establish, from time to time, subject to review and deter- mination of the Federal Reserve Board, rates of discount,, etc. § 19: 1. 3: p. 41. No member bank shall act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal reserve bank, etc., except by permission of the Federal Reserve Board. DISCOUNTED. § 11: 1. 45: p. 21. The Federal Reserve Board may permit or, on the affirmative vote of at least five mem- bers, may require Federal reserve banks to rediscount the discounted paper of other Federal reserve banks. § 13:1. 40: p. 25. Notes, etc., drawn or issued for agricultural purposes or based on live stock, and having a maturity of not exceeding six months, exclusive of days of grace, may be dis- counted in an amount to be limited to a per- centage of the assets of the Federal reserve bank, to be ascertained and fixed by the Federal Reserve Board. ISDEX-DIGEST OF PEDEKAL BESERVE AOI AND AMENDMENTS. 221 DISCOUNTED— Continued. § 22 : 1. 2 : p. 44. Notes, etc., or other evidences of debt executed or iadorsed by directors or attorneys of a member bank may be discounted, etc., upon the affirmative vote, etc., of at least a ma- jority of the board of directors. DISCRETION. § 2:1. 10: § 7:1.32: § 11:1.30: §16:1. 33: p.- 30. p. 5. Within the discretion of said organization committee or of the Federal Eeserve Board. p. 14. In the discretion of the Secretary of the Treasury. p. 21. The Federal Reserve Board may examine at its discretion the accounts, books, and affairs of each Federal reserve bank and of each member bank, etc.. Federal reserve notes, to be issued at the dis- cretion of the Federal Reserve Board, etc., are hereby authorized. § 16: 1. 38: p. 33. Any Federal reserve bank may, at its dis- cretion, withdraw collateral, etc. § 16 : 1. 26 : p. 35. Any distinctive paper on hand may be used, in the discretion of the Secretary of the Treas- ury, for the purposes of this Act. § 16 : 1. 13 : p. 36. May, at its discretion, exercise the functions of a clearing house, etc. § 18: 1. 6: p. 38. May, in its discretion, require the Federal re- serve banks to purchase such bonds. § 27:1. 44: p. 48. TheSecretaryof the Treasury, in his discretion, may extend the benefits of this Act to all quahfied State banks and trust companies, etc. 7:1. 36: p. 51. 8:1. 10: p. 54. DISCEIMINATION. The Secretary of the Treasury, in his discretion, is hereby authorized to deposit in such banks, etc. (Act of April 24, 1917.) (Act of September 24, 1917.) § 4:1. 24: p. 9. The board of directors shall administer the affairs of said bank fairly and impartially and without discrimination in favor of or against any member bank or banks. DISMISS. § 4:1. 34 i p. 8. The Federal reserve bank may dismiss at pleasure such officers or employees. DISPOSE. § 25:1. 43: p. 46. National banks may be required to dispose of stock holdings in the said corporation in case of failure of the national bank or the corporation to comply with the regulations of the Federal Reserve Board. 222 INDEX-DIGEST OF FEDERAL RESEEVE ACT AND AMENDMENTS. DISPOSED OF. § 2: 1. 21: p. 6. Said United States stock shall be. disposed of for the benefit of the United States, etc. DISQUALIFIED. § 22: 1. 27: p. 43. Shall forever thereafter be disqualified from holding office as a national bank examiner. DISSOLUTION. § 2:1. 33: p. DISSOLVED. § 2:1. 26: p. 5. Such dissolution shaU not take away or impair any remedy against such corporation, etc. 5. Before the association shall be declared dissolved. § 4:1. 25: p. 8. Unless it is soomer dissolved by an Act of of Congress. § 7: 1. 38: p. 14. Should a Federal Reserve bank be dissolved, etc. DISTINCTIVE LETTER. § 16: 1. 42: p. 31, Notes so paid out shall bear upon their faces a distinctive letter and serial number, etc. DISTINCTIVE NUMBERS. , § 16:1. 38 : p. 34. Federal reserve notes shall bear the dis- tinctive numbers of the several Federal reserve banks through which issued. DISTINCTIVE PAPER. § 16: 1. 21: p. 35. Any appropriation heretofore made for the § 16: 1. 24: p. 35. purchase of distinctive paper, etc., and any distinctive paper, etc., on hand, etc., may be used, etc., for the purposes of this Act. DISTINGUISHED. §24:1. 8: p. 45. Upon the security of real estate as distin- guished from farm land. DISTRICT; DISTRICTS. § 1:1.16: p. 3. The term "district" shall be held to mean § 1:1.17: p. 3. Federal reserve district. Federal reserve districts. (Heading of sec- tion 2.) ShaU divide the continental United States, excluding Alaska, into districts. P- § 2:1.19 ^ 2:1. 26: p. § 2:1. 26: p. § 2:1. 30: p. Each district shall contain only one of such Federal reserve cities. § 2:1. 3 § 2:1. 4 § 2:1. 6 § 2:1. 7 The districts shall be apportioned with due regard, etc. 4. The districts, etc., may be readjusted. 4. New districts may be, etc., created. 4. Such districts shall be known as Federal 4. reserve districts. INDEX-DIGEST OF FEDEBAL RESERVE ACT AND AMENDMENTS. 223 DISTRICT ; DISTRICTS— Continued. § 2:1. 14: p. 4. In determining the reserve districts, etc. § 2: 1. 15: p. 4. In designating the cities within such districts. § 2: 1. 31 : p. 4. When the Organization Committee shall have fixed the geographic limits of the Federal reserve districts, etc. § 2: 1. 32: p. 4. Every national bank within that district shall be required, within 30 days after notice, etc., to subscribe, etc. § 2: 1. 22: p. 5. In a suit brought for that purpose in the dis- trict or territory in which such bank is located. § 2:1. 5: p. 6. Other than a member bank of its district, etc. § 2 : 1. 31 : p. 6. The organization of reserve districts, etc., shall not be construed, etc. § 3:1. 4: p. 7. The Federal Reserve Board may permit or require any Federal reserve bank to estab- lish branch banks within the Federal reserve district in which it is located. § 3 § 3 § 4 § 4 § 4 § 4 § 4 § 4 § 4 § 4 § 4 § 4 1. 5: p. 7. Or within the district of any Federal reserve bank which may have been suspended. 1. 12: p. 7. A. majority of one of the directors of branch banks shall be appointed by the Federal reserve bank of the district. 7. When the Organization Committee shall have estabhshed Federal reserve districts, etc. 1. 18: 1.21: p. 7. Showing the geographical limits of such dis- tricts. 1. 22: p. 7. And the Federal reserve city designated in each of such districts. 1. 24: p. 7. Shall cause to be forwarded to each national bank located in each district. 1. 32 : p. 7. Authorizing a subscription to the capital stock of the Federal reserve bank organizing in that district. 1.41: 1. 39: p. The organization certificate shall specifically state the territorial extent of the district. 9. Who at the time of their election shall be actively engaged in their district, etc. 1. 18: p. 10. The chairman of the board of directors of the Federal reserve bank of the district, etc. 1. 21: p. 10. Shall classify the member banks of the dis- trict into three general groups or divisions. 1. 23 :,p. 10. Each group shall contain, as nearly as may be > one-third of the aggregate number oi the member banks of the district. 224 INDEX-DIGEST OF EEDEKAL KESERVE ACT AND AMENDMENTS. DISTEICT; DISTRICTS— Continued. § 4: 1. 28: p. 10. At a regularly called meeting of the directors of each member bank of the district, etc. § 4: 1. 31: p. 10. Shall certify his name to the chairman, etc., of the Federal reserve bank of the district. § 4:1. 2: p. 11. On a form furnished by the chairman, etc., of the directors of the Federal reserve bank of the district. § 4: 1. 24: p. 11. Class C directors shall have been for at least two years residents of the district, etc. § 4:1. 24: p. 12. May caU such meetings of bank directors in the several districts, etc. § 5:1. 13: p. 13. Shall subscribe for an additional amount of stock of the Federal reserve bank of its district. § 9:1. 9: p. 16. For the right to subscribe to the stock of the Federal reserve bank organized within the district in which the applying bank is located. § 9: 1. 23: p. 16. To become a stockholder in the Federal re- serve bank of the district. § 10: 1. 26: p. 19. Not more than one of whom shall be selected from any one Federal reserve district. § 11:1. 33: p. 23. By general ruling, covering aU districts alike. § 11: 1. 35: p. 23. To carry in the Federal reserve banks of their respective districts any portion of their reserves, etc. § 12 : 1. 41 : p. 23. The Federal Advisory Council shall consist of as many members as there are Federal re- serve districts. § 12: 1. 43: p. 23. The directors shall annually select one mem- ber from its own Federal reserve district. § 12: 1. 23: p. 24. The Federal Advisory Council may call for information and make recommendations in regard to reserve conditions in the various districts. § 13: 1. 38: p. 24. Payable upon presentation within its district. § 13: 1. 39: p. 24. Payable within its district. § 13: 1. 1: p. 25. Provided such nonmember bank or trust com- pany maintains with the Federal reserve bank of its district a balance sufficient, etc. §^14:1. 16: p. 29. Warrants, etc., issued in anticipation of the receipt of assured revenues by any State, county, district, etc. § 14:1. 19: p. 29. Including irrigation, drainage, and reclama- tion, districts, etc. INDEX-DIGEST OF PEDEEAL RESERVE ACT AND AMENDMENTS. 225 DISTRICT; DISTRICTS— Continued. § 16: 1. 18: p. 31. Or bills of exchange indorsed by a member bank of any Federal reserve district, etc. § 19: 1. 26: p. 40. It shall hold and maintain with the Federal § 19 : 1. 32 : p. 40. reserve bank of its district, etc. § 19:1. 37: p. 40. § 19: 1. 28: p. 41, May, etc., become member banks of any one of the reserve districts. § 21: 1. 34: p. 42. May provide for special examination of mem- ber banks within its district, etc. § 21 : 1. 42 : p. 42. Furnish such information as may be demanded concerning the condition of any member bank within the' district. § 24: 1. 44; p. 44. May make loans secured by improved and un- encumbered farm land situated within its Federal reserve district. § 24: 1. 2: p. 45. Within a radius of 100 miles of the place in which such bank is located, irrespective of district lines. § 24: 1. 5: p. 45. Irrespective of district lines. S 27: 1. 25: p. 51. Subject to the same limitations placed upon the purchase and sale by said Federal re- serve banks of State, county, district, etc., bonds, etc. (Act of July 17, 1916.) DISTRICT OF COLUMBIA. § 2:1. 25: p. 4. Every trust company within the District of Columbia. § 10: 1. 24: p. 20. Washington, District of Columbia. §12:1. 5 : p. 24. Washington, District of Columbia. .§ 12: 1. 8: p. 24. Washington, District of Columbia. § 16: 1. 6: p. 31. Washington, District of Columbia. See also "Washington, District of Columbia." DISTRICT RESERVE ELECTOR; ELECTORS. § 4: 1. 29: p. 10. Shall elect by ballot a district reserve elector. § 4:1. 32: p. 10. The chairman, etc., shall make lists of the district reserve electors. § 4: 1. 34: p. 10. Shall transmit one hst to each elector in each group. § 4:1. 42: p. 10. Every elector shall certify to the chairman, etc. § 4:1. 2: p. 11. Each elector shall make a cross, etc. § 4: 1. 16: p. 11. If no candidate have a majority of electors ' voting, etc. 20592°— 18 15 226 INDEX-DIGEST OF FEDERAL EESEEVE ACT AND AMENDMENTS. DIVIDE. § 2: 1. 25: p. 3. The Organization Committee shall divide the continental United States, excluding Alaska. into districts, etc. DIVIDED. § 4:1. 3: p. 8. And the number of shares into which the same is divided, § 4:1. 33: p. 9. The directors shall be divided into three classes, etc. § 5:1. 3 : p. 13. The capital stock of each Federal reserve bank shall be divided into shares of $100 each. DIVIDEND; DIVIDENDS. § 5: 1. 24: p. 13. From the period of the last dividend. § 5:1. 44: p. 13. § 6:1. 8: p. 14. § 7: 1. 23: p. 14. An annual dividend of 6 per centum. § 7: 1. 25: p. 14. Which dividend shall be cumulative. § 7: 1. 25: p. 14. After the aforesaid dividend claims have been fully met, etc. § 7: 1. 40: p. 14. After the payment of all debts, dividend re- quirements, etc. § 9: 1. 34: p. 16. And which relate to the payment of unearned dividends. § 9: 1. 39: p. 16. Shall be required to make reports of condition and of the payment of dividends to the Fed- eral reserve bank. § 9:1. 7: p. 18. From date of last dividend, if earned. § 13: 1. 23: p. 27. Liabilities to the stockholders of the associa- tion for. dividends and reserve profits. § 19: 1. 12: p. 41. No bank shall at any time make new loans or shall pay any dividends unless and until the total balance required by law is fully restored. DIVISION OF EARNINGS. § 7: 1. 20: p. 14. (Heading of section 7.) DIVISIONS. § 4:1. 21: p. 10. Shall classify the member banks, etc., into three general groups or divisions. § 10: 1. 28: p. 19. Shall have due regard to a fair representation of the different commercial, industrial, and geographical divisions of the country. DO BUSINESS. § 13: 1. 41: p. 27. May act as the agent for any fire, 'life, or other insurance company authorized, etc., to do business in said St^ite, etc. See also "Doing business." IXDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENTS. 227 DO WHATEVER MAY BE REQUIRED. § 8: 1. 28: p. 15. Shall have power, etc., to do whatever may- be required to make its organization perfect, etc. DOCTJMENT; DOCUMENTS. § 13: 1. 18: p. 26. Provided shipping documents conveying or se- curing title are attached at the time of ac- ceptance. § 13: 1. 21: p. 26. Or other such document conveying or securing title covering readily marketable staples. § 13: 1. 28: p. 26. Unless the bank is secured either by attached documents or by some other actual security,, etc. § 13: 1. 31: p. 28. Unless the draft or bill is accompanied by documents conveying or securing title, or by some other adequate security. DOING BUSINESS. § 4:1. 4: p. 8. The organization certificate shall specifically state the name and place of doing business of each bank executing such certificate. , § 13: 1. 35: p. 27. Any such association located and doing busi- ness in any place the population of which does not exceed 5,000 inhabitants, etc. See also "Do business." DOING SO. § 21: 1. 17: p. 42. In doing so, he shall have power to make a thorough examination of all the affairs cl the bank. DOLLAR; DOLLARS. Five. § 16: 1. 34: p. 34. Such quantities of such Federal reserve notes of the denominations of five dollars, etc. Ten. § 16:1. 34: p. 34. Federal reserve notes of the denomina- tions of ten dollars, etc. Twenty. § 16: 1. 35: p... 34. Federal reserve notes of the denomina- tions of twenty dollars, etc. Fifty. § 16: 1. 35: p. 34. Federal reserve notes of the denomina- tions of fifty dollars, etc. One hundred. f} 5:1. 1: p. 13. The capital stock of each Federal reserve bank shall be divided int) shares of one hundred dollars each. § 9:1. ] : p. 17. A penalty of one hundred dollars per (hiy for failuro t ) transmit sucli report. 228 INDEX-DIGEST OF FEDEBAL RESEEVE ACT AND AMENDMENTS. DOLLAR; DOLLARS— Continued. One hundred — Continued. § 13: 1. 8: p. 25. Collection or exchange charges in no case to exceed 10 cents per hundred dollars, etc. § 16: 1. 35: p. 34. Federal reserve notes of the denomination of one hundred dollars. § 18: 1. 37: p. 39. Treasury notes, etc., in denominations of one hundred dollars, or any multiple thpreof. Five thousand. § 22:1. 18: p. 43. § 22:1. 25: p. 43. § 22:1. 18: p. 44. Seven thousand. § 10:1. 37: p. 19. Twelve thousand. § 10:1. 33: p. 19. Twenty-five thousand. § 2:1. 6: p. 6. One hundred thousand. § 2:1. 41: p. 6. Bank officers, etc., making a loan, etc. to an examiner, shall be imprisoned, etc., or fined not more than five thou- sand dollars, or both. Any examiner accepting aloain, etc., shall be imprisoned, etc., or fined not more that five thousand dollars, or both. Any person violating any provision of this section shall be pimished by a fine of five thousand dollars or by imprison- ment, etc., or both. The Comptroller shaJl receive seven thou- sand dollars annually, in addition to the salary now paid him as comptroller, for his services as a member of the Federal Reserve Board. Each member of the Federal Reserve Board shall receive an annual salary of twelve thousand dollars, etc. No individual, copartnership, or corpora- tion other than a member bank of its district shall be permitted to subscribe for or hold more than twenty-five thousand dollars par value of the stock in any Federal reserve bank. The sum of one hundred thousand dollars, etc., is hereby appropriated for the expenses of the Organization Com- mittee. INDEX-DIGEST OP FEDEBAL RESERVE ACT AND AMENDMENTS. 229 DOIIAR; DOLIARS— Continued. One million. § 25: 1. 26: p. 45. Any national bank possessing a capital and surplus of one million dollars or more may file application for authority to establish branches and invest in the stock of one or more banks, etc., prin- cipally engaged in international or for- eign banking. Four million. § 2:1. 30: p. 6. No Federal reserve bank shall commence business with a subscribed capital less than four million dollars. Twenty-five millions. § 18: 1. 12: p. 38. The Federal reserve banks shall not be permitted to purchase an amount to exceed twenty-five millions of dollars of such bonds in any one year. DOIIAE EXCHANGE. § 13: 1. 20: p. 28. Any member bank may accept drafts or bills drawn upon it, etc., for the purpose of fur- nishing dollar exchange, etc. DOMESTIC. § 13: 1. 17: p. 26. Or which grow out of transactions involving the domestic shipment of goods, provided, etc. § 13: 1. 23: p. 26. No member bank shall accept, whether in a foreign or domestic transaction, for any one person, etc., to an amount, etc., more than 10 per centum of the paid up, etc., capital stock and surplus, unless the bank is se- cured, etc. § 13: 1. 41 : p. 26. Limit to the aggregate of acceptances growing out of domestic transactions, etc. § 13: 1. 28: p. 27. The discount and rediscount, etc., of domestic and foreign bills of exchange, etc., shall be subject to such restrictions, limitations, and regulations as may be imposed by the Fed- eral Reserve Board. § 14: 1. 41: p. 28. May purchase and sell in the open market, at home or abroad, either from or to domestic or foreign banks, etc. DOUBTFUL OR WORTHLESS ASSETS. § 11: 1. 40: p. 22. The Federal Reserve Board may require the writing off of doubtful or worthless assets upon the books and balance sheets of Fed- eral reserve banks. 230 INDEX-DIGEST OF FEDERAL KESEBVE ACT AND AMENDMENTS. DO WIT, LAID, ,§ 25:1. 42: p. 46. DRAFTS. § 9:1. 32: p. 18 Penalty for failure of the corporation in ques- tion, or of the national bank or banks which may be stockholders .therein, to comply witli the regulations laid down by the Fed- oral Reserve Board. No Federal reserve bank shall discount notes, drafts, etc., for any State bank, etc., of any one borrower who is liable for borrowed money to such State bank, etc., in an amount greater than 10 per centum, etc. § 9: 1. 42: p. 18. The Federal reserve bank, as a condition of the discount of notes, drafts, etc., shall require a certificate, etc. § 9:1. 2: p. 19. And wiU not, etc., become liable in excess of tliis amount while such notes, drafts, etc., are under discount with the Federal reserve bank. Any Federal reserve bank may receive depos- its of checks and drafts j) ay able upon pres- entation, etc. Reasonable collection and exchange charges based on the total of checks and drafts pre- sented at any one time, for coUefction or payment of checks and drafts, etc. Any Federal reserve bank may discount drafts, etc., arising out of actual commercial transactions. 13: 1. 26: p. 25. Nothing in this Act shall prohibit such drafts, etc., secured by staple agricultural products, or other goods, wares, or merchandise, from being eligible for such discount. Such definition shall not include drafts, etc., covering merely investments, etc. Maturity of notes, drafts, etc., admitted to discount under the terms of this paragraph. Maturity of drafts, etc., drawn or issued for agricultural purposes, or based on live stock. Limit to the aggregate of such drafts, etc., bearing the signature or indorsement of any one borrower, etc., rediscounted for any one bank. § 13:1. 12: p. 26. Any member bank may accept drafts, etc., which grow out of transactions involving the importation or exportation of goods. § 13:1. 31: p. 24. § 13: 1. 37: p. 24. § 13:1. 43: p. 24. § 13:1. 9: p. 25. § 13: 1. 10: p. 25. § 13:1. 17: p. 25. § 13: 1. 18: p. 25. I 13:1. 29: p. 25. § 13:1. 33: p. 25 .§ 13: 1. 37: p. 25 § 13: 1. 44: p. 25 INDEX-DKiEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 231 DRAFTS — Continued. §13:1. 3 : p. 27. Provided such promissory notes are secured by such notes, drafts, etc., as are eligible for rediscount or for purchase, etc. § 13:1. 19: p. 27. Bills of exchange or drafts drawn against money actually on deposit to the credit of the association or due thereto. ^ 13:1. 14: p. 28. Any member bank may accept drafts, etc., drawn upon it, etc., for the purpose of fur- nishing dollar exchange, etc. § 13: 1. 22: p. 28. Limitations on the amount of such drafts, etc.j'V'hich may be acqviired by Federal reserve banks. § 13: 1. 27: p. 28. Limitations on the amount of such drafts § 13: 1. 30: p. 28. which a member bank may accept, unless the draft, etc., is secured. § 13:1. 34: p. 28. Further limitations on 'the amount of such drafts, etc., whici a member bank may accept. I 16:1. 15: p. 31. The collateral security for Federal reserve notes shall be notes, drafts, etc., acquired ,under section 13, /etc., or bills indorsed b}- a member bank of any Federal reserve dis- trict and purchased under section 14, or bankers' acceptances purchased imder sec- tion 14, or gold or gold certificates. f 16: 1. 40: p. 35. Federal reserve banks shall receive on deposit § 16: 1. 42: p. 35. at par from member banks or from Federal reserve banks checks and drafts drawn upon any of its depositors and, when remitted by a Federal reserve bank, checks and drafts drawn by any depositor in any other Federal reserve bank or member bank upon funds to the credit of said depositor in said reserve bank or member bank. § 22:1. 45: p. 43. NotesJ drafts, etc., executed or indorsed by § 22: 1. 4: p. 44. directors, etc., of a member bank may be discounted, etc., on the same terms, etc., as ' other notes, drafts, etc., upon the afhrmative vote, etc., of a majority of the directors. DRAINAGE DISTRICTS. § 14:1. 18: p. 29. Including warrants, etc., issued, etc., by irrigation, drainage, and reclamation dis- tricts. DRAWING. § 7:1. 8: p. 19. Unless the person, etc., drawing the check has on deposit therewith at the time such check is certified an amount of money equal to the amount specified in such check. 232 INDEX-DIGEST OF FEDEEAL BESEBVE ACT AND AMENDMENTS. DRAWN. § 9 : 1. 37 : p. 18. The discoiuit of bills of exchange drawn agamst actually existing value, etc., shall not be considered as borrowed money within the meaning of this section. § 9:1. 7: p. 19. It shall be unlawful for any officer, etc., to certify any check drawn upon such bank unless, etc. § 13: 1. 19: p. 25. That is, notes, etc., issued or drawn for agricultural, industrial, or commercial pur- poses, etc. § 13:1. 30: p. 25. Such definition shall not include notes, etc., issued or drawn for the purpose of carrying or trading in stocks, etc. § 13: 1. 37: p. 26. Provided, that notes, etc., drawn or issued for agricultural purposes, or based on live stock, and having a maturity of not exceed- ing six months, exclusive of days of grace, may be discounted in an amount to be limited, etc. § 13:1. 5: p. 26. But this restriction shall not apply to the discount of bills of exchange drawn in good faith against actually existing values. § 13: 1. 13: p. 26. Any member bank may accept drafts or bills of exchange drawn upon it, etc. § 13:1. 19: p. 27. Bills of exchange or drafts drawn against money actually on deposit to the credit of the association or due thereto. § 13: 1. 15: p. 28. Any member bank may accept drafts or biUs of exchange drawn upon it, etc., for the purpose of furnishing dollar exchange, etc. § 13: 1. 16: p. 28. Such drafts or bills shall be drawn under regu- lations to be prescribed by the Federal Reserve Board. § 15: 1. 24: p. 30. Disbursements may be made by checks drawn against such deposits. § 1^:1. 40: p. 35. Every Federal reserve bank shall receive on deposit at pdlr from member banks or from Federal reserve banks checks and drafts drawn upon any of its depositors, etc. § 16: 1. 42: p. 35. And, when remitted by a Federal reserve bank, checks and drafts drawn by any depositor in any other Federal reserve bank or member bank, etc. DUE. § 9:1. 2: p. 18. And after due provision has been made for § 9:1. 3: p. 18. any indebtedness due or to become due to the Federal reserve bank, etc. INDEX-DIGEST OF FEDERAL EESEHVE ACT AND AMENDMENTS. 233 DUE— Continued. § 9:1. 10: p. 18. Shall likewise be entitled to repayment, etc., of any other balance due from the Federal reserve bank. § 13: 1. 21: p. 27. Bills of exchange or drafts drawn against money actually on deposit to the credit of the association or due thereto. § 18:1. 28: p. 38. Shall pay to the member bank selling such bonds any balance due after deducting a suflBcient sum, etc. § 19: 1. 16: p. 41. The net difference of amounts due to and front other banks shall be taken as the basis for ascertaining the deposits against which required balances with Federal reserve banks shall be determined. DUE PROOF. § 9:1. 28: p. 17. The Federal Reserve Board may restore membership upon due proof of compliance with the conditions imposed by this section. DUE PROVISION. § 9:1. 2: p. 18. After due provision has been made for any indebtedness due or to become due to the Federal reserve bank. DUE REGARD. § 2:1. l:p. 4. With due regard to the convenience and customary course of business. § 4: 1. 29: p. 9. With due regard for the claims and demands of other member banks. § 10 J 1. 27: p. 19. Shall have due regard to a fair representation, etc. DUES, PUBLIC. § 16:1. 4: p. 31. Federal reserve notes shall be receivable for all taxes, customs, and other public dues. DUIY ASSIGN AND TRANSFER. § 1'8: 1. 22: p. 38. Each member bank shall duly assign and transfer, in writing, such bonds to the Federal reserve bank purchasing the same. DULY AUTHORIZED. § 21: 1. 6: p. 43. Or by any committee of Congress or of either § 22: 1. 16: p. 44. House duly authorized. DULY AUTHORIZED OFFICERS. § 4: 1. 41: p. 8. To exercise by its board of directors or duly authorized officers or agents all powers, etc. § 9: 1. 11: p. 19. Any check so certified by duly authorized offi- cers shall be a good and vahd obUgation against such bank. 234 INDEX-DIGEST OF FEDEEAL BESEEVE ACT AND AMENDMENTS. DUPLICATE. § 16 fl. 28: p. 36. A duplicate of such receipt shall be delivered to the Federal Reserve Board. DFEIITG A PERIOD OF TWENTY YEARS. § IS: 1. 41: p. 37. Alter two years from the passage of this Act and during a period of twenty years there- after, any bank desiring to retire the whole or any part of its circulating notes, may file with the Treasurer, etc., an application, etc. , DURING HIS ABSENCE. §^4:1. 6: p. 12. Shall also have power to act in his name and stead during his absence. DURING THAT YEAR. § 9: 1. 40: p. 17. For the purpose of effecting voluntary with- drawals during that year. DURING THE PERIOD. § 27: 1. 40: p. 48. During the period for which such provisions are suspended, etc. DURING THE PERIOD OF SUSPENSION. § 10: 1. 45: p. 22. May administer the same during the period of suspension. DURING THE PLEASURE. § 3: 1. 14: p. 7. Directors of branch banks shall hold office during the pleasure of the Federal Reserve Board. DURING THE RECESS OF THE SENATE. § 10: 1. 44: p. 20. The President shall have power to fill all vacancies which may happen on the Federal Reserve Board during the recess of the Senate. DURING THE TIME. § 10: 1. 41: p. 19. Shall be ineligible during the time they are iu office and for two vears thereafter, etc. DUTIES. § 4: 1. 33: p. 8. The Federal reserve banks shall have power to define the duties of their officera and employees. § 4: 1. 20: p. 9. Shall perform the duties usually apertaining to the office of directors. § 4: I. 22: p. 9. And aU such duties as are prescribed by law. § 4:1. 5: p. 10. Shall exercise the powers and duties apper- taining to the office of chairman. § 4: 1. 29: p. 11. In addition to his duties as chairman, etc. § 4:1. 5: p. 12. Shall assist the Federal reserve agent in- the performance of his duties. INDEX-DIGEST OF FRDEEAL I11'S1:H\'::. ACT AND AMENDMENTS. 235 DUTIES— Continued . § 8: 1. 40: p. 15. A converted Stale bank, etc., shall bo subject to the same duties, liabilities, and regula- tions, etc. iJ 10: 1. 32: p. 20. Before entpriu<^ upon his duties, etc. ii ,10: 1. 26: p. 21. The Comptroller shall perform his duties under the general directions' of the Secretary of the Treasury. § 11: 1. 7: p. 23. The Federal Reserve Board shall perform the duties, functions, or services specified in this Act. .ij 18:1. 42: p. 39. The Treasury notes shall be exempt as to principal and interest from the payment of all taxes and duties of the United States except, etc. DUTY. § 4: 1. 30: p. 12. It shall be the duty of the directors of classes A, B, and C, respectively, to designate one » of the members of each class whose term of office shall expire in one year, etc. E. EACH. § 4:1. 7 : p. 8. The number of shares subscribed by each. § 4: 1. 32: p. 10. In each of the aforesaid three groups. § 8 : 1. 31 : p. 15. For the same amount each. § 10: 1. 32: p. 19. Shall each receive an annual salary, etc. EACH BANK. § 4: 1. 29: p. 7. Each bank executing such apphcation. § 4:1. 4:pk. 8. Each bank executing such certificate. § 16: 1. 16: p. 36. Each such bank. § 27: 1. 35: p. 48. Each bank and currency association. § 2 : 1. 21 : p. 53. Each such bank. (Act of May 18, 1916.) § 2:1. 32: p. 53. Each such bank. (Act of May 18, 1916.) EACH BRANCH. § 25 : 1. 6 : p. 47. Shall transfer to its general ledger the profit or loss accrued at each branch as a separate item. EACH CALENDAR YEAR. §21:1. 7:p. 42. Who shall examine every member bank at least twice in each calendar year, etc. EACH CITY. § 2: 1. 18: p. 53. The funds received at the postal savings de- positbry offices in each city, etc. (Act of Ma;f 18, 1916.) EACH CLASS. § 4: p. 32: 1. 12. It shall be the duty of the directors, "etc., to designate one of the members of each class whose term of office shall expire, etc. EACH>CLASS OF PAPER. § 14 : 1. 28 : p. 29. Rates of discount to be charged by the Federal reserve bank for each class of paper, etc. EACH DAY. ^ § 9:1. 1: p. 17. Penalty for each day a State bank, etc., fails to transmit such report. § 16 : p. 25 : 1. 31. The Federal reserve agent shall each day notify the Federal Reserve Board of issues and withdrawals of Federal reserve notes. 236 INDEX-DIGEST OP FEDEBAL EESEEVE ACT AND AMENDMENTS. 237 EACH DISTEICT; DISTRICTS. § 2:1. 26: p. 3. Each district shall contain only one Federal reserve city. § 4:1. 22: p. 7. And the Federal reserve city designated in each such districts. § 4:1. 24: p. 7. An application blank shall be forw'arded by the Comptroller to each national bank located in each district. EACH ELECTOR. § 4:1. 34: p. 10. And shall transmit one list to each elector in each group. § 4: 1. 41 : p. 10. A copy of said list shall, etc., be furnished by the chau-man to each elector. § 4:1. 2: p. 11. Each elector shall make a cross opposite the name, etc. EACH FEDERAL RESERVE BANK. See "Federal reserve bank." EACH FISCAL PERIOD. § 25: 1. 4: p. 47. Shall at the end of each fiscal period transfer to its general ledger the profit or loss accrued at each branch as a separate item. EACH FOREIGN BRANCH. § 25:1. 2: p. 47. Shall conduct the accounts of each foreign branch independently of the accounts of other foreign branches estabhshed by it, etc. EACH GROUP. § 4: 1. 34: p. 10. Shall transmit one list to each elector in each group. EACH MATURITY. § 18: 1. 25: p. 39. And at each maturity of one-year notes so purchased, etc. EACH MEMBER. § 10: 1. 4: p. 20. Thereafter each member, etc., shall serve for a term of 10 years. § 10: 1. 13: p. 20. Each member shall, within 15 days, make and subscribe to the oath of office. EACH MEMBER BANE. § 4: 1. 27: p. 9. Shall extend to each member bank such dis- counts, etc. § 4: 1. 28: p. 10. At a regularly called meeting of the directors of each member bank, etc. § 4: 1. 35: p. 10. Each member bank shall nominate,. etc., candi- dates for directors of class A and class B. § 11 : 1. 3i : p. 21. The Federal Reserve Board may examine, etc., the accounts, etc., of each Federal reserve bank and of each member bank, § 18 : 1. 22 : p. 38. Each member bank shall duly assign and trans- fer in writing, such bonds, etc. 238 INDEX-DIGEST OF FEDERAL EESEKVE ACT AXU AMENDMENTS. EACH MONTH. § 27:1. 18: p.. 48. An additional tax rate of one-half of 1 per centum per annum for each month, etc. EACH NATIOITAI BANK. § 4: 1. 24: p. 7. Shall cause to be forw^arded to each national bank, etc., an application blank. EACH OF THE CITIES. § 2: 1. 17: p. 4. Shall supervise the organization in each of the cities designated of a Federal reserve bank, etc. EACH, OJIE HUNDRED DOLLARS. § 5:1. .3 : p. 1.3. The capital stock of each Federal reserve bank shall be divided into shares of one hundred dollars each. EACH TO THE AMOUNT. § 23: 1. 26: p. 44. Each to the amount of his stock therein, etc. EACH TWO AND ONE-HALF PER CENTUM. § 11:1. 17: p. 22. Upon each two and one-half per centum, or fraction thereof, that such reserve falls below, etc. EACH WEEK. § 11: 1. 34: p. 21. The Federal Reserve Board shall publish once each week a statement, etc. EACH YEAR. § 12:1. 5: p. 24. ^leetings of the Federal Advisory Council shall be held, etc., at least four times each year. §21:1. 7 : p. 43. The Federal Reserve Board shall, at least once each year, order an examination of each Federal reserve bank. EARNED, IF. § 9:1. 7: p. 18. With interest at the rate of one-half of 1 per centum per month from date of last divid- . ^ end, if earned, etc. EARNINGS. § 7: 1. 20: p. 14. Division of earnings. (Heading of section 7.) § 7: 1. 26: p. 14. All the net earnings, etc., shall be paid to the United States, except, etc. § 7: 1. 28: p. 14. One-half of such net earnings shall be paitl into a surplus fund, etc. § 7: 1. 31 : p. 14. The net earnings derived by the United States from Federal reserve banks sliaU, etc., be used to supplement the gold reserve lield against outstanding United States notes, etc. IISrD;5X-DlGEST OF FEDERAL EEbbHVE ACT AND AMENDMENTS. 239 EFFECT, OF THE SAME GENEEAI TENOR AND. § IS: I. 5: p. 40. Sucli bonds to be of the same general tenor and effect, etc., as the United States 3 per centum bonds, etc. EFFECT, TO THE. i^ 9:1. 4-1: ]). IS. vSliall require a cortificato or guaranty to the effect, etc. EFFECT, TO THE SAME TENOE AND. § 18:1. 2: p. 39. Federal reserve notes shall be to the same tenor and effect as national-bank notes, etc. EFFECT, SHALL NOT TAKE, § 22: 1. 21: p. 44. This provision, etc., shall not take effect until 60 davs after the i)assage of this Act. EFFECTING. § 9: 1. 39: p. 17. For the purpose of effecting voluntary witli- drawals during that year. EFFECTIVELY. § 11: 1. 9: p. 23. And make all rules and regulations necessary to enable said Federal Reserve Boanl effec- tively to perform the same. EIGHT CITIES. § 2:1. 23: p. 3. Tlie organization committee shall designate not less than eight cities, etc. EIGHT, SECTION. § 17: 1. 28: p. 37. Section eight of the Act of July 12, 1882. See "Act of July 12, 1882." § 25: 1. 13: p. 47. Section eight of tlie Act of October 15, 1914. See "Act of October 15, 1914." EIGHT YEARS. § 10: 1. 3: p. 20. One sha.ll bo designated, etc., to serve for eight years, etc. EIGHTEEN, SECTION. § 16:1. 14: p. 33. Together with sucli notes of sucli Federal reserve bank as may be issueil under section eighteen of this Act, etc. EIGHTH. § 4:1. l:p. 9. EITHER. § 5: 1. 26: p. 13. Either on account of. § 5: 1. 38: p. 13. In either case. § 6: 1. 13: p. 14. Either on account of. § 13: 1. 27: p. 26. Either by. .§ 13: 1. 7: p. 28. Either the ])rincipal or illtere^,t. I 14: 1. 41: p. 28. Either from or to. § 21: 1. 4: p. 43. By either Plouse thereof. 240 INDEX-DIGEST OP FEDEEAL EESEKVE ACT AND AMENDMENTS. EITHER— Continued . 1. 5: p. 43. Of either House. 1. 16: p. 44. Of either House. 1. 29: p. 45. Either or both. 1. 42: p. 45. Either directly or through the agency, etc. § 21: §22: § 25: §25: ELECT. § 4: 1. 28: p. 10. The board of directors shall elect by ballot a district reserve elector. ELECTED. § 4:1. 8: p. 11. Any candidate having a majority of all votes cast in the column of first choice shall be declared elected. § 4:1. 15:p.ll. If any candidate then have a majority of the electors voting, by adding together the first and second choices, he shall be declared elected. ' § 4:1. 20: p. 11. The candidate then having the highest number of votes shall be declared elected. § 8: 1. 33: p. 15. The directors may continue to be directors of the association until others are elected or appointed, etc. ELECTION. § 4: 1. 39: p. 9. Class B directors, etc., at the time of their election shall be actively engaged in their district in commerce, agriculture, or some other industrial pursuit. § 4:1. 21: p. 11. An immediate report of election shall be declared. ELECTOR; ELECTORS. § 4: 1. 29: p. 10. The board of directors shall elect by ballot a district reserve elector. § 4: 1. 32: p. 10. The chairman shall make lists of the district reserve electors. § 4: 1. 34: p. 10. The chairman sliall transmit one list to each elector in each group. § 4: 1. 41: p. 10! A copy of said list shall, within 15 days after its completion, be furnished by the chairman to each elector. § 4:1. 42: p. 10. Every elector shall, within 15 days after the receipt of the said list, certify to the chair- man his first, second, and other choices of a director of class A and class B, respec- tively, etc. INDEX-DIGEST 01? FEDEEAL RESERVE ACT AND AMENDMENTS. 241 ELECTOR; ELECTORS— Continued. § 4:1. 2: p. 11. Each elector shall make a cross opposite of the first, second, and other choices, etc. § 4: 1. 11: p. 11. Then there shall be added together the votes cast by the electors for such candidates^ in the second column and the votes cast, etc., in the first column. § 4: 1. 14: p. 11. If any candidate then have a majority of the electors voting, by adding together the first and second choices, he shall be declared elected. § 4: 1. 16: p. 11. If no ca,ndidate have a majority of electors voting when the first and second choices shall have been added, then the votes cast in the third column for other choices shall be added together in like manner, and the candidate then, having the highest number of votes shall be declared elected. ELIGIBLE. § 2: 1. 23: p. 4. Every eligible bank in the United States, etc., is hereby authorized to signify in writing, within 60 days after the passage of this Act, its acceptance of the terms and provisions hereof. § 4: 1. 25: p. 7. The Comptroller shall thereupon cause to be forwarded to each national bank located in each district, and to such other banks declared to be eligible by the Organization Committee which may apply therefor, an application blank, etc. § 13: 1. 23: p. 25. The Federal Reserve Board to have the right to determine or define the character of the paper thus eligible for discount, within the meaning of this Act. § 13: 1. 28: p. 25. Nothing in this Act contained shall be con- strued to prohibit such notes, drafts, and biUs of exchange, secured by staple agri- cultural products, or other goods, wares, or merchandise from being»eligible for such discount. § 13:1. 4: p. 27. Provided such promissory notes are secured by such notes, drafts, bills of exchange, or bankers' acceptances as are eligible for rediscount or for purchase by Federal reserve banks under the provisions of this Act, etc. 20592°— 18 16 242 INDEX-DIGEST OF FEDERAL BESEEVE ACT AND AMENDMENTS. ELIGIBLE— Dontinued. § 14: 1. 1: p. 29. Any Federal reserve bank ^ay, under rules and regulations prescribed by the Federal Reserre Board, purchase and sell in the open market, at home or abroad, either from or to domestic or foreign banks, firms, corporations, or indiriduals, cable transfers and bankers' acceptances and bills of exchange of the kinda and matxirities by this Act made eligible for rediscount, with or without the indorsement of a member bank. § 16: 1. 23; p. 31. But in no event shall such collateral security, whether gold, gold certificates, or eligible paper, be less than the amount of Federal reserve notes apphed for. ELSEWHERE. § 12: 1. 9: p. 24. The Federal Advisory Council may, etc., hold such other meetings in Washington, D. C, or elsewhere, as it may deem necessarv. EMPLOY. § 2:1. 11: p. 4. The Organization Committee may employ counsd and expert aid, etc. § 11: 1. 17: p. 23. The Federal Reserve Board shall be author- ized and empowered to employ such attor- neys, experts, assistants, clerks, or other employees as may be deemed necessary to conduct the business of the board. EMPLOYEE; EMPLOYEES. § 4:1. 32: p. 8. The said Federal reserve bank shall have § 4: 1. 35: p. 8. power to appoint by its board of directors such officers and employees as are not other- wise provided for in this Act, to define their duties, require bonds of them and fix the penalty thereof, and to dismiss at pleasure such officers or employees. § 4:1. 12: p. 10. No director of class B shall be an ofiicer, director, or employee of any bank. § 4:1. 14: p«»10. No director of class C shall be an officer, director, employee, or stockholder of any bank. § 4: 1. 20: p. 12. Compensation of directors, officers or employ- ees of Federal reserve banks shall be subject to the approval of the Federal Reserve Board. § 8:1. 39: p. 15. All its stockholders, officers, and employees shall have the same powers and privileges, etc. INDEX-DIGEST OF FEDEKAL BESEKVE ACT AND AMENDMENTS. 2-43 EMPLOYEE ; EMPLOYEES— Continued. § 9:1. 35: p. 16. Such banks and the officers, agents, and employees thereof shall be subject to the penalties prescribed by section 5209 of the Revised Statutes. [Section 5209, Eevised Statutes, prescribes penalties for embezzlement, false entries, etc.] § 10: 1. 20: p. 20. The Federal Eeserve Board shall levy an assessment semiannually to pay, etc., the salaries of its members and employees, etc. § 11: 1. 18: p. 23. The Federal Eeserve Board may employ such attorneys, etc., or other employees as may be deemed necessary, etc. § 11:1. 23: p. 23. All such attorneys, etc., or other employees shall be appointed without regard to the provisions of the Act of Jiinuary 16, tS83. (Civil Service Act.) § 11:1. 30: p. 23. Nothing herein shall prevent the President from placing said employees in the classified service. § 22: 1. 14: p. 43. No member bank or any officer, director, or employee thereof shall hereafter make any loan, etc.", to any bank examiner. § 22: 1. 16: p. 43. Penalty for any bank officer, director, or employee, etc., violating this section. § 22 : 1. 22 : p. 43. Penalty for an examiner accepting a loan from any officer, director, or employee, etc. § 22: 1. 31: p. 43. No national bank examiner shall perform any other service for compensation while hold- ing - such office for any bank or officer, director, or employee thereof. § 22: 1. 33: p. 43. Fees, commissions, etc., to officers, directors, § 22: 1. 35: p. 43. employees, or attorneys, eto., in connection § 22: 1. 36: p. 43. with any transaction or business of the bank forbidden. § 22: 1. 42: p. 43. Nothing in this Act contained shall be con- strued to prohibit a director, officer, em- ployee or attorney from receiving the same rate of interest paid to other depositors for similar deposits, etc. §25:1. 7: p. 47. Interlocking directors, officers, agents, or § 25: 1. 9: p. 47. employees, etc., between member banks and banks doing a foreign business whose stock is held by member banks permitted with the approval of the Federal Eeserve Board, ^vithout being subject to the provisions of section 8 of the Act of October 15, 1914. (Clayton Antitrust Act.) 244 IXDEX-DIGEST OF FEDERAL RESERVE ACT AND AMEN-DMENTS. EMPLOYMENT. § 10: 1. 43: p. 19. The members of said board, the Secretary of the Treasury, the assistant secretaries of the Treasury, and the Comptroller shall be inehgible during the time they are in office and for two years thereafter to hold any office, position, or employment in any mem- ber bank. EMPOWERED. § 2:1-. 26: § 11:1. 29: p. 21. See also "Power." ). 6. The Federal Reserve Board is hereby empow- ered to adopt and promulgate rules and regu- lations governing the transfers of said stock. The Federal Reserve Board is authorized and empowered to examine at its discretion the accounts, books, and affairs of each Federal reserve bank and of each member bank, etc. p. 40. The Secretary of the Treasury is authorized and empowered to issue United States gold bonds at par, etc. p. 46. Said board is hereby authorized and empower- ed to institute an investigation of the matter and to send for persons and papers, etc. p. 8. And the fact that the certificate is made to enable those banks executing same, etc., to avail themselves of the advantages of this Act. § 11: 1. 9: p. 2.3. And make all rules and regulations necessary to enable said board effectively to perform the same. § 18:1. 2: § 25:1. 34: ENABLE. S 4:1. 8: END. § 4:1. .35: § 4:1.36: § 18:1. 3: § 18:1. 8: § 25:1. 4: ENGAGED. § 4:1.39: p. 12. One whose term shall expire at the end of two p. 12. years, etc., and one whose term shall ex- pire at the end of three years from said date. p. 38. The Treasurer shall at the end of each quar- terly period furnish the Federal Reserve Board with a list of such applications. p. 38. From the banks whose applications have been filed with the Treasurer at least 10 days before the end of any quarterly period, etc. p. 47. And shaH at the end of each fiscal period trans- fer to its general ledger the profit or loss accrued at each brancn as a separate item. p. 9. Class B directors, etc., at the time "of their election shall be actively engaged in their district in commerce, agriculture, or some other industrial pursuit. § 25:1. 40: p. 45. And principally engaged in international or foreign banking. IXDEX-DIGESI OF FEDEKAL RESERVE ACT AND AMENDMENTS. 245 ENGAGEMENTS. § 2"":!. l:p. 5. 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 extent, etc. § 23: 1. 25: p. 44. The stockholders of every national banking association shall be held individually re- sponsible for all contracts, debts, and en- gagements of such association, each to the amount, etc. ENGRAVED. § 16:1. 31: p. 34. ENGRAVING. § 16:1. 20: p. 35. ENJOYED. § 4:1. 39: p. 8. ENTER. § 18:1. 20: p. 39. The Comptroller shall, under direction of the Secretary of the Treasury, cause plates and dies to be engraved, etc. Any appropriation heretofore made, etc., for engraving plates and dies, etc., may be used in the discretion of the Secretary for the purposes of this Act. By-laws, etc., regulating, etc., the manner in which the privileges granted to it by law may be exercised and enjoyed. The Federal reserve bank obtaining such one- year gold notes shall enter into an obliga- tion with the Secretary of the Treasury, etc. § 25: 1. 27: p. 46. Before any national bank shall be permitted to purchase stock in any such corporation the said corporation shall enter into an agreement or undertaking with the Federal Reserve Board, etc. ENTERING. § 10:1. 32: p. 20. ENTIRE TIME. § 10:1. 31: p. 19. ENTIRELY. § 16:1. 45:pr32. Before entering upon his duties as a member of the Federal Keserve Board he shall cer- tify under oath, etc., that he has complied with this requirement. The five appointive members of the Federal Reserve Board shall devote their entire time to the business of the Federal Reserve Board. The Federal Reserve Board may grant in whole or in part or reject entirely the ftp- plication of any Federal reserve Limk for Federal reserve notes. 246 TNDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENTS. ENTITLE. § 8:1. 9: p. 15. And having an unimpaired capital sufficient to entitle it to become a national banking association under the provisions of existing laws, etc. § 9: 1. 13: p. 18. Unless it possesses a paid-up, unimpaired capital sufficient to entitle it to become a national banking association in the place where it is sitviated, etc. ENTITLED. § 2: 1. 24: p. 6. Stock not held by member banks shall not be entitled to votmg power. § 7: 1. 23: p. 14. The stockholders shall be entitled to receive an annual dividend of 6 per centum on the paid-in capital stock, which dividend shall be cumulative. § 9:1. 4: p. 18. After due provision has been made for any indebtedness due or to become due to the Federal reserve bank it shall be entitled to a refund of its cash-paid subscription, etc. § 9:1. 9: p. 18. And shall likewise be entitled to repayment of deposits and of any other balance due from the Federal reserve bank. § 9 : 1. 29 : p. 18. And shall be entitled to all privileges of member banks. .§ 16:1. 4: p. 34. Such Federal reserve bank shall thereupon be entitled to receive back the collateral deposited with the Federal reserve agent for the security of such notes. § 18: 1. 39: p. 38. Any Federal reserve bank making such deposit, etc., shall be entitled to receive from the Comptroller circulating notes in blank, etc. §20 § 25 §26 1. 33: p. 41. Entitled "An Act, etc." 1. 15: p. 47. Entitled "An Act, etc." 1. 23: p. 47. Entitled "An Act, etc." EQUAL AMOUNT. § 16: 1. 42: p. 33. And shall at the same time substitute therefor other collateral of eqnal amount, etc. EQUAL AT ANY TIME. § 13 : 1. 25 : p. 26. To an amount equal at any time in the aggre- gate to more than 10 per centtim of its paid-up, unimpaired capital stock and surplus, unless, etc. § 13: 1. 31 : p. 26. To an amount equal at any time in the aggre- gate to more than one-half of its paid-up and unimpaired capital stock and surplus, provided, etc. EQUAL IN § 4:1. ' §18:1. AMOUNT 6: p. 9. 42: p. 38. EQUAL TO. § 2:1. 34: P- 4. § § 5: 5: 14: 21: P- p. 13. 13. § 5: 41: p. 13. § 9: 10: :p. 19. § 11 21: ;p. 22. INDEX-DIGEST OF FEDEEAL RESEEVE ACT AND AMENDMENTS. 247 Equal in amount to the par value of the bonds so deposited. In a sum equal to 6 per centum of the paid-up capital stock ana surplus of such bank. Equal to 6 per centum of the said increase. Equal to 6 per centum of the paid-up capital stock and surplus of said applicant bank. A sum equal to its cash-paid subscriptions on the shares surrendered, etc. An amount of money equal to the amount specified in such check. The reserve bank shall add an amount equal to said tax to the rates of interest and discount fixed by the Federal Reserve Board. § 16: 1. 13: p. 31. With a tender, etc., of collateral in amount equal to the sum of the Federal reserve notes thus applied for and issued, etc. § 18:1. 34: p. 38. Shall be permitted to take out an amount of circulating notes equal to the par value of such bonds. § 18:1. 23: p. 39. Binding itself to purchase from the United States for gold at the maturity of such one- year notes an amount equal to those delivered in exchange for such bonds. § 19: 1. 27: p. 40. Equal to not les§ than 7 per centum of the aggregate amount of its demand deposits. § 19: 1. 32: p. 40. Equal to not less than 10 per centum, etc., of its demand deposits. § 19: 1. 37: p. 40. Equal to not less than 13 per centum, etc., of its demand deposits. § 22: 1. 19: p. 43. And may be fined a further sum equal to the § 22: 1. 26: p. 43. money so loaned or gratuity given. § 24: 1. 15: p. 45. In an aggregate sum equal to 25 per centum of its capital and surplus, etc. EQUALLY. § 2: 1. 44: p. 4. Shall be held individually responsible, equally and ratably, etc. EQUALS. § 16: 1. 8: p. 33. And shall pay such rate of interest as may be estabhshed by the Federal Reserve Board on only that amount of such notes which equals the total amount of its out- standing Federal reserve notes less the amount of gold, etc. 248 IXDEX-DIGEST OP FEDERAL BESEHVE ACT AND AMEl^DMENTS. EQUITY. § 4:1. 30: p. 8. ESTABIISH. § 3:1. 3: p. 7. Each Federal reserve bank shall have power to sue and be sued, complain and defend/ in any court of law or equity. The Federal Reserve Board may permit or require any Federal reserve bank to estab- lish branch banks, etc. §11:1. 6: p. 22. Provided that it shall establish a graduated tax upon the amounts by which the reserve re- quirements of this Act may be permitted to fall below the level hereinafter specified. § 11: 1. 12: p. 22. ^Vhen the gold reserve held against Federal reserve notes falls below 40 per centum, the Federal Reserve Board shall establish a graduated tax, etc. § 14: 1. 25: p. 29. Every Federal reserve bank shall have power to establish from time to time, subject to review and determination of the iederal Reserve Board, rates of discount, etc. § 14: 1. 30: p. 29. Each Federal reserve bank shall have power to establish accounts with other Federal re- serve banks for exchange purposes. § 14: 1. 35: p. 29. And establish agencies in such countries whensoever it may be-deemed best for the purpose, etc. Shall establish and maintain reserve balances with its Federal reserve bank as follows, etc. § 19:1. 22: p. 40. § 25:1. 31: p. 45. ESTABLISHED. § 4:1. 18: p. 7 May file application with the Federal Reserve Board, etc., to establish branches in foreign countries, etc. When the Organization Committee shall have established Federal reserve districts, etc. § 4: 1. 31: p. 11. He shall be required to maintain, under regu- lations to be established by the Federal Reserve Board, a local office of said board, etc. § 13: 1. 45: p. 26. Any Federal reserve bank may make advances to its member banks on their promissory notes for a period not exceeding 15 days at rates to be established by such Federal re- serve banks, subject to the review and de- termination of the Federal Reserve Board. § 15:1. 28: p. 30. § 16:1. 7: p. 33. In any bank not belonging to the system established by this Act. And shall pay such rate of interest as may be established by the Federal Reserve Board on only that amount of notes, etc. IKDEX-DIGESX OF FEDEEAJ, R!:!i;-:BVE ACT AND AMENDMENTS. 249 ESTABLISHED— Continued . §25:1.' 3: p. 47. Shall conduct the accounts of each foreign branch independently of the accounts of other foreign branches established by it. § 2: 1. 13: p. 53. The Federal reserve system established by the § 2:1. 26: p. 53. Act approved December 23, 1913. (Act of May 18, 1916.) ESTABIISHIITG. § 25: 1. 39: p. 46. Shoidd such investigation result in establishing the failure of the corporation in question, etc., to comply with the regulations laid down by the Federal Reserve Board, etc. ESTATE, REAL. See "Real estate." ESTIMATE. § 16: 1. 10: p. 35. The Federal Refeerve Board shall include in its estimate of expenses a sufficient amount to cover the expenses herein provided for. ESTIMATED. § 10: 1. 19: p. 20. The Federal Reserve Board shall have power to levy semiannually upon the Federal reserve banks, etc., an assessment sufficient to pay its estimated expenses, etc. ESTIMATING THE BALANCES. § 19: 1. 15: p. 41. In estimating the balances required by this Act, etc. EVENT. § 2: 1. 41: p. 5. In that event. § 2: 1. 15: p. 6. In that event. § 9: 1. 7: p. 18. In no event. § 13: 1. 41: p. 26. In no event. § 16: 1. 22: p. 31. In no event. § 16: 1. 38: p. 32. In no event. § 19: 1. 24: p. 41. In that event. § 19: 1. 28: p. 41. In that event. § 27: 1. 39: p. 48. In no event. EVERY. § 2: 1. 22: p. 4. Every national banking association. § 2:1. 23: p. 4. Every eligible bank. § 2: 1. 24: p. 4. Every trust company. § 2:1. 31: p. 4. Every national banking association. § 2:1. 43: p. 4. Every Federal reserve bank. § 2: 1. 28: p. 5. Every director. § 4:1. 18: p. 9. Every Federal reserve bank. 250 INDEX-DIGEST OF FEDERAL KESEKVE ACT AND AMENDMENTS. EVERY— Continued. § 4:1. 42: p. 10. Every elector. • § 4: 1. 37: p. 12. Every director. § 14: 1. 3: p. 29. Every Federal reserve bank. § 16: 1. 32: p. 31. Every Federal reserve bank. § 16: 1. 38: p. 35. Every Federal reserve bank. § 19: 1. 20: p. 40. Every bank, etc. § 21 : 1. 31 : p. 42. Every Federal reserve bank. § 21: 1. 39: p. 42. Every Federal reserve bank. § 22: 1. 23: p. 44. Every national banking association. § 25: 1. 13: p. 46. Every national banking association. § 25: 1. 16: p. 46. Every member bank. § 25: 1. 1: p. 47. Every national banking association. EVIDENCES. § 22:1. l:p. 44. Or other evidences of debt executed or in- dorsed by directors or attorneys, etc. § 22: 1. 5: p. 44. Or evidences of debt, etc. EX OFFICIO CHAIRMAN. § 10:1. 27: p. 20. The Secretary of the Treasury shall be ex officio chairman of the Federal Reserve Board. EX OFFICIO MEMBER. § 10: 1. 35: p. 19. The Comptroller, as ex officio member of the Federal Reserve Board, shall, etc. EX OFFICIO MEMBERS. § 10: 1. 21: p. 19. The Secretary of the Treasury and the Comp- troller shall be ex officio members of the Federal Reserve Board. EXAMINATION; EXAMINATIONS. § 9:1. 5: p. 17. Shall be subject to examinations made by direction of the Federal Reserve Board. § 9: 1. 10: p. 17. Whenever the directors of the Federal reserve bank shall approve the examinations made by the State authorities, etc. § 9:1. 11: p. 17. Such examinations, etc., may be accepted in § 9:1. ] 2: p. 17. lieu of. examinations made by examiners selected or approved by the Federal Reserve Board. § 9: 1. 15: p. 17. The Federal Reserve Board may order special examinations, etc. § 9:1. 17:p. 17. The expenses of all examinations, etc., shall be assessed and paid by the banks examined. INDEX-DIGEST OP FEDERAL BESEEVE ACT AND AMENDMENTS. 251 EXAMINATION ; EXAMINATIONS— Continued. § 9: 1. 20: p. 18. Banks becoming members, etc., under author- ity of this section shall not be subject to examination under the provisions of the first two paragraphs of section 5240, Re- vised Statutes. § 16: 1. 13: p. 35. The examination of plates, dies, etc. § 16: 1. 14: p. 35. Regulations relating to such examination. §21:1. 1 : p. 42. Bank examinations. (Heading of section 21.) §21:1. 9: p. 42. The Federal Reserve Board may authorize examination by the State authorities to be accepted in the case of State banks and trust companies. § 21: 1. 12: p. 42. The Federal Reserve Board may at any time direct the holding of a special examination of State banks and trust companies that are stockholders, etc. § 21:1. 14: p. 42. The examiner making the examination, etc., § 21: 1. 16: p. 42. shall have power to make a thorough ex- amination, etc. § 21: 1. 25: p. 42. The expense of the examinations, etc., sliaU be assessed, etc., upon the banks examined, etc. § 21: 1. 29: p. 42. In proportion to assets or resources held by the banks upon the dates of examination. § 21: 1. 30: p. 42. In addition to the examinations made, etc., by the Comptroller, etc. § 21: 1. 34: p. 42. Federal reserve banks, etc., may provide for special examination of member banks. § 21:1. 35: p. 42. The expense of such examinations shall be borne by the bank examined. § 21: 1. 36: p. 42. Such examinations shall be so conducted, etc. §21:1. 8: p. 43. The Federal Reserve Board, at least once each year, shall order an examination of each Federal reserve bank. ,§ 21: 1. 10: p. 43. The Federal Reserve Board shall order a special examination and report of the con- dition of any Federal reserve bank upon joint application of 10 member banks. § 25: 1. 22: p. 46. The Federal Reserve Board may order special examinations of the said branches, banks, or corporations, etc. § 2: 1. 16: p. 53. Subject to national or State supervision and examination. (Act of May 18, 1916.) EXAMINE. § 11: 1. 30: p. 21. The Federal Reserve Board may examine, at its discretion, the accounts, books, and affairs of each Federal reserve bank and of each member bank. 252 INDEX-DIGEST OF FEDERAL EESEEVE ACT AND AMENDMENTS. EXAMINE— Continued. §21:1. 6: p. 42. Shall appoint examiners who shall examine every member bank, etc. § 21:1. 18:p. 42. The examiner, etc., may examine any of the officers, etc. EXAMINED. § 9:1. 19: p. 17. Shall be assessed against and paid by the banks examined. § 21:1. 27: p. 42. Shall be assessed, etc., upon the banks ex-- amined. § 21:1. 36: p. 42. The expense of such examinations shall be borne by the bank examined. § 22: 1. 21: p. 43. Penalty for any examiner accepting a loan, etc. , from any bank examined by him. EXAMINER; EXAMINERS. § 9:1. 7: p. 17. Shall be subject to examinations, etc., by examiners selected or approved by the Federal Keserve Board. § 9:1. 12:p. 17. In Ueu of examinations made by examiners selected or approved by the Federal Ke- serve Board. § 9: 1. 15: p. 17. The Federal Keserve Board may order special examinations .by examiners of its own selection. §21:1. 5: p. 42. The Comptroller, etc., shall appoint examiners. § 21:1. 13: p. 42. The examiner making the examination, etc., shall have power, etc. § 21: 1. 24: p. 42. The Federal Keserve Board, upon the recom-' mendation of the Comptroller, shall fix the salaries of all bank examiners. § 22: 1. 15: p. 43. Forbidden for a bank, etc., to loan, etc., to any bank examiner. § 22: 1. 20: p. 43. Penalty for any examiner accepting a loan, etc. § 22: 1. 28: p. 43. No national-bank examiner shall perform any other service, etc. § 22: 1. 7: p. 44. No examiner, etc., shall disclose the names of borrowers, etc. EXCEED. § 2:1. 6: p. 4. Not to exceed 12 in all. § 5:1. 44: p. 13. Not to exceed the book value. § 6:1. 8: p. 14. Not to exceed the book value. §,9:1. 8: p. 18. In no event to exceed the book value. § 13: 1.' 8: p. 25. In no case to exceed 10 cents per $100, etc. § 13: 1. 2: p. 26. At no time exceed 10 per centum, etc. IXDEX-DIGEST OF FEDEBAL EESEEVE ACT AND AMENDMENTS. 253 EXCEED— Continued. § 13: 1. 42: p. 26. Shall in no, event exceed 50 per centum, etc. § 13: 1. 36: p. 27. Does not exceed 5,000 inhabitants. § 18: 1. 12: p. 38. An amount to exceed $25,000,000, etc. § 18: 1. 14: p. 39. Not to exceed one-half, etc. § 18: 1. 28: p. 39. Not to exceed the amount issued. § 18: 1. 32: p. 39. Not to exceed 30 years. § 24: 1. 12: p. 45. Not exceed 50 per centum, etc. § 26: 1. 32: p. 47. Not to exceed 3 per centum, etc. § 7:1. 4: p. 52. Shall not in any case exceed the amount witii- drawn, etc. ' (Act of April 24, 1917.) EXCEEDING. § 11: 1. 3: p. 22. Not exceeding 30 days. §11:1. 5: p. 22. Not exceeding 15 days. § 13: 1. 39: p. 25. Not exceeding six months. § 13: 1. 37: p. 26. Not exceeding, etc., 100 per centum. § 13: 1. 45: p. 26. Not exceeding 15 days. § 13: 1. 12: p. 27. Exceeding the amount of its capital stock, etc. § 13 : 1. 28: p. 28. Exceeding in the aggregate 10 per centum, etc. ' § 13: 1. 34: p. 28. Exceeding at any time the aggregate of one- half of its paid-up, etc., capital, etc. § 14: 1. 14: p. 29. Not exceeding six months. § 22: 1. 18: p. 43. Not exceeding one year. § 22: 1. 24: p. 43. Not exceeding one year. § 22: 1. 18: p. 44. Not exceeding 15,000. § 22: 1. 19: p. 44. Not exceeding one year. § 25: 1. 36: p. 45. Not exceeding, etc., 10 per centum of its paid- in capital stock, etc. EXCEPT. § 1:1. 7 : p. 3. Except where, etc. § 2: 1. 29: p. 3. Except by, etc. § 2:1. 33: p. 6. Except in so far, etc. § 4: 1. 11: p. 9. Except that the issue, etc. § 4: 1. 14: p. 9. Except such as is incidental, etc. § 7: 1. 28: p. 14. Except that one-half, etc. § 7:1. 2: p. 15. Except taxes on real estate. § 9: 1. 36: p. 17. Except under express authority, etc. § 13: 1. 32: p. 25. Except United States bonds and notes. ^ 13: 1. 14: p. 27. Except on account of demands, etc. § 15: 1. 15: p. 30. Except the 5 per centum fund. 254' INDEX-DIGEST OF FEDERAL EESEBVE ACT AND AMENDMENTS. EXCEPT— Continued. J 16 23: p. 33. § 16 10: p. 34. § 18 5: p. 39. § 18 43: p. 39. § 19 4: p. 41. §22 13: p. 44. §22 20: p. 44. §27 32: p. 48. EXCESS. § 9:1. 45: p. 18. § 9:1. 2: p. 19. § 19:1. 43: p. 40. §27:1. 33: p. 48. EXCHANGE. § 13:1. 33: p. 24. § 13 1. 39: p. 24. § 13:1. 11: p. 25. § 13:1. 20: p. 28. § 14:1. 5: p. 29. § 14:1. 31: p. 29. § 16:1. 27: p. 33. § 16:1. 3: p. 36. § 18:1. 10: p. 39. § 18:1. 15: p. 39. Except upon compliance, etc. Except upon compliance, etc. Except that they shall not be limited, etc. Except as provided by this Act. Except by permission, etc. Except when ordered to do so, etc. Except as provided in existing laws, etc. Except that no bank, etc. A certificate or guaranty to the effect that the borrower is not liable to such bank in excess of the amount provided, etc. And wOl not be permitted to become liable in excess of this a'mount. A sum in excess of 10 per centum, etc. No bank shall be permitted to issue circulating notes in excess of 125 per centum of its unimpaired capital and surplus. Or, solely for purposes of exchange or of collec- tion, may receive from other Federal reserve banks, etc. Or, solely for the purposes of exchange or of collection, may receive from any nonmem- ber bank* or trust company, etc. And remission therefor by exchange or other- wise. For the purpose of furnishing dollar exchange. May exchange Federal reserve notes for gold, gold coin, or gold certificates. To estabhsh accounts with other Federal reserve banks for exchange purposes. The Federal reserve agent shall hold such gold, etc., exclusively for exchange for the outstanding Federal reserve notes, etc. From charging its actual expense incurred in coUecting and remitting mnds or for ex- change sold to its patrons. The Secretary of the Treasury may issue, in exchange for United States 2 per centum gold bonds, etc. Not to exceed one-half of the 2 per centum bonds so tendered for exchange. INDEX-DIGEST OF EEDEKAL EESEEVE ACT AND AMENDMENTS. 256 EXCHANGE— Cpntinued. § 18:1. 19: p. 39. At the time of such exchange the Federal reserve bank obtaining such one-year gold notes shall enter into an obligation, etc. § 18: 1. 23: p. 39. An amount equal to those delivered in exchange for such bonds. § 18: 1. 29: p. 39. Not to exceed the amount issued to such bank in the first instance in exchange for the 2 per centum United States gold bonds. § 18: 1. 33: p. 39. For the purpose of makiag the exchange herein provided for, etc. § 18: 1. 11: p. 40. The Secretary may issue at par such 3 per centum bonds in exchange for the one-year gold notes herein provided for. EXCHANGE, BILLS OF. See "Bills of exchange." EXCHANGED. § 16: 1. 25: p. 32. Federal reserve notes received by the Treas- urer otherwise than for redemption may be exchanged for gold out of the redemption fund, etc. EXCLUDING. § 2:1. 26: p. 3. Shall divide the continental United States, excluding Alaska, into districts. EXCLUSIVE OF DAYS OF GRACE. § 13:1. 36: p. 25. § 13:1. 39: p. 25. § 13:1. 10: p. 26. § 13:1. 14: p. 26. § 13:1. 16: p. 28. § 14:1. 42: p. 29. EXCLUSIVE PURPOSE OF REDEMPTION. § 16: 1. 33: p. 33. Shall require the Federal reserve agent to transmit to the Treasurer of the United States so much of the gold held by him as collateral security for Federal reserve notes as may be required for the exclusive purpose of redemption of such Federal reserve notes. EXCLUSIVELY. § 13: 1. 15: p. 25. Shall be deemed a waiver of demand, notice, and protest by such bank, as to its own indorsement exclusively. § 16: 1. 26: p. 33. Shall hold such gold, etc., available exclusively for exchange for the outstanding Federal reserve notes. 256 I^TDEX-DIGEST OF FEDEEAL RESERVE ACT AXD AMEXDMEWTS. EXECUTE. § 4: 1. 37: p. 7. Shall designate any five banks, etc., to-execute a certificate of organization. § 8: 1. 27: p. 15. A majority of the directors, etc., shall have power, to execute all other papers, etc. EXECUTED. § 5:1.29: § 6:1.16: § 8:1. 19: 13. 14. 15. The board of directors shall cause to be exe- cuted a certificate to the Comptroller, etc. The articles of association and organization certificate' may be executed by a majority af the directors. § 22 : 1. 1 : p. 44. Notes, etc., or other evidences of debt executed or indorsed by directors, etc., may be dis- counted, etc. EXECUTING. § 4:1. 29: p. 7. To be adopted by the board of directors of each barik executing such application. 8. The name and place of doing business of each bank executing such certificate. 8. To enable those banks executing same, etc., to avail themselves of the advantages of this Act. After executing the articles of association, etc. 6: p. 35. The expenses necessarily incurred in executing the laws, etc. EXECUTION. § 10: 1. 20: p. 21. A bureau charged with the execution of all laws, etc., relating to the issue and regula- tion of national currency, etc. EXECUTIVE OFFICER. § 10: 1. 10: p. 20. The governor of the Federal Reserve Board, subject to its supervision, shall be the active executive officer. § 4:1. 4: p. § 4:1. 8: p. 8. § 8:1. 26: p. 15. § 16: 1. EXECUTOR. § 11:1. 14: p. EXEMPT. § 7:1. 23. To grant by special permit to national banks, etc., the right to act as trustee, executor, etc. 1: p. 15. Federal reserve banks, etc., shall be exempt from Federal, State, or local taxation, except taxes on real estate. § 18: 1. 41 : p. 39. Such Treasury notes, etc., shall be exempt as to principal and interest from the payment of all taxes and duties of the United States, except as provided by this Act, as well as from taxes in any form bj or under State, municipal, or local authorities. >- INDEX-DIGEST OF FEDEEAL EESERVE ACT AND AMENDMENTS. 257 EXEMPTING. § 16: 1. 34: p. 35. Nothing in this section shall be construed as exempting national banks or Federal reserve banks from their liability to reimburse the United States for any expenses incurred in printing and issuing circulating notes. £^£aCIS£« t § 4: 1. 40: p. 8. To exercise by its board of directors, etc., all powers specifically granted, etc. § 4:1. 5: p. 10. Shall exercise the powers and duties, etc. § 4: 1. 41: p. 11. To exercise the powers of the chairman. § 4: 1. 25: p. 12. May exercise the functions herein conferred upon the chairman pending, etc. § 9: 1. 28: p. 18. May continue to exercise all corporate powers, etc. § 11: 1. 10: p. 23. To exercise general supervision over said Fed- eral reserve banks. § 16: 1. 13: p. 36. May at its discretion exercise the functions of a clearing house, etc. "§ 16: 1. 16: p. 36. May designate a Federal reserve bank to exercise such functions. § 16: 1. 17: p. 36. May also require each such bank to exercise the functions of a clearing house for its member banks. § 25: 1. 28: p. 45. May file application, etc., for permission to exercise, etc., either or both of the following powers. EXEBCISED. § 4: 1. 39: p. 8. The manner in which, etc., the privileges granted to it by law may be exercised and enjoyed. § 9:1. 19: p. 16. The Federal Reserve Board shall consider, etc., whether or not the corporate powers exer- cised are consistent with the purposes of this Act. § 10: 1. 11: p. 21. Such powers shall be exercised subject to the supervision and control of the Secretary of the Treasury. § 21: 1. 4: p. 43. No bank shall be subject to any visitatorial powers other than, etc., such as shall be or shall have been exercised or directed by Congress, etc. EXIBTINa LAW; lAWS. § 4:1. 3: p. 9. Provided by existing law. • § 8: 1. 11: p. 15. Provisions of the existing laws. § 11: 1. 30: p. 22. Under existing law. 20592°— 18 17 258 INDEX-DIGEST OF FEDEKAL RESERVE ACT AND AMENDMENTS. EXISTING LAW; LAWS— Continued. § 16 : 1. 30 : p. 35. Provided for by existing law. § 18: 1. 39: p. 38. Provided by existing law. § 22: 1. 20: p. 44. As provided in existing laws. § 25: 1. 15: p. 47. An Act to supplement existing laws, etc. EXISTING LIABILITIES. § 19: 1. 11: p. 41. May be checked against and withdrawn by such member bank for the purpose of meet- ing existing liabilities, etc. EXISTING RESERVE OR CENTRAL RESERVE CITIES. § 11: 1. 33: p. 22. The Federal Reserve Board may reclassify existing reserve or central reserve cities. EXISTING STATUTES. § 17: 1. 29: p. 37. And of any other provisions of existing statutes. § 17: 1. 35: p. 37. Or of any other provisions of existing statutes. EXISTING VALUE, ACTUALLY. § 9: 1. 37: p. 18. But the discount of bills of exchange drawn against actually existing value, etc., shall not be considered as borrowed money, etc. EXISTING VALUES, ACTUALLY. § 13: 1. 6: p. 26. This restriction shall not apply to the dis- count of bills of exchange drawn in good faith against actually existing values. EXISTS. § 2: 1. 28: p. 53. If one or more member banks, etc., exists in the city, etc. (Act of May 18, 1916.) § 2: 1. 37: p. 53. If no such member bank and no other quali- fied bank exists in the city, etc. (Act of May 18, 1916.) EXPENSE; EXPENSES. § 2: 1. 37: p. 6. May incur such expenses, etc. § 2: 1. 39: p. 6. Such expenses shall be payable, etc. § 2: 1. 44: p. 6. For the payment of such expenses. § 4: 1. 15: p. 12. Reasonable allowance for necessary expenses. § 7: 1. 21: p. 14. After all necessary expenses, etc. § 9:1. 17: p. 17. The expenses of all examinations shall be assessed, etc. § 10: 1. 34: p. 19. With actual necessary traveling expenses, J - etc. § 10: 1. 19: p. 20. Sufficient to pay its estimated expenses. §16:1. 6: p. 35. Expenses necessarily incurred in executing the laws, etc., relating to the procuring of such notes. INDEX-DIGEST OF FEDEEAL BESEEVE ACT AND AMENDMENTS. 259 EXPENSE; EXPENSES— Continued. § 16:1. 7: p. 35. All other expenses incidental to their issue and retirement. § 16: 1. 10: p. 35. Shall include in its estimate of expenses, etc. § 16: 1. 12: p. 35. A sufficient amount to cover the expenses herein provided for. § 16: 1. 21: p. 35. To cover any other expense, etc. § 16: 1. 36: p. 35. For any expenses incurred, etc. § 16:1. 2: p. 36. From charging its actual expense incurred, etc. § 16: 1. 39: p. 36. Any expense incurred in shipping gold to or from the Treasury, etc. § 16: 1. 4: p. 37. The expenses necessarily incurred, etc. § 16: 1. 6: p. 37. All expenses incident to the handling of such deposits. § 21: 1. 25: p. 42. The expense of the examinations, etc. § 21: 1. 35: p. 42. The expense of such examinations, etc. EXPERIENCE. § 4:1. 28: p. 11. He shall be a person of tested banking experience. § 4:1. 4: p. 12. Who shall be persons of tested banking experience. EXPERIENCED. § 10: 1. 1: p. 20. At least two shall be persons experienced in banking or finance. EXPERT AID. § 2:1. 11: p. 4. The Organization Committee may employ counsel and expert aid. EXPERTS. § 11: 1. 17: p. 23. The Federal Reserve Board may employ such attorneys, experts, etc., as may be deemed necessary, etc. EXPIRATION. § 10: 1. 36: p. 20. Whenever a vacancy shall occur, other than by expiration of term, among the five members, etc. EXPIRE; EXPIRES. § 4: 1. 32: p. 12. Whose term of office shall expire, etc. § 4:1. 34: p. 12. § 4:1. 36: p. 12. § 10: 1. 1: p. 21. Shall expire 30 days after the next session of the Senate convenes. § 27: 1. 40: p. 47. The provisions of the Act of May 30, 1908, which expires by limitation, etc., on June 30, 1914, etc. 260 INDEX-DIGEST OF FEDERAL BESERVE ACT AND AMENDMENTS. EXPORTATION. § 13: 1. 16: p. 26. Which grow out of transactions involving the importation or exportation of goods. EXPRESS AUTHORITY. § 9: 1. 36: p. 17. No Federal reserve bank shall, except under express authority of "the Federal Reser\A0 Board, cancel within the same calendar year more than 25 per centum of its capital stock for the purpose of effecting volmitary withdrawals during that year. EXPRESS PERMISSION. § 22: 1. 11: p. 44. Without first haying obtained the express permission in writing from the Comptroller. EXPRESSLY RESERVED. § 30: 1. 29: p. 49. The right to amend, alter, or repeal this Act is hereby expressly reserved. EXTEND. § 4 : 1. 27 : p. 9. The directors of the Federal reserve banks shall extend to each member bank such discounts, etc., as may be safely and reasonably made, etc. § 27: 1. 45: p. 48. The Secretary of the Treasury is further authorized to extend the benefits of this Act to all qualified State banks and trust companies, etc. EXTENDED. § 16: 1. 17: p. 35. Section 5174, Revised Statutes, is hereby extended to include notes herein provided for. [Section 5174, Revised Statutes, relates to the examination, etc., of plates and dies.] § 21: 1. 39: p. 42. So as to inform the Federal reserve bank of the condition of its member banks and of the lines of credit which are being extended by them. § 27 : 1. 42 : p. 47. The provisions of the Act of May 30, 1908, etc., are hereby extended to June 30, 1915. To the extent of the amount of their subscrip- tions, etc. The territorial extent of the district. Such fimds shall be reimbursed to the extent deemed necessary by the Secretary of the Treasury. § 16: 1. 1: p. 33. To the extent that such application may be granted, etc. EXTENT. § 2:1. 2: p. 5 § 4: 1.41: p. 7, § 16: 1. 18: p. 32 INDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENTS. 261 EXTENT — Continued . § 23: 1. 33: p. 44. Shall be liable to the same extent as if they had made no such transfer. § 23: 1. 34: p. 44. To the extent that the subsequent transferee fails to meet such liability. § 26: 1. 20: p. 47. All provisions of law inconsistent with or superseded by any of the provisions of this Act are to that extent and to that extent only hereby repealed. § 27: 1. 23: p. 51. To the same extent. (Act of July 17, 1916.) FACE VALUE. § 16:1. 9: p. 32. FACES. § 16:1. 42: p. 31. FACT. § 4:1. 7: p. 8. FAIL; FAILS. § 2:1. 13: p. 5. § 2:1. 14: p. 5. § 9:1. l:p. 17. § 23:1. 35: p. 44. § 2:1. 33: p. 53. FAILED. § 9:1. 21: p. 17. FAILING. § 2:1. 7: p. 5. FAILURE. § 2:1. 27: p. 5. Under penalty of a tax of 10 per centum upon the face value of notes so paid out. Notes so paid out shall bear upon their faces a distinctive letter and serial number, etc. The organization certificate shall specificallj state, etc., the fact that the certificate is made, etc. Should any national bank' fail, within one year, etc., to become a member bank, etc. Or fail to comply with any of the provisions of this Act, etc. Shall subject the offending bank to a penalty of $100 a day for each day it fails to trans- mit such report. To the extent that the subsequent transferee fails to meet such Hability. But if such member banks fail to qualify to receive such deposits, etc. (Act of May 18, 1916.) If at any time it shall appear, etc., that a member bank has failed to comply with the provisions of this section, etc. Penalty for any national bank, failing to signify its acceptance of the terms of this Act, within the 60 days aforesaid, etc. In cases of such noncompUance or violation, other than the failnre to become a member bank, etc. Penalty for failure of a State bank, etc., to make such reports. Within sixty days next before the date of the failure of such association to meet its obli- gations. Or with knowledge of such impending failure. Against those in whose names such shares are registered at the time of such failure. § 25: 1. 39: p. 46. Should such investigation result in establish- ing the failure, etc., to comply with the re- gulations laid down by the said Federal Reserve Board, etc. 262 § 9:1. 43: p. 16. § 23: I. 31: p. 44. § 23:1. 32: p. 44. § 23:1. 39: p. 44. INDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENTS. 263 FAIR EEPEESEWTATION. § 10:1. 27: p. 19. With due regard to a fair representation of the different commercial, industrial, and geographical divisions of the country. FAIRLY. § 4:1. 24: p. 9. The directors of every Federal reserve bank shall administer the affairs of said bank fairly and impartially, etc. FAITH, § 13: 1. 5: p. 26. But this restriction shall not apply to the dis- count of bills of exchange drawn in good faith against actually existing values. FALL; FAILS. §11:1. 8: p. 22. By which the reserve requirements of this Act may be permitted to fall below the level hereinafter specified. § 11:1. 11: p. 22. When the gold reserve held against Federal reserve notes falls below 40 per centum, etc. § 11: 1. 14: p. 22. Until the reserves fall to 32^ per centum, etc. § 11:1. 15 : p. 22. When said reserve falls below 32| per centum, etc. § 11: 1. 18: p. 22. A tax, etc., upon each 2^ per centum or fraction thereof that such reserve falls below 32^ per centum. FAR, IN SO. § 2 : 1. 33 : p. 6. Except in so far as this Act changes the amount of reserves, etc. FARM LAND; LANDS. § 24:1. 40: p. 44. Loans on farm lands. (Heading of section 24.) § 24: 1. 43: p. 44. May make loans secured by improved and un- incumbered farm land. § 24: 1. 6: p. 45. Limitation to loans made upon the security of such farm land. § 24: 1. 9: p. 45. Limitation to loans made upon real estate as distinguished from farm land. § 24: 1. 11 : p. 45. Limitation upon loans whether upon such farm land or upon real estate. § 24: 1. 14: p. 45. Further limitation upon such loans, whether upon such farm land or upon such real estate. FARM LOAN ASSOCIATIONS. See "National farm loan associa- tions. " FARM LOAN BONDS. § 27: 1. 20: p. 51. Any member ,bank of the Federal reserve sys- tem may buy and sell farm loan bonds issued under the authority of this Act. (Act of July 17, 1916.) 264 INDEX-DIGEST OP FEDERAL RESERVE ACT AND AMENDMENTS. FARM LOAN BONDS— Continued. § 27: 1. 22: p. 51. Any Federal reserve bank may buy and sell farm loan bonds issued under this Act to the same extent and subject to the same limitations placed upon the purchase and sale by said banks of State, county, district, and municipal bonds under subsection (b) of section 14 of the Federal Reserve Act, etc. (Act of July 17, 1916.) FAVOR OF, IN. § 4:1. 25: p. 9. The board of directors shall administer the affairs of said bank, etc., without discrimi- nation in favor of or against any member bank. FEDERAL ADVISORY COUNCIL. § 12: 1. 38: p. 23. (Heading of section 12.) § 12:1. 39: p. 23. Created. § 12: 1. 43: p. 23. Each Federal reserve bank, etc., annually: shall select one member. § 12: 1. 4: p. 24. Meetings. § 12: 1. 7: p. 24. May hold other meetings in Washington or elsewhere, etc. § 12: 1. 13: p. 24. Filling vacancies. § 12:1. 16: p. 24. Powers of . FEDERAL LAND BANE. § 5 : 1. 14 : p. 50. May keep a specified part of its capital in de- posits in member banks of the Federal reserve system. (Act of July 17, 1916.) §13:1. 5:p. 51. Shall have power to deposit its securities and current lunda subject to check with any member bank of the Federal reserve system and receive interest on the same as may be agreed. (Act of July 17, 1916.) FEDERAL RESERVE ACT. See also "Federal reserve system." § 1:1. 3 : p. 3. The short title of this Act shall be the Federal Reserve Act. § 8: 1. 42: p. 15. Converted banks shall be subject to the same duties, etc., as shall have been prescribed by the Federal Reserve Act, etc. § 13: 1. 25: p. 27. Liabilities incurred under the provisions of the Federal Reserve Act. § 16: 1. 14: p. 34. All Federal reserve notes and all gold, etc., deposited Avith any Federal reserve agent under the provisions of the Federal Reserve Act, etc. INDEX-DIGEST OP FEDERAL EESEBVE ACT AND AMENDMENTS. 265 FEDERAL RESERVE ACT — Continued. § 27: 1. 27: p. 51. Under subsection (b) of section 14 of the Federal Reserve Act. (Act of July 17, 1916.) § 7: 1; 13: p. 52. The provisions of section 5191 of the Revised § 8: 1. 23: p. 54. Statutes as amended by the Federal Reserve Act, etc. (Act of April 24, 1917.) (Act of September 24, 1917.) FEDERAL RESERVE AGENT; AGENTS. § 4: 1. 27: p. 11. One of the class C directors shall be designated by said board as chairman, etc., and as Federal reserve agent. § 4:1. 2: p. 12. The Federal reserve agent shall appoint one or more assistants, subject to the approval of the Federal Reserve Board. § 4:1. 4: p. 12. Such assistants shall assist the Federal reserve agent, etc. § 4:1. 12: p. 12. Compensation of assistants to the Federal reserve agent shall be fixed and paid in the same manner as that of the Federal reserve agent. § 10: 1. 9: p. 21. Wherever any power vested by this Act, etc., in the Federal Reserve Board or the Federal reserve agent appears to conflict with the powers of the Secretary of the Treasury, such powers shall be exercised subject to the supervision and control of the Secretary. § 11: 1. 27: p. 22. The Federal Reserve Board shall prescribe rules and regulations under which notes may be delivered by the Comptroller to the Federal reserve agents applying therefor. §11:1. 3: p. 23. The Federal Reserve Board may require bonds of Federal reserve agents. § 11: 1. 6: p. 23. The Federal Reserve Board may make regula- tions for the safeguarding, etc., of property of any kind deposited in the hands of such Federal reserve agents. § 16: 1. 36: p. 30. Federal reserve notes are hereby authorized for the purpose of making advances to Federal reserve banks through the Federal reserve agents. § 16: 1. 9: p. 31. Any Federal reserve bank may make applica- tion to the local Federal reserve agent for notes, etc. § 16:1. 12: p. 31. Such application shall be accompanied with a tender of collateral to the local Federal reserve agent, etc. 266 INDEX-DIGEST OF FEDERAL RESEEVE ACT AXD AMENDMENTS. FEDEEAl EESEEVE AGENT; AGENTS— Continued. § 16: 1. 25: p. 31. The Federal reserve agent shall each dav notify the Federal Reserve Board of all issues and withdrawals of Federal reserve notes, etc. § 16: 1. 37: p. 31. When the Federal reserve agent holds gold or gold certificates as collateral, etc., such gold, etc., shall be counted as part of the gold reserve, etc., against its Federal reserve notes, etc. § 16: 1. 31 : p. 32. Federal reserve notes unfit for circulation shall be returned by the Federal reserve agents to the Comptroller for cancellation and de- struction. § 16: 1. 40: p. 32. Less the amount of gold or gold certificates held by the Federal reserve agent as col- lateral security, etc. § 16:1. 44: p. 32. The Federal Reserve Board shall have the right, acting through the Federal reserve agent, tp grant, etc., or to reject, etc., the application, etc. §16:1. 3:p. 33. The Federal Reserve Board shall supply Federal reserve notes, etc., through its local Federal reserve agent, to the banks so apply- ing. § 16: 1. 11: p. 33. Less the amount of gold or gold certificates held by. the Federal reserve agent as col- lateral security. § 16: 1. 20: p. 33. Any Federal reserve bank may at any time reduce its UabiUty for outstanding Federal reserve notes by depositing with the Federal reserve agent its Federal reserve notes, gold, Qtc. § 16: 1. 25: p. 33. The Federal reserve agent shall hold such gold, etc., available exclusively for exchange for the outstanding Federal reserve not^, etc. § 16: 1. 30: p. 33. Upon request of the Secretaiy of the Treasury the Federal Reserve Board shall require the Federal reserve agent to transmit to the Treasurer of the United States so much of the gold, etc. § 16: 1. 37: p. 33. Such gold, etc., shall be counted, etc., as if collateral security on deposit with the Fed- eral reserve agent. §16: 1. 39: p. 33. Any Federal reserve bank may, etc., with- draw collateral deposited with the local Federal reserve agent. IJTDEX-DIGEST OF FEDEKAL RESERVE ACT AND AMEXDMEXTS. 267 FEDEEAI EESEEVE AGEITT; AGENTS— Continued. § 16: 1. 43: p. 33. Shall substitute other collateral of equal amount with the approval of the Federal reserve agent, etc. § 16:1. 2: p. 34. Any Federal reserve bank may retire anv of its Federal reserve notes by d.epositing them with the Federal reserve agent or with the Treasurer of the United States. § 16: 1. 5: p. 34. Such Federal reserve bank shall thereupon be be entitled to receive back the collateral deposited with the Federal reserve agent. § 16: 1. 14: p. 34. All Federal reserve notes and aU gold, etc., issued to or deposited with any Federal reserve agent shall be held, etc., in joint custody, etc. § 16: 1. 23: p. 34. Nothing herein, etc., shall prohibit a Federal reserve agent from depositing gold or gold certificates with the Federal Reserve Board, etc. § 16: 1. 23: p. 36. The Secretarj^ of the Treasury is hereby authorized and directed to receive deposite of gold coin or of gold certificates, etc., when tendered by any Federal reserve bank or Federal reserve agent, etc. § 16: 1. 27: p. 36. The Secretary of the Treasury shall prescribe, etc., the form of receipt to be issued, etc., to the Federal reserve bank or Federal reserve agent, etc. § 16: 1. 35: p. 36. Deposits so made, etc., shall be payable, etc., to any Federal reserve bank or Federal reserve agent, etc. § 16: 1. 38: p. 36. At the Treasury or at the subtreasury of the United States nearest the place of business of such Federal reserve bank or Federal reserve agent. § 21:1. 32: p. 42. Every Federal reserve bank may, with the aj)proval of the Federal reserve agent or Federal Reserve Board, provide for special examination of member banks, etc. FEDEBAL SESEBVE AGENTS, ASSISTANT. § 4:1. 8: p. 12. The Federal Reserve Board shall require such bonds of the assistant Federal reserve agents as it may deem necessary, etc. FEDEEAI EESEEVE AGENTS, ASSISTANTS TO. § 4: 1. 10: p. 12. Assistants to the Federal reserve agent shall receive an annual compensation to be fixed and paid in the same manner as that of the Federal reserve agent. 268 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. FEDERAL RESERVE BANK; BANKS. § 1:1. 8: p. 3. Except where Federal reserve banks are specifically referred to. § 1:1. 14: p. 3. The term "member bank" shall be held to mean any national banJc, State bank, or bank or trust company which has become a ijaember of one of the Federal reserve banks created by this Act. § 1 : 1. 17: p. 3. The term "reserve bank" shaU be held to mean § 1:1. 18: p. 3. Federal reserve bank. § 2:1. 16: p. 4. Within such districts where such Federal reserve banks shall be severally located. § 2:1. 18: p. 4. Shall supervise the organization in each of the cities designated of a Federal reserve bank. § 2 : 1. 20 : p. 4. ShaU include in its title the name of the city in which it is situated, as "Federal Reserve Bank of Chicago." § 2:1. 29: p. 4. Shall have designated the cities in which Federal reserve banks are to be organized. § 2: 1. 34: p. 4. To subscribe to the capital stock of such Fed- eral reserve bank in a sum, etc. § 2: 1. 43: p. 4. Liabihty of the shareholders of every Federal reserve bank. § 2:1. 38: p. 5. Should the subscriptions by banks to the stock of said Federal reserve banks, etc., be insufficient, etc. § 2:1. 44: p. 5. The Organization Committee may offer to public subscription at par such an amount • of stock in said Federal reserve banks, etc. § 2:1. 7 : p. 6. No individual, copartnership, or corporation other than a member bank, etc., shall be permitted to subscribe for or hold, etc., more than $25,000 par value of stock in any Federal reserve bank. § 2:1. 9 : p. 6. Public stock may be transferred on the books of the Federal reserve bank, etc. § 2: 1. 12: p. 6. Should the total subscriptions by banks and the public to the stock of said Federal re- serve banks, etc., be insufficient, etc., stock shall be allotted to the United States, etc. § 2: 1. 29: p. 6. No Federal reserve bank shall commence busi- ness with a subscribed capital less than $4,000,000. § 3:1. 3: p. 7. The Federal Reserve Board may permit or I 3:1. 5: p. 7. require any Federal reserve bank to estab- lish branch banks within its district or within the district of any Federal reserve bank which may have been suspended. INDEX-DIGEST OF FEDERAL EESEEVE ACT AND AMENDMENTS. 269 FEDERAL RESERVE § 3:1. 11: p. 7, § 4:1. 16: p. 7, § 4:1. 31: p. 7. BANK; BANKS— Continued. A majority of one of the directors of branch banks shall be appointed by the Federal re- serve bank, etc. Federal reserve banks. (Heading of section 4.) Authorizing a subscription to the capital stock of the Federal reserve bank organizing in that district, etc. Organization certificate. Requisites. Shall specifically state, etc., the name, etc. The territorial extent, etc. § 4:1. 34: p. 7. § 4:1. 40: p. 7. § 4:1. 41: p. 7. § 4:1. 42: p. 7, § 4:1. l:p. 8. The city and State, etc. § 4:1. 2: p. 8. The amount of capital stock and the number of shares, etc. § 4:1. 4: p. 8. The name and place of doing business, etc. § 4:1. 6: p. 8. All banks which have subscribed, etc. § 4:1. 7: p. 8. The nimiber of shares subscribed, etc. § 4: 1. 