19 \5 FROM THB UNITED STATES GOVERNMENT THROUGH THE SUPERINTENDENT OF DOCUMENTS 3 506 Rev. Stat, prohibits the withdrawal of this book for Home us Date Due ISEP2 ; 9.^1 P i ' ^^ 1 1 HG2560 !5S5'l9ir""'' "-'""^ '"''?i5iiiiiiteLiSM,l'ite,,,f^''^"' reserve acu olin 3 1924 030 195 238 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/cu31924030195238 INDEX-DIGEST OF THE FEDERAL RESERVE ACT AND AMENDMENTS THE ACT OF DECEMBER 23. 1913 THE ACT OF AUGUST 4, 1914 THE ACT OF AUGUST 15. 1914 THE ACT OF MARCH 3. 1915 PublUhed by"" " THE FEDERAL RESERVE BOARD WASHINGTON GOVERNMENT PRINTING OFHCE 1915 HQt Wi5 ADDITIONAL COPIES OF THIS PUBUCATION MAT BE PBOCUItED FKOM THE STJPEKINTENDENT OF DOCUMENTS GOVEBNMENT PKINTING OFFICE WASHINGTON, D. C. AT 75 CENTS PER COPY V FEDERAL RESERVE ACT. THE ACT OF DECEMBEE 23, 1913. [Public — No. 43 — 63d Conqeess.] - [H. R. 7837.] AN ACT To provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscoimting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes. Be it enacted iy the Senate and House of Representatives of the United 1 States of America in Congress assembled, That the short title of this 2 Act shall be the "Federal Reserve Act. " 3 Wherever the word "bank" is used in this Act, the word shall be 4 held to include State bank, banking associatign, and trust company, 5 - except where national banks or Federal reserve banks are specincally 6 referred to. 7 The terms "national bank" and "national banking association" 8 used in this Act shall be held to be synonymous and interchangeable. 9 The term "member bank" shall be held to mean any national bank, 10 State bank, or bank or trust company which has become a member 11 of one of the reserve banks created by this Act. The term "board" 12 shall be held to mean Federal Reserve Board; the term "district" 13 shall be held to mean Federal reserve district; the term "reserve 14 bank" shall be held to mean Federal reserve bank. 15 FEDERAL RESERVE DISTRICTS. 16 Sec. 2. As soon as practicable, the Secretary of the Treasury, the 17 Secretary of Agriculture and the Comptroller of the Currency, act- 18 ing as "The Reserve Bank Organization Committee," shall designate 19 not less than eight nor more than twelve cities to be known as Federal 20 reserve cities, and shall divide the continental United States, ex- 21 eluding Alaska, into districts, each district to contain only one of such 22 Federal reserve cities. The determination of said organization 23 committee shall not be subject to review except by the Federal 24 Reserve Board when organized: Provided, That the districts shall be 25 apportioned with due regard to the convenience and customary course 26 of business and shall not necessarily be coterminous with any State 27 or States. The districts thus created may be readjusted and new 28 districts may from time to time be created by the Federal Reserve 29 Board, not to exceed twelve in all. Such districts shall be known as 30 Federal reserve districts and may be designated by number. A ma- 31 jority of the organization committee shall constitute a quorum with 32 authority to act. 33 Said organization committee shall be authorized to employ coimsel 34 and expert aid, to take testimony, to send for persons and papers, to 35 administer oaths, and to make such investigation as may be deemed 36 necessary by the said committee in determining the reserve districts 37 and in designating the cities within such districts where such Federal 38 reserve banks shall be severally located. The said committee shall 39 supervise the organization in each of the cities designated of a 40 Federal reserve bank, which shall include in its title the name of the 41 city in which it is situated, as "Federal Reserve Bank of Chicago." 42 1 ii FEDERAL EESERVE ACT. 1 Under regulations to be prescribed by tbe organization committee, 2 every national banking association in the United States is hereby 3 required, and every engible bank in the United States and every 4 trust company within the District of Columbia, is hereby authorized 5 to signify in writing, within sixty days after the passage of this Act, 6 its acceptance of the terms and provisions hereof. When the organi- 7 zation committee shall have designated the cities in which Federal 8 reserve banks are to be organized, and fixed the geographical Hmits 9 of the Federal reserve districts, every national banking association 10 within that district shall be required within thirty days after notice 11 from the organization conunittee, to subscribe to the capital stock 12 of such Federal reserve bank in a sum equal to six per centum 13 of the paid-up capital stock and surplus of such bank, one-sixth of 14 the subscription to be payable on call of the organization committee 15 or of the Federal Reserve Board, one-sixth within three months and 16 one-sixth within six months thereafter, and the remainder of the sub- 17 scrip tion, or any part thereof, shall be subject to call when deemed 18 necessary by the Federal Reserve Board, said payments to be in 19 gold or gold certificates. 