10: p. 8. All banks which have subscribed or may sub- scribe, etc. § 4: 1. 19: p. 8. Upon filing such certificate with the Comp- troller, the said Federal reserve bank shall become a body corporate, etc. § 4: 1. 12: p. 9. The issue of notes secured by United States bonds shall not be limited to the capital stock of such Federal reserve bank. § 4:1. 13: p. 9. No Federal reserve bank shall transact any business except such as is incidental, etc., until authorized by the Comptroller to com- mence business, etc. Every Federal reserve bank shall be conducted under the supervision and control of a board of directors. When the necessary subscriptions have been obtained for the organization of any Fed- eral reserve bank, etc. Appertaining to the*office of chairman in the organization of such Federal reserve bank. No Senator or Eepresentative in Congress shall be, etc., an officer or director of a Federal reserve bank. § 4: 1. 17: p. 10. The chairman of the board of directors of the Federal reserve bank, etc., shall classify the member banks. § 4:1. 18: p. 9. § 4:1. 44: p. 9. § 4:1. 6: p. 10. § 4:1. 10: p. 10. 270 INDEX-DIGEST OF FEDEKAL RESERVE ACT AND AMENDMENTS. FEDERAL RESERVE BANK; BANKS— Continued. § 4 : 1. 30 : p. 10. The name of the district reserve elector shall be certified to the chairman, etc., of the Federal reserve bank, etc. § 4:1. 2: p. 11. Every elector, etc., .shall certify, etc., his choices to the chairman, on a form fur- nished by the chairman, etc., of the Federal reserve bank, etc. S 4 : 1. 26: p. 11. One of the class C directors shall be designated as chairman of the board of directors of the Federal reserve bank, etc. § 4: 1. 30: p. 11. In addition to his duties as chairman, etc., of § 4: 1. 33: p. 11. the board of directors of the Federal reservS bank, he shall, etc., maintain a local ofi&ce of said board on the premises of the Federal reserve bank. § 4:1. 38: p. 11. His Compensation shall be paid monthly by the Federal reserve bank, etc. § 4: 1. 13: p. 12. Compensation of directors of Federal reserve banks. § 4:1. 17: p. 12. Shall be paid by the respective Federal re- serve banks. § 4: 1. 19: p. 12. Any compensation provided by the directors of Federal reserve banks for directors, etc., shall be subject to the approval of the Federal Reserve Board. The Organization Committee may call such meetings of bank directors, etc., in organiz- ing Federal reserve banks and may exercise the functions of the chairman of the board of directors of each Federal reserve bank, pending complete organization of such bank. § 4: 1. 30: p. 12. At the first meeting of the full board of direc- tors of each Federal reserve bank, it shall be the duty of the directors to designate the terms of office, etc. § 4: 1. 37: p. 12. Thereafter every director of a Federal reserve bank shall hold office for a term of three years. § 4: 1. 40: p. 12. Method of filling vacancies that may occur in the several classes of directors of Federal reserve banks. § 5:1. 2: p. 13. The capital stock of each Federal reserve bank shall be divided into shares of $100 each. § 5:1. 9: p. 13. Shares of the capital stock of Federal reserve banks owned by member banks shall not be transferred or hypothecated. 4: :1. 23: P- 12. 4: 1. 27: P- 12. 4: 1. 28: P- 12. INDEX-DIGEST OF FEDEKAL EESEBVE ACT AND AMENDMENTS. 271 FEDERAL RESERVE BANK; BANKS— Continued. § 5:1. 13: p. 13. When a member bank increases its capital stock, etc., it shall subscribe for an addi- tional amount of capital stock of the Federal reserve bank, etc. ii 5: 1. 18: p. 13. A bank applying for stock in a Federal reserve Ji 5:1. 20: p. 13. bank after the organization thereof must subscribe for an amount of capital stock of the Federal reserve bank equal to, etc. § 5: 1. 25: p. 13. When the capital stock of any Federal reserve bank has been increased, etc., a certificate shall be filed with the Comptroller, etc. § 5: 1. 34: p. 13. When a member bank reduces its capital stock, it shall surrender a proportionate amount of its holdings in the capital of said Federal reserve bank. § 5: 1. 36: p. 13. When a member bank voluntarily liquidates it shall surrender all its holdings of capital stock of said Federal reserve bank. § 5:1. 1: p. 14. Less any liability of such member bank to the Federal reserve bank. § 6:1. 5: p. 14. The stock held by an insolvent member bank in said Federal reserve bank shall be can- celed, etc. § 6: 1. 10: p. 14. All cash-paid subscriptions, etc., shall be first applied to all debts of the insolvent member bank to the Federal reserve bank, etc. § 6: 1. 13: p. 14. Whenever the capital stock of a Federal rer serve bank is reduced, etc., a certificate, etc., shall be filed with the Comptroller, etc. § 7: 1. 21: p. 14. After all necessary expenses of a Federal re- serve bank have been paid, etc., the stock- holders shall be entitled to receive an annual dividend, etc. § 7: 1. 32: p. 14. Disposition of the net earnings derived by the United States from Federal reserve banks. § 7: 1. 38: p. 14. Disposition of the surplus of a dissolved or hquidated Federal reserve bank. § 7: 1. 44: p. 14. Federal reserve banks, etc., shall be exempt from Federal, State, and local taxation, ex- cept taxes on real estate. § 9:1. 8: p. 16. Application of a State bank, etc., for the right to subscribe to the stock of the Federal re- serve bank, etc. § 9: 1. 15: p. 16. The Federal Reserve Board, etc., may permit the applying bank to become a stockholder of such Federal reserve bank. 272 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. FEDERAL RESERVE BANK; BANKS— Continued. § 9:1. 22: p. 16. Method of payment of stock subscription whenever the Federal Reserve Board shall permit the applying bank to become a stockholder in the Federal reserve bank. § 9: 1. 39: p. 16. Such banks, etc., shall be required to make reports of condition and of payment of divi- dends to the Federal reserve bank, etc. § 9: 1. 41: p. 16. Not less than three of such reports shall be made annually on call of the Federal reserve bank, etc. § 9:1. 3: p. 17. The penalty for failure to transmit such reports shall be collected by the Federal reserve bank by suit or otherwise. § 9:1. 6: p. 17. Shall be subject to examinations made by direction or the Federal Reserve Board, or of the Federal reserve bank, etc. § 9:1. 9: p. 17. The directors of the Federal reserve bank may approve the examinations made by the State authorities. § 9: 1. 25: p. 17. The Federal Reserve Board may require such bank to surrender its stock in the Federal reserve bank. § 9: 1. 31: p. 17. Any State bank, etc., may withdraw from membership in a Federal reserve bank, etc. § 9: 1. 34: p. 17. Upon the surrender and cancellation of all of its holdings of capital stock in the Federal reserve bank. § 9: 1. 35: p. 17. No Federal reserve bank, except under express authority of the Federal Reserve Board, shall cancel within the same calendar year more than 25 per centum of its stock for the purpose of effecting voluntary with- drawals. § 9:1. 43: p. 17. Whenever a member bank shall surrender its stock holdings in a Federal reserve bank, etc., aU of its rights and privileges as a member bank shaU cease and deter- mine, etc. § 9:1. 4: p. 18. It shall be entitled to a refund of its cash paid subscription, etc., after due provision has been made for any indebtedness due or to become due to the Federal reserve bank. § 9:1. 10: p. 18. Also to repayment of deposits and of any other balance due from the Federal reserve bank. § 9:1. 12: p. 18. Condition of admission to membership of a State bank, etc., in a Federal reserve bank. INDEX-DIGEST OF FEDEEAL BESBBVJi ACT AND AMENDMENTS. 273 FEDERAL RESERVE BANK; BANKS— Continued. § 9: 1. 31: p. 1'8. Limitation upon the discouiit of notes, etc., by a Federal reserve bank for any State bank, etb. § 9:1. 41: p. 18. The Federal reserve bank shall require a § 9:1. 3:p;19. certificate, etc., from such State bank, etc., as a condition of the discount of such notes, etc. § 10: 1. 17: p. 20. The Federal reserve Board shall have power to levy semiannually, etc., an assessment, etc., upon the Federal reserve banks. § 10:1. 30: p. 20. No member of the Federal Reserve Board shall be an officer or director of, etc., any Federal reserve bank, etc. § 11: 1. 31: p. 21. The Federal Reserve Board shall be author- ized, etc., to examine, etc., the accounts, books, and affairs of each Federal reserve bank and of each member bank. § 11: 1. 35: p. 21. The Federal Reserve Board shall publish § 11: 1. 36: p. 21. once each week a statement shovnng the condition of each Federal reserve bank, . . and a consolidated statement for aU Fed- eral reserve banks. § 11:1. 37:p. 21. Such statements shall show in detail the assets and Habilities of the Federal reserve banks, etc. § 11:1. 42: p. 21. And shall furnish full information regarding the character of the money held as reserve and the amount, nature, and maturities of the paper and other investments owned or held by Federal reserve banks. § 11:1. 44: p. 21. The Federal Reserve Board may permit, or, § 11:1. l:p. 22. etc., may require Federal reserve banks to rediscount the discounted paper of other Federal reserve banks, etc. § 11:1. 20: p. 22. The tax shall be paid by the reserve bank, but the reserve bank shall add an amount equal to said tax to the rates of interest and, discount, etc. § 11: 1. 36: p. 22. The Federal Reserve Board shall be author- § 11: 1. 39: p. 22. ized and empowered to suspend or remove any officer or director of any Federal reserve bank, etc. § 11: 1. 41: p. 22. The Federal Reserve Board may require the writing off of doubtful or worthless assets upon the books, etc., of Federal reserve banks. 20592°— 18 18 274 INDEX-DIGEST OP FEDERAL EESEBVE ACT AND AMENDMENTS. FEDERAL RESERVE BANK; BANKS— Continued. § 11: 1. 44: p. 22. The Federal Eeserve Board may suspend, for violation of any of the provisions of this Act, the operations of any Federal reserve bank, etc. § 11: 1. 10: p. 23. The Federal Keserve Board shall exercise general supervision over said Federal reserve banks. § 11: 1. 34: p. 23. The Federal Reserve Board, etc., may permit member banks to carry any portion of their reserves, etc., in the Federal reserve banks. § 12: 1. 41 : p. 23. Each Federal reserve bank, etc., shaJl annually select, etc., one member of the Federal Advisory Council. § 12:1. 13: p. 24. Vacancies in the Federal Advisory Council shall be filled by the respective reserve banks. § 12: 1. 24: p. 24. The Federal Advisory Council may call for information and make recommendations in regard to, etc., the purchase and sale of gold or securities by reserve banks, etc. § 13:1. 27: p. 24. Powers of Federal reserve banks. (Heading of section 13.) § 13 : 1. 28 : p. 24. Deposits which kay Federal reserve bank may receive from any of its member banks and from the United States. § 13:1. 34: p. 24. Deposits receivable by any Federal reserve bank, solely for purposes of exchange or collection, from other Federal reserve banks, etc. § 13: 1. 36: p. 24. May receive checks upon other Federal reserve banks, etc. § 13: 1. 1: p. 25. Solely for the purposes of exchange or of col- §13:1. 3: p. 25. lection, may receive deposits of current funds, etc. , from any nonmember bank or trust com- pany, provided it maintains a balance with- the Federal reserve bank sufficient, etc., to offset the items in transit held for its account by the Federal reserve bank. § 13:1. 12: p. 25. No such exchange charges shall be made against the Federal reserve banks. § 13: 1. 16: p. 25. Any Federal reserve bank may discount notes, drafts, and biUs, etc. § 13: 1. 41: p. 25. Notes, etc., drawn or issued for agricultural purposes or based on five stock and having a maturity not exceeding six months, etc. , may be discounted in an amount to be limited to a percentage of the assets of the Federal reserve bank, etc. INDEX-DIGEST OF FEDEBAL BESERVE ACT AND AMENDMENTS. 276 FEDEEAI RESERVE BANK; BANKS— Continued. §13:1. 7 : p. 26. Any Federal reserve bank may discount accepl^ ances of the kinds hereinafter described, etc. § 13: 1. 43: p. 26. Any Federal reserve bank may make advances to its member banks on their promissory notes, etc. § 13: 1. 1 : p. 27. At rates to be established by such Federal re- serve banks, subject to the review and de- termination of the Federal Reserve Board. § 13:1. 5: p. 27. Provided such promissory notes are secured by such notes, drafts, bills of exchange, or bankers' acceptances as are eligible for re- discount or for purchase by Federal reserve banks under the provisions of this Act, or by deposit or pledge of bonds or notes of the United States. ' § 13: 1. 27: p. 27. The discount and rediscount and the purchase and sale by any Federal reserve bank of any bills receivable and of domestic and foreign bills of exchange, and of acceptances author- ized by this Act, shall be subject to such restrictions, etc., as may be imposed by the Federal Reserve Board. § 13 : 1. 23 : p. 28. Dollar exchange drafts or bUls may be ac- quired by Federal reserve banks in such amounts and subject to such regulations, etc., as may be prescribed by the Federal Reserve Board. § 14: 1. 38: p. 28. Any Federal reserve bank may, etc., purchase and sell in the open market, etc., cable transfers and bankers' acceptances and bills of exchange, etc. § 14: 1. 3: p. 29. Every Federal reserve bank shall have power, etc. § 14: 1. 10: p. 29. Including the hypothecation of United States bonds or other securities which Federal re- serve banks are authorized to hold. § 14: 1. 27: p. 29. Federal reserve banks shall establish, subject to review and determination of the Federal Reserve Board, rates of discount to be charged by the Federal reserve bank, etc. § 14: 1. 30: p. 29. Federal reserve banks may establish accounts with other Federal reserve banks for ex- change purposes. § 14: 1. 4: p. 30. Whenever any such account has been opened § 14:1. 6: p. 30. or agency or correspondent has been ap- § 14: 1. 8: p. 30. pointed by a Federal reserve bank, etc., any other Federal reserve bank may, etc., be permitted to carry on or conduct, through the Federal reserve bank opening such ac- count, etc., any transaction authorized by this section, etc. 276 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. FEDEEAI EESERVE BANK; BANKS— Continued. § 15: 1. 19: p. 30. The moneys held in the general fund of the § 15:1. 20: p. 30. Treasury, except, etc., may, upon the direction of the Secretary of the Treasury, be deposited in Federal reserve banks, which banks, when required, etc., shall act as fiscal agents of the United States. § 16: 1. 35: p. 30. Federal reserve notes authorized to be issued, etc., for the purpose of making advances to Federal reserve banks, etc. § 16:1. 2: p. 31. Such notes shall be receivable, etc., by all national and member banks and Federal reserve banks, etc. §16:1. 7:p. 31. They shall be redeemed in gold on demand at I the Treasury Department, etc., or in gold or lawful nioney at any Federal reserve bank. § 16: 1. 8: p. 31. Any Federal reserve bank may make applica- tion to the local Federal reserve agent for such amount of the Federal reserve notes, etc. § 16: 1. 27: p. 31. The Federal reserve agent shall each day notify the Federal Reserve Board of all issues and withdrawals of Federal reserve notes to and by the Federal reserve bank, etc. § 16: 1. 29: p. 31. The Federal Reserve Board may at any time call upon a Federal reserve bank for addi- tional security, etc. § 16: 1. 32: p. 31. Every Federal reserve bank shall maintain re- serves iu gold or lawful money of not less than 35 per centum against its deposits, and reserves in gold of not less than 40 per centum against its Federal reserve notes in actual circulation. § 16: 1. 44: p. 31. Federal reserve notes, etc., shall bear, etc., a distiuctive letter and serial number to be assigned by the Federal Reserve Board to each Federal reserve bank. § 16: 1. 45: p. 31. Federal reserve notes issued through one Fed- §16:1. l:p. 32. eral reserve bank, received by another Federal § 16: 1. 3: p. 32. reserve bank, shall be promptly returned for credit or redemption to the Federal reserve bank through which originally issued, etc. §16:1. 5: p. 32. Or upon direction of such Federal reserve bank they shall be forwarded direct to the Treas- urer, etc., to be retired. § 16:1. 7: p. 32. No Federal reserve bank shall payout notes issued through another, etc. INDEX-DIGEST OP FEDEBAL EESERVE ACT AND AMENDMENTS. 277 FEDEBAL BESEKVE BANK; BANES— Continued. § 16: 1. 12: p. 32. Notes presented for redemption at the Treas- ury, etc., shall be paid out of the redemption fund and returned to the Federal reserve banks through which originally issued. § 16:1. 13: p. 32. Thereupon such Federal reserve bank shall, upon demand of the Secretary, etc., reim- burse such redemption fund. , § 16 1. 20: p. 32. Such Federal reserve bank, so long as any of its Federal reserve notes remain outstanding, shall maintaiji with the Treasurer in gold an amount sufficient, etc. § 16: 1. 27: p. 32. Federal reserve notes received by the Treas- urer otherwise than for redemption may be exchanged for gold out of the redemption fund, etc., and returned to, the reserve bank. § 16: 1. 33: p. 32. The Federal Keserve Board shall require each Federal reserve bank to maintain on deposit in the Treasury, etc., a sum of gold sufficient, etc. § 16: 1. 45: p. 32. The Federal Reserve Board may, etc., grant, etc., or reject entirely the appucation of any Federal reserve bank for Federal reserve notes. § 16: 1. 4: p. 33. To the extent the application may be granted the Federal Reserve Board shall, etc., supply Federal reserve notes to the banks so applying. §16:1. 5 : p. 33. Such bank shall be charged with the amount of notes issued to it and shall pay such rate of interest, etc. § 16: 1. 12: p. 33. Federal reserve notes issued to any such bank § 16: 1. 13: p. 33. shall, upon delivery, together with such § 16: 1. 17: p. 33. notes of such Federal reserve banks as may be issued under section 18, etc., become a first and paramount lien on all the assets of such bank. § 16: 1. 18: p. 33. Any Federal reserve bank may at any time reduce its liability for outstanding notes by depositing with the Federal reserve agent its Federal reserve notes, gold, gold certmcates, or laAvful money, etc. § 16: 1. 28: p. 33. The Federal reserve agent shall hold such gold, etc., available exclusively for exchange for the outstanding notes when offered by the reserve bank, etc. § 16: 1. 38: p. 33. Any Federal reserve bank may, etc., withdraw collateral deposited, etc. 278 INDEX-DIGEST OF FEDERAL K.ESEEVE ACT AND AMENDMENTS. FEDERAL RESERVE BANK; BANKS— Continued. § 16: 1. 44: p. 33. Any Federal reserve bank may retire any of its §16:1. 3: p. 34. Federal reserve notes by depositing them with the Federal reserve agent or with the Treasurer of the United States, and such Federal reserve bank shall thereupon be enti- tled to receive back the collateral, etc. § 16: 1. S^: p. 34. Federal reserve banks need not maintain the reserve or redemption fund against Federal reserve notes which have been retired. § 16: 1. 18: p. 34. All Federal reserve notes and all gold, etc., issued to or deposited with any Federal re- serve agent, etc., shall hereafter be held for such agent, etc., in the joint custody of him- self and the Federal reserve bank, etc. § 16: 1. 19: p. 34. Such Federal reserve agent and such Federal reserve bank shall be jointly liable, etc. § 16: 1. 35: p. 34. The Comptroller, etc., shall have printed, etc., such quantity of notes of the denominations of, etc., as may be required to supply the Federal reserve banks. § 16: 1. 39: p. 34. Such notes shall bear the distinctive numbers of the several Federal reserve banks, etc. § 16: 1. 44: p. 34. Such notes, etc., shall be deposited in the Treasury, Subtreasury, or mint of the United States nearest the place of business of each Federal reserve bank. § 16: 1. 1 : p. 35. Shall be held for the use of such bank, etc. § 16:1. 11: p. 35. The Federal Reserve Board shall include in its estimate of expenses levied against the Federal reserve banks a sufficient amount to cover the expenses herein provided for. § 16: 1. 35: p. 35. Nothing in this section shall exempt Federa reserve banks, etc., from their habihty to reimburse the United States for any ex- penses incurred in printing and issuiag cir- culating notes. § 16: 1. 38: p. 35. Deposits which every Federal reserve bank § 16: 1. 39: p. 35. shall receive at par from member banks or Federal reserve banks. § 16: 1. 41: p. 35. And when remitted by a Federal reserve bank, § 16: 1. 42: p. 35. checks, and drafts drawn by any depositor § 16 : 1. 44 : p. 35. in any other Federal reserve bank or member bank upon funds to the credit of said de- positor m said reserve bank or member bank. INDEX-DIGEST OP FEDERAL EESEEVE ACT AND AMENDMENTS. 279 FEDERAL RESERVE BANK; BANKS— Continued. § 16: 1. 7: p. 36. The Federal Keserve Board shall by rule fix § 16: 1. 9: p. 36. the charges to be collected by the member banks from its patrons whose checks are cleared through the Federal reserve bank, and the charge which may be imposed for the service of clearing or collection rendered by the Federal reserve bank. § 16: 1. 12: p. 36. The Federal Eeserve Board shall make, etc., regulations governing the transfer of funds and charges therefor among Federal reserve banks and their branches. I 16: 1. 14: p. 36. The Federal Keserve Board may, etc., exercise the functions of a clearirig house for such Federal reserve banks. V ^6: 1. 15: p. 36. Or may designate a Federal reserve bank to exercise such functions. § 16 : 1. 17 : p. 36. May also recjuire each such bank to exercise the functions of a clearing house for its member banks. § 16:1. 22: p. 36.. The Secretary of the Treasury is hereby authorized and directed to receive deposits of gold coin or of gold certificates, etc, when tendered by any Federal reserve bank, etc., for credit to its account with the Fed- eral Eeserve Board. § 16: 1. 27: p. 36. The Secretary of the Treasury shall prescribe the form of receipt to be issued, etc., to the Federal reserve bank, etc. § 16: 1. 35: p. 36. Deposits so made, etc., shall be payable in gold § 16: 1. 37: p. 36. coin or gold certificates, on the order of the Federal Reserve Board to any Federal reserve bank, etc., at the Treasury or Sub- treasury nearest the place of business of such Federal reserve bank, etc. § 16: 1. 43: p. 36. Any expense incurred in shipping gold to or from the Treasury or subtreasuries, etc., shall be paid by the Federal Reserve Board and assessed against the Federal reserve banks. § 16: 1. 9: p. 37. All expenses incident to the handling of such deposits shall be paid by the Federal Reserve Board and included in its assess- ment against the Federal reserve banks. § 16: 1. 10: p. 37. Gold deposits, etc., to the credit of any Fed- § 16: 1. 12: p. 37. eral reserve bank with the Federal Reserve Board shall, at the option of said bank, be counted as part of its lawful reserve against notes or deposits. 280 INDEX-DIGEST OF FEDEBAL EESEB.VE ACT AND AMENDMENTS. FEDEEAl :rESERVE BANK; BANKS— Continued. § 18: 1. 6: p. 38. The Federal Keserve Board may, etc., require the Federal reserve banks to purchase such bonds, etc. § 18: 1. 11: p. 38. The Federal reserve banks shall not be per- mitted to purchase over $25,000,000 of such bonds in any one year. § 18 : 1. 14 : p. 38. Which amount shall include bonds acquired imder section 4 by the Federal reserve bank. § 18: 1. 17: p. 38. The board shall allot to each Federal reserve § 18: 1. 19: p. 38. bank such prOjjortion of such bonds as the capital and surplus of such bank shall bear to the aggregate capital and surplus of all the Federal reserve banks. § 18 : 1. 23 : p. 38. Each member bank shall duly assign, etc., such bonds to the Federal reserve .bank pur- chasing the same. § 18: 1. 24: p. 38. Such Federal reserve bank- shall -thereupon deposit lawful money with the Treasurer for the purchase price, etc. § 18 : 1. 32 : p. 38. The Federal reserve banks -purchasing such bonds may take out circulating notes to the par value of such bonds. § 18: 1. 38: p. 38. Any Federal reserve bank making such deposit, etc., shall be entitled to receive from the Comptroller circulating notes, etc. § 18 : 1. 44 : p. 38. Such notes shall be the obligations Of the Fed- eral reserve bank procuring the same, etc. § 18 : 1. 6 : p. 39. They shall not be limited to the amoujit of the capital stock of the Federal reSetve bank issuing them. , " § 18: 1. 8: p. 39. Upon application of any Federal reserve bank, etc., the Secretary of the Treasury may issue one-year gold notes of the United States without the circulation privilege in exchange for United States 2 per centum gold bonds bearing' the circulation privilege, etc. § 18: 1. 19: p. 39. The Federal reserve bank obtaining such one- year gold notes shall enter into an obliga- tion with the Secretary of the Treasury, etc. § 18: 1. 26: p. 39. And at each maturity of one-year notes so § 18: 1. 28: p. 39. purchased by such Federal reserve bank, to § 18: 1. 29: p. 39. purchase from the United States such an amount' of one-year notes as the Secretary may tender to such bank, not to exceed the ^ounf issued to such bank, in the first instance, etc. INDEX-DIGEST OF FEDBKAL RESERVE ACT AND AMENDMENTS. 281 FEDERAL RESERVE BANK; BANKS— Continued. § 18: 1. 9: p. 40. Upon application of any Federal reserve bank, , approved by the Federal Reserve Board, the Secretary may issue at par such 3 per centum bonds in exchange for the one-year gold notes, etc. § 19: 1. 21: p. 40. Every bank, etc., which is or becomes a mem- § 19: 1. 23: p. 40. ber of any Federal reserve bank shall estab- § 19: 1. 26: p. 40. lish and maintain reserve balances with its § 19: 1. 31 : p. 40. Federal reserve bank as follows, etc. § 19:1. 36: p. 40. § 19: 1. 3: p. 41. No member bank shaU act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal reserve bank, etc., except by permission of the Fed- eral Reserve Board. • § 19:1. 7: p. 41. The required balance carried by a member bank with a Federal reserve bank may, etc., be checked against and withdrawn, etc., for ! the purpose of meeting existing liabilities, etc. § 19: 1. 18: p. 41. Shall be taken as the basis for ascertaining the deposits against which required balances with Federal reserve banks shall be deter- mined. § 21: 1. 13: p. 42. The Federal Reserve Board may at any time direct the holding of a special exammation of State banks, etc., that are stockholders in any Federal reserve bank. § 21:1. 31: p. 42. Every Federal reserve bank may, with the approval of the Federal reserve agent or the Federal Reserve Board provide for special examination of member banks, etc. § 21: 1. 37: p. 42. Such examinations shall be so conducted as to inform the Federal reserve bank of the con- dition of its member banks and of the lines of credit which are being extended by them. § 21: 1. 39: p. 42. Every Federal reserve bank at aU times shall § 21: 1. 43: p. 42. furnish to the Federal Reserve Board such information as may be demanded concerning the condition of any member bank within the district of the said Federal reserve bank. § 21 : 1. 8 : p. 43. The Federal Reserve Board shall order an ex- amination, at least once each year, of each Federal reserve bank, etc. § 21: 1. 11: p. 43. Shall order a special examination and report of the condition of any Federal reserve bank upon joint application of ten member banks. 282 INDEX-DIGEST OF FEDEEAL KESEEVE ACT AND AMENDMENTS. FEDERAL RESERVE BANK; BANKS— Continued. § 27: 1. 22: p. 51. Any Federal reserve bank may buy and sell § 27: 1. 25: p. 51. farm-loan bonds, etc., to the same extent and subject to the same limitations placed upon the purchase and sale by said banks of State, county, district, and municipal bonds, under subsection (b) of section 14 of the Federal Keserve Act. (Act of July 17, 1916.) FEDERAL RESERVE BANK NOTES. § 4:1. 5 : p. 9. To be issued by the Comptroller. § 4:1. 8: p. 9. Under the same conditions, etc., as circulating notes of national banks secured by United States bonds bearing the circulation privi- lege, etc. § 4: 1. 11: p. 9. Except that the issue shall not be limited to the capital stock of such Federal reserve bank. § 16: 1. 13: p. 33. They shaU be a first and paramount lien on all § 16: 1. 16: p. 33. the assets of such bank. § 16: 1. 33: p. 35. Nothing ia this section shall exempt national banks or Federal reserve banks from their liability to reimburse the United States for any expense incurred in printing and issuing circulating notes. § 18: 1. 33: p. 38. Federal reserve banks purchasing such bonds may take out circtdating notes equal to the par value of such bonds. § 18: 1. 40: p. 38. Any Federal reserve bank depositing bonds thus purchased, or any bonds with the cir- culatmg privilege acquired under section 4, may receive such notes from the Comptrol- ler, etc., equal in amount to the par value of the bonds so deposited. § 18: 1. 43: p. 38. Such notes shall be the obligation of the Fed- eral reserve bank procuring the same. § 18: 1. 1: p. 39. ShaU be in form prescribed by the Secretary of the Treasury. § 18:1. 2: p. 39. Shall be to the same tenor and effect as national-bank notes. § 18: 1. 3: p. 39. Shall be issued and redeemed under the sMne terms and conditions as national-bank notes, except that they shall not be limited to the amount of the capital stock of the Federal reserve bank issuing them. FEDERAL RESERVE BANK OF CHICAGO. § 2:1. 20: p. 4. INDEX-DIGEST OF PEDBBAL RESERVE, ACT AND AMENDMENTS. 283 FEDERAL RESERVE BOARD. See also "Federal Reserve Board, powers, duties, etc." § 1:1. 15: p. 3. The term "board" shall be held to mean "Federal Reserve Board." § 4:1. 8: p. 10. No Senator or Representative in Congress shall be a member of the Federal Reserve Board. § 9: 1. 13: p. 17. Federal reserve banks may accept the exami- nations of State authorities in lieu of those made by examiners selected or approved by the Federal Reserve Board. * § 10:1. 17: p. 19. Federal Reserve Board. (Heading of section 10.) § 10: 1. 18: p. 19. Board created. § 10:1. 19: p. 19. To consist of seven members, including the Secretary of the Treasury and the Comp- troller as ex officio members. § 10: 1. 21 : p. 19. Five members shall be appointed by the Presi- dent, by and with the consent of the Senate. § 10: 1. 25: p. 19. Not more than one shall be selected from any one Federal reserve district. § 10: 1. 26: p. 19. The President shall have due regard to a fair representation, etc. § 10: 1. 29 : p. 19. The five appointive members shall devote their entire tune to its business. § 10: 1. 32: p. 19. An annual salary of $12,000 each. § 10 : 1. 33 : p. 19. Payable monthly, with actual necessary travel- mg expenses. * § 10: 1. 34: p. 19. The Comptroller to receive $7,000 in addition, etc. § 10: 1. 39: p. 19. The members, the Secretary of the Treasury, the Assistant Secretaries of the Treasury, and the Comptroller shall be ineligible dur- ing the time they are in office and for two years thereafter to hold any office, position, or employment in any member bank. §10:1. 1 : p. 20. At least two of the five appointive members shall be persons experienced in banking or finance. § 10: 1. 2: p. 20. Preliminary designation of terms. §10:1. 4 : p. 20. Thereafter each shall serve for 10 years. §10:1. 7 : p. 20. One shall be designated by the President as governor and one as vice governor. § 10: 1. 9: p. 20. The governor, subject to its supervision, shall be the active executive officer. 284 INDEX-DIGEST OP FEDERAL RESEBVE ACT AND AMENDMENTS. FEDEBAL BESERVE BOABD— Continued. § 10: 1. 13: p. 20. The Secretary of the Treasury may assign offices in the Department of the Treasury for its use. § 10: 1. 13: p. 20. Each member shall make and subscribe to the oath of office within 15 days after notice of appointment. § 10 : 1. 23 : p. 20. The first meeting shall be in Washington as soon as may be after the passage of this Act. § 10: 1. 25: p. 20. The date of meeting shall be fixed by the Organization Committee. § 10: 1. 27: p. 20. The Secretary of the Treasury shall be an ex officio chairman. § 10: 1. 28: p. 20. No member shall be an officer or director of any Federal reserve bank or of any bank, etc. § 10: 1. 31: p. 20. No member shall hold stock in any bank, etc. § 10: 1. 33 : p. 20. Before entering upon his duties he shall certify under oath to the Secretary of the Treasuiy that he has complied with the requirement. § 10: 1. 36: p. 20. Appointments to fill vacancies other than by expiration of term. § 10: 1. 41: p. 20. Shall hold for the unexpired term. § 10: 1. 44: p. 20. Appointment to fill vacancies occurring diuing tne recess of the Senate. § 10: 1. 45: p. 20. Commissions shall expire 30 days after next session of the Senate convenes. § 10: 1. 8: p. 21. Any power vested by this Act in the Federal Reserve Board or Federal reserve agent which appears to conflict with the powers of the Secretary of the Treasury shall be exercised subject to the supervision and control of the Secretary. § 10: 1. 13: p. 21. Aimual report to Congress. FEDEBAL BESEBVE BOABD, POWEBS, DUTIES, ETC. § 2 : 1. 29 : p. 3. May review the determination of the Organi- zation Committee. § 2:1. 4: p. 4. May readjust districts. § 2:1. 4: p. 4. May create new districts, not to exceed 12 in aU. § 2: 1. 37: p. 4. May call for subscriptions. § 2:1. 41: p. 4. § 5:1. 17: p. 13. § 9:1. 21: p. 16. § 9:1. 24: p. 16. INDEX-DIGEST OP FEDERAL EESEBVE ACT AND AMENDMENTS. 285 TEDERAI RESERVE BOARD, POWERS, DUTIES, ETC.— Continued. § 2: 1. 11 : p. 5. May give 30 days ' notice to any member bank failing to signify its acceptance of the Act, etc., by which it shall cease to act as a re- serve agent. § 2:1. 23: p. 5. Shall have direction of suits brou'ght by the Comptroller for noncompliance with or violation of the Act. § 2: 1. 26: p. 6. Shall adopt and promulgate rules and regula- tions governing the transfers of public stock. § 3:1. 2 : p. 7. May permit or require establishment of branch banks. § 3:1. 7: p. 7. May prescribe rules and regulations for opera- tion of branch banks. § 3: 1. 13: p. 7. Shall appoint a minority of the directors of a branch bank. § 3:1. 14: p. 7. The directors of a branch bank shall hold office during its pleasure. I 4: 1. 27: p. 9. The Federal reserve banks shall be subject to its orders as to discounts, advancements, and accommodations for member banks. § 4 : 1. 42 : p. 9. Shall appoint the class C directors. § 4:1. l:p. 10. § 4: 1. 22: p. 11. § 4: 1. 3: p. 10. Shall designate one as chairman, etc. [See also § 4:1. 25: p. 11.] § 4:1. 25: p. 11. Shall designate one as chairman and as Federal reserve agent. § 4: 1. 31: p. 11. Shall establish regulations as to its local office I 4:1. 32: p. 11. to be maintained by the Federal reserve agent. I 4: 1. 34: p. 11. Shall receive regular reports from the Federal reserve agent. § 4: 1. 37: p. 11. Shall fix his compensation. § 4: 1. 40: p. 11. Shall appoint one of the class C directors as deputy chairman. § 4:1. 1: p. 12. The appointment of assistant Federal reserve agents shall be subject to its approval. § 4:1. 7: p. 12. Shall require bonds from such assistants. § 4:1. 20: p. 12. Compensation for directors, officers, or em- ployees shall be subject to its approval. § 5:1. 41: p. 13. Shall prescribe regulations concerning the payment for shares surrendered. 286 INDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENTS. FEDERAI RESEEVE BOARD, POWERS, DUTIES, ETC.— Continued. § 9:1. 6: p. 16. ShaU receive applications for admission of State banks, trust companies, etc. § 9:1. 7: p. 16. Shall prescribe regulations covering said appli- cation. § 9: 1. 12: p. 16. May permit the applying bank to become a stockholder subject to such conditions as it may prescribe. § 9: 1. 16: p. 16. Shall consider the financial condition of the applying bank, etc. § 9:1. 21: p. 16. On admission, the stock subscription shall § 9: 1. 24: p. 16. be payable on its call. § 9 : 1. 42 : p. 16. Shall fix the dates for reports. § 9:1. 5: p. 17. Shall direct examinations of such banks. § 9: 1. 7: p. 17. Shall approve or select examiners. § 9: 1. 14: p. 17. May order special examinations by examiners , of its own selection. § 9: 1. 16: p. 17. Shall approve the form of report. § 9: 1. 20: p. 17. May require, after hearing, surrender of stock § 9: 1. 22: p. 17. and forfeiture of all rights and privileges § 9: 1. 24: p. 17. of membership for failure to comply with this section or with its regulations. § 9: 1. 27: p. 17. May restore membership, etc. § 9:1. 33: p. 17. Shall receive six months' notice of with- drawal. § 9:1. 37: p. 17. May permit any Federal reserve bank to cancel more than 25 per centum of its capital stock in any one year for purpose of voluntary withdrawal. § 9:1. 41: p. 17. Shall deal with all appHcations for with- drawal in the order in which filed. § 9: 1. 44: p. 17. When ordered by it to surrender stock, etc., all rights and privileges of the bank shall cease and determine. § 9: 1. 24: p. 18. The admitted bank shall retain its fuU charter and statutory powers, etc., subject to the regulations of the board pursuant to the provisions of this Act. § 9: 1. 16: p. 19. May, upon hearing, subject such bank to for- feiture of membership for unlawful certi- fication of a check, etc. § 10: 1. 9: p. 20. Shall have supervision over its governor. § 10: 1. 16: p. 20. Shall levy a semiannual assessment upon the Federal reserve banks, etc. INDEX-DIGEST OE FEDEBAL RESERVE ACT AND AMENDMENTS. 287 FEDERAL RESERVE BOARD, POWERS, DUTIES, ETC.— Continued. 0: 1. 8: p. 21. Shall be subject to the supervision and control of the Secretary of the Treasury as to a,ny power, etc., which appears to conflict with the powers of the Secretary over the Treas- ury department and biureaus. 0: 1. 13: p. 21. Shall make an annual report to the Speaker of the House of Eepresentatives, who shall cause the same to be printed. 0: 1. 23: p. 21. Shall have general supervision over the Comp- troller as to the issue and regulation of Federal reserve notes. : 1. 30: p. 21. Shall be authorized, etc., to examine the accounts, books, and affairs of each Federal reserve bank and of each member bank. : 1. 32: p. 21. Shall be authorized, etc., to require statements and reports from each Federal reserve bank and each member bank. : 1. 33: p. 21. Shall publish a weekly statement showing the condition of each Federal reserve bank, and a consolidated statement for all Federal reserve banks. : 1. 43: p. 21. May permit, or, on the affirmative vote of at least five members, may require Federal reserve banks to rediscoimt the discounted paper of other Federal reserve banks. : 1. 2 : p. 22. Shall fix the rates of interest on such redis- counts. : 1. 3: p. 22. Shall have power to suspend, etc., any reserve requirements specified in this Act. : 1. 11: p. 22. Shall establish a graduated tax on deficiencies in Federal reserve note gold reserves. : I. 22: p. 22. Said tax shall be added to the rates of interest and discount fixed by the Federal Reserve Board. :1. 23:p. 22. Shall supervise, through the bureau under charge of the Comptroller, the issue and retirement of Federal reserve notes. 1.26: p. 22. Shall prescribe rules and regulations as to delivery of such notes by the Comptroller to the Federal reserve agents applying therefor. 1. 29: p. 22. Shall have power to add to the niunber of cities classified as reserve and central reserve cities. 1. 33: p. 22. May reclassify such cities or terminate their designation as such. 1. 35: p. 22. May suspend or remove any officer or director of any Federal reserve bank, etc. 288 INDEX-DIGEST OF FEDERAL EESERVE ACT AND AMENDMENTS. FEDEEAl EESERVE BOARD, POWERS, DUTIES, ETC.— Continued. § 11: 1. 40: p. 22. May require the writing oflE of doubtful or worthless assets upon the books or balance sheets of Federal reserve banks. § 11: 1. 43: p. 22. Shall have power to suspend the operations of any Federal reserve Dank for violation of this Act, to take possession thereof, to ad- minister the same during suspension, and when deemed advisable, to liquidate or reorganize said bank. § 11: 1. 3: p. 23. May require bonds of Federal reserve agents. § 11: 1. 3: p. 23. May make regulations for the safeguarding of all collateral, bonds, Federal reserve notes, money or property of any kind deposited in the hands of such agents. § 11:1. 6: p. 23. Shall perform the duties, functions, or serv- ices specified in this Act. § 11: 1. 8: p. 23. May make all rules and regulations necessary to enable it effectively to perform the same. § 11: 1. 10: p. 23. Shall exercise general supervision over said Federal reserve banks. § 11:1. 12: p. 23. May grant by special permit to national banks applying thereofor, when not in con- travention of State or local law, the right to act as trustee, executor, administrator, or registrar of stocks and bonds under such rules and regulations as it may prescribe. § 11: 1. 17: p. 23. May employ such attorneys, experts, assist- ants, clerks, or other employees as may be deemed necessary, etc. § 11: 1. 19: p. 23. Shall fix all salaries in advance. § 11: 1. 21: p. 23. Shall pay all salaries iu the same manner as salaries of its members. § 11: 1. 23: p. 23. Shall appoint all such attorneys, experts, assistants, clerks, and other employees without regard to the Act of January 16, 1883. (Qvil Service Act.) § 11:1. 34 : p. 23. May, upon the affirmative vote of not less than five of its members permit, from time to time, by general ruling covering all districts alike, member banks to carry in the Federal reserve banks of their respective districts any portion of their reserves now required by section 19 to be held in their own vaults. [Superseded by section 19 as amended by the Act of June 21, 1917, which requires all reserve balances to be kept in the Federal reserve banks. See § 19:1. 14: p. 40.] INDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENTS. 289 FEDERAL RESERVE BOARD, POWERS, DUTIES, ETC.— Continued. § 12:1. 3: p. 24. Shall approve the conapensation and allow- ances for members of the Federal Advisory- Council. § 12:1. 6: p. 24. May caU meetings of the Federal Advisory Council in addition to the four regular meetings. § 12: 1. 18: p. 24. Shall confer with the Federal Advisory Coun- ciland receive oral or written representa- tions from it concerning matters within the jurisdiction of said board. § 12: 1. 20: p. 24. Shall give information to and receive recom- § 12: 1. 21: p. 24. mendations from the council in regard to discount rates, rediscount business, note issues, reserve conditions in the various dis- tricts, the purchase and sale of gold or securities by reserve banks, open-market operations by said banks, and the general afiPairs of the reserve banking system. § 13:1. 7: p. 25. Shall determine and regulate reasonable ex- change charges, not to exceed 10 cents per $100 or fraction thereof, made by member or nonmember banks for collection or payment of checks and drafts and remission therefor by exchange or otherwise, etc. § 13: 1. 22: p. 25. Shall determine or define the character of the paper thus eligible for discount, within the meaning of this Act. § 13:'l. 42: p. 25. Shall fix the percentage of the assets of the Federal reserve bank to be employed in the discount of notes, etc., drawn or issued for agricultural purposes or based on live stock, etc., having a maturity not exceeding six months, etc. § 13: 1. 33: p. 26., Shall prescribe general regulations, apphcable to all banks alike, regardless of the amount of capital stock and surplus, authorizing acceptances up to 100 per centum of the paid-up and unimpaired capital stock and surplus of the accepting bank. §13:1. 2:p.27. Shall review and determine rates estabhshed by Federal reserve banks for advances to member banks on their promissory notes, etc. § 13: 1. 31: p. 27. May impose restrictions, Mmitations, and reg- ulations upon the discount and rediscount and the purchase and sale by Federal reserve banks of bills receivable and of domestic and foreign bills of exchange and of acceptances authorized by this Act. 20592°— 18 19 290 INDEX-DIGEST OF FEDERAL BESEBVE ACT AND AMENDMENTS. FEDERAL RESERVE BOARD, POWERS, DUTIES, ETC.— Continued. § 13: 1. 17: p. 28. May prescribe regulations as to the acceptance of dollar exchange drafts or bills by member banks. § 13: 1. 25: p. 28. May regulate, restrict, and limit the amount of such drafts or bills which may be acquired by Federal reserve banks. § 14:1. 39: p. 28. Shall prescribe rules and regulations as to open-market purchases by Federal reserve banks. § 14: 1. 20: p. 29. Shall prescribe rules and regulations under whicn Federal reserve banl5 may buy and sell, etc., bonds and notes of the IJnited States, biUs, notes, revenue bonds and war- rants, etc., issued in anticipation of the collection of taxes or of tne receipt of assured revenues by any State, county, dis- trict, pohtical subdivision, or municipahty in the continental United States, including irrigation, drainage, and reclamation dis- tricts. § 14: 1. 26: p. 29. Shall review and determine rates of discount estabhshed and to be charged by Federal reserve banks for each class of paper, etc. § 14:1. 32: p. 29. May consent to or order and direct Federal reserve banks under its regulations to open and maintain accounts in foreign countries, to appoint correspondents, and estabhsh agencies, etc., for the purpose of purchasing, sdling, and collecting bills of exchange, etc. § 14 : 1. 44 : p. 29. May consent to the opening and maintaining of banking accounts for such foreign cor- respondents or agencies by Federal reserve banks. § 14:1. 5: p. 30. May consent to and approve and prescribe §14:1. 7 : p. 30. rules and regulations as to the caxrying on or § 14:1. 12: p. 30. conducting by any other Federal reserve bank, through the Federal reserve bank opening such account or appointing such agency, of any transaction authorized by tSs section. § 16: 1. 34: p. 30. May issue, in its discretion, Federal reserve notes. § 16i 1. 25: p. 31. Shall receive notice each day from the Federal reserve agent of all issues and withdrawals. § 16: 1. 28: p. 31. May at any time call upon a Federal reserve bank for additional security, etc, § 16: 1. 44: p. 31. Shall assign a distinctive letter and serial number to each Federal reserve bank to be borne upon the faces of all notes so paid out. INDEX-DIGEST OF FEDBEAL BESEKVE ACT AND AMENDMENTS. 291 FEDEEAI EESEEVE BOARD, POWEES, DUTIES, ETC.— Continued. § 16 : 1. 33 : p. 32. Shall require each Federal reserve bank to maintain on deposit in the Treasury a gold Federal reserve note redemption fund not less than 5 per centum, etc. § 16 : 1. 43 : p. 32. May grant, etc., or reject the application of any Federal reserve bank for Federal reserve notes. § 16: 1. 2: p. 33. Shall supply notes to the extent that suchapph- cation may be granted. § 16:1. 7: p. 33. Shall estabhsh the rate of interest to be paid by the Federal reserve bank on the total amount of such outstanding notes, less the amount of gold, etc., held as collateral by the Federal reserve agent. § 16: 1. 30: p. 33. Shall require the Federal reserve agent, upon request of the Secretary of the Treasury, to transmit to the Treasurer of the United States so much of the gold held by him as collateral seciirity for Federal reserve notes as may be required for the exclusive purpose of redemption of such notes, etc. § 16: 1. 44: p. 33. Shall prescribe regulations as to the with- drawal of and substitution for collateral, etc. § 16: 1. 16: p. 34. Shall prescribe rules and regulations provid- ing for the joint custody of all Federal re- serve notes, gold, gold certificates and law- ful money issued to or deposited with the Federal reserve agent. § 16: 1. 24: p. 34. Shall hold, subject to the order of the Federal reserve agent, gold or gold certificates de- posited by him. §16:1. 9 : p. 35. Shall include in its estimate of expenses levied against the Federal reserve banks a suffi- cient amount to cover the expenses herein provided for. § 16: 1. 4: p. 36. Shall fix, by rule, the charges to be collected by the member bank from its patrons whose checks are cleared through the Federal re- serve bank. §16:1. 7: p. 36. Shall fix, by rule, the charge which may be imposed for the service of clearing or col- lection rendered by the Federal reserve bank. § 16: I. 10: p. 36. Shall make and promulgate regulations gov- erning the transfer of funds and charges therefor among Federal reserve banks and their branches. 292 INDEX-DIGEST Oi' EEDEKAL KESERVE ACT AND AMENDMENTS. FEDERAL RESERVE BOARD, POWERS, DUTIES, ETC.— Continued. § 16: 1. 13: p. 36. May exercise, at its discretion, the functions of a clearing house for such Federal reserve banks. § 16: 1. 15: p. 36. Or may designate a Federal reserve bank to exercise such functions. § 16: 1. 16: p. 36. May require each such bank to exercise the functions of a clearing house for its membei banks. § 16: 1. 24: p. 36. The Secretary of the Treasury is hereby authorized and directed to receive, etc., deposits of gold coin or gold certificates when tendered by any Federal reserve bank or Federal reserve agent for credit to its or his account with the Federal Reserve Board. § 16: 1. 29: p. 36. The Federal Reserve Board shall receive a duphcate of said receipt from the Treasurer, etc. § 16: 1. 32: p. 36. Such deposits shall be subject to the orders of § 16: 1. 34: p. 36. the Federal Reserve Board and shall be pay- able in gold coin or gold certificates on the order of the Federal Reserve Board to any Federal reserve bank or Federal reserve agent, etc. § 16: 1. 42: p. 36. The Federal Reserve Board shall pay and assess against the Federal reserve banks any ex- pense incurred in shipping gold to or from the Treasury, etc. § 16: 1. 43: p. 36. The order used by the Federal Reserve Board in making such payments shall be signed by the governor or vice governor or such other officer, etc. § 16: 1. 8: p. 37. Shall paj" the expenses necessarily incurred in carrying out these provisions, including, etc., and shall include them in its assess- ments against the Federal reserve banks. § 18: 1. 11: p. 37. Gold deposits to the credit of any Federal re- serve bank with the Federal Reserve Board, shall, at the option of the bank, be coimted as part of its lawful reserve against notes or deposits. § 18: 1. 4: p. 38. The Treasurer, at the end of each quarterly period, shall furnish the Federal Reserve Board with a list of such applications to sell bonds. § 18: 1. 5: p. 38. May require, in its discretion, the Federal re- § 18: 1. 9: p. 38. serve banks to purchase such bonds from the banks whose applications have been filed with the Treasurer at least 10 days before the end of any quarterly period at which the Federal Reserve Board may direct the purchase to be made. INDEX-DIGEST OF FEDERAL KESEEVE ACT AND AMENDMENTS. 293 FEDERAL RESERVE BOARD, POWERS, DUTIES, ETC.— Continued. § 18: 1. 16: p. 38. Shall allot to each Federal reserve bank such proportion of such bonds, etc. § 18: 1. 9: p. 39. May approve applications of Federal reserve banks to the Secretary of the Treasury for exchange of United States 2 per centum gold bonds, etc., for one-year' gold notes, and 30-year 3 per centum gold bonds, etc. § 18: I. 10: p. 40. May approve applications of Federal reserve banks to the Secretary of the Treasury for exchange of the 1-year gold notes for such 3 per centum bonds. § 19: 1. 5: p. 41. May give permission to a member bank to act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal reserve bank, etc. ' § 19:1. 9: p. 41. Shall prescribe regulations and penalties in cases of the checking against and with- drawal of required bal^ances carried by member banks, etc. § 19: 1. 26: p. 41. May consent to national banks, or banks or- ganized under local law, located in Alaska or in a dependency or insular possession, etc., becoming member banks of any one of the reserve districts. §21:1. 8:p. 42. May authorize examination by the Sta'te au- thorities to be accepted, etc. § 21: 1. 11: p. 42. May direct the holding of a special examina- tion of State banks; etc. § 21: 1. 22: p. 42. Shall fix the salaries of all bank examiners, upon the recommendation of the Comp- troller. § 21 : 1. 24: p. 42. Shall report thereon to Congress. § 21 : 1. 33: p. 42. May approve of special examinations of mem- ber banks by Federal reserve ba,nks. § 21:1. 40: p. 42. Shall be furnished by Federal reserve banks with inforj'nation, etc., concerning the con- dition of any member bank, etc. § 21:1. 7: p. '43. Shall order an examination of each Federal reserve bank at least once' each year. § 21:1. 10: p. 43. Shall order a special examination and report of the condition of any Federal reserve bank upon joint application of 10 member banks. § 24: 1. 20: p. 45. May add to the list of cities in which national banks shall not be permitted to loan upon real estate. 294 INDEX-DIGEST OF FEDERAL EESEEVE ACT AND AMENDMENTS. FEDERAI EESERVE BOARD, POWERS, DUTIES, ETC.— Continued. § 25:1. 27 : p. 45. Shall receive applications from national banks, etc., for the establishment of branches in foreign countries and for permission to invest in the stocks of corporations, etc., principally engaged in international or for- eign banlang. § 25: 1. 29: p. 45. Shall prescribe regulations and conditions as to such applications. § 25:1. 6: p. 46. May approve or reject such applications in whole or in part. § 25: 1. 10: p. 46. May increase or decrease the number of places where such banking operations may be car- ried on. § 25: 1. 21: p. 46. Shall receive information concerning the con- dition of such banks or corporations, etc., upon demand. § 25 : 1. 22 : p. 46. May order special examinations of said branches, banks, or corporations. § 25: 1. 30: p. 46. May prescribe limitations and restrictions as to restriction of the operations or conduct of the business of corporations, etc., whose stock has been purchased, etc. § 25: 1. 32: p. 46. May institute an investigation in regard to noncompliance with its regulations. § 25: 1. 35: p. 46. May send for persons and papers, subpoena witnesses, and administer oaths, etc. § 25: 1. 42: p. 46. May require such national banks to dispose of stock holdings in the said corporation, upon reasonable notice, for failure of the corpora- tion or of the national bank or banks to comply with its regulations. § 25:1. 8: p. 47. May approve interlocking directors, officers, etc., between member banks and the above- mentioned bank or corporation in the capital stock of which such member banks nave invested, etc. § 28: 1. 17: p. 49. May approve, with the Comptroller of the Cur- § 28: 1. 18 : p. 49. rency, reduction of capital stock by national banks, etc. FEDERAL RESERVE CITIES; CITY. § 2:1, 24: p. 3. The Organization Committee shall designate not less than 8 nor more than 12 cities to be known as Federal reserve cities. § 2:1. 27: p. 3. Each district shall contain only one of such Federal reserve cities. INDEX-DIGEST OF FEDERAL EESEBVE ACT AND AMENDMENTS. 295 PEDERAI RESERVE CITIES; CITY— Continued. § 2: 1. 31: p. 6. The organization of reserve districts and Fed- eral reserve cities, shall not change the present status of reserve and central reserve cities, except, etc. § 4:1. 21: p. 7. A certificate shall be filed showing, etc., the Federal reserve city designated in each of the districts. FEDERAL RESERVE DISTRICT; DISTRICTS. See "District, Districts." FEDERAL RESERVE NOTES. § 10: 1. 24: p. 21. The Comptroller, etc., under the general super- vision of the Federal Keserve Board, shall be charged with the execution of all laws, etc., relating to the issue and regulation of all Federal reserve notes. § 11: 1. 10: p. 22. A graduated tax shall be estabhshed, etc., when the gold reserve held against Federal reserve notes falls below 40 per centum, etc. § 11 : 1. 25 : p. 22. The Federal Eeserve Board shall supervise and regulate, through the bureau under the charge of the Comptroller, the issue and retirement of Federal reserve notes. § 11: 1. 26: p. 22. Shall prescribe rules and regulations under which such notes may be deUvered by the Comptroller to the Federal reserve agents ' applying therefor. §11:1. 5: p. 23. Shall make regulations for the safeguarding of all coUaterS, bonds, Federal reserve notes, etc.,. deposited in the hands of such agents. § 12: 1. 22: p. 24. The Federal Advisory Council may,, call for information and make recommendations in regard to note issues, etc. § 13: 1. 31: p. 24. Federal reserve notes may be received on deposit by Federal reserve banks from any member banks and from the United States. § 13: 1. 42: p. 24. Federal reserve banks, solely for purposes of exchange or of collection, may receive Federal reserve notes, etc., on deposit from any nonmember bank or trust company, provided, etc., it maintains a balance, etc. § 14: 1. 5: p. 29. Federal reserve banks may exchange Federal reserve notes for gold. § 15:1. 17: p. 30. The funds provided in this Act for the re- demption of Federal reserve notes, etc., may not be deposited by the Secretary of the Treasury in Federal reserve banks. I 16: 1. 32: p. 30. Note issues. (Heading of section 16.) 296 INDEX-DIGEST OF FEDERAL EESEBVE ACT AND AMENDMENTS. FEDERAL RESERVE NOTES— Continued. § 16: 1. 33: p. 30. The issue of Federal reserve notes authorized, ' at the discretion of the Federal . Reserve Board. § 16 : 1. 37 : p. 30. Federal reserve notes shall be obligations of the United States. § 16: 1. 1 : p. 31. Shall be receivable by all national and member banks and Federal reserve banks. §16:1. 3:p.31. Shall be receivable for all taxes, customs, and other pubMc dues. § 16: 1. 4: p. 31. Shall be redeemable in gold on demand at the Treasury, etc. § 16: 1. 6: p. 31. Shall be redeemable in gold or lawful money at any Federal reserve bank. § 16: 1. 9: p. 31. Any Federal reserve bank may make apphca- tion to the local Federal reserve agent for Fereral reserve notes, etc. § 16: 1. 11: p. 31. Such apphcation shall be accompanied with a tender of collateral in amount equal to the sum of the Federal reserve notes thus applied for. § 16: 1. 14: p. 31. What collateral may be offered. § 16: 1. 24: p. 31. The collateral, etc., shall, in no event, be less than the amount of Federal reserve notes apphed for. § 16: 1. 26: p. 31. The Federal reserve agent shall notify the board each day of all issues and vsathdrawals of Federal reserve notes, etc. § 16: 1. 30: p. 31. The Federal Reserve Board may at any time call, etc., for additional security to protect the Federal reserve notes, § 16: 1. 35: p. 31. Every Federal reserve bank shall maintain reserves in gold of not less than 40 per centum against its Federal reserve notes in ' actual circulation. § 16: 1. 38: p. 31. Gold or gold certificates held by the Federal re- § 16:1. 41: p. 31. serveagentas collateral, etc., shall be counted as part of the gold reserve, to be maintained by Federal reserve banks against their Federal reserve notes in actual circulation. § 16: 1. 42: p. 31. Notes go paid out shall bear, etc., a distinctive letter and serial number to be assigned, etc., to each Federal reserve bank. § 16: 1. 45: p. 31. Federal reserve notes issued through one Fed- eral reserve bank received by another shall be promptly returned 'for credit or redemp- tion to the Federal reserve bank through which originally issued. INDEX-DIGKST OF FEDERAL EESEEVE ACT AND AMENDMENTS. 297 FEDERAL RESEEVE NOTES— Continued. § 16: 1. 4: p. 32. Or, upon direction of such bank, they shall be forwarded direct to the Treasurer of the United States to be retired. § 16: 1. 7: p. 32. No Federal reserve bank shall pay out notes § 16:2. 9: p. 32. issued through another under penalty of a tax of ro per centum' upon the face value of notes so paid out. § 16: 1. 9: p. 32. Notes presented for redemption at the Treas- ury shall be paid out of the redemption fund, and returned to the Federal reserve banks through which originally issued. § 16:1. 13: p. 32. Thereupon such Federal reserve bank, upon demand of the Secretary of the Treasury, shall reimburse such redemption fund in lawful money. § 16:1. 15: p. 32. If such notes have been redeemed by the Treasurer in gold or gold certificates, such funds shall be reimbursed, to the extent deemed necessary by the Secretary, in gold or gold certificates. § 16: 1. 20: p. 32. Such Federal reserve bank shall, so long as any of its Federal reserve notes remain out- standing, maintain with the Treasurer, in gold, an amount sufficient in the judgment of the Secretary to provide for all redemp- tions to be made by the Treasurer. § 16: 1. 24: p. 32. Federal reserve notes received by the Treasurer otherwise than for redemption may be ex- changed for gold out of the redemption fund, etc., and returned to the reserve bank through which originally issued, etc. § 16: 1. 28: p. 32. Or they may be returned to such bank for the credit of the United States. § 16: 1. 29: p. 32. Federal reserve notes unfit for circulation shalL be returned by the Federal reserve agents to the Comptroller for cancellation and de- struction. § 16: 1. 37: p. 32. The Federal Eeserve Board shall require each Federal reserve bank to maintain on deposit in the Treasury a sum in gold sufficient, in the judgment of the Secre- tary, for the redemption of the Federal reserve notes issued to such bank. § 16: 1. 39: p. 32. Shall be in no event less than 5 per centum of the total amount of notes issued, less the amount of gold or gold certificates held by the Federal reserve agent as collateral. 298 INDEX-DIGEST OP PEDERAL RESERVE ACT AND AMENDMENTS. * PEDERAI EESERVE NOTES— Continued. § 16:1. 41: p. 32. Such deposit of gold shall be counted and included >s part of the 40 per centum reserve, etc. § 16: 1. 1: p. 33. The Federal Reserve Board may, etc., grant or reject the application of any Federal reserve bank for Federal reserve notes. § 16: 1. 4: p. 33. The Federal Reserve Board, etc., shall supply Federal reserve notes, etc., to the extent such appMcation may be granted. § 16: 1. 6: p. 33. Such bank shaU be charged with the amount of notes issued to it, etc. § 16:1. 6: p. 33. ShaU pay such rate of interest as may be I 16:1. 9: p. 33. estabhshed by the Federal Reserve Board on only, etc., the total amount of such notes, etc., outstanding, less the amount of gold, etc., held by the Federal reserve agent as collateral. § 16: 1. 12: p. 33. Such Federal reserve notes shall, etc., become a first and paramount hen upon all of the assets of the bank. ^ 16: 1. 19: p. 33. Any Federal reserve bank may at any time I 16: 1. 21: p. 33. reduce its habihty for outstanding Federal reserve notes by depositing with the agent its Federal reserve notes, gold, gold certifi- cates, or lawful money. § 16: 1. 22: p. 33. Federal reserve notes so deposited shall not be reissued except upon compHance with the conditions of an original issue. § 16:1. 27: p. 33. The Federal reserve agent shall hold such gold, etc., available exclusively for ex- change for the outstanding Federal reserve notes when offered by the bank, etc. § 16: 1. 33: p. 33. Upon request of the Secretary of the Treasury, :§ 16: 1. 34: p. 33. the Federal Reserve Board shall require the Federal reserve agent to transmit to the Treasurer so much of the gold held by him as collateral for Federal reserve notes as may be required for the exclusive pur- pose of redemption of such notes. § 16: 1. 35: p. 33. Such gold when deposited with the Treas- urer, shall be counted, etc., as if collateral on deposit with the Federal reserve agent- § 16: 1. 40: p. 33. Any Federal reserve bank may withdraw collateral deposited with the local Federal reserve agent for the protection of it? Federal reserve notes issued to it. § 16: 1. 41: p. 33. Shall substitute other collateral of equal amount, etc. INDEX-DIGEST OF FEDEBAL RESERVE ACT AND AMENDMENTS. 299 TEDEEAI RESERVE NOTES— Continued. § 16: 1. 1: p. 34. Any Federal reserve bank may retire any of its Federal reserve notes by depositing them witb the Federal reserve agent or with the Treasurer of the United States. §16:1. 6: p. 34. Such bank shall thereupon be entitled to receive back the collateral deposited, etc., for the security of such notes. § 16:1. 8: p. 34. No reserve or redemption fund shall be re^ quired against Federal reserve notes ■which have been retired. :§ 16: 1. 9: p. 34. Federal reserve notes so deposited shall not be reissued except upon compliance with the conditions of an original issue. § 16:1. 12: p. 34. All Federal reserve notes, etc., issued to or deposited with the Federal reserve agent shall be held in the joint custody of him- seK and the Federal reserve bank. ^ 16:1. 20: p. 34. Such agent and such Federal reserve bank shall be jointly hable for their safe-keeping. § 16: 1. 21 : p. 34. Nothing herein shall prohibit a Federal reserve agent from depositing gold, etc., with the Federal Reserve Board, to be held subject to his order, or with the Treasurer, etc. § 16: 1. 28: p. 34. The Comptroller, etc., shall cause plates and dies to be engraved, etc., in order to fur- nish suitable notes, etc. § 16: 1. 33: p. 34. Shall have printed therefrom and numbered such quantities of such notes of denomina- tions of $5, $10, $20, $50, $100, as may be required, etc. § 16:1. 36 : p. 34. Such notes shall be inform and tenor as directed by the Secretary of the Treasury. § 16: 1. 38: p. 34. Shall bear the distinctive numbers of the several Federal reserve banks through which issued. § 16: 1. 41: p. 34. When prepared, such notes shall be deposited in the Treasury, Subtreasury, or mint near- est the place of business of each bank. § 16: 1. 44: p. 34. Shall be held for the use of such bank subject to the order of the Comptroller for their delivery, etc. § 16:1. 4: p. 35. The plates and dies for printing such notes shall remain under the control and direction of the Comptroller. 300 INDEX-DIGiaST OF FEDERAL RESERVE ACT AND AMENDMENTS. FEDEEAL RESERVE NOTES— Continued. § 16: 1. 6: p. 35. The expenses necessarily incurred, etc., relat- ing to the procuring of such notes and all other expenses incidental to their issue and retirement shall be paid by the Federal reserve banks, etc. § 16: 1. 10: p. 35. The Federal Reserve Board shall include in its estimate of expenses levied against the Federal reserve banks a sufficient amount to cover the expenses herein provided for. § 16: 1. 17: p. 35. The provisions of section 5174, Revised Stat- utes, relating to the examination of plates, dies, bed pieces, etc., and regulations relat- ing to sucn examination, etc., of national- bank notes are hereby extended to include notes herein provided for. § 16: 1. 19: p. 35. Any appropriation heretofore made out of the general funds of the Treasury for engraving plates and dies, etc., and any distinctive Saper on hand, etc., may be used, in the iscretion of the Secretary of the Treasury, for the purposes of this Act. § 16:1. 27: p. 35. Should such appropriations be insufficient, etc., the Secretary is authorized to use so much of any funds in the Treasury not otherwise appropriated for the purpose of furnishing the notes aforesaid. § 16: 1. 33: p. 35. Nothing in this section shall exempt Federal reserve banks, etc., from their liability to reimburse the United States for any ex- penses incurred in printing and issuing cir- culating notes. § 16: 1. 14: p. 37. Gold deposits with the Treasurer standing to the credit of any Federal reserve bank with the Federal Reserve Board shall, etc., be counted as part of the lawful reserve, etc., against outstanding Federal reserve notes or, etc., against deposits. FEDERAL RESERVE SYSTEM. § 9:1. 5: p. 16. Desiring to become- a member of the Federal reserve system, etc. §. 9:1. 16: p. 18. Banks becoming members of the Federal reserve system, etc. § 9: 1. 25: p. 18. Any bank becoming a member of the Federal reserve system, etc. § 9: 1. 15: p. 19. May subject such bank to a forfeiture of its membership in the Federal reserve system, etc. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 301 FEDERAL RESEKVE SYSTEM— Continued. § 27 : 1. 2 : p. 49. Which have joined, or may contract to join, the Federal reserve system, etc. § 5: 1. 18: p. 50. Or in deposits in member banks of the Federal reserve system, etc. (Act of July 17, 1916.) % 13:1. 10: p. 51. To deposit, etc., with any member bank of the Federal reserve system, etc. (Act of July 17, 1916.) § 27:1. 19: p. 51. Any member bank of the Federal reserve system may buy and sell farm loan bonds, etc. (Act "of July 17, 1916.) § 7: 1. 16: p. 52. The provisions of section 5191 of the Revised. s 8' 1 25- n 54 Statutes, etc., with reference to the reserves ' ^' ' required to be kept by national banks and other member banks of the Federal reserve system, e,tc. (Act of April 24, 1917.) (Act of September 24, 1917.) § 2: 1. 12: p. 53. Whether member banks or not of the Federal reserve system, etc. (Act of May 18, 1916.) § 2: 1. 25: p. 53. If one or more member banJts of the Federal reserve system, etc., exists in the city, etc. (Act of May 18, 1916.} FEDERAL TAXATION. § 7:1. l:p. 15. Federal reserve banks, including the capital stock and surplus therein and the income derived therefrom, shall be exempt from Federal, State, and local taxation, except taxes upon real estate. FEE; FEES. § 11: 1. 20: p. 23. The Federal Reserve Board shall fix in advance all salaries and fees of its attorneys, experts, assistants, clerks, or other employees. § 13: 1. 44: p. 27. National banks acting as agent for any fire, life, or other insurance company may receive for services so rendered such fees, etc., as may be agreed upon, etc. § 13: 1. 6: p. 28. National banks may receive a reasonable fee, etc., for making or procuring loans on real estate, as broker or agent of others. § 22: 1. 32: p. 43. No officer, director, etc., of a member bank § 22:1. 34: p. 43. shall receive, etc., any fee, etc., for or in § 22: 1. 38: p. 43. connection with any transaction, etc., of the bank, other than the usual director's fee, and other than a reasonable fee for services ren- dered, etc. 302 INDEX-DIGEST OF FBDEEAL EESEEVE ACT AND AMENDMENTS. FIFTEEN DAYS. § 4: 1. 40: p. 10. A copy of the list of candidates for director shaU be furnished by the chairman to each elector within fifteen days after its com- pletion. § 4: 1. 42. p. 10. Every elector shall certify his choices, etc., within fifteen days after the receipt of saia list. § 10: 1. 14: p. 20. Each member of the Federal Reserve Board shall make and subscribe to the oath of ofl&ce within fifteen days after notice of appointment. §11:1. 5: p. 22. The Federal Reserve Board may, from time to timCj renew such suspension of reserve requirements for periods not exceeding fifteen days. § 13:1. 45 : p. 26. Federal reserve banks may make advances to their member banks on their promissory notes for a period not exceeding fifteen days, etc. § 27 : 1. 3 : p. 49. The Secretary of the Treasury may extend the benefits of this Act to all qualified State J banks and trust companies which have joined or may contract to join the Federal reserve system within fifteen days after the passage of this Act. FIFTH. § 4:1. 31: p. 8. § 13:1. 24: p. 27. FIFTY DOIIARS. § 16: 1. 35: p. 34. Federal reserve notes shall be of the denomi- nations of $5, 110, $20, fifty dollars, and $100. FIFTY PER CENTUM. § 13 : 1. 42 : p. 26. The aggregate of acceptances growing out of domestic transactions shall in no event exceed fifty per centum of such capital stock and surplus. § 24: 1. 12: p. 45. No loan on farm land or real estate shall exceed fifty per centum of the actual value of the property offered as security. FIFTY-ONE PER CENTUM. § 8: 1. 12: p. 15. By vote of the shareholders owning not less than fifty-one per centum of the capital stock of such bank, a State bank, etc., may be converted into a national bank. § 8: 1. 22: p. 15. The certificate shall declare that the owners of fifty-one per centum of the capital stock have authorized the directors to make such certificate, etc. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. SOS FILE. § 4 § 18 1. 16: p. 8. The Comptroller shall file, record, and care- fully preserve the organization certificate. 1. 43: p. 37. Any member bank, etc., may file with the Treasurer of the United States an application to sell, etc., its United States bonds securing circulation to be retired. § 25; I. 26: p. 45. National banks, etc., may file with the Federal Reserve Board an application for permis- sion to establish foreign branches, etc., and to invest in the stock of one or more banks or corporations, etc.j principally engaged in international or foreign banking, etc. A certificate shall be filed by the Organization Committee, etc. Any State bank, etc., may withdraw from membership after six moniths' written notice shall have been filed with the Federal Reserve Board. All such applications shall be dealt with in the order in which filed 'with the Federal Reserve Board. The Federal Reserve Board may require the Federal reserve banks to purchase such bonds from the banks whose apphcations have been filed with the Treasurer, etc. The Federal reserve bank shall become a body corporate upon the filing of such certificate. The bank shall not guarantee the truth of any statement made by an assured in filing his application for insurance. § 25: 1. 4: p. 46. Such application shaU specify the name and capital of the banking association filing it. FILED. § 4:1.19: P- 7, § 9: 1. 32: P- 17, § 9:1.41: P- 17, § 18:1. 8: p. 38, FILING. § 4:1.18: p. 8, § 13:1. 12: p. 28, FILL. § 10: § 10: § 10: § 12; FILLED. § 4: I. 40: p. 20. A successor shall be appointed by the Presi- dent, etc., to fill such vacancy. 1. 42: p. 20. For the unexpired term of the member whose place he is selected to fill. I. 43 : p. 20. The President shall have power to fill all vacancies, etc., upon the Federal Reserve Board during the recess of the Senate, etc. 1.14: p. 24. Members selected to fill vacancies in the council shall serve for the unexpired term. 1. 41 : p. 12'. Vacancies in the directors of Federal reserve banks shall be filled in the manner pro- vided for original selection. 304 INDEX-DIGEST OP FEDERAL BESEBVE ACT AND AMENDMENTS. FILLED— Continued. § 12:1. 13: p. 24. Vacancies in the Federal Advisory Council shall be filled by the respective reserve banks. FIHAITCE. § 10: 1. 2: p. 20. At least two of the members of the Federal Reserve Board shall be persons experienced in banking or finance. FINANCIAL CONDITION. § 9: 1. 17: p. 16. In acting upon applications of State banks, etc., for membership, the Federal Reserve Board shall consider the financial condition of the appljring bank, etc. FINE. § 22: 1. 18: p. 44. Any person violating any provision of this sec tion, shall be punished by a fine of not more than $5,000, etc. FINED. § 22: 1. 18: p. 43. Any bank officer, etc., violating this provision shall be fined not more than S5,000, etc. § 22: 1. 19: p. 43. Or may be fined a further sum equal to the money so loaned, etc. § 22: 1. 24: p. 43. Any examiner accepting a loan, etc., may be fined not more than 15,000, etc. § 22: 1. 25: p. 43. And may be fined a further sum equal to the money so loaned, etc. FIRE INSURANCE COMPANY. § 13: 1. 39: p. 27. National banks, in places not exceeding 5,000 inhabitants, etc., niay act, under regula- tions of the Comptroller, as agent for any fire insurance company, etc. FIRM; FIRMS. § 13: 1. 1: p. 26. Whether a person, company, firm, etc. § 13: 1. 24: p. 26. Any one person, company, firm, etc. § 14: 1. 42: p. 28. Either from or to domestic or foreign banks, firms, etc. FIRST. § 4:1. 23: p. 8. § 13:1. 16: p. 27. § 25:1. 31: p. 45. FIRST AND PARAMOUNT LIEN. § 16: 1. 16: p. 33. Federal reserve notes, and notes issued under section 18 upon security of United States 2 per centum bonds, shall become a first and paramount lien on all the assets of such bank. INDEX-DIGEST OP FEDERAL EESEEVE ACT AND AMENDMENTS. 305 PIRST CHOICE; CHOICES. § 4:1. 43: p. 10. Shall certify to the chairman his first, etc., choices, etc. § 4: 1. 3: p. 11. Shall make a cross opposite the name of his first, etc., choices, etc. § 4: 1. 8: p. 11. A majority of aU votes cast in the column of first choice, etc. FIRST AND SECOND CHOICES. § 4: 1. 14: p. 11. By adding together the first and second choices, etc. § 4: 1. 16: p. 11. When the first and second choices shall have been added, etc. FIRST APPLIED. , § 6:1. 9 : p. 14. Cash-paid subscriptions of an insolvent mem- ber bank, etc., shall be first applied to all debts due to the Federal reserve bank. FIRST COLUMN. § 4:1. 9: p. 11. If no candidate have a majority of all the votes in the first column, etc. § 4: 1. 12: p. 11. And the votes cast for the several candidates in the first column, etc. FIRST HAVING OBTAINED. § 22: 1. 10: p. 44. No examiner, etc., shall disclose the names of borrowers, etc., without first having ob- tained the express pemaission in writing from the Comptroller, etc. FIRST INSTANCE, IN THE. § 18: 1, 29: p. 39. Not to exceed the amount issued to such bank in the first instance in exchange for the 2 per centum United States gold bonds. FIRST MEETING. § 4 : 1. 29 : p. 12. The board of directors of Federal reserve banks shall designate the terms of directors at the first meeting of the full board, etc. • § 10: 1. 23: p. 20. The first meeting of the Federal Reserve Board shall be held in Washington, etc. FIRST OF JANUARY. § 4:1. 33: p. 12. The board of directors shall designate one of each class of directors whose term of office shall expire in one year from the first of January nearest to date of such meeting, etc. 20592°— 18 20 306 INDEX-DIGEST OF FEDERAL KESEEVE ACT AND AMENDMENTS. FIRST PARAGRAPH. § 25:1. 18: p. 46. / Every member bank investing in the capital stock of banks or corporations described under subparagraph 2 of the first paragraph of this section, shall be required to furnish information, etc. FIRST THREE MONTHS. § 27: 1. 14: p. 48. National banks having circulating notes se- cured otherwise than by bonds of the United States, shall pay for the first three months a tax of 3 per centum per annum, etc. FIRST TWO PARAGRAPHS. § 9:1. 21: p. 18. State banks, etc:, becoming members, shall not be subject to examination under the provisions of the first two paragraphs of section 5240, Revised Statutes, as amended, etc. FISCAL AGENTS. § 15: 1. 21: p. 30. Federal reserve banks shall act as fiscal agents of the United States when required by the Secretary of the Treasury. § 25 : 1. 34 : p. 45. Foreign branches of national banks shaJl act as fiscal agents of the United States if re- quired to do so. FISCAL PERIOD. §25:1. 4: p. 47. Shall transfer to its general ledger, at the end of each fiscal period, the profit or loss ac- crued at each branch as a separate item. FIVE APPOINTIVE MEMBERS. , § 10: 1. 24: p. 19. In selecting the five appointive members of the Federal Keserve Board, etc., the President shaJl have due regard to a fair represents^ tion, etc. FIVE BANKS. § 4:1. 36: p. FIVE DOLLARS. § 16:1. 34: p. 34. The Organization Conamittpe shall designate any five banks, etc., to execute a certificate of organization. Federal reserve notes of the denominations of five dollars, etc. FIVE MEMBERS. § 10:1. 21: p. 19 The Federal Reserve Board shall consist of two ex officio members and of five members ap- pointed by the President, etc. § 10: 1. 29: p. 19. The five members, etc., shall devote their entire time to the business of the board. INDEX-DIGEST OF FEDERAL KESEBVE ACT AND AMENDMENTS. 307 FIVE MEMBERS— Continued. § 10: 1. 44: p. 19. At least two of the five members, etc., shall be persons experienced in banking or finance. § 10: 1. 37: p. 20. Method of filling a vacancy among the five members, etc., other than by expiration of 1 term. § 11 : 1. 44: p. 21. The Federal Reserve Board may permit or, on the afiirmative vote of at least five members, may require Federal reserve banks to redis- count the discounted paper of other Federal reserve banks, etc. FIVE OF ITS MEMBERS. § 11: 1. 31: p. 23. The Federal Reserve Board shall have power, upon the afiirmative vote of not less than five of its members by general ruling, etc., to permit member banks to carry ajiy por- tion of their reserves in the Federal reserve banks, now required by section 19 to be held in their own vaults [Superseded by section 19 as amended by the Act of June 21, 1917, which requires all re- serve balances to be carried in the Federal reserve banks. See § 19: 1. 14: p. 40.] FIVE PER CENTUM REDEMPTION FUND. § 15: 1. 15: p. 30. The five per centum redemption fund for na^ tional banks and the redemption funds for Federal reserve notes shall not be deposited by the Secretary of the Treasury ^n Federal reserve banks. § 16: 1. 38: p. 32. The Federal Reserve Board shall require each Federal reserve bank to maintain in the Treasury, etc., a gold redemption fund in no event less than five per centum, less, etc., for Federal reserve notes. § 20: 1. 41: p. 41. The five per centum national bank redemption fund shall no longer count as lawful reserve, etc. § 27:1. 39: p. 48. The Secretary of the Treasury shall require each bank and currency association to main- tain on deposit in the Treasury a gold re- demption fund, etc., for the redemption of Aldrich-Vreeland notes, in no event less than five per centum. FIVE PERSONS. § 10: 1. 6: p. 20. Of the five persons thus appointed, one shall be designated by the President as governor and one as vice governor. FIVE, SECTION. See "Act of May 30, 1908. Section 5." 308 IXBEX-DIGEST OF FEDERAL BESEEVE ACT AND AMENDMENTS. PIVE THOUSAND DOILAES, § 22: 1. 18: p. 43. Fine for any bank officer, etc., making a loan, etc., to an examiner. § 22: 1. 25: p. 43. Fine for an examiaer accepting a loan, etc. § 22: 1. 18: p. 44. Fine for any person violating any provision of this section. FIVE THOUSAITD HTHABITAITTS. § 13:1. 36: p. 27. National banks in places not exceeding five thousand inhabitants, etc., niay, etc., act as agent for insm-ance compani^, etc., and as broker or agent for others in making or pro- curing loans on real estate, etc. FIVE YEAES. § 24: 1. 7: p. 45. No loans sh^ be made upon the security of such farm land for a longer time than five years. FIX. § 4 : 1. 33 : p. 8. The directors shall fix the penalty of bonds given by officers and employees of Federal reserve banks. I 16: 1. 6: p. 36. The Federal Reserve Board shall, by rule, fix the charges to be collected by member bank from its patrons whose checks are cleared through me Federal reserve bank and the charge which may be imposed for the service of clearing or collection rendered by the Federal reserve bank. § 21:L 23: p. 42. The Federal Reserve Board, upon recommenda- tion of the Comptroller, shall fix the salaries of all bank examiners, etc. § 26: L 24: p. 47. Entitled "An Act to define and fix the stand- ard of value," etc. FIXED. § 2: L 30: p. 4. When the Organization Committee, etc., shall have fixed the geographical limits of the Federal reserve districts, etc. § 4: L 37: p. 11. The compensation of Federal reserve agent shall be fixed by the Federal Resra^e Board. I 4: L 11: p. 12. The compensation of assistants to Federal reserve agents shall be fixed in the same manner as that of Federal reserve agents. I 9: 1. 42: p. 16. Reports of State, etc., memba* banks shall be made, etc., on dates fixed by liie Federal Reserve Board. I 10: L 25: p. 20- The first meeting of the Federal Reserve Bo^o'd shall be held in Washington, etc., at a date to be fixed by the Organization Committee. LNDEX-DIGEST OF FEDEKAL BESEBVE ACT AJTD AMENDMENTS. 309 V IXHTI — C!ontiimed. § 11:L l:p. 22. Kates of interest on Federal reserve bank rediscounts between one another shall be fixed by the Federal Reserve Board. § 11: L 22: p. 22. The reserve bank shall add an amount equal to the tax upon deficient note reserves to the rates of interest and discount fixed by the Federal Reserve Board. § 11: L 20: p. 23. All salaries and fe^ shall be fixed in advance by said board. §12:1. 2: p. 24. Members of the Federal Advisory Council shall receive such compensation and allow- ances as may be fixed by their boards of directors, subject to the approval of the Federal Reserve Board. § 13: 1. 42: p. 25. The discount of notes, etc., drawn or issued for agricultural purposes or based on live stock, having a maturity not exceeding six months, etc., shall be limited to a per- centage of the assets of the Federal reserve bank to be ascertained and fixed by the Federal Reserve Board. § 14: L 28: p. 29. Rates of discount shall be fixed with a view of accommodating commerce and business. § 27: L 10: p. 48. Section 9 of the Act of May 30, 1908. is hereby amended so as to change the tax rat^ fixed in said Act, etc. FIXIITG. § 20: L 33: p. 41. Entitled "An Act fixing the amount of United States notes," etc. FOLIOWnrG MAFKEE, IIT THE. § 4: L 16: p. 10. Directors of class A and class B shall be chosen ia the following manner, etc. FOIIOWi:ffG, OF THE ITATUEE. § 13: 1. 15: p. 27. Except on account of demands of the nature following, etc. F0II0WI5G POWEES, EITHEE OE BOTH OF THE. § 25: 1. 30: p. 45. For permission to exercise, etc., either or both of the following powers, etc. FOIIOWS, AS. § 8:1. 5: p. 15. Is hereby amended to read as follows, etc. § 10: 1. 19: p. 21. Amended so as to read as follows, etc. § 13: 1. 10: p. 27. Amended so as to read as follows, etc. § 19: L 23: p. 40. Shall establish and maintain, etc., reserve balances, etc., as follows, etc. § 21: 1. 3: p. 42. Amended to read as follows, etc. 310 INDEX-DIGEST OF FEDERAL EESEEVE ACT AND AMENDMENTS. FOLLOWS, AS— Continued. § 27: 1. 11: p. 48. By making the portion applicable thereto read as follows, etc. § 28: 1. 6: p. 49. Amended and reenacted to read as follows, etc. FOE AGRICULTURAL PURPOSES. § 13: 1. 38: p, 25. Notes, etc., drawn or issued for agricultural purposes, etc. FOE ANY REASON. § 29: 1. 21: p. 49. If any clause, etc., of this Act shall for any reason be adjudged, etc., invalid, etc. FOE EXCHANGE PUEPOSES. § 14: 1. 31: p. 29. Federal reserve banks may establish accounts with other Federal reserve banks for ex- change purposes. FOR NO OTHER PURPOSE. § 16: 1. 37: p. 30. Federal reserve notes, to be isgued, etc., and for no other purpose, are hereby authorized. FOR OTHER PURPOSES. § 20: 1. 35: p. 41. Entitled "An Act, etc., for other purposes." § 25:1. 17: p. 47. § 26:1. 26: p. 47. FOR SUCH PURPOSES. § 13:1. 21: p. 25. The proceeds of which have been used, or are to be used for such purposes. FOR THAT PURPOSE. § 2 : 1. 22 : p. 5. In a suit brought for that purpose, etc. FOR THE BENEFIT OF THE UNITED STATES. § 2: 1. 21: p. 6. United States stock shall be, etc., disposed of- for the benefit of the United States, etc. FOR THE EXCLUSIVE PURPOSE. § 16: 1. 34: p. 33. For the exclusive purpose of the redemption of such Federal reserve notes. FOR THE PURPOSE OF. § 9: 1. 39: p. 17. Effecting voluntary withdrawals. § 13: 1. 33: p. 24. Exchange or collection. § 13: 1. 39: p. 24. Exchange or collection. § 13: 1. 30: p. 25. Carrying or trading in stocks, bonds, etc. § 13: 1. 20: p. 28. Furnishing doUar exchange. § 13: 1. 37: p. 29. Purchasing, selhng, and collecting bills of ex- change. § 16: 1. 34: p. 30. Making advances to federal reserve banks. § 16: 1. 34: p. 33. The redemption of such Federal reserve notes. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 311 POR THE PUEPOSE OF — Continued. § 16: 1. 32: p. 35. Furnishing the notes aforesaid. § 18: 1. 33: p. 39. Making the exchange herein provided for. § 19: 1. 10: p. 41. Meeting existing liabilities. § 26: 1. 28: p. 47. Maintaining such parity. POE THE PURPOSES AUTHORIZED BY lAW. § 16: 1. 26: p. 34. Or with the Treasurer of the United States for the purposes authorized by law. rOR THE PURPOSES OF THIS ACT. § 16: 1. 27: p. 35. May be used in the discretion of the Secretary for the purposes of this act. FOR THE SAME PURPOSE. § 18:1. l:p. 40. And for the same purpose the Secretary is authorized, etc., to issue United States gold bondp at par, etc. FORCE. § 18: 1. 31: p. 39. Said obligation to purchase at maturity such notes shall continue in force for a penod not to exceed 30 years. FOREIGN BAITKING. § 25: 1. 41: p. 45. Of one or more banks or corporations, etc., principally engaged in international or foreign banking. FOREIGN BANKS. § 14: 1. 41: p. 28. Either from or to domestic and foreign banks, etc. FOREIGN BILLS OF EXCHANGE. § 13: 1. 28: p. 27. The discount and rediscount, etc., of domestic and foreign bills of exchange, etc., shall be subiect to such restrictions, limitations, and regulations as may be imposed by the Federal Reserve Board. FOREIGN BRANCH; BRANCHES. § 25: 1. 24: p. 45. (Heading of section 25.) § 25:1. 13: p. 46. Every national bank operating foreign branches shall furnish information, etc., to the Comp- troller and to the Federal Reserve Board upon demand, etc. §25:1. 2: p. 47. Shall conduct the accounts of each foreign § 25 : 1. 3 : p. 47. branch independently of the accounts of other foreign branches, etc., and of its home office. FOREIGN COMMERCE OF THE UNITED STATES. § 25: 1. 33: p. 45. To establish branches in foreign . countries, etc., for the furtherance of the foreign com- merce of the United States. 312 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. FOEEIGN CORPORATIONS. § 14: 1. 42: p. 28. Any Federal reserve bank, etc., may purchase and sell in the open market, etc., either from or to domestic or foreign corporations, etc. FOREIGN CORRESPONDENTS OR AGENCIES. § 14: 1. 1: p. 30. Federal reserve banks may, with the consent of the Federal Keserve Board, open and maintain banking accounts for such foreign correspondents or agencies. FOREIGN COUNTRIES. § 14: 1. 34: p. 29. Federal reserve banks may, with the consent of, etc., the Federal Keserve Board, open and maintain accounts in foreign countries. § 25: 1. 31: p. 45. National banks, etc., may file application to establish branches in foreign countries. §25:1. 1 : p. 46. Or through the agency, ownership, or control of local institutions in foreign countries, etc. FOREIGN FIRMS. § 14 : 1. 42 : p. 28. Either from or to domestic or foreign firms, etc. FOREIGN INDIVIDUALS. § 14: 1. 42: p. 28. May, etc., purchase and sell in the open mar- ket, either from or to domestic or foreign individuals, etc. FOREIGN OR DOMESTIC TRANSACTION. § 13: 1. 23: p. 26. Limitation upon acceptances, whether in a foreign or domestic transaction. FOREVER. § 22 : 1. 27 : p. 43. Shall forever thereafter be disqualified from holding office as a national bank examiner. FORFEIT. § 9:1. 26: p. 17. A State member bank, etc., for failure to comply with the provisions of this section or the regulations of the Federal Reserve Board, etc., shall forfeit aU rights and privileges of membership. FORFEITED. § 2: 1. 19: p. 5. Should any national bank fail within one year to become a member, all of the rights, privileges, and franchises granted to it under the National Bank Act, or this Act, shall be thereby forfeited. § 4: 1. 26: p. 8. Unless its franchise becomes forfeited by some violation of law. FORFEITURE. § 9 : 1. 14 : p. 19. Illegal certification of a check may subject such bank to a forfeiture of its membership etc. INDEX-DIGEST OF FEDEEAL BESEEVE ACT AND AMENDMENTS. 313 FORM. § 4: 1. 27: p. 7. The Comptroller shall cause to be forwarded to each national bank, etc., and to other eligible banks an application blank in form to be approved by the Organization Com- mittee. § 4: 1. 45: p. 10. Upon a preferential ballot on a form furnished by the chairman, etc. § 9: 1. 16: p. 17. The Federal Reserve Board in aU cases shall approve the form of the report. § 16: 1. 36: p. 34. Such notes shall be in form and tenor as directed by the Secretary of the Treasury. § 16: 1. 25: p. 36. The Secretary of the Treasury shall prescribe by regulation the form of receipt. § 16: 1. 2: p. 37. The form of such order shall be approved by the Secretary of the Treasury. / § 18: 1. 1: p. 39. Such notes, etc., shall be in form prescribed by the Secretary of the Treasury. § 18: 1. 35: p. 39. The Secretary of the Treasury is authorized to issue at par Treasury notes in coupon or registered form. § 18: 1. 44: p. 39. Such notes, etc., shall be exempt from taxes in any form, etc., by or under State, municipal, or local authorities. FORMATIOBT. § 28: 1. 10: p. 49. May, etc., reduce its capital to any smn not below the amount required by this title to authorize the formation of associations. FORMED. § 28: 1. 6: p. 49. Any association formed under this title may, etc., reduce its capital, etc. FORMS OF MONEY. § 26:1. 25: p. 47. Entitled "An Act, etc., to maintain the parity of aU forms of money issued or coined, etc." FORTH, AND SO. § 16:1. 14: p. 35, § 16:1. 15: p. 35. FORTH, SET. § 11: 1. 32: p. 22. Subject to the reserve requirements set forth in section 20. [An error in the official text. The reserve requirements are set forth in section 19.] FORTHWITH. § 11: 1. 37: p. 22. The cause of such removal to be forthwith communicated in writing, etc., to the removed officer or director and to said bank. 314 INDEX-DIGEST OF FEDEBAL EESEHV^E ACT AND AMENDMENTS. FORTY PER CENTUM. § 7 : 1. 29 : p. 14. One-half of such net earnings shall be paid into a surpliis fund until it shall amount to forty per centum of the paid-in capital stock of such bank. § 11: 1. 11: p. 22. The Federal Reserve Board shall establish a graduated tax, etc., when the gold reserve held against Federal reserve notes falls below forty per centum, etc. § 16: 1. 35: p. 31. Shall maintaia a gold reserve against Federal reserve notes, etc., of not less than forty per centum. § 16:1. 42: p. 32. Such deposit of gold with the agent shall count as part of the forty per centum reserve. § 27: 1. 30: p. 48. The Secretarjr of the Treasurj- may suspend the limitations imposed by sections 1 and 3 of the Act of May 30, 1908, limiting addi- tional circulation, etd., to national banks having notes outstanding secured by United States bonds to an amount not less than forty per centum of the capital stock, etc. FORWARD, CARRIED. § 10:1. 22 : p. 20. Together with any deficit carried forward from the preceding half year. FORWARDED. § 4: 1. 23: p. 7. The Comptroller shall cause to be forwarded, etc., an application blank, etc. § 16:1. 5: p. 32. Or, upon direction of such Federal reserve bank, such notes shall be forwarded direct to the Treasurer, etc. FOUR MILIION DOLLARS. " § 2: 1. 30: p. 6. No Federal reserve bank shall commence busi- ness with a subscribed capital less than four million dollars. FOUR, SECTION, See "Act of June 20, 1874": see also "Section four." FOUR TIMES EACH YEAR. §12:1. 5 : p. 24. Meetings of the Federal Advisory Council shall be held at Washington, et«., at least four times each year, etc. FOUR YEARS. § 1:1. 3: p. 20. One of the members of the Federal Reserve Board shall be designated by the President to serve for four year's, etc. FOURTEEN, MARCH. See "Act of March 14, 1900." INDEX-DIGEST OP PEDEEAL KESEEVE ACT AND AMENDMENTS. 315 FOURTEEN, 'SECTION. See "Act of July 17, 1916." See also, "Section fourteen." FOURTH. § 4:1. 29: p. 8. § 13:1. 22: p. 27. FRACTION. § 11 : 1. 18: p. 22. A tax, etc., upon each 2 J per centum or fraction thereof, etc. § 13: 1. 8: p. 25. The collection or exchange charges shall in no ' cage exceed 10 cents per .$100 or fraction thereof, etc. FRANCHISE; FRANCHISES. § 2:1. 16: p. 5. AH of the rights, privileges, and franchises, etc., shall be thereby forfeited, etc. § 4: 1. 26: p. 8. Unless its franchise becomes forfeited by some violation of law. FRANCHISE TAX. § 7 : 1. 27 : p. 14. All the net earnings shall be paid to the United States as a franchise tax, except, etc. FRAUDUIENT ALTERATIONS. § 16:1. 32: p. 34. To guard against counterfeits and fraudulent alterations, etc. FROM AND AFTER THE PASSAGE OF THIS ACT. § 20: 1. 40: p. 41. And from and after the passage of this Act such fund of 5 per centum shall in no case be counted, etc., as a part of its lawful reserve. FROM DATE OF PURCHASE. § 14:1. 13k: p. 29. And warrants with a maturity from date of purchase of not exceeding six months, etc. FROM TIME TO TIME. § 2:1. 5: p. 4. New districts may from time to time be created, etc. §11:1. 4: p. 22. And from time to time to renew such suspen- sion, etc. § 11 : 1. 33 : p. 23. Shall have power from time to time, by general ruling, etc. § 14: 1. 25: p. 29. To establish from time to time, etc., rates of discount, etc. § 16: 1. 11: p. 36. Shall make and promulgate from time to time regulations, etc. § 24: 1. 20: p. 45. Shall have power, from time to time, to add to the list 01 cities, etc. § 25:1. 10: p. 46. Shall also have power from time to time to increase or decrease the number of places where such banking operations may be carried on. 316 INDEX-DIGEST OF FEDEEAL EESEEVE ACT AND AMENDMENTS. FROM TIME TO TIME— Continued. § 8:1. 20: p. 54. As the Secretary of the Treasury may from time to time prescribe. (Act of September 24, 1917.) I FTJII BOARD OF DIRECTORS. § 4: 1. 29: p. 12. The terms of office shall* be designated at the first meeting of the full board of directors, etc. FUII CHARTER AND STATUTORY RIGHTS. § 9:1. 26: p. 18. Any State bank, etc., becoming a member ' snaU retain its fnll charter and statutory rights as a State bank, etc. FULL INFORMATION. § 11: 1. 39: p. 21. The weekly statements of the Federal Reserve Board shaJl furnish full information regard- ing the character of the money held as reserve, etc. FTTH REPORT. § 10: 1. 13: p. 21. The Federal Reserve Board shall annually make a full report of its operations to the Speaker of the House of Representatives, etc. , ' FULL AND DETAILED REPORT. § 21: 1. 19: p. 42. The examiner shall make a full and detailed report of the condition of said bank to the Comptroller, etc. FULLY MET. § 7: 1. 26: p. 14. After the aforesaid dividend claims have been fully met, etc. FULLY RESTORED. § 19: 1. 14: p. 41. Unless and until the total balance required by law is fully restored. FUNCTIONS. § 4: 1. 35: p. 11. Shall act as its official representative for the performance of the functions conferred upon it by this Act. § 4:1. 26: p. 12. The Organization Committee may exercise the functions herein conferred upon the chairman, etc., pending the complete or- ganization of such bank. §11:1. 7: p. 23. The Federal Reserve Board shall perform the duties, functions, or services specified in this Act, etc. § 16: 1. 14: p. 36. The Federal Reserve Board may, at its dis- cretion, exercise the functions of a clearing house for such Federal reserve banks. § 16: 1. 16: p. 36. Or may designate a Federal reserve bankfto exercise such functions. INDEX-DIGEST OF PEDEEAL RESERVE ACT AND AMENDMENTS. 317 PXnfCTIOHS— Continued . § 16: 1. 17: p. 36. May also require each such bank to exercise the functions of a clearing house for jts member banks. PTJUD; FUNDS. § 7: 1. 29: p. 14. The net earnings shall be paid into a surplus fund until, etc. § 13:1.30: p. 24. Any Federal reserve bank may receive de- § 13: 1. 35: p. 24. posits of current funds, etc. § 13:1. 41: p. 24. § 15:1. 14: p. 30. The moneys held in the general fund of the Treasury, except, etc., may, etc., be de- posited in Federal reserve banks. § 15: 1. 15: p. 30. Except the 5 per centum fund for the redemp- tion of national-bank notes and the funds, etc., for redemption of Federal reserve notes. § 15: 1. 25: p. 30. No pubhc funds of the Philippine Islands or of I 15: 1. 26: p. 30. the postal savings, or any Government funds, shall be deposited in the continental United States in any bank not belonging to the Federal reserve system. [Amended as to postal savings by the Act of May 18, 1916, which permits the deposit of postal savings funds in solvent banks or- ganized under National and State laws, whether or not member banks of the . Federal reserve system, being subject to National or State supervision and examina- tion. Member banks, however, are given a preference if they exist in the city, town, village, or locality where the deposits are made. See §2: 1. 8: p. 53.] [Modified also as to Government funds by the Act of April 24, 1917, and by the Act of September 24, 1917. See § 7: 1. 36: p. 51; § 8: 1. 8: p. 54.] i 16: 1. 11: p. 32. Federal reserve notes presented for redemp- tion at the Treasmry shall be paid out of the redemption fund, etc. I 16:1. 15 : p. 32. The Federal reserve bank shall, etc, reimburse such redemption fund, etc. ^ 16: 1. 17: p. 32. If such Federal reserve notes have been re- deemed by the Treasurer in gold, etc., then such funds shall be reimbursed, etc., in gold, etc. § 16: 1. 26: p. 32. Federal reserve notes received by the Treas- urer other than for redemption may be ex- changed for gold out of the redemption fund. 318 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. FUND; FUNDS— Continued. § 16: 1. 8: p. 34. Federal reserve banks need not maintain the reserve or the redemption fund against Federal reserve notes which have been retired. § 16: 1. 20: p. 35. The Secretary of the Treasury may use any appropriation heretofore made out of the general funds of the Treasury for engraving plates and dies, etc., for printing Federd reserve notes. § 16: 1. 31: p. 35. Should said appropriations be insufficient, etc. ^ ■ the Secretary is authorized to use so much of any funds in the Treasury not otherwise appropriated, etc. § 16 : 1. 43 : p. 35. Federal reserve banks shall receive on deposit at Ear, etc., when remitted by a Federal reserve ank, checks and drafts drawn by any depositor in any other Federal reserve bank or member bank upon funds to the credit of said depositor in said reserve bank or member bank. § 16:1. 3: p. 36. Nothing herein, etc., shall prohibit a mem- ber bank from charging ite actual expense incurred in collecting and remitting funds, or for exchange sold to its patrons. § 16: 1. 12: p. 36. The Federal Reserve Board shall make, etc., regulations governing the transfer of funds and charges therefor among Federal reserve banks and their branches. § 20: 1. 36: p. 41. Repeal of so much of sections 2 and 3 of the Act of June 20, 1874, as provides that the 5 Eer centum redemption fund of national anks shall count as lawful reserve. § 20: 1. 41: p. 41. And from and after the passage of this Act such fund of 5 per centum shall in no case be counted. by any national banking asso- ciation as a part of its lawful reserve. § 26: 1. 33: p. 47. The Secretary may purchase and retire such outstanding bonds and notes when the funds of the Treasury on hand justify. § 13: 1. 9: p. 51. Federal land banks may deposit their current funds with any member bank of the Federal reserve system. (Act of July 17, 1916.) § 2:1. 17: p. 53. The funds received at the postal savings depositary offices, etc., shall be deposited, etc. (Act of May 18, 1916.) § 2:1. 41: p. 53. Then such funds shall be deposited, etc. (Act of May 18, 1916.) INDEX-DIGEST OF FEDEBAI. KESERVE ACT AND AMENDMENTS. 319 FURNISH. § 11: 1. 38: p. 21. The weekly statements published by the Federal Eeserve Board shall furnish fuU information regarding the character of the money neld as reserve, etc. § 16: 1. 28: p. 34. In order to furnish suitable notes for circula- tion as Federal reserve notes, etc. § 18: 1. 4: p. 38. The Treasurer, etc., shall furnish the Federal Reserve Board with a list of such appHca- tions. § 21: 1. 40: p. 42. Every Federal reserve bank shall, etc., furnish to the Federal Reserve Board such informa- tion as may be demanded concerning the condition of any member bank, etc. § 25: 1. 14: p. 46. National banks operating foreign branches shall furnish information concerning their condition to the Comptroller on demand. § 25: 1. 19: p. 46. Every member bank investing in the capital stock of banks and corporations described, etc., shall furnish information to the Federal Reserve Board, upon demand, concerning the condition of such banks or corporations. FUENISHED. § 4: 1. 40: p. 10. A copy of said list shall be furnished by the chairman to each elector. § 4: 1. 45: p. 10. Upon a preferential ballot, upon a form fur- nished by the chairman, etc. FUENISHIHG. § 13: 1. 20: p. 28. Any member bank may accept drafts or bills of exchange drawn upon it, etc., for the purpose of furnishing dollar exchange, etc. § 16: 1. 32: p. 35. The Secretary is hereby authorized to use so much of any funds in the Treasury not otherwise appropriated for the purpose of furnishing the notes aforesaid. FURTHER AUTHORIZED. § 27: 1. 44: p. 48. The Secretary of the Treasury, etc., is further authorized to extend the benefits of this Act, etc. FURTHER, PROVIDED. § 11 § 13 § 13 § 13 § 13 1. 9: p. 22. 1. 3: p. 25. 1. 40: p. 26. 1. 10: p. 28. 1. 33: p. 28. 320 INDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENTS, PUIITHER, PEOVIDED— Continued. § 18:1. 16: p. 38. § 22: 1.45: p. 43. § 27:1. 21: p. 48. / §27:1. 43: p. 48. PURTHER SUM, A. § 22: 1. 19: p. 43. May be fined a further sum, etc. § 22:1. 25: p. 43. PURTHERANCE. § 25: 1. 33: p. 45. Any national bank, etc., may file an appli- cation to establish branches in foreign countries, etc., for the furtherance of the foreign commerce of the United States, etc G. GEITERAL AFFAIRS. § 12:1. 25: p. 24. The Federal Advisory Council may call for information, etc., from the Federal Reserve Board as to the general affairs of the reserve banking system. GENERAL BTTSIIfESS. § 4: 1. 38: p. 8. Each Federal reserve bank shall prescribe by- laws, etc., regulating the manner in which its general business may be conducted. GENERAL BUSINESS CONDITIONS. § 12:1. 18: p. 24. The Federal Advisory Council may confer directly with the Federal Reserve Board on general business conditions. GENERAL CHARACTER. § 9: 1. 18: p. 16. The Federal Reserve Board shall consider, etc., the general character of its management, etc. GENERAL DIRECTIONS, UNDER THE. § 10: 1. 26: p. 21. The Comptroller shall perform his duties under the general directions of the Secretary of the Treasury. GENERAL FUND .OF THE TREASURY. § 15: 1. 14: p. 30. The moneys held in the general fund of the Treasury, except, etc., may be deposited in the Federal reserve banks. GENERAL FUNDS OF THE TREASURY. § 16: 1. 19: p. 35. Any appropriation heretofore made out of the general funds of the Treasury for engraving plates, etc., may be used in the discretion of the Secretary of the Treasury, for the pur- poses of this Act. GENERAL GROUPS. § 4:1. 21: p. 10. Shall classify the member banks, etc., into three general groups or divisions. GENERAL LAWS, ORGANIZED UNDER THE. § 8:1. 7: p. 15. Any bank, etc., organized under the general laws of any State, or of the United States, etc., may, etc., be converted, etc., into a national bank, etc. § 9:1. 3: p. 16. Any bank, etc., organized under the general laws of any State, or of the United States, etc., may make application for the right to subscribe to the stock of the Federal re- servo bank, etc. 20502°— 18 21 321 322 INDEX-DIGEST OF FEDEBAL EESEEVE ACT AND AMENDMENTS. GENERAL LEDGER. § 25 : 1. 5 : p. 47. Shall transfer to its general ledger the profit or loss accrued at each branch as a separate item. GENERAL REGULATIONS. § 13: 1. 34: p. 26. The Federal Reserve Board, etc., may atithor- ize any member bank to accept up to 100 per centum, etc., under such general regula* tions as it may prescribe. GENERAL RULING. § 11: 1. 33: p. 23. By general ruling, covering all districts alike, etc. GENERAL SUPERVISION OF THE FEDERAL RESERVE BOARD. § 10: 1. 23: p. 21. A bureau, etc., charged with the issue and regulation of Federal reserve notes, under tlic general supervision of the Federal Re- serve Board. GENERAL SUPERVISION OVER SAID FEDERAL RESERVE BANKS. § 11: 1. 10: p. 23. The Federal Reserve Board shall exorcise gen- eral supervision over said Federal reserve banks. GENERAL TENOR, OF THE SAME. § 1S:1. 5: p. 40. Such bonds to bo of the same general tenor and cfTcct, etc., as the United States 3 per centum bonds, etc. GENERAL TERMS, UNDER THE SAME. § 18: 1. 6: p. 40. And to be issued under the same general terms as the United States 3 per centum bonds, etc. GEOGRAPHICAL DIVISIONS. § 10: 1. 28: p. 19. With due regard to a fair representation of the different commercial, industrinl, and geo- graphical divisions of the countiy. GEOGRAPHICAL LIMITS. § 2:1. 30: p. 4. Shall have fixed the geographical limits of the Federal reserve districts, etc. i 4: 1. 20: p. 7. A certificate shall bo (lied with the Comptroller showing the geographical limits of such districts. GIFT. § 22: 1. 39: p. 43. No oflBccr of a member bank shall receive any fee, commission, gift, etc., in coimection with any transaction or business of tho bank, etc. IXDES-DIGEST OP FEDEBAL BESEBVE ACT AND AMENDMENTS. 323 GIVEN. § 2:1. 10: p. 5. Upon 30 daj's' notice, to be given within tho discretion of the said Organization Commit- tee or of the Federal Keserve Board. § 8: 1. 35: p. 15. When the Comptroller has given to such bank a certificate, etc. § 22 : 1. 20 : p. 43. May be fined a further sum equal to tho money § 22: 1. 26: p. 43. so loaned or gratuity given. GIVING. § 14:1. 7: p. 29. Giving therefor, when necessary, acceptable security. GO INTO LIQUIDATION. § 7:1. 38: p. 14. Disposition of the surplus, should a Federal reserve bank be dissolved or go into liqui- dation. GOID. Gold bullion; gold certificates; gold coin; gold deposits. § 2:1. 42: p. 4. Subscriptions to the capital stock of Fed- eral reserve banks shall be in gold or gold certificates. § 12: 1. 24: p. 24. The Federal Advisory Council may call for infoimation and make recommendation in regard to, etc., the purchase and sale of gold, etc., by reserve banks. § 14:1. 4: p. 29. Federal reserve banks may deal in gold coin and bullion, at home or abroad. § 14:1. 6: p. 29. May exchange Federal reserve notes for gold, gold coin, or gold certificates. § 14:1. 7: p. 29. May contract for loans of gold coin or bullion, etc. §16:1. 4: p. 31. Federal reserve notes shall be redeemed in § 16:1. 6: p. 31. gold on demand at the Treasury, etc., or in gold or lawful money at any Fed- eral reserve bank. § 16: 1. 21: p. 31. The collateral for Federal reserve notes may be, etc., gold or gold certificates, etc. § 16: 1. 23: p. 31. In no event shall such collateral, whether gold, gold certificates, or eligible paper, be less than the amount of Federal re- serve notes applied for. § 16: 1. 33: p. 31. Every Federal reserve bank shall main- tain reserves in gold or lawful money of not less than 35 per centum against its deposits. § 16: 1. 34: p. 31. Shall maintain reserves in gold of not less than 40 per centum against its Federal reserve notes in actual circulation. 324 IST>EX-DIGEST OF FEDERAL RESERVE ACT AND AJVCENDMENTS. GOLD— Continued. Gold bullion, etc. — Continued. § 16: 1. 37: p. 31. Gold or gold certificate held by the Fcd- l 16: 1. 39: p. 31. eral reserve agent as collateral shall bo counted as part of the gold rcseryo which such bank is required to maintain against its Federal reserve notes in actual circulation. § 16: 1. 17: p. 32. If such Federal reserve notes have been § 16: 1. 19: p. 32. redeemed by the Treasurer in gold or gold certificates, such funds shall bo reimbursed, etc., in gold or gold certifi- cates. § 16:1. 22: p. 32. Such Federal reserve bank shall, etc., maintain with the Treasurer in gold an amount sufficient, etc., to provide for all redemptions, etc. § 16: 1. 26: p. 32. Federal reserve notes received by the Treasurer otherwise than for redemp- tion may be exchanged for gold out of the redemption fund. § 16: 1. 35: p. 32. The Federal Reserve Board shall require § 16: 1. 39: p. 32. each Federal reserve bank to maintain on deposit in the Treasury a sum in gold sufficient, etc., for the redemption of the Federal reserve notes issued to such bank, but in no event less than 5 per centum of the total amount of notes issued less the amount of gold or gold certificates held by the Federal reserve agent as collateral. § 16: 1. 41: p. 32. Such deposit of gold shall be counted as part of the 40 per centum reserve. § 16:1. 10: p. 33. And shall pay such rate of interest as may be established by the Federal Re- serve Board on only that amount of such notes which equals the total amount, etc., less the amount of gold or gold certificates held by the Federal reserve agent as collateral" § 16: 1, 21: p. 33. Any Federal reserve bank may reduce its hability for outstanding notes by de- positing with the Federal reserve agent its Federal reserve notes, gold, gold certificates, or lawful money. § 16: L 25: p. 33. The Federal reserve agent shall hold such gold, gold certificates, etc., exclusively for exchange for the outstanding Fed- eral reserve notes, etc., when offered by the reserve bank of which he is & director. INDEX-DIGEST OF FEDERAL BESEpVE ACT AND AMENDMENTS. 325 GOLD — Continued. Gold bullion, etc. — Continued. § 16: 1. 32: p. 33. The Federal Reserve Board shall require the Federal reserve agent, upon the request of the Secretary, to transmit to the Treasurer so much of the gold held by him as collateral as may be required for the redemption of such Federal re- serve notes. § 16: 1. 35: p. 33. Such gold when deposited with the Treas- urer shall be counted, etc. , as if collateral security on deposit with the Federal reserve agent. § 16:1. 12 : p. 34. All Federal reserve notes, gold, gold cer- tificates, etc., issued to or deposited with any Federal reserve agent, etc., shall hereafter be held in the joint cus- tody of liimseK and the Federal reserve banK, etc. § 16 : 1. 21 : p. 34. Such agent and such Federal reserve bank shall be jointly liable for the safe-keep- ing of such Federal reserve notes, gold, gold certificates, etc. § 16: 1. 23: p. 34. Nothing herein, etc., shall prohibit a Fed- eral reserve agent from depositing gold or gold certificates with the Federal Reserve Board, etc. § 16: 1. 20: p. 36. The Secretary of the Treasury is hereby authorized and directed to .receive do- posits of gold coin or of gold certifi- cates, etc., when tendered by any Federal reserve bank or Federal reserve agent for credit to its or his account with the Federal Reserve Board. § 16: 1. 33: p. 36. Deposits so made, etc., shall be payable in gold coin or gold certificates, etc. § 16: 1, 39: p. 36. Any expense incurred in shipping gold to or from the Treasury or subtreasuries, etc., shall be paid by the Federal Re- serve Board and assessed against the Federal reserve banks. § 16:1. 5: p. 37. The cost of the certificates or receipts issued for deposits, etc., shall be paid by the Federal Reserve Board and in- cluded in its assessments against the Federal reserve banks. § 16: 1. 10: p. 37. Gold deposits standing to the credit of any Federal reserve bank with the Fed- eral Reserve Board shall, etc., be counted as part of its lawful reserve against Federal reserve notes or deposits. 326 INDEX-DIGEST OF FEDERAL KESERVE ACT AST) AMEXDIIEXTS. GOID— Continued. Gold bullion, etc. — ^Continued. § 18: 1. 22: p. 39. Binding itself to purchase from the United States in gold at the maturity of such one-year notes, etc. § IS: 1. 40: p. 39. Such Treasury notes shall be payable in gold coin of the present standard value. § 26: 1. 29: p. 47. The Secretary of the Treasury, to main- tain such parity and to strengthen the gold reserve, may borrow gold on tho security of Uniteid States bonds, etc. § 26: 1. 33: p. 47. The Secretary of the Treasury may sell such bonds or notes if necessary to obtain gold. § 27: 1. 37: p. 48. The Secretary of tho Treasury shall re- quire each bank and currency associa- tion to maintain on deposit in the Treasury a sum in gold sufficient, etc., for the redemption of such notes, but in no event less than 5 per centum. GOLD BONDS, UNITED STATES. See "United States bonds." GOLD NOTES, ITNITED STATES. See "United States notes." GOLD SESEBVE; KESEBVES. § 7: 1. 33: p. 14. Tho net earnings derived by the United States from Federal reserve banks shall, in the dis- cretion of the Secretary, be used to supple- ment the gold reserve held against United States notes, etc. § 11: 1. 10: p. 22. The Federal Reserve Board shall establish a graduated tax, etc., when the gold reserve held against Federal reserve notes falls beloW 40 per centum, etc. § 16: 1. 33: p. 31. Gold or lawful money reserves of not loss than 35 per centum prescribed against deposits in Federal reserve banks. § 16: 1. 34: p. 31. Eeserves in gold of not less than 40 per centum prescribed against Federal reserve notes in actual circulation § 16: 1. 40: p. 31. Gold or gold certificates held by tho Federal reserve agent as collateral, etc., shall bo counted as part of tho gold reserve, etc., against Federal reserve notes. § 26: 1. 29: p. 47. The Secretary of the Treasury may, to main- tain such parity and strengthen the gold reserve, etc., borrow gold, etc. INDEX-DIGEST OF FEDEBAL EESEBVE ACT AND AMENDMENTS. 327 GOLD STANDABD. § 26: 1. 24: p. 47. Nothing in this Act, etc., shall bo constroorl to ropoal the parity provision or provisions contained in Act approved March 14, 1900, entitled "An Act to define and fix the standard of value," etc. GOOD AND VAIID OBIIGATION. § 9: 1. 12: p. 19. Any check certified in violation of this section shall be a good and valid obligation against such bank, etc. GOOD FAITH. § 13: 1. 5: p. 26. This restriction shall not apply to the discount of bills of exchange drawn in good faith against actually existing values. GOODS. § 13: 1. 27: p. 25. Nothing in this Act, etc., shall prohibit such notes, etc., secured by staple agricultural products of other goods, wares, or mer- chandise, from being eligible for such dis- count. § 13: 1. 16: p. 26, Any member bank may accept drafts or bills of exchange drawn upon it, etc., which grow out of transactions involving the importa- tion or exportation of goods. § 13: 1. 17: p. 26. Or which grow out of transactions involving the domestic shipment of goods, provided, ct)c GOVEEiriNG. § 2: 1. 27: p. 6. The Federal Keserve Board is hereby empow- ered to adopt and promulgate rules and regulations governing the transfer of pubUc stock in Federal reserve banks. § 16:1. 11: p. 36. The Federal Reserve Board shall make and promulgate, etc., regulations governing the transfer of funds and charges therefor among Federal reserve banks and their branches, etc. GOVEENMENT BONDS. § 16: 1. 16: p. 33. Federal reserve notes, etc., and such Federal reserve bank notes as may be issued under section 18 of this Act upon security of United States 2 per centum Government bonds, shall, upon delivery, become a first and paramount lien upon all the assets of such bank. See also "United States bonds." GOVEEITMEIIT DEPOSITS. § 15: 1. 13: p. 30. (Heading of section 15.) See also "Depositor's deposits." 328 rWDEX-DIGEST op FEDERAL RESERVE ACT AND AMENDMENTS. GOVEENMEITT FUNDS. § 15: 1. 26: p. 30. No Government funds shall be deposited in the continental United States in any bank not belonging to the Federal reserve system. [Modified by the Act of April 24, 1917, and Act of September 24, 1917. See § 7:1. 36: p. 51: § 8:1. 9: p. 54.] GOVERITMENT NOTES. See "United States notes." GOVERNMENT OF THE UNITED STATES. § 13: 1. 32: p. 25. The definition of eligible paper may include notes, etc., issued or drawn for carrjTuig or trading in bonds and notes of the Govern- ment of the United States. GOVERNMENT, REVENUES OF THE. § 15: 1. 22: p. 30. The revenues of the Government or any part thereof may be deposited in Federal reserve banks. GOVERNOR OF THE FEDERAL RESERVE BOARD. § 10: 1. 8: p. 20. One of the five persons thus appointed shall be designated by the President as governor of the Federal Reserve Board. § 16: 1. 45: p. 36. The order used by the Federal Reserve Board in making such payments shall bo signed by the governor or vice governor, etc. GOVERNOR, VICE. See "Vice governor." GRACE, DAYS OF. § 13: 1. 36: p. 25. Exclusive of days of grace. § 13:1. 39: p. 25. § 13:1. 10: p. 26. § 13:1. 14: p. 26. § 13:1. 16: p. 28. § 14:1. 42: p. 29. GRADUATED TAX. § 11: 1. 7: p. 22. The Federal Reserve Board shall establish a graduated tax upon the amounts by which the reserve requirements of this Act may be permitted to lall below the level hereinafter specified. § 11: 1. 12: p. 22. The Federal Reserve Board shall establish a graduated tax, etc., when the gold reserve against Federal reserve notes falls below 40 per centum. § 11: 1. 16: p. 22. Rate of the graduated tax specified. § 11:1. 19: p. 22. The tax shall be paid by the Federal reserve bonk. INDEX-DIGEST OP FEDERAL RESERVE ACT AND AMENDMENTS. 329 GRADUATED TAX— Continued. § 11: 1. 21: p. 22. The Federal reserve bank shall add an amount equal to said tax to the rates of interest and discount fixed by the Federal Reserve Board. GRAITT. § 11:1. 12: § 16:1. 44: § 22:1. 14: GEAUTED. § 2:1.17: p. 23. The Federal Reserve Board may grant by special permit to national banlcs applying therefor, etc., the right to act as trustee, executor, etc. p. 32. The Federal Reserve Board, etc., may grant in whole or in part or may reject entirely the apphcation, etc., for Federal reserve notes. p. 43. No member bank or any officer, etc., shall hereafter grant any gratuity, etc., to any bank examiner. p. 5. All the rights, etc., of such association granted to it under the National Bank Act or under the provisions of this Act, shall bo thereby forfeited. § 4 : 1. 39 : p. 8. Regulating the manner in which, etc., the privileges granted to it by law may bo exer- cised and enjoyed. § 4: 1. 42: p. 8. To exercise by its board of directors, etc., all powers specifically granted, etc. § 9 : 1. 28 : p. 18. And may continue to exercise aU corporate powers granted it by the State in which it was created. §16:1. 2 : p. 33. To the extent that such application may be granted tlie Federal Reserve Board shall, etc., supply Federal reserve notes, etc. GEANTIIfG. § 10: 1. 45: p. 20. § 25: 1. 8: p. 46. GEATTJITY §22:1. 15: p. 43, §22: 1. 20: p. 43, §22: 1. 21: p. 43, §22: 1. 26: P- 43. By granting commissions which shall expire 30 days after the next session of the Senate convenes. The Federal Reserve Board shall have power to approve or reject such application in whole or in part if, for any reason, the granting of such apphcation is deemed inexpedient, etc. No member bank or any oflBcer, etc., shall grant any gratuity, etc., to a bank examiner. May be fined a further sum equal to, etc., the gratuity given. Penalty for any examiner accepting a gratuity, etc. May . be fined a further sum equal to the gratuity given, etc. 330 IKDEX-DIGEST OP FEDEBAL RESERVE ACT AND AMENDMENTS. 6BEATEB. § 9:1. 35: p. IS. GEOUP; GEOUPS. § 4:1. 21: p. 10 Wlio is liable for borrowed money to such State bank or trust company in an amount greater tlian 10 per centum of the capital and surplus of such State bank or trust company, etc. § 4:1. 25: p. 10. § 4:1. 33: p. 10. Shall classify the member banks of the district into three general gronps, etc. § 4: 1. 22: p. 10. Each gronp shall contain, as nearly aa may be» etc., one-third of the aggregate number of the member banks, etc. The gronps shall be designated by number by the chairman. The chairman shall make lists of the district reserve electoi"s thus named by banks in each of the aforesaid three gronps. § 4 : 1. 34 : p. 10. And shall transmit one list to each elector in each gronp. GEOW OUT OF. § 13: 1. 15: p. 26. Any member bank may accept drafts or hills of exchange drawn upon it, etc.^ which grow ont of transactions involving tho importation or exportation of goods. § 13:1. 10: p. 26. Or which grow ont of transactions involving the domestic shipment of goods, provided, GEOWING OUT OF. § 13: 1. 29: p. 26. Or by some other actual security growing ont of the same transaction as the acceptance. § 13: 1. 41: p. 26. Limitation upon the aggregate of acceptances growing ont of domt>stic transactions. GUAEAHTEE. § 13:1. 7: p. 28. § 13:1. 8: p. 28. § 13:1. 11: p. 28. GUAEANTY. § 9:1. 44: p. IS. GUAED AGAINST. § 16:1. 32: p. 34. GUILTY. § 22:1. 17: p. 43. §22:1. 23: p. 43. No such bank shall gnarantee the principal or interest of any such loans, etc. Or gnarantee tlie payment of any premium on insurance policies, etc. Tho bank shall not gnarantee the truth of any statement made by an assured, etc. The Federal reserve bank, as a condition of tho discount of notes, etc., for such State bank or trust company, shall require a ccrlilicato or guaranty to tlie effect that the borrower is not liable to sucli bank in excess of tho amount provided by this section, etc. In the best manner to gnard against counter- feits, etc. Shall bo deemed gnilty of a misdemeanor, etc. H. HALF, ONE. § 5: 1. 15: p. 13. One-half of said subscription to bo paid in tho manner hereinbefore provided. § 5:1. 16: p. 13. And one-half subject to call of tbo Federal Reserve Board. § 5: 1. 23: p. 13. Paying therefor its par value plus one-half of 1 per centum a month from tnc period of tho last dividend. § 5: 1. 42: p. 13. And one-half of 1 per centum a month from the period of the last dividend, etc. § 6:1. 7: p. 14. With one-half of 1 per centum per month from the period of the last dividend, etc. § 7:1. 28: p. 14. One-half of such net earnings shall bo paid into a surplus fund, etc. § 9:1. 6: p. 18. With interest at the rate of one-half of 1 per centum per month from date of last divid- end, if earned. § 13: p. 31: 1. 26. No bank shall accept such bills to an amount, etc., more than one-half of its paid-up, etc., capital stock and surplus. § 13: 1. 35: p. 28. No member bank shall accept such drafts or bills in an amount cxceodmg, etc., one-half of its paid-up, etc., capital and surplus. § 18: 1. 14: p. 39. To an amount not to exceed one-half of tho 2 per centum bonds so tendered for exchange. § 27:1. IS: p. 48.^An additional ^tax rate of one-half of 1 per centum per annum for each month, until, etc. HAIF, ONE AND ONE-HALF PER CENTUM. § 11: 1. 16: p.l22. A tax at the rate increasingly of not less than one and one-half per centum per annum upon, etc. HALF, TWO AND ONE-HALF PER CENTUM. § 11:1. 17: p. 22. Upon each two and one-half per centum or frac- tion thereof that such reserve falls below 32^ per centum. HALF YEAR. § 10: 1. 20: p. 20. Sufficient to pay its estimated cxpenscs> salaries, etc., for the half year succeeding the levying of such assessment. § 10: 1. 22: p. 20. Together with any deficit carried forward from the preceding half year. 331 332 INDEX-DIGEST OP FEDERAL EESEBVE ACT AND AMENDMENTS. HAND, ON. § 16:1. 25: p. 35. §26:1. 34: p. 47. HANDS OF. § 11:1. 6: p. 23. HANDLIITG. § 16:1. 7: p. 37. HAPPEN. § 10:1. 44: p. 20. HAVE. § 2:1.28 p. 4. § 2:1.31 p. 6. § 2:1.35 p. 5. § 2:1.36 p. 6. § 3:1. 6 p. 7. § 4:1.17 p. 7. § 4: 1. 35 p. 7. § 4:1.37 p. 7. § 4:1. 5 p. 8, § 4:1. 9 p. 8. § 4:1.22 p. 8. § 4:1.24 p. 8. § 4:1. 9 p. 11 § 4:1. 13 p. 11. § 4:1. 16 p. 11 § 4:1.17 p. 11 § 4: 1. 23 p. 11 § 4:1. 5 p. 12 § 5:1.25 p. 13 § 7:1.22 p. 14 § 7:1.26 :p. 14 Any distinctive paper that may be on hand, etc., may be used, etc., for the purposes of this Act. When the funds of the Treasury on hand justify, ho may purchase and retire such outstanding bonds and notes. For the safeguarding of all collateral, bonds. Federal reserve notes, money, or property of any kind deposited in the hands of such agents, etc. All expenses incident to the handling of such deposits shall bo paid by the Federal Re- serve Board, etc. The President shall have power to fill all vacancies that may happen on the Federal Reserve Board, etc. Have designated. Have sustained. Have been previously incurred. Have power. Have been suspended. Have established. Have been subscribed. Have been received. Have subscribed. Have subscribed. Have power. Have succession. Have a majority. Have a majority. Have a majority. Have been added. Have been for at least two years. Have power. Have been increased. Have been paid. Have been fully met. INDEX-DIGEST OF FEDERAL BESERVE ACT AND AMENDMENTS. 333 HAVE — Continued. § 8: 1. 23: p. 15. Have authorized. § 8: 1. 27: p. 15. Have power. § 8:1. 37: p. 15. Have been complied •with. § 8: 1. 39: p. 15. Have the same powers. § 8: 1. 41: p. 15. Have been prescribed. § 9: 1. 32: p. 17, Have been filed. § 10: 1. 26: p. 19, Have due regard. § 10: 1. 16: p. 20. Have power. § 10: 1. 43: p. 20. Have power. § 10: 1. 32: p. 23, Have power. § 12: 1. 16: p. 24. Have power. § 13: 1, 20: p. 25. Have been used. § 13: 1. 22: p, 25, Have the right. § 13: 1. 35: p. 25. Have a maturity. § 13: 1. 8: p, 26, Have a maturity. § 14: 1. 3: p, 29, Have power. § 14: 1, 41: p, 29. Have not more than 90 days, etc. § 16r 1, 16: p, 32. Have been redeemed, § 16: 1, 43: p, 32, Have the right, § 16: 1, 9: p, 34, Have been retired. § 16: 1. 33: p. 34. Have printed therefrom. § 16: 1. 41: p. 34. Have been prepared, §^18: 1. 7: p, 38, Have been filed, § 21: 1, 15: p, 42, Have power. § 21: 1, 17: p, 42. Have power, § 21: 1, 3: p, 43, Have been exercised. § 23: 1, 29: p, 44. Have transferred, § 23: 1, 37: p, 44. Have against. § 24: 1. 20: p. 45. Have power, § 25: 1, 7: p, 46, Have power. § 25: 1, 9: p, 46. Have power, § 25 : 1, 12 : p, 47. Have invested, § 27: 1, 23: p. 48. Have power. § 27: 1, 1: p, 49, Have joined, § 29: 1. 26: p. 49. Have been rendered. § 13: 1, 5: p, 51. Have power. (Act of July 17, 1916.) 334 IXDES-DIGEST OP FEDEKAL ^ESEBVE ACT AKD AMEKDMENTS. HAVING. § 4:1. 7: p. 11. Having a majority of all votes cast, etc. § 4: 1. 19: p. 11. Having the highest number, etc. § 8:1. S: p. 15. Having an unimpaired capital, etc. § 13: 1. 3S: p. 25. Having a maturity not exceeding six months, etc. §13:1.13: p. 26.'[Having not more than six months' sight to run. § 13: 1. 15: p. 28. Having hot more than three months' sight~to run. § 22: 1. 10: p. 44. Having obtained'thc express permission. § 27: 1. 12: p. 48. Having circulating notes secured otherwise than by United States bonds. § 27: 1. 28: p. 48. Having circulating notes, etc., secured by the deposit of United States bonds. HEABINO. § 9: 1. 24: p. 17. It shall be within the power of the Federal Reserve Board, after hearing, to require such bank to surrender its stock in the Federal reserve bank. § 9 : 1. 16 : p. 19. Illegal certification of a check may subject such bank to a forfeiture of its membership, etc., upon hearing by the Federal Eeserve Boaid. HEID. § 1:1. G:p. 3. The word "bank" shall be held to include Stale bank, banking association, and trust company, except, etc. § 1:1. 10: p. 3. The terms "national ba^k" and "national banking association" shall bo held to bo synonymous, etc. § 1:1. 12: p. 3. The term "member bank" shall be held to mean any national bank, State bank, or bank or trust company which has become a member, etc. § 1:1. 15: p. 3. The term "board" shall be held to mean Federal Reserve Board. § 1:1. IG: p. 3. The term "district" sliall be held to mean Federal reserve district. § 1:^1. 17: p. 3. The term "reserve bank" shall be held to mean Federal reserve bank. § 2 : 1. 44 : p. 4. The shareholders of every Federal reserve bank shall be held individually responsible, etc. § 2:1. 29: p. 5. Every director who participated, etc., shall be held liable in his personal or individual capacity, etc. INDEX-DIGEST OP FEDERAL EESEKVE ACT AND AMENDMENTS. 335 HELD — Continued. § 2: 1. 20: p. 6. United States stock in Fedornl reserve banks, etc., shall bo held by tlio Secretary of tho Treasury, etc. § 2:1. 24: p. 6. Stock not held by member banks shall not bo entitled to voting power. § G: 1. 4: p, 14. Upon insolvency of a member bank the stock held by it in the Federal reserve bank shall bo canceled, etc. § 7:1. 33: p. 14. Tho net earnings derived by tho United States from Federal reserve banks, shall, in the discretion of the Secretary of the Treas- ury, be used to supplement tho gold reserve held against outstanding United Slates notes. § 9:1. 25: p. 16. Stock issued to tho applying bank shall be held subject to tlie provisions of this Act. § 10: 1. 24: p. 20. The first meeting of the Federal Reserve Board shall be held in Washington, etc. § 11: 1. 40: p. 21. The weekly statements of tho Federal Reserve Boarii shall furnish full infonnation regard- ing the character of tho money held as re- serve, etc., by Federal reserve banks. § 11: 1. 41: p. 21. And tlio amount, nature, and maturities of the paper and other investments owned or held by Federal reserve banks. § 11:1. 10: p. 22. Tho Federal Reserve Board sliall establish a graduated tax when tho gold reserve held against Federal reserve notes falls below 40 per centum. § 11: 1. 37: p. 23. Any portion of their reserves now required by section 19, etc., to be held in their own vaults, etc. § 12: 1. 4: p. 24. Tho meetings of tho Federal Advisory Council shall be held in Washington, etc. § 13:1. 2: p. 25. A balance sufficient to offset tho items in transit held for its account by the Federal reserve bank. § 15: 1. 14: p. 30. The moneys held in the general fund of tho Treasury, except, etc., may, etc., bo deposit- ed in Federal reserve banks' ■ § 16: 1. 40: p. 32. Loss tho amount of gold or gold certificates § 16: 1. 10: p. 33. held by tho Federal reserve agcut as col- lateral. § 16: 1. 32: p. 33. To transmit to tho Treasurer so much of tho gold held by him as collateral. 336 INDEX-DIGiaST OP FEDERAL KESEKVE A.GT AND AMENDMENTS. HEID— Continued. § 16: 1. 15: p. 34. Shall hereafter be held for such agent, etc., in the joint custody, etc. § 16: 1. 25: p. 34. Gold or gold certificates shall bo held by such Federal Ecserve Board subject to his order. § 16: 1. 44: p. 34. Such Federal reserve notes, etc., shall be held for the use of such bank, etc. § 16: 1. 32: p. 36. Deposits so made shall be held subject to the orders of the Federal Reserve Board. § 21: 1. 28: p. 42. In proportion to the assets or resources held by the banks upon the dates of examina- tion, etc. § 23:1. 24: p. 44. The stocklioldors of every national banking association shall bo held individually re- sponsible, etc. HEEEAFTEB. § 16: 1. 15: p. 34, Hereafter be held. § 17: 1. 36: p. 37. Hereafter organized. § 19: 1. 25: p. 40. Hereafter defined. § 19: 1. 30: p. 40. Hereafter defined. § 19: 1. 35: p. 40. Hereafter defined. § 22: 1. 14: p. 43. Hereafter make any loan, etc. § 24 : 1. 17 : p. 45. Hereafter as heretofore, etc. HEREBT. § 2 : 1. 23 : p. 4. Hereby required. § 2 : 1. 25 : p. 4. Hereby authorized. § 2 : 1. 26 : p. 6. Hereby empowered. § 2 : 1. 42 : p. 6. Hereby appropriated. § 8:1. 4: p. 15. Hereby amended. § 10: 1. 18: p. 19. Hereby created. § 12: 1. 39: p. 23. Hereby created. § 13: 1. 9: p, 27. Hereby amended. § 16: 1. 37: p. 30. Hereby authorized. § 16: 1. 17: p. 35. Hereby extended. § 16: 1. 30: p. 35. Hereby authorized. § 16: 1, 19: p. 36. Hereby authorized. § 17: 1. 38: p. 37. Hereby repealed. § 20: 1. 39: p. 41. Hereby repealed. § 25: 1. 34: p. 46. Hereby authorized. § 26: 1. 20: p. 47. Hereby repealed. § 27: 1. 42: p. 47. Hereby extended. § 27: 1. 5: p. 48. Hereby reenacted. INDEX-DIGEST OF FEDERAL BESEKVE ACT AND AMENDMENTS. 337 HEREBY— Continued. §27:1. 9: p. 48. §28:1. 5: p. 49. § 30:1. 29: p. 49. § 7:1. 37: p. 51. § 8:1. 10: p. 54. HESEIIT. § 4: 1. 26: p. 12. § 11:1. 29: p. 23. § 16:1. 22: p. 34. § 16:1. 12: p. 35. § 16:1. 17: p. 35. § 16:1. l:p. 36. § 18:1. 33: p. 39. § 18:1. 12: p. 40. § 21:1. 25: p. 42. § 27:1. 43: p. 48. HEEEINAFTEE, § 4:1. 31: p. 9. § 11:1. 9: p. 22. § 13:1. 8: p. 26. § 16:1. 26: p. 32. HEBEINBEFOBE. § 4:1. 38: p. 12. § 5:1. 15: p. 13. § 7: 1. 40: p. 14. § 14: 1. 24: p. 29. § 16:1. 42: p. 32. § 25:1. 12: p. 47. § 2:1. 35: p. 53. EEBEOF. § 2:1. 27: p. 4. HESETOFOBE Hereby amended. Hereby amended and reenacted. Hereby expressly reserved. Hereby authcg-ized. (Act of April 24, 1917.) Hereby authorized. (Act of September 24, 1917.) Herein conferred upon. Nothing herein shall prevent. Nothing herein contained. Herein provided for. Herein provided for. Nothing herein contained. Herein provided for. Herein provided for. Herein provided for. Herein amended. Hereinafter specified. Hereinafter specified. Hereinafter described. Hereinafter provided. Hereinbefore provided. Hereinbefore provided. Hereinbefore provided. Hereinbefore defined. Hereinbefore required. Hereinbefore provided. Hereinbefore provided. 1916.) (Act of May 18, § 10:1. 4: p. 21. § 16:1. 8: p. 34. § 16:1. 19: p. 35. § 16:1. 27: p. 35. § 24:1. 18: p. 45. 20592°— 18 22 Its acceptance of the terms and provisions hereof. Heretofore vested by law. Heretofore provided. Heretofore made. , Heretofore made. Hereafter as heretofore. 338 INDEX-DIGEST OF FEDERAL KESEKVE ACT AND AMENDMENTS. HIGHEST HITMBER OF VOTES. § 4: 1. 20: p. 11. The candidate then having the highest num- ber of votes shall be declared elected. HIS OWN NAME, IN. § 2 : 1. 25 : p. 5. The Comptroller shall bring suits for viola^ tion of this Act in his own name, under the direction of the Federal Reserve Board. HOLD; HOIDS. § 2:1. 6: p. 6. Or to hold at any time, etc., more than $25,000 par value of stock in any Federal reserve bank. § 3: 1. 14: p. 7. Shall hold office during the pleasure of the board. § 4: 1. 38: p. 12. Shall hold office for a term of three years. § 4: 1. 42: p. 12. To hold office for the unexpired terms, etc. § 10:1. 43: p. 19. Ineligible to hold any ofG.ce, etc., in any member bank. § 10: 1. 31: p. 20. Nor hold stock in any bank, etc. § 10: 1. 41: p. 20. Shall hold office for the unexpired term. §12:1. 8 : p. 24. May hold such other meetings, etc. § 14:1. 10: p. 29. Or other securities which Federal reserve banks are authorized to hold. § 16: 1. 37: p. 31. When the Federal reserve agent holds gold or gold certfficates as collateral. § 16: 1. 25: p. 33. The Federal reserve agent shall hold such gold, etc., available exclusively for exchange, etc. § 19: 1. 25: p. 40. It shall hold and maintain with the Federal § 19: 1. 31: p. 40. reserve bank, etc. § 19:1. 36: p. 40. HOLDING. § 4: 1. 32: p. 9. Holding office for three years, etc. § 21: 1. 11: p. 42. And may at any time direct the holding of a special examination. § 22: 1. 27: p. 43. Be disqualified from holding office. § 22: 1. 30: p. 43. While holding such office. HOLDINGS. § 5: 1. 33: p. 13. It shall surrender a proportionate amount of its holdings in the capital stock of said Federal reserve bank. § 5: 1. 35: p. 13. It shall surrender all of its holdings, etc. § 9:1. 34: p. 17. Upon the surrender and cancellation of all of its holdings, etc. § 9: 1. 42: p. 17. Whenever a member bank shaU surrender its stock holdings, etc. § 25 : 1. 43 : p. 46. May be required to dispose of its stock hold- ings, etc. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 339 HOME dR ABEOAD, AT. § 14: 1. 40: p. 28. May purchase and sell in the open market, at home or abroad. § 14: 1. 4: p. 29. May deal in gold coin or buUion, at home or abroad. • § 14: 1. 11: p. 29. May buy and sell, at home or abroad, bonds and notes of the United States, etc. HOME OFFICE. §25:1. 4: p. 47. Shall conduct the accounts of each foreign branch independently of the accounts of other foreign branches, etc., and of its home office. HOUSE, CLEARING. See "Qearing house." HOUSE OF REPRESENTATIVES. § 10:1. 14: p. 21. The Federal Reserve Board shall annually make a full report to the Speaker of the House of Representatives. § 21:1. 4: p. 43. Other than such as shall be, etc., exercised § 21: 1. 6: p. 43. or directed by Congress, or by either House thereof or by any committee of Congress or of either House duly authorized. § 22: 1. 15: p. 44. By direction of the Congress or of either § 22: 1. 16: p. 44. House thereof or any committee of Con- gress or of either House duly authorized. HOWEVER. § 2: 1:20: p. 5. § 16:1. 22: p. 34. HOWEVER, PROVIDED. § 8:1. 17: p. 15. § 9:1. 14: p. 17. § 9:1. 35: p. 17. § 9:1. 30: p. 18. § 13:1. 33: p. 26. § 13:1. 6: p. 28. § 13:1. 26: p. 28. § 13:1. 29: p. 30. § 16:1. 36: p. 31. § 16:1. 33: p. 35. § 16:1. 38: p. 36. § 19:1. 11: p. 41. §21:1. 8: p. 42. § 22:1. 41: p. 43. §27:1. 8: p. 48. 340 INDEX-DIGEST OF FEDEBAL KESEBVE ACT AND AMENDMENTS. HYPOTHECATED. § 5: 1, 10: p. 13. Shares of the capital stock of Federal reserve banks owned oy member banks shall not be transferred or hypothecated. HYPOTHECATION. » ^ § 14: 1. 8: p. 29. Giving therefor, when necessary, acceptable security, including the hypothecation of United States bonds or other securities which Federal reserve banks are authorized to hold. IF ANY. § 6:1. 11: p. 14. The balance, if any, shall be paid to the receiver of the insolvent member bank. IF EARNED. § 9:1. 7: p. 18. From date of last dividend, if earned, etc. IMMEDIATE REPOET. § 4: 1. 21: p. 11. An immediate report of election shall be IMPAIR. § 2:1, declared. 33: p. 5. Such dissolution shall not take away or impair any remedy against such corporation, etc, § 29: 1. 23: p. 49. Shall not aflfect, impair, etc., the remainder of this Act, etc. IMPAIRMENT. § G:l. 6: p. § 9:1. 32: p. IMPAETIAIIY. § 4:1. 24: p. 14. IG. 9. Without impairment of its Uability, etc. Which relate to the withdrawal or impairment of their capital stock, etc. Said board shall administer the affairs of said bank fairly and impartially, etc. IMPENDING FAILURE. § 23 : 1. 32 : p. 44. Or with knowledge of such impending failure. IMPORTATION. § 13: 1. 15: p. 2G. Any member bank naay accept drafts or bills of exchange drawn upon it, etc., which grow out of transactions involving the importation or exportation of goods. IMPOSED. § 9: 1. 30: p. IG. Shall be required to conform to those provi- sions of law imposed on national banks, etc. § 9: 1. 28: p. 17. The Federal Reserve Board may restore mem- bership upon due proof of compliance with the conditions imposed by this section. 1. 31: p. 27. Such regulations, etc., as may be imposed by the Federal Reserve Board. § 13: § 16: § 27:1. 24: p 1. 7: p. 36. The charge which may be imposed for the serv- ice of clearing or collection, etc. 48. The Secretary of the Treasury shaJl have power to suspend the limitations imposed by sec. tions 1 and 3 of the Act of May 30, 1908, etc. 341 342 INDEX-DIGEST 03? FEDEEAL RESEEVB ACT AND AMENDMENTS. IMPRISONED. § 22: 1. 17: p. 43. Any bank officer, etc., making a loan to any bank examiner shall be imprisoned, etc., for not exceeding one year, etc. § 22: 1. 24: p. 43. Any examiner accepting a loan, etc., shall be imprisoned, etc., for not exceeding one year, imPRISONMEHT. § 22: 1. 18: p. 44. Any person violating this section shall be pun- ished by a fine, etc., or by imprisonment not exceeding one year, etc. IMPROVED. § 24: 1. 43: p. 44. May make loans secured by improved and un- incumbered farm land. § 24: 1. 3: p. 45. May make loans secured by improved and un- incumbered real estate. IN A DEPENDENCY. § 19: 1. 21: p. 41. National banks located, etc., in a dependency, etc., may remain nonmember banks, etc. IN ACCORDANCE WITH. § 4: 1. 32: p. 7. The provisions of this Act. § . 8: 1. 33: p. 15. The provisions of the statutes of the United States. § 14: 1. 19: p. 29. Rules and regulations prescribed by the Fed- eral Reserve Board. IN ACTUAL CIRCULATION. § 16: 1. 36: p. 31. Against its Federal reserve notes in actnal § 16: 1. 41: p. 31. circulation. IN ADDITION TO. § 2:1. 3: p. 5. The amount subscribed. § 4: 1. 28: p. 11. His duties as chairman. § 4: 1. 13: p. 12. Any compensation otherwise provided. § 12: 1. 7: p. 24. The meetings above provided for. § 13: 1. 32: p. 27. The powers now vested by law. §21:1. 30: p. 42. The examinations made and conducted by the Comptroller. IN ADVANCE. § 11: 1. 20: p. 23. All salaries and fees shall be fixed in advance by said Federal Reserve Board. IN ALL, TWELVE. § 2:1. 6: p. 4. Not to exceed twelve districts in all. IN ALL CASES. § 9: 1. 16: p. 17. The Federal Reserve Board shall in all cases approve the form of report. IN ALL RESPECTS. § 8: 1. 41: p. 15. Shall be subject to the same duties, liabilities, and regulations, in all respects, etc. INDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENTS. 343 IN AMOUNT. § 4:1. 6: p. 9. Equal in amount, etc. § 16: 1. 12: p. 31. In amount equal to, etc. § IS: 1. 42: p. 38. Equal in amount, etc. m AS AGGREGATE STTM. § 24: 1. 15: p. 45. In an aggregate sum equal to 25 per centum of its capital and surplus, etc. IN AN AMOUNT. § 9 : 1. 34 : p. 18. Wlio is liable for borrowed money to such State bank or trust company in an amount greater than 10 per centum, etc. § 13: 1. 40: p. 25. Notes, etc., drawn or issued for agricultural Eurposes or based on live stock, etc., may discounted in an amount to be limited to a percentage of the assets, etc. § 13: 1. 34: p. 28. No member bank shall accept such dollar ex- change drafts or bills in an amount exceed- ing at any time the aggregate of one-half of its paid-up and unimpaired capital and surplus. IN ANTICIPATION OF. § l4: 1. 14: p. 29. And warrants, etc., issued' in anticipation of § 14: 1. 15: p. 29. the collection of taxes or in anticipation of the receipt of assured revenues, etc. IN ANT CASE. §13:1. 7 : p. 28. No such bank shall in any case guarantee either the principal or interest of any such loans. § 7:1. 4: p. 52. Shall not in any case exceed the amount withdrawn from any such bank or trust company. (Act of April 24, 1917.) IN ANY FORM. § 18 : 1. 44 : p. 39. As well as from taxes in any form by or under State, municipal, or local authorities. IN ANY ONE YEAR. § 18: L 13: p. 38. Federal reserve banks shall not bo permitted to purchase an amount to exceed $25,000,- 000 of such bonds in any one year, etc. in;any piace. § 13: 1. 35: p. 27. Any such association located and doing busi- ness in any place the population of which does not exceed 5,000 inhabitants, etc. IN ANY WAY. § 13:1, 11: p. 27. No national banking association shall at any time be indebted, or in any way liable to an amount exceeding, etc. § 23: 1. 36: p. 44. This provision sliall hot be construed to affect in any way any recourse which such share- holder might otherwise have, etc. 344 INDEX-DIGEST OP FEDERAL BESEKVE ACT AND AMENDMENTS. IN APPLYIITG FOE. § 19:1. 2: p. 41. No member bank shall act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal reserve bank, etc., except by permission of the Federal Reserve Board. IN ATTENDING. § 4:1. 15: p. 12 Directors of Federal reserve banks shall re- ceive, etc., a reasonable allowance for neces- sary expenses in attending meetings of their respective boards, etc. IN BLANK. § 4:1. 5: p. 9. To receive from the Comptroller circulating § IS: 1. 41 : p. 3S. notes in blank, etc. IN CARRYING OUT. § 16: 1. 4: p. 37. The expenses necessarily incurred in carrying out these prgvisions, etc., sliall be paid by the Federal Reserve Board, etc. IN CASE OF. § 4:1. 42: p. 11. In case of the absence of the chairman and deputy chairmaa, the third class C director shall preside, etc. IN COLLECTING. § IG: 1. 3: p. 36. Notliing herein contained shall bo construed as prohibiting a member bank from charg- ing its actual expense incurred in collecting and remitting funds or for exchange sold to its patrons. IN CONNECTION WITH. § 16: 1. 22: p. 35. To cover any other expenses in connection with the printing of national bank notes or notes provided by the Act of May 30, 190S. § 22: 1. 39: p. 43. No officer, etc., of a member bank shall be a beneficiary of or receive, etc., any fee, etc., for or in connection with any transaction or business of the bank. IN_CONSEQTIENCE OF. § 2: 1. 32: p. 5. Shall be held liable, etc., for all damajrcs, etc., sustained in consequence of such violation. IN CONTRAVENTION. § 8:1. 17: p. 15. Provided that such conversion shall not bo in contravention of the State law. § 11:1. 13: p. 23. The Federal Reserve Board may grant by special permit to national banks applyinjj therefor, when not in contravention or State or local law, the right to act as trustee, etc. INDEX-DIGEST OF FEDERAL EESEEVE ACT AND AMENDMENTS. 345 IS COUPON OR REGISTERED FORM. § IS: 1. 35: p. 39. The Secretary of the Treasury is aulhomed to issue at par Treasury notes in coupon or registered form, etc. IS DENOMIITATIOITS OF. § IS: 1. 3G: p. 39. The Secretary of the Treasury is authorizerl to issue, etc., Treasury notes, etc., in denomi- nations of $100 or any multiple thereof. IN DESIGNATED DEPOSITORIES. § 7: 1. 17: p. .52. The reserve requirements for member banks § 8: 1. 29: p. 54. shall not apply to deposits of pul)lic mnnoys by the United States in designated deposi- tories. (Act of April 24, 1917. Act of September 24, 1917.) IN DESIGNATING. § 2: 1. 15: p. 4. And in designating the cities, etc., where such Federal reserve banks shall be severally located. IN DETAIL. § 11: 1. 37: p. 21. Shall show in detail the assets and liabilities of the Federal reserve banks. IN DETERMINING. § 2: 1. 14: p. 4. May make such investij^ation as may bo deem- ed necessary in determining the reserve districts, etc. IN DOING SO. §21:1. 17: p. 42. And, in doing so the examiner shall have power to administer oaths, etc. IN EACH. § 2: 1. 17: p. 4. Shall supervise the organization in each of the cities designated of a Federal reserve bank. § 4: 1. 32: p. 10. The chairman shall make lists of (ho district reserve electors, etc., in each of the afore- said throe groups. § 21: 1. 7: p. 42. Examiners who shall examine every member bank at least twice in each calendar year. IN EITHER CASE. § 5: 1. 3S: p. 13. In either case the shares surrendered shall bo canceled. IN ESTIMATING THE BALANCES. § 19:1. 15: p. 41. In estimating the balances required bv this Act, the net difference of amounts due to and from other banks shall be taken as the basis, etc. IN EXCESS OF. § 19: 1. 43: p. 40. A sum in excess of 10 per ccntUm of its own paid-up capital and surplus, § 27: 1. 33: p. 48. No bank shall be permitted to issue circulating notes in excess of 125 per centum of its un- impaired capital and surplus. 346 INDEX-DIGEST 01" FEDEHAL HfeSEEVE ACT AND AMEKDMENTS. IN EXCHANGE FOE. § IS: I, 10: p. 39. United States 2 per centum gold bondsj etc. § IS: 1. 23: p. 39. Such bonds, etc. § 18: 1. 29: p. 39. The 2 per centum United States gold bonds, etc. § 18: 1. 11: p. 40. The one-year gold notes, etc, IN EXECUTING. § 16: 1. 6: p. 35. The expenses necessarily incurred in executing the taws relating to tlio procuring of such notes, etc., shall be paid by the Federal re- serve banks., etc. IN FAVOR OF. § 4: 1. 24: p. 9. Said board shall administer the affairs of said bank fairly and impartially and without discrimination in favor of or against any member bank or banks. IN FORCE. § 18: 1. 31: p. 39. Said obligation to purchase at maturity such notes sliall continue in force for a period not to exceed 30 years. IN FORM. § 18:1. l:p. 39. Federal reserve bank notes shall bo in form prescribed by the Secretary of the Treasury. IN FORM AND TENOR. § 16:1. 36: p. 34. Federal reserve notes shall be in form and tenor as directed by the Secretary of the Treasury. IN GOOD FAITH, DRAWN. §13:1. 5 : p. 26. This restriction shall not apply to the discount of bills of exchange drawn in good faith against actually existing values. IN HIS DISCRETION. § 27 : 1. 44 : p. 48. The Secretary of the Treasury, in his discre- tion, is further authorized to extend the benefits of this Act to all qualified State banks and trust companies, etc. IN HIS JUDGMENT. § 27 : 1. 22 : p. 48. The Secretary of the Treasury may suspend the Umitations imposed by sections 1 and 3 of the Act of May 30, 1908, whenever, in his jndgment, he may deem it desirable. § 27:1. 37: p. 48. To maintain on deposit, etc., a sum in gold sufficient in his jndgment for the redemp- tion of such notes. IN HIS NAME. § 4:1. 6: p. 12. Shall have power to act in his name and stead, etc. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 347 IN HIS OWN NAME. § 2: 1. 25: p. 5. In a stiit brought, etc., by tbo Comptroller in Ms own name. IN HIS PERSONAL OR INDIVIDXJAI CAPACITY. § 2:1. 29: p. 5. Shall bo held liable in his personal or indi- vidual capacity, etc. IN ITS ASSESSMENTS. § 16: 1. 8: p. 37. All expenses incident to the handling of such deposits shall be paid by the Federal Reserve Board, and included in its assess- ments against the several Federal reserve banks. IN ITS DISCRETION. § 18: 1. 5: p. 38. The Federal Reserve Board may in its discre- tion require tlie Federal reserve banks to purchase such bonds. IN ITS ESTIMATE OF EXPENSES. § 16: 1. 10: p. 35. Shall include in its estimate of expenses, etc. a sufficient amount to cover the expenses herein provided for. IN ITS OPERATION. § 29 : 1. 24 : p. 49. Shall be confined in its operation to the clause, etc., directly involved, in the controversy, ctjc IN ITS TITLE. § 20: 1. 19: p. 4. Shall include in its title the name of the city in which it is situated, etc. IN LIEU OF. § 9: 1. 12: p. 17. The examinations and reports made by the State authorities may bo accepted in lieu of examinations made by examiners selected or approved by the Federal Reserve Board. IN LIKE MANNER. § 4: 1. 19: p. 11. Shall be added together in like manner, etc. IN NO CASE. § 13: 1. 7: p. 25. But in no case to exceed 10 cents per $100 or fraction thereof, etc. § 20: 1. 41 : p. 41. Shall in no case be counted, etc., as part of its lawful reserve. IN NO EVENT. § 9:1. 7: p. 18. The amount refunded in no event to exceed the book value. § 13: 1. 41 : p. 26. Shall in no event exceed 50 per centum of such capital stock and surplus. § 16: 1. 37: p. 32. But in no event less than 5 per centum of the total amount of notes issued, less, etc., § 27: 1. 38: p. 48. But in no event less than 5 per centum, etc. 348 INDEX-DIGEST OE FEDERAL KESEEVE ACT AND AMENDMENTS. IN OFFICE. § 10: 1. 42: p. 19. During the time they arc in office and for two years thereafter, etc. IN ORDEE. § 16: 1. 28: p. 34. In order to furnish suitable notes, etc. IN, PAID. § 5:1. 31: p. 13. Showing the increase in capital stock, the amount paid in, and by whom paid. § 7:1. 24: p. 14. To receive an annual dividend of 6 per centum on the paid-in capital stock, etc. § 7: 1. 30: p. 14. Until it shall amount to 40 per centum of the paid-in capital stock. § 13: 1. 13: p. 27. At such time actually paid in and rclmaining undiminished by losses or otherwise, § 25: 1. 37: p. 45. To invest an amount npt exceeding, etc., 10 per centum of its paid-in capital stock and surplus, etc. IN PART, IN WHOLE OR. § 2:1. 5: p. 5. Whether such subscriptions have been paid up in whole or in part. § 16: 1. 44: p. 32. Tho Federal Eoscrvo Board may grant, in whole or in part, etc., the application, etc. § 25: 1. 8: p. 46. The Federal Reserve Board may approve or reject such application in whole or in part, olc. IN PAYMENT. § 5: 1. 39: p. 13. Shall receive in payment therefor, etc., a sum equal to its cash-paid subscriptions, etc. IN PRINTING. § 16: 1. 36: p. 35. From their liability to reimburse tho United States for any expenses incurred in printing and issuing circulating notes. IN PROPORTION TO. § 10:1. 17: p. 20. An assessment in proportion to their capital stock and surplus, etc. § 21: 1. 27: p. 42. In proportion to assets and resources held by the banks, etc. § 2: 1. 31: p. 53. Substantially in proportion to the capital and surplus of each such bank. (Act of May 18, 1916.) IN PITRSXJANCE THEREOF. § 11: 1. 28: p. 23. Or any rule or regulation made in pursuance thereof. IN REGARD TO. § 12:1. 21: p. 24. And to make recommendations in regard to discount rates, etc. IKDEX^DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 349 ITS SO FAB AS. § 2 : 1. 33 : p. 6. Except in so far as this Act changes the amount of reserves that may be carried with approved reserve agents located therein. IS SUCH AMOTJNTS. § 13: 1. 23: p. 28. Such drafts or bills may be acquired by Fed- eral reserve banks in such amounts, etc. IN SUCH CASE. § 8:1. 18: p. 15. In such case the articles of association, etc., may be executed by a majority of the directors, etc. Ill SUCH MAITNER. § 2: 1. 21: p. 6. In such manner, etc., as the Secretary of the Treasury shall determine. § 8: 1. 17: p. 54. And shall bo secured in such manner, etc., as the Secretary of the Treasury shall deter- P* mine.a(Act of September 24, 1917.) IiriTHAT EVENT. § 2:1. 41: p. 5. § 2:1. 15: p. 6. § 19:1. 24: p. 41. § 19:1. 28: p. 41. IN THE AGGREGATE. § 13 : 1. 25 : p. 26. An amount equal at any time in the aggregate, § 13:1. 31: p. 26. etc. § 13: 1. 38: p. 26. An amount not exceeding at any time in the aggregate, etc. § 13: 1. 28: p. 28. To an amount c:^ceeding in the aggregate, etc. § 25: 1. 36: p. 45. Not exceeding in the aggregate. IN THE BEST JffiANNEB. § 16: 1. 31: p. 34. Shall cause plates and dies to be engraved in the best manner, etc. IN THE CASE OF. § 21:1. 10: p. 42. The Federal Keserve Board may authorize examination by the State authorities to bo accepted in the case of State banks and trust companies. IN THE COLUMN OF FIEST CHOICE. § 4:1. 7: p. 11. Any candidate haying a majority of all votes cast in the column of first choice shall be declared elected. IN THE CONTEOVERSY. § 29 : 1. 25 : p. 49. Shall be confined in its operation to the clause etc., directly involved in the controversy, etc. IN THE DISCRETION OF THE SECRETARY OF THE TREASURY. § 16: 1. 26: p. 35. May be used, in the discretion of the Secretary of the Treasury for the purposes of this Act. 350 ISTDEX-DIGEST OP FEDEKAL RESERVE ACT AND AMENDMENTS. IN THE FIRST COLUMN. § 4:1. 9: p. 11. If no candidate have a majority of all the votes cast in the first colnmn, etc. IN THE FIRST INSTANCE. § IS: 1. 29: p. 39. Not to exceed the amount issued to such bank in the first instance, in exchange for the 2 per centum United States gold oonds. IN THE HANDS OF. § 11: 1. C: p. 23. For the safeguarding of property, etc., of any kind in the hands of sucn Federal reserve agents. IN THE JOINT CUSTODY. § 16: 1. 17: p. 34. Shall thereafter be held, etc., in the joint cus- tody of himself and the Federal reserve bank to which he is accredited. IN THE JUDGMENT OF. § 2 : 1. 3S : p. 5. Should the subscription by banks, etc., be, in the judgment of the Organization Com- mittee, insufficient, etc. § 2:1. 13: p. C. Should the total subscriptions by banks and the public, etc., be, in the judgment of the Organization Committee, insufficient, etc. § 16: 1. 22: p. 32. Maintain with the Treasurer in gold an amount sufficient in the judgment of the Secretary of the Treasury, etc. § 16: 1. 35: p. 32. A sum in gold sufficient, in the judgment of the Secretary of the Treasury, etc. IN THE MANNER. § 4:1. 2 : p. 9. Provided by existing law. § 4:1. 41: p. 12. Provided for the original selection of such directors. § 5: 1. 15: p. 13. Ilcrcinbefore provided. § IS: 1. 38: p. 38. Provided by existing law. § 24 : 1. 23 : p. 45. Described in this section. § 7:1. 8: p. 52. Acquired for other deposits, etc. (Act of April 24, 1917.) IN THE NAME DESIGNATED. § 4: 1. 20: p. 8. Shall have power, etc., in the name designated in such organization certificate, etc. IN THE NAME OF. § 5:1. 15: p. 50. At least 25 per centum of that part of the capital of any Federal land bank for which stock is outstanding in the name of national farm loan associations may consist of, etc., deposits in member banks of the Federal reserve system. (Act of July 17, 1916.) INDEX-DIGEST OF FEDEEAL KESEKVE ACT AND AMENDMENTS. 351 Iir THE OPEN MARKET. § 14: 1. 40: p. 28. Any Federal reserve bank, etc., may purchase and sell in the opea market, etc. IN THE ORDEB. § 9:1. 41: p. 17. Applications for withdrawal shall be dealt with in the order in which they are filed with the Federal Reserve Board. IN THE PERFORMANCE. § 4:1. 5: p. 12. Shall assist the Federal reserve agent in the performance of his duties. IN THE PLACE. § 9:1. 14: p. 18. Sufficient to entitle it to become a national banking association in the place where it is situated. IN THE SAME MANNER. § 4: 1. 11: p. 12. To be fixed and paid in the same manner, etc. § 11 : 1. 21 : p. 23. Shall be paid in the same manner, etc. IN THE SECOND COLUMN. § 4: 1. 11: p. 11. The votes cast by the electors for such candi- dates in the second column, etc. IN THE THIRD COIUMN. § 4: 1. IS: p. 11. When the votes cast in the third column for other choices shall be added together, etc. IN THE VARIOUS DISTRICTS. § 12:1. 23: p. 24. The Federal Advisory Council may call for information and make recommendations in regard to, etc., reserve conditions in the various districts. IN THEIR OWN VAULTS. § 11: 1. 37: p. 23. The Federal Eoscrvo Board, etc., may permit member banks to carry in the Federal 1 reserve bank, etc., any portion of their reserves now required by section 19 to_be held in their own vaults. IN THIS ACT, PROVIDED. § 15 : 1. 17: p. 30. The funds provided in this Act for the redemp- tion of Federal reserve notes may not bo deposited in Federal reserve banks. IN THIS SECTION. § 24: 1. 23: p. 45. In the manner described in this section. IN VIOLATION OF THIS SECTION. § 9: 1. 13: p. 19. The act of any officer, etc., in violation of this section may subject such bank to a forfeiture of its membership, etc. 352 INDEX-DIGEST OP FEDERAL KESEEVE ACT AND AMENDMENTS. IK" WHOIE OE IN PART. § 2:1. 5: p. 5. Whether such subscriptions have boon paid up in whole or in part. § 16: 1. 44: p. 32. The Federal Reserve Board, etc., may grant in whole or in part, etc. § 25:1. 8: p. 46. The Federal Eeserve Board may approve or reject such apphcation in whole or in part. IN WEITING. § 2: 1. 25: p. 4. To signify in writing, etc., its acceptance. § 11: 1. 37: p. 22. The cause of removal shall bo communicated in writing, etc., to the removed officer or director and to said bank. § 18: 1. 23: p. 38. Shall assign and transfer in writing such bonds, etc. § 22:1. 11: p. 44. Without first having obtained the express permission in writing from the Comptroller, mCIDEHT. § 16: 1. 7: p. 37. AH expenses incident to the handfing of such deposits shaU be paid by the Federal Reserve Board, etc. INCIDEHTAl. § 4:1. 14: p. 9. No Federal reserve bank shall transact any business except such as is incidental, etc., to its organization until, etc., authorized by the ComptroUor to commence business, etc. mCIDEHTAL POWEES. § 4 : 1. 42 : p. 8. To exercise, by its board of directors, etc., such incidental powers as shall be necessary to carry on the business of banking. INCIDENTAL TO THEIE ISSUE AND EETIEEMENT. § 16: 1. 8: p. 35. And afi other expenses incidental to their issue and retirement. INCLUDE. § 1:1. G:p. 3. The word "bank" shaE bo held to include State bank, etc. § 2: 1. 19: p. 4. Shall include in its title the name of the city in which it is situated, etc.- § 13 : 1. 29 : p. 25. Such definition shaU not include notes, etc., covering merely investments, etc. § 16: 1. 10: p. 35. Shall include in its estimate of expenses, etc. § 16: 1. 17: p. 35. Section 5174, Revised Statutes, is hereby ex- tended to include Federal reserve notes herein provided for. § 18:1. 13: p. 38. Which amount shall include bonds acquired under section 4, etc. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 353 INCLUDED. § 16: 1. 41 : p. 32. Such deposit of such gold shall be counted and included as part of the 40 per centum re- serve, etc. § 16: 1. 8: p. 37. All expenses incident to the handling of such deposits shall be paid by the Federal Reserve Board and included in its assessments against the Federal reserve banks. nrciUDiiTG. § 7: 1. 44: p. 14. The capital stock and surplus therein. § 10: 1. 19: p. 19. The Secretary of the Treasury. § 14:1. 8: p. 29. The hypothecation of United States bonds, etc. § 14 : 1. 18 : p. 29. Irrigation, drainage, and reclamation districts. § 16: 1. 5: p. 37. The cost of the certificates or receipts issued. INCOME. § 7:1. 45: p. 14. Federal reserve banks, etc., and the income derived therefrom shall be exempt from Federal, State, and local taxation, except taxes upon real estate. INCONSISTENT. § 4 : 1. 3.7 : p. 8. May prescribe, by its board of directors, by- lavrs not inconsistent with law, etc. § 26 : 1. 18 : p. 47. All provisions of law inconsistent with or super- seded by any of the provisions of this Act are to that extent, and to that extent only here- by repealed. INCOEPOHATED BANKS AND TRUST COMPANIES. § 8: 1. 11: p. 54. The Secretary of the Treasury is hereby au- thorized to deposit in such incorporated banks and trust companies, etc.: (Act of September 24, 1917.) INCORPORATED BY SPECIAL LAW. § 8:1. 6: p. 15. Any bank incorporated by special law of any State or of the United States, etc., may be converted into a national bank, etc. § 9:1. 2: p. 16. Any bank incorporated by special law of any State may make application for the right to subscribe to the stock of the Federal re- serve bank, etc. INCORPORATED UNDER THE LAWS OF THE UNITED STATES OR OF ANY STATE. § 25: 1. 39: p. 45. To invest, etc., in the stock of one or more banks or corporations chartered or incorpo- rated under the laws of the United States or of any State thereof, and principally engaged in international or foreign banking, etc. 20592°— 18 2a 354 INDEX-DIGEST OF FEDERAL KESEHVE ACT AND AMENDMENTS. 5:1. 11 5:1. 14 INCREASE ; INCSEASED; INCBEASES. § 5:1. 4: p. 13. The outstanding capital stock of a Federal § 5:1. 5: p. 13. reserve bank shall be increased, etc., as member banks increase their capital stock and surplus. 13. When a member bank increases its capital or 13. surplus, it shall subscribe for additional stock in the Federal reserve bank equal to 6 per centum of the said increase. 5:1. 25: p. 13. When the capital stock of a Federal reserve 5: 1. 27: p. 13. bank has been increased either on account 5: 1. 30: p. 13. of the increase of capital of member banks or increase in the number of member banks, the directors shall issue a certificate to the Comptroller, etc., showing the increase, etc. INCEEASIXGLY. § 11:1. 16: p. INCUE. § 2:1. 37: p. 6. INCUBBED. § 2:1. 36: p. 5. 22. A tax at the rate increasingly, etc. The Organization Committee may incur such expenses, etc., as it shall deem necessary. Such dissolution shall not take away, etc., any remedy against such corporation, etc., for any habihty or penalty which shall have been previously incurred. Liabihties. incurred under the provisions of the Federal Reserve Act. The expenses necessarily incurred in executing the laws relating to the procuring of Federd reserve notes, etc., shall be paid by the Fed- eral reserve baiiks, etc. From their habihty to reimburse the United States for any expenses incurred in printing and issuing circulating notes. As prohibiting a member bank from charging its actual expense incurred in collecting and remitting funds. § 16: 1. 39: p. 36. Any expense incurred in shipping gold, etc., in order to make such payments, etc., shall be paid by the Federal Keserve Board. §16:1. 4 : p. 37. The expenses necessarily incurred in carrying out these provisions, etc., shall be paid by the Federal Reserve Board. § 13:1. 24: p. 27. § 16:1. 6: p. 35. § 16:1. 36: p. 35. § 16:1. 2: p. 36. INDEBTED. § 13:1. 11: p. 27. No national banking association shall be at any time indebted or in any way Hable to an amount exceeding, etc. INDEX-DIGEST OF FEDEKAL EBSERVE ACT AND AMENDMENTS. 356 INDEBTEDBTESS. § 7:1. 36: p. 14. The net earnings derived by the United States from Federal reserve banks shall, etc., be used, etc., or shall be applied to the reduction of the outstanding bonded indebtedness of the United States, etc. § 9:1. 3: p. 18. After due provision has been made for any indebtedness due, etc., to the Federal reserve bank. § 7: 1. 40: p. 51. Arising from the sale of bonds and certificates § 7:1. 14: p. 54. of indebtedness, etc., authorized by this Act. (Act of April 24, 1917.) (Act of September 24, 1917.) § 7:1. 6: p. 52. Invested in such bonds or certificates of indebtedness, etc. (Act of April 24, 1917.) INDEPENDENTIY. § 25:1. 2: p. 47. Shall conduct the accounts of each foreign branch independently of the accounts of other foreign branches, etc., and of its home oflfice. HTDICATIHG. § 4: 1. 38: p. 10. Shall be hsted by the chairman, indicating by whom nominated, etc. INDIEECTIY, DIRECTLY OR. § 22: 1. 38: p. 43. No officer, etc., of a member bank shall be a benefiiciary of or receive, directly or indi- rectly, any fee, commission, gift, etc. INDIVIDTTAI; UTDIVIDTJAIS. § 2: 1. 30: p. 5. Shall be held liable in his personal or indi- vidual capacity, etc. § 2:1. 4: p. 6. No individual, etc., shall be permitted to subscribe for or hold more than $26,000 Ear value of stock in any Federal reserve ank. § 14: 1. 42: p. 28. May purchase and sell in the open market, etc., either from or to domestic or foreign banks, firms, corporations, or individuals, etc. INDIVIDTJALLY RESPOITSIBIE. § 2:1. 44: p. 4. Shareholders of every Federal reserve bank shall be held individually responsible, etc., for all contracts, debts, etc. § 23 : 1. 24 : p. 44. Stockholders of every national banking asso- ciation shall be held individually responsi- ble for all contracts, debts, etc. 356 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. INBORSED. § 13:1. 10: p. 26. Any Federal reserve bank may discount acceptances, etc., which are indorsed by at least one member bank. § 16: 1. 17: p. 31. The collateral security thus offered shall be, etc., or biUs of exchange indorsed by a member bank of any Federal reserve district and purchased under the provisions of section 14, etc. § 22:1. l:p. 44. Notes, etc., or other evidences of debt exe- cuted or indorsed by directors or attorneys of a member bains may be discounted with such member bank on the same terms and conditions as other notes, etc. INDORSEMENT. § 13: 1. 13: p. 25. Any Federal reserve bank may discount notes, etc., arising out of actual commercial transactions, etc., upon the indorsement of any of its member banks, etc. § 13: 1. 15: p. 25. Which indorsement shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively. § 13: 1. 45: p. 25. Limitation of the aggregate of such notes, etc., bearing the signature or indorsement of any one borrower, etc. § 14: 1. 2: p. 29. Federal reserve banks may, etc., purchase and sell in the open market, etc., cable transfers, bankers' acceptances, and bills of exchange of the kinds and maturities by this Act made eligible for rediscount, with or with- out the indorsement of a member bank. § 14:1. 23: p. 29. May purchase from member banks and sell, with or without its indorsement, bills of exchange arising out of commercial transac- tions, etc. § 14: 1. 38: p. 29. May appoiat correspondents and establish agencies in foreign countries, etc., and may buy and sell, with or without its indorse- ment, through such correspondents or agencies, bills of exchange or acceptances arising out of actual commercial transac- tions, etc. INDTJSTEIAl. § 4: 1,40: p. 9. Class B directors, etc., at the time of their election shall be actively engaged in their districte in conunerce, agriculture, or some other industrial pursuit. § lOl 1. 28: p. 19. The President shall have due regard to a fair representation of the different commercial, industrial, and geographical divisions of the country. ' INDEX-DIGEST OF FEDERAL EESEKVE ACT AND AMENDMENTS. 357 INDUSTRIAI— Continued. § 13:1. 19: p. 25. That is, notes, drafts, and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes, etc. INELIGIBLE. § 10: 1. 41: p. 19. The members of said board, the secretary of the Treasury, the assistant secretaries of the Treasury, and the Comptroller shall be ineligible during the time they are in office and for two years thereafter to hold any office, position, or employment in any member bank. INEXPEDIENT. § 25: 1. 9: p. 46. If, for any reason, the granting of such appli- cation is deemed inexpedient. INFOBM. § 21: 1. 37: p. 42. Such examinations shall be so conducted as to inform the Federal reserve bank, of the condition of its member banks, etc. INFORMATION. § 10: 1. 16: p. 21. The report of the Federal Reserve Board shaU be printed, etc., for the information of Congress. § 11: 1. 39: p. 21. Such statements, etc., shall furnish fuU infor- mation regarding the character of the money held as reserve, etc. § 12: 1. 21: p. 24. The Federal Advisory Council may call for information, etc., in regard to discount rates, etc. § 21: 1. 41: p. 42. Every ^Federal reserve bank shall at all times furnish to the Federal Reserve Board such information as may be demanded con- cerning the condition of any member bank, etc. § 25:1. 14: p. 46. Every national bank operating foreign branches shall be required to furnish infor- mation to the Comptroller, upon demand, concerning the condition of such branches, etc. § 25: 1. 19: p. 46. Every member bank' shall be required to fur- nish information concerning the condition of such banks or corporations to the Federal Reserve Board upon demand, etc. INHABITANTS. § 13: 1. 36: p. 27. National banks, etc., located and doing busi- ness in any place the population of which does not exceed 5,000 inhabitants, etc., may act as the agent for fire, etc., insurance companies, etc. 358 INDEX-DIGEST OP FEDERAL RESERVE ACT AND AMENDMENTS. UTSOLVENCY. § 6 : 1. 15 : p. 14. Whenever the capital of a Federal reserve bank is reduced on account of the insol- vency, etc., of a member bank, the directors shall execute a certificate to the Comptroller, etc. INSOIVEITT. § 6:1. § 6:1. § 6:1. 3: p. 14. If any member bank shall be declared in- solvent, etc., the stock held by it in said Federal reserve bank shall be canceled, etc. 10: p. 14. AH cash-paid subscriptions, etc., shall be first applied to all debts of the insolvent member bank to the Federal reserve bank, etc. 12: p. 14. The balance, if any, shall be paid to the re- ceiver of the insolvent bank. INSTANCE, IN THE FIRST. § 18:1. 29: p. 39. Not to exceed the amount issued to such bank in the first instance in exchange for the 2 per centum United States gold bonds. INSTITUTE. § 25:1. 35 p. 46. The Federal Reserve Board is hereby author- ized and empowered to institute an in- vestigation of the matter. INSTITUTION; INSTITUTIONS. § 8:1. 21: p. 15 § 8:1. 24: p. 15 § 10:1. 30: p. 20 § 10:1. 31: p. 20 §25:1. l:p. 46 INSUFFICIENT. § 2:1. 39: p. 5 Bank or banking institution. 15. Bank or banking institution. 20. Bank or banking institution. Bank or banking institution. Or through the agencj, ownership, or control of local institutions in foreign countries. Shoidd the subscriptions by banks, etc., be insufficient in the judgment of the Organi- zation Committee to provide the amount of capital required therefor, etc. § 2: 1. 14: p. 6. Should the total subscriptions by banks and the public be, etc., insufficient to provide the amount of capital, etc. § 16: 1. 28: p. 35. Should the appropriations heretofore made be insufficient to meet the requirements of this Act, etc. INSULAR POSSESSION; POSSESSIONS. § 13: 1. 19: p. 28. Any member bank may accept drafts or bills § 13: 1, 22: p. 28: drawn by banks or bamsers in insular possessions, etc., of the United States, for the purpose of furnishing dollar exchange as requu-ed by the usages of trade in the respective insular possessions, etc. INDEX-DIGEST OP PEDEEAL RESERVE ACT AND AMENDMENTS. 359 IITSTJLAR POSSESSION; POSSESSIONS— Continued. § 19:1. 21: p. 41. National banks, etc., located in, etc., or in- sular possession, etc., may remain non- member banks, etc. § 25: 1. 32: p. 45. To establish branches in foreign countries, dependencies or insular possessions of the United States, etc. § 25: 1. 42: p. 45. To invest in, etc., the stock of one or more banks or corporations, etc., and -principally engaged in international or foreign banking, or banking in a dependency or insular possession of the United States, etc. § 25: 1. 2: p. 46. Through the agency, ownership, or control of local institutions in foreign countries or in such dependencies or insular possessions. INSURANCE. § 13: 1. 40: p. 27. Certain specified national banks may act as § 13: 1. 42: p. 27 agent for any fire, life, or other insurance company, etc., by soliciting and selling insurance, etc. §13:1. 1 : p. 28. May receive such fees or commissions as may be agreed upon between the said bank and the insurance company, etc. §13:1. 9 : p. 28. No bank shall guarantee the payment of any premium on insurance policies issued through its agency, etc. § 13: 1. 13: p. 28. The bank shall not guarantee the truth of any statement made by an assured in filing his application for insurance. INTERCHANGEABLE. § 1:1. 11: p. 3. The terms "national bank" and "national banking association," etc., shall be held to be interchangeable. INTEREST. § 9:1. 5: p. 18. A member bank which surrenders its stock holdings in the Federal reserve bank volun- tarily or by order of the Federal Reserve Board, etc., shall, after due provision is made for any indebtedness to, etc., the Federal reserve bank, be entitled to a re- fund of its cash-paid subscription with in- terest at the rate of one-half of 1 per centum per month from date of last dividend, if earned, etc. § 11:1. l:p. 22. Rediscounts between Federal reserve banks shall be at rates of interest to be fixed by the Federal Reserve Board. ' § 11 : 1. 22: p. 22. The Federal reserve bank shall add an amount ec[ual to the tax to the rates of interest and discount fixed by the Federal Reserve Board. 360 INDEX-DIGEST OF FEDEBAI. RESERVE ACT AND AMENDMENTS. INTEREST— Continued. § 13: 1. 8: p. 28. No bank shall guarantee the principal or in- terest of any such loans, etc. § 16: 1. 7: p. 33. Shall pay such rate of interest on Federal re- serve notes as may be established by the Federal Reserve Board, on only that amount of such notes, etc. § 18:1. l:p. 38. May file with the Treasurer of the United •> States an application to sell for its account, at par and accrued interest, United States bonds securing circulation to be retired. § 18: 1. 37: p. 39. The Secretary of the Treasury is authorized to issue at par Treasury note^, etc., bearing interest at the rate oi 3 per centum, etc. § 18: 1. 42: p. 39. To be exempt as to principal and interest from the payment of all taxes and duties of the United States, except as provided by this Act. §18:1. 3 : p. 40. The Secretary of the Treasury is authorized, etc., to issue United States gold bonds at par bearing 3 per centum interest, etc. § 22: 1. 43: p. 43. Nothing in this Act, etc., shall prohibit a director, officer, employee, or attorney from receiving the same rate of interest paid to other depositors, etc. § 24: 1. 19: p. 45. Such banks may continue hereafter as hereto- fore to receive time deposits and to pay interest on the same. § 26: 1. 31 : p. 47. The Secretary of the Treasury may, etc., bor- row gold on the security of United States bonds, authorized, etc., or for one-year gold notes bearing interest at a rate of not to exceed 3 per centum, etc. § 13: 1. 11 : p. 51. Federal land banks may deposit current funds subject to check, with any member bank of the Federal reserve system and receive interest on the same as may be agreed. (Act of July 17, 1916.) § 7:1. 2: p. 52. And such deposits may bear such rate of § 8: 1. 17: p. 54. interest, etc., as the Secretary of the Treas- ury, etc., may prescribe. (Act of April 24, 1917.) (Act of September 24, 1917.) INTERNATIONAL. § 25: 1. 41 : p. 45. Principally engaged in international or foreign banking. INTO DISTRICTS. § 2:1. 26: p. 3. Shall divide the continental United States. excluding Alaska, into districts, etc. INDEX-DIGEST OF PEDEBAL RESERVE ACT AND AMENDMENTS. , 361 INVALID; INVALIDATE. § 29: 1. 22: p. 49. If any clause, etc., of this Act shall, etc., be § 29: 1. 23: p. 49. adjudged by any court, etc., to be invalid, such judgment shall not affect or invalidate, etc., the remainder, etc. INVEST. § 25: 1. 36: p. 45. Application of any national bank, etc., for per- mission to invest an amount, not exceeding, etc., 10 per centum of its paid-in capital and surplus, in the stock of one or more banks, etc., principally engaged in international or foreign banking, etc. INVESTED. § 23: 1. 27: p. 44. Each to the amount of his stock therein, at the par value thereof, in addition to the amount invested in such stock. § 25: 1. 12: p. 47. Of any such bank or corporation above men- tioned in the capital stock of which such member bank shall have invested, etc. § 7: 1. 6: p. 52. Withdrawn, etc., and invested in such bonds, etc. (Act of April 24, 1917.) § 7:1. 7: p. 52. Plus the amount so invested by such bank or trust company. (Act of April 24, 1917.) INVESTIGATION. § 2: 1. 13: p. 4. The Organization Committee may make such investigation as is deemed necessary in determining Federal reserve districts. § 25: 1. 35: p. 46. The Federal Reserve Board is authorized to institute an investigation as to whether its regulations are being complied with, as to national banks investing in the stock of banking corporations engaged in foreign banking, etc. § 25: 1. 38: p. 46. Such national banks may be required to dis- pose of stock holdings in the said corpora- tions, etc., should such investigation estab- hsh their failure, etc., to comply with the regulations, etc. INVESTING. §J25: 1. 17: p. 46. Every member bank investing in the capital stock of such banks or corporations shall furnish information as to the condition of such banks or corporations to the Federal Reserve Board upon demand. INVESTMENT; INVESTMENTS. § 11: 1. 41: p. 21. The weekly statement published by the Fed- eral Reserve Boal-d shall furnish fuU informal tion, etc., regarding the, etc., other invest- ments owned or held by Federal reserve banks. 362 INDEX-DIGEST OP FEDEBAL RESERVE ACT AND AMENDMENTS. INVESTMENT ; INVESTMENTS— Continued. § 13:1.30: § 13:1. 31: INVOLVED. p. 25. Such definition shall not include notes, etc., p. 25. covering merely investments or issued or drawn for the purpose of carrying or trading in stocks, bonds, or other investment secur- ities except, etc. § 29 : 1. 25 : p. 49. Shall be confined in its operation to the clause, etc., directly involved in the controversy, INVOLVING. § 13:1. 15: p etc. 26. Any member bank may accept drafts or biUs of exchange drawn upon it, etc., which grow out of transactions involving the importa- tion or exportation of goods. § 13: 1. 17: p. 26. Or which grow out of transactions involving the domestic shipment of goods, provided, etc. IREESPECTIVE. §24:1. 2: p. §24:1. 5: p. 45. 45. lERIGATION. § 14:1. 18: p. 29. National banks not situated in central reserve cities may loan upon improved and unen- cumbered farm land and real estate, etc., within 100 mUes of the place in which such bank is located, irrespective of district hues. Federal reserve banks may buy and sell, etc., notes, revenue bonds and warrants, etc., issued in anticipation of the collection of taxes or the receipt of assured revenues by any State, etc., or municipality, etc., including irrigation districts, etc. ISLANDS. See "PhiUppine Islands." ISSUE; ISSUED; ISSUES. § 4:1. 7: p. 9. Such notes shall be issued under the same § 4:1. 9: p. 9. conditions, etc., as relate to the issue of § 4:1. 11: p. 9. national-bank notes secured by bonds of the United States, etc., except that the issue shall not be hmited to the capital stock of such Federal reserve bank. § 9: 1. 25: p. 16. Stock issued to it shall be held subject to the provisions of this Act. § 10: 1. 21: p. 21. A bureau charged with the execution of all laws relating to the issue and regulation of national currency, etc. § 11: 1. 25: p. 22. To supervise and regulate, through the bureau under charge of the Comptroller, the issue and retirement of Federal reserve notes. INDEX-DIGEST OF FEDEBAL RESERVE ACT AND AMENDMENTS. 363 ISSUE; ISSUED; ISSUES— Continued. § 12:1. 22: p. 24. The Federal Advisory Council may call for information and make recommendations in regard to note issues, etc. § 13: 1. 19: p. 25. Any Federal reserve bank, etc., may discount notes, etc., issued or drawn for agricultural, industrial, or commercial purposes. § 13:1. 30: p. 25. Such definition shall not include notes, etc., issued or dravni for the purpose of carrying or trading in stocks, etc. § 13:1. 37: p. 26. Notes, etc., drawn or issued for agricultural purposes or based on live stock, having a maturity of not more than six months, etc., may be discounted in an amount to be hmited, etc. § 13:1. 43: p. 27. By sohciting and selling insurance and col- lecting premiums on pohcies issued by such company. § 13: 1. 9: p. 28. No bank shall guarantee the payment of any premium on insurance policies issued through its agency by its principal. § 14:1. 14: p. 29. Warrants, etc., issued in anticipation of the collection of taxes, etc. § 16: 1. 32: p. 30. Note issues. (Heading of section 16.) § 16 : 1. 33 : p. 30. Federal reserve notes, to be issued at the dis- cretion of the Federal Eeserve Board, etc.. are hereby authorized. § 16:1. 14: p. 31. Shall be accompanied with a tender of col- lateral, etc., equal to the sum of the notes thus applied for and issued, etc. § 16:1. 