20 The shareholders of every Federal reserve bank shall be held indi- 21 vidually responsible, equally and ratably, and not one for another, 22 for aU contracts, debts, and engagements of such bank to the extent 23 of the amoimt of their subscriptions to such stock at the par value 24 thereof in addition to the amount subscribed, whether such subscrip- 25 tions have been paid up in whole or in part, Tinder the provisions of 26 this Act. 27 Any national bank faihng to signify its acceptance of the terms of 28 this Act within the sixty days aforesaid, shall cease to act as a reserve 29 agent, upon thirty days' notice, to be given within the discretion of the 30 said organization committee or of the Federal Reserve Board. 31 Should any national banking association in the United States now 32 organized fail within one year after the passage of this Act to become 33 a member bank or fail to comply with any of the provisions of this 34 Act apphcable thereto, all of the rights, privileges, and franchises of 35 such association granted to it under the national-bank Act, or under 36 the provisions of this Act, shall be thereby forfeited. Any noncom- 37 phance with or violation of this Act shall, however, be determined 38 and adjudged by any court of the United States of competent juris- 39 diction in a suit brought for that purpose in the district or territory 40 in which such bank is located, under direction of the Federal Reserve 41 Board, by the Comptroller of the Currency in his own name before 42 the association shall be declared dissolved. In cases of such noncom- 43 phance or violation, other than the failure to become a member 44 bank under the provisions of this Act, every director who partici- 45 pated in or assented to the same shall be held hable in his personal 46 or individual capacity for aU damages which said bank, its share- 47 holders, or any other person shall have sustained in consequence of 48 such violation. 49 Such dissolution shall not take away or impair any remedy against 50 such corporation, its stockholders or officers, for any hability or 51 penalty which shall have been previously incurred. 52 Should the subscriptions by banks to the stock of said Federal 53 reserve banks or any one or more of them be, in the judgment of the 54 organization committee, iasuificient to provide the amount of capital FEDEEAL EESERVE ACT. 3 re^iiired therefor, then and in that event the said organization com- 1 mittee may, under conditions and regulations to be prescribed by it, 2 offer to public subscription at par such an amount of stock in said 3 Federal reserve banks, or any one or more of them, as said committee 4 shall determine, subject to the same conditions as to payment and 5 stock liabihty as provided for member banks. 6 No individual, copartnership, or corporation other than a member 7 bank of its district shall be permitted to subscribe for or to hold at 8 any time more than $25,000 par value of stock in any Federal reserve 9 bank. Such stock shall be Imown as public stock and may be trans- 10 f erred on the books of the Federal reserve bank by the chairman of 11 the board of directors of such bank. 12 Should the total subscriptions by banks and the pubhc to the stock 13 of said Federal reserve banks, or any one or more of them, be, in the 14 judgment of the organization committee, insufficient to provide the 15 amount of capital required therefor, then and in that event the said 16 organization committee shall allot to the United States such an 17 amount of said stock as said committee shall determine. Said United 18 States stock shall be paid for at par out of any money in the Treas- 19 ury not otherwise appropriated, and shall be held by the Secretary 20 of the Treasury and disposed of for the benefit of the United States 21 in such manner, at such times, and at such price, not less than par, 22 as the Secretary of the Treasury shall determine. 23 Stock not held by member banks shall not be entitled to voting 24 power. 25 The Federal Reserve Board is hereby empowered to adopt and 26 promulgate rules and regulations governing the transfers of said 27 stock. 