26: p. 31. The Federal reserve agent shall notify the Federal Reserve Board each day of all issues and withdrawals of Federal reserve notes, etc. § 16: 1. 31: p. 31. The Federal Reserve Board may at any time call upon a Federal reserve bank for addi- tional security to protect the Federal reserve notes issued to it. § 16:1. 38: p. 31. The gold, etc., held by the Federal reserve agent as collateral for Federal reserve notes issued to the bank shall be counted as part of the gold reserve, against Federal reserve notes. § 16: 1. 45: p. 31. Notes issued through one Federal reserve §16:1. 4 : p. 32. bank, received by another, shall be promptly returned for credit or redemption to the Federal reserve ba,nk through which originally issued, etc. 364 INDEX-MGEST OF FEDERAL EESEBVE ACT AND AMENDMENTS. ISSITE; ISSUED; ISSUES— Continued. § 16: 1. 7: p. 32. No Federal reserve bank shall pay out Federal reserve notes issued through another, etc. • § 16: 1. 13: p. 32. Notes redeemed at the Treasury shall be returned to the Federal reserve banks through which originally issued, etc. § 16: 1. 28: p. 32. Notes received by the Treasurer other than for redemption, may be exchanged for gold out of the redemption fund, etc., and returned to the Federal reserve bank through which originally issued. § 16: 1. 37: p. 32. A sum in gold sufficient, in the judgment of the Secretary of the Treasury, for the re- demption of the Federal reserve notes issued to such bank. § 16:1. 39: p, 32. In no event- less than 5 per centum of the total amount of notes issued, less, etc. § 16: 1. 6: p. 33. Such bank shall be charged with the amount of notes issued to it, etc. § 16: 1. 12: p. 33. Federal reserve notes issued to any such bank § 16:1. J4: p. 33. shall, upon dehvery, together with such notes, etc., issued under section 18, etc., become a first and paramount hen, etc. § 16: 1. 24: p. 33. Notes so deposited shall not be reissued except upon compUance with the conditions of an original issue. * [See also § 16:1. 11: p. 34.] § 16: 1. 41: p. 33. Any Federal reserve bank may withdraw collateral deposited with the Federal reserve agent for the protection of its notes issued to it. § 16: 1. 11 : p. 34. Notes so deposited shall not be reissued except upon compHance with the terms of an original issue. [See also § 16: 1. 24: p. 33, supra.] § 16: 1. 13: p. 34. AH Federal reserve notes, etc., issued to, etc., any Federal reserve agent shall be held in joint custody, etc. § 16: 1. 39: p. 34. Such notes shall bear the distinctive numbers of the several Federal reserve banks through which issued. § 16:1. 8: p. 35. All other expenses incidental to their issue, etc., shall be paid by the Federal reserve banks, etc. § 16: 1. 26: p. 36. The Secretary of the Treasury shall prescribe by regulation the form of receipt to be issued Dy the Treasurer, etc., to the Federal reserve banks or Federal reserve agent making the deposit, etc. INDEX-DIGEST OF FEDERAL EESERVE ACT AND AMENDMENTS. 365 ISSUE; ISSUED; ISSUES— Continued. § 16: 1. 6: p. 37. The expenses necessarily incurred in carrying out these provisions, including the cost of the certificates or receipts issued for deposits received, etc., shall be paid by the Federal Reserve Board, etc. § 16: 1. 23: p. 37. The provisions of this section shall not apply to, etc., the certificates issued under section 6 of the Act of March 14, 1900, as amended, etc. § 18: 1. 3: p. 39. Federal reserve bank notes shall be issued and redeemed under the same terms, etc., as national-bank notes, except, etc. § 18: 1. 10: p. 39. The Secretary of the Treasury may issue, etc., one-year gold notes of the United States, etc. § 18:1. 28 : p. 39. Not to exceed the amount issued to such bank in the first instance, in exchange for the 2 per centum United States gold bonds. § 18 : 1. 35 : p. 39. The Secretary of the Treasury is authorized to issue at par Treasury notes, etc. § 18: 1. 40: p. 39. Payable not more than one year from the date of their issue, etc. §Jil8: 1. 2: p. 40. The Secretary of the Treasury is authorized for the same purpose to issue United States gold bonds at par, etc. §18:1. 4 : p. 40. Payable 30 years from date of issue, etc. § 18:1. 5: p. 40. Such bonds, etc., shall be issued under the §18:1. 8 : p. 40. same general terms and conditions as the United States 3 per centum bon9s without the circulation privilege, now issued and outstanding. § 18:1. 11: p. 40. The Secretary of the Treasury may issue at par such 3 per centum bonds in exchange for the one-year gold notes, etc. § 26: 1. 25: p. 47. An Act entitled "An Act, etc., to maintain the parity of all forms of money issued, etc." § 27: 1. 38: p. 47. The provisions of the Act of May 30, 1908, au- thorizing, etc., the issue of additional national-bank circulation, etc., are hereby extended to June 30, 1915. § 27: 1. 27: p. 48. The Secretary of the Treasury, etc., may sus- pend the limitations of sections 1 and 3 of the Act of May 30, 1908, prescribing that such notes, etc., shall be issued only to na- tional banks having circulating notes secured by United States bonds outstanding to an amount not less than 40 per centum of their capital stock, etc. 366 INDEX-DIGEST OP FEDERAL EESERVE ACT AND AMENDMENTS. ISSUE; ISSITED; ISSUES— Continued. § 27: 1. 33: p. 48. No bank shaJl be permitted to issue circulating notes in excess of 125 per centum of its unimpaired capital and surplus. § 27: 1. 41: p. 48. The Secretary of the Treasury, etc., may per- mit national banks, during the period for which such provisions are suspended, to issue additional circulation, etc. § 27:1. 20: p. 51. Any member bank of the Federal reserve system may buy and sell farm loan bonds issued under the authority of this Act. (Act of July 17, 1916.) § 27: 1. 23: p. 51. Any Federal reserve bank may buy and sell farm loan bonds issued under this Act, to the same extent and subject to the same limitations placed upon the purchase and sale by said banks of State, county, district, and municipal bonds, under subsection (b) of section 14 of the Federal Reserve Act, etc. (Act of July 17, 1916.) ISSTJIITG. § 16 : 1. 37 : p. 35. From their liabihty to reimburse the United States for any expenses incurred in printing and issuing circulating notes. § 18 : 1. 6 : p. 39. Federal reserve bank notes shall not be Hmited to the amount of the capital stock of the Fed- eral reserve bank issuing them. ITEM. § 25: 1. 6: p. 47. And shall at the end of each fiscal period transfer to its general ledger the profit or loss accrued at each branch as a separate item. ITEMS IN TRANSIT. §13:1. 2 : p. 25. Provided, such nonmember bank or trust company maintains with the Federal re- serve bank of its district a balance sufficient to offset the items in transit held for its account by the Federal reserve bank. ITS JUDGMENT. See "In its judgment." ITS OWN SEIECTION. § 9: 1. 15: p. 17- The Federal Reserve Board may order special examinations by examiners of its own selection, etc. ITSELF, BY. § 12:1. 17: p. 24. The Federal Advisory Council shall have power, by itself or through its officers, etc. J. JANUARY, FIRST OF. § 4: 1. 33: p. 12. Whose term of office shall expire in one year from the first of January nearest to date of such meeting, etc. JANUARY 16, 1883, ACT OF. See "Act of January 16, 1883." JOIN; JOINED. § 27 : 1. 1 : p. 49. The Secretary of the Treasury is further au- §27:1. 2 : p. 49. thorized to extend the benefits of this Act to all qualified State banks and trust com- panies which have joined or may contract to join the Federal reserve system within 15 days after the passage of this Act. JOINT APPLICATION. § 21: 1. 9: p. 43. The Federal Keserve Board shall order a spe- cial examination and report of condition of any Federal reserve bank upon the joint ap- plication of 10 member banks. JOINT CUSTODY. § 16: 1. 17: p. 34. Shall hereafter be held for such Federal reserve agent, etc., ia the joint custody of himself and the Federal reserve bank, etc. JOINTLY. § 16: 1. 19: p. 34. Such Federal reserve agent and such Federal reserve bank shall be jointly liable for the safe-keeping of such Federal reserve notes, gold, etc. JUDGE OF SOME COURT OF RECORD. § 4: 1. 13: p. 8. The organization certificate shall be acknowl- edged before a judge of some court of record or a notary public. JUDGMENT. § 2: 1. 39: p. 5. Should the bank subscriptions to stock ia the Federal reserve banks be insufficient, in the judgment of the Organization Committee, etc. § 2:1. 13: p. 6. Should the total subscriptions by banks and by the public be, in the judgment of the Organization Committee, insufficient, etc. § 16:1. 22 : p. 32. Maintain with the Treasurer in gold an amount sufficient, in the judgment of the Secretary, etc. § 16: 1. 35: p. 32. Maintain on deposit in the Treasury, etc., a sum in -gold sufficient, in the judgment of the Secretary, etc. 367 368 INDEX-DIGEST OP FEDEEAL RESERVE ACT AND AMENDMENTS. JUDGMENT— Continued. § 27: 1. 22: p. 48. The Secretary of the Treasury may suspend the limitations imposed by sections 1 and 3 of the Act of May 30, 1908, whenever in his judgment he may deem it advisable, etc. § 27: 1. 38: p. 48. The Secretary of the Treasury shall require each bank and currency association to main- tain on deposit in the Treasury, etc., a sum in gold sufficient in his judgment for the redemption of such notes, etc. § 29: 1. 22: p. 49. Such judgment shall not affect, impair, or in- § 29: 1. 26: p. 49. vdidate the remainder of this Act but shall be confined in its operation to the clause, etc., directly involved in the controversy in which such judgment shall have been ren- dered. JUNE 20, 1874, ACT OF. See "Act of June 20, 1874." JUNE 25, 1910, ACT OF. § 2: 1. 3: p. 53. "An Act to amend the Act approved June 26, 1910, authorizing the Postal Savings Sys- tem," etc. (Act of May 18, 1916.) JUNE, THIETIETH DAY OF, 1914; JUNE THIETIETH, 1916. § 27: 1. 41: p. 47. The provisions of the Act of May 30, 1908, § 27:1. 42: p. 47. etc., which expires by limitation, etc., on the thirtieth day of June, 1914, are hereby extended to June thirtieth, 1915. JUNE 12, 1916, ACT OF. See "Act of June 12, 1916." JULY 12, 1882, ACT OF. See "Act of July 12, 1882." JUEISDICTION. § 2: 1. 21: p. 5. Any noncompliance with or violation of this Act shall be determined and adjudged by any court of the United States of competent jurisdiction, etc. § 12: 1. 20: p. 24. The Federal Advisory Council may make oral or written representations concemi:^ mat- ters within the jurisdiction of the Federal Keserve Board. § 22: 1. 14: p. 44. No examiner, etc.,' shall disclose the names of borrowers, etc., except, etc., when ordered to do so by a court of competent jurisdic- tion, etc. JUSTICE, COUETS OF. § 21:1. 3: p. 43. No bank shall be subject to any visitatorial Eowers other than such as are authorized y law, or vested in the courts of justice, etc. JUSTIFY. § 26:1. 34: p. 47. When the funds of the Treasury on hand justify, the Secretary of the Treasury may purchase and retire such outstanding notes and bonds. KEEP ON DEPOSIT. § 19:1. 41: p. 40. EEEPIXQ, SAFE. § 16: 1. 20: p. 34. KEPT. § 7:1. 15: p. 52. § 8: 1. 25: p. 54. K. No member bank shall keep on deposit with any State bank or trust company, which i» not a member bank, a sum m excess of 10 per centum of its own paid-up capital and surplus. Such Federal reserve agent and Federal re- serve bank shall be jointly liable for the safe-keeping of such Federal reserve notes, gold, etc. The provisions of section 5191, Kevised Statutes, as amended, etc., with reference to the reserves required to be kept by national banks and other member banks, shall not apply to deposits of public moneya by the United States iu designated de- positaries. (Act of April 24, 1917.) (Act of September 24, 1917.) On property of any kind deposited in the hands of such Federal reserve agents. Any Federal reserve bank may discount ac- ceptances of the kinds hereinafter described, etc. § 14: 1. 43: p. 28. Any Federal reserve bank may, etc., purchase and sell in the open niarket, etc., cable transfers and bankers' acceptances and bills of exchange of the kinds and maturities by this Act made eligible for rediscount, with or without the indorsement of a member bank. KNOWLEDGE. § 23:1. 32 r p. 44. Who shall have transferred their shares or registered the transfer thereof within 60 days next before the date of the failure of such association to meet its obligations or with knowledge of such impendiug failure, etc. KIND, OF ANY, § 11:1. 5:p, 23. KINDS. § 13:1. 8: p. 26. KNOWN. § 2: 1. 24: p. 3. Shall designate not less than 8 nor more than 12 cities to be known as Federal reserve cities. § 2:1. 7 : p. 4. Such districts shall be known as Federal re- serve districts. § 2:1. 8 : p. 6. Such stock shall be known as pubUc stock. 20592°— 18 2i 369 I. LAID DOWN. § 25 : 1. 41 : p. 46. For failure, etc., to comply with the regulations laid down by the Federal Reserve Board, such national banks may be required to dispose of stock holdings in the said cor- poration upon reasonable notice. LAND; LANDS. § 24 : 1. 40 : p. 44. Loans on farm lands. (Heading of section 24.) § 24 : 1. 43 : p. 44. May make loans secured by improved and unencumbered farm land, etc. § 24: 1. 6: p. 45. No loan shall be made upon the security of such farm land for a longer time than five years. § 24: 1. 9: p. 45. Nor upon the security of real estate, as dis- tinguished from farm land for a longer time than one year, etc. § 24 : 1. 1 1 : p. 45. The amount of any such loan, whether upon such farm land or real estate shaU not ex- ceed 50 per centum of the actual value of the property offered as security. § 24: 1. 14: p. 45. Limitation upon the amount of such loans whether secured by such farm land or such real estate. LAUD BANK, FEDEEAL. See "Federal land bank." LAST DIVIDEND. § 5: 1. 24: p. 13. Paying therefor its par value plus one-half of 1 per centum a month from the period of the last dividend, etc. § 5: 1. 43: p. 13. And one-half of 1 per centum a month from the period of the last dividend, etc. § 6:1. 8: p. 14. With one-half of 1 per centum per month from the period of the last dividend, etc. § 9:1. 6: p. 18. With interest at the rate of one-half of 1 per centum per month from date of last divi- dend, if earned, etc. LAST PBECEDING DECENNIAL CENSUS. § 13: 1. 37: p. 27. As shown by the last preceding decennial census, etc. LAST BEFEBBED TO, THE ACT. § 26: 1. 30: p. 47. On the security of United States bonds authorized by section 2 of the Act last re- ferred to. 370 INDEX-DIGEST OF FEDERAL KESERVE ACT AND AMENDMENTS. 371 LAW; LAWS. § 4:1. 27: p. 8. Unless its franchise becomes forfeited by some violation of law, etc. § 4: 1. 30: p. 8. The said Federal reserve bank, etc., shall have Sower to sue and be sued, complain and efend, in any court of law or equity. § 4: 1. 37: p. 8. The directors may make by-laws not incon- sistent with law, etc. § 4:1. 39: p. 8. By-laws, etc., regulating the manner in which, etc., the privileges granted to it by law may be exercised and enjoyed. -§ 4:1. 3: p. 9. In the manner provided by existing law relating to national banks. § 4:1. 6: p. 9. Registered and countersigned as provided by existing law. § 4:1. 8: p. 9. Such notes to be issued under the same condi- tions and provisions of law, etc. § 4: 1. 22: p. 9. The board of directors shall perform, etc., all such duties as are prescribed by law. § 4: 1. 26: p. 9. Shall, subject to the provisions of law and the orders of the Federal Reserve Board, extend to each member bank such dis- counts, etc. § 8:1. 6: p. 15. Any bank incorporated by special law of any § 8:1. 8: p. 15. State or of the United States, or organized under the general laws of any State or of the United States, etc., may be converted into a national banking association. § 8: 1. 11: p. 15. Sufficient to entitle it to become a national banking association under the provisions of the existing laws. § 8: 1. 18: p. 15. Provided, however, that such conversion shall not be in contravention of the State law. § 9:1. 2: p. 16. Any bank incorporated by special law of any § 9:1. 3: p. 16. State, or organized under the general laws of any State or of the United States, may make application for the right to subscribe to the stock of the Federal reserve bank, etc. § 9: 1. 30: p. 16. All banks admitted to membership, etc., shall be required, etc., to conform to those pro- visions of law imposed on national banks, etc. § 9: 1. 44: p. 17. Whenever a member bank shall surrender its stock holdings in a Federal reserve bank, or shaU be ordered to do so by the Federal Reserve Board, under authority of law, etc. 372 INDEX-DIGEST OF FEDERAL BESERVE ACT AND AMENDMENTS. LAW; LAWS— Continued. § 10: 1. 4: p. 21. Nothing in this Act contained shall be con- strued as taking away any powers heretofore vested by law in the Secretary of the Treas- ury which rdate to the supervision, man- agement, and control of the Treasury Department, etc. § 10: 1. 20: p. 21. There shall be in the Department of the Treas- ury a bureau charged with the execution of all laws passed by Congress relating to the issue and regulation of national currency, etc. § 10: 1. 30: p. 22. The Federal Reserve Board may add to the number of cities classified as reserve and central reserve cities under existing law, etc. § 11:1. 14": p. 23. The Federal Reserve Board may grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, etc. § 13: 1. 32: p. 27. In addition to the powers now vested by law § 13:1. 33: p. 27. in national banking associations organized under the laws of the United States, etc. § 16: 1. 27: p. 34. To be held by the Federal Reserve Board sub- ject to his order, or with the Treasurer of the United States for the purposes authorized by law. §16:1. 6 : p. 35. The expenses necessarily incurred in executing the laws relating to the procuring of such notes, etc., shaU be paid by the Federal reserve banks, etc. § 16: 1. 30: p. 35. In addition to circulating notes provided for by existing law, etc. § 18:1. 39 : p. 38. Making such deposit in the manner provided by existing law, etc. § 18 : 1. 42 : p. 38. Registered and countersigned as provided by • law, etc. §18:1. 3 : p. 39. Federal reserve bank notes shall be, etc., to the same tenor and effect as national-bank notes now provided by law. § 19: 1. 13: p. 41. No bank shall, etc., make new loans or shall pay any dividends unless and until the total balance required by law is fully restored. § 19: 1. 20: p. 41. National banks, or banks organized under local laws, located in Alaska or in a depend- ency or insular possession or any part of the United States outside the continental United States may remain nonmember banks, etc. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 373 lAW; LAWS— Continued. § 19: 1. 25: p. 41. Shall in that event maintain reserves and com- ply with all the conditions now provided by law regulating them. § 21: 1. 2: p. 43. No bank shall be subject to any visitatorial powers other than such as are authorized by law, etc. § 22 : 1. 20 : p. 44. Except as provided in existing laws, this pro- vision shall not take effect until 60 days after the passage of this Act. § 25: 1. 39: p. 45. To invest, etc., in the stock of one or more banks or corporations chartered or incorpo- rated under the laws of the United States or any State thereof, and principally en- gaged in international or foreign banking, etc. § 25: 1. 15: p. 47. An Act entitled "An Act to supplement existing laws against unlawful restraints," etc. § 26: L 18: p. 47. All provisions of law inconsistent with or superseded by any of the provisions of this Act are to that extent, and to that extent only, etc., repealed. § 2: 1. 11: p. 53. Postal savings funds, etc., shall be deposited in solvent banks, whether organized under National or State laws, and whether mem- ber banks or not of the Federal reserve system, etc. (Act of May 18, 1916.) LAWFUL MONEY. § 13: 1. 30: p. 24. Any Federal reserve bank may receive, etc., § 13 : 1. 35 : p. 24. deposits of current funds in lawful money, § 13:1. 41: p. 24. etc. § 16: 1. 6: p. 31. Federal reserve notes, etc., shall be redeemed in gold or lawful money at any Federal reserve bank. § 16: 1. 33: p. 31. Every Federal reserve bank shall maintain reserves in gold or lawful money of not less than 35 per centum against its deposits, etc. § 16:1. 15: p. 32. Shall, etc., reimburse such redemption fund in lawful money, etc. § 16: 1. 21: p. 33. Any Federal reserve bank may at anytime reduce its Mabihty for outstanding federal notes by depositing with the Federal reserve agent its Federal reserve notes, gold, etc., or lawful money of the United States. § 16 : 1. 26 : p. 33. The Federal reserve agent shall hold such gold, etc., or lawful money available exclusively for exchange for the outstanding Federal reserve notes, etc. 374 INDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENTS. LAWFUL MONEY— Continued. § 16: 1. 13: p. 34. All Federal reserve notes and all gold, etc., and lawful money, etc., deposited with any Federal reserve agent, etc., shall be held for such agent under joint custody, etc. §16:1. 21: p. 34. Such Federal reserve agent and such Federal reserve bank shall be jointly liable for the safe-keeping of such Federal reserve notes, gold, etc., and lawful money. § 18: 1. 25: p. 38. Such Federal reserve bank shall thereupon deposit lawful moneywith the Treasurer, etc., for the purchase price of such bonds, etc. LAWFUL RESERVE. § 16: 1. 12: p. 37. Gold deposits standing to the credit of any Federal reserve bank with the Federal Reserve Board shall at the option of said bank, be counted as part of the lawful reserve, etc., against outstanding federal reserve notes or, etc.y deposits. § 20: 1. 38: p. 41. So much of sections 2 and 3 of the Act of June § 20: 1. 42: p. 41. 20, 1874, etc., as provides that the national bank 5 per centum redemption fund shall be counted as part of its lawful reserve, etc., is hereby repealed, and from and after the passage of this Act such 5 per centum fund shall in no case be counted, etc., as a part of its lawful reserve. LEAST, AT. § 4: 1. 23: p. II. Class C directors shall have been for at least two years resident of the district, etc. § 10: 1. 1 : p.. 20. At least two of the appointive members of the Federal Reserve Board shall be persons experienced in banking or finance. § 1 1 : 1. 43 : p. 21 . To permit, or on the afBrmative vote of at least five members of the Reserve Board, to require Federal reserve banks to rediscount the discounted paper of other Federal reserve banks, etc. §12:1. 5: p. 24. Meetings of the Federal Advisory Council shall be held at least four times each year, etc. § 13: 1. 11: p. 26. Any Federal reserve bank may discount acceptances, etc., which are indorsed by at least one member bank. § 18:1. 8: p. 38. Whose applications have been filed with the Treasurer at least 10 days before the end of any quarterly period, etc. § 21: 1. 6: p. 42. Examiners who shall examine every member bank at least twice in each calendar year, etc. INDEX-DIGEST OF FEDEBAL RESERVE ACT AND AMENDMENTS. 375 lEAST, AT— Continued. §21:1. 7: p. 43. The Federal Reserve Board shall, at least once each year, order an examination of each Federal reserve bank. § 22: 1. 6: p. 44. Upon the affirmative vote or written assent of at least a majority of the board of directors, etc. § 5:1. 13: p. 50. Atleast25percentumof that part of the capital of any Federal land bank, etc., may consist in deposits in member banks of the Federal reserve system, etc. (Act of July 17, 1916.) LEDGEB. §25:1. LENDING. 5 : p. 47. Shall transfer to its general ledger the profit or loss accrued at each branch as a separate item. LESS. § 9: 1. 31: p. 16. AH banks admitted to membership, etc., shall conform to those provisions of law imposed on national banks which prohibit such banks from lending on or purchasing their own stock, etc. § 2:1.23: § 2:1.22: p. 3. Shall designate not less than eight cities, etc. p. 6. United States stock shall be disposed of, etc., at such price, not less than par, as the Sec- retary of the Treasury shall determine. § 2:1. 30: p. 6. No Federal reserve bank shall commence business with a subscribed capital less than $4,000,000. § 3: 1. 10: p. 7. The board of directors of branch banks shall consist of not more than seven nor less than three directors. § 5:1. 44: p. 13. Not to exceed the book value thereof, less any habihty of such member bank to the Federal reserve bank. § 8: 1. 12: p. 15. By the vote of the shareholders owning not less than 51 per centum of the capital stock, etc. § 9: 1. 40: p. 16. Not less than three of such reports shall be made annually, etc. § 11:1. 16 : p. 22. At the rate increasingly of not less than IJ per centum per annum, etc. § 11 : 1. 31 : p. 23. Upon the affirmative vote of not less than five of its members, etc. § 16: 1. 23: p. 31. But in no event shall such collateral security, etc., be less than the amount of Federal reserve notes appHed for. 376 INDEX-DIGEST OP FEDEBAL RESERVE ACT AND AMENDMENTS. LESS— Continued. § 16: 1. 33: p. 31. Every federal reserve bank shall maintain reserves in gold or lawful money of not less than 35 per centum against its deposits. § 16: 1. 35: p. 31. And reserves in gold of not less than 40 per centum against its Federal reserve notes in actual circulation. § 16 : 1. 38 : p. 32. But in no event less than 5 per centum of the § 16 : 1. 39 : p. 32. total amount of notes issued less the amount of gold or gold certificates held by the Federal reserve agent as collateral security. § 16: 1. 10: p. 33. Shall pay such rate of interest, etc., on only that amount of such notes which equals the total amount of its outstanding Federal reserve notes less the amount of gold, etc., held by the Federal reserve agent as col- lateral security. § 19: 1. 18: p. 40. Time deposits shaD comprise, etc., certificates of deposit which are subject to not less than 30 days' notice before payment. § 19: 1. 27: p. 40. An actual net balance equal to not less than 7 per centum, etc., of its demand deposits, § 19 : 1. 32 : p. 40. An actual net balance equal to not less than 10 per centum, etc., of its demand deposits. § 19: 1. 38: p. 40. An actual net balance equal to not less than 13 per centxim, etc., of its demand deposits. § 27: 1. 30: p. 48, To an amount not less than 40 per centum of the capital stock of such banks, etc. § 27: 1. 39: p. 48. But in no event less than 5 per centum, etc. LETTEB. § 16:1. 43: p. 31. Federal reserve notes shall bear upon their faces a distinctive letter, etc. LEVEL. §11:1. 9: p. 22. Upon the amounts by which the reserve requirements of this Act may be permitted to fall below the level hereinafter specified, etc. LEVIED. § 16: 1. 11: p. 35. Shall include in its estimate of expenses levied against the Federal reserve banks a sufficient amount to cover the expenses herein provided for. LEVY. § 10: 1. 16: p. 20. The Federal Keserve Board shall have power to levy semiannually upon the Federal reserve banks, etc., as assessment, etc. lUDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 377 LEVYING. § 10: 1. 21: p. 20. Sufficient to pay its estimated expenses and salaries, etc., for the half year succeeding the levying of such assessment, etc. LIABILITIES; LIABILITY. § 2: 1. 35: p. 5. Such dissolution shall not take away or impair any remedy against such corpora- tion, etc, for any liability or penalty which shall have been previously incurred. § 2:1. 2: p. 6. Subject to the same conditions as to payment and stock liability as provided for member banks. § 5:1. l:p. 14. Less any liability of such member bank to the Federal reserve bank. § 6:1. 6: p. 14. The stock held by an insolvent member bank in said Federal reserve bank shall be can- celed, without impairment of its liability. § 8: 1. 41: p. 15. The converted bank, etc., subject to the same duties, liabilities, and regulations in all respects as shall have been prescribed by the Federal Reserve Act and by the national bank Act, etc. § 11 : 1. 37 : p. 21. Such statements shall show in detail the assets and liabilities of the Federal reserve banks, single and combined, etc. § 13: 1. 22: p. 27. Liabilities to the stockholders of the associa- tion for dividends and reserve profits. § 13 : 1. 24 : p. 27. Liabilities incurred under the provisions of the Federal Reserve Act. § 16:1. 19 : p. 33. Any Federal reserve bank may at any time reduce its liability for Federal reserve notes, etc. § 16: 1. 35: p. 35. Nothing in this section shall be construed as exempting national banks or Federal reserve banks from their liability to reimbxirse the United States for any expenses incurred in printing and issuing circulating notes. § 19:1. 11: p. 41. The required balance carried by a member bank with a Federal reserve bank may, etc., be checked against and withdrawn by such member bank for the purpose of meeting existing liabilities, provided, etc. § 23: 1. 35: p. 44. Shall be liable to the same extent as if they had made no such transfer, to the extent that the subsequent transferee fails to meet such liability. 378 IITDEX-DIGEST OF FEDEBAL EESERVE ACT AND AMEin>MENTS. LIABLE. § 2:1. 29: p. 5. Every director who participated in or as- sented to the same shall be held liable in his personal or individual capacity, etc. § 9 : 1. 33 : p. 18. Of any one borrower who is liable for borrowed money to such State bank or trust company in an amount, etc. § 9: 1. 45: p. 18. Shall require as a condition of discount, etc., a certificate or guaranty to the effect that the borrower is not liable to such bank in excess of the amount, etc. § 9:1. 1: p. 19. And wiU not be permitted to become liable in excess of this amount, etc. § 13: 1. 11: p. 27. No national banking association shall at any time be indebted or in any way liable to an amount exceeding the amount of its capital stock, at such time actually paid in, etc. § 16: 1. 20: p. 34. Such Federal reserve agent and such Federal reserve bank shall be jointly liable for the safe-keeping of such notes, gold, etc. § 23: 1. 33: p. 44. Shall be liable to the same extent as if they had made no such transfer, etc. LIEN, FIRST AND PARAMOTTITT. § 16: 1. 16: p. 33. Federal reserve notes, etc., and Federal reserve bank notes issued under section 18, etc., shall, upon delivery, become a first and paramount lien on all the assets of such banks. LIEU, IN. § 9: 1. 12: p. 17. May be accepted in lieu of examinations made by examiners selected or approved by the Federal Reserve Board. LIFE INSURANCE COMPANY. § 13: 1. 39: p. 27. Certain specified national banks may act as the agent for any fire, life, or other insur- ance company. § 13: 1. 43: p. 27. By soliciting and selling insurance and collect- ing premmms on policies issued by. such company. § 13: 1. 1: p. 28: May receive, etc., such fees or commissions as may be agreed upon between the said asso- ciation and the insurance company. § 13: 1. 10: p. 28. The bank shall not guarantee the payment of any premium on insurance policies issued through its agency by said insurance com- pany as principal, etc. INDEX-DIGEST OF FEDEBAL RESERVE ACT AND AMENDMENTS. 379 LIKE MANIfEE, IN. § 4: 1. 19: p. 11. Then the votes cast in the third column for other choices shall be added together in like manner. LIKEWISE. § 9:1. 4: p. 17. Shall likewise be subject to examinations, etc. § 9:1. 9: p. 18. Shall likewise be entitled to repayment of deposits, etc. IIMITATION; LIMITATIONS. § 4:1. 44: p. 8. May exercise, etc., all powers specifically granted, etc., and such incidental powers as shall be necessary to carry on the busi- ness of banking within the limitations pre- scribed by this Act. § 13: 1. 30: p. 27. The discount and rediscount and the purchase and sale by any Federal reserve bank of any bills receivable and of domestic and foreign bills of exchange, and of acceptances authorized by this Act, shall be subject to such restrictions, limitations, and regula- tions as may be imposed by the Federal Re- serve Board. § 13: 1. 24: p. 28. DoUar exchange drafts or bills may be ac- quired by Federal reserve banks in such amounts and subject to such regulations, restrictions, and limitations as may be pre- scribed by the Federal Reserve ^ Board, provided, etc. § 25 : 1. 29 : p. 46. Shall enter into an agreement or under- taking with the Federal Reserve Board to restrict its operations or conduct its business in such manner or under such limitations and restrictions as the said board may prescribe, etc. § 27: 1. 40: p. 47. The provisions of the Act of May 30, .1908, which expires by limitation, etc., on June 30, 1914, are hereby extended to June 30, 1915. § 27 : 1. 24 : p. 48. The Secretary of the Treasury shall have Eower to suspend the limitations imposed y sections 1 and 3 of the Act of May 30, 1908. § 27: 1. 31: p. 48. And to suspend also the conditions and limitations of section 5 of said Act except that, etc. 380 INDEX-DIGEST OF PEDEEAL RESERVE ACT AND AMENDMENTS. LIMITATION; LIMITATIONS— Continued. § 7: 1. 24: p. 61. Any Federal reserve bank may buy and sell farm loan bonds, etc., to the same extent and subject to the same limitations placed upon the purchase and sale by said ipanks of State, county, district, and municipal bonds under subsection (b) of section 14 of the Federal Reserve Act. (Act of July 17, 1916.) LIMITED. § 4: 1. 12: p. 9. The issue of Federal reserve bank notes, etc., shall not be limited to the capital stock of such Federal reserve bank. [See also § 18: 1. 5: p. 39, infra.] § 13:1. 40: p. 25. Notes, etc., drawn or issued for agricultural purposes or based on live stock and having a maturity not exceeding six months, etc., , may be discounted in an amount to be limited to a percentage of the assets of the Federal reserve bank, to be ascertained and fixed by the Federal Reserve Board. § 18: 1. 5: p. 39. Federal reserve bank notes, etc., shall not be limited to the amount of the capital stock of the Federal reserve bank issuing them. [See also supra, § 4:1. 12: p. 9.J LIMITS, GEOGBAPHICAL. § 2 : 1. 30 : p. 4. And fixed the geographical limits of the Fed- eral reserve districts. § 4: 1. 21 : p. 7. A certificate shall be filed with the Comptroller showing the geographical limits of such districts, etc, LINES, DISTBICT. § 24: 1. 2: p. 45. Withia a radius of 100 miles from the place § 24: 1. 5: p. 45. in which such bank is located, irrespective of district lines. LINES OF CREDIT. § 21: 1. 38: p. 42. So as to inform the Federal reserve bank of the condition of its member banks and of the lines of credit which are being extended by them. LIQUIDATE; LIQUIDATES. § 5: 1. 35: p. 13. When a member bank voluntarily liquidates it shall surrender all of its holdings of the capital stock of said Federal reserve bank, etc. § 11:1. 2: p. 23. The Federal Reserve Board, when deemed advisable, may liquidate or reorganize a suspended Federal reserve bank. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 381 LIQUIDATION. § 6:1. 15: p. 14. Whenever the capital stock of a Federal re- serve bank is reduced, etc., or on account of the liquidation or insolvency of a member bank, the directors shall execute a certifi- cate to the Comptroller, etc. § 7: 1. 38: p. 14. Disposition of the surplus, should a Federal reserve bank be dissolved or go into liqnida^ tion, etc. LIST; LISTS. I 4:1. 31: p. 10. § 4:1. 33: p. 10. § 4:1. 39: p. 10. The chairman shall make lists of the district reserve electors. Shall transmit one list to each elector, etc. A copy of the list of candidates shall be fur- nished by the chairman to each elector with- in 15 days. etc. § 4: 1. 43: p. 10. Every elector, within 15 days after the receipt of said list, shall certify to the chairman his first, second, and other choices, etc. § 18:1. 4: p. 38. § 24:1. 21: p. 45. LISTED. § 4:1. 38: p. 10. LIVE STOCK. § 13:1. 38: p. 25. LOAN; LOANS. § 13:1. 3: p. 28. § 13:1. 8: p. 28. § 14:1. 5: p. 29. § 14:1. 7: p. 29. The Treasurer shall, at the end of each quar- terly period, furnish the Federal Reserve Board with a list of such applications. The Federal Reserve Board shall have power, from time to time, to add to the list of cities in which national banks may not loan upon real estate, etc. The candidates so nominated shall be listed by the chairman. Notes, etc., drawn or issued for agricultural purposes or based on live stock, having a maturity not exceeding six months, etc., may he discounted in an amount to be lim- ited to a percentage of the assets of the Federal reserve bank to be ascertained and fixed by the Federal Reserve Board. Certain specified national banks may act as broker or agent for others in making or pro- curing loans on real estate situated, etc. No bank shall guarantee the principal or inter- est of any such loans. Federal reserve banks may make loans on gold coin or gold bullion. May contract for loans of gold coin or bulhon, giving therefor, when necessary, acceptable security, including, etc. 382 INDEX-DIGEST OF FEDEBAL RESERVE ACT AND AMENDMENTS. lOAlT; LOAITS— Continued. § 19: 1. 12: p. 41. No bank shall at any time make new loans, etc., unless and until the total balance required by law is fully restored. § 22:1. 14: p. 43. No member bank, or any officer, etc., shall hereafter make any loan, etc., to any bank examiner. § 22: 1. 21: p. 43. Penalty for any examiner accepting such a loan, etc. § 22 : 1. 9 : p. 44. No examiner shall disclose the names of bor- rowers or the collateral for loans of a member bank to other than the proper officers, etc. § 24 : 1. 40 : p. 44. Loans on farm lands. (Heading of section 24.) § 24 : 1. 42 : p. 44. Any national bank not situated in a central reserve city may make loans secured by improved and unencumbered farm land situated, etc. § 24 : 1. 3 : p. 45. May also make loans secured by improved and unencumbered real estate located, etc. § 24: 1. 6: p. 45. No loan made upon the security of such farm land shall be made for a longer time than five years. § 24 : 1. 8 : p. 45. No loan made upon the security of such re»l estate, etc., shall be made for a longer time than one year. § 24: 1. 11, : p. 45. No such loan, whether upon such farm land or upon such real estate, shall exceed 50 per centum of the actual value of the property offered as security. § 24: 1. 14: p. 45. Limitation upan such loans, whether secured by farm land or real estate, to 25 per centum of its capital ^and surplus or to one-third of its tune deposits, etc. § 24 : 1. 22 : p. 45. The Federal Reserve Board may add to the list of cities in which national banks may not make loans secured upon real estate, etc. See also "Farm loan bonds." May be fined a further sum equal to the money so loaned, etc. lOCAL AUTHORITIES. § 18:1. l:p. 40. Such Treasury notes, etc., shall be exempt from taxes in any form by or under State, municipal, or local anthorities. LOANED. §22: 1. 20: P- 43 §32: 1. 26: P- 43 INDEX-DIGEST OP FEDEBAL RESERVE ACT AND AMENDMENTS. 383. lOCAL FEDERAL RESERVE AGENT. See "Federal reserve agent.", § 16:1. 9: p. 31. § 16:1. 12: p. 31. § 16:1. 3: p. 33. § 16:1. 39: p. 33. lOCAI INSTITUTIONS. § 25: 1. 1: p. 46. Through the agency, ownership, or control of local institutions, etc. LOCAL LAW; LAWS. § 11:1. 14: p. 23. May grant by special permit to national banks applying therefor, when not in contraven- tion of State or local law, the right to act as trustee, etc. § 19: 1. 20: p. 41. National banks, or banks organized under local laws, located in Alaska, or in a dependency or insular possession, etc., may remain non- member banks, etc. LOCAL OFFICE. § 4:1. 32: p. 11, LOCAL TAXATION. § 7:1. l:p. 15. LOCALITY, § 2:1 The Federal reserve agent shall maintain a local office of said Federal Reserve Board on the premises of the Federal reserve bank. Federal reserve banks, including the capital stock and surplus, and the income derived therefrom shall be exempt from Federal, State, and local taxation, except taxes on real estate. 19: p. 53. The funds received at the postal savings de- pository offices in each city, etc., and other locality shall be deposited, etc. (Act of May 18, 1916.) § 2: 1. 29: p. 53. If one or more member banks of the Federal reserve system, etc., exists in the city, etc., or locality, etc., such deposits shall be placed in such qualified meniber banks substan- tially in proportion to the capital and sur- plus, etc. (Act of May 18, 1916.) § 2 : 1. 38 : p. 53. If no such member bank and no other qualified § 2 : 1. 43 : p. 53. bank exists in the city, etc., or locality, etc., then such funds shall be deposited, etc., in the bank most convenient to such locality. (Act of May 18, 1916.) LOCATED. § 2:1. 16 : p. 4. To make such investigation as may be deemed necessary, etc., in designating the cities within such districts where such Federal re- serve banks shall be severally located. 384 INDEX-DIGEST OF PEDEKAL RESERVE ACT AND AMENDMENTS. lOCATED— Continued. § 2: 1. 23 : p. 5. In a suit brought for that purpose in the dis- trict or territory in which such bank is located, etc. § 2:1. 35: p. 6. Except in so far as this Act changes the amount of reserves that may be carried with approved reserve agents located therein. § 3:1. 5: p. 7. To establish branch banks within the Federal reserve district in which it is located, etc. § 4: 1. 24: p. 7. The Comptroller shall cause to be forwarded an application blank to each national bank located in each district and to each eligible bank, etc. § 4:1. 2: p. 8. The organization certificate shall specifically state, etc., the city and State in which said bank is to be located, etc. § 9:1. 9: p. 16. May make application for the right to sub- scribe to the stock of the Federal reserve bank organized within the district in which the applying bank is located. § 13: 1. 34: p. 27. Any national bank located and doing business I 13: 1. 41: p. 27. in any place the population of which does not exceed 5,000 inhabitants, etc., may, etc., act as the agent for any fire, life, or other insurance company authorized by the authorities of the State in which said bank is located to do business, etc. § 13: 1. 4: p. 28. And may also act as the broker or agent for § 13: 1. 5: p. 28. others in making or procuring loans on real estate located within 100 miles of the place in which said bank may be located, etc. § 19: 1. 21: p. 41. National banks, etc., located in Alaska, etc., may remain nonmember banks, etc. § 24: 1. 2: p. 45. National banks not situated in a central reserve city may make loans, etc., on farm land situated within its Federal reserve dis- trict or within a radius of 100 mUes of the place in which such bank is located. § 24: 1. 4: p. 45. May also make loans secured by, etc., real § 24: 1. 5: p. 45. estate located within 100 miles of the place in which such bank is located, etc. § 2: 1. 20: p. 53. Shall be deposited in banks located therein, etc. (Act of May 18, 1916.) § 2:1. 35: p. 53. If such member banks fail to qualify to receive such deposits, then any other bank located therein may, etc., qualify and receive the same. (Act of May 18, 1916.) INDEX-DIGEST OF EEDEBAL ^BESEBVE ACT AND AMENDMENTS. 385 lOKG AS, SO. § 16: 1. 20: p. 32. Such Federal reserve bank shall, so long as any of its Federal reserve notes remain <^ut- standing, maintain with the, Treasurer in gold, etc. L0N6EB. § 24: 1. 7: p. 45. No loan made upon the security of such farm land shall be made for a longer time; than five years. § 24: 1. 9: p. 45. No loan made upon the security of such real estate as distinguished from farm land shall be made for a longer time than one year, etc. loss, PROFIT OK. § 25: 1. 5: p. 47. ShaU, at the end of each fiscal period, transfer to its general ledger the profit or loss accrued at each branch as a separate item. LOSSES. § 13: 1. 14: p. 27. No national bank shall at any time be indebted; or in any way liable, to an amount exceeding the amount of its capital stock at such time actually paid in and remaining undimin- ished by losses or otherwise, except, etc. i'0592°-^18 25 MADE. § 4:1. 8: p. 8. And the fact that the certificate i3 made to enable those bankg executing game, etc., to avail themselves of the advantages of this Act. § 4: 1. 29: p. 9. And shall, etc., extend to each member bank such discounts, advancements, and ac- commodations as may be safely and reason- ably made, etc. § 9: 1. 41: p. 16. Not less than three of such reports shaJl be made annually, etc. § 9:1. 5: p. 17. Shall hkewise be subject to examinations made by direction of the Federal Reserve Board or Federal reserve bank, etc. § 9: 1. 10: p. 17. Whenever the directors of the Federal reserve § 9:1. 12: p. 17. bank shall approve the examinations made by the State authorities, such examinations and the reports thereof may be accepted in lieu of examinations made by examiners selected or approved by the Federal Reserve Board. 5 9:1. 18:. p. 17. The expenses of all examinations, other than those made by State authorities, shall be assessed against and paid by the banks ex- amined. 5 9: 1. 23: p. 17. K at any time it shall appear to the Federal Reserve Board that a member bank has failed to comply with the provisions of this section or the regulations of the Federal Reserve Board made pursuant thereto, etc. § 9:1. 3: p. 18. And after due provision has been made for any indebtedness due or to become due to the Federal reserve bank, etc. § 9: 1. 24: p. 18. Subject to the provisions of this Act and to the regulations of the board made pursuant thereto, etc. § 11 : 1. 28: p. 23. Without regard to the provisions of the Act of January 16, 1883, and amendments thereto, or any rule or regulation made in pursuance thereof. § 13:1. 12: p. 25. But no such charges shall be made against the Federal reserve banks. § 13:1. 12: p. 28. The bank shall not guarantee the truth of any statement made by an assured, etc. § 14: 1. 19: p. 29. Such purchases to be made in accordance with rules and regulations prescribed by the Federal Reserve Board. 3«fi INDEX-DIGEST OF FEDEBAI, KBSHKVE ACT AND AMKNDMENTS. 387 MADE - Continued. § 16:1. 23: p. 32. Sufficient, etc., to provide for all redemp- tions to be made by the Treasurer. § 16: 1. 19: p, 35. Any appropriation heretofore made out of • the general funds of the Treasury, etc. § 16: 1. 28: p. 35. Should the appropriations heretofore made be insufficient, etc. § 16: 1. 31: p. 36. Upon proper advices from any assistant treasurer that such deposit has been made. § 16: 1. 32: p. 36. Deposits so made shall be held subject to the orders of the Federal Reserve Board. § 16: 1. 22: p. 37. Nor shall the provisions of this section be construed to apply to the deposits made, etc., under those Acts. § 18:1. 10: p. 38. Before the end of any quarterly period at which the Federal Reserve Board may direct the purchase to be made. § 21: 1. 30: p. 42. In addition to the examinations made and conducted by the Comptroller, etc. § 22: 1. 44: p. 43. From receiving the same rate of interest paid to other depositors for similar deposits made with such bank. § 23: 1. 33: p. 44. Shall be liable to the same extent as if they had made no such transfer. § 24: 1. 6: p. 45. No loan made upon the security of such farm § 24: 1. 7: p. 45. land shall be made for a longer time than § 24: 1. 8: p. 45. five years, and no loan made upon the se- § 24:1. 9: p. 45. curity of such real estate as distinguished from farm land shall be made for a longer time than one year, etc. § 28:1. 13: p. 49. Nor shall any reduction be made until the amount of the proposed reduction has been reported to the Comptroller, etc. § 2: 1. 23: p. 53. Under the terms of this Act and the regula- tions made by authority thereof. (Act of May 18, 1916.) § 2: 1. 30: p. 53. If one or more member banks of the Federal reserve system, etc., exists in the city, etc., where the postal savings deposits are made, etc. (Act of May 18, 1916.) § 2: 1. 39: p. 53. Or if none where such deposits are made will receive such deposits, etc. (Act of May 18, 1916.) § 8: 1. 18: p. 54. Such deposits, etc., shall be made upon and subject to such terms and conditions, etc. (Act of September 24, 1917.) 388 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMRNDMEIfTS. MAINTAIir: MAINTAINS. ' ''- § 4: 1. 30: p. 11. The Federal reserve agient shaJl be required to maintain, ete.i a local office of said PYderal Reserve Board on tte premiges of the Federal reserve bank. § 13:1. l:p. 25. Provided such nonmember bank or -trust comp9,ny maintains with the Federal reigerve bank, etc., a balance sufficient, etc. § 14: 1. 34: p. 29. To open and maintain accounts in foreign countries. ., § 14:1. 1: p. 30. To open and maintain banking accounts for such foreign correspondents or agencies. § 16: 1. 32: p. 31. Every Federal reserve bank shall maintain reserves, etc. I 16: 1. 40: p. 31. As part of the gold reserve which such bank is required to maintain, etc. § 16: 1. 21: p. 32. ShaU maintain with the Treasurer in gold an amount sufficient, etc. I 16: 1. 34: p. 32. Shall maintain on deposit in the Treasury a sum in gold sufficient, etc. § 16: 1. 7: p. 34. Shall not be required to maintain the reserve or redemption fimd, etc., against Federal reserve notes which have been retired. § 16:1. 13: p. 37. As part of the lawful reserve which it is required to maintain against outstanding Federal reserve notes. § 16: 1. 15: p. 37. Or as a part of the reserve it is required to maintain against di posits. § 17: 1. 36: p. 37. As require any national bank, etc., to maintain a minimum deposit of such bonds with the Treasurer, etc. § 19: 1. 22: p. 40. Shall establish and maintain reserve balances etc. § 19: 1. 25: p. 40. It shall hold and maintain, etc., iin actual not § 19: 1. 31 : p. 40. balance, etc. § 19:1. 36: p. 40. § 19: 1. 24: p. 41. And shall in that event maintain reserves and comply with all the conditions, etc. § 19: 1. 28: p. 41. And shall in that event take stock, maintain reserves, etc. § 26: 1. 24: p. 47. An Act entitled "An Act to deiine and fix the standard of value, to maintain the parity," etc. § 27: 1. 36: p. 48. The Secretary of the Treasury shall require each bank and cuiTency association to maintain on deposit in the Treasury a sum in gold sufficient, etc. IJNflEX-piGE^T,Op,EEDEBA[,,RESKBVE AOT.AND AMENDMENTS. 389 MAINTAINING. § 26:1. 28: p. 47. MAJORITY. § 2:1. 8: p. 4. The Secretary of the Treasury may, for the purpose of maintaining such parity, etc., borrow gold, etc. A majority of the Organization Committee shall constitute a quorum, etc. 3 : 1. 1 1 : p. 7. A majority of one director of each branch bank shall be appointed by the Federal reserve bank, etc. 4:1. 7: p. 11. Any candidate having a majority of all votes cast shall be declared elected. § 4:1. 9: p. 11. § 4:1. 13: p. 11. § 4:1. 16: p. 11. § 8:1. 20: p. 15. § 8:1. 25: p. 15. § 12:1. 11: p. 24, If no candidate have a majority, etc. If any candidate then have a majority, etc. If no candidate have a majority, etc. The articles of association and organization certificate may be executed by a majority of the directors. A majority of the directors, etc., shall have power to execute aU other papers, etc. A majority of the members of the Federal Advisory Council shall constitute a quorum, etc. § 22: 1. 6: p. 44. Upon the affirmative vote or written assent of at least a majority of the members of the board of directors of such member bank, notes, etc., executed or indorsed by directors or attorneys of a member bank may be discounted, etc. Make such investigation. Make an organization certificate. To make contracts. The chairman shall make lists of district reserve electors. Make a cross opposite, etc. He shall make regidar reports, etc. To make such certificate. To make its organization perfect. May make application, etc. Make reports of condition. Failure to make such reports. Make arid subscribe to the oath of offici'. Sliall annually make a full report. MAKE. § 2 1. 12: p 4 § 4 1. 39: p 7 § 4 1. 28:p 8 1 4 1. 31:p 10 § 4 1. 3:p 11 ■ §|4 1. .33: p 11 §18 1. 23 : p 15 ■ ■' 1 8 1. 28: p 15 § 9 1. 5:p 16 § 9 1. 38: p 16 ! § 9 1. 43 : p 16 ' § 10 1. 15: p 20 § 10 1. 13: p 21 390 INDEX-DIGEST OF FEDEKAt EESEEVB ACT AND AMENDMENTS. MAKE— Continued . §11:1. 8 : p. 23. To make rogulatious, etc. ^ 11: 1. 8: p. 23. Make all rules and regulations, ete. f 12: 1. 19: p. 24. To make oral or written repxesentatiou.s. § 12:1. 21 : p. 24. Make reeommendations, etc. § 13:1. 43: p. 26. May make advances to its member banks. § 14: 1. 5: p. 29. Power to make loans on gold coin or bullion; §16:1. 8: p. 31. May make application for Federal reserve notes. J 16: 1. 10: p. 36. Shall make and promulgate regulations, etc. § 16: 1. 40: p. 36. In order to make such payments. ji 19: 1. 12: p. 41. Make new loans. § 21: 1. 15: p. 42. Power to make a thorough examhiation. § 21: 1. 19: p. 42. Shall make a fuU and detailed report. § 21: 1. 24: p. 42. Make report thereof. § 22: 1. 14: p. 43. Make any loan, etc. § 24: 1. 42: p. 44. May make loans secured by improvedr e,te., farm lands. § 24:1. 2: p. 45. May make loans secured by improved, etc., real estate. § 24: 1. 14: p. 45. May make such loans. § 24: 1. 22: p. 45. May make loans secured upon real estate. MAKING. § 13: 1. 6: p. 25. From making reasonable charges, etc., for col- lection or payment of checks and drafts, etc. §13:1. 3 : p. 28. May also act as the broker or agent for others in making or procuring loans on real estate, etc. § 16: 1. 35: p. 30. Federal reserve notes, etc., for the pm'pose of making advances to Federal reserve banks, are hereby authorized. § 16: 1. 27: p. 36. The Secretary of the Treasury shall prescribe, etc., the form of receipt to be issued, etc., to the Federal reserve bank or Federal i-eserve agent making the deposit. § 16: 1. 41: p. 36. Any expense incuired in shipping gold, etc., in order to make such payments, or as the resxilt of making such payments, shall be paid by the Federal Reserve Board, etc. § 16: 1. 44: p. 3(5. The order used by the Federal Reserve Board in making such payments shall be signed, etc. INDEX-DIGEST OF PEDEKAL BESEBVE ACT AND AMENDMENTS. 391 MAKIirG— Continued. § 18: 1. 38: p. 38. Any Federal reserve bank making such deposit shall be entitled to receive from the Comp- troller circulating notes, etc. § 18: 1. 33: p. 39. For the purpose of making the exchange herein provided for the Secretary of the Treasury is authorized to issue Treasury notes, oil'. § 21: 1. 14: p. 42. The examiner making the examination, etc., shall have power, etc. § 27: 1. 11 : p. 48. By making the portion applicable thereto read as follows. MANAGEMENT. § 9 : 1. 18 : p. 16. The Federal Reserve Board shall consider, etc., the general character of its management. § 10: 1. 6: p. 21. Which relate to the supervision, management, and control of the Treasury Department, MANNER. § 2 : 1. 22 : p. 6. In such manner. § 4:1. 37. p. 8. The manner in which its general business may be conducted. § 4:1. 3: p. 9. In the manner provided by existing law. § 4: 1. 16: p. 10. In the following manner. § 4:1. 19: p. 11. In like manner. § 4: 1. 12: p. 12. In the same manner. § 4: 1. 41 : p. 12. In the manner provided. § 5: 1. 15: p. 13. In the manner hereinbefore provided. § ll:.l. 21: p. 23. In the same manner. § 16: 1. 31: p. 34. In the best manner. § 18: 1. 38: p. 38. In the manner provided by existing law. § 24: 1. 23: p. 45. In the manner described in this section. § 25:1. 29 : p. 46. In such manner. § 7:1. 8: p. 52. In the manner. (Act of April 24, 1917.) § 8: 1. 17: p. 54. In such manner. (Act of September 24, 1917.) MANY MEMBERS, AS. § 12: 1. 40: p. 23. The Federal Advisory Council shall consist of as many members as there are Federal re- serve districts. MARCH 14, 1900. See "Act of March 14, 1900." MARCH 4, 1907. See "Act of March 4, 1907." MARCH 2, 1911. See "Act of March 2, 1911." 392 INDEX-DIGEST OP FEDERAL RESERVE ACT AND AMENDMENTS. MARKET, OPEN. § 12:1. 24: p. 24. The Federal Advisory Council may call for information and make recommendations in regard to open-market operations, etc. § 14: 1. 37: p. 28. Open-market operations. (Heading of sec- tion 14.) § 14: 1. 40: p. 28. Any Federal reserve bank may, etc., purckase and sell in the open market, at home and abroad, etc. MAEKETABIE STAPLES. § 13 : 1. 22 : p. 26. Or other such document conveying or securing title covering readily marketable staples. MATTEE; MATTERS. § 12: 1. 20: p. 24. The Federal Advisory Council may make oral or written representation concerning mat- ters within the jurisdiction of said Federal Reserve Board. § 25 : 1. 35 : p. 46. The Federal Reserve Board may institute an investigation of the matter. MATTTRIITG. § 13: 1. 32: p. 24, Also, for collection, maturing notes and biUs. § 13: 1. 38: p. 24. And maturing notes and bills payable within its district. § 13: 1. 43: p. 24. Or maturing notes and biUs. MATURITIES; MATURITY. § 11: 1. 40: p. 21. And shall furnish full information regarding, etc., and the amount, nature, and maturities of the paper and other investments owned or held by Federal reserve banks. § 13:1. 35: p. 25. Notes, etc., admitted to discount under the terms of this paragraph must have a matur- ity at the time of discount of not more than 90 days, exclusive of days of grace. § 13: 1. 39: p. 25. Notes, etc., drawn or issued for agi'icultTiral purposes or based on live stock and having a maturity of not exceeding six months, etc. , may be discounted in an amount limited, '■''■'■ " etc. § 18: 1. 8: p. 26. Any Federal reserve bank may discount ac- '{; , i \ :. ceptances, etc., which have a maturity at ., „ j the time of discount of not more than three months sight, exclusive of days of grace, etc. § 14: 1. 1 : p. 29. Of the kinds and maturities by this Act made eligible for rediscount, etc. § 14: 1. 13: p. 29. And warrants with a maturity from date of • purchase not exceeding six months, etc. INDEX-DIGEST OF FEDERAL BESERVE ACT AND AMENDMENTS. 393 MATTTRITIES ; MATUEITY— Continued. § 18: 1. 22: p. 39. Binding itself to purchase from the United States for gold at the maturity of such one-year notes, etc. § 18: 1. 25: p. 39. And at each maturity of one-year notes so purchased, etc. § 18: 1. 31: p. 39. Said obligation to purchase at maturity such notesshall continue in force for a period not to exceed 30 years. MAY AITTHOKIZE. §21:1. 8: p. 42. The Federar Eeserve Board may authorize examination by the State authorities, etc. KAY BE AGKEED, AS. § 13: 1. 45: p. 27. And may receive for services so rendered such fees or commissions as may be agreed upon, etc. MAY BE, AS IfEABLY AS. § 4: 1. 22: p. 10. Each group shall contain, as nearly as may be, etc. § 4: 1. 24: p. 10. And shall consist, as nearly as may be, etc. MAY BE DEEMED BEST. § 14: 1. 36: p. 29. And establish agencies in such countries when- soever it may be deemed best, etc. MAY BE DEEMED UECESSAEY. § 2:1. 13: p. 4. Make such investigation as may be deemed necessary. § 11: 1. 18: p. 23. To employ such attorneys, clerks, etc., as may be deemed necessary. MAY BE DEMANDED, AS. § 21 : 1. 41 : p. 42. Shall at all times furnish to the Federal Re- serve Board such information as may be demanded, etc. MAY BE NECESSARY. § 2: 1. 41: p. 6. The sum of $100,000, or so much thereof as may be necessary, is hereby appropriated, etc. § 4: 1. 24: p. 12. May call such meetings as may be necessary. MAY BE PRESCRIBED, AS. § 13: 1. 38: p. 27. Under such rules and regulations as may be prescribed by the Comptroller. § 13:1. 25: p. 28. Subject to such regulations, etc., as may be prescribed by the Federal Reserve Board. MAY BE PROVIDED. § 4: 1. 18: p. 12. Any compensation that may be provided, etc. 394 INDEX-DIGEST OF t'EDEKAL RESERVE ACT AND AMENDMENTS. MAT BE REQUIRED. § 8: 1. 28: p. 15. Do whatever may be required, etc. § 18: 1. 33: p. 33. As may be required for the exclusive purpose of the redemption, etc. § 18: 1. 35: p. 34. Such quantities of such notes, etc., as may be required, etc. § 25: 1. 43: p. 46. May be required to dispose of stock holdings, MAY CONSIST. § 5: 1. 16: p. 50. May consist, etc., of deposits in member banks, etc. (Act of July 17, 1916.) MAY CONTINUE. § 8: 1. 30: p. 15. The shares of any such bank may continue to be for the same amount, etc. § 8:1. 32: p. 15. The directors may continue to be directors, etc. § 9 : 1. 27 : p. 18. May continue to exercise all corporate powers granted it by the State, etc. § 24: 1. 17: p. 45. May continue, etc., to receive time deposits. MAY DEEM IT DESIRABLE. § 27: 1. 22: p. 48. Whenever in his judgment he may deem it desirable, etc. MAY DEEM NECESSARY. § 4: I. 9: p. 12. The Federal Reserve Board shall require such bonds of assistant Federal reserve agents as it may deem necessary. § 11:1. 33: p. 21. May require such statements and reports as it may deem necessary, etc. § 12: 1. 9: p. 24. The Federal Advisory Council may hold such meetings in Washington, D. C., or else- where as it may deem necessary. MAY HAPPEN, § 10: 1. 44: p. 20. The President shall have power to fill all va- cancies that may happen on the Federal Reserve Board. MAY IN ITS DISCRETION. § 18:1. 5: p. 38. The Federal Reserve Board may in its dis- cretion require the Federal reserve banks to purchase such bonds. MAY PRESCRIBE. f 3:1. 8: p. 7. Under such rules and regulations as the Fed- eral Reserve Board may prescribe. I 9:1. 7: p. 16. Under such rules and regulations as the Federal. Reserve Board may prescribe. § 9:1. 13: p. 16. Subject to such conditions as the Federal Reserve Board may prescribe. INDEX-DIGEST OF FEDERAL KBSEKVE ACT AND AMENDMENTS. 395 MAY PEESCRIBE— Continued. § 13: 1. 34: p. 26. Under such general regulations as the Federal Keserve Board may prescribe. § 25 : 1. 30 : p. 46. Under such limitations and restrictions as the Federal Reserve Board may prescribe. MAY PEOVIDE. § 21: 1. 33: p. 42. May provide for special examination of mem- ber banks. MAY REQUniE. § 16: 1. 10: p. 31. Such amount of notes, etc., as it may require. § 18: 1. 16: p. 36. May also require each such bank to exercise the functions of a clearing house for its member banks. MAY SUBJECT. § 9:1. 14:p. 19. May subject such bank to a forfeiture of its membership. MAY 30, 1908. See "Act of May 30, 1908. " MAY 18, 1916. See "Act of May 18, 1916." MEAN-. § 1:1. 12: p. 3. The term "member bank" shall be held to mean any national bank, State bank, or bank or trust company which has become a mem- ber of one of the reserve banks, etc. § 1:1. 15: p. 3. The term "board" shall be l^eld to mean Federal Reserve Board. § 1:1. 16: p. 3. The term "district" shall be held to mean Federal reserve district. § 1:1. 17: p. 3. The term "reserve bank" shall be held to mean Federal reserve bank. MEANING. § 9:1. 40: p. 18. Shall not be considered as borrowed money within the meaning of this section. § 13: 1. 24: p. 25. Thus eligible for discount, within the meaning of this Act. § 19: 1. 14: p. 40. Demand deposits within the meaning of this Act shall comprise, etc. MEDITTM. § 19: 1. 1: p. 41. No member bank shall act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal reserve bank, etc., except by permission of the Fed- eral Reserve Board. MEET. § 16: 1. 28: p. 35, Should the appropriations heretofore made be insufficient to meet the requirements of this Act, etc. 396 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. MEET— Continued. § 23: 1. 31: p. 44. Within 60 days next before the date of the failure of such association to meet its obli- gations, etc. § 23: 1. 35: p. 44. To the extent that the subsequent transferee fails to meet such liability. MEETING EXISTING LIABILITIES. § 19:1. 10: p. 41. The required balance carried by a member bank with a Federal reserve bank may, etc., be checked against and withdrawn, etc., for the purpose of meeting existing liabilities, etc. MEETING; MEETINGS. § 4: 1. 27: p. 10. At a regularly called meeting, etc. S 4 ■ I 44 • n 11 S^^^ preside at meetings of the board of ' ^" ■ directors. § 4: 1. 16: p. 12. A reasonable allowance for necessary expenses in attending meetings of their respective boards. § 4: 1. 23: p. 12. The Organization Committee may, etc., call such meetings of bank directors, etc. § 4: 1. 29: p. 12. At the first meeting of the full board of direc- tors, etc. § 4: 1. 34: p. 12. Whose tenn of office shall expire in one year from the first of January nearest the date of such meeting. §10: 1. 23: p. 20. The first meeting of the Federal Reserve Board shall be held in Washington, D. C. § 12: 1. 3: p. 24. The meetings of the said Federal Advisory Council shall be held in Washington, D. C, etc. § 12: 1. 7: p. 24. The Federal Advisory Council, in addition to § 12: 1. 8: p. 24. the meetings above provided. for, may hold such other meetings, etc. MEMBER ; MEMBERS. § 4 : 1. 32 : p. 9. The board of directors shall consist of nine members. Class A shall consist of three members. Class B shall consist of three members. Class C shall consist of three members. No Senator or Representative in Congress shall be a member of the Federal Reserve Board. The Federal Reserve Board shall consist of seven members. § 4: I. 35: P- 9. § 4: 1. 38: P- 9, ■ § 4; I. 41: p. 9, § 4: 1. 9: P- 10. i^:,; § 10: I. 19: P- 19. INDEX-DIGEST OF FEDERAl, BESEKVE ACT AND AMENDMENTS. 397 MEMBER: MEMBERS — Continued. § 10: 1. 21: p. 19. The Secretary of the Treasury and'the Comj) troller shall be, members ex ofl&cio. § 10: 1. 21: p. 19. Five members shall be appointed by the Presi- dent, etc. .§ 10: 1. 24: p. 19. In selecting the five appointive members, etc. $ 10- 1 29- D 19 The five members, etc., shall devote their entire ■ P' ' time to the business of the Federal Reserv*' Board. § 10: 1. 35: p. 19. The Comptroller shall be an ex officio member. § 10: 1. 38: p. 19. The Comptroller shall receive, etc., $7,000 for his services as a member, etc. § 10: 1. 39: p. 19. The members of said board shall be ineligible during the time they are in office and for two years thereafter, to hold any office, posi- tion, 01 employment in any member bank. § 10: 1. 44: p. 19. Of the five appointive members, at least two shall be persons experienced in banking or finance. §10:1. 4 : p. 20. Thereafter each member, etc. , shall serve for 1 years. § 10: 1. 13: p. 20. Each member, etc., shall make and subscribe to the oath of office within 15 days, etc. § 10: 1. 20: p. 20. An assessment sufficient to pay, etc., its esti- mated expenses and the salaries of its mem- bers, etc. § 10: 1. 28: p. 20. No member of the Federal Reserve Board shall be an officer or director of any bank, banking institution, trust company, or Federal re- serve bank, nor hold stock in any bank, banking institution, or trust company. ^ 10: I. 33: p. 20. Before entering upon his duties as a member, etc., he shall certify under oath to the Sec- retary of the Treasury that he has complied with this requirement. § 10: 1. 37 : p. 20. Method of appointment to fill vacancies among the five members. J 10: 1. 42: p. 20. Shall hold office for the unexpired term of the member whose place he is selected to fill. § 1 1 : 1. 44 : p. 21. The Federal Reserve Board may permit, or, on the affirmative vote of at least five members, may require Federal reserve banks to redis- count the discounted paper of other Federal reserve bapks. § 11: 1. 21: p. 23. All salaries and fees, etc., shall be paid in the same manner as the salaries of the members of the Federal Reserve Board. 398 INDEX-DIGEST OP FEDEBAL KESEBVE ACT AND AMENDMENTS. MEMBEB ; MEMBERS— Continued. § 12:1. 40: p. 23. The Federal Advisory Council shall consist of as many members as there are Federal reserve districts. I 12: 1. 43: p. 23. Each Federal reserve bank shall annually select, etc, one member of said Federal Advisory Council. § 12: 1. 11: p. 24. A majority of the members of the Federal Advisory Council shall constitute a quorum , etc. § 12:1. 14: p. 24. Members selected to fill vacancies in the Federal Advisory Council shall serve for the unexpired term. § 16: 1. 1: p. 37. The order used by the Federal Reserve Board in making such payments shall be signed by the governor, vice governor, or such other officers or members as the board by regulation may prescribe. § 22 : 1. 6 : p. 44. Upon the affirmative vote or written assent of at least a majority of the members of the board of directors of such member bank, notes, etc., executed or indorsed by directors or attorneys of a member bank, may be discounted, etc. MEMBER BANK; BANKS. § 1:1. 11: p. 3. The term "member bank" shall be held to § 1:1. 13: p. 3. mean any national bank. State bank, or bank or trust company which has become a member of one of the Federal resei-ve banks, etc. § 2: 1. 14: p. 5. Penalty for failure to become a member bank. § 2 : 1. 27 : p. 5. In cases of such noncompliance or violation, other than the failure to become a member bank, etc. § 2:1. 37: p. 5. Should the subscriptions by banks, etc., be insufficient, etc. § 2:1. 3: p. 6. Subject to the same conditions as to payment and stock liability as provided for member banks. § 2:1. 5: p. 6. No individual, etc., 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. § 2 : 1. 1 1 : p. 6. Should the total subscription by banks and the pubhc, etc., be insufficient, etc. § 2: 1. 24: ]). 6. Stock not held by member banks shall not be pntitlod to votmg i)ower. INDEX-DIGEST OF FEDEKAL BESERVE ACT AND AMENDMENTS. 399 MEMBEB BANE; BANES— Continued. § 4: 1. 25: p. 9. Without discrimination in favor of or against any member bank or banks. § 4 : 1. 27 : p. 9. Shall extend to each member bank such dis- I 4: 1. 30: p. 9. counts, etc., as may be safely and reason- ably made with due regard for the clietims and demands of other member banks. § 4: 1. 20: p. 10. The Organization Committee shall classify the member banks into three general groups, etc. § 4: 1. 23: p. 10. Each group shall contain, as nearly as may be, one third of the aggregate number of the member banks, etc., and shall consist, etc., of banks of similar capitalization. § 4: 1. 28: p. 10. The board of directors, at a regularly called meeting of each member bank, shall elect by ballot a district reserve elector. § 4 : 1. 35 : p. 10. Each member bank shall be permitted to nominate to the chairman one candidate, etc. § 5: 1. 5: p. 13. The capital of the Federal reserve banks shall § 5:1. 6: p. 13. be mcreased as member banks increase § 5:1. 7: p. 13. their capital and surplus, or as additional § 5:1. 8: p. 13. banks become members, and may be de- creased as member banks reduce their capital or surplus or cease to be members. § 5:1. 9 : p. 13. Shares of the capital stock of Federal reserve banks owned by member banks shall not be transferred or hypothecated. § 5:1. 11: p. 13. When a member bank increases its capital stock or surplus it shall subscribe for addi- tional stock in the Federal reserve bank, etc. § 5:1. 17: p. 13. Subscription by a bank applying after the § 5: 1. 22: p. 13. organization of the Federal reserve bank. § 5: 1. 27: p. 13. Procedure when the capital stock of a Federal § 5: 1. 28: p. 13. reserve bank is increased on account of the increase of capital or in number of member banks. § 5: 1. 31 : p. 13. A member bank reducing its capital stock shall surrender a proportionate amount of its stock in said Federal reserve bank. § 5: 1. 34: p. 13. A member bank voluntarily liquidating shall surrender all of said stock. § 5: 1. 39: p. 13. The member bank shall receive in payment, etc., a sum equal to its cash-paid subscrip- tions, etc. § 5:1. 1 : p. 14. I^ess any liability of such member bank to the 'Federal reserve bank. 400 liTDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. MEMBER BANK; BANKS— Continued. § 6:1. 3 : p. 14. If any member bank shall be declared insolvent, etc., its stock in the Federal reserve bank shall be canceled, etc. § 6:1. 10: p. 14. All cash-paid subscriptions, etc., shall be first applied to all debts of the insolvent member bank, etc., to the Federal reserve bank. § 6: 1. 14: p. 14. When the capital stock of a Federal reserve § 6: 1. 15: p. 14. bank is reduced on account of a reduction I 6: 1. 19: p. 14. in capital stock of a member bank or the lifjuidation or insolvency of such bank, the directors shall execute a certificate to the Comptroller showing such reduction and the amount repaid to such bank. J 9:1. l:p. 16. State banks as members. (Heading of sec- tion 9.) ^ 9:1. 4: p. 16. A State bank, etc., desiring to become a mem- ber bank, etc., may make application, etc. ^ 9: 1. 27: p. 16. All banks admitted to membership shall com- ply with the reserve and capital require- ments, etc. i 9: 1. 34: p. 16. Such banks, etc., shall be subject to section 5209, Revised Statutes. [Section 5209, Revised Statutes, prescribes penalties for embezzlement, false entries, etc.] § 9: 1. 40: p. 16. Shall be required to make reports of condition- and of the payment of dividends to the Federal reserve bank of which they become a member. § 9: 1. 44: p. 16. Failure to make such reports, etc., shall sub- ject the offending bank to a penalty of $100 per day, etc. § 9: 1. 4: p. 17. Such banks shall be subject to examination, made by direction of the Federal Reserve Board or of the Federal reserve bank, etc., as a condition of membership. § 9: 1. 19: p. 17. The expense of all examinations, etc., shall be assessed against and paid by the banks examined. § 9: 1. 21: p. 17. For failure of a member bank to comply with I 9: 1. 24: p. 17. the provisions of this section or with the regulations of the Federal Reserve Board, the board, after hearing, may require such bank to surrender its stock, etc. § 9: 1. 30: p. 17. Any State bank or trust company may with- draw from membership, etc. INDEX-DIGEST OF FEDERAL BESEKVE ACT AND AMENDMENTS. 401 MEMBER BANK; BANKS— Continued. § 9: 1. 42: p. 17. Whenever a member bank shall surrender its § 9:1. l:p. 18. stock holdings, etc., all of its rights and privileges as a member bank shall cease, etc., and it shall be entitled to a refund, etc. § 9: 1. 11: p. 18. No applying bank shall be admitted to mem- bership, etc., unless it possesses a paid-up, unimpaired capital sufficient to entitle it to become a national bank in the place where it is situated, etc. § 9: 1. 16: p. 18. Banks becoming members, etc., shall be sub- § 9: 1. 19: p. 18. ject to the provisions of this section and to those of this Act which relate specifically to member banks, etc. § 9: 1. 25: p. 18. Any bank becoming a member shall retain its full charter and statutory rights as a State bank or trust company, etc. § 9: 1. 30: p. 18. And shall be entitled to all privileges of mem- ber banks, provided, etc. § 9:1. 6: p. 19. It shall be unlawful for any officer, etc., of any bank admitted to membership to certify any check, etc., unless the person, etc., drawing the check has on deposit, etc., an amount of money equal to that specified in the check. § 9:1. 12: p. 19. Any check so certified shall be a good and valid obUgation against such bank, etc. § 9: 1. 14: p. 19. But the act of any such officer, etc., in viola- tion of this section may subject such bank to a forfeiture of its membership, etc. § 10: 1. 43: p. 19. The members of the Federal Keserve Board, the Secretary of the Treasury, the Assistant Secretaries of the Treasury, and the Comp- troller shall be ineligible while in office, and for two years thereafter, to hold any office, position, or employment in any member bank. § 10: 1. 29: p. 20. No member of the Federal Reserve Board shall I 10: 1. 31: p. 20. be an officer or director of any bank, banking institution, trust company, or Federal reserve bank, nor hold stock in any bank, banking institution, or trust company. § 11: 1. 32: p. 21. The Federal Reserve Board shall be authorized etc., to examine at it9 discretion the ac- counts, books, and affairs of each Federal reserve bank and of each member bank and to require such statements and reports as it may deem necessary. ■J0592°— 18— 28 402 INDEX^MGEST OF FEDEBAL RESERVE ACT AND AMENDMENTS. MEMBER BANK; BANKS— Continued. § II: p. 34: 1. 23. The Federal Keserve Board, by a vote 6f not less than five members, etc., may permit member banks to carry in the Federal reserve bank, etc., any portion of their reserves now reqxiired by section 19 to be held in their own vaults. [Superseded by the new phraseology of section 19 as adopted by the Act of June 21, 1917. See §19:1. 14: p. 40.] § 13:1. 29: p. 24. Deposits which Federal reserve banks may receive from member banks. §13:1. 5 : p. 25. Nothing in this or any other section shall be construed as prohibiting a member or non- member bank from making reasonable charges, etc., for collection or payment of checks and drafts, etc. § 13: 1. 13: p. 25. Upon the indorsement of any of its member banks, etc., any Federal reserve bank my discount notes, etc. § 13: 1. 2: p. 26. Limit prescribed for the aggregate of notes, § 13: 1. 4: p. 26. etc., bearing the signature or indorsement of any one borrower which may be dis- counted for any one bank, etc. § 13: 1. 12: p. 26. Any member bank may accept drafts or biUs of exchange drawn upon it, etc. § 13: 1. 22: p. 26. No member bank shall accept, etc., for any one § 13; 1. 27: p. 26. person, etc., to more than 10 per centum of its paid-up and unimpaired capital and surplus, unless the bank is secured. § 13: 1. 30: p. 26. No bank shall accept such biUs, etc., to more § 13 : 1. 35 : p. 26. than one-half of its paid-up and unim- § 13: 1. 36: p. 26. paired capital and surplus, provided, how- ever, that the Federal Reserve Board, under general regulations, which shall apply to all banks ahke, etc., may authorize any member bank to accept to an amount not exceeding etc., 100 per centum of its paid-up and un- impaired capital and surplus. § 13: 1. 44: p. 26. Any Federal reserve bank may make advances to its member banks on their promissoi^ notes, etc. § 13: 1. 14: p. 28. Any member bank may accept drafts or bills drawn upon it, etc., for the purpose of fur- nishing dollar exchange, etc. § 13:1. 26: p. 28. No member bank shall accept such drafts or § 13: 1. 30: p. 28. biUs in excess of 10 per centum of the paid- up and unimpaired capital and surplus of the accepting bank, unless secured, etc. nSTJEX-DIGEBT OP FEDEBAL RESEEVE ACT AND AMENOMBNTS. 40S MEMBER BANK; BANKS— Continued. § 13:1. 33: p. 28. No member bank shall accept such drafts or bills, etc., in excess of one-half of its paid-up and unimpaired capital and surplus § 14: 1. 41: p. 28. Any Federal reserve bank may, etc., purchase § 14:1. 2: p. 29. and sell in, the open market, etc., either from or to domestic or foreign baaks, etc., cable transfers and bankers' acceptances and bills, etc., with or without the indorse- ment of a member bank. § 14: 1. 22: p. 29. Federal reserve banks may purchase from member banks and seU, etc., bills of exchange arising out of commercial transactions, etc. § 15: 1. 31 : p. 30. Nothing in this Act shall be construed to deny the right of the Secretary of the Treasury to use member banks as depositories. § 16: 1. 2: p. 31. Federal reserve notes, etc., shall be receivable by all national and member banks, etc. § 16: 1. 18: p. 31. The collateral for Federal reserve notes shall be, etc., or bills of exchange indorsed by a member bank of any FederS reserve district and purchased under section 14, etc. § 16:1. 39: p. 35. Deposits which Federal reserve banks shall receive at par from member banks, etc. § 16: 1. 43: p. 35. And when remitted by a Federal reserve bank, § 16: 1. 44: p. 35. checks and drafts drawn by any depositor in any other Federal reserve bank or mem- ber bank upon funds to the credit of said depositor in said reserve bank or member bank. § 16: 1. 2: p. 36. Nothing herein, etc., shall prohibit a member bank from charging its actual expense incurred in collecting and remitting funds, or for exchange sold its patrons. § 16: 1. 5: p. 36. The Federal Reserve Board, by rule, shall fix the charges to be collected by the member banks from its patrons whose checks are cleared through the Federal reserve bank, etc. § 16: 1. 18: p. 36. The Federal Reserve Board may also require each such bank to exercise the functions of a clearing house for its member banks. § 18: 1. 42: p. 37. Any member bank, etc., desiring to retire the whole or any part of its circulating notes may file an application with the Treasurer, etc. 404 INDEX-DIGEST OF FEDEEAE. RESERVE ACT AND AMENDMENTS. MEMBER BANK; BANKS— Continued. § 18: 1. 7: p. 38. The Federal Reserve Board, etc., iday require the Federal reserve banks to purchase such bonds from the banks whose apphcations have been filed, etc. § 18 : 1. 22 : p. 38. Each member bank shall duly assign and trans- fer, in vsTiting, such bonds to the Federal reserve bank purchasing the same. § 18: 1. 28: p. 38. The Treasurer shall pay to the member bank selling such bonds any balance due, etc. 40. Every bank, etc., which becomes a member, 40. etc., shall establish and maintain reserve 40. balances with its Federal reserve bank, etc. 40. • 40. § 19:1. 20 § 19:1.21 § 19:1. 25 § 19:1. 30 § 19:1.36 § 19:1. 41 § 19:1. 42 § 19:1. 1: p. 41. 40. No member bank shall keep on deposit with 40. any State bank or trust company wMch is not a member bank a sum in excess of 10 per centum of its own paid-up capital and surplus. No member bank shall act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal reserve bank, except by permission of the Federal Reserve Board. §19:1. 6: p. 41. The required balance carried by a member I 19: 1. 10: p. 41. bank with a Federal reserve bank may, under regulations and subject to such penal- ties as may be prescribed by the Federal Reserve Board, etc., be checked against and withdrawn by such member bank for the purpose of meeting existing habUities. § 19: 1. 11 : p. 41. Provided, however, that no bank shall, at any time make new loans or shall pay any divi- dends unless and until the total balance required by law is fully restored. § 19: 1. 16: p. 41. The net difference of amounts due to and from other banks shall be taken as the basis for ascertaining the deposits against which required balances with Federal reserve banks shall be determined. § 19: 1. 27: p. 41. National banks, or banks organized under local laws, located in Alaska or a dependency or insular possession or any part of the United States outside the continental United States^ etc., may, with the consent of the Federal- Reserve Board, become member banks of any one of the reserve dis- tricts, etc. liiDEX-DlGEST OF FEDEBAL RESEKVE ACT AND AMKXDMKNT8. 4(i5 MEJIBEE BAUK; BANKS— Continued. § 21: 1. 1: p. 42. Bank examinations. (Heading of section 21.) § 21 : 1. 6: p. 42. The Comptroller shall appoint examiners, with the approval of the Secretary of the Treas- ury, who shall examine every member bank at least twice each calendar year and of tener if considered necessary. [State banks, etc., becoming members are not subject to examination by the Comptroller. See § 9:1. 20: p. 18.] § 21: 1. 15: p. 42. The examiner making the examination of any § 21:1. 16; p. 42. national bank or any other member bank § 21: 1. 20; p. 42. shall have power to make a thorough ex- amination of all the affairs of the bank, etc., and shall make a full and detailed report of the condition of said bank to the Comp- troller. [See note to § 21 : 1. 6: p. 42, supra.] § 21: 1. 27: p. 42. The expense of the examinations herein pi"o- § 21: 1. 28: p. 42. vided for shall be assessed by the Comp- I 21 : 1. 29: p. 42. troUer upon the banks examined in propor- tion to assets or resources held by the banks upon the dates of examination of the various banks. § 21: 1. 34: p. 42. Every Federal reserve bank may, with the approval of the Federal reserve agent or the Federal Reserve Boai-d, provide for special examinations of member banks, etc. § 21: 1. 36: p. 42. The expense thereof shall be borne by the banks examined. * § 21 : 1. 38: p. 42. Such examinations shall be so conducted as to inform the Federal reserve bank df the con- dition of its member banks and of the lines of credit being extended by them. § 21: 1. 42: p. 42. Every Federal reserve bank, etc., shall at all times furnish to the Federal Reserve Board such information as may be demanded con- cerning the condition of any member bank, etc. § 21: 1. 1: p. 43. No bank shall be subject to any visitatorial Eowers other than such as are authorized y law, etc. § 21 : I. 9: p. 43. The Federal Reserve Board, upon apphcatiou of 10 member banks, shall order a special ex- amination and report of the condition of any Federal reserve bank. § 22: 1. 13: p. 43. No member bank, or any officer, etc., hereafter §22:1. 15: p. 43. shall make any loan, etc., to any bank examiner. 406 INDEX-DIGEST OF FEDEBAL EESERVE ACT AND AMENDMENTS. . MEMBER BANK; BABTKS— Continued. § 22 : 1. 21 : p. 43. Penalty for an examiner accepting a loan, etc., from any bank examined. § 22: 1. .30: p. 43. No national bank examiner shall perform any other service for compensation, etc., for any bank, olficer, etc. ii 22: I. 33: p. 43. Other than the usual salary or director's fee § 22: 1. 35: p. 43. paid to any officer, director, etc., of a i 22: 1. 36: p. 43. member bank, and other than a reasonable if 22: 1. 37: p. 43. fee paid by said bank to such officer, etc., if 22 : 1. 40: p. ^3. for services rendered to such bank, no officer, director, etc., of a member bank shall be a l>eneficiaiy of or receive, etc., any fee, com- mission, etc., for ox in connection with any transaction or business of the bank, etc. J 22: 1. 45: p. 43. Nothing herein, etc., shall prohibit a director, officer, etc., from receiving the same rate of interest paid to other depositors for similar deposits made with such bank. § 22: 1. 2: p. 44. Notes, drafts, and bills or other evidences of § 22: 1. 3: p. 44. debt executed or indorsed by directors or J 22:1. 7: p. 44. attorneys of a member bank may be dis- counted with such member bank on the same terras, etc., as other notes, etc., upon the affirmative vote or written assent of at least a majority of the members of the board of directors of such member bank. § 22: 1. 9: p. 44. No examiner shall disclose the names of bor- J 22: 1. 13: p. 44. rowers or the collateral for loans 'of a mem- ber bank without first having obtained the express permission in writing from the Comp- troller or from the board of directors of such bank, except when ordered to do so by a court of competent jurisdiction, etc. § 25: 1. 16: p. 46. Every member bank investing in the capital stock of banks or corporations described under subparagraph 2 of the first para- g^-aph of this section shaU furnish informal tioii to the Federal Reserve Board upon demand concerning the condition of such banks or corporations. § 25: 1. 8: p. 47. Interlocking directors between such banks or § 25 : 1. 1 1 : p. 47. corporations and any member bank investing in their stock permitted with the approvM of the Federal Reserve Board. § 5: 1. 17: p. .50. Federal land banks may deposit at least 25 per centum of their capital for wliich stock is outstanding in the name of national farm loan associations in member banks of the Federal reserve system. (Act of July 17, 1916.) INDEX-DJGEST OF FED^BAL BESERVE ACT AfTD AMENDMENTS. 407; MEMBER BANK; § 13:1. 10: p. S 27:1. 19: p. 51, § 7:1. 15: p. § 8:1. 26: p. § 2:1. 11: p. J 2:1.31 p. 53 1 2:1.33 p. 53 § 2 : 1. 30 p. 53 MEMBERSHIP. § 9:1. 27: p. 16. § 9:1. 4: p. 17. § 9; 1.26: p. 17. BANKS— Continued. ■ ,, ;> ;" 5 1 . Federal land banks, may deposit their securities and current funds subject to check with any member bank of the Federal reserve system, etc. (Act of July 17, 1916.) Any member bank of the Federal reserve sys- tem may buy and sell farm loan bonds, etc. (Act of July 17, 1916.) 52. The provisions of section 5191 of the Revised 54. Statutes, as amended by the Federal Re- serve Act and amendments thereof, with reference to reserves required to be kept by national banks and other member banks of the Federal reserve system shall not apply to deposits of pubhc moneys hj the United States in designated depositaries. (Act of April 24, 1917.) (Act of September 24, 1917.) 53. Postal savings funds, etc., shall be deposited in solvent banks, etc., whether member banks or not of the Federal reserve system, etc. (Act of May 18, 1916.) Provided, however, if one or more member banks of the Federal reserve system, etc., exists in the city, etc., where the postal savings deposits are made, such deposits shall be placed in such qualified member banks substantially in proportion to the capital and surplus of each such bank, but if such member banks fail to qualify to re- ceive such deposits, then any other bank located therein may, as hereinbefore pro- vided, quaUfy and receive the same. If no such member bank and no other qualified bank exists in any city, etc., or if none where su-h deposits are made wUl receive such deposits on the terms prescribed, then such funds shall be deposited under th(^ terms of this Act in the bank most conven- ient to such locality. (.Vet of May 18,- 1916.)' Specified requirements for all banks admitted to membership. Specified condition of membership. Forfeiture of all rights and privileges of mem- bership for failure to comply with this sec- tion or the regulations of the Feder:;} ll( - serve Board. 408 INDEX-raOEST op FEDERAL RESEBVE ACT AND AMENDMEHTS. MEMBEBSHIP— Continued. § 9:1. 27: p. 17. The Federal Reserve Board may restore mem- bership upon due proof of compliance, etc. § 9: 1. 31 : p. 17. Conditions of withdrawal from membership. § 9:l.Il:p. 18. Conditions for admission to membership. . § 9:1. 6: p. 19. It-shall be unlawful for any officer, etc., of any bank admitted to membership to certify any check, etc., unless tl^e person, etc., drawing the check has on deposit, etc., an amount of money equal to the amount specified in such check. S 9:1. 15: p. 19. Violation of this section may subject such bank to a forfeiture of its membership. MENTIONED, ABOVE. § 25: 1. 10: p, 47. May, with the approval of the Federal Reserve Board, be a toector or other officer, etc., of any such bank or corporation above men- tioned. MERCHANDISE. § 13: 1. 27: p. 25. Nothing in this Act, etc., shall prohibit such notes, etc., secured by staple agriculttu-al products, or other goods, wares, or merchan- dise, from being eUgible for such discount. MERELY. § 13: 1. 30: p. 25. Such definition shall not include notes, etc., covering merely investments, etc. MET. § 7 : 1. 26 : p. 14. After the aforesaid dividend claims have been fully met, etc. METHODS OF PROCEDURE. § 12: 1. 10: p. 24. The Federal Advisory Council may adopt its own methods of procednre. MIGHT OTHERWISE HAVE. ;.:§ 23: 1. 37: p. 44. Any recourse which such shai-eholders might '.;(' otherwise have, etc. M;IIES, one HUNDRED. § 13:1. . 4 : p. 28. May act as the broker or agent in making, etc., loans on real estate located within one hun- dred miles of the place in which said bank may be located. § 24: 1. i: p. 45. May make loans on improved, etc., fai-m land situated, etc., or within a radius of one hun- dred miles of the placo in which such bank is located, etc. § 24:1. 4: p. 45. May make loans secured by unproved, etc., real estate located within one hundred miles of the place in which such bank is located. TNDEX-DIGEST OF FEDBRAI, RESERVE ACT AND AMENDMENTS. 409 MILLION DOLLARS, FOUR. See "Four million dollars." MILLION DOLLARS, TWENTY-FIVE. See" "Twenty-five million dollars." MINIMUM. § 4: 1. 33: p. 7. When the minimnm amount of capital stock prescribed by this Act, etc., has been sub- scribed, etc. § 17: 1. 37: p. 37. So much of existing statutes as require any national bank, now or hereafter organized, to maintain a minimum deposit of such bonds with the Treasurer is hereby repealed. MINT. § 16: 1. 42: p. 34. Federal resei"ve notes wlien prepared shall be deposited in the Treasury, Subtreasury, or mint of the United States nearest the place of business of each Federal reserve bank, etc. MISDEMEANOR. § 22: 1. 17: p. 43. Any bank officer, etc., violating this provision snail be deemed guilty of a misdemeanor, etc. § 22 : 1. 23 : p. 43. Any examiner accepting a loan, etc., from any bank examined by him or from an officer, etc., shall be deemed guilty of a misde- meanor, etc. MODIFICATIONS. § 27: 1. 7: p. 48. Subject to such amendments or modifications as are prescribed in this Act. MONETARY COMMISSION, NATIONAL. § 27: 1. 39: p. 47. The provisions of the Act of May 30, 1908, creating a National Monetary Commission, etc., are hereby extended to June 30, 1915. MONEY; MONEYS. § 2: 1. 19: p. 6. Out of any money in the Treasury not other- § 2:1. 43: p. 6. wise appropriated. § 9 : 1. 34 : p. 18, Of any one borrower who is liable for borrowed money to such State bank or trust company, etc. § 9: 1. 40: p. IS. Tlie same shall not be considered as borrowed money within the meaning of this section. § 9:1. 10:p. 19. An amount of money equal to the amount specified in such check. § 11: 1. 39: p. 21. Shall furnish full information regarding the character of the money held as reserve, etc. §11:1. 5: p. 23. To make regulations for the safeguarding of all money, etc;., deposited in the liands of such agents. § 13:1. 17: p. 27. Moneys deposited with or collected b\ the association. 410 INDEX-DIGEST OV FEDERAI, RESERVE ACT AND AMENDMENTS. MONEY; MONEYS— Continued. .§ 13: 1. 19: p. 27. .Bills of oxchaiige or drafts di-awn against money actually on deposit, etc. $ 15:1. 14: p. 30. The moneys held in the general fund of the Trcni-ury except, etc., may, etc., be depos- ited in t'ederal reserve batiks. ^ 22: 1. 20: p. 43. May be fined a further sum equal to the money ^ 22: 1. 26: p. 43. so loaned, etc. ^ 2(5: 1. 25: p. 17. An Act entitl-d •'An Act, etc., to maintain the piritv of all foims of money issued or coined," etc. § 7: 1. 17: p. 52. The provisions of section 5191 of the Revised § S: 1. 28: p. 54. Statut(>s ns amended, etc., with reference to reserves required to be kept by national banks and other member banks of the Fed- eral reserve system, shall not apply to depos- its of public moneys by the United, States in designated depositaries. (Act of April 24, 1917.) (Act of September 24, 1917.) MONEY, LAWFUL. See "LawfiB money." MONOPOLIES. § 25: 1. 16: p. 47. Interlocking directoi-s, etc., permitted between banks, etc., engaged in foreign business and member lianks investing in their sjtock, etc., without being subject to section 8 of the Act of October 15, 1914, entitled "An Act to supplement existing laws against unlawful restraints and monopolies," etc. MONTH; MONTHS. § 2:1. 38: p. 4. One-siixth payable within three months, and § 2:1. 39: p. 4. one-sixth within six months thereafter. § 5: 1. 23: p. 13. Paying therefor it^ paj- va,lue plus one-Jialf of 1 per centum a month from the period of the last dividend, etc. § 5:1. 43: p. 13. One-half of I per centum a month from tlie § 6:1. 8: p. 14. period of' the last dividend, etc. § 9:1. 32: p. 17. State banks, etc., may withdraw after six months' wiitten notice, etc. § 9:1. 6: p. 18. At the rate of one-half of 1 per centum per month from date of last dividend, if earned, etc. § 13: 1. 39: p. 25. Having a maturity not exc<>eding six months, exclusive of days of grace. §13:1. 9 : p. 20. Which have maturity at tire time of discount of not more than tliree months' sight, exclusive of days of grace. § 13:1. 14: p. 20. Having not more than six months' sight to run, exclusive of days of grace. INDEX-DIGEST OP FEDEBAL EESEEVB ACT AND AMENDMENTS. 411 MONTH; MONTHS— Contiiraed. § 13:1. 16: p. 28. Having not more than ttu-co months' siglit to lun, oxflusivp of d})\-s of grace. S 14: 1. 14: p. 29. With a matiu-ity from dato of pureliHsc of not exceeding six months. J 27 : 1. 14 : p. 48. Shall pay for the first three months a tax at the rate of 3 per centum per annum, etc. S 27: 1. 19: p. 4s. And afterwards an additional tax rate of oiie- hflf of 1 per centum per annum foi- each month initd. etc. MONTHLY. § 4:1. 88: p. 11. The Federal reserve agent shall be paid monthly by the Federd reserve bank. § 10:1. .38: p. 19. TJie appointive members of tlie Fedeial Reserve Board shall each receive an annual salarv of $12,000, payable monthly, etc. MOEE. § 2: 1. 24: p. 3. Nor more than 12 cities. § 2: 1. 38: p. 5. Or any one or more of them. § 2:1. 44: p. 5. § 2:1. 6: p. 6. No individual, copartnership, or coi-jjoration other than a member bank, etc., shall be permitted to hold at any thue more than $25,000 par value of stock in any Federal reserve bank. § 2: 1. 13: p. 6. Or any one or more of them. § 3:1. 9: p. 7. The board of directors of branch banks shall consist of not more than seven nor less thaTi three directors. § 4:1. 5: p. 11. Shall not vote for more than one choice for any one candidate. § 4: 1. 2: p. 12. The Federal reserve agent, etc., shall appoint one or more assistants. I 9: 1. 38: p. 17. No Federal reserve bank shall cancel, within the same calendar year, more than 25 pei- centum of its capital stock for the purpose of effecting voluntary withdrawals, except, etc. § 10: 1. 25: p. 19. Not more than one of whom shall be selected from any one Federal reserve district. § 11:1. 12: p. 22. A graduated tax of not more than 1 per (■ mtum p T annum upon such deficiency initil, etc. i5 13: 1. 30: p. 2.5. Must liave a maturity at the tune of discount of not more than 90 days, <'tc. <} 18:1. '.)• |). 2G. Wnich have u maturity at the time of dis- count of not more than three months, etc. 412 INDEX-DIGEST OF FEDEHAU RKSeRVE AOT AUD AMENDMENTS' MOBE — Continued. § 13:1. 13: p. 26. Having not more than six months' sight to mn, etc. § 13: 1. 25: p. 26. To an amount equal, etc., to more than 10 per centum of its paid-up, etc., capital and surplus. § 13: 1. 31: p. 26. To more than one-half of its,paid-up capital and surplus. J 13: 1. 15: p. 28. Having not more than three months' sight to run, etc. § 14: 1. 41 : p. 29. Which have not more than 90 days to run, etc. § 18: 1. 39: p; 39. Treasury notes, to b.e payable not more than one year from the date of their issue, etc. § 22: 1. 18: p. 43. Fined not more than $5,000. § 22:1. 24: p. 43. § 25: 1. 26: p. 45. Any national banking association possessing a capital and surplus of $1,000,000 or more, may file application for permission to establish foreign branches, etc. § 25: 1. 38: p. 45. To invest, etc., in the stock of one or more banks or corporations, etc., principally engaged in international or foreign bank- mg, etc. S 2:1. 25: p. 53. One or more member banks, etc. (Act of May 18, 1916.) MOST CONVENIEITT. § 2:1. 42 :p. 53. Shall be deposited, etc., in the bank most con- venient to such locality. (Act of May 18. 1916.) MUCH. § 2: 1. 41 : p. 6. Or so much thereof as may be necessary. § 16: 1. 32: p. 33. So much of the gold held by him. § 16: 1. 31: p. 35. So much of any funds in the Treasury not otherwise appropriated, etc. § 17: 1. 24: p. 37. So much of the provisions of section 5159 of the KcAased Statutes, etc. § 17: 1. 34: p. 37. So much of those provisions, etc. § 20: 1. 31: p. 41. So much of sections 2 and 3 of the Act of June 20, 1874. etc. MULTIPLE. § 18: 1. 37: p. 39. Treasury notes, etc., in denominations of $100 or any multiple thereof. INDEX-DIGEST OF FEDERAL HESERVE ACT AND AMENDMENTS. 413 MUNICIPAL. § 18: 1. 44: p. 39. Such Treasury notes, etc., to be exempt, etc., from taxes in any form by or under State, municipal, or local authorities. ^ 27: 1. 25: p. 51. Subject to the same limitations placed upon the purchase and sale by said . banks of State, county, district, and mimicipal bonds under subsection (b) of section 14 of the Federal Reserve Act. (Act of July 17, 1916.) Warrants, etc., issued in anticipation of the collection of taxes or the receipt of assured revenues by any municipality, etc., in the continental United States, etc. Must subscribe, etc. Must have a maturity at the time of discount of not more than 90 days, etc. MUNICIPALITY. § 14:1. 17: p. 29 MUST. § 5:1. 19: p. 13, .§ 13:1. .35: p. 25, NAME; NAMES. § 2: 1. 19: p. 4. Shall include in its title the name of the city, etc. § 2: 1. 25: p. .5. In a suit, etc., brought by the Comptroller in his own name, etc. § 4 : 1. 40 : p. 7. Shall specifically state the name of such Federal reserve bank, etc. § 4:1. 3: p. 8. The name and place of doing business of each bank, etc. § 4: 1. 21 : p. 8. And in the name designated in such organiza- tion certificate. § 4: 1. 29: p. 10. And shall certify his name to the chairman. § 4:1. 3 : p. 1 1 . Make a cross opposite the name, etc. § 4:1. 6: p. 12. Shall have power to act in his name and stead, etc. § 8: 1. 15: p. 15. With any name approved by the Comptroller. § 22: 1. 8: p. 44. No examiner shall disclose the names of bor- rowers, etc. § 23: 1. 38: p. 44. Against those in whose names such shares are registered at the time of such failure. § 25: 1. 3: p. 46. Such application shall specify the name and capital of the banking association filing it. § 5: 1. 15: p. 50. In the name of national farm loan associa- tions. (Act of July 17, 1916.) NAMED. § 4: 1. 32: p. 10. The chairman shall make lists of the district reserve electors thus named by banks, etc. NATIONAL ASSOCIATION. See also "National bank"; "National banking association." § 8: 1. 25: p. 15. Have authorized the directors to make such certificate and to change or convert the bank or banking institution into a national association. § 8: 1. 29: p. 15. Shall have power, etc., to do whatever may be required to make its organization perfect and complete as a national association. 414 INDEX-DIGEST OF FEDERAL BESEEVM ACI AND AMENDMENTS. 415 HATIONAL BAUK; ITATIONAI BACKING ASSOCIATION. § 1:1. 7: p. 3. The word "bank" shall he held to include State bank, bankmg association, and trust company, except where national banks or Federal reserve banks are specifically re- ferred to. § 1:1. 9: p. 3. The terms "national bank" and "national banking association" shall be held to be synonymous and intef changeable. § 1: 1. 12: p. 3. The term "member bank" shall be held to mean any national bank, State bank, or bank or trust company which has become a member of one of the Federal reserve banks, etc. § 2:1. 22: p. 4. Every national banking association, etc., is hereby required to accept this Act, etc. § 2: I. 31 : p. 4. And to subscribe to the capital of the Federal reserve bank, etc. § 2:1. 7 : p. 5. Penalty for failure to accept this Act. § 2: 1. 12: p. 5. Penalty for failure to accept this Act or to comply with any of its provisions. § 2 : 1. 23 : p. ' 5. Suits for noncompliance with or violation of this Act, etc., shall be brought, etc., in the district in which such bank is located, etc., before the association shall be declared dis- solved. § 2: 1. 28: p. 5. Liability of directors for participation in or assent to such noncompliance or violation. § 2:1. 33: p. 5. Dissolution shall not take away or impair any remedy against such corporation, etc. § 2 : 1. 37 : p. 5. If subscriptions by banks are insufficient, etc., stock may be offered to public subscription at par. § 4 : 1. 24 : p. 7. An application blank shall be forwarded by the Comptroller to each national bank, etc. § 4: 1. 29: p. 7. Which blank :shall contain a resolution to be adopted by the directors of each bank executing such application, authorizing sub- scriptions, etc. § 4: 1. 36: p. 7. The Organization Committee shall designate any five banks to execute the certificate of organization. § 4: 1. 38: p. 7. The banks so designated, etc., shall make an organization certificate! 416 INDEX-DIGEST OF FEDERAL BESERVE ACT AND AMENDMENTS. ITATIONAI BANK; NATIONAL BANKING ASSOCIATION—Coatd. What the certificate shall specifically state. 4:1. l:p. 8. 4:1. 4: p. 8. 4:1. 5: p. 8. 4:1. 7: p. 8. 4:1. 8: p. 8. 4:1. 9: p. 8. 4:1. 12: p. S 4:1. 3: p. 9. 4:1. 9: p. 9. The organization certificate shall be acknowl- edged, etc. 9. Upon deposit, etc., of United States bonds, etc.. Federal reserve banks may receive and issue Federal reserve bank notes under the same condition, etc., as relate to notes of national banks secured by United States bonds, etc., except that the issue of such notes shall not be limited to the capital of such Federal reserve bank. § 4:1. 20: p. 10. Shall be classified, etc., into three general groups. Method of classification. § 5 4:1.23 4:1.24 4: 1. 28 4: 1. 32 4: 1. 35 4:1. 42 1. 5 10, 10 10, 10, Shall elect a district reserye elector. List of such electors. 10. Shall nominate candidates for directors. 10. Method of election of directors. § 5:1. 11: p. 13. 13. The outstandiag capital stock shall be in- creased from time to time as member banks increase their capital stock and surplus, and may be reduced as member banks reduce their capital stock or surplus or cease to be members. When a member bank increases its capital stock or surplus, it shall thereupon subscribe for an additional amount of capital stock of the Federal reserve bank. § 5: 1. 34: p. 13. Procedure when a member bank voluntarily liquidates. § 5: 1. 39: p. 13. It shall receive in payment a sum equal to its cash-paid subscriptions, etc., less any lia- bility to the Federal reserve bank. § 6:1. 3: p. 14. Procedure in case of an insolvent member bank. § 8:1. § 8:1. 10: 15: 15. A State bank, etc., having an unimpaired 15. capital sufficient to entitle it to become a national banking association, etc., may be converted into a national banking associa-. tion, etc. § 8: 1. 30: p. 15. The shares may continue to be for the same amount as before the conversion. INDEX-DIGEST OF FEDERAL RESERVE ACT AND -AMENDMENTS. 417 NATIONAL BANK; NATIONAL BANKING ASSOCIATION— Contd. § 8:1. 32: p. 15. The directors may continue to be directors, etc. § 8: 1. 36: p. 15. Certificate from the Comptroller that the pro- visions of this Act have been complied with. § 8: 1. 38: p. 15. Shall have the same powers and privileges and I 8: 1. 44: p. 15. shall be subject to the same duties, etc., as shall have been prescribed by the Federal Reserve Act and by the National Banking Act for associations originally organized as national banking associations. § 9:1. 11: p. 16. State banks, etc., applying for membership, shall apply for the same amount of stock that the applying bank would be required to subscribe to as a national bank. § 9: 1. 30: p. 16. All such banks admitted to membership shall, etc., conform to certain specified provisions of law imposed on national banks, etc. § 9: 1. 13: p. 18. No applying bank shall be admitted unless it Eossesses a paid-up, unimpaired capital suf- cient to entitle it to become a national banking association in the place where it is situated. § 9:1. 19: p. 18. Banks becoming members of the Federal reserve system under authority of this sec- tion shall be subject to the provisions of this section and to those of this Act which relate specifically to member banks, but shall not be subject to examination under the first two paragraphs of section 5240, Revised Statutes, as amended by section 21 of this Act. § 10: 1. 29: p. 20. No member of the Federal Reserve Board § 10: 1. 31: p. 20. shall be an officer or director of any bank, banking institution, trust company, or Fed- eral reserve bank, nor hold stock in any bank, banking institution, or trust company. § 11: 1. 32: p. 21. The Federal Reserve Board may examine the accounts, books, and affairs, and require statements and reports from each Federal reserve bank and each member bank. § n : 1. 31 : p. 22. The Federal Reserve Board may add to the number of cities classified as reserve and central reserve cities, etc., in which national banking associations are subject to the reserve requirements set forth in section 20. [The reference to section 20 is an error in the official text. The correct reference is to section 19], 20592°— 18 'J: 418 INDEX-DIGEST OP FEDEBAL RESERVE ACT AND AMENDMENTS. NATIONAI BANK; NATIONAL BANKING ASSOCIATION— Contd. § 11:1. 12: p. 23. The Federal Reserve Board may grant by special perinit to national banks applying therefor, etc., the right to act as trustee, etc. § 11: 1. 34: p. 23. Member banks may be permitted by the Federal Reserve Board, upon the aflBrma- tive vote of not less than five of its members, to carry any portion of their reserves in the Federal reserve banks now required by sec- tion 19 to be carried ia their own vaults. [Superseded by section 19 as amended by the Act of June 21, 1917, which requires all reserve balances to be carried in the Federal reserve bank. See § 19: 1. 22: p. 40.] § 13 : 1. 29 : p. 24. Deposits receivable by Federal reserve banks, from member banks, etc. § 13:1. 5: p. 25. Member or nonmember banks may make reasonable charges, to be determined and regulated by the Federal Reserve Board, but in no case to exceed 10 cents per $100 or fraction thereof, etc., for collection or pay- ment of checks and remission therefor, by exchange or otherwise, but no such charges shall be made against Federal reserve banks. [See also § 16:1. 1: p. 36.] § 13: 1. 13: p. 25. Upon the indorsement of any of its member banks, etc., any Federal reserve bank may discount notes, etc. § 13: 1. 15: p. 25. Such indorsement shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively. § 13:1. 2: p. 26. Limitation upon the aggregate amount of § 13: 1. 4: p. 26. notes of any one borrower which may be discounted for any one bank. § 13: 1. 12: p. 26. May accept drafts or bills, etc. § 13: 1. 22: p. 26. Limitation upon the power to accept. § 13:1. 37: p. 26. § 13:1. 40: ji. 26. § 13: 1. 44: p. 26. Advances by Federal reserve banks to mem- ber banks on their promissory notes. § 13: 1. 3: p. 27. Security required. § 13: 1. 10: p. 27. Limitation of hability of national banking § 13: 1. 16: p. 27. associations to the amount of their capital § 13: 1. 17: p. 27. stock paid in and undiminished by losses, § 13:1. 19: p. 27. except on account of demands of the na- § 13: 1. 22: p. 27. ture following, etc. § 13:1. 24: p. 27. INDEX-DIGEST OF FBDEKAL RESERVE ACT AND AMENDMENTS. 419 NATIOITAL BANK; NATIONAL BANKING ASSOCIATION— Contd. § 13: 1. 33: p. 27. Power granted to specified national banks to § 13 : 1. 41 : p. 27. act as agent for insurance companies, in § 13: 1. 1: p. 28. addition to the powers now vested by law in national banking associations. § 13: 1. 2: p. 28. May also act as broker or agent of others in § 13:1. 5: p. 28. making or procuring loans on real estate, etc. § 13: 1. 7: p. 28. Limitations upon this power. § 13:1. 11: p. 28. § 13: 1. 14: p. 28. May accept doUar exchange drafts or bills, etc. § 13: 1. 26: p. 28. Limitation upon this power. ' § 13:1. 30: p. 28. § 13:1. 33: p. 28. § 14: 1. 41: p. 28. Federal reserve banks may buy and sell, etc., in the-open market, etc., either from or to domestic or foreign banks, etc., cable trans- fers, bankers' acceptances, and bills of ex- change, etc. § 14: 1. 22: p. 29. Federal reserve banks may purchase from member banks, etc., bills of exchange, etc. § 15: 1. 31 : p. 30. The Secretary of the Treasury may continue to use member banks as depositories. § 16: 1. 2: p. 31. Federal reserve notes shall be receivable by all national banks, etc. § 16: 1. 18: p. 31. The collateral security thus offered for Federal reserve notes shall be, etc., or biUs of exchange indorsed by a member bank of any Federal reserve district and purchased under section 14, etc. § 16: 1. 34: p. 35. Nothing in this section contained shall be con- strued as exempting national banks or Fed- eral reserve banks from their liability to reim- burse the United States for any expenses incurred in printing and issuing circulating notes. § 16: 1. 39: p. 35. Deposits which Federal reserve banks must § 16: 1. 43: p. 35. receive at par from member banks, etc. § 16: 1. 44: p. 35. § 16: 1. 2: p. 36. Nothing herein shall prohibit a member bank from charging its actual expense incurred in collecting and remitting funds or for exchange sold to its patrons. [See also § 13:1. 3: p. 25.] § 16: 1. 5: p. 36. The Federal Keserve Board shall, by rule, fix the charges to be collected by the member banks from its patrons whose checks are cleared through the Federal reserve bank, etc. 420 li^DEX-DIGEST OF PEDEEAL RESERVE ACT AKD AMENDMENTS. NATIONAL BANK; NATIONAL BANKING ASSOCIATION- Contd. § 16: 1. 18: p. 36. The Federal Eeserve Board may reqmre each Federal reserve bank to exercise the func- tions of a clearing house for its member banks. § 17: 1. 30: p. 37. So much of certain specified statutes as require § 17: 1. 35: p. 37. delivery of United States registered bonds to the Treasurer before any Eational banking association can commence business, or as require the maintenance of a minimum deposit of such bonds, is hereby repealed. § 18: 1. 42: p. 37. Application for the sale of United States § 18:1. 7: p. 38. bonds, through the Treasurer, to Federal § 18: 1. 22: p. 38. reserve banks by member banks desiring to § 18: 1. 27: p. 38. retire the whole or any part of their circu- lating notes. § 19: 1. 20: p. 40. Reserve balan^Tes required for member banks. § 19: 1. 41: p. 40. Limitation as to deposits in nonmember banks by member banks. § 19: 1. 1: p. 41. No member bank shall act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal reserve bank, etc., except by permission of the Federal Reserve Board. § 19: 1. 6: p. 41. A member bank may check against its required §■ 19: 1. 10: p. 41. balance carried with a Federal reserve bank, under regulations of and subject to penal- ties prescribed by the FedLcral Reserve Board. § 19: 1. 11: p. 41. No bank shall make new loans or pay any dividends unless and until the required balance is fully restored. § 19: 1. 15: p. 41. Rule for ascei-taining deposits against which reserve balances are required. § 19: 1. 20: p. 41. National banks, or banks organized under local laws, located in Alaska, or in a depend- ency or insular possession or any part of the United States outside the continental United States, may remain nonmember banks, etc. § 19: 1. 26: p. 41. Or they may become member banks with the consent of the Federal Reserve Board, etc. § 20: 1. 36: p. 41. Repeal of so much of certain specified laws as § 20: 1. 42: p. 41. permits the 5 per centum national bank note redemption fund to count as part of the lawful reserve of ng,tional banks. INDEX-DIGEST OF FEDERAL EESEKVE ACT AND AMENDMENTS. 421 NATIONAL BANK; NATIONAL BANKING ASSOCIATION—Contd. § 21: 1. 6: p. 42. The examiners shall examine every member bank at least twice in each calendar year, etc. [State banks, etc., admitted as members are not subject to examination by the Comp- troller. See § 9:1. 19: p. 18.] ,^ 21: 1. 14: p. 42. Powers and duties of an examiner examing a § 21 : 1. 16: p. 42. national or member bank. § 21:1. 20: p. 42. § 21: 1. 27: p. 42. The expense of examination shall be assessed § 21: 1. 28: p. 42. upon the banks examined in proportion to assets or resotirces, etc. § 21 : 1. 34 : p. 42. Member banks may be examined by Federal reserve banks, etc., with the approval of the Federal reserve agent or the Federal Reserve Board. § 21: 1. 36: p. 42. The expense of such examinations shall be borne by the bank examined. § 21 : 1. 38: p. 42. Such examinations shall be so conducted as to inform the Federal reserve bank of- the con- dition of and the lines of credit being extended by member banks. § 21: 1. 42: p. 42. Every Federal reserve bank shall inform the Federal Reserve Board concerning the con- dition of any member bank, etc. § 21: 1. 1: p. 43. No bank shall be subject to any visitatorial powers other than, etc. §21:1. 9: p. 43. Upon application of 10 member banks the Federal Reserve Board shall make a special examination, etc., of any Federal reserve bank. § 22: 1. 13: p. 43. No member bank, etc., shall make any loan, etc., to an examiner. § 22: 1. 15: p. 43. Penalty upon any officer, etc., of a member bank marking such a loan, etc. § 22: 1. 21 : p. 43. Penalty upon an examiner accepting a loan, etc. § 22: 1. 30: p. 43. No examiner shall perform any other service for compensation for any bank, etc. § 22: 1. 33: p. 43. No officer, etc., of a member bank, etc., shall § 22: 1. 35: p. 43. receive a fee or commission for or in con- § 22: 1. 36: p. 43. nection with any transaction or business § 22: 1. 37: p. 43. of the bank, etc. § 22:1. 40: p. 43. § 22: 1. 45: p. 43. A director, officer, etc., may receive the same rate of interest on deposits as paid to other depositors, etc., with such bank. 422 IKDEX-DIGEST OF FEDERAL EESEBVE ACT AND AMENDMENTS. NATIOITAL BANK; NATIONAL BANKING ASSOCIATION— Contd. §22:1. 2: p. 44. A member bank may discount notes, etc., executed or indorsed by directors, etc., upon the affirmative vote, etc.,. of at least a majority of the board of directors. § 22: 1. 9: p. 44. No examiner shall disclose the names of bor-» § 22: 1. 10: p. 44. rowers or collateral for loans except by § 22: 1. 13: p. 44. express permission of the Comptroller, etc. § 22: 1. 17: p. 44. Penalty for violation of any provision of this section. § 23 : 1. 23 : p. 44. Individual habUity of stockholders of every national banking association. § 23: 1. 28: p. 44. Liabihtj^ of stockholder's transferring their § 23: 1. 31 : p. 44. shares within 60 days next before the date of failure, etc. § 24: 1. 41: p. 44. Any national banking association not in a § 24: 1. 1 : p. 45. central reserve city may loan on improved, etc., farm land, etc. § 24: 1. 3: p. 45. Also may loan on improved, etc., real estate, §24:1. 5: p. 45. etc. § 24: 1. 6: p. 45. Limitations upon such loans. §24:1. 7: p. 45. § 24:1. 10: p. 45. § 24:1. 13: p. 45. § 24: 1. 17: p. 45. National banks may continue, hereafter as heretofore, to receive time deposits and to pay mterest on the same. § 24: 1. 21: p. 45. The Federal Reserve Board may add to the list of cities in which national banks may not loan upon real estate. § 25: 1. 25: p. 45. National banking associations possessing a § 25: 1. 31: p. 45. capital and surplus of $1,000,000 or more may apply for permission to establish branches in forei^ countries, dependencies, or insular possessions of the United States, etc. § 25: 1. 34: p. 45. Shall act as fiscal agents of the United States if required. § 25: 1. 36: p. 45. To invest an amount not over 10 per centum of its paid-in capital stock and surplus in the stock of one or more banks or corpora- tions chartered, etc., under the laws of the United States, or any State, and prin- cipally engaged in international or foreign banking or banking in a dependency or insu- lar possession of the United States, etc. INDEX-DKiEST OF FEDEBAL EESERVE ACT AND AMENDMENTS. 423 NATIOITAI BANK; NATIONAL BANKING ASSOCIATION— Contd. § 25: 1. 42: p. 45. Either directly, or through the agency, ownership, and control of local institutions in foreign countries, or in such dependencies or insular possessions. § 25 : 1. 4 : p. 46. What the application shall specify. § 25: 1. 6: p. 46. Powers of the board as to such applications. § 25: 1. 13: p. 46. Every national bank operating foreign branches shall furnish information, etc.. to the Comptroller as to the condition of such branches and every member bank investing in the capital stock of such banks or corporations shall furnish infor- mation to the Federal Reserve Board as to the condition of such banks or corporations. § 25 : 1. 22 : p. 46. The board maj' order special examinations of the said branches, banks, or corporations. § 25: 1. 25: p. 46. Before purchasiag such stock, the national § 25: 1. 27: p. 46. bank shall enter into an agreement, etc., with the Federal Reserve Board. § 25: 1. 28: p. 46. Nature of the agreement. § 25: 1. 35: p. 46. The Federal Reserve Board may investigate as to any breach of its regulations, etc. § 25: 1. 40: p. 46. The Federal Reserve Board may require such national banks to dispose of such stock holdings for failure of the corporation or of the national bank to comply with the regu- lations of the board. § 25 : 1. 1 : p. 47. Every such national bank shall conduct the accounts of each foreign branch separately, etc. ii 25: 1. 5: p. 47. Shall, at the end of each fiscal period, trans- fer to its general ledger the profit or loss accrued at each branch as a separatp item. § 25: 1. 8: p. 47. Interlocking directors, etc., between a mem- ber bank and any such bank or corporation in the stock of which the member bank has invested, permitted with the approval of the Federal Reserve Board. § 27: 1. 12: p. 48. Tax imposed on national banking associa- tions having circulating notes secured other- wise than by United States bonds. if 27: 1. 23: p. 48. The Secretary of the Treasury may suspend the limitations imposed by sections 1 and 3 of the Act of May 30, 1908, limiting such additional circulation to national banks hav- ing outstanding notes secured by United States bonds up to not less than 40 per centum of their capital stock. 424 INDEX-DIGEST OF FEDEBAL BESEKVE ACT AND AMENDMENTS. NATIONAL BANK; NATIONAL BANKING ASSOCIATION— Contd. / § 27: 1. 32: p. 48. No bank shall be permitted to issue circulating notes in excess of 125 per centum of its unimpaired capital and surplus. § 27 : 1. 37 : p. 48. Gold redemption fund prescribed for such ad- ditional circulating notes secured otherwise than by United States bonds. § 27: 1. 40: p. 48. The Secretary of the Treasury, during such suspension, may permit national banks to issue additional currency, etc. § 27 : 1. 43 : p. 48. The Secretary of the Treasury may extend the benefits of this Act to all qualified State banks and trust comp'anies which have joined or may contract to join the Federal reserve system within 15 dayis after the pas- sage of this Act. § 28 : 1. 6 : p. 49. Provisions for reduction of the capital stock of national banks, with the approval of the Comptroller and the Federal Reserve Board , etc. § 7:1. 15: p. 52. National banking associations need keep no § 8: 1. 25: p. 54. reserves against pubUc moneys deposited by the United States in them as designated de- positaries. (Actof Apr. 24, 1917.) (Act of September 24, 1917.) NATIONAL BANK ACT. § 2:1. 17: p. 5. All of the rights, privileges, and franchises granted to it under the National Bank Act, etc. § 9: 1. 15: p. 18. Sufficient to entitle it to become a national banking association, etc., under the provi- sions of the National Bank Act. NATIONAL BANKING ACT. § 8:1. 43: p. 15. As shall have been prescribed, etc., by the National Banking Act, etc. NATIONAL BANK CIRCULATION. § 27: 1. 38: p. 47. Extension of the Act of May 30, 1908, author- izing, etc., the issue of additional national bank circulation, etc., to June 30, 1915. NATIONAL BANK CURRENCY. § 20: 1. 34: p. 41. Entitl|ed "An Act, etc., providing for a redis- tribution of the national bank currency," etc. NATIONAL BANK EXAMINER. See "Examiner." INDEX-DIGEST OF FEDBEAL RESERVE ACT AND AMENDMENTS. 425 NATIONAL BANK NOTES. § 4:1. 9: p. 9. Federal reserve bank notes shall be issued under the same conditions and provisions of law as relate to circulating notes of national banks secured by United States bonds, etc. [See also § 18: 1. 2: p. 39.] §10:1. 22:p. 21. A bureau charged with the execution of all laws, etc., relating to the issue and regula- tion of national currency secured by United States bonds, etc. § 12: 1. 30: p. 24. Federal reserve banks may receive on deposit § 12: 1. 35: p. 24. national bank notes, etc. § 12:1. 42: p. 24. § 13: 1. 16: p. 27. Notes of circulation shall not be limited to the amount of the capital, etc.^, of national banks. § 15: 1. 16: p. 30. The 5 per centum fund for the redemption of outstanding national bank notes shall not be deposited in Federal reserve banks. § 16: 1. 15: p. 35. The regulations as to examination of plates, dies, etc., of national bank notes are hereby extended to include Federal reserve notes. § 16:1. 22: p. 35. Appropriations, etc., in connection with the § 16: 1. 23: p. 35. printing of national bank notes, or notes pro- vided for by the Act of May 30, 1908, may be used for Federal reserve notes. § 16:1. 29: p. 35. In addition to circulating notes provided for by existing law, etc. § 16: 1. 37: p. 35. Nothing in this section, etc., sh'aU be construed to exempt national banks or Federal reserve banks from their liability to reimburse the United States for any expenses incurred in printing and issuing circulating notes. § 18: 1. 43: p. 37. Any member bank desiring to retire the whole or any part of its circulating notes may file with the Treasurer an application to sell, etc. § 18:1. 2: p. 39. Federal reserve bank notes shall be to the same tenor and effect as national bank notes, etc. [See also § 4:1. 9: p. 9.] § 18: 1. 4: p. 39. Federal reserve bank notes shall be issued and redeemed under the same terms and condi- tions as national bank notes, except, etc. [See also § 4: 1. 8: p. 9.] J 20: 1. 34: p. 41. An Act entitled "An Act, etc., providing for a redistribution of the national bank currency," etc. 426 INDEX-DIGEST OF FEDEKAL EKSEBVE ACT .AND AMENDMENTS. WATIONAI BANK NOTES— Continued. § 20: 1. 38: p. 41. Repeal of existing laws providing that the 5 per centum fund for the redemption of national bank notes shall be counted as part of the lawful reserve. § 20: 1. 42: p. 41. From and after the passage of this Act such fund of 5 per centum shall in no case be counted by any national bank as a part of its lawful reserve. NATIONAL CUERENCY. § 10: 1. 22: p. 21. A bureau charged with the execution of all laws, etc., relating to the issue and regula- tion of national currency secured by United States bonds. NATIONAL CUERENCY ASSOCIATIONS. § 27: 1. 37: p. 47. The Act of May 30, 1908, authorizing national currency associations, etc., is hereby ex- tended to June 30, 1915. NATIONAL FARM LOAN ASSOCIATIONS. § 5: 1. 15: p. 50. At least 25 per centum of that part of the capital of any Federal land bank for which stock is outstanding in the name of national farm loan associations, etc., may consist of deposits in member banks of the Federal reserve system, etc. (Act of July 17, 1916.) NATIONAL MONETARY COMMISSION. § 27: 1. 39: p. 47. The provisions of the Act of May 30, 1908, etc., creating a National Monetary Commission, etc., are hereby extended, etc., to June 30, 1915. NATIONAL OR STATE LAWS. § 2:1. 11: p. 53. Whether organized under national or State laws, etc. (Act of May 18, 1916.) NATIONAL OR STATE SUPERVISION. § 2: 1. 15: p. 53. Being subject to national or State supervision. (Act of May 18, 1916.) NATUEE. § 11 : 1. 40: p. 21. The weekly statements of the Federal Reserve Board shall show, etc., the amount, nature, and maturities of the paper and other in- vestments owned or held by Federal reserve banks. § 13: 1. 15: p. 27. Except on account of demands of the nature following. ji 25: 1. 37: p. 46. The Federal Reserve Board is hereby author- ized, etc., to institute an investigation of the matter, etc., in order to satisfy itself as to the actual nature of the transaction. INDEX-DIGEST OF FEDERAL HESEEVE ACT AXD AMENDMENTS. 427 NEAEEST. § 4:1. 33: p. 12. § 16:1. 43: p. 34. § 16:1. 37: p. 36. Nearest the date of such meeting. Nearest the place of business of each Federal reserve bank. Nearest the place of business of such Federal reserve bank or such Federal reserve agent. As nearly as may be one-third, etc. As nearly as may be of banks of similar capitalization. Shall not necessarily be coterminous with any State or States. § 4: 1. 14: p. 9. Except such as is incidental and necessarily preliminary to its organization, etc. The expenses necessarily incurred, etc. NEARLY. § .-^- 4:1. 24: p. 10. § 4:1. 22: p. 10. NECESSARIIY. § 2:1. 2: p. § 16:1 § 16:1, NECESSARY § 10 § 11 § 11 §11 § 12 I 14 § 16 §21 § 26 6: p. 35. 4: p. 3-7. 13: p. 4. 41: p. 4. 38: p. 6. 42: p. 6. 43: p. 8. 43: p. 9. 42: p. 11. 9: p. 12. 15: p. 12. 24: p. 12. 21: p. 14. 14: p. 17. 34: p. 19. 33: p. 21. 8: p. 23. : p. 23. 9: p. 24. 8: p. 29. p. 32. p. 42. p. 47. 18 18 33 As may be deemed necessary. When deemed necessary. As it shall deem necessary. As may be necessary. As shall be necessary. The necessary subscriptions. When necessary. As it may deem necessary. Allowance for necessary expenses. As may be necessary. After all necessary expenses, etc. When it deems it necessary. Together with actual necessary traveling ex- penses. As it may deem necessary. Make all rules and regulations necessary. As may be deemed necessary. As it may deem necessary. When necessary. To the extent deemed necessary. An^l oftener, if considered necessary, Sell the same, if necessary. 428 IXDEX-DIGEST Or FEDERAL EESEEVE ACT AND AMENDMENTS. NEGOTIATING. § 9: 1. 39: p. 18. The discount of commercial or business paper actually owned by the person negotiating the same shall not be considered as bor- rowed money within the meaning of this section. NET BALANCE. § 19: 1. 26: p. 40. Shall hold and maintain with the Federal § 19: 1. 32: p. 40. reserve bank an actual net balance, etc. § 19:1. 37: p. 40. NET DIFFERENCE. § 19: 1. 16: p. 41. The net difference of amounts due to and from other banks shall be taken as the basis for ascertaining the deposits against which required balances with Federal reserve banks shall be determined. NET EARNINGS. § 7:1. 26: p. 14. iUl the net earnings shall be paid to the United States as a franchise tax, etc. § 7:1. 28: p. 14. Except that one-half of such net earnings shall be paid into a surplus fund, etc. § 7:1. 31:p. 14. Disposition of the net earnings derived by the United States from Federal reserve banks. NEW DISTRICTS. § 2:1. 4: p. 4. New districts, etc., may be created by the Federal Reserve Board not to exceed 12 in all. NEW lOANS. § 19: 1. 12: p. 41. No bank shall at any time make new loans or shall pay any dividends unless and until the total balance required by law is fuUy restored. NEXT BEFORE. § 23: 1. 30: p. 44. Next before the date of failure of such asso- ciation to meet its obligations. NEXT SESSION OF THE SENATE. § 10: 1. 1: p. 21. Shall expire 30 days after the next session of the Senate convenes. NINE MEMBERS. § 4:1. 32: p. 9. The board of directors of Federal reserve banks shall consist of nine members. NINE, SECTION. See "Act of May 30, 1908." NINETEEN HUNDRED AND TEN, ACT OF JUNE 29. See "Act of June 29, 1910." NINETEEN HUNDRED AND THIRTEEN, ACT OF DECEMBER 23. § 2: 1. 14: p. 53. (Act of May 18, 1916.) § 2:1. 26: p. 53. (Act of May 18, 1916.) INDEX-DIGEST OF FEDERAL EESEEVE ACT AND AMENDMENTS. 429 NINETEEN HUNDEED AND SIXTEEN, ACT OF MAY 18. See "Act of May 18, 1916." NINETY DAYS. § 13: 1. 36: p. 25. Must have a maturity at the time of discount of not more than ninety days, etc. § 14:1. 41: p. 29. Which have not more than ninety days to run, etc. NO CASE, IN. § 13: 1. 7: p. 25. But in no case to exceed 10 cents per $100 or fraction thereof. NO'EVENT, IN. § 9:1. 7:p.l8. The amount refunded in no event to exceefl the book value of the stock at that time. § 13: 1. 41: p. 26. The aggregate of acceptances growing out of domestic transactions shall in no event ex- ceed 50 per centum of such capital stock and surplus. § 16: 1. 22: p. 31. But in no event shall such collateral security, etc., be less than the amount of Federal reserve notes applied for. § 27: 1. 38: p. 48. A sum in gold sufficient in his judgment for the redemption of such notes, but in no event less than 5 per centum. NO OTHEE PUEPOSE, FOE. §16: 1. 36: p. 30. For the purpose of making advances to Fed- eral reserve banks, etc., and for no other purpose. NO TIME, AT. § 13: 1. 2: p. 26. Shall at no time exceed 10 per centum of the unimpaired capital and surplus of said bank. NOMINATE. § 4:1. 35: p. 10. Each member bank shall be permitted to nominate to the chairman one candidate for director, etc. NOMINATED. § 4: 1. 38: p. 10. The candidates so nominated shall be listed by § 4:1. 39: p. 10. the chairman, indicating by whom nomi- • nated. NONCOMPLIANCE. § 2:1. 19: p. 5. Suit by the Comptroller, etc., for any non- compliance with or violation of this Act. § 2:1. 26: p. 5. Participating directors shall be held hable, etc., in cases of such noncompliance, etc. NONE. § 2:1. 39:Jp.[53. If none where such deposits are made will re- ceive such deposits, etc. (Act of May 18, 1916.) 430 INBEX-DIGEST OF FEDEKAL EESEKVE ACT AND AMENDMENTS. WOlfMEMBEE BANK. § 13: 1. 40: p. 24. Deposits which Federal reserve banks may receive from any nonmember bank or trust company. § 13: 1. 44: p. 24. Provided such nonmember bank or trust com- pany maintains a balance with the Federal reserve bank sufficient, etc. § 13:1. 5: p. 25. Nothing in this or any other section shall prohibit a member or nonmember bank from making reasonable charges, to be deter- mined and regulated by the Federal Re- s rve Board, in no case to exceed 10 cents per SlOO, etc., for collection or payment of checks and drafts and remission therefor by exchange or otherwise. § 19: 1. 42: p. 40. Limitation upon the amount a member bank may keep on deposit with a State bank or trust company w^hich is not a member bank, etc. §19:1. 2:p. 41. No member bank shall act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal re- serve bank, etc., except by permission of the Federal Reserve Board. § 19: 1. 23: p. 41. National banks, or banks organized under local laws, located in Alaska or in a de- pendency or insular possession or any part of the United States outside the continental United States, may remain nonmember banks, etc. NOT AFFECT. § 29: 1. 23: p. 49. Shall not aflfect, impair, or invalidate the re- mainder of this Act, etc. NOT APPLY TO. § 7: 1. 16: p. 52. Shall not apply to deposits of public moneys § 8:1. 27: p. 54. by the United States in designated de- positories. (Act of April 24, 1917.) (Act of September 24, 1917.) NOT BELOW. § 28: 1. 8: p. 49. Not below the amount required by this title to authorize the formation of associations. NOT EXCEED. § 13: 1. 36: p. 27. The population of which does not exceed 5,000 inhabitants, etc. NOT EXCEEDING. § 11: 1. 3: p. 22. Thu-ty days. § 11: 1. 5: p. 22. Fifteen days. § 13: 1. 39: p. 25. Six months. § 13: 1. 45: p. 26. Fifteen days. • INDEX-DIGEST OF FEDEKAL EESEEVE ACT AND AMENDMENTS. 431 NOT EXCEEDING— Continued. § 14: 1. 14: p. 29. Six months. § 22: 1. 18: p. 44. Five thousand dollars. § 22: 1. 19: p. 44. One year. § 25: 1. 36: p. 45. In the aggregate 10 per centum of its paid-in capital stock and surplus. NOT IN CONTRAVENTION. § 8: 1. 18: p. 15. Said conversion shall not be in contravention of the State law. § 11: 1. 13: p. 23. To grant to national banks applying therefor, ■vdien not in contravention of State or local law, the right to act as trustee, etc. NOT INCONSISTENT WITH lAW. § 4:1. 37: p. 8. To prescribe by its board of directors by- laws not inconsistent with law. NOT LESS THAN. § 2: 1. 23: p. 3. Eight nor more than 12 cities, etc. § 2:1. 22: p. 6. Par. § 8: 1. 12: p. 15. Fifty-one per centum of the capital stock, etc. § 11: 1. 16: p. 22. One and one-half per centum per annum, etc. § 11: 1. 31: p. 23. Five of its members. § 16: 1. 33: p. 31. Thirty-five per centum. § 16: 1. 34: p. 31. Forty per centum. § 19: 1. 18: p. 40. Thirty days' notice before payment. § 19: 1. 27: p. 40. Seven per centum, etc., of its demand deposits. § 19: 1. 32: p. 40. Ten per centum, etc., of its demand deposits. § 19: 1. 38: p. 40. Thirteen per centum, etc., of its demand deposits. § 27 : 1. 30 : p. 48. Forty per centum of the capital stock of such banks. NOT MORE THAN. § 10: 1. 25: p. 19. One of whom shall be selected from any one Federal reserve district. § 11: 1. 12: p. 22. One per centum per annum. § 13: 1. 35: p. 25. Ninety days. § 13: 1. 9: p. 26. Three months. § 13: 1. 13: p. 26. Six months' sight to run, etc. § 18:1. 39 : p. 39. One year from the date of their issue. § 22: 1. 18: p. 43. Five thousand dollars. § 22: 1. 24: p. 43. Five thousand dollars. 432 INDEX-DIGEST OF FEDERAL EESERVE ACT AND AMENDMENTS. NOT ONE FOE ANOTHER. § 2: 1. 44: p. 4. Shall be held indmdually responsible, equally and ratably, and not one for another, etc. NOT OTHERWISE APPROPRIATED. § 2:1. 19: p. 6. Any money in the Treasury not otherwise appropriated, etc. § 2:1. 43: p. 6. Any moneys in the Treasury not otherwise appropriated, etc. § 16: 1. 31: p. 35. Any funds in the Treasury not otherwise appropriated, etc. NOT OTHERWISE PROVIDED FOR. § 4:1. 32: p. 8. To appoint by its board of directors such officers and employees as are not otherwise provided for in this Act. NOT PREVIOTJSIY CALLED. § 5: 1. 37: p. 13. And be released from its stock subscriptions not previously called. NOT TO EXCEED. § 2:1. 6: p. 4. Twelve districts in aU. § 5: 1. 44: p. 13. The .book value thereof. § 6:1. 8: p. 14. The book value thereof. § 18: 1. 14: p. 39. One-half of the 2 per centum bonds so ten- dered for exchange. § 18: 1. 28: p. 39. The amount issued to such bank in the first instance. § 18: 1. 32: p. 39. Thirty years. § 26: 1. 32: p. 47. Three per centum per annum. NOTARY. § 4: 1. 13: p. 8. The organization certificate shall be acknowl- edged before a judge, etc., or notary public. § 4:1. 15: p. 8. Shall be authenticated by the seal of such court or notary. NOTE ISSUES. § 12: 1. 22: p. 24. The Federal Advisory Council may call for information and make recommendations in regard to note issues, etc., by Federal reserve banks. § 16: 1. 32: p. 30. Note issues. (Heading of section 16.) NOTES, ALDRICH-VREELAND, See "Act of May 30, 1908." NOTES, FEDERAL RESERVE. See "Federal reserve notes." NOTES, FEDERAL RESERVE BANK. See "Federal reserve bank notes." NOTES, NATIONAL-BANK. See "National-bank notes." INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 433 NOTES OF CIRCULATION. See "National-bank notes." NOTES, PROMISSORY. § 9: 1. 32: p. 18. Limitation upon the amount of notes ol any one borrower a Federal reserve bank can discount for a State, etc., member bank. § 9:1. 42: p. 18. The Federal reserve bank shall require a § 9:1. 2: p. 19. certificate, etc., from the State bank, etc., as a condition of the discount of notes, etc. § 13:1. 43: p. 24. Federal reserve, banks, solely for the pur- f)oses of exchange or collection may receive rom nonmember banks or trust companies, etc., maturing notes and bills. § 13: 1. 16: p. 25. Federal reserve banks may discount notes, etc., arising out of actual commercial transac- tions. § 13: 1. 18: p. 25. That is, notes, etc., issued or drawn for agri- cultural, industrial, or commercial purposes, etc. § 13: 1. 26: p. 25. Nothing in this Act shall prohibit the discount of such 'notes, etc., secured by staple agricul- tural products or other goods, wares, or merchandise. § 13: 1. 29: p. 25. Such definition shall not include notes, etc., issued, etc., for carrying or trading in stocks, bonds, or other investment securities. § 13: 1. 32: p. 25. Except bonds and notes of the United States. § 13 : 1. 33 : p. 25. Such discounted notes, etc., must have a matu- rity at the time of discount of not more than 90 days, exclusive of days of grace. § 13: 1. 37: p. 25. Notes, etc., drawn or issued for agricultural purposes or based on live stock and having a maturity not exceeding six months, exclu- sive of days of grace, may be discounted in an amount to be limited, etc. § 13: 1. 44: p. 25. Limitation of the aggregate amount of such notes, etc., bearing the signature or indorse- ment of any one borrower, which may be dis- counted for any one bank. § 13: 1. 44: p. 26. Advances by Federal reserve banks to member banks on their promissory notes, etc. § 13: 1. 3: p. 27. Such notes, etc., shall be secured by eMgible § 13: 1. 7: p. 27. notes, etc., or by the deposit or pledge of bonds or notes of the United States. 20.592°— IS lis 434 IXDEX-DIGEST OF FEDEBAL RESEEVE ACT AXD AMEKDMENTS. NOTES, PEOMISSOEY— Continued. § 14: 1. 12: p. 29. Federal reserve banks may buy and sell, et^., in the open market, etc., bills, notes, revenue bonds, and warrants, etc., issued in antici- pation of the collection of taxes or the receipt of assured revenues by any State, county, etc., etc., in accordance with rules and regu- lations prescribed by the Federal Reserve Board. f 16: 1. 15: p. 31. The collateral for Federal reserve notes shall be, etc., notes, etc., acquired under section 13, etc. Notes, etc., executed or indorsed by directors or attorneys of a member bank may be dis- counted on the same terms as other notes, etc., upon the af&mative vote or written assent of at least a majority of the directors, etc. NOTES, TREASURY. See "Treasury notes;" "United States notes." NOTES, UNITED STATES. See " IJnited States notes." NOTHING. § 22: 1. 45: p. 43. §22:1. 4: p. 44. § 10 §11 § 13 § 13 § 16 § 16 § 16 § 16 § 22 § 26 NOTICE. § 2 .§ 2 § 9 § 10 § 13 1. 3: p. 21. Nothing in this Act contained, etc. 1. 28: p. 23. Nothing herem. 1. 4 : p. 25. Nothing in this or any other section. 1. 24: p. 25. Nothing in this Act contained. 1. 21: p. 34. Nothing herein contained. 1. 33 : p. 35. Nothing in this section contained. 1. 1 : p. 36. Nothing herein contained. 1. 16: p. 37. Nothing in this section. 1. 41 : p. 43. Nothing in this Act contained. 1. 21 : p. 47. Nothing in tliis Act contained. 1. 32: p. 4. Within 30 days after notice, etc. 1. 10: p. 5. Upon 30 days' notice, etc. 1. 32: p. 17. After six months' written notice. 1. 14: p. 20. Within 15 days after notice of appointment. Shall be deemed a waiver of demand, noti(!e. 1. 14: p. 25 § 18:1. 21: p. .38 and protest, etc. Upon notice from the Treasurer of the amount of bonds so sold, etc. § 19: 1. 19: p. 40. Subject to not less than 30 days' notice before payment. § 2.5: 1. 44: p. 46. May be required to dispose of stock holdings in the said corporation upon reasonable notice. IXDEX-DIGEST OF FEDERAL RESF.RVE ACT AND AMENDMENTS. 435 NOTIFY. § 16: 1. 25: p. 31. The Federal reserve agent shall each, day notify the Federal Reserve Board of all issues and withdrawals of Federal reserve notes, etc. NOW ISSUED AND OUTSTANDING. § IS: 1. 8: p. 40. Under the same general terms and conditions as the United States 3" per centum bonds without the circulation privilege now issued and outstanding. NOW OR HEREAFTER DEFINED, AS. § 19: 1. 24: p. 40. If not in a reserve or central reserve city, as now or hereafter defined, etc. § 19: 1. 30: p. 40. If in a reserve city, as now or hereafter defined, etc. § 19: 1. 35: p. 40. If in a central reserve city, as now or hereafter defined, etc. NOW OR HEREAFTER ORGANIZED. § 17: 1. 36: p. 37. Repeal of such provisions of existing statute? as require any national bank now or hereafter organized to maintain a minimum deposit of such bonds with the Treasurer, etc. NOW PAID HIM AS COMPTROILER. .§ 10: 1. 36: p. 19. In addition to the salary now paid him as Comptroller, etc. NOW PROVIDED BY LAW. § 18: 1. 2: p. 39. To the same tenor and effect as national bank notes now provided by law. § 19: 1. 25: p. 41. And comply with all the conditions now pro- vided by law regulating them. NOW REQUIRED. § 11 : 1. 36: p. 23. Now required by section 19 to be held in their own vaults. NOW VESTED BY LAW. § 13: 1. 32: p. 27. That in addition to the power now vested by law in national banking associations, etc. NUMBER; NUMBERS. § 2:1. 8: p. 4. The districts may be designated by number. § 4:1. 2: p. 8. The number of shares into which the capital is divided. .§ 4:1. 6: p. 8. The number of shares subscribed by each. § 4: 1. 23: p. 10. One-third of the aggregate number of the mem- ber banks. § 4: 1. 26: p. 10. The groups shall be designated by number. S 4: 1. 20: p. 11. The candidate then having the highest number of votes shall be declared elected. 436 INDEX-DIGEST OF FEDEBAL EESEBVE ACT AND AMENDMENTS. NUMBER ; NUMBERS— Continued. § 5: 1. 28: p. 13. Or on account of the increase in the number of member banks. § 11: 1. 29: p. 22. The Federal Reserve Board may add to the number of cities classified as reserve and central reserve cities. § 16: 1. 43: p. 31. Federal reserve notes shall bear upon their faces a distinctive letter and serial number, etc. § 16: 1. 39: p. 34. Such notes shall bear the distinctive numbers of the several Federal reserve banks through which issued. § 25: 1. 10: p. 46. The Federal Reserve Board may increase or decrease the number of places where such banking operations may be carried on. NUMBERED. § 16: 1. 33: p. 34. And shall have printed therefrom and num- bered such quantities of such notes of the denominations of, etc. 0. OATH; OATHS. § 2:1. 12: p. 4. The Organization Committee may administer oaths, etc. § 10: 1. 15: p. 20. Each member of the Federal Reserve Board shall make and subscribe to ihe oath, of office within 15 days after notice of appoint- ment. § 10: 1. 34: p. 20. He shall certify under oath that he has com- plied with the requirement. § 21: 1. 17: p. 42. Bank examiners shall have power to admin- § 21 : 1. 19: p. 42. ister oaths, and examine any of the officers and agents of the bank under oath, etc. § 25: 1. 37: p. 46. The Federal Reserve Board may, etc., admini- ster oaths in order to satisfy itself as to the actual nature of the transactions referred to. OBLIGATION ; OBLIGATIOFS. § 9: 1. 12: p. 19. Any check, so certified, shall be a good and valid obligation against such bank. § 16: 1. 1: p. 31. Federal reserve notes shall be obligations of the United States. § 18 : 1. 43 : p. 38. Federal reserve bank notes shall be the obliga- tions of the Federal reserve bank procuring the same. § 18: 1. 20: p. 39. The Federal reserve oank obtaining such one- year gold notes shafl enter into an obligation with the Secretary of the Treasury, etc. § 18: 1. 30: p. 39. Said obligation to purchase at maturity such notes shall continue in force for a period not to exceed 30 years. § 23 : 1. 31 : p. 44. Within 60 days next before the failure of such association to meet its obligations. OBTAIN. § 26 : 1. 33 : p. 47. Or sell the same, if necessary to obtain gold. OBTAINED. § 4: 1. 44: p. 9. When the necessary subscriptions, etc., have been obtained, etc. § 22: 1. 11 : ]^. 44. Without having first obtained the express per- mission in writing from the Comptrollei', etc.. OBTAINING. § 18: 1. 19: p. 39. The Federal reserve bank obtaining such one- year gold notes, etc. 437 438 INDEX-DIGEST OP FEDERAL EESERVE ACT AND AMEXDMENTS. OCCUR. § 4: 1. 39: p. 12. Vacancies that may occur, etc., in tlio sovrral classes of directors, etc. § 10:1. 36: p. 20. Whenever a vacancy ahfiU occur, etc., among the five members of the Federal Reserve Board, etc. OCTOBER 15, 1914. See '^Ut of October 15, 1914." OF, ARISING OUT. § 14: 1. 40: p. 29. Arising^ out of actual commercial tran-;f;( tions. OF THE NATURE FOLLOWING. § 13: 1. 15: p. 27. Except on account of demands of the nature following, etc. OFF, WRITING. § 11: 1. 40: p. 22. The Federal Reserve Board may require the writing off of doubtful or worthless assets upoti the books and balance sheets of Fed- eral reserve banks. OFFENDING BANK. § 9: 1. 44: p. 16. Shall subject the offending bank to a p^uialtv of SI 00 a day, etc. OFFER. § 2 : 1. 43 : p. 5. May offer to public subscription at par .-.uch an amount of stock in said Federal reserve banks, etc. OFFERED. § 16:1. 15: p. 31. The collateral security thus offered shall be, etc. § 16:1. 28: p. 33. The Federal reserve agent shall hold such gold, etc., when offered by the reserve bank, etc. § 24: 1. 13: p. 45. Shall not exceed 50 per centum of the actual value of the property offered as security. OFFICE; OFFICES. § 3:1. l:p. 7. Branch offices. (Heading of section 3.) § 3:1. 14: p. 7. Directors of branch banks sliall hold office during the pleasure of the Federal Reserve Board. § 4:1. 17: p. 8. Who shall file, record, and carefully preserve the same in his office. § 4:1. 21: p. 9. The board of directors shall perform the duties u.sually appertaining to the "office of directors. § 4:1. 32: p. 9. The board of directors shall consist of nine members holding office for three yejirs. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMEXDMEXTS. 439 OFFICE ; OFFICES— Continued. § 4:1. 6: p. 10. The Organization Committee shall exercise the powers and duties appertaining to the office of chairman, pending the designation of such chairman. § 4: 1. 32 ; p. 11. The Federal reserve agent sJtitiU maintain, etc., a local office of said Federal Reserve Board on the premises of the Federal reserve bank. § 4:1. 32: p. 12. The board of ilirectors, etc., shall designate § 4:1. 34: p. 12. one of the members of each class whose § 4: 1. 36: p. 12. term of office shall expire, etc. § 4:1. 42: p. 12. Appointees to fill vacancies in the several classes of directors shall hold office for the unexpired terms, etc. § 10: 1. 42: p. 19. SnaU be ineligible during the time they are in I 10: 1. 43: p. 19. office and for two years thereafter to hold any office, et?., in any member bank. § 10:1. 12: p. 20. The Secretary of the Treasury m-ay assign offices in the Department, etc., for the use of the Federal Reserve Board. § 10: 1. 15: p. 20. Each member of the Federal Reserve Board shall make and subscribe to the oath of office within 15 days, etc. § 10: 1. 41: p. 20. Shall hold office for the unexpired term, etc. § 22: 1. 27: p. 43. Shall forever thereafter be disqualified from holding office as a national bank examiner. § 22: 1. 30: p. 43. No examiner shall perform any other sei-vice for compensation while holding such office, for any bank, etc. §25:1. 4: p. 47. Independently of the accounts of other foreign branches, etc., and of its home office. See also "Postal savings depository offices." OFFICER; OFFICERS. § 2: 1. 34: p. 5. Such dissolution shall not take awaj^ or impair any remedy against such corporation, its stockholders or officers for any liability or penalty, etc. § 4:1. 31: p. 8. To appoint by its board of directors such officers, etc. .§ 4: 1. 34: p. 8. To dismiss at pleasure such officers, etc. § 4: 1. 41 : p. 8. To exercise by its directors or duly authorized officers or agents aU powers, etc. § 4:1. 9:p. 10. No Senator or Representative in Congress shall be an officer, etc., of a Federal reserve bank. 440 INDEX-DIGEST OF EEDEBAL RESERVE ACT AND AMENDMENTS. OFFICER; OFFICEES— Continued. § 4: 1. 11 : p. 10. No director of class B shall be an officer, etc., of any bank. § 4: 1. 13: p. 10. No director of class C shall be an officer, etc., of any bank. § 4:1. 19: p, 12. Any compensation, etc., for officers, etc., of Federal reserve banks shall be subject to the approval of the Federal Reserve Board. § 8 : 1. 39 : p. 15. All its stocldiolders, officers, etc., shall have the same powers, etc. § 9: 1. 34: p. 16. Such banks and the officers, etc., shall be sub- ject, etc. § 9:1. 5: p. 19. It shall be unlawful for any officer, etc., of any member bank to certify any check, etc., unless the person, etc., drawing the check has on deposit, etc., an amount of money, equal to the amount specified in such check. § 9:1. 11: p. 19. Any check so certified by duly authorized officers shall be a good and valid obligation against such bank. § 9: 1. 13: p. 19. The act of any such officer, etc., may subject such bank to a forfeiture of its membership, etc. § 10: 1. 11: p. 20. The governor of the Federal Reserve Board, subject to its supervision, shall be the active executive officer. § 10: 1. 29: p. 20. No member of the Federal Reserve Board shall be an officer or director of any bank, banking institution, trust company, or Federal reserve bank. § 10 : 1. 24 : p. 21 . The chief officer of which bureau shall be called the Comptroller of the Currency. § 11: 1. 35: p. 22. The Federal Reserve Board may suspend or § 11: 1. 38: p. 22. remove any officer, etc., of any Federal reserve bank, the cause, etc., to be forthwith communicated in writing, etc., to the re- moved officer, etc. § 12: 1. 10: p. 24. The Federal Advisory Council may select its own officers. § 12: 1. 17: p. 24. The Federal Advisory Council shall have power by itself or through its officers, etc. §16:1. 1 : p. 37. The order used, etc., in making such payments shall be signed by the governor or vice- governor or such other officers or members as the Federal Reserve Board, etc., may by regulation prescribe. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 441 OFFICER; OFFICERS— Continued. § 21 : 1. 18: p. 42. The examiner may examine any of the officers, etc., of the bank under oath, etc. § 22; I. 13: p. 43. No officer, etc., of a member bank shall here- after make any loan, etc., to an examiner. § 22: 1. 15: p. 43. Penalty for violation of this provision. § 22:1. 22: p. 43. Penalty for any examiner accepting a loan, etc., from an officer, etc. § 22: 1. 30: p. 43. No examiner shall perform any other service for compensation, etc., for any bank or officer, etc. § 22: 1. 33: p. 43. Other than the usual salary, etc., paid to any § 22: 1. 35: p. 43. officer, etc., or a reasonable fee paid to such § 22: 1. 36: p. 43. officer, etc., no officer, etc., shall receive, etc., any fee or commission, etc., for any, etc., business of the bank. § 22: 1. 42: p. 43. Nothing in this Act, etc., shall prohibit an officer, etc., from receiving the same rate of interest paid to other depositors, etc. § 22: 1. 10: p. 44. No examiner shall disclose names of borrowers or collateral, etc., to other than the proper officers of such bank without having first obtained the express permission, in writing from the Comptroller, etc. § 25: 1. 7: p. 47. Interlocking officers, etc., permitted, with the § 25: 1. 9: p. 47. approval of the Federal Eeserve Board, between the officers, etc., of member banks and the 6fficers, etc., of banks and corpora- tions principally engaged in international or foreign banking, etc., in whose stock member banks have invested, etc. OFFICIAL REPRESENTATIVE. § 4: i. 35: p. 11. The Federal reserve agent shall act as the official representative of the Federal Re- serve Board. OFFICIO, EX. See "Ex officio." OFFSET. § 13:1. 2: p. 25. A balance sufficient to offset the items in transit, etc. OFTENER. § 12: 1. 6: p. 24. And oftener if called by the Federal Reserve Board. § 21 : 1. 7: p. 42. And oftener if considered necessary. ON A FORM FURNISHED BY THE CHAIRMAN. § 4: 1. 45: p. 10. Upon a preferential ballot, on a form furnished by the chairman. 442 INDEX-DIGEST OF FEDEEAI, RESERVE ACT AND AMENDMENTS. ON ACCOTJNT OF. § 5: 1. 26: p. 13. The increase of capital stock. § 5: 1. 27: p. 13. The increase in the number of member banks. § 6: 1. 13: p. 14. A reduction in capital stock. § 13: 1. 14: p. 27. Demands of the nature following. ON, BASED. § 13: 1. 38: p. 25. Notes, etc., based on live stock, etc. ON CAII. § 2:1. 37: p. 4. Payable on call of the Organization Com- mittee or of the Federal Eeserve Board. § 9: 1. 24: p. 16. Payable on call of the Federal Reserre Board. ON, CAREIED. § 25: 1. 6: p. 46. Where the banking operations proposed are to be carried on. § 25: 1. 12: p. 46. Where such banking operations naay be car- ried on. ON, CAREY. § 4: 1. 43: p. 8. As shall be necessary to carry on the business of banking, etc. § 14:1. 8: p. 30. May be permitted to carry on or conduct, through the Federal reserve bank opening such account, etc., any transaction author- ized, etc. ON BEXAND. § 16:1. 4: p. 31. Federal reserve notes shall be redeemed in gold on demand, etc. ON DEPOSIT. § 9:1. 8: p. 19. Unless the person or company drawing the check has on deposit, etc. § 13: 1. 20: p. 27. Bills, etc., or drafts drawn against money ac- tually on deposit, etc. § 16: 1. 34: p. 32. To maintain on deposit in the Treasury, etc. § 16: 1. 36: p. 33. Shall be counted and considered as if collateral security on deposit with the Federal reserve agent. § 16: 1. 38: p. 35. Every Federal reserve bank shall receive on deposit at par, etc. § 19: 1. 41: p. 40. No member bank shall keep on deposit with any State bank or trust company, not a member bank, a sum in excess of 10 per centum, etc. § 27: 1. 36: p. 48. He shall require each bank and currency association to maintain on deposit in the Treasury, etc. i>;dex-digest of federal reserve act and amendments. 443 ON HAND. § 16: 1. 25: p. 35. Any distinctive paper that may be on hand, etc. § 26: 1. 34: p. 47. When the funds of the Treasury on hand justify, etc. ON, LENDING. § 9: 1. 31: p. 16. Which prohibit such banks from lending on or purchasing their own stock, etc. ON THE AFFIRMATIVE VOTE. § 11: 1. 43: p. 21. Of at least five members of the Federal Re- serve Board, etc. ON THE SAME TERMS. § 22:1. 3: p. 44. On the same terms and conditions as other notesy etc. ON THE TERMS. § 2: 1. 40: p. 53. On the terms prescribed, etc. (Act of May 18, 1916.) ONCE. § 11: 1. 34: p. 21. The Federal Reserve Board shall publish once each week a statement, etc. § 21:1. 7: p. 43. The Federal Reserve Board shall order an examination of each Federal reserve bank at least once each year. ONE AND ONE-HALF PER CENTUM. § 11: 1. 16: p. 22. A tax at the rate increasingly of not less than one and one-half per centum per annum, etc. ONE BORROWER. See "Borrower." § 9:1. 33: p. 18. § 13:1. 45: p. 25. ONE CANDIDATE. See "Candidate." § 4:1. 36: p. 10. § 4:1. 6: p. 11. ONE CHOICE. See "Choice." § 4:1. 5: p. 11. ONE FOR ANOTHER. § 2:1. 1: p. 5. Equally and ratably and not one for another. ONE-HALF. § 13: 1. 31 : p. 26. No bank shall accept such biUs to an amount equal at any time in the aggregate to more than one-half of its paid-up and un- impaired capital stock and surplus: pro- vided, however, etc. § 13: ]. 35: p. 28. No member bank shall accept dollar exchange drafts or bills to an amount exceeding at any time the aggreagate of one-half of its paid-up and unimpaired capital and surplus. 444 INDEX-DIGEST OP FEDEBAL EESEEVE ACT AND AMENDMENTS. ONE-HALF OF ONE PER CENTUM. § • 5: 1. 23: p. 13. Paying therefor its par value plus one-half 'of one percentnm a month from the period^of the last dividend. § 5:1. 42: p. 13. A sum equal to its cash-paid subscriptions on the shares surrendered and one-half of one per centnm a month from the period of the last dividend, etc. § 6:1. 7: p. 14. And all cash-paid subscriptions on said stock, with one-half of one per centuni per month from the period of last dividend, etc. § 9:1. 6: p. 18. Shall be entitled to a refund of its cash-paid subscription with interest at the rate of one- half of one per centum per month from date of last dividend, if earned, etc. § 27: 1. 18: p. 48. And afterwards an additional tax rate of one-half of one per centnm per annum for each month until, etc. ONE-HAIF OF SAID SUBSCRIPTION. § 5: 1. 14: p. 13. One-half of said subscription to be paid in the § 5:1. 16: p. 13. manner hereinbefore provided for original subscription, and one-half subject to caU of the Federal Reserve Board. ONE-HALF OF SUCH NET EARNINGS. § 7 : 1. 28 : p. 14. Except that one-half of such net earnings shall be paid into a surplus fund, etc. ONE-HALF OF THE TWO PER CENTUM BONDS. § 18: 1. 14: p. 39. To an amount not exceeding one-half of the two per centum bonds so tendered for exchange. ONE HUNDRED AND TWENTY-FIVE PER CENTUM. § 27: 1. 33: p. 48. No bank shall be permitted to issue circulat- ing notes in excess of one hundred and twenty-five per centum of its unimpaired capital and surplus. ONE HUNDRED DOLLARS. § 5:1. 3 : p. 13. The capital stock of each Federal reserve bank shall be divided into shares of one hundred dollars each. § 16: 1. 35: p. 34. Federal reserve notes in denominations of one hundred dollars, etc. § 18: 1. 36: p. 39. Treasury notes, etc., in denominations of one hundred dollars or any multiple thereof. ONE HUNDRED DOLLARS PER DAY, PENALTY OF. § 9:1. 1: p. 17. For failure to make reports. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 445 ONE HUNDRED DOIIARS, TEN CENTS PEE. § 13:1. 8: p. 25. The exchange and collection charges in no § 13:1. 9: p. 25. case to exceed ten cents per one hundred dollars or fraction thereof, etc. ONE HUNDRED MILES. §13:1. 4 : p. 28. May act as agent in making or procuring loans on real estate located within one hundred miles of the place in which said bank may be located. § 24: 1. 1 : p. 45. May loan on improved and unincumbered farm § 24: 1. 4: p. 45. land or real estate located within one hun- dred miles of the place in which siich bank is located. ONE HUNDRED PER CENTUM. § 13:1. 38: p. 26. The Federal Reserve Board may authorize, etc., any member bank to accept such bUls, etc., up to one hundred per centum of its paid-up and unimpaired capital and surplus. ONE HUNDRED THOUSAND DOIIARS. § 2 : 1. 41 : p. 6. The sum of one hundred thousand dollars is hereby appropriated for the expenses of the Organization Committee. ONE IIST TO EACH EIECTOR. § 4:1. 33: p. 10. The chairman, etc., shall transmit one list to each elector. ONE, MAJORITY OF. § 3:1. 11: p. 7. The Federal reserve bank shall appoint a majority of one of the branch bank directors. ONE MEMBER. § 12: 1. 43: p. 23. Each .Federal reserve bank shall annually select, etc., one member of said Federal Advisory Council. ONE MEMBER BANK. § 13:1. 11: p. 26. Which are indorsed by at least one member bank. ONE MIILION DOIIARS. § 25:1. 26: p. 45. Any national bank possessing, a capital and surplus of one million dollars or more may file application for permission to establish foreign branches and to invest in banks, etc., principally engaged in international or foreign banking, etc. ONE OF SUCH DIRECTORS. § 4:1. 2: p. 10. Shall designate one of such directors as chair- man. 446 IXDEX-DIGEST OF FEDERAL RESEKVE ACT AJiD AMENDMENTS, ONE OF THE DIEECTORS. § 4:1. 39:p. 11. One of the directors of class C shall be appointed by the Federal Reserve Board as deputy chairman, etc. ONE OF THE MEMBEES. § 4: 1. 31: p. 12. The directors of classes A, B, and C, respec- tively, shall designate one of the members of each class whose term of office shall expire, ONE OF WHOM. § 4: 1. 25: p. 11. One of whom shall be designated by the Fed- eral Reserve Board as chairman, etc. § 10: 1. 25: p. 19. Not more than one of whom shall be selected from any one Federal reserve district. ONE OE MOEE, ANY. § 2:1. 38: p. 5. § 2:1. 44: p. 5. § 2:1. 12: p. 6. ONE OE MOEE ASSISTANTS. § 4:1. 2 : p. 12. Subject to the approval of the Federal Reserve Board, the Federal reserve agent shall appoint one or more assistants. ONE OE MOEE EANKS. § 25:1. 38: p. 45. To invest, etc., in the stock of one or more banks or corporations, etc., principally engaged in international or foreign banking, etc. ONE OE MOEE MEMBEE BANKS. § 2: 1. 25: p. 53. If one or more m,ember banks of the Federal reserve system, etc., exists in the city, etc. (Act of May 18, 1916.) ONE PEE CENTUM PEE ANNUM, § 11: 1. 12: p. 22. A graduated tax of not more than one per centum per annnm upon such deficiency, etc. ONE PEESON. § 13: 1. 24: p. 26. Limitation of acceptances for any one person, company, etc., unless the bank is secured. ONE, SECTION. See "Act of May 30, 1908." ONE-SIXTH OF THE SUBSCEIPTION. § 2: 1. 36: p. 4. One-sixth of the subscription to be payable on § 2 : 1. 38 : p. 4. call of the Organization Committee or of the S 2l 39p. 4 Federal Reserve Board, one-sixth -within three months, and one-sixth within six months thereafter, etc. INDEX-DIGKST OF FEDERAL 'BESEEVE ACT AND AMENDMENTS. 447 ONE-THIRD. § 4: 1. 22: p. 10. Each group shall contain as nearly as may be, one -third of the aggregate number of the member banks, etc. § 24: 1. 16: p. 45. National banks may loan on improved,, etc., farm land or real estate up to, etc., one-third of its. time deposits. ONE WHOSE TEEM OF OFFICE SHALL EXPIRE. § 4:1. 34: p. 12. At the end of two years from said date. § 4: 1. 35: p. 12. At the end of three years from said date. ONE YEAR. § 2:1. 13: p. 5. Should any national banking association, etc. fail within one year after the passage of this Act to become a member bank, etc. § 4: 1. 33: p. 12. Whose term of office shall expire within one year from the first of January nearest to . date of such meeting- § 18: 1. 13: p. 38. The Federal reserve banks shall not be per- mitted to purchase an amount to exceed $25,000,000 of such bonds in any one year. § 18 : 1. 39 : p. 39. Such Treasury notes shall be payable not more than one year from the date of their issue, etc. § 22 : 1. 18 : p. 43. Shall be imprisoned for not exceeding one year. § 22:1. 24: p. 43. § 22: 1. 19: p. 44. Or by imprisonment not exceeding one year. § 24 : 1. 10 : p. 45. No loan on real estate shall be for a longer time than one year. ONE- YEAR GOLD NOTES. See "United States notes." ONLY. § 2: 1. 27: p. 3. Each district shall contain only one of such Federal reserve cities. § 16: 1. 8: p. 33. Shall pay such rate of interest, etc., On only that arnount of such notes, etc. § 26: 1. 20: p. 47. Are to that extent and to that extent only hereby repealed. § 27 A. 27: p. 48. Shall be issued only to national banks having circulating notes, etc. OPEN AND MAINTAIN ACCOUNTS. § 14: 1. 34: p. 29. Federal reserve banks, with the consent, etc., of the Federal Reserve Board, etc., may open and maintain accounts in foreign countries. 448 INDEX-DIGKST OE FEDERAL BESERVE ACT AND AMENDMENTS. OPEN AND MAINTAIN BANKING ACCOUNTS. § 14: 1. 44: p. 29. Federal reserve banks, with the consent of the Federal Reserve Board, may open and main- tain banking accounts for such foreign corre- spondents or agencies. OPEN MARKET. § 14: 1. 40: p. 28. Federal reserve banks, under rules and regula- tions of the Federal Reserve Board, may purchase and sell in the open market, etc. OPEN-MARKET OPERATIONS. § 12: 1. 24: p. 24. The Federal Advisory Council may call for information and make recommendations in regard to open- market operations by Federal reserve banks. § 14: 1. 37: p. 28. Open-market operations. (Heading of sec- tion 14.) OPENED. § 14: 1. 3: p. 30. Whenever such an account has been opened, 6 to OPENING. § 14:1. 9: p. 30. Through the Federal reserve bank opening such account, etc. OPERATED. § 3:1. 8: p. 7. Branches shall be operated under the super- vision of a board of directors, etc. OPERATING, § 25: I. 13: p. 46. Every national banking association operating foreign branches, etc. OPERATION; OPERATIONS. § 4: 1. 42: p. 7. The territorial extent of the district over which the operations of such Federal reserve bank are to be carried on. § 10: 1. 14: p. 21. The board annually shall make a full report of its operations to the Speaker of the House of Representatives. § 11 : 1. 44: p. 22. The Federal Reserve Board, etc., may suspend the operations of any Federal reserve bank. § 12 : 1. 25 : p. 24. The Federal Advisory Council may ckll for information and make recommendations in regard to open-market operations by Federal reserve banks. § 14: 1. 37: p. 28. Open-market operations. (Heading of sec- tion 14.) § 25: 1. 5: p. 46. The application shall specify, etc., the place or places where the banking operations pro- posed are to be carried on. § 25: 1. 11: p. 46. The Federal Reserve Board may increase or decrease the number of places where sucli banking operations may be carried on. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. '449 OPERATION; OPERATION'S— Continuod. § 25: 1. 28: p. 46. Shall enter into an agreement or undertaking with the Federal Keserve Board to restrict its operations, etc. § 29; 1. 24: p. 49. Shall be confined in its operation to the clause, etc., directly involved in the controversy, etc. OPPOSITE. § 4: 1. 3: p. 11. Shall make a cross opposite the name, etc. OPTION. § 16: 1. 12: p. 37. Shall, at the option of said bank, be counted as part of its lawful reserve against Federal reserve notes or deposits. OR OTHERWISE. § 9:1. 3: p. 17. By suit or otherwise. § 13: 1. 14: p. 27. By losses or otherwise. ORAL OR WRITTEN REPRESENTATIONS. § 12: 1. 19: p. 24. The Federal Advisory Council may make oral or written representations to the Federal Reserve Board, etc. ORDER; ORDERS. § 4: 1. 26: p. 9. The directors, etc., shall, subject to the pro- visions of law and the orders of the Federal Reserve Board, extend to each member bank such discounts, etc. § 9: 1. 15: p. 17. The Federal Reserve Board may order special examinations, etc. § 9: 1. 41: p. 17. Such applications shall be dealt with in the order in which they are filed with the Fed- eral Reserve Board. § 14: 1. 32: p. 29. May open and maintain accounts in foreign countries, etc., with the consent or upon the order and direction of the Federal Reserve Board.. §14:1. 5 : p. 30. Whenever any such account has been opened or agency or correspondent appointed, etc., with the consent of or under the order and direction of the Federal Reserve Board, any other Federal reserve bank, may, etc., carry on any transaction, etc. § 16: 1. 25: p. 34. Nothing herein, etc., shall prohibit a Federal reserve agent from depositing gold, etc., with the Federal Reserve Board to be held subject to his order, etc. § 16: 1. 28: p. 34. In order to furnish suitable notes for circyla- tion, etc. 20502°— 18 20 450 • INDEX-DIGEST OF FEDEEAL KESEEVB ACT AND AMENDMENTS. §21:1. 8: p. 43. § 21:1.' 10: p. 43. ORDER ; ORDERS— Continued. § 16: 1. 1: p. 35. Such notes shall be held for the use of such bank, subject to the order of the Comp- troller, etc. § 16: 1. 32: p. 36. Deposits so made shall be held by the Treas- urer, subject to the orders of the Federal Keserve Board. § 16: 1. 34: p. 36. And shall be payable in gold, etc., on the order of the Federal Reserve Board. § 16: 1. 40: p. 36. Any expense, etc., incurred in shipping gold to or from the Treasury, etc., m order to make such payments, etc., shall be paid by ■;' the Federal Keserve Board and assessed, etc § 16: 1. 43: p. 36. The order used by the Federal Reserve Board in making such payments shall be signed, etc. § 16: 1. 2: p. 37. The form of such order shall be approved by the Secretary of the Treasury. The board shall order at least once each year an examination of each Federal reserve bank and upon joint application of 10 member banks shall order a special examina- tion and report, etc. § 25 : 1. 22 : p. 46. The Federal Reserve Board may order special examinations of the said branches, banks, or corporations, etc. , § 25: 1. 37: p. 46. In order to satisfy itself as to the actual nature of the transactions referred to, the board may institute an investigation, etc. ORDERED. § 9: 1. 43: p. 17. When a bank shall be ordered by the Federal Reserve Board to surrender its stock, etc. § 22: 1. 13: p. 44. No examiner shall disclose names of borrowers or collateral for loans, etc., except when ordered to do so by a court, etc. ORGANIZATION. § 2: 1. 17: p. 4. Shall supervise the organization in each of the cities designated of a Federal reserve bank. § 2 : 1. 30 : p. 6. The organization of Federal reserve districts and Federal reserve cities shall not be con- strued as changing the present status of reserve and central reserve cities, except, etc. § 4:1. 34: p. 7. § 4:1. 38: p. 7. When the minimum capital prescribed, etc., for the organization of any Federal reserve bank has been subscribed, etc. Five banks shall be designated to execute a certificate of organization. INDEX-DIGEST OF FEDEEAL EESEEVE ACT AND AMENDMENTS. 451 OEGANIZATIOIT— Continued. § 4: 1. 25: p. 8. The Federal reserve bank shall have succession for a period of 20 years from its organiza- tion, etc. § 4:1. 15: p. 9. Except such business as is incidental and necessarily preliminary to its organization, etc. § 4: 1. 44: p. 9. When the necessary subscriptions, etc., have been obtained for the organization of any Federal reserve bank, etc. § 4:1. 6: p. 10. Appertaining to the ofTicc of chairman in the organization of such Federal reserve bank. § 4: 1. 28: p. 12. May exercise the functions of chairman pend- ing the complete organization of such bank. § 5: 1. 19: p. 13. Subscription of a bank applying for stock at any time after the organization of a Fed- eral reserve bank. § 8:1. 29: p. 15. A majority of the directors, etc., may do whatever may be required to make its organization perfect and complete. § 28: 1. 18: p. 49. Approval of stock reductions of national banks shall be by the Comptroller, the Federal Reserve Board, or by the Organiza- tion Committee, pending the organization of the Federal Reserve Board. OEGAlTIZATIOKr CERTIFICATE. § 4 : 1. 39 : p. 7. Shall under their seals make an organization certificate. § 4: 1. 12: p. 8. The organization certiflcate shall be acknowl- edged before a judge, etc. § 4: 1. 21: p. 8. Shall have power, in the name designated in such organization certificate, etc. § 8: 1. 19: p. 15. The organization certificate, etc., of a convert- ed State bank, etc., may be executed by a majority of the directors, etc. § 8: 1. 26: p. 15. A majority of the directors, after executing the organization certificate, etc., shall have power, etc. OEGANIZATIOIT COMMITTEE. See "Reserve Bank Organization Committee." OBGANIZED. § 2: 1. 30: p. 3. The determination of said Organization Com- mittee shall not be subject to review except by the Federal Reserve Board when organ- ized. 452 INDEX-DIGEST OF FEDEBAL KESEHVE ACT AND AMENDMENTS. OEGANIZED— Continued . § 2 : 1. 29 : p. 4. Shall have designated the cities in which Federal reserve banks are to be organized, etc. § 2: 1. 13: p. 5. Penalty in case any national bank now organ- ized fails within one year to become a mem- ber bank, etc. § 8:1. 7: p. 15. Any bank, etc., organized under the general laws of any State or of the United States, etc., may be converted into a national bank. § 8: 1. 43: p. 15. The converted bank shall be subject to the same duties as prescribed by the Federal Reserve Act and by the National Banking Act for associations originally organized as national banks. § 9:1. 3: p. IG. Any bank incorporated by special law of any § 9:1. 8: p. 16. State, or organized under the general laws of any State or. of the United States, etc., may make application to the Federal Reserve Board, etc., for the right to sub- scribe to the stock of the Federal reserve bank organized within its district, etc. § 13: 1. 33: p. 27. In addition to the powers now vested by law in national banks organized under the laws of the United States, etc. § 17: 1. 36: p. 37. Repeal of so much of existing statutes as require any national bank now or hereafter organized to maintain a minimum deposit of such bonds with the Treasurer. § 19: 1. 20: p. 41. Banks organized under local laws, etc., may remain nonmember banks, etc. § 2:1. 10: p. 53. Whether organized under National or State laws, etc. (Act of May 18, 1916.) OROAiriZIN'G. § 4:1. 31: p. 7. Authorizing a subscription to the capital stock of the Federal reserve bank organiz- ing in that district, etc. § 4: 1. 23: p. 12. The Or^nization Committee may, in organ- izing Federal reserve banks, call such meet- ings, etc, GRIGIITAL ISSUE. § 10: 1. 24: p. 33. Federal reserve notas, so deposited, shallnotbe § 16:1. ll:p.''S4. reissued except upon compliance with the conditions of an original issue. OEIGINAI SElECTIOIf, § 4:1. 41: p. 12. In the manner provided for the original selection of such directors. INDEX-DIGEST OF EEDEEAL KESEEVE ACT AlfD AMENDMENTS. 453 ORIGINAL STJBSCRIPTIOIT. § 5:1. 16: p. 13. In the manner hereinbefore provided for original subscription. OEIGINAILY. § 8:1. 43: p. 15. For associations originally organized as na- tional banks. §]G:1. 4: p. 32. Shall be promptly returned for credit or redemption to the Federal reserve bank througn which originally issued. § 10:1. 12: p. 32. And returned to the Federal reserve bank § 16: 1. 28: p. 32. through which originally issued. OTHER. § 2 : 1. 27 : p. 5. Than the failure to become a'member bank. § 2: 1. 31: p. 5. Any other person. § 2:1. 4: p. 6. Than a member bank. § 4:1. 30: p. 9. Member banks. § 4:1. 40: p. 9. Industrial pursuit. § 4:1. 44: p. 10. Choices. § 4:1. 18: p. 11. Choices. § 8:1. 27: p. 15. Papers. § 9: 1. 17: p. 17. Than those mad^by State'authorities. § 9:1. 10: p. 18. Balance. § 10: 1. 36: p. 20. Than by expiration ofj^term. § 11: 1. 41: p. 21. Investments. § 11: 1. 45: p. 21. Federal reserve banks. § 11: 1. 18: p. 23. Employees. § 11: 1. 23: p. 23. Employees. § 12:1. 8: p. 24. Meetings. § 13: 1. 34: p. 24. Federal reserve banks. f 13: 1. 36: p. 24. Federal reserve banks. § 13: 1. 4: p. 25. Section of this act. § 13:1. 27: p. 25. Goods, etc. § 13: 1. 31: p. 25. Investment securities. § 13: 1. 20: p. 26. Such docunients. § 13: 1. 28: p. 26. Actual security. § 13: 1. 40: p. 27. Insurance company. § 13: 1. 32: p. 28. Adequate security. § 14:1. 9: p. 29. Securities. § 14: 1. 30: p. 29. Federal reserve banks. § 14: 1. ' 6: p. 30. Federal reserve bank. 454 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. OTHER— Continued. § 16: 1. 37: p. 30. No other purpose. § 16: 1. 3: p. 31. Public dues. § 16: 1. 42: p. 33. Collateral. § 16: 1. 7: p. 35. Expenses, I 16: 1. 21: p. 35. Expense. § 16: 1. 42: p. 35. Federal reserve bank. i 16:1. 45: p. 36. Officers. ^ 17: 1. 29: p. 37. Provisions of existing statutes. I 17: 1. 34: p. 37. Provisions of existing statutes. I 19:1. 16: p. 41. Banks. I 19: 1. 29: p. 41. Provisions of this Act. I 20: 1. 35: p. 41. Purposes. § 21 : 1. 15: p. 42. Member bank. § 21: 1. 2: p. 43. Than such as are authorized by law. § 22: 1. 32: p. 43. Than the usual salary. § 22: 1. 34: p. 43. Than a reasonable fee. § 22: 1. 39: p. 43. Consideration. § 22: 1. 44: p. 43. Depositors. § ,22 : 1. 1 : p. 44. Evidences of debt. § 22: 1. 4: p. 44. Notes, etc. § 22 : 1. 9 : p. 44. Than the proper officers. §25:1. 3 : p. 47. Foreign branches. § 25:1. 7: p. 47. Officer, etc. § 25:1. 9: p. 47. Officer, etc. § 25: 1. 16: p. 47. Purposes. § 26: 1. 26: p. 47. Purposes. § 7:1. 9: p. 52. Deposits. (Act of April 24, 1917.) § 7: 1. 15: p. 52. Member banks. (Act of April 24, 1917.) § 2: 1. 19: p. 53. Other locality. (Act of May 18, 1916.) § 2: 1. 34: p. 53. Any other bank, etc. (Act of May 18, 1916.) § 2 : 1. 37 : p. 53. If no other qualified bank exists, etc. (Act of May 18, 1916.) § 8: 1. 26: p. 54. Member banks. (Act of September 24, 1917.) OTHERS. , § 8: 1. 33: p. 15. Until others are elected or appointed. § 13: 1. 3: p. 28. May act as the broker or agent for others, etc. INDEX-DIGEST OF FEDEEAL RESEKVE ACT AND AMENDMENTS. 455 OTHERWISE. § 2 l.-19:p. 6 § 2 1.43: p. 6. § 4 1.32: p. 8 § 4 1. 14: p. 12 § 9 1. 3: p. 17 §13 1. 11: p. 25 § 13 1. 14: p. 27 § 16 1.25: p. 32 § 16 1.31: p. 35 §23 1. 37: p. 44 §27 I. 13: p. 48 §27 1. 26: p. 48 OUT, CARRY. § 4:1. 25: p. 12 OUT, CARRYING. § 2:1. 37: p. 6 § 16:1. 4: p. 37 OUT OF. § 2 :1. 18 •p. 6 § 2 1.42 p. 6 § 13 1. 17 p. 25 § 13 1.15 p. 26 § 13 1.16 p. 26 § 13 1.29 p. 26 § 13 1.41 p. 26 § 14 1.23 p. 29 § 14 1.40 p. 29. § 16 1. 26 p. 32 §16 1.19 p. 35. OUT, PAID. § 16:1. 42: p. 31 § 16:1. .9: p. 32 § 16 1.11 p. 32 Not otherwise appropriated. Not otherwise appropriated. Not otherwise provided for Otherwise provided. • Or otherwise. Or otherwise. Or otherwise. Otherwise than for redemption. Not otherwise appropriated. Might otherwise have. Secured otherwise than. Secured otherwise tiian. As may be necessary to carry out the purposes, of this Act. May incur such expenses in carrying out the provisions of this Act, etc. The expenses necessarily incurred in carrying out these provisions, etc. Out of any money in the Treasury, etc. Out of any moneys in the Treasury, etc. Arising out of commercial transactions. Which grow out of transactions, etc. Which grow out of transactions, etc. Growing out of the same transaction. Growing out of domestic transactions. Arising out of commercial transactions. Arising out of commercial transactions. Out of the redemption fund. Out of the general funds of the Treasury. Notes so paid out shall bear upon their faces a distinctive letter, etc. Under penalty of a tax of JIO per centum upon the face value of notes so paid out. Shall bo paid out of the redemption fund. '456 INUEX'DIGEST OP FEDEBAL KESEBVE ACT AND AMENDMENTS. OUT, PAY. § 16: 1. 7: p. 32. No Federal reserve bank shall pay out notes issued through another, etc. OUT, TAKE. § 18: 1. 33: p. 38. Shall be permitted to take out, etc., circulating notes equal to the par value of such bonds. OUTSIDE THE CONTINENTAL UNITED STATES. § 19: 1. 22: p. 41. Or any part of the United States outside the continental United States, etc. OUTSTANDING. § 5:1. 3; p. 13. Capital stock. § 7: 1. 34: p. 14. United States notes. § 7: 1. 35: p. 14. Bonded indebtedness of the U. S. § 15: 1. 16: p. 30. National bank notes. § 16: 1. 21: p. 32. Remain outstanding. § 16: 1. 9: p. 33. Federal reserve notes. § 16: 1. 19: p. 33. Federal reserve notes. § 16: 1. 27: p. 33. Federal reserve notes. § 16: 1. 13: p. 37. Federal reserve notes. § 18: 1. 29: p. 38. National bank notes. § 18 : 1. 12 : p. 39. Against which no circulation is outstanding. § 18: 1. 8: p. 40. United States 3 per centum bonds now issued and outstanding. § 26: 1. 35: p. 47. Bonds and notes of the United States. § 27: 1. 28: p. 48. Circulating notes outstanding. § 28: 1. 12: p. 49. Circulation. § 5: 1. 14: p. 50. For which stock is outstanding. (Act of July 17, 1916.) OVEB. § 4 : 1. 42 : p. 7. The territorial extent of the district over which, etc. § 11: 1. 10: p. 23. To exercise general supervision, over said Fed- eral reserve banks. OWN FEDERAL RESERVE DISTRICT. § 12: 1. 43: p. 23. Shall annually select from its own Federal re- serve district one member of the Federal Advisory Council. OWN INDORSEMENT. § 13: 1. i5: p. 25. Which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively. OWN METHODS OF PROCEDURE. § 12: 1. 10: p. 24. The Federal Advisory Council may adopt its own methods of procedure. INDEX-DIGEST OF FEDERAL BESEBVE ACT AND AMENDMENTS. 457 OWN NAME. .§ 2 : 1. 25 : p. 5. In a suit brought for that purpose, etc., by the Comptroller in his owe name, etc. OWN OFFICERS. § 12: 1. 10: p. 24. The Federal AdAdsory Council may select its own officers. OWN PAID-UP CAPITAL. § 19: 1. 43: p. 40. No member bank shall keep on deposit with a nonmember State bank or trust company a sum in excess of 10 per centum of its own paid-np capital and surplus. OWN SELECTION. § 9: 1. 15: p. 17. By examiners of its own selection. OWN STOCK. § 9: 1. 32: p. 16. Which prohibit such banks from lending on or purchasing their own stock. OWN VAULTS. § 11 : 1. 37: p. 23. Now required by section 19 to be held in their own vaults. OWNED. . § 5:1. 9: p. 13. Shares of the capital stock of Federal reserve banks owned by member banks shall not be transferred or hypothecated. J 9: 1. 39: p. 18. The discount of commercial or business paper actually owned by the person negotiating the same, shall not oe considered as borrowed money within the meaning of this section. § 11 : 1. 41 : p. 21. The paper or other investments owned or held by Federal reserve banks. OWNERS OF FIFTY-ONE PER CENTUM OF THE CAPITAL. § 8: 1. 22: p. 15. Such certificate shall declare that the owners of fifty-one per centum of the capital, etc., have authorized the directors to make such cer- tificate, etc. OWNERSHIP. § 25: 1. 43: p. 45. Through the agency, ownership, or control of local institutions in foreign countries, etc. OWNING. § 8: 1. 11 : p. 15. A State, etc., bank may be converted, etc., into a national bank by vote of the shareholders owning not less than 51 per centum of its capital stock, etc. § 28 : 1. 7 : p. 49. A national bank may reduce its capital by vote of shareholders owning two- thirds of its capi- tal stock. p. PAGE 403, VOLUME 22, UNITED STATES STATUTES AT lAEGE. § 11: 1. 26: p. 23. All such attorneys, experts, assistants, clerks, and other employees shall be appointed without regard to the provisions of the Act of January 16, 1883. (Volume 22, United States Statutes at Large, page 403.) [The Civil Service Act.] PAID. See also "Pay." § 2: 1. 35: p. 4. To subscribe to the capital of the Federal reserve bank a sum equal to 6 per centum of the paid up capital stock and surplus of such bank. § 2:1. 5 : p. 5. Individual liability of shareholders in Federal reserve bainks, whether such subscriptions have been paid up in whole or in part. § 2 : 1. 18 : p. 6. Said United States stock shall be paid for at par, etc. § 4: 1. 38: p. 11. The salary of the Federal reserve agent shall be paid monthly by the reserve bank. § 4: 1. 11: p. 12. The compensation of assistants to the Federal reserve agent shall be fixed and paid in the same manner as that of the Federal reserve agent. § 4: 1. 17: p. 12. The necessary expenses in attending meetings, etc., of Federal reserve bank directors shall be paid by the Federal reserve banks. § 5: 1. 15: p. 13. One-half to be paid in the manner hereinbefore provided for original subscription. § 5: 1. 21: p. 13. Equal to 6 per centum of the paid up capital and surplus. § 5: 1. 31: p. 13. Shall cause to be executed a certificate to the Comptroller showing, etc., the amount paid in and by whom paid. § 5: 1. 41: p. 13. A sum equal to its cash paid subscriptions on the shares surrendered. § 6:1. 6: p. 14. And all cash paid subscriptions on said stock. § 6: 1. 11: p. 14. The balance, if any, to be paid to the receiver. § 7 : 1. 22 : p. 14. After all necessary expenses of a Federal reserve bank have been paid, etc. § 7:1. 24: p. 14. An annual dividend of 6 per centum on the paid in capital stock, etc. 458 1N0EX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 459 PAID — Continued. § 7 § 7 § 7 § 7 § 9 § 9 § 9 § 10 §11 §11 1. 27: p. 14. All the net earnings shall be paid, to the United States as a franchise tax. 1. 28: p. 14. One-half of such net earnings shall be paid into a surplus ifund, etc. 1. 30: p. 14. UntU it shall amount to 40 per centum of the paid in capital stock. 1. 41: p. 14. Any surplus remaining, etc., shall be paid to and become the property of the United States, etc. 1. 19: p. 17. The expense of all examinations, etc., shall be, etc., paid by the banks examined. 1. 5: p. 18. Entitled to a refund of its cash paid subscrip- tion, etc. 1. 12: p. 18. Unless it possesses a paid up, unimpaired capital, etc. 1. 36: p. 19. The Comptroller shall, in addition to the salary now paid him, etc. 1. 20: p. 22. The tax shall be paid by the Federal reserve bank, etc. 1. 21: p. 23. All salaries and fees, etc., shall be paid in the same manner as the salaries of the members of said board. § 13: 1. 26: p. 26. Equal at any time in the aggregate to more than 10 per centum of its paid up and unim- paired capital and surplus. § 13: 1. 32: p. 26. Equal at any time in the aggregate to more than one-half of its paid up, etc., capital and surplus. § 13: 1. 39: p. 26. Not exceeding at any time in the aggregate 100 per centum of its paid up, etc., capital and surplus. § 13: 1. 13: p. 27. To an amount exceeding the amount of its capital stock actually paid in, etc. § 13: 1. 29: p. 28. To an amount exceeding in the aggregate 10 per centum of the paid up, etc., capital and surplus. § 13: 1. 35: p. 28. In an amount exceeding at any time the aggre- gate of one-half of its paid up, etc., capital and surplus. § 16: 1. 42: p. 31. Notes so paid out shaU bear upon their faces a distinctive number. ,§ 16: 1. 9: p. 32. Under penalty of a tax of 10 per centum upon the face value of notes so paid out. 460 INDEX-DIGEST OP FEDERAL RESERVE ACT AND AMENDMENTS. PAID— Continued. § 1^6:1, 11: p. 32. § 16:1. 9: p. 35. I 16:1. 42: p. 36. §16:1. 7: p. 37. § 19:1. 43: p. 40. § 22:1. 32: p. 43. § 22:1. 34: p. 43. § 22:1. 43: p. 43. § 25:1. 37: p. 45. PAPER. § 9:1. 38: p. 18. § 11:1. 41: p. 21. § 11:1. 45: p. 21. § 13:1. 23: p. 25. § 14:1. 28: p. 29. § 16:1. 23: p. 31. Notes presented for redemption at the Treas- ury of the United States shall be paid out of the redemption fund, etc. Expenses incidental to the issue and retire- ment of Federal reserve notes shall be paid by the Federal reserve banks. Any expense incurred in shipping gold, etc., in order to make such payments, etc., shall be paid by the Federal Reserve Board, etc. All expenses incident "to the handUng of such deposits shall be paid by the Federal Re- serve Board, etc. A sum in excess of 10 per centum of its own paid up capital and surplus. Other than the usual salary or director's fee paid to any officer, etc. ' Other than a reasonable fee paid by said bank to such officer, etc. A director, etc., may receive the same rate of interest on deposits as that paid to other depositors, etc. To invest an amount not exceeding in the aggregate 10 per centum of its paid in capi- tal and surplus, etc. The discount of commercial or business paper actually ovraed by the person negotiating the same shall not be considered as borrowed money, within the meaning of tliis section. The amount, nature, and maturities of the paper and other investments owned or held by Federal reserve banks. The Federal Reserve Board may permit, or on the affirmative vote of at Jeast five members,- etc., may, etc., require. Federal reserve banks to rediscount the discounted paper of other Federal reserve banks. The Federal Reserve Board shaU have the right to determine or define the character of the paper thus ehgible for discount, etc. Rates of discount to be charged by the Fed- eral reserve bank for each class of paper, etc. In no event shall such collateral security, whether gold, etc., or eligible paper, be less than the amount of Federal reserve notes appMed for. INDEX-DIGEST OF FEDERAL EESEKVE ACT AND AMENDMENTS. 461 PAPER— Continued. § 16:1. 21: p. 35. Any appropriation, etd., for the purchase of distinctive paper, etc. § 16: 1. 24: p. 35. Any distinctive paper that may bo on hand, etc., may be used, etc., for the purposes of this act. PAPERS. § 2:1. 12: p. 4. The Organization Committee may send for persons and papers, etc. § 8:1. 28: p. 15. A majority of the directors, etc., shall have power to execute all other papers, etc. § 25: 1. 36: p. 46. The Federal Keserve Board may send for persons and papers, etc. PAR. § 2:1. 3: p. 5. At the par value thereof, in addition to the amount subscribed. § 2: 1. 43: p. 5. May, etc., offer to public subscription at par such an amount of stock, etc. § 2:1. 7 : p. 6. To subscribe for or to hold at any time more than $25,000 par value of stock in any Fed- eral reserve bank. § 2: 1. 18: p. 6. Said United States stock shall be paid for at par out of any money in the Treasury not otherwise appropriated. § 2 : 1. 23 : p. 6. And disposed of for the benefit of the United States, etc., at such price, not less than par, etc. § 4: 1. 6: p. 9. Circulating notes, etc., equal in amount to the par value of the bonds so deposited. § 5: 1. 23: p. 13. Paying therefor its par value plus one-half of 1 per centum a month, etc. § 7: 1. 41: p. 14. Any surplus remaining, after the payment of aU debts, dividend requirements, etc., and the par value of the stock, shall be paid to, etc., the United States. § 16: 1. 39: p. 35. Every Federal reserve bank shall receive on deposit at par, etc. § 18: 1. 1: p. 38. An application to sell for its account, at par and accrued interest. United States bonds securing circulation to be retired. § 18: 1. 34: p. 38. Equal to the par value of such bonds. § 18: 1. 42: p. 38. Circulating notes, etc., equal in amount to the par value of the bonds so deposited. § 18: 1. 35: p. 39. The Secretary of the Treasury is hereby authorized to issue at par Treasury notes, etc. 462 INDEX-DIGEST OP FEDERAL KESEBVE ACT AND AMENDMENTS. PAE— Continued. § 18:1. 3: p. 40. The Secretary of the Treasury is authorized, etc., to issue United States gold bonds at par, etc. § 18:1. 11: p. 40. The Secretary of the Treasury may issue at fiar such 3 per centum bonds in exchange or the one-year gold notes, etc. § 23: 1. 26: p. 44. The stockholders of every national bank shall be held individually responsible, etc., each to the amount of his stock therein, at the par value thereof, etc. PARAGRAPH; PARAGRAPHS; SUBPARAGRAPH. § 9:1. 21: p. 18. Under the provisions of the first two para- graphs of section 5240, Revised Statutes. § 13:1. 34: p. 25. Admitted to discount under the terms of this paragraph. § 13: 1. 27: p. 28. No member bank shall accept such drafts or biUs referred to in this paragraph for any one bank to an amount exceeding, etc. § 25: 1. 18: p. 46. Every member bank investing in the capital stock of banks or corporations described under subparagraph 2 of the first paragraph of this section shall be required, etc. § 29: 1. 20: p. 49. If any paragraph, etc., of this Act shall, etc., § 29:1. 25: p. 49. be adjudged, etc., invalid, such judgment, etc., shall be confined in its operation to the paragraph, etc., directly involved in the controversy, etc. PARAMOUNT IIEN. § 16: 1. 16: p. 33. Federal reserve notes, etc., upon delivery, and Federal reserve bank notes, etc., shall be- come a first and paramount ilea on all the assets of such banlc. PARITY. § 26: 1. 22: p. 47. Nothing in this Act., etc., shall bo construed to § 26: 1. 25: p. 47. reped the parity provision or provisions contained in an Act approved March 14, 1900, entitled "An Act to define and fix the standard of value, to mauitain the parity of all forms of money issued or coined by the United States," etc. § 26: 1. 28: p. 47. For the purpose of maintaining such parity, etc., the Secretary of the Treasury may borrow gold, etc. PART. § 2:1. 40: p. 4. Or any part thereof. § 2:1. 5: p. 5. In whole or in part. § 15: 1. 22: p. 30. Or any part thereof. INDEX-DIGEST OF FEDEBAL BESEKVE ACT AND AMENDMENTS. 463^ PAET — Continued. § 16: 1. 39: p. 31. As part of the gold reserve. § 16: 1. 42: p. 32. As part of the 40 per centum reserve. § 16: 1. 44: p. 32. To grant in whole or in part. § 16: 1. 12: p. 37. As part of the lawful reserve. § 16: 1. 14: p. 37. As part of the reserve against deposits. § 18: 1. 43: p. 37. The whole or any part of its circulating notes § 19: 1. 22: p. 41. Or any part of the United States, etc. § 20:1. 38: p. 41. Shall be counted as a part of its lawful reserve. § 20: 1. 42: p. 41. Shall in no case be counted as a part of ita lawful reserve. § 25: 1. 8: p. 46. The Federal Reserve Board shall have power to approve or reject such application in whole or in part. § 29: 1. 20: p. 49. If any clause, sentence, paragraph, or part of this Act shall, etc., be adjudged, etc., invalid, etc. § 29: 1. 25: p. 49. The clause, sen};ence, paragraph, or part thereof directly involved m the contro- versy, etc. § 5^1. 13: p. 50. At least 25 per centum of that part of the capital of any Federal land bank, etc., may consist, etc., or in. deposits in member banks of the Federal reserve system, etc. (Act of July 17, 1916.) § 7: 1. 38: p. 51. Is authorized to deposit the proceeds, or any S 8"1 13" p 54 P^'i't thereof, etc. (Act of April 24, 1917.). (Act of September 24, 1917.) PAETICIPATED. § 2: 1. 28: p. 5. Every director who participated in or assented to the same shall be held liable, etc. PAETIES. § 14: 1. 43: p. 29. BiUs of exchange or acceptances, etc., which, bear the signature of two or more respon- sible parties. PASSAGE. § 2 : i. 26 : p. 4. Within 60 days after the passage of this Act. § 2: 1. 13: p. 5. Within one year after the passage of this Act. § 10: 1. 25: p. 20. As soon as may be after the passage of this Act. §16:1.25 § 18:1.40 § 20:1. 40 § 22:1. 21 §27:1. 3 p. 35. At the time of the passage of this Act. p. 37. After two years from the passage of this Act.. p. 41. From and after the passage of this Act. p. 44. Until 60 days after the passage of this Act. p. 49. Within 15 days after the passage of this Act. 464 INDEX-DIGEST OP FEDEEAL BESEEVE ACT AND AMENDMENTS. PASSED. § 10:1. 20: p. 21. A bureau charged with the execution of all laws passed by Congress relating to the issue and regulation of national currency, etc. PATROirS. § 16: 1. 4: p. 36. From charging its actual expense incurred in collecting and remitting lunds, or for ex- change sold to its patrons. § 16: 1. 6: p. 36. The Federal Reserve Board shall, by rule, fix the charges to be collected by the member banks from its patrons whose checks are cleared through the Federal reserve bank, etc. PAY. See also "Paid." § 10: 1. 19: p. 20. An assessment sufficient to pay its estimated expenses, etc. § 16: 1. 7: p. 32. No Federal reserve bank shall pay out notes issued through another under penalty of a tax, etc. § 16: 1. 6: p. 33. And shall pay such rate of interest, etc., on only that amount of notes, etc. § 18: 1. 27: p. 38. The Treasurer shall pay to the member bank selling such bonds, etc. § 19: 1. 12: p. 41. No bank shall, etc., make new loans or pay any dividends until the total balance required by law is fuUy restored. § 24: 1. 18: p. 45. Such banks may continue hereafter as hereto- fore to receive time deposits and to pay in- terest on the same. § 27 : 1. 14 : p. 48. Shall pay for the first three months a tax at the rate of 3 per centum per annum. PAYABLE. § 2: 1. 36: p. 4. One-sixth of the subscription to be payable on call of the Organization Committee or Fed- eral Reserve Board. § 2 : 1. 39 : p. 6. The expenses of the Organization Committee shall be payable by the Treasurer. § 9: 1. 24: p. 16. Its stock subscription shall be payable on call of the Federal Reserve Board. § 10: 1. 33: p. 19. An annual salary of $12,000, payable monthly. § 1 3 : ]. 31 : p. 24. May receive, etc., checks and drafts payable on presentation. § 13: 1. 37: p. 24. May receive, etc., checks and drafts payable on presentation withiu its district. § 13: 1. 38: p. 24. May receive, etc., maturing notes and biUs pay- able within its district. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 465 PAYABLE— Continued. § 13: 1. 42: p. 24. May receive, etc., chocks and drafts payable on presentation. § 16: 1. 33: p. 36. Deposits so made, etc., shall be payable in gold coin or gold certificates, etc. § 18:1. 38: p. 39. The Secretary is authorized to issue at par Treasury notes, etc., bearing interest at the rate of 3 per centum per annum, payable quarterly, etc. § 18: 1. 39: p. 39. Such Treasury "notes to be payable not more than one year from the date of their issue. § 18:1. 4: p. 40. United States gold bonds, etc., payable 30 years from date of issue. § 19: 1. 15: p. 40. Demand deposits, etc., shall comprise all de- posits payable within 30 days, etc. § 19: 1. 16: p. 40. Time deposits shall comprise all deposits pay- able after 30 days, etc. PAYING. § 5 : 1. 22 : p. 13. Paying therefor its par value plus one-half of 1 per centum a month from the period of the last dividend. PAYMENT ; PAYMENTS. § 2 : 1. 42 : p. 4. Said subscription payments to bo in gold or gold certificates. § 2:1. 2: p. 6. Subject to the same conditions as to payment and stock liabihty as provided for member banks. § 2: 1. 44: p. 6. Tho sum of $100,000, etc., is hereby appropri- ated for the payment of such expenses. § 5: 1. 39: p. 13. The member bank shall receive in payment for surrendered shares, etc. § 7:1. 39 : p. 14. Any surplus remaining, after the payment of all debts, etc. § 9: 1. 33: p. 16. And which relate to tho payment of unearned dividends. § 9: 1.38: p. 16. Such banks, etc., shall be required to make reports of condition and of tho payment of dividends to tho Federal reserve bank, etc. § 13: 1. 10: p. 25. For collection or payment of checks and drafts and remission therefor by exchange or other- wise. § 13: 1. 9: p. 28. No such bank shall guarantee the payment of any premium on insurance policies issued through its agency, etc. 20592°— 18 30 466 INDEX-DIGEST OF FEDERAL EESEEVB ACT AND AMENDMENTS. PAYMENT J PAYMENTS— Continued. § 16: 1. 41: p. 36. Any expense incurred in shipping gold to or HTom the Treasury, etc., ia order to make such payments, or as a result of making such payments, shall be paid by the Federal Re- serve Board, etc. § 16: 1. 44: p. 36. The order used by the Federal Reserve Board in making such payments shall be signed by the governor, etc. § 18:1. 42: p. 39. Such Treasury notes shall be exempt, etc., from the payment of all taxes and duties of the United States, except as provided in this Act. § 19: 1. 19: p. 40. Time deposits shall comprise, etc., all savings accounts and certificates of deposit which are subject to not less than 30 days' notice before payment. PENAITIES; PENALTY. § 2 : 1. 35 : p. 5. Such dissolution shaU not take away or impair any remedy against such corporation, etc., for any liability or penalty previously incurred. § 4:1. 34: p. 8. Federal reserve bank directors may require bonds of officers and employees and fix tho penalty thereof. § 9: 1. 36: p. 16. Such banks shall be subject to the penalties prescribed by section 5209, Revised Stat- utes. * [Section 5209, Revised Statutes, prescribes penalties for embezzlement, false entries, etc.] J 9:1. 1: p. 17. ShaU subject the offending bank to a penalty of $100 a day for each day that it fails to transmit such report. § 9:1. 2: p. 17. Such penalty shall be collected by the Federal reserve bank by suit or otherwise. § 16: 1. 8: p. 32. No Federal reserve bank shall pay out notes issued through another under penalty of a tax of 10 per centum upon the face value of the notes so paid out. § 18:1. 8: p. 41. The required balance carried by a member bank with a Federal reserve bank may be checked against and withdrawn, etc., for the purpose of meeting existing liabilities, under the regulations and subject to such penalties as may be prescribed by the Fed- eral Reserve Board. HStDEX-blGEST OF FEDERAL RESERVE ACT AND AMENDMESTIS. 467 PEBTDIUG. § 4:1. 3: p. 10. Pending the designation of such chairman, etc. § 4:1. 19: p. 10. Pending the appointment of such chairman, etc. p. 12. Pending the complete organization of such bank. p. 49. Pending the organization of the Federal Re- serve Board. • § 4:1.27 §28:1.18 PER ANNUM. §11:1.13 ; p. 22. §11:1. 17: p. 22. ■ § 18:1. 38: §26:1.32: ■ §27:1.15: p. 39. p. 47. p. 48. §27:1. 18: p. §27:1. 19: p. §27:1. 20: p. 48 49, 49, PEECENTAGE. § 13:1. 41: p. 25 PEE CENTUM. One-half of § 5:1. Not more than 1 per centum per annum upon such deficiency untU, etc. At the rate increasingly of not less than IJ per centum per annum upon each 2^ per centum or fraction thereof that such reserve falls below 32^ per centum. Treasury notes, etc., bearing interest at the rate of 3 per centum per annum. One-year gold notes bearing interest at a rate of not to exceed 3 per centum per annum. Shall pay for the first three months a tax at the rate of 3 per centum per annum upon the average amount of such of their notes in circulation as are based upon the deposit of such securities. Afterwards an additional tax rate of one-half of 1 per centum per annum for each month until a tax of 6 per centum is reached, and thereafter a tax of 6 per centum per annum upon the average amount of such notes. Notes, etc., drawn or issued for agricultural purposes or based on live stock and having a maturity of not exceeding six months, exclusive of days of grace, may be dis- counted in an amount to be limited to a percentage of the assets of the Federal re- serve bank, etc. one per centum. 23: p. 13. Paying therefor its par value plus one- half of one per cuntum a month from the period of the last dividend. § 5: 1. 43: p. 13. Shall receive in payment therefor, etc., a sum equal to its cash-paid subscrip- tions on the shares surrendered and one-half of one per centum a month from the period of the last dividend, not to exceed the book value, etc. 468 INDEX-DIGEST OF FEDEEAL RESERVE ACI AND AMJSNDMENTS. PEE CEITTUM— Continued. One-half of one per centnm — Continned. § 6:1. 7: p. 14. All cash-paid subscriptions on said stock with one-half of one per centnm per month from the period of last dividend, not to exceed the book value, shall be first apphed, etc. § 9:1. 6: p. 18. Shall be entitled to a refund of its cash- paid subscription with interest at the rate of one-half of one per centnm per month from date of last dividend, if earned, not to exceed the book value. § 27: 1. 18: p. 48. And afterwards an additional tax rate of one-half of one per centnm per annum, until, etc. One per centnm. § 11:1. 12: p. 22. Shall establish a graduated tax of not more than one per centnm per annum upon such deficiency until the reserves fall to 32^ per centum, etc. One and one-half per centnm. § 11: 1. 17: p. 22. A tax at the rate increasingly of not less than one and one-half per centnm, etc. Two per centnm. § 16: 1. 15: p. 33. Together with such notes of such Federal reserve banks as may be issued under section 18 of this Act upon security of United States two per centnm bonds, etc. § 18:1. 11: p. 39. In exchange for the United States two per centnm gold bonds bearing the cir- culation privilege. § 18:1. 15: p. 39. Not to exceed one-half of the two per centnm bonds so tendered for exchange. § 18: 1. 17: p. 39. For the remainder of the two per centnm bonds so tendered. § 18: 1. 30: p. 39. In exchange for the two per centnm United States gold bonds. Two and one-half per centnm. § 11:1. 17: p. 22. Upon each two and one-half per centnm or fraction thereof that such reserve falls below 32^ per contimi. Three per centum. § 18: 1. 16: p. 39. And 30-year three per centnm gold bonds without the circulation privilege for the remainder. § 18: 1. 38: p. 39. Treasury notes, etc., bearing interest at the rate of three per centum per annum. INDEX-DIGEST OP FEDERAL RESEBVE ACT AND AMENDMENTS. 469 PEE CENTUM— Continued. Three per centum — Continued. § 18: 1. 3: p. 40. The Secretary of the Treasury is author- ized, etc., to issue United States gold bonds at par, bearing three per centum interest, etc. § 18:1. 7: p. 40. To be issued under the same general terms, etc., as the United States three per centum bonds without the circula- tion privilege, etc. § 18: 1. 11: p. 40. The Secretary of the Treasury may issue at par such three per centum bonds in exchange for the one-year gold notes. § 19: 1. 28: p. 40. Every bank, banking association, or trust § 19: 1. 34: p. 40. companv whieli becomes a member, etc., §19*1 39 • D 40 shall liold and maintain with the Fod- ■ "■ ■" eral reserve bank an actual net balance equal to not less tlian, etc., three per centum of its time deposits. § 26: 1. 32: p. 47. The Secretary of the Treasury, for the purpose of maintaining such parity and to strengthen the gold reserve, may borrow gold on the security of United States bonds, etc., or for one-year gold notes bearing interest at a rate of not to ei?;qeed three per centum per anninn. § 27: 1. 15: p. 48. Shall pay a tax on such notes for the first three mouths at the rate of three per centum per annum, etc. Five per centum. § 15:1. 15: p. 30. The moneys held in tJie general fund of the Treasury, except the five per centum redemption fund for national-bauk notes, etc., may, etc., be deposited in Federal reserve banks. § 16:1. 38: p. 32. The gold redemption fuild for Federal reserve notes to be maintained in the Treasury shall be in no event less than five per centum. § 20: 1. 41: p. 41. From and after the passage of this Act such five per centum redemption fund for national-banks notes slialt in no case be counted as part of its lawful reserve. § 27: 1. 39: p. 48. He shall require each bank and currency association to maintain in the Treasury a gold redemption fund for such notes, in no event less than five per centum. 470 INDEX-DIGEST OF FEDERAL EESERVE ACT AND AMENDMENTS. PEE CENTUM— Continued. Six per centnm. § 2: 1. 35: p. 4. Shall be required, etc., to subscribe to the capital stock of the Federal reserve bank in a sum equal to six per centum of the paid-up capital and surplus of such bank. § 5:1. 14: p. 13. On increase of its capital or surplus a member bank shall subscribe for an additional amount equal to six per centam of said increase. § 5: 1. 21: p. 13. A bank applying for stock after the organization of the Federal reserve bank must subscribe for an amount equal to six per centum of its paid-up capital and surplus. § 7: 1. 24: p. 14. The stockholders of Federal reserve banks shall receive an annual cmnulative dividend of six per centum on the paid- in capital stock of the Federal reserve bank, etc. § 27: 1. 19: p. 48. Until a tax of, six per centum per annum is reached. § 27: 1. 20: p. 48. And thereafter such tax of six per centum per annum upon the average amount of such notes. Seven per centum. § 19:1. 27: p. 40. Ten per centum. § 9:1. 35: p Every bank, banking association, or trust company, if not in a reserve or central reserve city, which is or which becomes a member, etc., shall hold and maintain with the Federal reserve bank, etc., an actual net balance equal to not less tlian seven per centum, etc., of its demand deposits. 18. No Federal reserve bank shall discount for any State bank or trust company, notes, etc., of any one borrower who is liable for borrowed money to such State bank, etc., in an amount greater than ten per centum of the capital and sur- plus of such State bank, etc. § 13: 1. 3: p. 26. The aggregate of such notes, etc., bearing the signature or indorsement of any one borrower, etc., shall at no time exceed ten per centum of the unimpaired cap- ital and surplus of such bank, etc. INDEX-DIGEST OF FEDEBAL RESEKVE ACT AND AMENDMENTS. 471 PER CENTUM— Continued. Ten per centnm — Continued. § 13: 1. 26: p. 26. No member bank shall accept, etc., to more than ten per centum of its paid-up and unimpaired capital and surplus, unless secured, etc. § 13: 1. 29: p. 28. No member bank shall accept dollar exchange drafts or bills exceeding, etc., ten per centum of the paid-up and unim- paired capital and surplus of the accepting bank, unless secured, etc. § 16: 1. 8: p. 32. No Federal reserve bank shall pay out notes issued through another under penalty of a tax of ten per centnm upon the face value of notes so paid out. § 19: 1. 33: p. 40. Every bank, banking institution, or trust company in a reserve city which is or which becomes a member, etc., shall hold and maintain with the Federal reserve bank, etc., an actual net balance equal to not less than ten per centum, etc., of its demand deposits. § 19: 1, 43: p. 40. No member bank shall keep on deposit with any, etc., nonmember bank a sum in excess of ten per centum of its own paid-up capital and surplus. § 25: 1. 37: p. 45. To invest an amount not exceeding, etc., ten per centum of its paid-in capital and surplus in the stock of one or more banks and corporations, etc., {)rincipally engaged in mtemational or oreign banking, etc. Thirteen per centum. § 19: 1. 38: p. 40. Every bank, banking institution, or trust company in a central reserve city, which is or which becomes a member, etc., shall hold and maintain with the Fed- eral reserve bank an actual net balance of not less than thirteen per centum, etc., of its demand deposits. Twenty-five per centum. § 9: 1. 38: p. 17. No Federal reserve bank, except under express authority of the Federal Reserve Board, shall cancel within the same calendar year more than twenty-five per centum of its capital for the pur- pose of effecting voluntary withdrawals. 472 INDEX-DIGEST OF FEDERAL RESEEVE ACT AND AMENDMENTS. PER CENTUM— Continued. Twenty-five per centum — Continued. § 24: 1. 15: p. 45. Loans on farm land or real estate by a national bank, limited to twenty-five per centum of its capital and surplus or to one-third of its time deposits. § 5 : 1. 13 : p. 50. At lease twenty-five per centum of that part of the capital of any Federal land bank for which stock is outstanding in the name of national farm loan associations, may consist of, etc., or in deposits in member banks of the Federal reserve system. (Act of July 17, 1916.) Thirty-two and one-half per centum. § 11: 1. 14: p. 22. Until the reserves fall to thirty-two and one-half per centum. § 11: 1. 15: p. 22. When said reserve falls below thirty-two and one-half per centum, a tax at the rate increasingly, etc. § 11:1. 19: p. 22. Upon each 2^ per centum or fraction thereof that such reserve falls below thirty-two and one-half per centum. Thirty-five per centum. § 16: 1. 33: p. 31. Federal reserve banks shall maintain reserves in gold or lawful money of not less than thirty-five per centum against deposits. Forty per centum. § 7:1. 29: p. 14. One-half of such net earnings shall be paid into a surplus fund until it shall amount to forty per centum of he paid-in capital of the Federal reserve bank. § 11: 1. 11: p. 22. The Federal Reserve Board shall estab- lish a graduated tax, etc., when the gold reserve against Federal reserve notes falls below forty per centum. § 16: 1. 35: p. 31. Each Federal reserve bank shall main- tain reserves in gold of not less than forty per centum against its Federal reserve notes in actual circulation, etc. § 16: 1. 42: p. 32. The gold redemption fund maintained in the Treasury by the Federal reserve bank for the redemption of Federal reserve notes shall be counted and included as part of the forty per ce::tam reserve hereinbefore required. IHDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS, 473 PER CETSTTUM— Continued. Forty per centum — Continued. § 27: 1. 30: p. 48. The Secretary of the Treasury may sus- pend the limitations imposed by sec- tions 1 and 3 of the Act of May 30, 1908, limiting the issue of additional circulation secured otherwise than by bonds of the United States to national banks having circulating notes out- standing secured by the deposit of United States bonds to an amount not less than forty per centum of the capital stock of guch banks. Fifty per centum. § 13: 1. 31: p. 26. No bank shall accept such bills to an amount equal, etc., to more than fifty per centum of its paid-up and unim- paired capital stock and surplus, pro- vided, that the Federal Reserve Board, etc., may authorize any member bank to accept such bills to an amount not exceeding, etc., 100 per centum of its paid-up and unimpaired capital stock and surplus. § 13: 1. 42: p. 26. The aggregate of acceptances growing out of domestic transactions shall in no event exceed fifty per centum of such capital and surplus. § 24: 1. 12: p. 45. Loans on farm land or real estate shall not exceed fifty per centum of the actual value of the property offered as security. Fifty-one per centum. § 8:1. 12: p. 15. A State bank, etc., may be converted into a national bank by vote of the shareholders ownirg not less than fifty- one per centum of the capital stock of such bank, etc. § 8: 1. 22: p. 15. The organization certificate shall declare that the owners of fifty-one per centum of the capital stock have au- thorized the directors to make such cer- tificate, etc. One hundred per centum. § 13: 1. 38: p. 26. The Federal Reserve Board, under such general regulations as it may prescribe, etc., may authoiize any metnber bank to. accept such bills to an amount not ex- ceedmg, etc., one hundred per centum of its paid-up and unimpaired capital and surplusi 474 INDEX-DIGEST OF FEDEBAL RESERVE ACT AND AMENDMENTS. PEE CENTUM— Continued. One hundred and twenty-five per centnm. § 27: 1. 34: p. 48. The Secretary of the Treasury may sus- pend also the conditions and limitations of section 5 of the Act of May 30, 1908, except that no bank shall be permitted to issue circulating notes in excess of one hundred and twenty-five per centum of its unimpaired capital and surplus. PER MOUTH. See "Month." PERFECT. § 8:1. 29: p. 15. PERFORM. § 4: 1. 20; p. 9. A majority of the directors may do whatever may be required to make its organization perfect, etc. The board of directors shall perform the duties usually appertaining to the office of direc- tors, etc. § 10: 1. 26: p. 21. The Comptroller shall perform his duties under the general directions of the Secretary of the Treasury. § 11: 1. 7: p. 23. The Federal Keserve Board shall |>erform the duties, functions, or services specified in this Act. §11:1. 9: p. 23. And may make all rules and regulations neces- sary to enable it effectively to perform the same. No examiner shall perform any other service for compensation, etc. The Federal reserve agent shall act as the official representative of the Federal Re- servo Board for the performance of the func- tions conferred upon it by this Act. Such assistants, etc., shall assist the Federal reserve agent in the performance of his duties, etc. The Federal reserve bank shall have succes- sion for a period of 20 years, etc. From the period of the last dividend. § 22:1. 29: p. 43. PERFORMANCE. § 4:1. 35: p. 11. § 4:1. 5: p. 12. PERIOD; PERIODS. § 4:1. 24: p. 8. § 5:1. 24: p. 13. § 5:1. 43: p. 13. § 6:1. 8: p. 14. § 11:1. 3: p. 22. § 11:1. 4: p. 22. The Federal Reserve Board ma^^ suspend any reserve requirements specified in this Act for a period not exceeding 30 days, and may renew such suspension for periods not ex- ceeding 15 days. INDEX-DIGEST OF FEDERAL EESEKVE ACT AND AMENDMENTS. 475 PEEIOD; PEKIODS— Continued. § 11: 1. 1: p. 23. The Federal Reserve. Board may administer a Federal reserve bank during the period of suspension. § 11: 1. 44: p. 26. Federal reserve banks may make advances to member banks on their promissory notes for a period not exceeding 15 days, etc. § 18: 1. 41: p. 37. After two years from the passage of this Act, and at any time during a period of 20 years thereafter, any member bank desiring to retire the whole or any part of its circulating notes may file with the Treasurer, etc., an application, etc. §18:1. 3:p. 38. The Treasurer shall furnish the Federal Reserve Board with a list of such applica- tions at the end of each quarterly period. § 18: 1. 9: p. 38. Whose applications have been filed at least 10 days before the end of any quarterly period, etc. § 18: 1. 32: p. 39. Said obligation to purchase at maturity such notes shall continue in force for a period not to exceed 30 years. § 25: 1. 4: p. 47. Shall at the end of each fiscal period transfer to its general ledger the profit and loss accrued at each branch as a separate item. § 27: 1. 40: p. 48. The Secretary of the Treasury may permit national banks to issue additional circula- tion, etc., during the period for which such provisions are suspended. PEEMANENTIY RETIRED. § 18: 1. 31: p. 38. Which notes shall be canceled and per- mtH3ntIy retired when redeemed. PERMISSION. § 19: 1. 4: p. 41. No member bank shall act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal reserve bank, etc., except by permission of the Federal Reserve Board. § 22: 1. 11: p. 44. No examiner shall disclose the names of bor- rowers, etc., without first having obtained the express permission in writing from the Comptroller, etc. J 25: 1, 27: p. 45. Any national bank, etc., may file application with the Federal Reserve Board for permis- sion to establish branches in foreign coun- tries, etc., and to invest, etc., in the stock of one or more banks or corporations, etc., principally engaged in international or for- eign banking, etc. 476 IXDEX-DIGEST OF FEDERAL BESEBVE ACT AXD AMENDMENTS. PERMIT. § 3:1. 2 : p. 7. The Federal Reserve Board may permit or re- quire any Federal reserve bank to establish brandi banks, etc. § 9: 1. 13: p. 16. The Federal Reserve Board, etc., may permit the applying bank to become a stockholder. § 9:1. 21: p. 16. Whenever the Federal Reserve Board shall permit the fipplyine bank to become a stockholder, its stock subscription shall be payable, etc. § 11 : 1. 43: p. 21. The Federal Reserve Board may permit or, on the afBrmative vote of at least five members, may require Federal reserve banks to redis- count the discounted pap3r of other Federal reserve banks. { 11: 1. 12: p. 23. TheFederalReserveBoardmavgrantbysp-cial permit, etc., to national banks applying therefor, etc., the right to act as tnistee, etc. § 11: 1. 34: p. 23. The Federrl Reserve Board, etc., miv permit member banks to carry in the FeJieral re- serve banks, etc., any portion of their re- serves now required by section 19 to be Jield in their own vj.ults. [Sup?rseded by section ] 9 as amended by act of June 21, 1917, which requires all reserves to be carried in the Federal reserve bank. See § 19:1. 14: p. 40.] § 27: 1. 39: p. 48. The S3ci-etary of tiie Treasury may permit na- tional banks to i-sue additional circulation during the p?riod for which such provisions are suspended. PEEMITTED. § 2:1. 5 : p. 6. No individupl, etc., other than a mf mber bank, etc., shall be permitted to subscribe, etc., for more than $25,000 par value of stock in any Fedcx'al reserve bank. § 4 : 1. 35 : p. 10. Each member bank shall be permitted to nomi- nate, etc., one candidate for director of class A and one candidate for director of class B. § 9: 1. 31 : p. 18. No Federal reserve bank shaU be permitted to- discount for any State bank, etc., nots, f tc., of any one borrower who ii li-.bl^ to such State bank, etc., in an amouit greater than 10 p3r centum, etc. § 9:1. 1 : p. 19. And that the borrower will not be permitted to become liable in excess of this tmcuat, etc. INDEX-DIGEST OF FEDEKAL BESEKVE ACT AND AMENDMENTS. 477 PERMITTED— Continued . § 11: 1. 8: p. 22. The Federal Reserve Board shall establhh a graduated tax upon the amounts by which the reserve requirfments, etc., may be per- mitted to fall below the level hereinafter specified. § 14:1. 7: p. 30. May, with the consent and approval of the Federal Reserve Board, be permitted to carry on, etc., any transaction authorized by this section, etc. § 18:1. 11: p. 38. Federal reserve banks shall not be permitted to purchase more than $25,000,000 of such bonds in any one year. § 18:1. 33: p. 38. The Federal reserve banks purchasing such bonds shall be be permitted to take out an amount of circulating notes, etc. § 24: 1. 22: p. 45. The Federal Reserve Board may add to the list of cities in which national banks shall , not be permitted to loan upon real estate. § 25:1. 25 : p. 46. Before any national bank shall be permitted to purchase stock in any such corporation the said corporation shall enter into an agree- ment, etc., with the Federal Reserve Board, etc. § 27 : 1. 33 : p. 48. Except that no bank shall be permitted to issue circulating notes in excess of 125 psr centum of its unimpaired capital and surplus. PERSON; PERSONS. § 2:1. 12: p. 4. The Organization Committee may send for persons and papers, etc. § 2: 1. 31 : p. 5. All damages which said bank, etc., or any other person shall have sustained, etc. § 4: 1. 28: p. 11. The Federal reserve agent shell be a person of tested banking experience. § 4:1. 3: p. 12. Such assistants to the Federal reserve agent shall be persons of tested banking experi- ence. § 9: 1. 39: p. 18. Actually owned by the person negotiating the same. § 9:1. 8: p. 19. Unless the person or company drawing the check, etc. §10:1. 1 : p. 20. At least two of the appointive members of the Federal Reserve Board shall be persons ex- psrienced in banking or finance. § 10: 1. G: p. 20. Of the five persons thus appointed, etc. §13:1. 1 : p. 20. Whether a person, company, firm, or corpora- tion, etc. 478 INDEX-DIGEST OP FEDERAL BESEEVE ACT AND AMENDMENTS. PEESOW; PERSONS— Continued. § 13: 1. 24: p. 26. For any one person, company, finn, or corpora- tion, etc. § 22: 1. 17: p. 44. Penalty for any person violating any provision of this section. § 25:1. 36: p. 46. The Federal Reserve Board may send for persons and papers, etc. PERSONAL. § 2:1. 29: p. 5. Every director who participated or assented to the same shall be held liable in his personal or individual capacity, etc. PHILIPPINE ISLANDS. § 15: 1. 25: p. 30. No public funds of the Philippine Islands, etc., shall be depo3it?d in the continental United States in any bank not belonging to the Federal reserve system. PIECES, BED. § 16:1. 13: p. 35. The examination of plates, dies, bed pieces, etc. PLACE; PLACES. § 4:1. 4: p. 8. The name and place of doing business, etc. § 9:1. 14: p. 18. In the place where it is situated. § 10: 1. 42: p. 20. Whose place he is selected to fiU. § 13 : 1. 35 : p. 27. Doing business in any place, etc. § 13: 1. 4: p. 28. The place in which said bank may be located. § 16: 1. 43: p. 34. Nearest the place of business. § 16: 1. 37: p. 36. Nearest the place of business. § 24: 1. 1: p. 45. The place in which such bank is located. §24:1. 4: p. 45. I 25 : 1. 5 : p. 46. The place or places where the banking opera- tions proposed are to be carried on. § 25: 1. 11: p. 46. To increase or decrease the number of places where such banking operations may be carried on., § 25:1. 30 : p. 46. For the place or places wherein such business is § 25: 1. 31: p. 46. to be conducted. PLACED. § 27: 1. 24: p. 51. Subject to the same limitations placed upon the purchase and sale by said banks of State, county, etc., bonds, etc. (Act of July 17, 1916.) § 2: 1. 30: p. 63. Such deposits shall be placed in such qualified member banks, etc. (Act of May 18, 1916.) PLACING. § 11:1. 29: p. 23. Nothing herein shall prevent the President from' placing said employees in the classified service. INDEX-DIGEST OF FEDEEAL EESEKVE ACT AND AMENDMENTS. 479 PIATES. § 16: 1. 31: p. 34, Shall cause plates and dies to be engraved. § 16: 1. 3: p. 35. The plates and dies, etc., shall remain under the control and direction of the Comptroller, etc. § 16: 1. 13: p. 35. The examiaation of plates, dies, etc. §, 16: 1. 15: p. 35. Relating to such examination of plates, dies, etc. § 16: 1. 20: p. 35. Any appropriation heretofore made, etc., for engraving plates and dies, etc. PIEASUEE. § 3:1. 14: p. 7. Directors of branch banks shall hold office during the pleasure of the Federal Reserve Board. § 4:1. 34: p. 8. And to dismiss at pleasure such officers or employees. PLEDGE. § 13: 1. 7: p. 27. Or by the deposit or pledge of bonds or notes of the United States. PIUS. § 5: 1. 23: p. 13. Paying therefor its par value plus ono-half of 1 per centum a month from the period of the last dividend. § 7:1. 7: p. 52. Plus the amount so invested by such bank or trust company. (Act of AprU 24, 1917.) POLICIES, INSITEAirCE. § 13: 1. 43: p. 27. By collecting premiums on policies issued, etc. § 13: 1. 9: p. 28. No bank shall assume or guarantee the pay- ment of any premium on insurance policies issued througn its agency, etc. POIITICAL SUBDIVISION. § 14: 1. 16: p. 29. And warrants, etc., issued, etc., by any State, county, district, political subdivision, etc. POPULATION. § 13: 1. 35: p. 27. In any place the population of which does not exceed 5,000 inhabitants. POETION. § 11:1. 35: p. 23. To carry in the Federal reserve banks, etc., any portion of their reserves now required by section 19 of this Act to be held in their own vaults. [Superseded by section 19, as amended, which requires all reserves to be CBJried with the Federal reserve bank. See§ 19: 1. 14: p. 40.] § 27: 1. 11 : p. 48. By making the portion applicable thereto read as follows, etc. 480 INDEX-DIGEST OF FEDEEAL EESEEVE ACT AND AMENDMENTS. POSITION. § 10: 1. 43: p. 19. Shall be ineligible during the time they are in oflGLce and for two years thereafter to hold any office, position, or employment in any member bank. POSSESSES. § 9: 1. 12: p. 18. Unless it possesses a paid-up, unimpaired capi- tal sufficient to entitle it to become a national banking association in the place where it is situated, etc. POSSESSIBTG. § 25:1. 25: p. 45. Any national bank possessing a capital and surplus of $1,000,000 or more may file ap- plication, etc., for permission to establish foreign branches, etc. POSSESSION; POSSESSIONS. § 11: 1. 45: p. 22. The Federal Reserve Board may take posses- sion, etc., of any suspended Federal reserve bank. § 13:1. 19: p. 28. Drawn, etc., by banks or bankers in foreign countries or depencios or insular possessions § 13 : 1. 22 : p. 28. of the United States for the purpose of furnishing dollar exchange as required by the usages of trade in the respective coun- tries, dependencies, or insular posssssions. § 19: 1. 21: p. 41. National banks, etc;, located in Alaska or in a dependency or insular possession, etc., may remain member banks, etc. § 25 : 1. 32 : p. 45. To establish branches in foreign countries or dependencies or insular possessions of the United States, etc. § 25: 1. 42: p. 45. And principally engaged in international or foreign banking, or banking in a dependency or insular possession of the United States, etc. § 25: 1. 2: p. 46. Through the agency, ownership, or control of local institutions in foreign countries, or in such dependencies or insular possessions. POSTAI SAVINGS. § 15: 1. 26: p. 30. No public funds of the Philippine Islands, or V of the postal savings, or any Government funds, shall be deposited in the continental United States in any bank not belonging to the system established by this Act, provided, etc. [Modified as to postal savings fund by the Act of May 18, 1916. See § 2: 1.8: p., 53. Modi- fied as to Government funds by the Acts of April24, 1917, and September 24, 1917. See § 7:1. 36: p. 51; § 8: 1. 9: p. 54.] INDEX-DIGEST OF FEDERAL BESEBVE ACT AND AMENDMENTS. 481 POSTAL SAVINGS— Continued. § 19: 1. 19: p. 40. Time deposits shall include all postal savings deposits. § 2:1. 8: p. 53. Postal savings funds, etc., shall be deposited in solvent banks, etc., whether member banks or not of the Federal reserve sys- tem, etc. (Act of May 18, 1916.) § 2: 1. 17: p. 53. The funds received at the postal savings depository offices in each city, etc., shall be deposited in banks located therein, etc. (Act of May 18, 1916.) § 2: 1. 29: p. 53. Provided, etc., if one or more member banks § 2:1. 30: p. 53. of tli^ Federal reserve system, etc., exists in the city, etc., where the postal savings deposits are made, such deposits shall be placed in such qualified memoer banks sub- stantially in proportion to the capital and surplus of each such bank. (Act of May 18, 1916.) POWER; POWERS. See also "Empowered." § 2 : 1. 25 : p. 6. Stock not held by member banks shall not be entitled to votmg power. § 2: 1. 36: p. 6. The Organization Committee shall have power to appoint such assistants, etc. § 4 : 1. 22 : p. 8. Federal reserve banks, etc., shall have power, etc. § 4:1. 41: p. 8. To exercise, by its board of directors, all § 4:1. 43: p. 8. powers specifically granted, etc., and such incidental powers as may be necessary, etc. § 4:1. 5: p. 10. The Organization Committee shall exercise the powers and duties appertaining to the ofl&ce of chairman, etc. § 4:1. 41: p. 11. The deputy chairman shall exercise the powers and duties, etc., of the chairman, etc. § 4:1. 6: p. 12. The assistants to the Federal reserve agent shall have power to act in his name and stead, etc. § 8: 1. 27: p. 15. A majority of the directors shall have power to execute all other papers, etc. § 8:1. 39: p. 15. Such bank, etc., and all its stockholders, officers, and employees, shall have the same powers and privileges, and shall be subject to the same duties, liabilities, and regulations, in all respects, as shall have been prescribed by the Federal Reserve Act and by the National Banking Act for asso- ciations originally organized as national banking associations. 20592°— 18 ?.-i 482 INDEX-DIGEST OF FEDERiL RESERVE ACT AND AMENDMENTS. POWER; POWEES— Continued. § 9: 1. 19: p. 16. In acting upon such applications the Federal Reserve Board shall consider, etc., whether or not the corporate powers exercised are consistent with the purposes of this Act. § 9: 1. 24: p. 17. It shall be within the power of the Federal Reserve Board after hearing to require such bank to surrender its stock in the Federal reserve bank and to forfeit all rights and privileges of membership. § 9:1. 28: p. 18. And may continue to exercise all corporate powers granted it by the State in which it was created, etc. § 10:1. 16 : p. 20. The Federal Reserve Board shall have power to levy semiannually an assessment, etc., upon the Federal reserve banks, etc. § 10:1. 43: p. 20. The President shall have power to fill all vacancies upon the Federal Reserve Board happening during the recess of the Senate. § 10: 1. 4: p. 21. Nothing in this Act, etc., shall be construed as taking away any powers heretofore vested by law m the Secretary of the Treasury which relate to the supervision, management, and control of the Treasury Department and bureaus under such department, etc. §10:1. 8:p.21. Whenever any power vested by this Act in 8 10: 1. 10: p. 21. t^® Federal Reserve Board or the Federal reserve agent appears to conflict witii the powers of the Secretary of the Treasury, siich powers shall be exercised subject to the supervision and control of the Secretary. § 11: 1. 32: p. 23. The Federal Reserve Board, etc., shall have power, etc., to permit member banks to carry in the Federal reserve bank any por- tion of their reserves now required by sec- tion 19 to be held in their own vaults. [Superseded by section 19 as amended by the Act of June 21,1917. See § 19: 1.14: p.40.] § 12: 1. 16: p. 24. The Federal Advisory Coimcil shall have power, etc. § 13: 1. 27: p. 24. Powers of Federal reserve banks. (Heading of section 13.) § 13: 1. 32: p. 27. In addition to the powers now vested by law in national banks, etc. § 14: 1. 3: p. 29. Every Federal reserve bank shall have power, etc. § 21: 1. 15: p. 42. The examiner, etc., shall have power to make a thorough examination, etc. INDEX-DIGEST OF FEDEKAL KESEEVE ACT AND AMENDMENTS. 483 POWER; POWERS— Continued. § 21: 1. 17: p. 42. The examiner shall have power to administer oaths, to examine any of the officers, etc., under oath, etc. § 21: 1. 1: p. 43. No bank shall be subject to any visitatorial powers other than, etc. § 24: 1. 20: p. 45. The Federal Eeserve Board shall have power from time to time to add to the list of cities in which national banks shall not be permitted to make loans secured upon real estate in the manner described in this sec- tion. § 25: 1. 30: p. 45. Any national bank possessing a capital and surplus of S1,000,000 or more may file application with the Federal Reserve Board for permission to exercise, etc., either or both of the following powers, ete. § 25: 1. 4: p. 46. The appHcation shall specify, etc., the powers, applied for, etc. § 25 : 1. 7 : p. 46. The Federal Reserve Board shall have power to approve or reject such application, in whole or in part, etc. § 25: 1. 10: p. 46. Shall also have power, etc., to increase or decrease the number of places where such banking operations may be carried on. § 27 : 1. 23 : p. 48. The Secretary of the Treasury shall have power to suspend the limitations imposed by sec- tions 1 and 3 of the Act of May 30, 1908, etc., and also to suspend the conditions and limitations of section 5 of said Act, except, etc. § 13: 1. 6: p. 51. Every Federal land bank shall have pow^er, etc., to deposit its securities, and its current funds subject to check, with any member bank of the Federal reserve system and to receive interest on the same. (Act of July 17, 1916.) PRACTICABIE. § 2: 1. 20: p. 3. As soon as practicable, etc., the Organization Committee shall designate not less than 8 nor more than 12 cities to be known as Fed- eral reserve cities. PRECEDING DECENNIAL CENSITS. § 13: 1. 37: p. 27. As shown by the last preceding decennial census. PRECEDING HAIF YEAR. § 10: 1. 22: p. 20. Together with any deficit carried forward from the preceding half year. 484 INDEX-DIGEST OP FEDEEAL KESERVE ACT AND AMENDMENTS. PREDECESSORS. § 4 : 1. 43 : p. 12. Appointees to vacancies in office of director snail hold office for the unexpired terms of their predecessors. PREFERENTIAI BALIOT. § 4:1. 45: p. 10. Upon a preferential ballot, on a form fur- nished by the chairman, etc. PRELIMINARY. § 4:1. 14: p. 9. No Federal reserve bank shall transact any business except such as is incidental and necessarily preliminary to its organization, until authorized by the Comptroller to commence business, etc. PREMISES. § 4: 1. 32: p. 11. The Federal reserve agent shall be required to maintain a local office of said board on the premises af the Federal reserve bank. PREMIUM; PREMIUMS. § 13: 1. 43: p. 27. By soliciting and selling insurance and collect- ing premiums on policies, etc. § 13: 1. 9: p. 28. No bank shall assume or guarantee the pay- ment of any premium on insurance policies. PREPARED. § 16: 1. 41: p. 34. When such notes have been prepared, etc. PRESCRIBE. § 3:1. 8: p. 7. Branch banks shall be operated, etc., subject to such rules and regulations as the Federal Reserve Board may prescribe. § 4: 1. 36: p. 8. To prescribe by its board of directors, by-laws not inconsistent with law, etc. § 9:1. 7: p. 16. The Federal Reserve Board may prescribe ndes and regulations for admission of State banks, etc. § 9: 1. 13: p. 16. The Federal Reserve Board, subject to such conditions as it may prescribe, may permit the applying bank to become a stockholder, etc. § 11: 1. 26: p. 22. The Federal Reserve Board may prescribe rules and regulations for delivery of Federal reserve notes by the Comptroller to the Federal reserve agents. § 11: 1. 16: p. 23. The Federal Reserve Board may prescribe rules and regulations in regard to national banks acting as trustee, etc. § 13 : 1. 34 : p. 26. The Federal Reserve Board may prescribe feneral regulations, etc., authorizing mem- erbanks to accept up to 100 per centum of their paid-up, etc., capital and surplus. INDEX-DIGEST OP FEDEEAL RESERVE AOT AND AMENDMENTS. 485 PEESCRIBE— Continued. § 16:1. 17: p. 34. The Federal Eeserve Board may prescribe rules and regulations in regard to joint cus- tody of all Federal reserve notes, gold, etc., issued to or deposited with any Federal reserve agent. § 16: 1. 25: p. 36. The Secretary of the Treasury shall prescribe by regulation the form of receipt to be issued by the Treasurer to the Federal reserve bank or Federal reserve agent making the deposit. § 16: 1. 2: p. 37. The order used by the Federal Reserve Board in making such payments shall be signed fcy the governor, vice governor, or such other oflBlcers or members as the board by regular tions may prescribe. § 18: 1. 36: p. 39. The Secretary of the Treasury is authorized to issue Treasury notes, in coupon or regis- tered form, as he may prescribe. § 25 : 1. 30 : p. 46. The said corporation shall enter into an agree- ment or undertaking with the Federal Reserve Board to restrict its operations or conduct its business in such manner or under such limitations as the said board may prescribe, etc. § 27: 1. 25: p. 48. The Secretary of the Treasury may suspend the limitations of sections 1 and 3 of the Act of May 30, 1908, which prescribe, etc. § 7:1. 3: p. 52. Such deposits, etc., shall be subject to such § 8: 1. 20: p. 54. terms and conditions as the Secretary of the Treasury may prescribe. (Act of April 24, 1917.) (Act of September 24, 1917.) PBESCBIBED. § 2:1. 21: p. 4. Under regulations to be prescribed by the Organization Conimittee, every national banking association in the United States is hereby recjuired, and every eligible bank in the Unitea States and every trust company within the District of Columbia is hereby authorized to signify in writing, within 60 days after the passage of this Act, its accept- ance of the terms and provisions hereof. § 2: 1. 42: p. 5. And in that event .the said Organization Com- mittee may, under conditions and regula- tions to be prescribed by it, offer to public subscription at par such an amount or stock in said Federal reserve banks, or any one or more of them, as said committee shall deter- mine, etc. 486 INDEX-DIGEST OF FEDERAL KESEEVE ACT AND AMENDMENTS. PRESCEIBED— Continued. § 4: 1. 33: p. 7. When the minimum amount of capital stock prescribed by this Act for the organization of any Federal reserve bank shall have been subscribed and allotted, etc. § 4: 1. 44: p. 8. Necessary to carry on the business of banking within the limitations prescribed by this Act. § 4 : 1. 22 :■ p. 9. The board of directors shall perform the duties usually appertaining to the office of directors of banldng associations and all such duties as are prescribed by law. § 5: 1. 40: p. 13. In either case the shares surrendered shaU be canceled and the member bank shall receive in payment therefor, under regulations to be prescribed by the Federal Reserve Board, a sum equal to, etc. § 7:1. 37: p. 14. Or shall be aipplied to the reduction of the outstanding bonded indebtedness of the United .States lUnder r^ulations to be pre- scribed by the Secretary of the Treasury. § 8: 1. 42: p. 15. And shall be subject to the same duties, lia- bihties, and regulations, in aU respects, as shall have been prescribed by the Federal Reserve Act and by the National Banking Act for associations originally organized as national banking associations. § 9: 1. 36: p. 16. Such banks and the officers, etc., thereof, shall also be subject to the provisions of and to the penalties prescribed by section 5209 of the Revised Statutes. [Section 5209, Revised Statutes, prescribes penalties for embezzlement, false entries, etc.] § 13: 1. 38: p. 27. May, under such rules and regulations as may be prescribed by the Comptroller, act as the agent for any fire, life, or other insurance company, etc. § 13: 1. 17: p. 28. Any member bank may accept drafts or bills of exchange drawn upon it, etc., drawn under regulations to be prescribed by the Federal Reserve Board, by banks and bankers in foteign countries, etc., for the purpose of furnishing dollar exchange, etc. § 13: 1. 25: p. 28. Such drafts or bills may be acquired by Federal reserve banks in such amounts and subject to such regulations, restrictions, and limitations as may be prescribed by the Federal Reserve Board, provided, etc. INDEX-DIGEST OF FEDEEAL EESEEVE ACT AND AMENDMENTS. 487 PRESCRIBED— Continued. § 14: 1. 39: p. 28. Any Federal reserve bank may, under rules and regulations prescribed by the Federal Reserve Board, purchase and sell in the open mai'ket, etc. § 14: 1. 20: p. 29. Such purchases to be made in accordance with rules and regulations prescribed by the Federal Reserve Board. § 14: 1. 33: p. 29. And, with the consent or upon the order and direction of the Federal Reserve Board, and under regulations to be prescribed by said board, to open and maintain accounts in foreign countries, appoint correspondents, and estabhsh agencies in such countries, etc. § 14: 1. 11: p. 30. Be permitted to carry on or conduct, through the Federal reserve bank opening such account or appointing such agency or cor- respondent, any transaction authorized by this section under rules and regulations to be prescribed by the board. § 16: 1. 43: p. 33. And shall at the same time substitute therefor other collateral of equal amount with the approval of the Federal reserve agent under regulations to be prescribed by, the Federal Resei-ve Board. § 18: 1. 1: p. 39. Federal reserve bank notes shall be in form prescribed by the Secretary of the Treasury. § 19:1. 8: p. 41. The required balance carried by a member bank with a Federal reserve bank may, under regulations and subject to such penalties as may be prescribed by the Federal Reserve Board, be checked against and withdrawn by such member bank for the purpose of meeting existing liabilities, provided, etc. § 25: 1. 29: p. 45. Any national banking association possessing a capital and surplus of $1,000,000 or more may file application with the Federal Re- serve Board for permission to exercise upon such conditions and under such regu- lations as may be prescribed by the said board, either or both of the f Rowing powers, etc. § 25: 1. 33: p. 46. The Federal Reserve Board may institute an investigation if it shall ascertain that the regulations prescribed by it are not being complied with. § 27: 1. 8: p. 48. Are hereby reenacted to read as such sections read prior to May 30, 1908, subject to such amendments or modifications as are pre- scribed in this Act. 488 INDEX-DIGEST OP FEDEEAL RESERVE ACT AND AMENDMENTS. PEESCRIBED — Continued. § 2: 1. 40: p. 53. Or if none where such deposits are made will receive such deposits on the terms pre- scribed, etc. (Act of May 18, 1916.) PEESENT STANDARD VALUE. § 18: 1. 40: p. 39. Such Treasury notes to be payable, etc., in gold coin of the present standard value, etc. PRESENT STATUS. § 2: 1. 32: p. 6. The organization of reserve districts and Fed- eral reserve cities shall not change the present status of reserve and central reserve cities, except, etc. PRESENTATION. § 13 § 13 § 13 1. 32: p. 1. 37: p. 1. 43: p. 24. 24. 24. Checks and drafts, payable upon presentation, etc. PRESENTED. § 13: 1. 9: p. 25. Based on the total of checks and drafts pre- sented at any one time, etc. § 16: 1. 9: p. 32. Notes presented for redemption at the Treas- ury, etc., shall be paid out of the redemp- tion fund, etc. PRESERVE. § 4:1.17: PRESIDE. 5 4: 1. 44: p. 8. The Comptroller shall file, record, and care- fully preserve the orgaimzatibn certificate in his office. 11. In the absence of the chairman and deputy chairman, the third class C director shall preside, etc. PRESIDENT OF THE UNITED STATES. § 10:1. 22: p. 19. Shall appoint five members of the Federal Reserve Board by and with the advice and consent of the Senate. § 10: 1. 26: p. 19. Shall have due regard to a fair representation of the difl!erent commercial, industrial, and geographical divisions of the country. § 10: 1. 30: p. 19. The five members appointed by the President shall devote their entire time to the business of the Federal Reserve Board. § 10: 1. 44: p. 19. At least two of the five members appointed by the President shall be persons experienced in banking or finance. 20. Designation of terms by the President. 20. Thereafter each shall serve for a term of 10 years unless sooner removed for cause by the President. §10:1. § 10:1. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 489 PRESIDENT OF THE UNITED STATES— Continued. § 10: 1. 7: p. 20. One shall be designated by the President as governor and one as vice governor. § 10: 1. 38: p. 20. In case of vacancies among the five members, § 10: 1. 39: p. 20. ^ successor shall be appointed by the Presi- dent. § 10: 1. 43: p. 20. The President shall have power to fill all va- cancies that may happen, etc., during the recess of the Senate. § 11:1. 29: p. 23. Nothing herein shall prevent the President from placing said employees in the classified service. PREVENT. § 11:1. 29: p. 23. Nothing herein shall prevent the President from placing said employees in the classified service. PREVIOTJSIY AUTHORIZED. § 7:1. 41: p. 51. Or the bonds previously authorized as de- scribed in section 4 of this Act. (Act of April 24, 1917.) PREVIOUSIY CALLED. § 5: 1. 37: p. 13. And be released from its stock subscription not previously called. PREVIOirSIY INCURRED. § 2:1. 36: p. 5. Such dissolution shall not take away or impair any remedy against such corpora- tion, etc., for any liability or penalty which shall have been previously incurred. PRICE. § 2: 1. 22: p. 6. United States stock shall be disposed of for the benefit of the United States, etc., at such price, not less than par, as the Secretary of the Treasury may determine. § 18 : 1. 26 : p. 38. Such Federal reserve bank shall thereupon deposit lawful money with the Treasurer, etc., for the purchase price of such bonds. PRINCIPAL §13:1. 7 : p. 28. No such bank shall in any case guarantee either the principal or interest of any such loans. § 13: 1. 10: p. 28. Or assume or guarantee the payment of any premium on insurance policies issued througn its agency by its principal. § 18: 1. 41; p. 39. Treasury notes, etc., to be exempt as to prin- cipal and interest from the payment of nil taxes and duties of the United States except as provided by this Act, etc. 490 INDEX-DIGEST OF FEDEKAL RESERVE ACT AND AMENDMENTS. PEINCIPAllY. § 25: 1. 40: p. 45. Principally engaged in international or foreign banking, etc. PRINTED. § 10: 1. 15: p. 21. The report of the Federal Reserve Board shall be printed by the Speaker, etc. § 16: 1. 33: p. 34. And shall have printed therefrom and num- bered such quantities of such notes, etc. PEINTING. § 16: 1. 4: p. 35. The plates and dies to be procured by the Comptroller for the printing of such cir- culating notes shall remain under his con- trol and direction. § 16: 1. 22: p, 35. Any appropriation heretofore made, etc., in connection with the printing of national- bank notes or notes provided for by the Act of May 30, 1908, etc., may be used, etc., for the purposes of this Act. § 16: 1. 36: p. 35. From their liability to reimburse the United States for any expenses incurred in print- ing and issuing circulating notes. PEIOE. § 27: 1. 6: p. 48. Are hereby reenacted to read as such sections read prior to May 30, 1908, etc. PRIVATE. §22:1. 8 : p. 44. No examiner, public or private, shall disclose the names of borrowers, etc. PRIVILEGE; PRIVIIEGES. § 2 : 1. 16 : p. 5. All of the rights, privileges, and franchises of such association, etc., shall be thereby for- feited. § 4: 1. 38: p. 8. And the privileges granted to it by law may be exercised and enjoyed. § 8:1. 40: p. 15. Shall have the same powers and privileges, etc. § 9:1. 26: p. 17. And to forfeit all rights and privileges of membership. § 9:1. 1: p. 18. All of its rights and privileges as a member bank shall thereupon cease and determine. § 9: 1. 30: p. 18. And shall be entitled to all privileges of member banks. § 18: 1. 37: p. 38. Or any bonds with the circulating privilege. § 18: 1. 11: p. 39. In exchange for United States 2 per centum gold bonds bearing the circulation privi- lege. § 18: 1. 14: p. 39. One-year gold notes of the United States with- out the circulation privilege. INDEX-DXGEST OP FEDERAL BESEEVE ACT AND AMENDMENTS. 491 PEIVIIEGE ; PRIVILEGES— Continued. § 18: 1. 17: p. 39. Thirty-year 3 per centum gold bonds without the circulation privilege. §18:1. 8 : p. 40. United States 3 per centum bonds without the circulation privilege. PEOCEDTJEE, § 12: 1. 10: p. 24. The Federal Advisory Council may adopt its own methods of procedure. PEOCEEDS. § 13:1. 20 : p. 25. Or the proceeds of which have been used, or are to be used, for such purposes. § 7: 1. 38: p. 51. Is hereby authorized to deposit in such banks, § 8: 1. 12: p. 54. etc., the proceeds, or any part thereof, accru- ing from the sale of bonds, etc. (Act of, April 24, 1917.) (Act of September 24 1917.) PEOCTIEED. § 16:1. 3: p. 35. The plates and dies to be procured by the Comptroller, etc.,_ shall remain under his control and direction. PEOCUEING. § 13: 1. 3: p. 28. In making or procuring loans on real estate, etc. § 16:1. 7: p. 35. In executing the laws relating to the pro- curing of such notes, etc. § 18: 1. 44: p. 38. Federal reserve bank notes shall be the obligations of the Federal reserve bank pro- curing the same. PEODUCTS, AGEICUITUEAL. § 13: 1. 27: p. 25. Notes, etc., secured by staple agricultural pro- ducts, etc. PEOFIT; PEOFITS. § 13: 1. 23: p. 27. Liabilities to the stockholders, etc., for divi- dends and reserve profits. § 25: 1. 5: p. 47. Shall, etc., transfer to its general ledger the profit or loss accrued at each branch as a separate item. PEOHIBIT. § 9: 1. 31: p. 16. Which prohibit such banks from lending on or from purchasing their own stock, etc. § 13:1. 25: p. 25. Nothing in this Act shall be construed to prohibit such notes, etc., secured by staple agricultural products or other goods, wares, or merchandise from being eligible for such discount. . § 16:1. 22: p. 34, Nothing in this Act contained shall be con- strued to prohibit a Federal reserve agent from depositing gold, etc., with the Federal Reserve Board, etc. 492 INDEX-DIGEST OF FEDERAL EESEBVE ACT AND AMENDMENTS. PROHIBIT— Continued. § 22: 1. 42: p. 43. Nothing in this Act, etc., shall be construed to prohibit a director, etc., from receiving the same rate of interest paid to other depositors for similar deposits, etc. PROHIBITING. §13:1. 5 : p. 25. Nothing in this or any other section of this Act shall be construed as prohibiting a member or nonmember bank from making reasonable charges, etc., for collection or payment of checks and drafts and remission therefor by exchange or otherwise. §16:1. 1 : p. 36. Nothing herein contained shall be construed as prohibiting a member bank from charg- ing its actual expense incurred in collecting and remitting funds, or for -exchange sold to its patrons. PROMISSORY NOTES. See "Notes." PROMPTLY RETURNED. § 16: 1. 2: p. 32. Federal reserve notes issued through one Fed- eral reserve bank received by another shall be promptly retnrned for credit or redemp- tion to the Federal reserve bank through which issued. PROMULGATE. § 2:1. 27: p. 6. The Federal Reserve Board shall promTilgate rules, etc., as to transfers of public stock in Federal reserve banks. § 16:1. 10: p. 36. The Federal Reserve Board shall make and promulgate, etc., regulations governing the transfer of funds ana charges therefor among Federal reserve banlis and their branches. PROOF. § 29: 1. 28: p. 17. The Federal Reserve Board may restore mem- bership upon due proof of compUance with the conditions imposed by this section. PROPER. § 16: 1. 30: p. 36. Upon proper advices from any assistant treas- urer that such deposit has been made. § 22: 1. 10: p. 44. No examiner, etc., shall disclose the names of borrowers, etc., to other than the proper officers of such bank, etc. PROPERTY, § 7: 1. 42: p. 14. Any surplus remaining, etc., shall be paid to and become the property of the United States. §11:1. 5: p. 23. The Federal Reserve Board may make regula- tions for the safeguarding, etc., of money or property of any kind deposited in the hands of such agents. INDEX-DIGEST OF FEDERAL EESERVE ACT AND AMENDMENTS. 493 PROPERTY— Continued. § 24: 1. 13: p. 45. Loans upon, farm land or real estate shall not exceed 50 per centum of the actual value of the property offered as security. PROPORTION. § 10: 1. 17: p. 20. An assessment, etc., in proportion to their capi- tal stock and surplus. § 18: 1. 17: p. 38. Shall allot to each Federal reserve bank such proportion of such bonds, etc. § 21:1. 27: p. 42. In proportion to assets or resources held by the banks upon the dates of examination. § 2: 1. 20: p. 53. Substantially in proportion to the capital and § 2: 1. 31 : p. 53. surplus. (Act of May 18, 1916.) PROPORTIOITATE AMOUNT. § 5:1. 32: p. 13. When a member bank reduces its capital stock it shall surrender a proportionate amount of its holdings in the capital of said Federal reserve bank, etc. PROPOSED. §25:1. 5 : p. 46. And the place or places where the banking operations proposed are to be carried on. § 28: 1. 14: p. 49. Until the amount of proposed reduction has been reported to the Comptroller. PROTECT. § 16: 1. 30: p. 31. The Federal Keserve Board may at any time call upon a Federal reserve bank for addi- tional security to protect the Federal reserve notes issued to it. PROTECTION. § 4: 1. 9: p. 12. The Federal Reserve Board shall require such bonds of the assistant Federal reserve agents as it may deeim necessary for the protection of the United States: § 16: 1. 40: p. 33. Any Federal reserve bank may at its discre- " tion withdraw collateral deposited with the local Federal reserve agent for the protec- tion of its Federal reserve notes. PROTEST. § 13: 1. 15: p. 25. Which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively. PROVIDE. § 2:1. 40: p. 5. Should the subscription by banks, etc., be insufficient to provide the amount of capital required, etc. § 2: 1. 14: p. 6. Should the total subscription by banks and by the public be, etc., msufficient to provide the amount of capital required, etc. 494 INDEX-DIGEST OF FEDEEAL KESEKVE ACT AlTD AMENDMENTS. PROVIDE — Continued. . § 16: 1. 23: p. 32. Sufficient, in the judgment of the Secretary, to provide for all redemptions to be made by the Treasurer. § 21: 1. 33: p. 42. Evory Federal reserve bank may, with the approval of the Federal reserve agent or t.lio Federal Reserve Board, provide for special ovaminations of member banks, etc. PEOVIDEI ». § 2 :1, ,30 :p . 3. § 8 :1. 17 :p, , 15. § 9 :1. 13 :p. . 17. § 9 :1. 35 :p, , 17. § 9 :1. 30 :p. , 18. §11 :1. 6 :p. 22. §11: :1. 9: :p. 22. §11: :1. 28: :p. 23. § 13: :1. 44: :p. 24. § 13; :1. 3; :p. 25. § 13: :1. 37: :p. 25. § 13: 1. 17: ;p. 26. § 13: 1. 33: p. 26. § 13: 1. 40: p. 26 § 13: 1. 2: p. 27 § 13: 1. 6: p. 28. § 13: 1. 10: p. 28. § 13: 1. 26: p. 28. § 13: 1. 33: P- 28. § 15: 1. 28: P- 30. § 16: 1. 36: P- 31. § 16: I. 33: P- 35. § 16: 1. 38: P- 36. § 18: 1. 10: P- 38. § 18: 1. 16: P- 38. § 18: 1. 18: P- 39. § 19: 1. 11: P- 41. §21: 1. 8: P- 42. §22: 1. 40: P- 43. §22: 1. 45: P- 43. §26: 1. 20: P- 47. §27: 1. 8: P- 48. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 495 PROVIDED— Continued. § 27:1. 21: p. 48. § 27:1. 43: p. 48. § 7:1. 3: p. 52. (Act of April 24, 1917.) § 7:1. 11: p. 52. (Act of April 24, 1917.) § 2:1. 24: p. 53. (Act of May 18, 1916.) § 8:1. 20Jp. 54. (Act of September 24, 1917.) PROVIDED, AS. § 2:1. 3: p. 6. For member banks. § 4:1. 18: p. 7. In section 2. § 4:1. 6: p. 9. By law. § 16:1. 2: p. 35. By this Act. § 18:1. 41: p. 38. Bylaw. § 18: 1. 43: p. 39. By this Act. § 20: 1. 39: p. 41. In the Act aforesaid. § 22: 1. 20: p. 44. In existing laws. PROVIDED, AS HEREINBEFORE. § 4:1. 38: p. 12. § 7:1. 41: p. 14. § 25:1. 12: p. 47. § 2:1. 35: p. 53. (Act of May 18, 1916.) PROVIDED BY EXISTING LAW. § 4:1. 3: p. 9. In the manner provided by existing law relat- ing to national banks. § 18: 1. 39: p. 38. Making such deposit in the manner provided by existing law. PROVIDED BY LAW. § 19: 1. 25: p. 41. And comply with all the conditions now pro- vided by law regulating them. PROVIDED BY THIS SECTION. § 9: 1. 45: p. 18. A certificate, etc., to the effect that the bor- rower is not liable to such bank in excess of the amount provided by this section, etc. PROVIDED FOR. — § 7: 1. 22: p. 14. After all necessary expenses of a Federal re- serve bank have been paid or provided for, etc. § 16: 1. 15: p. 35. Such examination of plates, etc., provided for, etc. § 16: 1. 23: p. 35. The printing of national-bank notes provided for, etc. § 16: 1. 29: p. 35. In addition to circulating notes provided for by existing law, etc. 496 INDEX-DIGEST OF FEDERAL BESEEVE ACT AND AMENDMENTS. PROVIDED FOR, ABOVE. §12:1. 7 : p. 24. The Federal Advisory Council may, in addition to the meetings above provided for, etc. PROVIDED FOR, HEREIN. § 16: 1. 12: p. 35. To cover the expenses herein provided for. § 16: 1. 18: p. 35. To include notes herein provided for. § 18 : 1. 33 : p. 39. For the purpose of making the tpcchange herein provided for. § 18: 1. 12: p. 40. In exchange for the one-year gold notes herein provided for. § 21:1. 26: p. 42. The expense of the examination herein pro- vided for shall be assessed, etc. PROVIDED FOR, NOT OTHERWISE. § 4: 1. 32: p. 8. To appoint by its board of directors such offi- cers and employees as are not otherwise pro- vided for in this Act. PROVIDED, HEREINAFTER. § 16: 1. 27: p. 32. May be exchanged for gold out of the redemp- tion fund hereinafter provided. PROVIDED, HEREINBEFORE. § 5: 1. 16: p. 13. To be paid in the manner hereinbefore provided for original subscription. §16:1. 10:p. 31. For such amount of the Federal reserve notes hereinbefore provided for, as it may require. PROVIDED, HERETOFORE. ' § 16: 1. 8: p. 34. ShaU not be required to maintain the reserve or redemption fund heretofore provided for, etc. PROVIDED, IN THE MANNER. § 4 : 1. 41 : p. 12. Vacancies, etc., in the several classes of direc- tors, etc., may be filled in the manner pro- vided for the original selection, etc. PROVIDED IN THIS ACT. § 15: 1. 17: p. 30. Except the funds provided in this Act for the redemption of Federal reserve notes. PROVIDED, MAY BE. § 4:1. 18: p. 12. Any compensation that may be provided by boards of directors of Federal reserve banks, PROVIDED, NOW. § 18: 1. 3: p. 39. To the same tenor and effect as national-bank notes now provided by law. PROVIDED, OTHERWISE. § 4:1. 14: p. 12. Directors of Federal reserve banks shall re- ceive, in addition to any compensation oth- erwise provided, etc. INDEX-DIGEST OP FEDERAL HESEEVE ACT AND AMENDMENTS. 497 PROVIDES. § 20: 1. 35: p. 41. Repeal of so much of sections 2 and 3 of the Act of June 20, 1874, etc., as provides, etc. PROVIDIITG. § 20: 1. 34: p. 41. Entitled "An Act, etc., providing for a redis- tribution of the national-bank currency, etc." PROVISION; PROVISIONS. § 2:1. 27: p. 4. Its acceptance of the terms and provisions hereof. § 2:1. 6: p. 5. Under the provisions of this Act. § 2: 1. 15: p. 5. Any of the provisions of this Act. § 2: 1. 18: p. 5. Under the provisions of this Act. § 2: 1. 28: p. 5. Under the provisions of this Act. § 2:1. 38: p. 6. In carrying out the provisions of this Act. § 4: 1. 32: p. 7. In accordance with the provisions of this Act. § 4: 1. 42: p. 8. Specifically granted by the provisions of this Act. § 4:1. 8 : p. 9. Under the same conditions and provisions of law. § 4: 1. 17: p. 9. Under the provisions of this Act. § 4: 1. 26: p. 9. Subject to the provisions of law. § 8: 1. 10: p. 15. Under the provisions of the existing laws. § 8: 1. 34: p. 15. In accordance with the provisions of the stat- utes of the United States. § 8: 1. 37: p. 15. The provisions of this Act. § 9: 1. 25: p. 16. Subject to the provisions of this Act. J 9: 1. 30: p. 16. To conform to those provisions of law, etc. § 9 : 1. 22 : p. 17. If at any time it shall appear, etc., that a mem- ber bank failed to comply with the pro- visions of this section, etc. § 9: h 2: p. 18. After due provision has been made for any in- debtedness due or to become due to the Federal reserve bank. § 9:1. 15: p. 18. Under the provisions of the National Bank Act. § 9: 1. 18: p. 18. Subject to the provisions of this section and to those of this Act, etc. § 9:1. 20; p. 18. Under the provisions of the first two para- graphs of section 5240, Revised Statutes, as amended, etc. § 9: 1. 23: p. 18. Subject to the provisions of this Act. 20592°— 18 32 498 INDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENTS. PEOVISIOH; PEOVISIONS— Continued. § 11: 1. 43: p. 22. For the violation of any of the provisions of this Act. 1. 24: p. 23. Without regard to the provisions of the Act of January 16, 1883. 1. 6: p. 27. Under the provisions of this Act. 1. 24: p. 27. Under the provisions of the Federal Reserve Act. 1. 16: p. 31. Under the provisions of section 13 of this Act. 1. 19: p. 31. Under the provisions of section 14 of this Act. 1. 20: p. 31. Under the provisions of section 14. 1. 14: p. 34. Under the provisions of the Federal Reserve Act. 1. 38: p. 34. Under the provisions of this Act. 1. 5: p. 37. The expenses necessarily incurred in carrying out these provisions. 1. 21: p. 37. Nor shall the provisions of this section be con- strued, etc. 1.24: p. 37. So much of the provisions of section 5159, Revised Statutes, etc. 1. 29 : p. 37. And of any other provisions of existing statutes, etc. 1. 34: p. 37. So much of those provisions or of any other 1. 35 : p. 37. provisions of existing statutes. 4: p. 41. Under the provisions of this Act. §11 § 13 § 13 § 16 § 16 § 16 § 16 § 16 § 16 § 16 §17 §17 §17 §17 § 19 § 19 §22 §22 §22 1 1. 29: p. 41. Subject to all the other provisions of this Act. 1 16: p. 43. Penalty for any bank officer, etc., violating this provision. 1. 17: p. 44. Penalty for any person violating any provision of this section. 1. 20: p. 44. Except as provided in existing laws, this pro- vision shall not take effect until 60 days after the passage of this Act. § 23 : 1. 35 : p. 44. This provision shall not be construed, etc. § 25: 1. 13: p. 47. Without being subject to the provisions of sec- tion 8 of the Act approved October 15, 1914. § 26:1. 18: p. 47. All provisions of law inconsistent with or super- § 26:1. 19 : p. 47. seded by any of the provisions of this Act are to that extent, and to that extent only, hereby repealed. § 26:1. 22: p. 47. Nothing in this Act shall be construed to repeal the parity provision or provisions con tamed in an Act approved March 14, 1900, etc. INDEX-DIGEST OP FEDERAL RESERVE ACT AND AMENDMENTS. 499 PEOVISIOIT; PEOVISIONS— Continued. § 27: 1. 36:- p. 47. The provisions of the Act of May 30, 1908, etc., are hereby extended to June 30, 1915. § 27 : 1. 41 : p. 48. The Secretary of the Treasury may permit national banks to issue additional circula- tion during the period for which such^pro- visions are suspended. § 7: 1. 11: p. 52. The provisions of section 5191 of the Revised § 8:1. 21: p. 54. Statutes as amended, etc., shall not apply to deposits of public moneys by the United States in designated depositaries. (Act of April 24, 1917.) (Act of September 24, 1917.) § 2:1. 9 : p. 53. Postal savings funds received under the pro- visions of this Act shall be deposited, etc. (Act of May 18, 1916.) PTJBIIC. § 2:1. 11: p. 6. Should the total subscriptions by banks and the public to the stock of the Federal reserve banks be insufficient, etc. § 4: 1. 13: p. 8. The organization certificate shall be acknowl- edged before a judge or notary public. PUBLIC DEBT. § 26:1. 26: p. 47. PTJBIIC DUES. § 16:1. 3: p. 31. PUBIIC FUNDS. § 15:1. 25: p. 30. Entitled "An Act, etc., to refund the public debt," etc. Federal reserve notes, etc., shall be receivable for aU taxes, customs, and other public dues. No public funds of the Philippine Islands or of the postal savings, or any Government funds, shall be deposited in the continental United States in any bank not belonging to the Federal reserve system, etc. [Modified as to postal savings funds by the Act of May 18, 1916. See § 2: 1. 8: p. 53.] [Modified as to Government funds by the Acts of April 24, 1917, and September 24, 1917. See § 7: 1. 36: p. 51. §8:1. 9: p. 54.] No reserves shall be required to be kept by member banks against deposits of public moneys by the United States in designated depositories. (Act of April 24, 1917.) (Act of September 24, 1917.) PUBLIC OR PRIVATE. § 22: 1. 8: p. 44. No examiner, public or private, shall disclose the names of borrowers, etc. PUBLIC MONEYS. § 7:1. 17: p. 52. § 8:1. 28: p. 54. 500 INDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENTS. PUBLIC STOCK. § 2:1. 8: p. 6. Such stock shall be kao\m as public stock, etc. PTJBIIC SUBSCRIPTION. § 2: 1. 43: p. 5. The Organization Committee, etc., may offer to public subscription at par such an amount of stock in said Federal reserve banks, etc., as it shall determine. PUBLISH. § 11:1. 33: p. 21. The Federal Reserve Board shall publish once each week a statement, etc. PUNISHED. § 22:1. 18: p. 44. Any person violating any provision of this section shall be punished by fine, etc., imprisonment, etc., or both. PURCHASE; PURCHASES. § 12:1. 23: p. 24. The Federal Advisory Council may call for information and make recommendations in regard to the purchase and sale of gold or securities by Federal reserve banks, etc. § 13:1. 5: p. 27. Promissory notes by member banks for advances by Federal reserve banks shall shall be secured by such notes, drafts, bills, or bankers' acceptances as are eligible for rediscount or purchase by Federal reserve banks. § 13: 1. 26: p. 27. The discount and rediscount and the purchase and sale by any Federal reserve bank of any bills receivable and of domestic and foreign bills of exchange, and of acceptances authorized by this Act, shall be subject to such restrictions, limitations, and regula- tions as may be imposed by the Federal Reserve Board. § 14: 1. 40: p. 28. Any Federal reserve bank, etc., may purchase and sell in the open market, at home or abroad, etc., cable transfers and bankers' acceptances and biUs of exchange of the kinds, etc. § 14: 1. 13: p. 29. And warrants with a maturity from date of purchase of not exceeding six months, etc. § 14: 1. 19: p. 29. Such purchases to be made in accordance with the rules and regulations prescribed by the Federal Reserve Board. § 14: 1. 22: p. 29. Federal reserve banks may purchase from member banks and sell, etc., bills of ex- change, etc. § 16:1. 21: p. 35. Any appropriation, etc., for the purchase of aistinctive paper, etc. INDEX-DIGEST OP FEDEBAL EESEBVE ACT AND AMENDMENTS. 501 PURCHASE ; PURCHASES— Continued. § 18: 1. 6: p. 38. The Federal Reserve Board may, etc., require the Federal reserve banks to purchase such bonds, etc. § 18:1. 10: p. 38. Before the end of any quarterly period at which the Federal Reserve Board may direct the purchase to be made. § 18:1. 12: p. 38. Federal reserve banks shall not be permitted to purchase an amount to exceed $25,000,000 of such bonds in any one year, etc. § 18:1. 26: p. 38. Such Federal reserve bank shall, thereupon, deposit lawful money with the Treasurer for the purchase price of such bonds. § 18:1. 21: p. 39. Binding itself to purchase from the United States for gold at the maturity of such one-year notes, etc. § 18: 1. 26: p. 39. And at each maturity of one-year notes so purchased, etc., to purchase from the United States such an amount, etc. § 18: 1. 31: p. 39. Said obhgation to purchase at maturity such, notes shall continue in force for a period not to exceed 30 years. § 26: 1. 25: p. 46. Before any national bank shall be permitted to purchase stock in any such corporation, the said corporation shall enter into an agreement, etc., with the Federal Reserve Board, etc. §26:1.34: p. 47. When the funds of the Treasury on hand jus- tify, the Secretary of the Treasury may pur- chase and retire such ou,tstandiQg, bonds and notes. § 27: 1. 24: p. 51. Subject tq the same limitations placed upon the purchase and sale by said banks of State, county, etc., bonds, etc. (Act of July 17, 1916.) PURCHASED. §16:1. 19:p. 31. The collateral security thus offered shall be, etc., or bills of exchange indorsed by a mem- ber bank, etc., and purchased under the pro- visions of section 14 of this Act. § 16: 1. 20: p. 31. Or bankers' acceptances purchased under the provisions of section 14. § 18: 1. 36: p. 38. Upon the deposit with the Treasurer of bonds- so purchased, etc. § 18:1. 25: p. 39. And at each maturity of one-year notes so purchased, etc. PURCHASES. See "Purchase." 502 INDEX-DIGEST OF FEDERAL BESEBVE ACT AND AMENDMENTS. PURCHASING. § 9: 1. 31 : p. 16. WMch prohibit such banks from lending on or purchasing their own stock, etc. § 14: 1. 37: p. 29. For the purpose of purchasing, selling, and collecting bills of exchange. § 18: 1. 24: p. 38. Shall duly assign and transfer, in writing, such bonds to the Federal reserve bank pur- chasing the same. § 18: 1. 32: p. 38. The Federal reserve banks purchasing such bonds may take out Federal reserve bank notes, etc. PURPOSE; PURPOSES. § 2: 1. 22: p. 5. For that purpose. § 4: 1. 25: p. 12. To carry out the purposes of this Act. § 9: 1. 20: p. 16. Consistent with the purposes of this Act § 9: 1. 39: p. 17. For the purpose of effecting voluntary with- drawals. § 13: 1. 33: p. 24. For purposes of exchange or of collection. § 13: 1. 39: p. 24. For the purposes of exchange or of collection. § 13: 1. 20: p. 25. For agricultural, industrial, or commercial purposes. § 13: 1. 21: p. 25. For such purposes. § 13 : 1. 30 : p. 25. For the purpose of carrying or trading in stocks, etc. § 13: 1. 38: p. 25. For agricultural purposes. § 13: 1. 20: p. 28. For the purpose of furnishing dollar exchange. § 14: 1. 31: p. 29. For exchange purposes. § 14: 1. 37: p. 29. For the purpose of purchasing, etc., bills of exchange. § 16: 1. 34: p. 30. For the purpose of makiag advances, etc. § 16: 1. 37: p. 30. For no other purpose. § 16: 1. 34: p. 33. For the exclusive purpose of the redemption, etc. § 16: 1. 26: p. 34. For the purposes authorized by law. § 16: 1. 27: p. 35. The purposes of this Act. § 16: 1. 32: p. 35. For the purpose of furnishing the notes afore- said. § 18: 1. 33: p. 39. For the purpose of makiag the exchange, etc. § 18: 1. 1: p. 40. For the same purpose. § 19: 1. 10: p. 41. For the purpose of meeting existing liabilities. § 20: 1. 35: p. 41. For other purposes. § 25:1. 17: p. 47. § 26:1. 27: p. 47. § 26: 1. 28: p. 47. For the purpose of maintaining such parity. INDEX-DIGEST OF FEDERAL BESEBVE ACT AND AMENDMENTS. 503 PURSUANCE, m. § 11: 1. 28: p. 23. Or any rule or regulation made in pursuance thereof. PURSUAITT THERETO, MADE. § 9:1. 23: p. 17. Or the regulations of the Federal Reserve Board made pursuant thereto. § 9 : 1. 24 : p. 18. And to regulations of the Federal Reserve Board made pursuant thereto. PURSUANT TO. § 16: 1. 14: p. 31. Equal to the sum of the Federal reserve notes thus apphed for and issued pursuant to such apphcation. PURSUIT, INDUSTRIAL. § 4 : 1. 40 : p. 9. Class B shall consist of three members, who at the time of their election shall be actively engaged in their district in commerce, agri- culture, or some other industrial pursuit. Q. The Secretary of the Treasury is further au- thorized to extend the benefits of this Act to ail qualified State bank and trust com- panies which have joined or \Yhich may contract to join the Fedier'al reserve system within 15, days after the passage of thi^ Act. Such deposits shall be; placed in such qualified member banks, etc. (Act of May 18, 1916.) If no such member bank and no other qualified bank exists 'in any city, etc., then such funds shall be deposited, etc. (Act of May 18, 1916.) If such member banks fail to qualify to re- ceive such deposits, then any other bank located therein may, etc., qualify and re- ceive the same. (Act of May 18, 1916.) Shall have printed therefrom and numbered such quantities of such notes, etc. The Secretary of the Treasury is authorized to issue a,t par Treasury notes, etc., payable quarterly, etc. QUARTERLY PERIOD. § 18: 1. 3: p. 38. The Treasurer shall, at the end of each quar- terly period, furnish the Federal Reserve Board with a list of such applications. § 18: 1. 9: p. 38. Whose appMcations have been filed with the Treasurer at least 10 days before the end of any quarterly period at which the Federal Reserve Board may direct the purchase to be made. QUALIFIED. § 27:1. 45: p. 48. § 2:1. 31: p. 53. § 2:1. 37: p. 53. QUALIFY. § 2:1. 33: p. 53. § 2:1. 36:' p. 53. QUANTITIES. § 16:1. 34: p. 34. QUARTERLY. § 18:1. 38: p. 39. QUESTIOlf, m. § 25:1. 40: p. 46. Should such investigation result in estabhsh- ing the failure of the corporation in question, or of the national bank or banks wmch may be stockholders therein, to comply with the regulations, etc. QUORUM. See also "Majority." § 2:1. 9: p. 4. A majority of the Organization Committee shall constitute a quorum with authority to act. § 12:1. 12: 504 p. 24. A majority of the members of the Federal Advisory Council shall constitute a quorum for the transaction of business. RADIUS. § 24:1. 44: p. 44. R. National banks not situated in a central re- serve city may make loans on improved and unencumbered farm land situated within its Federal reserve district or within a radius of 100 miles of the place in which such bank is located, irrespective of district lines, etc. The shareholders of every Federal reserve bank shaJl be held individually responsible, equally and ratably, etc. At the rate of one-half of 1 per centum per month. At rates of interest to be fixed by the Federal Reserve Board. A tax at the rate increasingly of not less than 1^ per centum per armum, etc. The reserve bank shall add an amount equal to said tax to the rates of interest and dis- count fixed by the Federal Reserve Board. § 12:1. 22: p. 24. The Federal Advisory Council may call for information and make recommendations in regard to discount rates, etc. § 13: 1. 45: p. 26. Any Federal reserve bank may make advances to its member banks on their promissory notes for a period not exceeding 15 days at rates to be established by such Federal reserve banks, subject to the review and determination of the Federal Reserve Board. RATABLY. § 2:1. 44: p. 4. RATE; RATES. § 9:1. 5: p. 18. §11:1. l:p. 22. § 11:1. 16: p. 22. § 11:1. 21: p. 22. § 14:1. 26: p. 29. § 16:1. 6: p. 33. To estabHsh from time to time, subject to review and determination of the Federal Reserve Board, rates of discount, etc. Such bank shall be charged with the amount of notes issued to it and shall pay such rate of interest as may be established by the Federal Reserve Board on only that amount of such notes, etc. § 18: 1. 38: p. 39. The Secretary of the Treasury is authorized to issue at par Treasury notes, etc., bearing interest at the rate of 3 per centum per annum, etc. 505 506 INDEX-DIGEST OF FEDERAL BESERVE ACT AND AMENDMENTS. RATE; RATES— Continued. § 22: 1. 43: p. 43. Nothing in this Act, etc., shall be construed to prohibit a director, etc., from receiving the same rate of interest paid to other de- positors, etc. § 26: 1. 32: p. 47. Or for one-year gold notes bearing interest at a rate of not to exceed 3 per centum per annum. § 27: 1. 10: p. 48. Is hereby amended so as' to change the tax rates fixed in said Act, etc. § 27 : 1. 14 : p. 48. Shall pay for the first three months a tax at the rate of 3 per centum per annum, eta § 27: 1. 18: p. 48. And afterwards an additional tax rate of one- half of 1 per centum per annum for each month untd, etc. § 7:1. 1 : p. 52. And such deposits may bear such rate of inter- S 8 • 1 16 • p 54 ®st, etc., as the Secretary of the Treasury may ' ^' ' prescribe. (Act of April 24, 1917.) (Act of September 24, 19170 REACHED. § 27: 1. 19: p. 48. Until a tax of 6 per centum per annum is reached. READ. § 8:1. 4: p. 15. Is hereby amended to read as follows, etc. § 10:1. 19: p. 21. § 13:1. 10: p. 27. §21:1. 3: p. 42. § 27: 1. 5: p. 48. Are hereby reenacted to read as such sections § 27: 1. 6: p. 48. read prior to May 30, 1908. § 27: 1. 11: p. 48. By making the portion apphcable thereto read as follows. § 28: 1. 6: p. 49. Is hereby amended and reenacted to read as follows. READILY. § 13: 1. 22: p. 26. Or other such document conveying or securing title covering readily marketable staples. READJUSTED. § 2:1. 4 : p. 4. The Federal reserve districts may be readjusted by the Federal Reserve Board. REAL ESTATE. § 7:1. 2: p. 15. Federal reserve banks, etc., shall be exempt from all taxation except taxes on real estate. §13:1. 3 : p. 28. Certain national banks may act as the broker or agent of others in making or procuring loans on real estate, etc. § 24 : 1. 3 : p. 45. National banks not in a central reserve city may make loans secured by improved and unencumbered real estate, etc. IISTDEX-DIGBST OF FEDEBAL RESEBVE ACT AND AMENDMENTS. 507 REAL ESTATE— Continued. § 24: 1. 8: p. 45. No loan made on the security of such real estate, as distinguished from farm land, shall be for a longer time than one year. § 24: 1. 11: p. 45. The amount of such loans, whether upon farm land or real estate, shall not exceed 50 per centum of the actual value of the property offered as security. § 24: 1. 23: p. 45. The Federal Keserve Board may add to the list of cities in which national banks shall not be permitted to make loans secured upon real estate, etc. REASON, FOR ANY. § 25: 1. 8: p. 46. If, for any reason, the granting of such applica- tion is deemed inexpedient. § 29: 1. 21: p. 49. If any clause, etc., of this Act shall for any reason be adjudged by any court, etc., invalid, etc. REASONABLE ALLOWANCE. § 4: 1. 15: p. 12. A reasonable allowance for necessary expenses in attending directors' meetings, etc. REASONABLE CHARGES. § 13: 1. 6: p. 25. Nothing in this or any other section, etc., shall be construed as prohibiting a member or nonmember bank from maidng reasonable charges, etc., for collection or payment of checks and drafts and remission therefor by exchange or otherwise, etc. REASONABLE FEE. § 13: 1. 6: p. 28. Receiving for such services a reasonable fee or commission. § 22: 1. 34: p. 43. Other than a reasonable fee paid by said bank to such officers, etc. REASONABLE NOTICE. §^25: 1. 44: p. 46. Such national banks may be required to dis- pose of stock holdings in the said corpora- tion upon reasonable notice. REASONABLY. § 4:1. 29: p. 9. Such discounts, etc., as may be safely and reasonably made, etc. RECEIPT; RECEIPTS. § 4: 1. 42: p. 10. Within 15 days after the receipt of said list, etc. § 13: 1. 20: p. 26. Secured at the time of acceptance by a ware- house receipt, etc. § 14:1. 15: p. 29. In anticipation of the receipt of assured revenues. 508 INDEX-DIGEST OF PEDEKAL RESEEVE ACT AND AMENDMENTS. RECEIPT; RECEIPTS— Continued. § 16: 1. 25: p. 36. The Secretary of the Treasury shall pescribe the form of receipt, etc., to be issued to the Federal reserve blank making the deposit. § 16: 1. 28: p. 36. A duplicate of such receipt shall be delivered to the Federal Reserve Board. §16:1. 6 : p. 37. Including the cost of the certificates or receipts issued for deposits received. § 16: 1. 22: p. 37. The provisions of this section shall not apply to receipts, etc., issued under the Act of March 14, 1900, as amended, etc. RECEIVABLE. § 16: 1. 1 : p. 31. Federal reserve notes shall be receivable by all national and member banks and Federal reserve banks, and for aU taxes, customs, and other public dues. RECEIVABLE, BILLS. § 13: 1. 27: p. 27. The discount and rediscount and<,the purchase and sale by any Federal reserve bank of any bills receivable, etc., shall be subject to such regulations, etc., as maybe imposed by the Federal Reserve Board. RECEIVE. § 4:1. 4: p. 9. Shall be entitled to receive from the Comp- troUar circulating notes, etc. § 4:1. 36: p. 11. The Federal reserve agent shall receive an annual compensation, etc. § 4: 1. 11: p. 12. Assistants to the Federal reserve agent shall receive an annual compensation, etc. § 4:1. 13: p. 12. Directors, etc., shall receive, in addition to any compensation otherwise provided, a reasonable allowance for necessary expenses, etc. § 5: 1. 39: p. 13. The member bank shall receive in payment for surrendered shares, etc. § 7:1. 23: p. 14. Shall be entitled to receive an annual divi- dend of 6 per centum, etc. § 10: 1. 32: p. 19. Shall each receive an annual salary of $12,000, etc. § 10: 1. 37: p. 19. The Comptroller shall receive the sum of $7,000 m addition to the salary now paid him, etc. §12:1. l:p. 24. Members of the Federal Advisory Council shall receive such compensation and allow- ances, etc. § 13: 1. 28: p. 24. Any Federal reserve bank may receive from its member banks, etc. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 509 EECEIVE— Continued. § 13: 1. 34: p. 24. May receive from other Federal reserve banks, etc. § 13: 1. 40: p. 24. May receive from any nonmember bank or trust company, etc. § 13: 1. 44: p. 27. May receive for services so rendered such fees or commissions as maybe agreed upon, etc. §16:1. 4 : p. 34. Shall thereupon be entitled to receive back the collateral, etc. § 16: 1. 38: p. 35. Every Federal reserve bank shall receive on deposit at par, etc. § 16: 1. 20: p. 36. The Secretary of the Treasury is authorized and directed to receive deposits of gold coin, etc., from Federal reserve banks or Federal reserve agents for credit, etc., with the Federal Reserve Board. § 18: 1. 40: p. 38. Shall be entitled to receive from the Comp- troller circulating notes, etc. § 22: 1. 38: p. 43. No officer, etc., of a member bank shall receive, etc., any fee, etc., in connection with any transaction or business of the bank. § 24: 1. 18: p. 45. National banks may continue to receive, etc., time deposits, etc. § 13: 1. 11: p. 51. Federal land banks may receive interest on deposits in member banks, of the Federal Reserve System. (Act of July 17, 1916.) § 2: 1. 22: p. 53. Shall be deposited in banks located therein, etc., willing to receive such deposits, etc. (Act of May 18, 1916.) § 2:1. 34: p. 53. If such member banks fail to qualify to § 2:1. 36: p. 53. receive such deposits, then any other bank located therein, etc., may qualify and receive the same. (Act of May 18, 1916.) § 2: 1. 39: p. 53. Or if none where such deposits are made will receive such deposits, etc. (Act of May 18, 1916.) EECEIVED. § 4:1. 37: p. 7. Whose applications have been received. § 16:1. l:p. 32. Notes issued through one Federal reserve bank, received by another, shall be promptly returned for credit or redemption, etc. § 16: 1. 24: p. 32. Notes received by the Treasurer otherwise than for redemption may be exchanged for gold, etc. 610 INDEX-DIGEST OF FEDEHAL KESEKVE ACT AND AMENDMENTS. RECEIVED — Continued. § 2:1. 8: p. 53. The postal savings funds received, etc., shall be deposited, etc. (Act of May 18, 1916.) § 2: 1. 17«: p. 53. The funds received at the postal savings depository offices, etc., shall be deposited, etc. (Act of May 18, 1916.) RECEIVER. § 6:1. 4: p. 14. If any member bank shall be declared insolv- ent and a receiver appoiated, etc. § 6:1. 11: p. 14. The balance, if any, shall be paid to the receiver. RECEIVING. § 13: 1. 5: p. 28. Receiving for such services a reasonable fee, etc. § 19: 1. 3: p. 41. No member bank shall act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federd reserve bank, etc. § 22: 1. 43: p. 43. Nothing in this act, etc., shall prohibit a director, etc., from receiving the same rate of interest paid to other depositors, etc. RECESS OF THE SENATE. § 10: 1. 45: p. 20. Method of filling vacancies on the Federal Reserve Board happening during the recess of tlie Senate. RECLAMATION. DISTRICTS. § 14: 1. 18: p. 29. Including warrants, etc., issued by irrigation, drainage, and reclamation districts. RECIASSIFY. § 11: 1. 33: p. 22. The Federal Reserve Board may reclassify existing reserve and central reserve cities. RECOMMENDATION. § 12:1. 22: p. 42. The Federal Reserve Board shall fix the salaries of all bank examiners, upon the recommendation of the Comptroller, etc. RECOMMENDATIONS . § 21: 1. 21: p. 24. The Federal Advisory Council may make recommendations to the Federal Reserve Board in regard to discount rates, etc. RECORD. § 4:1. 17: p. 8. The Comptroller shall file, record and care- fully preserve the organization certificate in his office. RECORD, A JUDGE OF SOME COURT OF. § 4: 1. 13: p. 8. The organization certificate shall be acknowl- edged before a judge of some court of record; etc. INDEX-DIGEST OF FEDERAL KBSEBVE ACl AND AMENDMENTS. 511 RECOURSE. § 22: L 36: p. 44. Shall not be construed to affect in any way any recourse which shareholders might otherwise have against those in whose names such shares are registered at the time of such failure. REDEEX. § 18: 1. 29: p. 38. After deducting a suflB.cient sum to redeem its outstanding notes secured by such bonds. REDEEMED. §16:1. 4 : p. 31, Federal reserve notes shall be redeemed in gold on demand at the Treasury, etc., or in gold or lawful money at any Federal reserve bank. § 16:1. 16: p. 32. If such notes have been redeemed by the Treasurer in gold, etc. § 18:1. 31: p. 38. Which notes shall be canceled and perma- nently retired when redeemed. §18:1. 3 : p. 39. Federal reserve bank notes shall be issued and redeemed under the same terms and condi- tions as national bank notes except, etc.' REDEMPTION; REDEMPTIOITS. § 15: I. 15: p. 30. The national bank 5 per centum redemption fund shall not be deposited in Federal reserve banks. § 15:1. 17: p. 30. The Federal reserve note redemption fund shall not be deposited in Federal reserve banks. § 16:1. 3: p. 32. Shall be promptly returned for credit or redemption to the Federal reserve bank through which they were originally issued. § 16:1. 10: p. 32. Notes presented at the Treasury for redemp- § 16: 1. 11: p. 32. tion shall be paid out of the redemptionfund. § 16:1. 15: p. 32. Such Federal reserve bank shall reimburse such redemption fund. § 16: 1. 23: p. 32. Shall maintain with the Treasurer gold suffi- cient for all redemptions. § 16: 1. 25: p. 32. Federal reserve notes received by the Treas- § 16: 1. 26: p. 32. urer otherwise than for redemption may be exchanged for gol(|/ out of the redemption fund. § 16: 1. 36: p. 32. Shall maintain on deposit in the Treasury^'a sum in gold sufficient, etc., for the redemp- tion of the Federal reserve notes, etc. § 16: 1. 34: p. 33. The Federal reserve agent may bo required, etc., to transmit to the Treasurer so much or the gold held by him as collateral for Fed- eral reserve notes as may be required for the exclusive purpose of the redemption of such notes. 512 INDEX-DIGEST OF FEDERAL BESEEVE ACT AND AMENDMENTS, EEDEMPTION; REDEMPTIONS— Continued. § 16:1. 7: p. 34. No reserve or redemption fund shall be required against Federal reserve notes which have been retired. § 20: 1. 37: p. 41. The national bank 5 per centum redemption fund no longer shall be counted as part of the lawful reserve, etc. § 27: 1. 38: p. 48. The Secretary of ;the Treasury shall require each bank and currency association to main- tain on deposit in the Treasury ■ a sum in gold sufficient, etc., for the redemption of such notes. EEDISCOUNT. § 11 : 1. 45 : p. 21. The Federal Reserve Board may permit, or, on the affirmative vote of at least five members, may require Federal reserve banks to redis- count the discounted paper of other Federal reserve banks. The Federal Advisory CouncU may make recommendations, etc., to the Federal Reserve Board in regard to rediscount busi- ness, etc., of reserve banks. Promissory potes of member banks for ad- vances "by Federal reserve banks shall be secured by such notes, etc., as are eUgible for rediscount, etc. The discount and rediscount, etc., of any bills receivable, etc., shall be subject to such restrictions, etc., as may be imposed by the Federal Reserve Board. Federal reserve banks may buy and sell in the open market, etc., cable transfers and bankers' acceptances and bUls of exchange of the kinds and maturities by this act made eUgible for rediscount, etc. § 12:1. 22: p. 24. §13:1. 5: p. 27. § 13:1. 26: p. 27. § 14:1. l:p. 29. EEDISCOTTNTED. § 13:1. l:p. 26. REDISTRIBUTIOir. § 20:1. 34: p. 41. REDUCE. § 5:1. 7: p. 13. Limitation of the aggregate amount of notes bearing the signature or indorsement of any one borrower which may be rediscounted for any one bank, etc. Entitled "An act, redistribution of rency," etc. etc., providing for the the national bank cur- The capital stock of the Federal reserve banks may be decreased as member banks reduce their capital stock, etc. § 16: 1. 18: p. 33. Any Federal reserve bank may at any time reduce its liabihty for outstanding Federal reserve notes, etc. INDEX-DIi3EST OF PEDEBAL BESERVE ACT AND AMENDMENOTS. 513 SEDUCE— Continued. § 28 : 1. 8 : p. 49. Any national bank, etc., may reduce its capital stock, etc. § 28: 1. 11: p. 49. No such reduction shall be allowable 'which will reduce the capital below the amount required for the outstanding circulation, etc. EEDUCED. § 6:1. 13: p. 14. ^Vhenever the capital of a Federal reserve bank is reduced, etc. EEDUCES. § 5: 1. 32: p. 13. When a member bank reduces its capital, etc. KEDTJCTIOH. § 6: 1. 14: p. 14. On account of a reduction in capital stock of any member bank, etc. § 6: 1. 18: p. 14. A certificate' shall be executed, etc., showing such reduction, etc. § 7:1. 35:p. 14. The net earning derived by the United States from Federal reserve banks shall be, etc., applied to the reduction of the outstanding bonded indebtedness of the United States. § 28: 1. 10: p. 49. No such reduction shall be allowable which will reduce the capital below the amount required for its outstanding circulation. § 28: 1. 13: p. 49. No reduction shall be made until the amount § 28: 1. 14: p. 49. o^ ^^^ proposed reduction has been reported, ? 28- 1 15- n 49 ^^'^■' ^^^ ^"^^'^ reduction approved by the ^ ■ ■ ' ^' ' Comptroller and by the Federal Keserve Board. REENACTED. § 27: 1. 5: p. 48. Are hereby reenacted to read, etc. § 28: 1. 5: p. 49. Is hA'eby amended and reenacted to read, etc. REFERENCE. § 7: 1. 14: p. 52. With reference to the reserves required to be § 8: 1. 24: p. 54. kept, etc. (Act of April 24, 1917.) (Act of September 24, 1917.) REFERRED TO. § 1:1. 8: p. 3. Specifically referred to. § 13: 1. 27: p. 28. Referred to in this paragraph. § 25: 1. 38: p. 46. The actualnature of the transactions referred to. § 26: 1. 31: p. 47. Section 2 of the Act last referred to. § 27: 1. 9: p. 48. Section 9 of the Act first referred to. § 27: 1. 25: p. 48. Section 3 of the Act referred to. § 27: 1. 42: p. 48. Under the terms and conditions of the Act referred to, 20592°— 18 3.3 514 INDEX-DIGEST OF FEDERAL BESEEVE ACT AND AMENDMENTS. EEFUND. § 9:1. 4 : p. 18. Shall be entitled to a refund of its cash-pai J subscription with interest, etc. § 26: 1. 26: p. 47. An Act entitled "An Act, etc., to refund the- pubhc debt," etc. REFUNDED. § 9:1. 7: p. 18. The amount refunded in no event to exceed the book value, etc. EEFUNDING BONDS. § 18: 1. 39: p. 37. (Heading of section 18.) BEGARD, DUE. § 2:1. 1: p. 4. With due regard to the convenience and cus- tomary course of business. § 4: 1. 29: p. 9. With due i:egard for the claims and demands^ of other member banks. § 10: 1. 27: p. 19. Shall have due regard to a fair representation of the different commercial, industrial, and agricultural divisions of the countrv. REGARD TO, IN. § 12: 1. 21: p. 24. The Federal Advisory Council may call for information and make recommendations to the Federal Reserve Board in regard ta discount rates, etc. REGARD TO, WITHOUT. § 11: 1. 24: p. 23. Without regard to the provisions of the Act of January 16, 1883. (Civil Service Act.) REGARDING THE CHARACTER. § 11: t. 39: p. 21. Full information regarding the character of the money held as reserve, etc. REGARDLESS OF THE AMOUNT OF CAPITAL STOCK. § 13: 1. 35: p. 26. Under such regulations, etc., which • shall apply to all banks alike, regardless of the amount of capital stock, etc. REGISl^ERED. § 4:1. 5: p. 9. Circulating notes in blank, registered and countersigned. § 17: 1. 33: p. 37. A stated amount of United States registered bonds, etc. § 18: 1, 41: p. 38. Circulating notes in blank, registered and countersigned, etc. § 18: 1. 35: p. 39. Treasury notes in coupon or registered form. § 23: 1. 29: p. 44. Or registered the transfer thereof within 60 days, etc. § 23: 1. 38: p. 44. In whose names such shares are registered, at the time of such failure. INDEX-DIGEST OF PEDEBAL KESEEVE ACT AND AMENDMENTS. 515 BEGISTEAfi OF STOCKS AND BONDS. § 11: 1. 15: p. 23. The Federal Reserve Board may grant, by special permit to national banks, etc., the right to act as registrar of stocks and bonds, etc. KEGTJIAR REPORTS. § 4:1. 33: p. 11. Federal reserve agents shall make regular reports to the Federal Reserve Board. REGULARLY CALLED MEETING. § 4: 1. 27: p. 10. At a regularly called meeting of the board of directors, etc., it shall elect by ballot a district reserve elector, etc. REGULATE. § 11:1. 23: p. 22. The Federal Reserve Board shall supervise and regulate, through the bureau under the charge of the Comptroller, the issue and retirement of Federal reserve notes, etc. REGULATED. § 13:1. 7: p. 25. Nothing in this or any other section, etc., shall prohibit a member or nonmember bank from making reasonable collection and exchange charges, to be determined and regulated by theFederal Reserve Board, but in no case to exceed, etc. REGULATING. § 4:1. 37: p. 8. To prescribe, by its directors, by-laws not inconsistent with law, regulating the manner in which its general business may be con- ducted, etc. § 19: 1. 25: p. 41. Shall in that event maintain reserves and comply with all the conditions now pro- vided by law regulating them, etc. REGULATION; REGULATIONS.' See also "Prescribe"; "Regulate." [The following citations cover the specific references to rules and regulations, etc. , The Federal Reserve Board has power to frame and issue regulations covering the subject matter of all powers granted it by the Federal Reserve Act, under the follow- ing clauses of section 11 : § 11: 1. 8: p. 23. "Said board shall perform the duties, functions, and services specified in this Act, and make all rules and regulations necessary to enable the board ef- fectively to perform the same." § 11: 1. 10: p. 23. "To exercise general super- vision over said Federal reserve banks." ] 516 IKDEX-DIGEST OF FEDEEAL EESERVE ACT AND AMENDMENTS. EEGULATION" ; EEGUIATIONS— Continued. 1. The Civil Service Commission. § 11: 1. 27: p. 23. Attorneys, experts, assistants, clerks, and other employees of the Federal Reserve Board shall be appointed without re- gard to the provisions of the Act of January 16, 1883 (Civil Service Act), and amendments thereto, or any rule or regulation made in pursuance thereof. 2. The Comptroller of the Currency. § 8: 1. 41: p. 15. Converted State banks, etc., shall be sub- ject to the same duties, habUities, and regulations in all respects as shall have been prescribed, etc., by the Federal Reserve Act and by the National Bank Act, etc. § 10 : 1. 21 : p. 21. A bureau charged with the execution of all laws passed by Congress relating to the issue and regulation of national cur- rency secured by United States bonds, etc. § 13: 1. 38: p. 27. Shall prescribe rules and regulations as to certain specified national banks per- mitted to act as agent for insurance com- panies, etc. § 16: 1. 14: p. 35. The regulations as to the examination of plates, dies, etc., of national bank notes provided for in section 5174, Revised Statutes, are hereby extended to in- clude Federal reserve notes. 3. Federal Reserve Board. § 2:1. 27: p. 6. Rules and regulations governing transfers of stock in Federal reserve banks known as pubhc stock and United States stock. § 3:1. 7: p. 7. Rules and regulations as to the operation of branch banks. § 4:1.31:p. 11. Regulations as to a local oiUce of the Federal Reserve Board to be estabhshed by the Federal reserve agent. § 5: 1. 40: p. 13. Regulations as to payment for surrendered shares. § 8: 1. 41 : p. 15. Converted State banks, etc., shall be sub- ject to the same duties, liabihties, and regulations, etc., as shall have been prescribed by the Federal Reserve Act and by the ISl ational Bank Act for asso- ciations originally organized as national banks. INDEX-DIGEST OF FEDEEAL KESUKVE ACT AND AMENDMENTS. 517 REGULATION ; EEGULATIONS— Continued. 3. Federal Reserve Board — Continued. § 9:1. 7: p. 16. Rules and regulations covering subscrip- tions to the stock of Federal reserve banks by State banks, etc. § 9: 1. 22: p. 17. The Federal Reserve Board may compel surrender of stock for failure to com- ply with the regulations of the board, § 9: 1. 24: p. 18. Subject to the provisions of this Act and to the regulations of the Federal Re- serve Board made pursuant thereto, any bank becoming a member, etc., shall retain its fuU charter and statutory rights as a State bank or trust company, etc. § 11:1. 26: p. 22. Rules and regulations in regard to the delivery of Federal reserve notes by the Comptroller to the Federal reserve agents. § 11:1. 4: p. 23. Regulations for the safeguarding of all collateral, etc., deposited in the hands of Federal reserve agents. §11:1. 8: p. 23. The Federal Reserve Board shall make all rules and regulations necessary to enable it effectively to perform tbe duties, functions, or services specified in this Act. § 11:1. 16: p. 23. Rules and regulations as to granting special permits to national banks to act as trustee, etc. § 13: 1. 34: p. 26. General regulations, appHcable to aU banks alike, etc., in regard to authoriz- ing acceptances up to 100 per cent of the paid-up unimpaired capital and surplus. § 13: 1. 30: p. 27. The discount and rediscount and the pur- chase and sale by any Federal reserve bank of any bills receivable, and of domestic and foreign bills of exchange, and of acceptances authbrized by this Act, shall be subject to such restric- tions, Umitations, and regulations as may be imposed by the Federal Reserve Boai-d . § 13:1. 17:p. 28. Regulations governing acceptances of dollar exchange drafts or bills. § 13:1. 24: p. 28. Regulations, restrictions, and limitations as to acquirement of doUar exchange drafts or biUs by Federal reserve banks. 518 INDEX-DIGEST OF FEDERAL RESERVE ACT AMD AMENDMENTS. REGULATION ; REGULATIOITS— Continued. 3. Federal Reserve Board — Continued. § 14: 1. 39: p. 28. Rules and regulations as to open-market transactions by Federal reserve banks. § 14: 1. 20: p. 29. Rules and regulations as to open-market purchases of warrants, etc. § 14: 1. 33: p. 29. Regulations in regard to the opening of accounts in foreign countries, the ap- pointment of correspondents and the estabhshment of agencies. § 14:1. 5: p. 30. Orders and regulations permitting other § 14: 1. 11: p. 30. Federal reserve banks to conduct any transactions authorized by this section through the Federal reserve bank open- ing such an account or appointing such agency or correspondent. § 16: 1. 43: p. 33. Regulations as to the substitution of collateral deposited with the local Fed- eral reserve agent for the protection of Federal reserve notes. § 16: 1. 16: p. 34. Rulfes and regulations governing the joint custody of all Federal reserve notes, money, etc., issued to or deposited with the Federal reserve agent. § 16:1. 11: p. 36. Regulations governing the transfer of funds and charges therefor among Federal reserve banks and their branches. § 19: 1. 7: p. 41. Regulations and penalties as to checking against and withdrawing required bat ances in Federal reserve banks by member banks. § 25: 1. 28: p. 45. Regulations as to the establishment of foreign branches and investments in the stock of banks or corporations, etc., principally engaged in international or foreign banking. § 25: 1. 33: p. 46. The Federal Reserve Board may institute an investigation if at any time it shall ascertain that the regulations pre- scribed by it are not being complied with. § 25: 1. 41: p. 46. The Federal Reserve Board may require national banks to dispose of stock holdings in the said corporation, upon reasonable notice, for failure of the cor- poration in question or of the national bank or banks to comply vdth the regulations laid down by said board. IXDEX-DIGEST OF FEDEBAL EESEKVE ACT AND AMENDMENTS. 519 HEaUlATION ; REGULATIONS— Continued. 4. Tlie Reserve Bank Organization Committee. § 2: 1. 21: p. 4. Regulations as to subscription to stock in the Federal reserve banks by national banks and eligible banks. § 2: 1. 42: p. 5. Regulations as to the offer of stock in Fed- eral reserve banks to public subscrip- tion. 5. The Secretary of the Treasury. § 7: 1. 36: p. 14. Regulations as to the application of net earnings of Federal reserve banks derived by the United States. § 16: 1. 25: p. 36. Regulations prescribing the form of re- ceipt to be issued by the Treasurer of the United States, etc., to Federal reserve banks or Federal reserve agents making deposits of gold coin or certifi- cates to the credit of the Federal Reserve Board. REIMBURSE. § 16: 1. 14: p. 32. Shall, upon the demand of the Secretary of the Treasury, reimburse such redemption fund in lawful money. § 16: 1. 35: p. 35. Nothing in this sectioTn shall be construed as exempting national banks or Federal re- serve banks from their liability to reimburse the United States for any expenses incurred in printing or issuing circulatmg notes. REIMBURSED. § 16: 1. 17: p. 32. Such funds shall be reimbursed to the extent deemed necessary by the Secretary of the Treasury in gold or gold certificates. BEISSUED. § 16: 1. 23: p. 33. Federal reserve notes deposited with the Fed- eral reserve agent in reduction of liability shall not be reissued except upon com- pliance with the conditions of an original issue. § 16: 1. 10: p. 34. Federal reserve notes deposited with the agent for retirement shall not be reissued except upon compliance with the terms of an original issue. KEJECT. § 25: 1. 7: p. 46. The Federal E-eserve Board may approve or reject such application to establish foreign branches, etc. REJECT ENTIRELY. § 16: 1. 45: p. 32. The Federal Reserve Board may grant in whole or inpart or reject entirely the appli- cation for Federal reserve notes. 520 INDEX-DIGEST OP FEDEKAL EESEEVE ACT AND AMENDMENTS. RELATE TO § 4:1. AS. ?:p. 9. Federal reserve bank notes to be issued under the same conditions and provisions of law as relate to the issue of circulating notes of national banks, etc. RELATE SPECIFICALLY TO. § 9:1. 19:p. 18. Shall be subject to the provisions of this sec- tion and of this Act which relate specifically to member banks. RELATE TO. § 9:1. 32: p 16. And to conform to those provisions of law, etc., which relate to me withdrawal or impairment of their capital stock. § 9 : 1. 33 : p. 16. And which relate to the payment of unearned dividends. § 10: 1. 5: p. 21. Which relate to the supervision, management, and control of the Treasury Department, etc. 9. Relating to national banks. 21. Relating to the issue and regulation of national currency secured by United States bonds. 35. In executing the laws relating to the procuring of such notes. 35. RELATING § 4:1. § 10: 1. TO 3: 21: P P § 16:1. 7: P' § 16:1. 14: P RELEASED § 5:1. 37: P' REMAIN. § 16:1. 21: P 13. 32. Eegulations relating to such examination o^ plates, etc. Shall surrender all of its holdings of the capital stock of said Federal reserve bank and be released from its stock subscription not previously called. So long as any of its Federal reserve notes remain outstanding. § 16: 1. 5: p. 35. The plates and dies, etc., shall remain undei^ the control and dire«tion of the Comptroller, etc. § 19: 1. 23: p. 41. National banks, or banks organized under local laws,' located in Alaska or in a depend- ency, etc., may remain nonmember banks, etc. REMAINDER. § 2: 1. 39: p. 4. The remainder of the subscription, etc., shall be subject to call, when deemed necessary by the Federal Reserve Board. § 18: 1. 17: p. 39. And 30-year 3 per centum gold bonds without the circulation privilege for the remainder of the 2 per centum bonds so tendered. § 29: 1. 23: p. 49. Shall not affect, impair, or invalidate the remainder of this Act, etc. INDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENTS. 521 REMAUriNG. § 3: 1. 12: p. 7. The remaining directors of branch banks shall be appointed by the Federal Reserve Board. § 7: 1. 39: p. 14. Any surplus remaining, after the payment of all debts, etc., shall be paid to, etc., the United States. § 13: 1. 13: p. 27. Exceeding the amount of its capital stock at such time actually paid in and remaining' undiminished by losses or otherwise, except, etc. REMEDY. § 2: 1. 34: p. 5. Such dissolution shall not take away or impair any remedy against such corporation, etc. REMISSIOM". § 13: 1. 11: p. 25. Nothing in this or any other section shall be construed as prohibiting a member or non- member bank from making reasonable charges, etc., for collection or payment of checks and drafts and remission therefor by exchange or otherwise. REMITTED. § 16: 1. 41 : p. 35. And when remitted by a Federal reserve bank, etc REMITTING. § 16:1. 3: p. 36. Nothing herein contained shall prohibit a member bank from charging its actual expense incurred in collecting and remitting funds, etc. REMOVAL. § 11: 1. 36: p. 22. The cause of such removal shall be forthwith communicated, etc., to the removed officer or director and to said bank. REMOVE. § 11: 1. 35: p. 22. The Federal Reserve Board may suspend or remove any officer or director of any Federal reserve bank, etc. ' REMOVED. § 10: 1. 6: p. 20. Unless sooner removed for cause by the Presi- dent. § 11: 1. 38: p. 22. The cause of such removal shall be forthwith communicated in writing, etc., to the removed officer or director and to said bank. RENDERED. § 13: 1. 44: p. 27. And may receive for services so rendered such fees or commissions as may be agreed upon, etc. § 16: 1. 8: p. 36. The Federal Reserve Board shall fix by rule the charge which may be imposed for the service of clearing or collection rendered by the reserve bank. 522 I^rDEx-DIGEST of fedekal kkseeve act and amendments. RENDERED— Continued. § 22: 1. 36: p. 43. Other than a reasonable fee, etc., for services rendered to such bank, etc. § 29: 1. 27: p. 49. Directly involved in the controversy in which such judgment shall have been rendered. RENEW. § 11:1. 4: REORGANIZE. § 11:1. 2: REPAID. § 6:1.18: REPAYMENT. § 9:1. 9: REPEAL. § 26:1.21 p. 22. The Federal Reserve Board may from time to time renew such suspension of reserve re- quirements for periods not exceeding 15 days, provided, etc. p. 23. The Federal Reserve Board may, etc., liqui- date or reorganize a suspended Federal reserve bank. p. 14. Shall cause to be executed a certificate to the Comptroller showing such reduction of capital and the amoimt repaid to such bank. p. 18. A bank surrendering its stock, etc., shall like- wise be entitled to repayment of deposits and of any other balance due from the Fed- eral reserve bank. p. 47. Nothing in this Act, etc., shall be construed to repeal the parity provision or provisions in the Act of March 14, 1900, etc. § 30: 1. 28: p. 49. The right to amend, alter, or repeal this Act is hereby expressly reserved. REPEALED. See also "Amended"; "Reenacted." § 17: 1. 38: p. 37. So much of the provisions of section 5159 of the Revised Statutes, section 4 of the Act of June 20, 1874, section 8 of the Act of July 12, 1882, and of any other provisions of exist- ing statutes as require dehvery of a stated amount of United States registered bonds to the Ti-easurer before a national bank can commence business, etc., and the mainte- nance of a minimum deposit of such bonds with the Treasurer, is hereby repealed. § 20: 1. 40: p. 41. So much of sections 2 and 3 of the Act of June 20, 1874, as provides that the 5 per centum national bank redemption fund shall be counted as part of the lawful reserve of a national banlt, is hereby repealed. § 26: 1. 20: p. 47. All provisions of law inconsistent with or superseded by any of the provisions of this Act are to that extent, and to that extent only, hereby repealed. IKDEX-DIGEST OF FEDHEAL RESERVE ACT AND AMENDMENTS. 523 EEPORT; REPORTS. § 4:1. 21: p. 11. An immediate report of election of directors shall be declared. § 4: 1. 34: p. 11. The Federal reserve agent shall make regular reports to the Federal Keserve Board. § 9:1. 38: p. 16. State banks, etc., admitted to membership shall make reports of condition and of the payment of dividends to the Federal reserve bank. § 9: 1. 40: p. 16. Not less than three of such reports shall bo made annually. Failure to make such reports within 10 days, etc., shall subject the offending bank to a penalty of $100 a day for each day it fails to transmit such report. The reports of State examiners may be accepted by the Federal reserve bank, etc. The Federal Reserve Board shall in aU cases approve the form of the report. The Federal Reserve Board shall annually make a fuU report of its operations to the Speaker of the House of Representatives, etc. § 11: 1. 32: p. 21. The Federal Reserve Board may require such reports, etc., as it may deem necessary from each Federal reserve bank and from each member bank. § 9:1. 43: p. 16. § 9:1. 2: p. 17. § 9:1. 11: p. 17. § 9:1. 17: p. 17. § 10:1. 14: p. 21. §21:1. 19: p. 42 §21:1. 24: p. 42 The examiner, etc., shall make a full and detailed report of the condition of said bank to the Comptroller. The Federal Reserve Board, upon the recom- mendation of the Comptroller, shall fix the salaries of all bank examiners and make report thereof to Congress. 21:1. 11 : p. 43. The Federal Reserve Board, upon joint appli- cation of 10 member banks, shall order a special examination and report of the condi- tion of any Federal reserve bank. REPORTED. § 28:1. 14: p. 49. REPRESENTATIOIT. § 10:1. 27: p. 19. Nor shall any reduction of capital be made until the amount of the proposed reduction has been reported to the Comptroller, etc. The President shall have due regard to a fair representation of the different commercial, industrial, and geographical divisions of the country. 524 IXDEX-DIGEST OF FEDERAL EESEEVE ACT AKD AMENDMENTS. REPRESEITTATIONS. § 12: 1. 19: p. 24. The Federal Advisory Council shall have power to make oral or written representa- tions concerning matters within the juris- diction of said Federal Reserve Board. REPEESENTATIVE IN CONGRESS. § 4:1. 8 : p. 10. No Representative in Congress shall be a mem- ber of the Federal Reserve Board or an officer or director of a Federal reserve bank. REPRESENTATIVE OF THE STOCK-HOIDING BANKS. § 4: 1. 36: p. 9. The class A directors shall be chosen by and be representative of tie stock-holding banks. REPRESENTATIVE, ITS OFFICIAL § 4:1. 35: p. 11. The Federal reserve agent shall act as its official representative, etc. REPRESENTATIVES, HOUSE OF. tives." See "House of Representa- REQUEST. § 16: 1. 29: p. 33. Upon request of the Secretary of the Treasury, the Federal Reserve Board, shall require the Federal reserve agent to transmit to the Treasurer so much of the gold held by him, etc. REQUESTED. § 18:1. 24: p. REQUIRE. § 3:1. 39. Binding itself to jjurchase from the United States for gold at the maturity of such one- year notes an amount equal to those deliv- ered in exchange for such bonds if so requested by the Secretary of the Treasury. 3: p. 7. The Federal Reserve Board may permit or require any Federal reserve bank to estab- lish branch banks. § 4: 1. 33: p. 8. The Federal reserve bank may require bonds of its officers and employees, etc. § 4:1. 7: p. 12. The Federal Reserve Board shall require such bonds of the assistant Federal reserve agents as it may deem necessary for the pro- tection of the United States. § 9:1. 24: p. 17. It shall be within the power of the Federal Reserve Board, after hearing, to require such bank to surrender its stock, etc. § 9: 1. 43: p. 18. The Federal reserve bank shall require a cer- tificate or guaranty, as a condition of the discount of notes, etc., for such State bank or trust company, etc. INDEX-DIGEST OP FEDERAL EESEEVE ACT AND AMENDMENTS. 525 REQUIRE— Continued. § 11: 1. 32: p. 21. The Federal Reserve Board may require such statements and reports as it may deem necessary from each Federal reserve bank and each member bank. § 11: 1. 44: p. 21. The Federal Reserve Board may permit or, on the affirmative vote of at least five mem- bers, may require Federal reserve banks to rediscount the discounted paper of other Federal reserve banks. § 11: 1. 40: p. 22. The Federal Reserve Board may require the writing off of doubtful or iworthless assets upon the books and balance sheets of Federal reserve banks. § 11:1. 3: p. 23. The Federal Reserve Board may require bonds of Federal reserve agents. § 16: 1. 10: p. 31. Any Federal reserve bank may make appli- cation, etc., for such amount of Federal reserve notes, etc., as it may require. § 16: 1. 33: p. 32. The Federal Reserve Board shall require each Federal reserve bank to maintain in the Treasury a redemption fund for Federal reserve notes, in no event less than 5 per centum, etc. § 16: 1. 30: p. 33. Upon the request of the Secretary of the Treasury the Federal Reserve Board shall require the Federal reserve agent to trans- mit to the Treasurer so much of the gold held by him as collateral security for Federal reserve notes as may be required, etc., for the exclusive purpose of the redemption of such notes. § 16: 1. 16: p. 36. The Federal Reserve Board may also require each such bank to exercise the function of a clearing house for its member banks. § 17: 1. 30: p. 37. Repeal, etc., of any other provisions of existing statutes as require the delivery of a stated amount of United States registered bonds to the Treasurer before commencing bank- ' ing business. § 17: 1. 35: p. 37. Or of any other provisions of existing statutes as require the maintenance of a minimum deposit of such bonds, etc. § 18: 1. 6: p. 38. The Federal Reserve Board may, etc., require the Federal reserve banks to purchase such bonds, etc. § 27: 1. 35: p. 48. The Secretary of the Treasury shall require each bank and currency association to maintain on deposit in the Treasury, etc., a gold redemption fund, etc., for the re- demption of such notes, etc., in no event less than 5 per centum. 526 INDEX-DIGEST OF FEDERAL EESER\'E ACT AND AMENDMENTS. BEQUIBED. § 2: 1. 23: p. 4. Every national bank is hereby required, etc., to accept the terms and provisions of this Act. § 2: 1. 32: p. 4. Every national bank, etc., shall be required to subscribe to the stock of the Federal reserve bank within 30 days after notice, etc. § 2:1. 40: p. 5. Should the subscriptions by banks, etc., be insuSicient to provide the amount of capital required therefor, then and in that event, etc. § 2: 1. 15: p. 6. Should the total subscriptions by banks and the public, etc., be insufficient to provide , the amount of capital required therefor, etc. § 4: 1. 30: p. 11. The Federal reserve agent shall be required to maintain, etc., a local office of said board, etc. § 8: 1. 28: p. 15. A majority of the du-ectors shall have power, etc., to do whatever may be required to make its organization perfect and complete, etc. § 9: 1. 11 : p. 16. Such application shall be for the same amount of stock that the appljdng bank would be required to subscribe to as a national bank. § 9: 1. 28: p. 16. All banks admitted to membership, etc., shall be required to comply with the reserve and capital requirements of this Act. § 9: 1. 38: p. 16. Such banks shall be required to make reports of condition and dividend payments to the Federal reserve bank. § 11: 1. 36: p. 23. Any portion of these reserves now required by section 19 to be held in their own vaults. § 13: 1. 20: p. 28. For the purpose of fiu-nishing dollar exchange as required by the usages of trade, etc. § 15: 1. 20: p. 30. The Federal reserve banks shall act as fiscal agents of the United States when required by the Secretary of the Treasury. } 16: 1. 40: p. 31. As part of the gold reserve which such bank is required to maintain, etc. § 16: 1. 43: p. 32. As part of the 40 per centum reserve herein- before required. § 16: 1. 33: p. 33. As may be required for the exclusive purpose of redemption of such Federal reserve notes. §16:1. 7: p. 34. No reserve or redemption fund shall be required against retired Federal reserve notes. INDEX-DIGEST OF FEDKBAL BESEKVE ACT AND AMENDMENTS. 52T EEQUIRED— Continued. § 16: 1. 35: p. 34. Such notes, of the denominations of, etc., as may be required to supply the Federal reserve banks. § 16: 1. 13: p. 37. Gold deposits standing to the credit of any § 16: 1. 15: p. 37. Federal reserve bank with the Federal Reserve Board shall, at the option of the bank, be counted as part or the lawful reserve which it is required to maintain against outstanding Federal reserve notea or as part of the reserve it is required to maintain against deposits. § 19:1. 6: p. 41. The required balance carried by a member bank with the Federal reserve bank may, under regulations and subject to penalties which may be prescribed by the Federal Reserve Board, be checked against and withdrawn for the purpose of meeting exist- ing liabihties, provided, etc. § 19:1. 13: p. 41. Unless and until the total balance required by law is fuUy restored. § 19:1. 15: p. 41. In estimating the balances required by this § 19: 1. 18: p. 41. Act the net difference of amounts due to and from other banks shall be taken as the basis for ascertaining the deposits against which required balances with Federal reserve banks shall be determined. § 25: 1. 34: p. 45. Foreign branches of national banks shall act,. • if required to do so, as fiscal agents of the United States. § 25: 1. 14: p. 46. Every national bank operating foreign branches shall be required to furnish information con- cerning the condition of such branches to the Comptroller upon demand. § 25: 1. 19: p. 46. Every member bank investing in the stock, etc., shall be required to furnish informa- tion concerning the condition of such banks or corporations to the Federal Reserve Board upon demand. § 25: I. 43: p. 46. For failure of the corporation, etc., or of the national bank or banks to comply with the regulations laid down by the Federal Reserve Board, such national banks may be required to dispose of stock holdings in the said corporation upon reasonable notice. § 20."i02°— IS M 530 INDEX-DIGKST OF FEDERAL KESEEVE ACT AND AMENDMENTS. EESERVE ; RESERVES— Continued. § 16: 1. 32: p. 31. Required reserves against deposits in Federal reserve banks. § 16: 1. 34: p. 31. Required reserves against Federal reserve notes. § 16: i. 40: p. 31. Gold or gold certificates held by the Federal reserve agent as collateral, etc., shall be counted as a part of the gold reserve against its Federal reserve notes. § 16: 1. 42: p. 32. The gold redemption fund deposited in the Treasury by Federal reserve banks for re- demption of Federal reserve notes shall be counted and included as part of the 40 per centum reserve hereinbefore required. §16:1. 7: p. 34. No reserve or redemption fund shall be re- quired against retired Federal reserve notes. § 16:1. 13: p. 37. Gold deposits to the credit of any Federal § 16: 1. 14: p. 37. reserve bank with the Federal Reserve Board shall at the option of said bank be counted as a part of the lawful reserve, etc., against Federal reserve notes, or as part of the reserve, etc., against deposits. § 19: 1. 13: p. 40. Bank reserves. (Heading of section 19.) § 19: 1. 22: p. 40. Every member bank shall establish and main- tain reserve balances with its Federal reserve bank, as follows, etc. § 19: 1. 24: p. 41. Certain specified banks may remain non- member banks and shall in that event maintain reserves and comply with all the conditions now provided by law regulating them. § 19: 1. 29: p. 41. Or said banks may, with the consent of the Federal Reserve Board, become member banks of any one of the Federal reserve districts, and shall in that event take stock, maintain reserves, and be subject to all the other provisions of this Act. § 20: 1. 39: p. 41. Repeal of that part of sections 2 and 3 of the Act of June 20, 1874, etc., as provides that the national bank note 5 per centum redemption fund shall be counted as part of its lawful reserve, etc. § 20: 1. 43: p. 41. From and after the passage of this Act such 5 per centum fund shall in no case be counted, etc., as part of its lawful reserve. § 26: 1. 29; p. 47. The Secretary of the Treasury may, for the purpose of maintaining such parity and to- strengthen the gold reserve, borrow gold on the security of United States bonds, etc. INDEX-DIGEST OP PEDEEAL BESEEVE ACT AND AMENDMENTS. 531 EESERVE ; RESERVES— Continued. § 7:1. 14: p. 52. The provisions of section 5191, Revised Stat- § 8:1. 25: p. 54. utes, as amended by the Federal Reserve Act, and the amendments thereof, with refer- ence to the reserves required to be kept by national banks and other member banks of the Federal reserve system, shall not apply to deposits of public moneys by the United States in designated depositaries. (Act of April 24, 1917.) (Act of September 24, 1917.) [See note under "Amended."] RESERVE ACT. See "Federal Reserve Act." RESERVE AGENT; AGENTS. .§ 2:1. 9: p. 5. Any national bank failing to signify its ac- ceptance of the terms of this Act within the 60 days aforesaid shall cease to act as a reserve agent, upon 30 days' notice, etc. § 2:1. 35: p. 6. The organization of reserve districts and Federal reserve cities shall not be construed as changing the present status of reserve and central reserve cities, except in so far as this Act changes the amount of reserves that may be carried with .approved reserve agents located therein. RESERVE AGENT, FEDERAL; RESERVE AGENTS, FEDERAL. See "Federal reserve agent." RESERVE AGENTS, ASSISTANT FEDERAL. See ' 'Federal reserve agent." § 4:1. 8: p. 12. RESERVE AGENTS, ASSISTANTS TO THE FEDERAL. See "Federal reserve agent." § 4:1. 10: p. 12. RESERVE BANK; BANKS. See "Federal reserve banks." RESERVE BANK NOTES, FEDERAL. See "Federal reserve bank notes." RESERVE BANK OF CHICAGO, FEDERAL. See "Federal Reserve Bank of Chicago." RESERVE BANK ORGANIZATION COMMITTEE. § 2:1. 22: p. 3. Shall be composed of the Secretary of the Treasury, the Secretary of Agriculture, and the Comptroller of the Currency. § 2: 1. 23: p. 3. Shall designate Federal reserve cities. § 2:1. 25: p. 3. Shall divide the continental United States, excluding Alaska, into districts, etc. 532 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. EESERVE BANK ORGANIZATION COMMITTEE— Continued. I 2:1. 28: p. 3. Its determination shall not be subject to review except by the Federal Reserve Board when organized. § 2:1. 8: p. 4. A majority shall constitute a quorum. § 2: 1. 10: p. 4. May employ counsel and expert aid. § 2:1. 11: p. 4. May take testimony, send for persons and papers, and administer oaths. § 2:1. 12: p. 4. May make investigations. § 2:1. 17: p. 4. Shall supervise the organization of Federal reserve banks. § 2:1. 21: p. 4. Shall make regulations as to the acceptance of this Act. § 2:1. 28: p. 4. When it shall have designated the Federal § 2:1. 32: p. 4. reserve cities and fixed the geographical limits of the Federal reserve districts, every national bank within tha,t district shall be required within 30 days after notice, etc., to subscribe to the capital stock of the Federal reserve bank. § 2: 1. 37: p. 4. One-sixth of the subscription shall be on call of the Organization Committee, etc. § 2: 1. 11: p. 5. Any national bank faUing to accept the Act within said 60 days shall cease to act as reserve agent upon 30 days' notice, to be given within the discretion of said Organiza- tion Committee. § 2:1. 39: p. 5. Should the subscriptions by banks, etc., in § 2: 1. 41: p. 5. the judgment of the Organization Commit- tee, be insufficient, etc., then the said Or- ganization Committee may, etc., offer stock, to pubUc subscription at par, etc., in such amount as said committee shall determine. § 2:1. 13: p. 6. Should the total subscriptions by banks and § 2:1. 16: p. 6. the public be insufficient in the judgment of § * 2:1. 17: p. 6. the Organization Committee, etc., it shall allot to the United States such an amount of stock as it shall deternnne, etc. § 2:1. 36: p. 6. The Organization Committee may appoint necessary assistants and incur such expenses as it shall deem necessary in carrying out the provisions of this Act. § 4:1. 17: p. 7. The Organization Committee shall file a certifi- cate with the Comptroller after it has estab- lished the Federal reserve districts. INDEX-DIGEST OF i'EDERAL RESERVE ACT AND AMENDMENTS. 533 EESERVE BANK ORGANIZATION COMMITTEE— Continued. § 4: 1. 25: p. 7. The Comptroller shall cause to be forwarded etc., an application blank to each national bank and other banks declared to be eligible by the Organization Committee, etc. § 4: 1. 27: p. 7. The Organization Committee shall approve the form of the application blank. § 4:1. 35: p. 7. The Organization Committee shall designate any five banks, etc., to execute a certificate of organization. § 4:1. 4:p. 10. Pending the designation of the chairman, the Organization Committee shall exercise his powers and duties, etc. § 4:1. 20 :p. 10. Pending the appointment of the chairman the Organization Committee shall classify the member banks into three general groups or divisions. § 4: 1. 22: p. 12. The Organization Committee may, in organiz- ing Federal reserve banks, call such meetings of bank directors, etc., as may be necessary. § 4: 1. 25: p. 12. The Organization Committee may exercise the functions herein conferred upon the chair- man, etc., pending the complete organiza- tion of such bank. § 10: 1. 26: p. 20. The Organization Committee shall fix the date for the first meeting of the Federal Reserve Board. § 28: 1. 17: p. 49. Reductions in capital of national banks shall be approved by the Comptroller and by the Federal Reserve Board, or by the Organiza- tion Committee, pending the organization of the Federal Reserve Board. RESERVE BANKING SYSTEM. § 12:1. 26: p. 24. The Federal Advisory Council may call for information and make recommendations in regard to, etc., the general affairs of the reserve banking system. RESERVE BANKS. See "Federal reserve banks." RESERVE BOARD. See "Federal Reserve Board." RESERVE CITIES; CITY. § 11:1. 29: p. 22. The Federal Reserve Board may add to the number of cities classified as reserve and central reserve cities. § 11: 1. 33: p. 22. Or may reclassify existing reserve and central reserve cities or terminate their designation as such. 534 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS, EESERVE CITY; CITIES, CENTRAL. See "Central reserve cities; city." RESERVE CONDITIONS. § 12: 1. 22: p. 24. The Federal Advisory Council may call for information and make recommendations in regard to, etc. reserve conditions in the various districts. RESERVE DISTRICTS. See " Federal reserve districts." RESERVE ELECTOR; ELECTORS. See also "Elector; Electors." § 4 : 1. 29 : p. 10. It shall elect by ballot a district reserve elector. § 4 : 1. 32 : p. 10. The chairman shall make Usts of the district reserve electors. RESERVE, GOLD. See "Gold reserve; Reserves." RESERVE NOTES. See "Federal reserve notes." RESERVE PROFITS. § 13: 1. 23: p. 27. Liabilities to the stockholders of the associa- tion for dividends and reserve profits, etc. RESERVE REQUIREMENTS. See "Reserve; Reserves." RESERVE SYSTEM. See " Federal reserve system." RESERVED, EXPRESSLY. § 30 : 1. 29 : p. 49. The right to amend, alter, or repeal this Act is hereby expressly reserved. RESIDENTS. § 4: 1. 24: p. 11. Class C directors shall have been for at least two years residents of the district for which they are appointed. RESOLUTION. § 4: 1. 28: p. 7. The application blank shall contain a resolu- tion to be adopted by the board of directors, etc. RESOURCES. § 21: 1. 28: p. 42. The expense of the examinations, etc., shall be assessed by the Comptroller upon the banks examined in proportion to assets or re- sources, etc. RESPECTIVE. § 4: 1. 16: p. 12. Of their respective boards, etc. § 4: 1. 17: p. 12. The respective Federal reserve banks, etc. § 11: 1. 35: p. 23. Of their respective districts. § 12: 1. 13: p. 24. The respective reserve banks. § 13: 1. 21: p. 28. In the respective countries, etc. RESPECTIVELY. § 4:1. 45: p. 10. § 4:1. 31: p. 12. INDEX-DIGEST OP FEDERAL BESBBVE ACT AND AMENDMENTS. 535 EESPECTS, IN ALL. § 8:1. 41: p. 15. And shall be subject to the same duties, liabilities, and regulations, in all respects, etc. EESPONSIBLE, INDIVIDTTALLY. § 2:1. 44: p., 4. The shareholders of every Federal reserve bank shall be held individually responsible,' etc., for all contracts, debts, and engage- ments of such bank to the extent, etc. § 23: 1. 24: p. 44. The stockholders of every national bank shall be held individually responsible for all con- tracts, debts, and engagements of such association, each to the amount, etc. EESPOHSIBLE PARTIES. § 14: 1. 43: p. 29. And which bears the signature of two or more responsible parties. EESTORE MEMBESSHIP. § 9: 1. 27: p. 17. The Federal Reserve Board may restore mem- bership upon due proof of compliance, etc. EESTOEED. § 19: 1. 14: p. 41. Until the total balance required by law is fully restored. KESTEAIlfTS AND MONOPOLIES. § 25: 1. 16: p. 47. Entitled "An Act to supplement existing laws against unlawful restraints and monopolies," etc. RESTRICT. § 25: 1. 28: p. 46. Shall enter into an agreement, etc., with the Federal Reserve Board to restrict its opera- tions, etc. RESTRICTION; RESTRICTIONS. § 13: 1. 4: p. 26. This restriction shall not apply to the discount of bills of exchange drawn in good faith against actually existing values. § 13: 1. 30: p. 27. The discount and rediscount and the purchase and sale by any Federal reserve bank of any bills receivable and of domestic and foreign bills of exchange and of acceptances author- ized by this Act shall be subject to such restrictions, limitations, and regulations as may be imposed by the Federal Reserve Board. § 13: 1. 24: p. 28. Such dollar exchange drafts or biUs may be acquired by Federal reserve banks in such amounts and subject to such regulations, restrictions, and limitations as may be pre- scribed by the Federal Reserve Board, pro- vided, etc. 536 INDEX-DIGEST OF FEDERAL EESEBVE ACT AND AMENDMENTS. RESTRICTION ; § 25:1. 29: RESULT. § 16:1. 41: § 25:1. 39: RETAIN. § 9:1.26: RETIRE. § 16:1. 1: RESTRICTIONS— Continued. p. 46. Shall enter into an agreement or undertaldng with the Federal Eeserve Board to restrict its operations or conduct its business in such manner or under such limitations or restric- tions as the said board may prescribe, etc. p. 36. Or as a result of making such payments. p. 46. Should such investigation result in establishing the. failure of the corporation or of ,the national bank, etc., to comply with the regulations, etc. p. 18. Shall retain its fuU charter and statutory rights as a State bank or trust company, etc. p. 34. Any Federal reserve bank may retire any of its Federal reserve notqs, etc. § 18: 1. 42: p. 37. Any member bank desiring to retire the whole or any part of its circulating notes, etc. § 26 : 1. 34 : p. 47. When the funds of the Treasury on hand justify, the Secretary of the Treasury may purchase and retire such outstanding bonds, and notes. RETIRED. § 16:1. 6: p. 32. Or, etc., they shall be forwarded direct to the Treasurer to be retired. §16:1. 9: p. 34. No reserve or redemption fund shall be re- quired for Federal reserve notes which have been retired. § 18: 1. 2: p. 38. May file an appHcation to sell for its account, at par and accrued interest, United States- bonds securing circulation to be retired, etc. § 18.: 1. 31: p. 38. Which notes shall be canceled and permanently retired when redeemed. RETIREMENT. § 11:1. 25: p. 22. The Federal Reserve Board shall supervise and regulate, through the bureau under the charge of the Cotoptroller, the issue and retirement of Federal reserve notes. § 16: 1. 8: p. 35. And aU other expenses incidental to their issue and retirement, etc. RETURNED. 5 16:1. 2 .32. They shall be promptly returned for credit or redemption to the Federal reserve bank through which originally issued. § 16: 1. 11: p. 32. Notes presented for redemption at the Treas- ury shall be paid, etc., and returned to the Federal reserve banks through which origi- nally issued. IXDEX-DIGEST OF FEDEEAL RESERVE ACT AXD AMENDMENTS. 537' RETURNED— Continued . § 16: 1. 27: p. 32. Notes received by the Treasurer otherwise than for redemption may be exchanged for gold out of the redemption fund, etc., and returned to the Federal reserve bank through which originally issued. § 16: 1. 28: p. 32. Or they may be returned to such bank for the credit of the United States. § 16:1. 30: p. 32. Federal reserve notes unfit for circulation shall be returned by the Federal reserve agents to the Comptroller for cancellation and destruc- tion. REVEBTTJE § 14:1. BONDS. 12: p. 29. REVENUES. § 14:1. 16: p Federal reserve banks may buy and sell in the open market, at home or abroad, revenue bonds, etc. 29. Warrants, etc., issued in anticipation of the receipt of assured revenues, etc. § 15: 1. 22: p. 30. The revenues of the Government or any part threof may be deposited in Federal reserve- banks. REVIEW. § 2: 1. 29: p. 3. The determination of the Organization Com- mittee shall not be subject to review except by the Federal Reserve Board when or- ganized. § 13: 1. 1: p. 27. The rates on promissory notes given by mem- ber banks for advances by the Federal reserve bank shall be established by such Federal reserve banks, subject to the review and determination of the Federal Reserve Board. § 14: 1. 25: p. *9. The Federal reserve bank shall establish, from time to time, rates of discount, etc., subject to review and determination of the Federal, Reserve Board. REVISED STATUTES. See "United States Revised Statutes." RIGHT; RIGHTS, § 2:1. 16: p. 5. § 9:1. 7: p. 16. For failure to become a member bank within one year, etc., or to comply with any of the provisions of this Act, etc., all of the rights, privileges, and franchises granted it under the National Bank Act or under the pro- visions of this Act shall be therebj- for- feited. A State bank, etc., may make application for the right to subscribe to the stock of the Federal reserve bank. 538 INDEX-DIGEST OF FEDEEAT, EESRKVI-: ACT AND AMENDMENTS. RIGHT; RIGHTS— Continued. § 9: 1. 26: p. 17. The Federal Reserve Board may, after hearing, require such bank to surrender its stock, etc., and to forfeit all rights and privileges of membership. § 9:1. 1: p. 18. Upon surrender of its stock holdings, etc., all of its rights and privileges as a member bank shall cease and determine. § 9:1. 27: p. 18. Shall retain its full charter and statutory rights as a State bank or trust company, etc. § 11:1. 14: p. 23. The Federal Reserve Board, by special permit, may grant to national banks, etc., the right to act as trustee, etc. § 13:1. 22: p. 25. The Federal Reserve Board shall have the right to determine or define the character of the paper thus eligible for discount. § 15: 1. 30: p. 30. Nothing in this Act, etc., shall be construed to deny the right of the Secretary of the Treas- ury'' to use member banks as depositories. § 16:1. 43: p. 32. The Federal Reserve Board shall have the right, etc., to grant, in whole or in part, etc., or to reject entirely the application of any Federal reserve bank for Federal reserve notes. § 30: 1. 28: p. 49. The right to amend, alter, or repeal this Act is hereby expressly reserved. RULE. § 11: 1. 27: p. 23. Or any rule or regulation made in pursuance thereof. § 16: 1. 5: p. 36. The Federal Reserve Board shall b}^ rule fix the charges to be collected by the member banks frdm its patrons whose checks are cleared through the Federal reserve bank, etc. RULES AND REGFIATIOITS. See "Regulations." RUIING. § 11 : 1. 33: p. 23. The Federal Reserve Board, upon the affirma- tive vote of not less than five members, shall have power, by general ruling, covering all districts alike, to permit member banks to carry in the Federal reserve banks, etc.-, any portion of their reserves now required by section 19 to be held m their own vaults. [Superseded by the Act of June 21, 1917, amending section 19. See S' 19: 1. 14: d 40 1 RUN. " ^ § 13:1. 14: p. 26. flaving not more than six months' sight to run, etc. § 13: 1. 16: p. 28. Having not more than three months' sight to run, etc. SAFEGUAEDING. § 11: 1. 4: p. 23. The Federal Reserve Board shall make regu- lations for the safeguarding ot all collateral, etc., deposited in the hands of such Federal reserve agents. SAFE-KEEPING. § 16: 1. 20: p. 34. Such Federal reserve agent and such Federal reserve bank shall be jointly liable for the safe-keeping of such Federal reserve notes, gold, gold certificates, and lawful money. SAFELY. § 4:1. 29: p. 9. Shall extend to each member bank such discounts, advancements, and accommoda- tions as may be safely and reasonably made, etc. SALARIES ; SALARY. § 10: 1. 33: p. 19, The five appointive members of the Federal Reserve Board shall each receive an annual salary of $12,000, payable monthly, etc. § 10: 1. 36: p. 19. The Comptroller, as ex officio member of the Federal Reserve Board, shall, in addi- tion to the salary now paid him' as Comp- troller, receive the sum of $7,000 annually, etc. § 10: 1. 19: p. 20. The Federal Reserve Board shall have power to levy semiannually upon the Federal reserve banks, etc., an assessment sufficient to pay its estimated expenses and the salaries of its members and employees, etc. 23. All salaries and fees shall be fixed in advance 23. by said board and shall be paid in the same manner as the salaries of the members of said board. § 21: 1. 24: p. 42. The Federal Reserve Board, upon the recom- mendatioh of the Comptroller, shall fix the salaries of all bank examiners and make report thereof to Congress. § 22: 1. 32: p. 43. Other than the usual salary or director's fee paid to any officer, etc., of a member Dank, etc., no officer, etc., shall be a bene- ficiary of or receive, directly or indirectly, any fee, etc., for or in connection with any transaction or business of the bank; pro- vided, etc. 539 11 11 19: 21: 540 INDEX-DIGEST OF FEDERAL BESERVE ACT AND AMENDMENTS. SALE. § 12: 1. 23: p. 24. The Federal Advisory Council may call for information and make recommendations in regard to, etc., the piirchase and sale of gold or securities by Federal reserve banks, etc. § 13: 1. 26: p. 27. The discount and rediscount and the purchase and sale by any Federal reserve bank of any bills receivable and of domestic and foreign bills of exchange, and of accept- ances authorized by this Act, shall be sub- ject to such restrictions, limitations, and regulations as may be imposed by the Federal Reserve Board. § 27: 1. 25: p. 51. Any Federal reserve bank may buy and sell farm-loan bonds issued under this Act to the same extent and subject to the same Umitations placed upon the purchase and sale by said banks of State, county, etc., bonds under subsection (b) of section 14 of the Federal Reserve Act, etc. (Act of July 17, 1916.) § 7 : 1. 39 : p. 51 . Is hereby authorized to deposit the proceeds, § 8: 1. 13: p. 54. or any part thereof, arising from the sale of the bonds, etc. (Act of April 24, 1917.) (Act of September 24, 1917.) SAME. § 11: 1. 45: p. 22. The Federal Reserve Board may, etc., ad- minister the same during the period of suspension. § 2: 1. 36: p. 53. May quahfy and receive the same. (Act of May 18, 1916.) SAME AMOUNT. § 8: 1. 31 : p. 15. The shares of any such bank may continue to be for the same amount each as they were before the conversion. § 9: 1. 10: p. 16. Such application shall be for the same amount of stock that the applying bank would be required to subscribe to as a national bank, SAME CALENDAR TEAB. § 9: 1. 37: p. 17. No Federal reserve bank shall, except under express authority of the Federal Reserve Board, cancel, within the same calendar year, more than 25 per centum of its capital stock for the purpose of effecting voluntary withdrawals during that year. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 541 SAME CONDITIONS. § 2:1. 2: p. 6. Subject to the same conditions as to payment and stock liability as provided for member banks. § 4:1. 8: p. 9. Federal reserve bank notes shall be issued under the same conditions and provisions of law as relate to the issue of circulating notes of national banks secured by bonds of the United States bearing the circulating privilege, except that, etc. SAME DUTIES. § 8: 1. 40: p. 15. And shaU be subject to the same duties, lia- bilities, and regulations, in all respects, as shall have been prescribed by the Federal Reserve Act and by the National Banking 'Act, etc. SAME EXTENT. § 23: 1. 33: p. 44. Shall be liable to the same extent as if they had made no such transfer, etc. § 27: 1. 23: p. 51. To the same extent and subject to the same limitations placed upon the purchase and sale by said banks of State, county, etc., bonds under subsection (b) of section 14 of the Federal Reserve Act, etc. (Act of July 17, 1916.) SAME GENERAL TENOR. § 18: 1. 5: p. 40. Such bonds shall be of the same general tenor and effect, etc., as the United States 3 per centum bonds, etc. SAME GENERAL TERMS. § 18:1. 6: p. 40. And to be issued under the same general terms and conditions as the United States 3 per centum bonds without the circulation privilege, etc. SAME, INTEREST ON THE. See also "Interest," § 24: 1. 19: p. 45. Such banks may continue hereafter as hereto- fore to receive time deposits and to pay interest on the same. § 11:1. 11: p. 51. To deposit its securities, and its current funds subject to check, with any member bank of the Federal reserve system, and to receive interest on the same as may be agreed. (Act of July 17, 1916.) SAME IS DIVIDED. § 4:1. 3: p. 8. The number of shares into which the same is divided, 542 INDEX-DIGEST OF FEDERAL KESBKVE ACT AKD AMENDMENTS. SAME LIMITATIONS. See also "Limitations." § 27: 1. 24: p. 51. To the same extent and subject to the same limitations, etc. (Act of July 17, 1916.) SAME MANNER. § 4: 1. 12: p. 12. To be fixed and paid in the same manner as that of the Federal reserve agent. § 11: 1. 21: p. 23. Shall be paid in the same manner as the salaries of the members of said Federal Reserve Board. SAME, NEGOTIATING THE. § 9: 1. 39: p. 18. The discount of commercial or business paper actually owned by the person negotiating the same shall not be considered as bor- rowed money within the meaning of this section. SAME, PEBFOBM THE. § 11: 1. 9: p. 23. To enable said Federal Reserve Board effec- tively to perform the same. SAME FOWEBS. § 8: 1. 39: p. 15. A converted bank, etc., shall have the same powers and privileges, etc. SAME, PBESERVE THE. § 4:1. 17: p. 8. Who shall file, record, and carefully preserve the same in his office. SAME, PBOCXJBING THE. § 18 : 1. 44 : p. 38. Federal reserve bank notes shall be the obU- gations of the Federal reserve bank pro- curing the same. SAME, PURCHASING THE. § 18: 1. 24: p. 38. Shall duly assign and transfer, in writing, such bonds to the Federal reserve bank pur- chasing the same. SAME PURPOSE. § 18: 1. 1 : p. 40. And for the same pnrpose the Secretary of the Treasuiy is authorized, etc., to issue United States gold bonds at par, etc. SAME RATE OF INTEREST. § 22: 1. 43: p. 43. Nothing in this Act, etc., shaJl prohibit a director, etc., from receiving the same rate of interest paid to other depositors, etc. SAME, SELL THE. § 26: 1. 33: p. 47. Or sell the same, if necessary to obtain gold. SAME TENOR. § 18:1. 2: p. 39. Federal reserve bank notes shall be to the same tenor and effect as national-banknotes. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 543 SAME TERMS. §18:1. 4: p. 39. Federal reserve bank notes shall be issued and redeemed under the same terms and condi- tions as national-bank notes, except, etc. § 22: 1. S: p. 44. Notes, etc., execxited or indorsed by directors or attorneys of a member bank may be dis- counted with such member bank on the same terms and conditions as other notes, etc., upon the aflirmative vote or written assent of at least a majority of the directors, etc. SAME TIME, AT THE. § 16: 1. 41: p. 33. Shall at the same time substitute therefor other collateral of equal amount, etc. SAME TO BE FEINTED, CAUSE THE. § 10: 1. 15: p. 21. Who shall cause the same to be printed for the information of the Congress. SAME TRANSACTION. § 13: 1. 29: p. 26. Growing out of the same transaction as the acceptance. SATISFY. § 25: 1. 37: p. 46. To institute an investigation of the matter in order to satisfy itself as to the actual nature of the transaction referred to. SAVINGS ACCOUNTS. § 19: 1. 17: p. 40. Time deposits shall comprise all savings accounts. SAVINGS CERTIFICATES, WAR. See "War savings certificates." SAVINGS, POSTAL. § 1 5 : 1. 26 : p. 30. No public funds of the PhOippine Islands, or of the postal savings, or any Government funds, shall be deposited in the continental United States in any bank not belonging to the system estabUshed by this Act. § 19: 1. 19: p. 40. Time deposits shall comprise all postal savings deposits. § 2:1. 8: p. 53. Postal savings funds, etc., shall be deposited in solvent banks, etc., whether member banks or not of the Federal resferve system, etc. (Act of May 18, 1916.) i? 2: 1. 17: p. 53. The funds received at the postal savings depos- itory offices in each city, etc., shall be depos- ited in banks located therein, etc. (Act of May 18, 1916.) -544 INDEX-DIGEST OF FEDEKAL EESER\'E ACT AND AMENDMENTS. SAVINGS, POSTAL— Continued. § 2: 1. 29: p. 53. Provided, etc., if one or more member banks § 2: 1. 30: p. 53. of the Federal reserve system, etc., exists in the city, etc., where the postal savings are made, such deposits shall be .placed in such qualified member banks substantially in proportion to the capital and surplus of each such bank. (Act of May 18, 1916.) SEAL; SEALS. § 4:1. 39: p. 7. The banks so designated shall, under their seals, make an organization certificate. § 4: 1. 15: p. 8. The organizatipn certificate shall be authenti- cated by the seal of such court. § 4:1. 23: p. 8. Federal reserve banks shall have power to adopt and use a corporate seal. SECOND. § 4:1. 24: p. 8. § 18:1. 17: p. 27. § 25:1. 36: p. 45. SECOND CHOICE ; CHOICES. § 4: 1. 43: p. 10. Shall certify to the chairman his first, second, and other choices. § 4:1. 3: p. 11. Shall make a cross opposite the name of the first, second, and other choices. § 4:1. 14: p. 11. By adding together the first and second choices. § 4: 1. 17: p. 11. When the first and second choices shall have been added, etc. SECOND COLUMN. § 4:1. 11: p. 11. The votes cast by the electors, etc., in the second column. SECEETARIES, ASSISTANT. See "Assistant Secretaries of the Treasury." SECRETARY OF AGRICULTURE. § 2:1. 21: p. 3. Shall act as a member of the Eeserve Bank Organization Committee. SECRETARY OF THE TREASURY. § 2: 1. 20: p. 3. Shall act as a member of the Keserve Bank Organization Committee. § 2:1. 20: p. 6. Shall hold United States stock in Federal § 2:1. 23: p. 6. reserve banks and dispose of it for the benefit of the United States, etc., at such times and at such price, not less than par, as he may determine. INDEX-DIGEST OF FEDERAL KESERVE ACT AND AMENDMENTS. 545 SECRETARY OF THE TREASURY— Continued. § 2: 1. 40: p. 6. The expenses of the Organization Committeo shall be payable by the Treasurer upon voucher approved by the Secretary of the Treasury. § 7: 1. 33: p. 14. The net earnings derived by the United States from Federd reserve banks shall, in the discretion of the Secretary of the Treasury, be used to supplement the gold reserve held against outstanding United States notes, or, etc. § 7:1. 34: p. 14. Or shall be applied to the reduction of the § 7:1. 37: p. 14. outstanding bonded indebtedness of the United States under regulations to be pre- scribed by the Secretary of the Treasury. § 10: 1. 19: Pi 19. Shall be an ex officio member of the Federal Reserve Board. § 10: 1. 39: p. 19. Shall be ineligible during the time in office and for two years thereafter, to hold any office, position, or employment in any member bank. § 10: 1. 11: p. 20. May assign offices in the Department of the Treasury for the use of the Federal Reserve Board. § 10: 1. 27: p. 20. Shall be ex officio chairman of the Federal Reserve Board. § 10: 1. 34: p. 20. Each member shall certify under oath to the Secretary of the Treasury that he has com- plied with this requirement. § 10: 1. 5: p. 21. Nothing in this Act contained shall be con- strued as taldng away any powers heretofore vested by law in the Secretary of the Treasury which relate to the supervision, management, and control of the Treasury Department and bureaus under such de- partment. § 10:1. 10: p. 21. Wherever any power vested by this Act in the § 10:1. 12: p. 21. Federal Reserve Board or the Federal reserve agent appears to conflict with the powers of the Secretary of the Treasury, such powers shall be exercised subject to the supervision and control of the Secretary. § 10: 1. 27: p. 21. The Comptroller, etc., shall perform his duties under the general, directions of the Secretary of the Treasury. § 15: 1. 18: p. 30. Funds specified which, upon the direction of the Secretary of the Treasury, may be do- posited in Federal reserve banks. 20592°— IS 85 546 INDEX-DIGEST OF FEDERAL EESEBVE ACT AND AMENDMENTS. SECRETARY OF THE TREASITRY— Continued. § 15: 1. 20: p. 30. Federal reserve bp,nks shall act as fiscal agents of the United States when required by the Secretary of the Treasury, § 15: 1. 30: p. 30. Nothina: in this Act shall be construed to deny the right of the Secretary of the Treasury to use member banks as depositories. § 16:1. 14: p. 32. Such Federal reserve bank shall, upon the demand of the Secretary of the Treasury, reimburse such redemption fund in lawful money. § 16: 1. 18: p. 32. Or if such notes have been redeemed, etc.. in gold, etc., then such funds shall be reim- bursed in gold, etc., to the extent deemed necessary by the Secretary of the Treasury. § 16: 1. 23 : p. 32. Federal reserve banks shall, etc.. maintain with the Treasurer a gold redemption fund suffi- cient, in the judgment of the Secretary of the Treasury, to provide for all redemptions of Federal reserve notes. § 16: 1. 36: p. 32. The Federal Reserve Board shall roqiiro each FedereJ reserve bank to maintf.in on deposit in the Treasurj* a sum in gold sufficient in the judgment of the Secretary of the Treas- ury for the redemption of its Federal re- serve notes, etc. § 16: 1. 29: p. 33. Upon the request of the Secretary of the Treas- ury, the Federal Reserve Board shall require the Federal reserve agent to transmit to the Treasurer so much of the gold held by him as collateral, etc., as may be required for the exclusive purpose of the redemption of such Federal reserve notes. § 16: 1. 30: p. 34. The Comptroller, etc., under the direction of the Secretary of the Treasury, shall cause plates and dies to be engraved, etc. § 16: 1. 37: p. 34. Such notes shall be in foi*m and tenor as directed by the Secretary of the Treasury. § 16: 1. 26: p. 35. Certain specified appropiiations, and any dis- tinctive paper that may be on hand, etc., may be used in the discretion of the Secretary of the Treasury for the purposes of this Act. § 16: 1. 30: p. 35. Should the appropiiations heretofore made bo insufficient, etc., the Secretary of the Treas- ury is hereby authorized to vso so much v,i any funds in the Troa'sury not otherwise appropiiated for the purpose of furnisjng the notes aforesaid. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 547 SECRETARY OF THE TREASURY— Continued. § 16: 1. 19: p. 36. The Secretary of the Treasury is authorized and directed to rocoivc deposits of gold coin or gold certificf.tes with the Treasurer, etc., when tendered by any Federal reserve bank or Federal reserve agent for ciedit to its or his account with the Federal Reserve Board. § 16: 1. 24: p. 36. The Secretary of the Treasury shfcll prescribe by regulation the form of receipt to be issued by the Treasurer, etc. §16:1. 3 : p. 37. The form of the order to be I'sed by the Federal Eeserve Board in making such payments shall be approved by the Secretary of the Treasury, etc. § 18:1. 1: p. 39. Federal reserve bank notes shall be in form prescribed by the Secretary of the Treasury. § 18: 1. 9: p. 39. Upon application of any Federal reserve bank, approved by the Federal Reserve Board, the Secretary of the Treasury may.issi'e in ex- change for United States 2 per centum gold bonds, bearing the circulp.tion piivilege, but against which no circulatif>n is oi fstf.nding, one-j-ear gold notes of the Urifod States without the circulation piivilege, to an amount not to exceed one-half of the 2 per centum bonds so tendered for exchr.nre. and 30-year 3 per centum gold bonds, without the circulation privilege, for the remainder. § 18: 1. 21: p. 39. Provided, etc., the Federal reserve bank § 18:1. 24: p. 39. obtaining such one-year notes shf.ll enter into ail obligation with the Secretary of the Treasury binding itself to purchr,se from the ' XJiu'tod States for gold at the maturity of such one-jear notes, an amount equal to those delivered in exchange for such bends, if so requested by the Secretary. § 1 8 : 1. 27 : p. 39. And at each maturity of one-j^ear notes so purchased by such Federal reserve bank, to purchase from the United States such an amount of one-j^ear notes as the Secretary of the Treasury may tender to such bank, not to exceed, etc. § 18: 1. 34: p. 39. To make the exchange herein provided for the Secretary of the Treasury is authorized to issue at par Treasury notes, etc. § 18:1. l:p. 40. For the same purpose the Secretary of the Treasury is authorized, etc., to iss" o United States gold bonds at par, beaiir.g 3 per centum interest, payable 30 yeais from the date of issue, etc. 548 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. SECRETARY OF THE TREASURY— Continued. § 18: 1. 10: p. 40. Upon application of any Federal reserve bank, approved by the Federal Reserve Board, the Secretary of the Treasury may issue at par such 3 per centum bonds in exchangre f or the one-year gold notes herein provided for. § 21 : 1. 5: p. 42. The Comptroller shall appoint bank^ examiners, etc., with the approval of the Secretary of the Treasury. § 26:1. 27: p. 47. The Secretary of the Treasury may, for the purpose of maintaining such parity and to strengthen the grcld reserve, borrow gold on the security of United States bonds author- ized by section 2 of the Act of March 14, 1900, or for one-year gold notes bearing interest not to exceed 3 per centum per annum, or sell the same if necessary to obtain gold. § 26: 1. 34: p. 47. When the funds of the Treasury on hand justify, the Secretary may purchase and retire such outstanding bonds and notes. § 27 : 1. 23 : p. 48. The Secretary of the Treasury shall have power to suspend the limitations of sections 1, 3, and 5 of the Act of May 30, 1908. § 27 : 1. 35 : p. 48. He shall require each bank and currency association to maintain on deposit in the Treasury of the United States a sum in gold sufficient in his judgment for the redemption of such notes, but in no event less than 5 per centum. § 27: 1. 39: p. 48. He may permit national banks to issue addi- tional circulation during the period for which such provisions are suspended. § 27: 1. 43: p. 48. The Secretary of the Treasury is authorized to extend the benefits of this Act to all qualified State banks and trust companies which have joined or may contract to join the Federal reserve system within 15 days after the passage of this Act. § 7: 1, 36: p. 51. The Secretary of the Treasury, etc., is hereby authorized to deposit in such banks and trust companies as he may desis^nate the proceeds, or any part thereof, arising Sram the sale of the bonds and certificates of indebtedness authorized by this Act, or the bonds previously authorized f,s de- scribed ill section 4 of this Act, etc. (Act of April 24, 1917.) INDEX-DIGEST OF EEDEKAL BE&EK.VE ACT AND AMENDMENTS. 549 SECRETARY OF THE TREASURY— Continued. § 7:1. 3: p. 52. Such deposits may bear such rate of interest and be subject to such terms and conditions as the Secretary of the Treasury may pre- scribe, provided, etc. (Act of April 24, 1917.) ! 8: 1. 9: p. 54. The Secretary of the Treasury, etc., is hereby authorized to deposit, in such incorporated banks and trust companies as he may des- ignate, the proceeds, or any part thereof, arising from the sale of the bonds and cer- tificates of indebtedness and war-savings certificates authorized by this Act. (Act of September 24, 1917.) § 8: 1. 19: p. 54. Such deposits shall bear such rate or rates of interest, and shall be secured in such manner, and shall bo made upon and subject to such terms and conditions as the Secretary of the Treasury may from time to time prescribe, provided, etc. (Act of September 24, 1917.) SECTION. § 9: 1. 28: p. 16. Under authority of this section. § 9: 1. 22: p. 17. The provisions of this section. 17. Conditions imposed by this section. 18. Under authority of this section. 18. The provisions of this section. § 9: 1. 41: p. 18. Within the meaning of this section. 19. Provided by this section. 19. Under authority of this section. § 9: 1. 14: p. 19. In violation of this section. § 13: 1. 4: p. 25. Nothing in this or any other section of this Act, etc. § 14: 1. 11: p. 30. Authorized by this section. § 16: 1. 33: p. 35. Nothing in this section contained. § 16: 1. 21 : p. 37. The provisions of this section. § 22: 1. 17: p. 44. Any provision of this section. § 24: 1. 23: p. 45. Described in this section. § 25: 1. 19: p. 46. The first paragraph of this section. § 27: 1. 9: p. 48. The Act first referred to in tnis section. § 27: 1. 25: p. 48. The Act referred to in tliis section. 9: 29: :p, 9; 17: :p. 9: .18: p, 9: 41: p. 9: 1: P- 9: 7: P- 550 INDEX-DIGEST OF FEDERAL BESEKVE ACT AND AMENDMENTS. SECTIONS CITED OF ACTS OTHER THAN THE FEDEEAl EESEEVE ACT. Act of June 20, 1874. Section 2. § 20:1. 31: p. 41. Section 3. § 20:1. 31: p. 41. Section 4. § 17:1. 26: p. 37. Act of July 12, 1882. Section 8. § 17:1. 27: p. 37. Act of March 14, 1900. Section 2. § 26:1. 30: p. 47. Section 6. § 16:1. 17: p. 37. Act of May 30, 1908. Section 1. § 27:1. 24: p. 48. Section 3. § 27: 1. 24: p. 48. Section 5. § 27:1. 32:. p. 48. Section J9. § 27: J. '8:^.48. Act of October 15, 1914. Section 8, § 25:1. 13: p. 47. Act of April 24, 1917, Section 4. § 7:1. 41: p. 51. SECTIONS OF THE FEDERAI EESEEVE ACT CITED IN OTHEE SECTIONS OF THE ACT. Section 2. § 4:1. 18: p. 7, Section 4. § 18:1. 14: p. 38. § 18:1. 37: p. 38. Section 13. § 16:1. 17: p. 31. INDEX-DIGEST OF FEDEEAL KESEEVE ACT AND AMENDMENTS. 651 SECTIOITS OF THE FEDERAI RESERVE ACT CITED IN OTHER SECTIONS OF THE ACT— Continued. Section 14. § 16:1. 19: p. 31. § 16:1. 21: p. 31. § 27: 1. 26: p. 51. (Act of July 17, 1916.) Section 18. . § 16:1. 14: p. 33. Section 19. § 11:1. 32: p. 22. [The reference is to section 20 in the offi- cial text. The correct reference should be .to section 19.] § 11:1. 36: p. 23. Section 20. § 11:1. 32: p. 22. [An error in official text. The reference is to section 19.] Section 21. § 9:1. 22: p. 18. SECTIONS OF THE ITNITED STATES REVISED STATUTES. See also "United States Revised Statutes." Section 324. § 10:1. 17: p. 21. Section 5143. §28:1. 4: p. 49. Section 5153. § 27:1. 43: p. 47. § 7: I. 11 : p. 52. (Act of April 24, 1917.) Section 5154. § 8:1. 3: p. 15. Section 5159. § 17:1. 24: p. 37. Section 5172. §27:1. l:p. 48. Section 5174. § 16:1. 16: p. 35. Section 5191. §27:1. l:p. 48. § 7: 1. 11 : p. 52. (Act of April 24, 1917.) § 8 : 1. 21 : p. 54. (Act of September 24, 1917.) Section 5202. § 13:1. 8: p. 27. 552 INDEX-DIGEST OF FEDEfiAL EESEBVE ACT AND AMENDMENTS. SECTIONS OF THE UNITED STATES EEVISED STATUTES— Con, Section 5209. § 9:1. 36: p. 16. Section 5214. §27:1. 2: p. 48. Section 5240. § 9:1. 21: p. 18. §21:1. 2: p. 42. SECURED. § 4:1. 9: p. 9. Circulating notes of national banks secured by bonds of the United States. § 10: 1. 22: p. 21. Issue and tegulation of national currency secured by United States bonds. § 13: 1. 26: p. 25. Notes^ drafts, and bills secured by staple agricultural products. § 13: 1. 19: p. 26. Or which are secured at the time of accept- ance by a warehouse receipt or other such document, etc. § 13: 1. 27: p. 26. Unless the bank is secured either by attached documents or by some other actual security growing out of the same transaction as the acceptance. § 13:1. 3: p. 27. Provided such promissory notes of member banks are secured by such notes, drafts, bills, or bankers' acceptances as are ehgi- ble, etc., or by the deposit or pledge of bonds or notes of the United States. § 18:1. 30: p. 38. After deducting a sufficient sum to redeem its outstandmg notes secured by such bonds, etc. § 24: 1. 42: p. 44. National banks not situated in a central reserve city may make loans secured by improved and unencumbered farm lands, etc. § 24 : 1. 3 : p. 45. And may also make loans secured by improved and unencumlaered real estate, etc. § 24: 1. 14: p. 45. Limitation of such loans, whether secured by farm land or real estate. § 24: 1. 22: p. 45. The Federal Reserve Board may add to the list of cities in which national banks may not make loans secured upon real estate, etc. § 27: 1. 13: p. 48. Circulating notes secured otherwise than by bonds of the United States. § 27: 1. 26: p. 48. Additional circulation sscured otherwise than by bonds of the United States. INDEX-DIGEST OF FEDERAL EESEKVE ACT AND AMENDMENTS. 553 SECTJEED— Continued. § 27: 1. 28: p. 48. Having circulating notes outstanding sacured by the deposit of bonds of the United States. § 7:1. 8 : p. 52. Such deposits shall be secured in the manner required for other deposits, etc. (Act of Apr. 24, 1917.) § 8:1. 17: p. 54. Such deposits, etc., shall be secured in such manner, etc., as the Secretary of the Treasury may from time to time prescribe. (Act of Sept. 24, 1917.) SECURING. § 13: 1. 18: p. 26. Provided shipping documents conveying or securing title are attached at the time of acceptance. § 13:1.21: p. 26. Or other such document conveying or secur- ing title covering readily marketable staples. § 13:1. 32: p. 28. Unless the draft or bill is accompanied by documents conveying or securing title, etc. § 18:1. l:p. 38. United States bonds securing circulation to ^ be retired. SECURITIES; SECURITY. § 12:1. 24: p. 24. The Federal Advisory Council may call for information and make recommendations in regard to, etc., the purchase and sale of gold or securities, etc., by Federal reserve banks. § 13: 1. 32: p. 25. Issued or drawn for the purpose of carrying or trading in, etc., other investment se- curities, except, etc. § 13: 1. 28: p. 26. Unless the bank is secured either by attached documents or by some other actual security growing out of the same transaction as the acceptance. § 13: 1. 32: p. 28. Unless the draft or bill is accompanied by documents, etc., or by some other adequate security. i 14: 1. 8: p. 29. Federal reserve banks may contiact for loans j 14 : 1. 9 : p. 29. of gold coin or buUion, giving therefor, when necessary, acceptable security, includ- ing the hypothecation of United States bonds or other securities which Federal reserve banks are authorized to hold. § 16: 1. 15: p. 31. The collateral security thus offered for Federal reserve notes shall be, etc. § 16: 1. 22: p. 31. In no event shall such collateral security, etc., be less than the amount of Federal reserve notes applied for. 554 INDEX-DIGESr OF FEDEKAL BESEKVE ACT AND AMENDMENTS. SECURITIES; SECITRITY— Continued. § 16; 1. 30: p. 31. The Federal Reserve Board may at any time call upon a Federal reserve bank for addi- tional security to protect thci Federal reserve notes issued to it. § 16: 1. 40: p. 32. Less the amount of gold or gold certificates § 16:1. 11: p. 33. held by the Federal reserve agent as col- lateral security. § 16:1. 15: p. 33. Together with such notes, etc., as may be issued under section 18 upon security of United States 2 per centum Government bonds. § 16: 1. 32: p. 33. To transmit to the Treasurer so much of the gold held by him as collateral security for Federal reserve notes as may be required for the exclusive purpose of the redemption of such Federal reserve notes. Such gold, etc., shall be counted and con- sidered as if collateral security on deposit with the Federal reserve agent. Shall thereupon be entitled to receive back the collateral deposited, etc., for the security of such notes. Limitation upon loans made upon the security of farm land and real estate. Loans upon farm land or real estate shaJl not exceed 50 per centum of the actual value of the property offered as security. The Secretary of the Treasury may, etc., bor- row gold on the security of United States bonds, authorized, etc. Upon the average amount of such of their notes in circulation as are based upon the deposit of such securities. Federal land banks may deposit their secur- ities, etc., with any member bank of the Federal reserve system, etc. (Act of July 17, 1916.) Each Federal reserve bank, etc., shall annually S3lect, etc., one member of the Federal Advisory Council. § 12: 1. 10: p. 24. The Federal Advisory Council may select its own officers. SELECTED. § 4: 1. 31: p. 9, Such board of directors shall be selected as hereinafter specified. § 4: 1. 3: p. 10. As chairman of the board to be selected. § 16:1. 36: p. 33. § 16:1. 6: p. 34. § 24:1. 6: p. 45. § 24:1. 8: p. 45. § 24:1, 13: p. 45. § 26:1. 29: p. 47. § 27:1. 17: p. 48. § 13:1. 9: p. 51. SELECT. § 12:1. 42: p. 23. INDEX-DIGEST OF FEDERAL KESEBVE ACT AND AMENDMENTS. 555 SELECTED— Continued. § 9:1. 7: p. 17. Shall likewise be subject to examinations, etc., made by examiners selected or ap- proved by the Eederal Reserve Board. § 9:1. 13: p. 17. In lieu of examinations made by examiners selected or approved by the Federal Reserve Board. § 10: 1. 25: p. 19. Not more than one of the five appointive members of the Federal Reserve Board shall be selected from any one Federal reserve district. § 10:1. 42: p. 20. An appointee to a vacancy in the Federal Reserve Board shall hold oflBce for the unexpired term of the member whose place he is selected to fill. § 12: 1. 14: p. 24. Members selected to fill vacancies in the Fed- eral Advisory Council shall serve for the unexpired term. SEIECTIUG. § 10: 1. 23: p. 19. In selecting the five appointive members of the Federal Reserve Board, etc., the Presi- dent shall have due regard to a fair repre- sentation, etc. SELECTION. § 4: 1. 41: p. 12. Vacancies in the directors of Federal reserve banks may be filled in the manner provided for the original selection, etc. § 9: 1. 16: p. 17. The Federal Reserve Board may order special examinations of State, etc., member banks by examiners of its own selection. SELL. § 14: 1. 40: p. 28. Federal reserve ba,nks may purchase and sell in the open market, etc. § 14: 1. 11: p. 29. May buy and sell, at home or abroad, bonds and notes of the United States, and bills, notes, etc. § 14: 1. 22: p. 29. May purchase from member banks and sell, etc., biUs of exchange, etc. § 14: 1. 38: p. 29. May buy and sell with or without its indorse- ment, through such correspondents or agen- cies, bills of exchange, or acceptances, etc. § 18: 1. 44: p. 37. May file with the Treasurer an application to sell for its account, etc., Umted States bonds securing circulation to be retired. § 26: 1. 32: p. 47. Or may sell the same if necessary to obtain gold. 556 INDEX-DIGEST OP FEDEEAL KESEEVE ACT AND AMENDMENTS. SEIl — Continued. § 27: 1. 20: p. 51. Any member bank, etc., may buy and sell farm loan bonds, etc. (Act of July 17, 1916.) § 27: 1. 22: p. 51. Any Federal reserve bank may buy and sell farm loan bonds, etc. (Act of July 17, 1916.) SEILIITG. § 13: 1. 42: p. 27. By soliciting and selling insurance and col- lecting premiums on policies issued, etc. § 14 : 1. 37 : p. 29. For the purpose of purchasing, selling, and collecting bills of exchange, etc. § 18: 1. 28: p. 38. The Treasurer shall pay to the member bank selling such bonds any balance due, etc. SEMIANNUALLY. § 10: 1. 17: p. 20. The Federal Reserve Board shall have power to levy semiannually an assessment upon the Federal reserve banks, etc. SENATE, UNITED STATES. § 10 § 10 § 10 § 10 1. 23: p. 19. With the advice and consent of the Senate. 1. 40: p. 20. 1. 45 : p. 20. During the recess of the Senate. 1. 2: p. 21. After the next session of the Senate cgnvenes. SENATOE, UNITED STATES. § 4:1. 8: p. 10. No Senator, etc., shall be a member of the Federal Reserve Board or an officer or a director of a Federal reserve bank. SEND FOE PEESONS AND PAPEES. § 2:1. 11: p. 4. The Organization Committee . may send for persons and papers, etc. § 25 : 1. 35 : p. 46. The Federal Reserve Board, . in instituting investigations under this section, may send for persons and papers, etc. SENTENCE. § 29: 1. 20: p. 49. If any clause, sentence, etc., of this Act shall § 29: 1. 24: p. 49. be adjudged by any court, etc., invalid, such judgment, etc., shall be confined in its operation to the clause, sentence, etc., directly involved in the controversy, etc. SEPAEATE ITEM. § 25: 1. 6: p. 47. ShaU, at the end of each fiscal psriod, transfer to its general ledger the profit "or loss ac- crued at each branch as a separate item. SEEIAL NUMBEE. § 16: 1. 43: p. 31. Notes so paid out shall bear upon their faces a distinctive letter and serial number. INDEX-DIGEST OF FEDEEAL EESEKVE ACT AND AMENDMENTS. 557 SERVE. § 10: 1. 3: p. 20. One shall be designated by the President to serve for 2, one for 4, one for 6, one for 8, and one for 10 years. § 10: 1. 5: p. 20. Thereafter each member shall serve for a term of 10 years, etc. § 12: 1. 14: p. 24. Shall serve for the unexpired term. SERVICE; SERVICES. § 10: 1. 38: p. 19. The Comptroller shall, in addition, etc., receive the sum of $7,000 annually for his services as a member of said Federal Reserve Board. § 11:1. 7: p. 23. Said Federal Reserve Board shall perform the duties, functions, or services specified in this Act. § 11: 1. 30: p. 23. Nothing herein shall prevent the President from placing said employees in the classified service. § 13: 1. 44: p. 27. May-receive for services so rendered such fees or commissions as may be agreed upon, etc. § 13: 1. 5: p. 28. Receiving for such services a reasonable fee or commission. § 16: 1. 8: p. 36. And the charge which may be imposed for the service of clearing or collection rendered by the Federal reserve bank. § 22: 1. 29: p. 43. No national-bank examiner shalf perform any other service for compensation, etc. § 22: 1. 36: p. 43. Other than a reasonable fee, etc., for services rendered to such bank, etc. SESSION OF THE SENATE. §10: 1. 1: p. 21. By granting commissions which shall expire 30 days after the next session of the Senate convenes. SET FORTH. § 11: 1. 32: p. 22. Subject to the reserve requirements set forth in section 20 of this Act. [An error in the original text. The reference should be to section 19.] § 16: 1. 36: p. 30. As hereinafter set forth, and for no other pur- pose. SEVEN DIRECTORS. § 3:1. 10: p. 7. The board of directors of branch banks shall consist of not more than seven nor less than three directors. SEVEN MEMBERS. § 10:1. 19: p. 19. The Federal Reserve Board shall consist of seven members. 558 INDEX-DIGEST OF FEDEKAL KESEBVE ACT AXD AMENDMENTS. SEVEN PER CENTUM. § 19: 1. 27: p. 40. A member bank not in a reserve or central reserve city, etc., shall hold and maintain with the Federal reserve bank, etc., an actual net balance equal to not less than seven per centum of the aggregate amount of its demand deposits. SEVEN THOUSAND DOLLARS. § 10:1. 37: p. 19. The Comptroller, in addition to the salary now paid him as Comptroller, shall receive the sum of seven thausand dollars annually for hii services as a member of the Federal Ilescrvc Board. SEVENTH. § 4:1. 40: p. 8. SEVERAL. § 4: 1. 12: p. 11. And the votes cast for the several candidates in the first column. § 4: 1. 24: p. 12. May call such meetings of bank directors in the several districts, etc. § 4: 1. 40: p. 12. Method of filling vacancies in the several classes of directors. § 16: 1. 39: p. 34. And shall bear the distinctive numbers of the several Federal reserve banks. § 16:1. 9: p. 37. And included in its assessments against the several Federal reserve banks. SEVERALLY LOCATED. § 2:1. 16: p. 4. Where such Federal reserve banks shall be severally located. SHAREHOLDERS. See also "Stockholders." § 2 : 1. 43 : p. 4. Individual liability of the shareholders of every Federal reserve bank. § 2:1. 31: p. 5. Individual liability of directors, etc., for all damages a bank, its shareholders, etc., , shall have sustained for noncompUance with or violation of this Act. § 8:1. 11: p. 15. Conversion permitted of a State bank, etc., into a national bank by vote of the share- holders owning not loss than 51 per centum of tlie capital stock. § 23: 1. 37: p. 44. This provision shall not be constnied to affect in any way any recourse w hich such shareholders might otherwise have ag:unst those in whose names such tbarcd ore registered at the time of such failure. § 28:1. 7: p. 49. Reduction of stock by a national bank per- mitted by the vote of the shareholders owning two-thirds of its capital stock, etc INDEX-DIGEST OF FEDEBAL KESERVE ACT AND AMENDMENTS. 559 SHARES. See also " § 4:1. 3: p. 8. § 4:1. 7: p. 8. § 5:1. 3: p. 13. Stock." The organization certificate shall state the number of shares into which the game is divided. And the number of shares subscribed by each bank. , The capital stock of each Federal reserve bank shall be divided into shares of $100 each. § 5:1. 8: p. 13. Shares of the capital stock of Federal reserve banks owned by member, banks shall not be transferred or hypothecated. In either case the shares surrendered shaJl be- canceled. ShaU receive, etc., a sum equal to its cash-paid subscriptions in the shares surrendered. The shares of any such converted bank may continue to be for the same amount, etc. Who shall have transferred their shares or registered the transfer thereof within 60' days, etc. § 23: 1. 38: p. 44. Against those in whose names such shares are registered at the time of such failure. § 5:1. 38: p. 13. § 5:1. 42: p. 13. § 8:1. 30: p. 15. § 23:1. 29: p. 44. SHEETS, BALANCE. § 11:1. 41: p. 22. SHIPMENT. § 13:1. 17: p. 26. The Federal Reserve Board may require the writing off of doubtful or worthless assets upon the books and balance sheets of Federal reserve banks. Or which grow out of transactions involving the dornestic shipment of goods, provided, etc. SHIPPINQ DOCUMENTS. • § 13: 1. 18: p. 26. Provided shipping documents conveying or securing title are attached at the time of acceptance. SHIPPING GOLD. § 16:1. 39: p. 36. SHORT TITLE. § 1:1. 3: p. Any expense incurred in shipping gold to or from the Treasury in order to make such payments, etc., shall be paid by the Federal Reserve Board and assessed against the Federal reserve banks. The short title of this Act shall be the ' ' Federal Reserve Act." 560 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. SHOW IN DETAIL. § 11 : 1. 37: p. 21. The weekly statements of the Federal Reserve Board shall show in detail the assets and liabihtieg of the , Federal reserve banks, single and combined, etc. SHOWIITG. § 4:1. 20: p. 7. Showing the geographical limits of such districts. § 5: 1. 30: p. 13. Showing the increase in capital stock. § 6: 1. 17: p. 14. Showing such reduction of capital stock. § 11 : 1. 34: p. 21. Showing the condition of each Federal reserve bank. SHOWN. § 13: 1. 36: p. 27. As shown by the last preceding decennial census. SIGHT. § 13: 1. 10: p. 26. Which have a maturity at the time of dis- count of not more than three months' sight, etc. § 13: 1. 14: p. 26. Having not more than six months' sight to run, etc. § 13: 1. 16: p. 28. Having not more than throe months' sight to run, etc. SIGNATTIRE. § 13: 1. 45: p. 25. Bearing the signature or indorsement of any one borrower, etc. ^ § 14: 1. 43: p. 29. Which bear the signature of two or more responsible parties. SIGNED. § 16: 1. 45: p. 36. The order used by the Federal Reserve Board in making such payments shall be signed by the governor or vice governor, etc. SIGNIFY. § 2 : 1. 25 : p. 4. Is hereby authorized to signify in writing, within 60 days, etc., its acceptance of the terms and provisions hereof. § 2:1. 7: p. 5. Penalty for any national bank failing to signify its acceptance, etc. SIMIIAE CAPITALIZATION. § 4: 1. 25: p. 10. Shall consist, as nearly as may be, of banks of similar capitalization. SIMILAR DEPOSITS. § 22: 1. 44: p. 43. Nothing in this Act, etc., shall prohibit a director, etc., from receiving the same rr.te of interest paid to other depositors for similar deposits. IKDEX-MGEST OP FEDEEAL RESERVE ACT AND AMENDMEKTS. 561 SIMIIAEIY. § 7: 1. 43: p. 14. Shall be paid to arid beconle the property of the United States and shall bo similarly applied. SINGLE ATSm COMBIifED. § 11:1. 38: p. 21. Shall show in detail the assets and liabilities of .the Federal reserve banks, single and combined, etc. SITUATED. § 2: 1. 20: p. 4. Shall include in its title the name of the city in which it is situated. § 4: 1. 18: p. 10. In the district in which the bank is situated. § 9:1. 14: p. 18. In the place where it is situated. § 24 : 1. 41 : p. 44. Any national bank not situated in a central § 24: 1. 43: p. 44. reserve city may make loans secured by improved, etc., farm land and real estate, etc., situated within its Federal reserve dis- trict, etc. SIX MONTHS. § 2: 1.39: p. 4. And one-sixth of the subscription shall be payable within six months thereafter. § 9: 1. 32: p. 17. A State bank or trust company may withdraw from membership after six months' written notice, etc. § 13: 1. 39: p. 25. And hating a maturity not exceeding six months, etc. § 13:1. 13: p. 26. Having not more than six months' sight to rUn, etc. § 14:i. 14: p. 29. And warrants with a maturity from date of purchase of not exceeding six months. SIX PEE CEBrTTJM, § 2:1. 35: p. 4. Every national bank, etc., shall be required, etc., to subscribe to the capital stock of the Federal reserve bank in a sum equal to six per centum of the paid-up capital stock and siirplus of such bank. § 5: 1. 14: p. 13. It-shaH thereupori subscribe for an additional amount of stock of the Federal reserve bank, etc., equal to six per centum of the said increase, etc. § 5: 1. 21 : p. 13. A bank applying for stock in a Federal reserve baftk, etc., after the organization thereof, must subscribe for an amount of capita,! stock of the Federal reserve bank equal to six per centum of the paid-up capital and surplus of said applicant bank. 20592°— 18 30 562 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. SIX PER CEUTtTM— Continued. J 7:1. 24: p. 14. The stockholders of a Federal reserve bank, etc., shall be entitled to receive an annual dividend of six per centnm on the paid-in capital stock, which dividend shall be cumulative. § 27: 1. 19: p. 48. Until a tax of six per centum per annum is reached. § 27: 1. 20: p. 48. And thereafter such tax of six per centum per annum upon the average amount of such notes. SIX, SECTION, See "Act of March 14, 1900." SIX YEARS. S 10:1. 3: p. 20. SIXTH. § 4:1. 36: p. 8. SIXTH, ONE. § 2:1. 36: p. 4. § 2:1. 38: p. 4. One shall be designated by the President to serve for six years, etc. SIXTY DAYS. § 2:1. 26: p. 4. One-sixth of the subscription shall be payable on call of the Organization Committee or of the Federal Reserve Board, one-sixth within three months, . and one-sixth within six months thereafter. Every national bank is hereby required and every ehgible bank in the United States and every trust company within the District of Columbia is hereby authorized to signify in writing, within sixty days after the passage cf this Act, its acceptance of the terms and provisions thereof. Penalty for any national bank failing to signify its acceptance, etc., within the sixty days aforesaid. § 22: 1. 21: p. 44. Except as provided in existing laws, this pro- vision shall not take effect until sixty days after the passage of this Act. § 23 : 1. 30 : p. 44. Or registered the transfer thereof within sixty days next before the date of the failure of such association to meet its obUgations. § 2:1. 8: p. 5. SO APPOINTED. § 10:1. 4: p. 20. SO CERTIFIED. § 9:1. 11: p. 19. Thelreafter each member so appointed shall serve for a term of 10 years unless sooner removed, etc. Any chock so certified, etc., shall be a good and valid obUgation against such bank. INDEX-DIGEST OP FEDEBAL RESERVE ACT AKT> AMENDMENTS. 563 SO FAB, ITSr. § 2:1. 33: p. 6. Except in so far as this Act changes the amount of reserves that may be carried with approved reserve agents located therein. SO FORTH, AND. § 16:1. 13: p. 35. § 16:1. 15: p. 35. SO LONG AS. § 16:1. 20: p. 32. So long as any of its Federal reserve notes remain outstanding, etc. SO MUCH OF. § 16: 1. 32: p. 33. The gold held by him as collateral security, etc. § 16: 1. 31: p. 35. Any funds in the Treasury not otherwise appropriated. § 17: 1. 24: p. 37. The provisions of section 5159 of the Kevised Statutes, etc. § 20: 1. 31: p. 41. Sections 2 and 3 of the Act of June 20, 1874, etc. SO MUCH THEREOF. § 2: 1. 41: p. 6. The sum of $100,000, or so much thereof as may be necessary, is hereby appropriated, etc., for the payment of such expenses. SOLD. § 16: 1. 3: p. 36. Or for exchange sold to its patrons. § 18: 1. 22: p. 38. The amount of bonds so sold for its account. SOLELY. § 13: 1. 33:'p. 24. Or, solely for purposes of exchange or of col- § 13: 1. 39: p. 24. lection, may receive, etc. SOLICITING. § 13: 1. 42: p. 27. By soliciting and selling insurance, etc. SOLVENT BANKS. § 2: 1. 10: p. 53. Shall be deposited in solvent banks, etc. (Act of May 18, 1916.) ' SOME COURT OF RECORD. § 4:1. 13: p. 8. The said organization certificate shall be acknowledged before a judge of some court of record, etc. SOME OTHER ACTUAL SECURITY. § 13: 1. 28: p. 26. Unless the bank is secured either by attached documents or by some other actual security. SOME OTHER ADEQUATE SECURITY. § 13:1. 32: p. 28. Unless the draft or bill is accompanied by documents, etc., or by some other adequate security. 564 INDEX-DIGEST OF FEDERAL ftESEKVE ACT AND AMENDMENTS. SOME OTHER lUDUSTRIAl PURSUIT. § 4:1. 40: p. 9. Class B directors, etc., at the time of their election shall be actively engaged, etc., in commerce, agriculture, or some other indus- trial pursuit. SOME VIOLATION OF lAW. § 4 : 1. 27 : p. 8. Or unless its franchise becomes forfeited by some violation of law. SOON. § 2: 1. 20: p. 3. As soon as practicable. § 10: 1. 24: p. 20. As soon as may be. ■ SOONER. § 4:1. 25: p. 8. Unless it is sooner dissolved by an Act of Congress. § 10:1. 5: p. 20. Unless sooner removed for cause by the President. SPEAKER OF THE HOUSE OF REPRESENTATIVES. § 10:1. 14: p. 21. The Federal Reserve Board shall annually make a full report of its operations to the Speaker of the House of Representatives, who shall cause the same to be printed, etc. SPECIAL EXAMINATIONS. See "Examinations." SPECIAL LAW. § 8:1. 6: p. 15. Any bank incorporated by special law of any State or of the United States, etc.,. may be converted into a national bank, etc. § 9:1. 2: p. 16. Any bank incorporated by special law of any State, etc., may make application for mem- bership, etc. SPECIAL PERMIT. § 11:1. 12: p. 23. The Federal Reserve Board mav grailt by special permit to national banks applying therefor, etc., the right to act as trustee, etc. SPECIFICALLY GRAlfTED. § 4: 1. 41: p. 8. To exercise by its board of directors, or duly authorized officers or agents, all powers specifically granted, etc. SPECIFICALLY REFERRED TO. § 1:1. 8: p. 3. Except where national banks or Federal reserve banks are specifically referred to. SPECIFICALLY, RELATE. § U: 1. 19: p. 18. And shall be subject to the provisions of this Act which relate specifically to membct banks. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 565 SPECIFICALIY STATE. § 4:1. 40: p. 7. Shall, etc., make an organization certificate which shall specifically state the name of such Federal reserve bonk, etc. SPECIFIED. § 4:1.32 § 9: 1. 10 § 11:1. 6 § 11:1. 9 § 11:1. 7 p. 9. As hereinafter specified, p. 19. Equal to the amount specified in saich check, p. 22. Any reserve requirements specified in this Act. p. 22. Below the level hereinafter specified. p. 23. The Federal Reserve Board shall perform the duties, functions, or services specifiied in this Act. SPECIFY. § 25: 1. 3: p. 46. Such application shall specify the name and capital of the banking association filing it. STANDAED OF VAIUE. § 26:1. 24: p. 47. Entitled "An Act to define and fix the standard of value," etc. STAITDARD VALUE, § 18: 1. 41 : p. 39. The Secretary of the Treasury is authorized to issue, etc., Treasury notes, to be payable not more than one j^ear from the date of their issue, etc., in gold coin of the present standard value. STANDIITG TO THE CREDIT. § 16: 1. 10: p. 87. Gold deposits standing to the credit of anv Federal reserve bank with the Federal Reserve Board, shall at the option of said bank, be counted as part of the la^vful reserve, etc., against outstanding Federal reserve notes or against deposits. STAPLE. § 13: 1. 26: p. 25. Nothing in this Act, etc., shall prohibit such notes, etc., secured by staple agricultural products or other goods, etc., from being eligible for such discount. STAPLES. § 13: 1. 22: p. 261. Or other such document conveying or securing title covering readily marketable staples. STATE, SPECIFICALLY. § 4:1. 40: p. 7. "Which shall specifically state the name of suck Federal reserve bank, etc, STATE; STATES. § 2:1. 3 : p. 4. The districts shall not necessarily be cpter- minous with any State or States. § 4:1. 1 : p. 8. The organization certificate shall specifically state the city and State in which said bank is to be located. 568 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. STATE ; STATES— Continued. § 7:1. l:p. 15. Federal reserve banks, etc., shall be exempt from Federal, State, or local taxation ex- cept taxes on real estate. § 8:1. 6: p. 15. Any bank incorporated by special law of any § 8:1. 8: p. 15. State, etc., or organized under the general laws of any State, etc., may bo converted into a national bank. § 8: 1. 18: p. 15. Provided, however, that said conversion shall not be in contravention of the State law. § 9: 1. 3: p. 16. Any bank incorporated by special law of any State, or organized under the general laws of any State, etc., may make application for membership. § 9: 1. 10: p. 17. Wlienever the directors of the Federal reserve bank shall approve the examinations made by the State authorities, such examinations and the reports thereof may be accepted, etc. § 9:1. 18: p. 17. The expense of all examinations, other than those made by State authorities, shall be assessed against and paid by the banks ex- amined. , § 9:1. 29: p. 18. And may continue to exercise all corporate powers granted it by the State in which it was created. § 11:1. 13: p. 23. The Federal Reserve Board may grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, etc. § 13: 1. 41: p. 27. May act as the agent for any fire, life, or other § 13 : 1. 42 : p. 27. insurance company authorized by the au- thorities of the State in which said bank is located to do business in said State, by soliciting and selling insurance and collect- ing premiums on policies issued by such company. f 14:1. 10: p. 29. And warrants, etc., issued in anticipation, etc., of the receipt of assured revenues by any State, etc. § IS: 1. 44: p. 39. Such Treasury notes, etc., to be exempt, etc., as well as from taxes in any form by or under State, municipal, or local authorities. §21:1. 9: p. 42. The Federal Reserve Board may authorize examinations by the State authorities to be accepted in the case of State banks and trust companies, etc. INDEX-DIGEST OF EEDEKAL RESEBVE ACT AND AMENDMENTS. 567 STATE; STATES— Continued. § 25: 1. 40: p. 45. To invest, etc., in the stock of one or more banks or corporations chartered or incor- porated tinder the laws of the United States or any State thereof, and principally en- gaged m international or foreign banking, etc. STATE BANK; BANKS. § 1:1. 6: p. 3. The word "bank" shall be held to include State bank, banking association and trust company, etc. § 1:1. 12: p. 3. The term "member bank" shall be held to mean any national bank, State bank, or bank or trust company which has become a member, etc. § ^ : 1. 23 : p. 4. Every eligible bank is hereby authorized to accfept this Act. § 4: 1. 25: p. 7. The Comptroller shall cause to be forwarded § 4: 1. 29: p. 7. an application blank, etc., to all banks de- clared to be eligible by the Organization Committee, which shall contain a resolution to be adopted by the directors of each bank executing such application, etc. § 4: 1. 12: p, 10. No director of class B shall be an officer or director of any bank. § 4 : 1. 14 : p. 10. No director of class C shaU be an officer, director, or stockholder of any bank. § 8:1. 6: p. 15. Any bank incorporated by special law of any § 8: 1. 13: p. 15. State, etc., or organized under the general laws of any State, etc., may by vote of the shareholders owning not less than 51 per centum of the stock of such bank, etc., be converted into a national bank. j 8: 1. 20: p. 15. The articles of association and organization certificate shall be executed by a majority of the directors of the bank. § 8: 1. 24: p. 15. The certificate shall declare that the owners of * 51 per centum of the stock have authorized the directors, etc., to convert the bank into a national association. § 8: 1. 30: p. 15. The shares of any such bank may continue to be for the same amount, etc. § 8: 1. 36: p.. 15. When the Comptroller has given to such § 8: 1. 38: p. 15. bank, etc., a certificate, etc., such bank shall have the same powers and privileges and shall be subject to the same duties, etc., as shall have been prescribed by the Federal Reserve Act and National Banking Act, etc. '~i58'8 INDEX-DIGEST Off FEDEEAL BESEKVE ACT AND AMENDMENTS. STATE BANK; BANKS— Continued. § 9:1. 1 : p. 16. State banks as members. (Heading of sec- tion 9.) § 9:1. 2: p. 16. Any State bank, etc., may make application, § 9:1. 9: p. 16. etc., for the right to subscribe to the stock, etc., within the district in which the apply- ing bank is located. § 9: 1. 11: p. 16. Required amount of stock subscription. § 9: 1. 14: p. 16. The Federal Reserve Board may permit the applying bank to become a stockholder. § 9: 1. 18: p. 16. The Federal Reserve Board shall consider the financial condition of the applying bank, etc. § 9: 1. 22: p. 16. Payment of stock subscription. § 9: 1. 27: p. 16. Requirements for banks admitted to member- § 9: 1. 34: p. 16. ship. § 9:1. 38: p. 16. Rcpprts of condition and payment of divi- ■ ' ■ dends. § 9:1. 44: p. 16. Penalty for failure to make reports. § 9:1. 4 : p. 17. Examinations. § 9: 1. 15: p. 17. Special examinations. § 9: 1. 21: p. 17. Penalty for failure to comply with the provi- § 9: 1. 24: p. 17. sions of this section or the regulations of the Federal Reserve Board. § 9:1. 30: p. 17. Any State bank, etc., may withdraw from membership after six months' written notice, etc. § 9: 1. 42: p. 17. When a member bank surrenders, etc., stock, etc., ail of its rights and privileges as a Biiember bank shall cease and determine. § 9:1. 4: p. 18. It shall be entitled to a refund of its cash-paid subscription, etc § 9:1. 9: p. 18. Shall likewise be entitled to repayment of deposits and of any other balance due, etc. § 9:1. 11: p. 18. No applying bank shall be admitted unless it possesses a paid-up, unimpaired capital Buflicient to entitle it to become a national bank in the place where it is situated, etc. § : 1. 16 : p. 18. Banks becoming members under this section shall be subject to its .pro vision^ and to those of this Act which relate specifically to member banks. § 9:1. 19; p. 18. Shall not be subject to examination under the provisions of ttie first two paragraphs of section 5240, Revised Statutes, as amended by section 21 of this Act. [NDEX-DIGEST OF FEDERAL KESERVE ACT AND AMENDMENTS. 569- STATE BANK; BANKS— Continued. § 9 : 1. 25 : p. 18. Subject to the provisions of this Act and to the § 9: 1. 27: p. 18. regulations of the Federal Reserve Board, any bank becoming a member shall retain, its full charter and statutory rightg as a State bank, etc. § 9:1. 27: p. 18. And may continue to exercise all corporate powers granted it by the State in which it was created. § 9:1. 30: p. 18. And shall be entitled to all privileges of member banks. § 9: 1. 32: p. 18. No Federal reserve bank shaU be permitted to- § 9:1. 34: p. 18. discount for any- State bank, etc., notes, § 9: 1. 36: p. 18. etc., of any one borrower who is liable for borrowed money to such State bank, etc., in an amount greater than 10 per centum of the capital and surplus of such State bank, etc. § 9: 1. 43: p. 18. The Federal reserve bank, as a condition of 5 9: 1. 45: p. 18. the discount of notes, etc., for such State- bank, etc., shall require a certificate or guaranty to the effect that the borrower is not and will not be permitted to become ' liable in excess of this amount, etc. § 9:1. 6: p. 19. It shall be unlawful for any officer of any § 9:1. 7: p. 19. bank admitted to membership, . etc., to certify any check, etc., unless the person, etc., drawing the check has on deposit, etc., an amount of money equal to the amount specified in such check. § 9:1. 12: p. 19. Any check so certified shall be a good and § 9:1. 14: p. 19. valid obligation against such bank, but may subject the bank to a forfeiture of its membership, etc. § 10: 1. 29: p. 20. No member of the Federal Eeserve Board shall § 10: 1. 31: p. 20. be an officer or director of any bank, etc., nor hold stock in any bank, etc. § 19: 1. 41: p. 40. No member bank shall keep on deposit with any State bank, etc., not a meniber bank, a sum in excess of 10 per centum of its OAvn paid-up, capital and surplus. J 21: 1. 10: p. 42. The Federal Koserve Board may authorize examination by the State authorities to be accepted in the case of State banks, etc. §]^21: 1. 12: p. 42. The Federal Reserve Board may at any time direct the holding of special examinations of State banks, etc. 570 INDEX-DIGEST OF FEDEEAL KESEEVE ACT AND AMENDMENTS. STATE BANK; BANKS— Continued. §21:1. 1 : p. 43. No bank shall be subject to any visitatorial Eowers other than such as are authorized y law, etc. § 27: 1. 1: p. 49. The Secretary of the Treasury is authorized to extend the benefits of this Act to all quahfied State baaks, etc., which have joined or may contract to join the Federal reserve system within 15 days after the passage of this Act. STATE BONDS. § 27: 1. 25: p. 51. Any Federal reserve bank may buy and sell farm loan bonds, etc., subject to the same liinitations placed upon the purchase and sale by said banks of State, county, dis- trict, and municipal bonds under subsection (b) of section 14 of the Federal Reserve Act. (Act of July 17, 1916.) STATE lAWS. § 2:1. 11: p. 53. Whether organized under national or State laws. (Act of May 18, 1916.) STATE SUPEEVISION. § 2: 1. 15: p. 53. Being subject to national or State supervision. (Act of May 18, 1916*.) STATE THE NAME. § 4 : 1. 40 : p. 7. The organization certificate shall specifically state the name of such Federal reserve bank, etc. STAGED AMOUNT. § 17: 1. 33: p. 37. Repeal of so much of the provisions of speci- fied statutes as require the transfer, etc., to the Treasurer of a stated amount of United States bonds by a national bank before conimencing banking business. STATEMENT; STATEMENTS. § 11: 1. 32: p. 21. The Federal Reserve Board may require such statements and reports as it may deem neces- sary from Federal reserve banks and mem- ber banks. § 11:1. 34: p. 21. The Federal Reserve Board shall publish § 11: 1. 35: p. 21. once each week a statement, etc., and a consolidated statement for all Federal reserve banks. § 11:1. 36: p. 21. Such statements shall show in detail, etc. § 13:1. 11: p. 28. Provided further, that the bank shall not fuarantee the truth of any statement made y an assured in filing his application for insurance. INDEX-DIGEST OP FEDEEAL BESEBVE ACT AND AMENDMENTS. 571 STATES, UNITED STATES. See "United States." STATES, UNITED STATES,. PRESIDENT OF. the United States." See "President of STATUS. § 2:1.32: P- 6. STATUTES. § 8:1.34: P- 15. § 17:1.29; p. 37. § 17:1.35; ;p. 37. The organization of reserve districts and Federal reserve cities shall not be construed as changing the present status of reserve cities and central reserve cities, except, etc. The directors may continue to be directors, etc., until others are elected or appointed in accordance with the provisions of the statutes of the United States. Repeal of so much of the provisions of section 5159, Revised Statutes, and section 4 of the Act of June 20, 1874, and section 8 of the Act of July 12, 1882, and of any other provisions of existing statutes as require the transfer of a stated amount of United States registered bonds to the Treasurer before any national bank shall be authorized to commence banking business, and of so much of those provisions or of any other provisions of existing statutes as require a minimum deposit of such bonds with the Treasurer by any national bank now or hereafter organized. STATUTES AT lAEGE. See "United States Statutes." STATUTES, REVISED. See "United States Revised Statutes." STATUTORY RIGHTS. § 9:1. 26: p. 18. Any bank becoming a member, etc., shall retain its fuU charter and statutory rights as a State bank or trust company, etc. STEAD. § 4:1. 6: p. 12. Assistants to the Federal reserve agent shall «,lso have power to act in his name and stead during his absence or disabihty. STOCK; STOCKS. § 10: 1. 31: p. 20. No member of the Federal Reserve Board shall hold stock in any bank, etc. § 11:1. 15: p. 23. The Federal Reserve Board may grant by special permit to national banks applying therefor, etc., the right to act as trustee, etc., or registrar of stocks and bonds. § 13: 1. 31: p. 25. Such definition shall not include notes, etc., issued or drawn for the purpose of carrying or trading in stocks, bonds, etc. STOCK, CAPITAL. See "Capital stock." 572 INDEX-DIGEST OF FEDERAL BESEKVE ACT AND AMENDMENTS. STOCK, LIVE. § 13:1. 38: p. 25. Notes, etc., drawn or issued for agricultural purposes or based on live stock and havin^ a maturity not exceeding six months, exclu- sive of days of grace, may be discounted in an amount to be limited, etc. STOCKHOIDER; STOCKHOLDERS. See also "Shareholder." § 2 : 1. 34: p. 5. Such dissolution shall not take away or impair any remedy against such corporution,.t its stockholders, etc. § 4: 1. 14: p. 10. No director of class C shall be a stockholder, etc., of any bank. § 7:1. 22: p. 14, After all necessary expenses of a Federal reserve bank have been paid or provided for, the stockholders shall be entitled to receive an annual dividend of 6 per centum on the paid-in capital stock, which dividend shall be cumulative. § 8: 1. 38: p. 15. Such bank, etc., and all its stockholders shall have the same powers and privileges and shall be subject to the same duties, etc., as prescribed by the Federal Reserve Act and National Banking Act, etc. § 9: 1. 14: p. 16. The Federal Reserve Board, etc., may permit the applj'ing bank to become a stockholder of such Federal reserve bank. § 9: 1. 22: p. 16. Its stock subscription shall be payable on call of the Federal Reserve Board whenever the board shall permit the applying bank to become a stockholder, etc. § 13: 1. 22: p. 27. Liabihties to the stockholders of the associa- tion for dividends and reserve profits. § 21: 1. 13: p. 42. The Federal Reserve Board may at any time direct the holding of a special examination of State banks, etc., that are stockholders in any Federal reserve bank. § 23: 1. 23: p. 44. Individual responsibility of the stockholders of every national banking association. § 23: 1. 28: p. 44. Liability of stockholders who shall have trans- ferred their shares or registered the transfer within 60 days, etc. § 25: 1. 41: p. 46. Penalty for failure of the corporation in ques- tion or of the national bank or banks which may be stockholders therein to comply with the regulations of the Federal JResetv* Board. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 573 STOCK-HOIDING BANKS. § 4: 1. 36: p. 9. Class A directors, etc., shall be chosen by and bo representative of the stock-holding banks. STOCK HOLDINGS. § 9: 1. 42: p. 17. Whenever a member bank shall surrender its stock holdings in a Federal reserve bank, etc., all of its rights and privileges as a member bank shall thereupon cease and determine. STOCK IIABIIITY, § 2:1. 2: p. 6. Public stock in Federal reserve banks shall be subject to the same conditions as to pay- ment and stock liability as provideu for member banks. STOCK SUBSCEIPTION. § 9: 1. 23: p. 16. Its stock subscription shall be payable on call of the Federal Reserve Board, etc. STBENGTHEN THE GOLD EESERVE. § 26 : 1. 28 : p. 47. The Secretary of the Treasury may, for the purpose of maintaining such parity and to strengthen the gold reserve, borrow gold on the security of United States bonds author- ized, etc. SUBDIVISION, POLITICAL. § 14:1. 17: p. 29. Warrants, etc., issued in anticipation of the receipt of assured revenues by any political subdivision, etc. SUBJECT SUCH BANK. § 9:1. 14: p. 19. May subject such bank to a forfeiture of its membership, etc. SUBJECT THE OFFENDING BANK. § 9: 1. 44: p. 16. Failure to make such reports, etc., shall sub- ject the offending bank to a penalty of $100 a day, etc. SUBJECT TO. All the other provisions of this Act. § 19:1. 29: p. 41. Any visitational powers. § 21:1. 1: p. 43. Call. § 2:1. 40: p. 4. § 5:1. 17: p. 13. Check. § 13: 1. 10: p. 51. (Act of July 17, 1916.) Examination. § 9:1. 20: p. 18. 574 riTDEX-DIGEST OF FEDEKAL EESEBVE ACT AISTD AMENDMENTS. SUBJECT TO— Continued. Examinations. § 9:1. 5: p. 17. His order. § 16:1. 25: p. 34. Its supervision. § 10:1. 10: p. 20. National or State supervision. § 2: 1. 15: p. 53. (Act of May 18, 1916.) Not less than 30 days' notice. § 19:1. 18: p. 40. Review. § 2:1. 29: p. 3. Review and determination. § 13:1. l:p. 27. § 14:1. 25: p. 29. State supervision. § 2: 1. 15: p. 53. (Act of May 18, 1916.) Such amendments. § 27:1. 7: p. 48. Such conditions. § 9:1. 12: p. 16. Such limitations. § 13:1. 30: p. 27. § 13:1. 24: p. 28. See "Limitations." Such penalties. § 19:1. 8: p. 41. Such regulations. § 3:1. 7: p. 7, § 8:1. 41: p. 15. § 13:1. 30: p. 27. § 13:1. 24: p. 28. See "Regulations." Such restrictions. § 13:1. 29: p. 27. § 13:1. 24: p. 28. See "Restrictions." Such rules. § 3:1. 7: p. 7. See '^Rules." INDEX-DIGEST OP FEDERAL RESERVE ACT AND AMENDMENTS. 575 SUBJECT TO— Continued. The approval of the Federal Reserve Board. § 4:1. l:p. 12. § 4:1. 20: p. 12. § 12:1. 2: p. 24. The order of the Comptroller. § 16:1. l:p. 35. The orders of the Federal Reserve Board. § 16:1. 32: p. 36. The provisions of law. § 4:1. 26: p. 9. The provisions of section 8, Act of October 15, 1914. § 25:1. 13: p. 47. The provisons of section 5209, Revised Statutes. § 9:1. 35: p. 16. The provisions of this Act. § 9:1. 25: p. 16. § 9:1. 23: p. 18. The provisions of this section. § 9:1. 17: p. 18. The reserve requirements. § 11:1. 31: p. 22. The review and determination of the Federal Reserve Board. § 13:1. l:p. 27. § 14:1. 25: p. 29. The same conditions. § 2:1. l:p. 6. The same duties. § 8:1. 40: p. 15. The same limitations. § 27: 1. 23: p. 51. (Act of July 17, 1916.) The supervision and control of the Secretary of the Treasury. § 10:1. 11: p. 21. Such terms and conditions as the Secretary of the Treasury may prescribe. §7:1. 2: p. 52. (Act of April 24, 1917.) § 8: 1. 18: p. 54. (Act of September 24, 1917.) SUBPARAGRAPH TWO. § 25 : 1. 18 : p. 46. Banks and corporations described under subparagraph two of the first paragraph of this section. 576 INDEX-DIGEST OP PEDEBAL KESEEVE ACT AND AMENDMENTS. SUBPCEHA WITNESSES. § 25:1. 36: p. 46. The Federal Reserve Board toay subpoena witnesses in investigations instituted under this section. SUBSCRIBE. § 2:1. 33: p. 4. Shall be required, etc., to subscribe to the capital stock of such Federal reserve bank in a sum, etc. § 2:1. 6: p. 6. No individual, etc., other than a member bank, etc., shall be permitted to subscribe for, etc., more than $25,000 par value of stock in any Federal reserve bank. § 4: 1. 10: p. 8. Shall state the fact that the certificate is made to enable aU banks which have sub- scribed or may thereafter subscribe to the capital stock of the Federal reserve bank to avail themselves of the advantages of this Act. § 5:1. 12: p. 13. A member bank increasing its capital stock shall thereupon subscribe for an additional amount of capital stock in the Federal reserve bank equal to, etc. § 5:1. 19: p. 13. A bank applying for stock after the organi- zation of the Federal reserve bank must subscribe for an amount of the capital stock of the Federal reserve bank equal to, etc. § 9:1. 7: p. 16. May make application for the right to sub- scribe, etc. § 9:1. 11: p. 16. For the same amount of stock that the applying bank would be required to sub- scribe to as a national bank. SUBSCRIBE TO THE OATH OF OFFICE. § 10: 1. 15: p. 20. Members of the Federal Reserve Board shall, within 15 days after notice of appointment, make and subscribe to the oath of office. SUBSCRIBED. § 2:1. 4: p. 5. To the extent of the amount of their sub- scriptions to such stock at the par value thereof in addition to the amount sub- scribed, etc. § 2:1. 30: p. 6. No Federal reserve bank shall commence business with a subscribed capital less than $4,000,000. § 4: 1. 35: p. 7. When the minimum amount, etc., shall have been subscribed and allotted, etc. § 4:1. 5: p. 8. The organization certificate shall state the § 4:1. 7: p. 8. name of all banks which have subscribed, etc., and the number of shares subscribed by each. § 4:1. 9: p. 8. To enable all banks which have subscribed, etc. INDEX-DIGEST OP FEDERAL RESERVE ACT AND AMENDMENTS. 577 SUBSCRIPTION; SUBSCEIPTIONS. § 2 : 1. 36 : p. 4. Method of payment of subscription. § 2:1. 38: p. 4. § 2:1. 40: p. 4. § 2:1. 2: p. 5. Individual liability of shareholders of Federal § 2:1. 4 : p. 5. reserve banks to the extent of the amount of their subscriptions at par., etc., in addi- tion to the amount subscribed, whether such subscriptions have been paid up in whole or in part, etc. § 2: 1. 37: p. 5. Should the subscriptions by banks, etc., be § 2:1. 43: p. 5. insufficient, etc., stock may be offered to public subscription. § 2:1. 11: p. 6. Should the total subscriptions by the banks and the public be insufficient,' etc., the Organization Committee shall allot such an amount, etc., to the United States as the said committee shall determine. § 4 : 1. 30 : p. 7. Which blank shall contain a resolution to be adopted by the directors, authorizing a subscription, etc. § 4:1. 43: p. 9. When the necessary subscriptions, etc., have been obtained, etc. § 5:1. 15: p. 13. Payment of additional subscriptions when a § 5: 1. 16: p. 13. member bank increases its capital stock. § 5: 1. 37: p. 13. When a member bank voluntarily liquidates, etc., it shall be released from its stock subscription not previously called. § 5: 1. 42: p. 13. The member bank shall receive in payment, etc., a sum equal to its cash-paid sub- scriptions and, etc. § 6:1. 6: p. 14. All cash-paid subscriptions, etc., on the stock of an insolvent member bank shall be first applied, etc. § 9 : 1. 23 : p. 16. Its stock subscriptions shall be payable on call of the Federal Reserve Board. § 9:1. 5: p. 18. Upon withdrawal, etc., it shall be entitled to a refund of its cash-paid subscription with interest, etc. STJBSECTIOIT (b) OF SECTION 14 OF THE FEDERAL RESERVE ACT. § 27: 1. 26: p. 51. Federal reserve banks may buy and sell farm- loan bonds, etc., subject to the same limita- tions plaped upon the purchase and sale by said banks oi State, county, etc., bonds under subsection (b) of section 14 of the Federal Reserve Act. (Act of July 17, 1916.) 20592°— 18 37 578 INDEX-DIGEST OF EEDEEAL RESERVE ACT AND AMENDMENTS. SUBSEQUENT TRANSFEREE. § 23 : 1. 34 : p. 44. To the extent that the subsequent traasf eree fails to meet such liability. SUBSTANTIALLY. § 2:1. 20: p. 53. Substantially in proportion to the capital § 2: 1. 31: p. 53. and, surplus of each such bank. (Act of May 18, 1916.) SUBSTITUTE. § 16: 1. 41: p. 33. And shall at the same time substitute therefor other collateral of equal amount, etc. SUBTREASURY, UNITED STATES. See "United States sub- treasury." SUCCEEDING. § 10: L 20: p. 20. For the half year succeeding the levying of such assessment. SUCCESSION. § 4:1. 24: p. 8. Federal reserve banks shall have succession for a period of 20 years, etc. SUCCESSOR. § 10: 1. 38: p. 20. Whenever a vacancy shall occur, etc., a successor shall be appointed by the Presi- dent. SUCH AMOUNT, FOR. § 16: 1. 9: p. 31. For such amount of the Federal reserve notes, etc. SUCH AMOUNTS, IN. § 13:1. 23: p. 28. Such doUar exchange drafts or biUs may be acquired by Federal reserve banks in such amounts, etc. SUCH AN AMOUNT. § 2: 1. 43 : p. 5. May offer to jpubhc subscription at par such an amount of stock in said Federal reserve banks, etc. § 2:1. 16: p. 6. Shall allot to the United States such an amount of said stock as said Organization Committee shall determine. SUCH CASE, IN. § 8:1. 18: p. 15. In such case the articles of association, etc., niay be executed by a majority of the directors, etc. SUCH MANNER, IN. § 2: 1. 21: p. 6. In such manner as the Secretary of the Treas- ury shall deteAnine. § 25 : 1. 29 : p. 46. In such manner, etc., as the said board may pre- scribe, etc. SUCH PRICE, AT. § 2 : 1. 22 : p. 6. At such price as the Secretary of the Treasury shall determine. INDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENTS. 579 SUCH § TIME, . 13:1. 13: AT. :p. 27 SUCH § TIMES, 2:1. 22: Al :p. 1 6 SUE; § SUED. 4:1. 29: :p. 8 SUFFICIENT. SUCH PURPOSES, FOE. § 13: 1. 21: p. 25. The proceeds of which have been used or are to DC used for such purposes. At such time actually paid in and remaining undiminished by losses, etc. United States stock shall be disposed of for the benefit of the United States in such manner, at such times, etc., as the Secretary of the Treasury shall determine. Federal reserve banks shall have power to sue and to be sued. § 8:1. 9: p. 15. And having an unimpaired capital sufficient to entitle it to become a national banking association, etc. § 9:1. 13: p. 18. Unless it possesses a paid-up, unimpaired capital sufficient to entitle it to become a national banking association in the place where it is situated, etc. § 10: 1. 19: p. 20. The Federal Reserve Board shall have power to levy semiannually upon the Federal reserve banks, etc., an assessment sufficient to pay its estimated expenses and the salaries of its members and employees, etc. § 13: 1. 2: p. 25. Provided such noimiember bank or trust com- Eanv maintains with the Federal reserve ank of its district a balance sufficient to offset the items in transit held for its account by the Federal reserve bank. § 16: 1. 22: p. 32. Shall maintain with the Treasurer in gold an amount sufficient, in the judgment of the Secretary of the Treasury, to provide for all redemptions, etc. § 16: 1. 35: p. 32. Shall require each Federal reserve bank to maintain on deposit in the Treasury a sum in gold sufficient, etc., for the redemption of the Federal reserve notes, etc. § 16: 1. 11 : p. 35. Shall include in its estimate of expenses, etc., a sufficient amount to cover the expenses hereia provided for. § 18: 1. 29: p. 38. After deducting a sufficient sum to redeem its outstanding notes, etc. § 27:1. 37: p. 48. The Secretary of the Treasury shall require each bank and currency association to maintain on deposit in the Treasury a sum in gold sufficient for the redemption of such notes, etc. 580 INDEX-DIGEST OF FEDERAL EESEEVE ACT AND AMENDMENTS. SUIT. § 2:1. 22: p. 5. Any noncompliance with or violation of this Act shall be detertnined and adjudged by any court, etc., in a suit brought, etc., by the Comptroller in his own name, under direc- tion of the Federal Reserve Board. § 9:1. 3: p. 17. The penalty for failure to transmit reports shall be collected by the Federal reserve bank by suit or otherwise. SUITABIE. § 16:1. 28: p. 34. In order to furnish suitable notes for circu- lation. sum. § 2: 1. 34: p. 4. In a sum equal to, etc. § 2: 1. 41: p. 6. The sum of 1100,000 is hereby appropriated, etc. § 5: 1. 41 : p. 13. A sum equal to its cash-paid subscriptions, etc. § 10: 1. 37: p. 19: Eeceive the sum of *7,000, etc. § 16: 1. 13: p. 31. Equal to the sum of the Federal reserve notes, etc. § 16: 1. 35: p. 32. A sum in gold sufficient, etc. § 18:1. 29: p. 38. A sufficient sum to redeeta its outstanding notes. § 19: 1. 43: p. 40. A sum in excess of 10 per centum, etc. § 22: 1. 19: p. 43. A further sum equal to the money so loaned, § 22:1. 25: p. 43. etc. § 24: 1. 15: p. 45. In an aggregate sum equal to 25 per centum, etc. § 27: 1. 37: p. 48. A sum in gold sufficient, etc. § 28 : 1. 8 : p. 49. To any sum not below, etc. SUPERSEDED. § 26: 1. 18: p. 47. All provisions of law inconsistent with or superseded by any of the provisions of this Act are to that extent and to that extent only hereby repealed. SUPERVISE. § 2:1. 17. p. 4. The Organization Committee shall supervise the organization, etc., of a Federal reserve bank in each of the cities designated. § 11: 1. 23: p. 22. The Federal Reserve Board shall supervise and regulate, through the bureau under charge of the Comptroller, the issue and retirement of Federal reserve notes. JNHEX-DIGEST OF FEDEKAL RESERVE ACT AND AMENDMENTS. 581 SUPERVISION. § 3:1. 9: p. 7. Branch banks shall be operated under the supervision of a board of directors. § 4:1. 19: p. 9. Federal reserve banks shall be conducted under the supervision and control of a board of directors. § 10: 1. 10: p. 20. The governor of the Federal Keserve Board, subject to its supervision, shall be the active executive officer. § 10: 1. 5: p. 21. Which relate to the supervision, management, and control of the Treasury Department, etc. § 10: 1. 11: p. 21. Shall be exercised subject to the supervision and control of the Secretary of the Treasury. § 10: 1. 23: p. 21. And, under the general supervision of the Federal Reserve Board, of all Federal reserve notes, etc. § 11:1. 10: p. 23. The Federal Reserve Board shall exercise general supervision over said Federal re- serve banks. § 2: 1. 15: p. 53. Being subject to National or State supervision and examination. (Act of May 18, 1916.) SUPPLEMENT. § 7: 1. 33: p. 14. Shall, in the discretion of the Secretary of the Treasury, be used to supplement the gold reserve held against outstanding United States notes. § 25: 1. 15: p. 47. Entitled "An Act to supplement existing laws against unlawful restraints and monop- olies," etc. SUPPLY. § 16: 1. 4: p. 33. Shall, through its local Federal reserve agent, supply Federal reserve notes to the banks so applying. § 16: 1. 35: p. 34. Such quantities of such notes of the denomi- nations of, etc., as may be required to sup- ply the Federal reserve banks, etc. SURPLUS. § 2:1. 35: p. 4. To subscribe, etc., in a sum equal to 6 per centum of the paid-up capital stock and surplus, etc. § 5:1. 6: p. 13. The outstanding stock of the Federal reserve bank shall be increased as member banks increase their capital stock and surplus. § 5:1. 8: p. 13. The outstanding capital stock may be decreas- ed as member banks reduce their capital stock or surplus. 582 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMEltDMENTS. SURPIUS— Continued. § 5:1. 11: p. 13. When a member bank increases its capital stock or surplus, it shall thereupon sub- scribe, etc. § 5: 1. 22: p. 13. Equal to 6 per centum of the paid-up capital stock and surplus. § 7:1. 39: p. 14. Any surplus remaining of a dissolved or liquidated Federal reserve bank, etc., shall be paid to and become the property of the United States, etc. § 7:1. 45: p. 14. Federal reserve banks, including the capital stock and surplus therein, etc., shall be exempt from Federal, State, and local taxa- tion, except taxes on real estate. I 9: 1. 35: p. 18. In an amount greater than 10 per centum of the capital and surplus of such State bank or trust company. § 10: 1. 18: p. 20. An assessment, etc., in proportion to their capital stock and surplus. §13:1. 3: p. 26. Shall at no time exceed 10 per centum of the unimpaired capital and surplus of said bank. § 13: 1. 27: p. 26. Equal at any time in the aggregate to more than 10 per centum of its paid-up and un- impaired capital stock and surplus. § 13: 1. 32: p. 26. To more than one-half of its paid-up and un- impaired capital stock and surplus. § 13: 1. 36: p. 26. Which shall apply to all banks alike, regard- less of the amount of capital stock and surplus. § 13: 1. 39: p. 26. Not exceeding at any time in the aggregate 100 per centum of its paid-up and unimpair- ed capital stock and surplus. § 13: 1. 42: p. 26. Shall in no event exceed 50 per centum of such capital stock and surplus. § 13: 1. 30: p. 28. Exceeding in the aggregate 10 per centum of the paid-up and unimpaired capital stock and surplus. § 13:1. 36: p. 28. Exceeding, etc., the aggregate of one-half of its paid-up and unimpaired capital and surplus. § 18: 1. 18: p. 38. Such proportion of such bonds as the capital § 18: 1. 19: p. 38. ^^'^ surplus of such bank shall bear to the aggregate capital and surplus of all the Federal reserve banks. § 19: 1. 1 : p. 41. In excess of 10 per centum of its own paid-up capital and surplus. INDEX-DIGEST OP FEDEEAL BESEEVE ACT AND AMENDMENTS. 583 SITEPITJS— Continued. § 24: 1. 16: p. 45. In an aggregate sum equal to 25 per centum of its capital and surplus. § 25: 1. 26: p. 45. Any national bank possessing a capital and surplus of $1,000,000 or more may file ap- Elication for permission to establish foreign ranches ana invest in the stock of banKs or corporations, etc., principally engaged in international or foreign banKing, etc. § 25:1. 38 : p. 45. To invest an amount not exceeding in the aggregate 10 per centum of its paid-in capi- tal stock and surplus^, etc. § 27: 1. 35: p. 48. No bank shall be permitted to issue circula- tory notes in excess of 125 per centum of its unimpaired capital and surplus. §T2: 1. 21: p. 53. Substantially in proportion to the capital and § ;2: 1. 32: p. 53. surplus. (Act of May 18, 1916.) SUEPLXIS FUND. § 7 : 1. 29 : p. 14. Except that one-half of such net earnings shall be paid into a surplus fund, etc. SURRENDER. § 5: 1. 32: p. 13. When a member bank reduces its capital, it shall sjirrender a proportionate amount of its holdings in the capital stock of said Federal reserve bank. § 5: 1. 35: p. 13. When a member bank voluntarily liquidates it shall surrender all of its holdings, etc. § 9: 1. 25: p. 17. The Federal Reserve Board may, after hear- ing, require such bank to surrender its stock, etc., for failiu-e to comply with the {)rovisions of this section or with the regu- ations of the Federal Reserve Board. § 9: 1. 33: p. 17. A State bank, etc.^ may withdraw from mem- bership, after six months' written notice, etc.^ upon the surrender and cancelation of all its holdings of capital stock in the Fed- eral reserve bank. § 9: 1. 42: p. 17. Whenever a member bank shall surrender its stock holdings, etc., all of its rights and privileges, etc., shall thereupon cease and determine, etc. SURRENDERED. § 5: 1. 38: p. 13. In either case the shares surrendered shall be canceled. § 5: 1, 42: p. 13. The member bank shall receive in payment therefor, etc., a sum equal to its cash-paid subscriptions on the shares surrendered, etc. 584 INDEX-DIGEST OF FEDERAL EESEBVE ACT AND AMENDMENTS. SUSPEND. § 11; 1. 3: p. 22. The Federal Reserve Board may suspend for a period not exceeding 30 days, and from time to time renew such suspension for periods not exceeding 15 days, any reserve requirements specified in this Act. § 11: 1. 35: p. 22. The Federal Reserve Board may suspend or remove any oflBicer or director of any Fed- eral reserve bank, etc. § 11: 1. 43: p. 22. The Federal Reserve Board may suspend, for violation of any of the provisions of this Act, the operations of any Federal reserve bank. The Secretary of the Treasury ahaJl have power to suspend the limitations of sections 1, 3, and 5 of the Act of May 30, 1908. § 27:1. 23: p. 48 §27:1. 31: p. 48 SUSPENDED. § 3:1. 6: p. 7. The Federal Reserve Board may permit or require any Federal reserve bank to es- tablisn' branch banks within the Federal resei-ve district in which it is located or within the district of any Federal reserve bank which may have been suspended. § 27: 1. 41: p. 48. The Secretary of the Treasury mav permit national banks to issue additional circula- tion, etc.', during the period for which such provisions are suspended. SUSPENSION. § 11: 1. 4: p. 22. The Federal Reserve Board may suspend for a period not exceeding 30 days, and from time to time may renew such suspension for periods not exceeding 15 days, any reserve requirements specified in this Act, etc. § 11: 1. 1: p. 23. The Federal Reserve Board may administer any Federal reserve bank during the period of suspension, etc. SUSTAINED. § 2:1. 32: p. 5, SYNONYMOUS. § 1:1. 10: p. 3. Shall be held hable in Jiis personal or individ- ual capacity for all damages which said bank, its shareholders^ or any other person shall have sustained in consequence of such violation. The terms "national bank" and "national banking association" used in this Act shall be held to be synonymous and interchange- able. INDEX-DIGEST OF EEDEEAL RESERVE ACT AND AMENDMENTS. 585 SYSTEM, FEDEEAI RESERVE, § 9: 1. 16: p. 18. Banks becoming members of the Federal re- serve system under authority of this section shall be subject, etc. § 9: 1. 15: p. 19. May subject such bank to a forfeiture of its membership in the Federal reserve system, et( . § 12 : 1. 26 : p. 24. The Federal Advisory Council may call for information and make recommendations in regard to, etc., the general affairs of the reserve banking system. § 15: 1. 28: p. 30. No pubHc funds of the Philippine Islands, or of the postal savings, or any Government funds, shall be deposited in the continental ' United States in any bank not belonging to the system established by tbis Act. [Modified as to postal savings, by the Act of May 18, 1916, but the preference is given to member banks. See § 2: 1. 9: p. 53.] fModified as to the Government funds by the Acts of April 24, 1917, and September 24, 1917. See § 7: 1. 36: p. 51; § 8: 1. 9: p. 54.] § 2: 1. 12: p. 53. Whether member banks or not of the Federal reserve system, (Act of May 18, 1916.) § 2: 1. 26: p. 53. If one or more member banks of the Federal reserve system, etc., exist in the city, etc. (Act of May 18, 1916.) TAKE AWAY. § 2:1. 33: p. 5. TAKE EFFECT. § 22:1. 21: p. 44. TAKE OUT. § 18:1. 33: p. 38. TAKE POSSESSION. § 11:1. 45: p. 22. TAKE STOCK. § 19:1. 28: p. 41. TAKE TESTIMONY. § 2:1. 11: p. 4. T. Such dissolution shall not take away or impair any remedy against such corporation, etc. Except as provided in existing laws, this pro- vision shall not take effect until 60 days after the passage of this Act. Shall be permitted to take out an amount of circulatory notes equal to the par value of such bonds. The Federal Reserve Board may take posses- sion of a suspended Federal reserve bank. And shall in that event take stock, maintain reserves, etc. The Organization Committee may take testi- mony, etc. TAKEN AS THE BASIS. § 19: 1. 17: p. 41. Shall be taken as the basis for ascertaiiling the deposits against which required balances with Federal reserve banks should be deter- mined. TAKING AWAY. § 10:1. 4: p. 21. TAX; TAXES. 7:1. 27: p Nothing in this Act shall be construed as taking away any powers heretofore vested by law in the Secretary of the Treasury which relate to the supervision, manage- ment, and control of the Treasury Depart- ment, etc. 14. 7:1. 2: p. 15. 11:1. 7: p. 22. All the net earnings shall be paid to the United States as a franchise tax except, etc. Federal reserve banks, etc., shall be exempt from Federal, State, and local taxation, except taxes upon real estate. The Federal Reserve Board shall establish a graduated tax upon the amounts by which the reserve requirements of this Act may be permitted to fall below the level hereinafter specified. 11: 1. 12: p. 22. When the gold reserve held against Federal reserve notes falls below 40 per centum, the Federal Reserve Board shall establish a graduated tax of not more than 1 per centum upon such deficiency until, etc. 586 INDEX-DIGEST OF FEDEBAL RESERVE ACT AND AMENDMENTS. 587 TAX ;• TAXES— Continued. § 11:1. 16: p. 22. And when said reserve falls below 32^ per centum, a tax at the rate increasingly of not less than, etc. § 11: 1. 19: p. 22. The tax shall be paid by the Federal reserve § 11: 1. 21: p. 22. bank, but the reserve bank shall add an amount equal to said tax to the rates of interest and discount fixed by the Federal Reserve Board. § 14: 1. 15: p. 29. Warrants, etc., issued in anticipation of the collection of taxes, etc. § 16: 1. 3: p. 31. Federal reserve notes shall be receivable, etc., for all taxes, customs, and other public dues. § 16: 1. 8: p. 32. No Federal reserve bank shall pay out notes issued through another under penalty of a tax of 10 per centum upon the face value of notes so paid out. § 18: 1. 42: p. 39. United States Treasury notes shall be exempt § 18: 1. 44: p. 39. ^ ^o principal and interest from the pay- ment of all taxes and duties of the United States except as provided by this Act, as well as from taxes in any form by or under State, municipal, or local authorities. § 27: 1. 10: p. 48. Section 9 of the Act of May 30, 1908, is hereby amended so as to change the tax rates, etc. § 27: 1. 14: p. 48. Shall pay for the. first three months a tax at the rate of 3 per centum per annum, etc. § 27: 1. 18: p. 48. And afterwards an additional tax rate of one- § 27: 1. 19: p. 48. ^^^ of 1 per centum per annum until a tax of 6 per centum per annum is reached. § 27: 1. 20: p. 48. And thereafter such tax of 6 per centum, etc. TAXATION. § 7:1. l:p. 15. Federal reserve banks, including the capital stock and surplus therein and the income derived therefrom, shall be exempt from Federal, State, and local taxation, except taxes upon real estate. TEN CENTS PER $100. § 13: 1. 8: p. 25. Nothing in this or any other section of this Act shall, etc., prohibit a member or non- member bank from making reasonable charges to be determined and regulated by the Federal Reserve Board, in no case to exceed ten cents per SlOO or fraction thereof, etc., for collection or payment of checks and drafts and remission therefor by exchange or otherwise. 588 INDEX-DIGEST OF FEDERAL EESEEVE ACT AND AMENDMENTS. TEN DAYS. § 9: 1. 43: p. 16. Penalty for failure to make such reports wittun ten days, etc. § 18: 1. 8: p. 38. From the hanks whose applications have been filed with the Treasurer at least ten days before the end of any quarterly period, etc. TEN DOLLARS. § 16: 1. 34: p. 34. Such notes, of the denominations of five dollars, ten dollars, etc. TEN MEMBEE BANKS. § 21: 1. 9: p. 43. Upon joint application of ten member banks, the Federal Reserve Board shall order a special examination, etc., of any Federal reserve bank. TEN PEE CENTUM. § 9: 1. 35: p. 18. No Federal reserve bank shall be permitted to discount for any State bank or trust com- f)any notes, etc., of any one borrower who is iable for borrowed money to such State bank or trust company in an amount greater than ten per centum of the capital and sxirplus of such State bank or trust company, etc. § 13: 1. 2: p. 26. The aggregate of such notes, etc., bearing the signature or indorsement of any one bor- rower, etc., rediscounted for any one bank shall at no time exceed ten per centum of the unimpaired capital and surplus of said bank. § 13: 1. 26: p. 26. No member bank shall accept, whether in a foreign or domestic transaction, for any one person, etc., to an amount equal at any time m the aggregate to more than ten per centum of its paid-up and unimpaired capital stock and surplus unless the bank is se- cured, etc. § 13: 1. 29: p. 28. No member bank shall accept dollar exchange drafts or bills of exchange, etc., for any one bank to an amount exceeding in the aggregate ten per centum of the paid-up and unimpaired capital and surplus of the accepting bank unless the draft or bill of exchange is accom- panied by documents conveying or securing title or by some other adequate security. lowers other than such as are authorized by aw, or vested in the courts of justice, etc. VICE GOVEEUrOE. § 10:1. 8: p. 20. One member of the Federal Reserve Board shall be designated by the President as vice governor, etc. § 16: 1. 45: p. 36. The order used by the Federal Reserve Board in making such payments shall be signed by the governor or vice governor, etc. 640 IXDEX-DIGEST OF FEDEBAL RESEEVE ACT AND AMENDMENTS. VIEW. § 14:1. 28: p. 29. VIIIAGE. § 2:1. 18: p. 53. § 2:1. 28: p. 53. § 2:1. 38: p. 53. VIOLATING. § 22:1. 16: p. 43. Every Federal reserve bank shall have power to establish, etc., subject to review and determination of the Federal Reserve Board, rates of discount, etc., which shall be fixed with a view of accommodating commerce and business. (Act of May 18, 1916.) (Act of May 18, 1916.) (Act of May 18, 1916.) See also "City." Penalty for any bank officer, etc., violating this provision. § 22:1. 17: p. 44. Penalty for any person violating any pro- vision of this section. VIOIATION. § 2: 1.19: p. 5 § 2:1. 26: p. 5. § 2:1. 32: p. 5. § 4:1. 27: p. 8. § 9:1. 13: p. 19. Any noncompliance with or violation of this Act shall be determined and adjudged by any court of the United States of competent jurisdiction, etc. In cases of such noncompliance or violation, other than the failure to become a member bank, etc., every director who participated in or assented to the same shall be held liable in his personal or individual capacity for aU damages which said bank, its share- holders, or any other person shall have sus- tained in consequence of such violation. . Or unless its franchise becomes forfeited by some violation of law. But the act of any such officer, etc., in viola- tion of this section may subject such bank to a forfeiture of its membership in the Federal reserve system, etc. § 11: 1. 43: p. 22. The Federal Reserve Board may suspend, for the violation of any of the provisions of this Act, the operations of any Federal reserve bank. VISITATOEIAl POWERS. § 21: 1. 1: p. 43. No bank shall be subject to any visitatorial powers other than such as are authorized by la,w, etc. VOITJME 22, UNITED STATES STATUTES AT LARGE. § 11: 1. 25: p. 23. AU such attorneys, experts, etc., shall be appointed without regard to the provisions of the Act of January 16, 1883 (volume 22, United States Statutes at Large, page 403) (Civil-service law). INDEX-DIGEST OF FEDERAL KESEEVE ACT AND AMENDMENTS. 641 VOLUNTARILY LIQUIDATES. § 5: 1. 34: p. 13. When a member bank voluntarily liquidates, it shall surrender all of its holdings of the capital stock of said Federal reserve bank, etc. VOLTJNTARY WITHDRAWALS. § 9:1. 39: p. 17. No Federal reserve bank shall, except under express authority of the Federal Eeserve Board, cancel, within the same calendar year, more than 25 per centum of its capital stock for the purpose of effecting voluntary withdrawals during that year. VOTE; VOTES. § 4;1. 5: p. 11. Electors shall not vote more than one choice for any one candidate. § 4: 1. 7: p. 11. Any candidate having a majority of aU votes in the column of tirst choice shall be de- clared elected. § 4:1. 9: p. 11. If no candidate have a majority of all the § 4: 1. 10: p. 11. votes in the first column, there shall be § 4:1. 12: p. 11. added together the votes cast, etc., in the second column and the votes cast, etc., in the first column. § 4:1. 17: p. 11. If no candidate have a majority, etc., then § 4:1. 20: p. 11. the votes cast in the third column, etc., shall be added together in like manner and the candidate then having the highest number of votes shall be declared elected. § 8: 1. 11: p. 15. Any State bank, etc., may be converted into a national bank by the vote of the share- holders owning not less than 51 per centum of the capital stock, etc. J 11: 1. 43: p. 21. The Federal Eeserve Board may permit, or on the aiErmative vote of at least five mem- bers, may require Federal reserve banks to rediscount the discounted paper of other Federal reserve banks, etc. § 11: 1. 31: p. 23. The Federal Eeserve Board may, when the affirmative vote of not less than five of its members, etc., permit member banks to carry in the Federal reserve bank of their respective districts any portion of their reserves now required by section 19 to be held in their own vaults. [Eendered obsolete by section 19 as amended by the Act of June 21, 1917, which requires all reserve balances to be carried in the Federal reserve bank. See § 19: 1. 14: p. 40.] •iO.')i)2°— 18 41 642 INDEX-DIGEST 01" FEDERAL RESERVE ACT AI^D AMESrDME|j:m ' VOTE; VOTES— Continued. § 22: 1. 5: p. 44. Notes, etc., executed or indorsed by directors or attorneys of a member bank may be dis- counted with such member bank, etc., upon the affirmative vote, etc., of at least a majority of the members of the board of directors of such member bank. § 28: 1. 7: p. 49. Any national bank may reduce its capital, etc., bj^ the vote of shareholders owning two- ' thirds of its capital stock, etc. VOTING. § 4: 1. 14: p. 11. If any candidate then have a majority of the electors voting, by adding together the first and second choices, he shall be de- clared elected. • § 4: 1. 16: p. 11. Procedure in case no candidate have a ma- jority of electors voting when the first and second choices shall have been added. VOTING POWER. § 2:1. 25: p. VOUCHER. § 2:1. 40: p. 6. Stock not held by member banks shall not be entitled to voting power. 6. The expenses of the Organization Conamittee shall be payable by the Treasurer of the United States upon voucher approved by the Secretary of the Treasury. VREEIAND ACT, AIDRICH. See "Act of May 30, 1908." w. WAIVER. § 13: 1. 14: p. 25. Which shall be. deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, etc. WAREHOUSE RECEIPT. § 13: 1. 20: p. 26. Or which are secured at the time of accept- ance by a warehouse receipt or other such document, etc. WARES. § 13: 1. 27: p. 25. Nothing in this Act, etc., shall prohibit such notes, etc., secured by staple agricultural products, or other goods, wares, or merchan- dise from being eligible for such discount. WARRANTS. § 14: 1. 13: p. 29. Federal reserve banks may buy and sell, at home or abroad, etc., warrants with a maturity from date of purchase of not ex- ceeding six months, issued in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues by any State, county, etc. WAR-SAVINGS CERTIFICATES. § 8: 1. 14: p. 54. The Secretary of the Treasury, etc., is hereby authorized to deposit in such incorporated banks and trust companies as he may designate, the proceeds, or any part thereof, arising from the sale of the bonds and certificates of indebtedness and war-savings certificates authorized by this Act, etc. (Act of September 24, 1917.) WASHINGTON, D. C. § 10: 1. 24: p. 20. The first meeting of the Federal Reserve Board shall be held in Washington, D. C, etc. § 12: 1. 4: p. 24. The meetings of said Federal Advisory Council shaU be held at Washington, D. C, at least four times each year, and oftener if called by the Federal Reserve Board. § 12: 1. 8: p. 24. The Federal Advisory Council may hold such other meetings in Washington, D. C, or elsewhere, as it may deem necessary. § 16:1. 6: p. 31. Federal reserve notes shall be redeemed in gold on demand at the Treasury Depart- ment of the United States, in the city of Washington, D. C, or in gold or lawful money at any Federal reserve bank. § 16: 1. 30: p. 36. A duphcato of such receipt shaU be dehvered to the Federal Reserve Board by the Treasurer at Washington, D. C, etc. 643 644 INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. WAY, IN ANY. § 23: 1. 36: p. 44. Shall not be construed to affect in any way any recourse which such shareholders might otherwise have against those in whose names such shares are registered at the time of such failure. WEEK. § 11: 1. 34: p. 21. The Federal Reserve Board shall publish once each week a statement showing the condition of each Federal reserve bank and a consolidated statement for all Federal reserve banks. WEIL AS, AS. § 18 : 1. 43 : p. 39. Such Treasury notes shall be exempt as to principal and interest from the payment of all taxes and duties of the United States except as provided by this Act, as well as from taxes in any form by or under State, municipal, or local authorities. WHATEVER MAY BE REQUIRED. § 8: 1. 28: p. 15. A majority of the directors, etc., shall have power, etc., to do whatever may \)e required to make its organization perfect, etc. WHEN NECESSARY. § 4: 1. 42: p. 11. To exercise the powers of chairman of the board when necessary. WHEN ORGANIZED. § 2: 1. 30: p. 3. The determination of said Organization Com- mittee shall not be subject to review except by the Federal Reserve Board when organ- ized. WHENEVER. § 6: 1. 12: p. 14. The capital stock of a Federal reserve bank is reduced. § 9: 1. 21: p. 16. The Federal Reserve Board shall permit, etc. § 9:1. 9: p. 17. The directors, etc., shall approve. § 9:1. 42: p. 17. A member bank shall surrender its stock holdings. § 10: 1. 35: p. 20. A vacancy shall occur. § 16: 1. 45: p. 31. Federal reserve notes issued, etc. § 21: 1. 22: p. 48. In his judgment, etc. WHERE. § 2:1. 15: p. 4. §25:1. 5: p. 46. § 25:1. 11: p. 46. § 2:1. 29: p. 53. (Act of May 18, 1916.) § 2: 1. 39: p. 53. (Act of May 18, 1916.) INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 645 WHEREIN. § 25:1. 31: p. 46. In tho place or places wherein such business is to be conducted. WHEEEVEE. § 1:1. 5: p. 3. § 10: 1. 7: p. 21. WHEEESOEVER IT MAY BE DEEMED BEST. § 14: 1. 36: p. 29. May appoint correspondents and establish agencips in such countries wheresoever it may be deemed best, etc. WHETHEE. § 2 1. 4 p. 5. § 9 1. 19 p. 16. § 13 1. 1 p. 26. § 13 1. 23: p. 26. § 13 1. 23: p. 31. § 2 1.10 p. 53. § 2 1. 11 p. 53. (Act of May 18, 1916.) (Act of May 18, 1916.) WHILE. . § 22:1. 29: p. 43. WHOIE OE IN PAET, IN. § 2:1. 5: p. 5. Whether such subscriptions have been paid up in whole or in part. § 16: 1. 44: p. 32. The Federal Keserve Board may grant, in whole or in part, or reject entirely tlie ap- plication, etc., for Federal reserve notes. § 25: 1. 8: p. 46. The Federal Reserve Board may approve or reject such apphcation in whole or in part, etc. WHOLE OE ANY PAET, THE. § 18: 1. 42: p. 37. Any member bank desiring to retire the whole or any part of its circulating notes may file, etc., an application, etc. WHOSE PLACE HE IS SELECTED TO FILL. § 10: 1. 42: p. 20. When appointed he shall hold office for the unexpired term of the member whose place he is selected to fill. WILLING. § 2:1. 22: p. 53. WITH A VIEW. § 14:1. 28: p. 29. Shall be deposited in banks located therein ct«., willing to receive such deposits, etc. (Act of May 18, 1916.) Rates of discount, etc., which shall be fixed with a view of accommodating commerce and business. 646 INDEX-DIGEST OP FEDEBAL RESERVE ACT AND AMENDMENTS. WITH DFE REGARD. § 2:1. l:p. 4. The districts shall be apportioned with due regard to the convenience and customary course of business. § 4: 1. 29: p. 9. Said board of directors shall, subject to the provisions of law and the ordfers of the Federal Reserve Board, extend to each member bank such discounts, advancements, and accommodations as may be safely and reasonably made with due regard for the claims and demands of other member banks. WITH, IS CONNECTION. § 16: 1. 22: p. 35. Or to cover any other expense in connection with the printing of national bank notes or notes provided for by the Act of May 30, 1908. § 22: 1. 39: p. 43, For or in connection with any transaction or business of the bank. WITH OR WITHOUT. § 14: 1. 2: p. 29. Any Federal reserve bank may, etc., purchase and sell in the open market,«etc., cable transfers and bankers' acceptances and bills of exchange of .the kinds and maturities by this Act made eUgible for rediscount, with or without the indorsement of a member bank. § 14: 1. 23: p. 29. Any Federal reserve bank may purchase from member banks and sell, with or without its indorsement, bUls of exchange arising out ot commercial transactions, as hereinbefore defined. § 14: 1. 38: p. 29. May buy and sell, with or without its indorse- ment, through such correspondents or agencies, biUs of exchange or acceptances arising out of actual commercial trans- actions, etc. WITH REFERENCE TO. § 7: 1. 14: p. 52. With reference to the reserves required to be § 8: 1. 24: p. 54. kept by national banking associations and other member banks of the Federal reserve system, etc. (Act of April 24, 1917.) (Act of September 24, 1917.) WITH THE ADVICE AND CONSENT QF THE SENATE. § 10: 1. 23: p. 19. And five members appointed by the President of the United States by and "with the advice and consent of the Senate. § 10: 1. 40: p. 20.»A successor shall be appointed by the Presi- dent, with the advice and consent of the Senate, to fill such vacancy. INDEX-DIGEST OE FEDERAL RESERVE ACT AND AMENDMENTS. 647 WITH THE APPEOVAI OF THE COMPTROLLER. § 8: 1. 13: p. 15. May, etc., with the approval of the Comptroller, be converted into a national banking association. See also "Approved." WITH THE APPROVAL OF THE FEDERAL RESERVE AGENT. § 16: 1. 42: p. 33. And shall at the same time substitute therefor other collateral of equal amount with the approval of the Federal reserve agent, etc. § 21: 1. 32: p. 42. Every Federal reserve bank may, with the approval of the Federal reserve agent or the Federal Reserve Board, provide for special examination of member banks within its district. WITH THE APPROVAL OF THE FEDERAL RESERVE BOARD. § 21: 1. 33: p. 42. May, etc., with the approval of the Federal Re- serve agent or the Federal Reserve Board, provide for special examinations of mem- ber banks, etc. § 25: 1. 8: p. 47. Any director, etc., of any member bank may, with the approval of the Federal Reserve Board, be a director, etc., of any such bank or corporation above mentioned in the capital stock of which such member bank shall have invested as hereinbefore provided, without being subject to the provisions of section 8 of the Act approved October 15, 1914, etc. (The Clayton Anti-Trust Act.) See also "Approval." WITH THE APPROVAL OF THE SECRETARY OF THE TREASURY. § 21: 1. 4: p. 42. The Comptroller shall appoint national bank examiners with the approval of the Secretary of the Treasury, etc. See also "Approval." WITH THE CONSENT OF THE FEDERAL RESERVE BOARD. § 14: 1. 31: p. 29. And, with the consent, etc., of the Federal Reserve Board, etc., open and maintain accounts in foreign countries, appoint cor- respondents, and establish agencies, etc. § 14: 1. 44: p. 29. And, with the consent of the Federal Reserve Reserve Board, to open and maintain bank- ing accounts for such foreign correspondents or agencies. § 14: 1. 4: p. 30. Whenever any such account has been opened § 14: 1. 6: p. 30. or agency or correspondent has been ap- pointed by a Federal reserve bank, with the consent of or under the order and direction of the Federal Reserve Board, any other Federal reserve bank may, with the con- sent and approval of the Federal Reserve Board, be permitted to carry on or conduct etc., any transaction authorized by this section, etc. 648 INDEX-DIGEST OF FEDERAL RESEBVE ACT AND AMENDMENTS. WITH THE CONSElfT OF THE FEDERAL EESEEVE BOAED— Con. § 19: 1. 26: p. 41. National banks or banks organized under local laws, located in Alaska, or in a de- pendency or insular possession or any part of the United States outside the conti- nental United States, etc., may, with the consent of the Federal Reserve Board, become member banks, etc. WITH THE CONSENT AND APPROVAL OF THE FEDERAL RE- SERVE BOARD. § 14: 1. 6: p. 30. Any other Federal reserve bank may, with the consent and approval of the Federal Reserve Board, be permitted to carry on or conduct through the Federal reserve bank opening such account or appointing such agency or correspondent, any transaction authorized by this section, etc. WITHDRAW. § 9: 1. 30: p. 17. Any State bank or trust company desiring t® withdraw from membership in a Federal reserve bank may do so after six months' written notice, etc. § 16: 1. 38: p. 33. Any Federal reserve bank may, at its discre- tion, withdraw collateral deposited with the local Federal reserve agent for the protec- tion of the Federal reserve notes issued to it, etc. WITHDRAWAL; WITHDRAWALS. § 9: 1. 32: p. 16. Shall conform to those provisions of law im- posed on national banks, etc., which relate to the withdrawal or impairment of their capital stock, etc. § 9: 1. 39: p. 17. No Federal reserve bank, except under express authority of the Federal Reserve Board, shall cancel within the same calendar year more than 25 per centum of its capital stock for the purpose of effecting voluntary with- drawals during that year. § 16:1. 26: p. 31. The Federal reserve agent shall each day notify the Federal Reserve Board of all issues and withdrawals of Federal reserve notes to and by the Federal reserve bank to which he is accredited. WITHDRAWN. § 19:1. 9: p. 41. The required balance carried by a member bank with a Federal reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Federal Reserve Board, be checked against and withdrawn for the purpose of meeting existing habihties, provided, etc. INDEX-DIGEST OF FEDERAL RESERVE ACT AND AMENDMENTS. 649 WITHDRAWN— Continued. § 7:1. 5: p. 52. The amount so deposited shall not in any case • exceed the amount withdrawn from any such bank or trust company and investJpTOi^such bonds., etc., plus the amount so inyesjbed by such bank or trust company. (Acl^of'' April 24, 1917.) • ' WITHIN A RADIUS. § 24: 1. 44: p. 44. May make loans secured by improved and un- encumbered farm land situated within its Federal reserve district or within a radius of 100 miles of the place in which such bank is located, irrespective of district hues, etc. WITHIN FIFTEEN DAYS. § 4: 1. 39: p. 10. A copy of the list of nominations shall bo fur- nished to each elector within fifteen days after its completion, etc. § 4: 1. 42: p. 10. Every elector shall, within fifteen days after the receipt of the said list, certify to the chairman his first, second, and other choices of a director, etc. § 10: 1. 14: p. 20. Shall, within fifteen days after notice of ap- pointmeiit, make and subscribe to the oath of office. § 27: 1. 3: p. 49. Or which may contract to join the Federal Reserve System within fifteen days after the passage of this Act. WITHIN ITS DISTRICT. § 13: 1. 37: p. 24. May receive from other Federal reserve banks, etc., checks and drafts payable upon presen- tation within its district. § 13: 1. 38: p. 24. And maturing notes and biUs payable within its district. § 21: 1. 34: p. 42. Every Federal reserve bank may, with the approval of the Federal reserve agent or tho Federal Reserve Board, provide for special examination of member banks within its district. WITHIN ITS FEDERAL RESERVE DISTRICT. § 24: 1. 44: p. 44. May make loans secured by improved and unencumbered farm land situated within its Federal reserve district, etc. WITHIN ONE HUNDRED MILES. § 13: 1. 4: p. 28. May also act as tho broker or agent for others in making or procuring loans on real estate located within one hundred miles of the place in which said bank may be located, etc. 650 INDEX-DIGEST OF FEDERAL EESEEVE ACT AlfD AMENDMENTS. WITHIN ONE HUNDRED MILES— Continued. § 24: 1. 44: p. 44. May make loans secured by improved and un- encumbered farm land situated within its Federal reserve district or within a radius of one hundred miles of the place in which such bank is located, irrespective of district lines. § 24: 1. 4: p. 45. May also make loans secured by improved and unencumbered real estate located within one hundred miles of the place in which such bank is located, irrespective of district lines. WITHIN ONE YEAR. § 2 : 1. 13 : p. 5. Penalty for failure of a national bank to accept this Act within one year after its passage. WITHIN SIXTY DAYS. § 2: 1. 26: p. 4. To signify in writing, within sixty days after the passage of this Act, its acceptance of the terms and provisions hereof. § 2:1. 8: p. 5. Penalty for faUure of a national bank to accept this Act within the sixty days, etc. § 23: 1. 30: p. 44. Who shall have transferred their shares or registered the transfer thereof within sixty days next before the date of the failure of such association to meet its obligations, etc. WITHIN SUCH DISTRICTS. § 2: 1. 15: p. 4. In designating the cities within such districts, etc. WITHIN TEN DAYS. § 9: 1. 43: p. 16. Penalty for failure to make such reports within ten days, etc. WITHIN THAT DISTRICT. § 2: 1. 31: p. 4. Every national bank within that district shall be required, etc., to subscribe, etc. WITHIN THE DISCRETION. § 2: 1. 10: p. 5. Shall cease to act as a reserve agent, upon 30 days' notice, to be given within the discre- tion of the said Organization Committee or of the Federal Reserve Board. WITHIN THE DISTRICT. § 3:1. 5 : p. 7. Of any Federal reserve bank which may have been suspended. § 9:1. 8: p. 16. Organized within the district in which the applying bank is located. § 21 : 1. 42 : p. 42. Concerning the condition of any member bank within the district of the said Federal reserve bank. INDEX-DIGEST OF FEDEEAL RESERVE ACT AND AMENDMENTS. 651 WITHIN THE DISTRICT OF COLUMBIA. § 2: 1. 24: p. 4. Every trust company within the District of Columbia is, etc., authorized within 60 days, etc., to signify its acceptance of this Act. WITHIN THE FEDERAL RESERVE DISTRICT. § 3:1. 4: p. 7. To establish branch banks within the Federal reserve district in which it is located. WITHIN THE JURISDICTION OF THE FEDERAL RESERVE BOARD. § 12: 1. 20: p. 24. The Federal Advisory Council may make oral or written representations concerning mat- ters within the jurisdiction of the Federal Reserve Board. WITHIN THE LIMITATIONS PRESCRIBED BY THIS ACT. § 4: 1. 44: p. 8. And such incidental powers as shall be neces- sary to carry on the business of banking within the limitations prescribed by this Act. WITHIN THE MEANING OF THIS ACT. § 13:1. 24: p. 25. The Federal Reserve Board shall have the right to determine or define the character of tlie paper thus eligible for discount within the meaning of this Act. § 19: 1. 14: p. 40. Demand deposits within the meaning of this Act shall comprise, etc. WITHIN THE MEANING OF THIS SECTION. § 9: 1. 40: p. 18. The same shall not be considered as borrowed money within the meaning of this section. WITHIN THE POWER OF THE FEDERAL RESERVE BOARD. § 9: 1. 23: p. 17. It shall be within the power of the Federal Reserve Board, after hearing, to require such bank to surrender its stock, etc. WITHIN THIRTY DAYS. § 19: 1. 15: p. 40. Demand deposits, etc., shall comprise all deposits payable within thirty days, etc. WITHIN THREE MONTHS. § 2: 1. 38: p. 4. One-sixth of the subscription shall be payable within three months thereafter, etc. WITHOUT BEING SUBJECT TO. § 25: 1. 12: p. 47. Without being subject to the provisions of sec- tion 8 of the Act approved October 15, 1914, etc. (The Clayton Antitrust Act.) WITHOUT DISCRIMINATION. § 4:1. 24: p. 9. Said board of directors shall administer the affairs of said bank fairly and impartially and without discrimination in favor of or against any member bank or banks, etc. 652 INDEX-DIGEST OF FEDEEAL BESEKVE ACT AND AMENDMENTS. WITHOUT FIRST HAVING OBTAINED. § 22: 1. 10: p. 44. No examiner, etc., shall disclose the names of borrowers, etc., without first having ob- tained the express permission in writing from the Comptroller, etc. WITHOUT IMPAIRMENT. § 6:1. 5: p. 14. The stock held by an insolvent member bank shall be canceled without impairment of its liability, etc. WITHOUT ITS INDORSEMENT. § 14: 1. 23: p. 29. May purchase from member banks and sell, with or without its indorsement, bills of exchange, etc. § 14: 1. 38: p. 29. And to buy and sell, with or without its indorsement, through such correspondents or agencies bills of exchange or accept- ances, etc. WITHOUT REGARD TO. § 11: 1. 23: p. 23. All such attorneys, experts, assistants, clerks, and other employees, shall be appointed without regard to the provisions of the Act of January 16, 1883. (The Civil Service Act.) WITHOUT THE CIRCULATION PRIVILEGE. § 18: 1. 13: p. 39. May issue in exchange for the United States 2 per centum gold bonds, etc., one-year gold notes of the United States without the cir- culation privilege, etc. § 18: 1. 16: p. 39. And 30-year 3 per centum gold bonds without the circulation privilege for the remainder, etc. § 18: 1. 7: p. 40. Such bonds, etc., to be issued under the same general terms and conditions as the United States 3 per centum bonds without the cir- culation privilege now issued and out- standing. WITHOUT THE INDORSEMENT. § 14: 1. 2: p. 29. May purchase and sell in the open market, etc., cable transfers and bankers' accept- ances and bills of exchange, etc., with or without the indorsement of a member bank. WITNESSES. See also "Testimony." § 25: 1. 36: p. 46. The Federal Reserve Board is hereby author- ized, etc., to institute an investigation of the matter and to send for persons and papers, subpoena witnesses, etc. INDEX-])iGES]; OF FEDERAL RESERVE ACT AND AMENDMENTS. 653 WORD. See also "Term." § 1:1. 5: p. 3. Wherever the word "bank" is used in this § 1:1. 6: p. 3. Act, the word shall be held to include State bank, banking association and trust com- pany, except where national banks or Fed- eral reserve banks are specifically referred to. WORTHIESS ASSETS. § 11: 1. 40: p. 22. The Federal Reserve Board may require the writing off of doubtful or worthless assets upon the books and balance sheets of Fed- eral reserve banks. WRITING, IN. § 2: 1. 26: p. 4. To signify in writing, within 60 days after the passage of this Act, its acceptance of the terms and provisions hereof. § 11: 1. 37: p. 22. The cause of such removal to be forthwith communicated in writing to the removed officer or director and. to said bank. § 18:1. 23: p. 38. Each member bank shall duly assign and transfer, in writing, such bonds to the Federal reserve bank purchasing the same, etc. § 22:1. 11: p. 44. No examiner, etc., shall disclose the names of borrowers, etc., without having first obtained the express permission in writing from the Comptroller, etc. WRITING OFF. § 11: 1. 40: p. 22. The Federal Reserve Board may require the writing off of doubtful or worthless assets upon the books and balance sheets of Federal reserve banks. WRITTEN ASSENT. § 22: 1. 5: p. 44. Notes, etc., executed or indorsed by directors or attorneys of a member bank may be discounted with such member bank, etc., upon the affirmative vote or written assent of at least a majority of the members of the board of directors of such naember bank. WRITTEN NOTICE. § 9: 1. 32: p. 17. Any State bank or trust company desiring to withdraw from v membership in a Federal reserve bank may do so, after six months' written notice shall have been filed with the Federal Reserve Board, etc. WRITTEN REPRESEIfTATIONS. § 12: 1. 19: p. 24. The Federal Advisory Council shall have power, by itself or through its officers, etc., to make oral or written representations con- cerning matters within the jurisdiction of said Federal Reserve Board. YEAR; YEAES. Calendar. § 9:1. 38: p. 17. §21:1. 7: p. 42. During that year, § 9: 1. 40: p. 17. Each year. § 12:1. 5: p. 24. Y, No Federal reserve bank shall, except upon express authority of the Federal Reserve Board, cancel within the same calendar year more than 25 per centum of its capital stock for the purpose of effecting voluntary withdrawals during that year. Shall appoint examiners wlto shall ex- amine every member bank at least twice in each calendar year, etc. For the purpose of effecting voluntary withdrawals during that year. The meetings of the Federal Advisory Council shall be held in Washington, D. C, at least four times each year, etc. §21:1. 8: p. 43. The Federal Reserve Board shall, at least once each year, order an examina- tion of each Federal reserve bank. Half year. § 10:1. 20: p. 20. § 10: 1. 22: p. 20. One year. § 2:1. 13: p. 5 An assessment sufficient to pay its esti- mated expenses and the salaries of its members and employees for the half year suceeding the levying of such assessment, together with any deficit carried forward from the preceding half year. 654 Penalty for failure of a national bank to become a member bank within one year after the passage of this Act. § 4:1. 33: p. 12. Shall designate one of the members of each class whose term of office shall expire in one year from the first of January nearest, etc. § 18: 1. 13: p. 38. Federal reserve banks shall not be per- mitted to purchase an amount to exceed 125,000,000 of such bonds in any one year. Shall be imprisoned not exceeding one year, etc. Or by imprisonment not exceeding one year, etc. § 22:1. 18: p. 43. § 22:1. 24: p. 43. § 22:1. 19: p. 44. INDEX-DIGEST 01" FEDERAL EESEBVE ACT AND AMENDMENTS. 655 YEAR; YEARS— Continuod. One year — Continued. § 24: 1. 10: p. 45. No loan shall be made upon the security of such real estate, as distinguished from • farm land, for a longer time than one year, etc. One-year gold notes. See "United States notes." Two years. § 4: 1. 23: p. 11. Class C directors shall have been for at least two years residents of the dis- trict, etc. § 4: 1. 35: p. 12. One whose term of office shall expire at the end of two years from said date, etc. § 10: 1. 42: p. 19. Shall be ineligible during the time they are in office and for two years there- after to hold any office, position, or employment in any member bank. § 10: 1; 3: p. 20. One member of the Federal Reserve Board shall be designated, etc., to serve for two years. § 18: 1. 40: p. 37. After two years from tlie passage of this Act, etc., any member bank, etc., may file with the Treasurer an application to sellfor its account, etc.. United States bonds securing circulation to be re- tired. Three years. § 4: 1. 33: p. 9. Such board of directors shall consist of nine members, holding office for three years. § 4: 1. 36: p. 12. And one whose term of office shall expire at the end of three years from said date. § 4:1. 39: p. 12. Thereafter, every director of a Federal reserve bank, etc., shall hold office for a term of three years. Four years. § 10:1. 3: p. 20. One member of the Federal Reserve Board shall be designated, etc., to serve for four years. Five years. § 24: 1. 7: p. 45. No loan made upon the security of such farm land shall be made for a longci time than five years. Six years. § 10: I. 3; p. 20. One member of the Federal Reservt' Board sliaU be designated to serve for six years. 656 INDEX-DIGEST OF FEDERAL BESEEVE ACT AND AMENDMENTS. YEAR; YEARS— Continued. Eight years. § 10:1. 3: p. 20. One member of the Federal Reserve Board shall be designated, etc., to serve for eight years. • Ten years. § 10: 1. § 10: 1. 5: p. 20. 4: p. 20. One member of the Federal Reserve Board shall be designated by the President to serve for ten years. Thereafter each member shall serve for a term of ten years unless sooner re- moved for cause, etc. Twenty years. § 4:1. 24: p. 8. Every Federal reserve bank shall have succession for a period of twenty years from its orgamzation, unless, etc. § 18: 1. 41: p. 37. After two years from the passage of this Act, and at any time during a period of twenty years thereafter, any member bank, etc., may file application with the Treasurer to sell for its account, etc., United States bonds securing circulation to be retired. Thirty-year three per centum gold bonds. See "United States bonds." Thirty years. I 18:1. 32: p. 39. Said obligation to purchase at maturity such notes shaU continue in force for a period not to exceed thirty years. § 1 8 : 1. 4 : p. 40. And for the same purpose, the secretary is authorized, etc., to issue United States gold bonds at par, bearing 3 per centum interest, payable thirty years from date of issue. o