28 No Federal reserve bank shall commence business with a sub- 29 scribed capital less than $4,000,000. ' The organization of reserve 30 districts and Federal reserve cities shall not be construed as chang- 31 ing the present status of reserve cities and central reserve cities, 32 except in so far as this Act changes the amount of reserves that 33 may be carried with approved reserve agents located therein. The 34 organization committee shall have power to appoint such assistants 35 and incur such expenses in carrying out the provisions of this Act as 36 it shall deem necessary, and such expenses shall be payable by the 37 Treasurer of the United States upon voucher approved by the Secre- 38 tary of the Treasury, and the sum of $100,000, or so much thereof as 39 may be necessary, is hereby appropriated, out of any moneys in the 40 Treasury not otherwise appropriated, for the payment of such 41 expenses. 42 BRANCH OFFICES. 43 Sec. 3. Each Federal reserve bank shall establish branch banks 44 within the Federal reserve district in which it is located and may do 45 so in the district of any Federal reserve bank which may have been 46 suspended. Such branches shall be operated by a board of directors 47 under rules and regulations approved by the Federal Eeserve Board. 48 Directors of branch banks shall possess the same qualifications as 49 directors of the Federal reserve banks. Four of said directors shall 50 be selected by the reserve bank and three by the Federal Reserve 51 Board, and they shall hold office during the pleasure, respectively, 52 of the parent bank and the Federal Reserve Board. The reserve 53 banJs shall designate, one jof_J;he^^rectors as manager. 54 FEDERAL RESERVE ACT. FEDERAL RESERVE BANKS. 2 Sec. 4. When the organization committee shall have established 3 Federal reserve districts as provided in section two of this Act, a 4 certificate shaU be filed with the Comptroller of the Currency showing 5 the geographical limits of such districts and the Federal reserve city 6 designated in each of such districts. The Comptroller of the Cur- 7 rency shall thereupon cause to be forwarded to each national banJs 8 located in each district, and to such other banks declared to be eH- 9 gible hj the organization committee which may apply therefor, an 10 appHcation blank in form to be approved by the organization com- 11 mittee, which blank shall contain a resolution to be adopted by the 12 board of directors of each bank executing such apphcation, author- 13 izing a subscription to the capital stock of the Federal reserve bank 14 organizing in that district in accordance with the provisions of this 15 Act. 16 When the minimum amount of capital stock prescribed by this 17 Act for the organization of any Federal reserve bank shall have been 18 subscribed and allotted, the organization committee shall designate 19 any five banks of those whose apphcations have been received, to 20 execute a certificate of organization, and thereupon the banks so 21 designated shall, under their seals, make an organization certificate 22 which shall specifically state the name of such Federal reserve bank, 23 the territorial extent of the district over which the operations of such 24 Federal reserve bank are to be carried on, the city and State in which 25 said bank is to be located, the amount of capital stock and the num- 26 ber of shares into which the same is divided, the name and place of 27 doing business of each bank executing such certificate, and of all 28 banks which have subscribed to the capital stock of such Federal 29 reserve bank and the number of shares subscribed by each, and the 30 fact that the certificate is made to enable those banks executing 31 same, and all banks which have subscribed or may thereafter sub- 32 scribe to the capital stock of such Federal reserve bank, to avail them- 33 selves of the advantages of this Act. 34 The said organization certificate shall be acknowledged before a 35 judge of some court of record or notary pubHc; and shall be, together 36 with the acknowledgment thereof, authenticated by the seal of such 37 court, or notary, transmitted to the Comptroller of the Currency, 38 who shall file, record and carefully preserve the same in his ofiice. 39 Upon the fifing of such certificate with the Comptroller of the 40 Currency as aforesaid, the said Federal reserve bank shall become a 41 body corporate and as such, and in the name designated in such 42 organization certificate, shall have power — 43 First. To adopt and use a corporate seal. 44 Second. To have succession for a period of twenty years from its 45 organization unless it is sooner dissolved by an Act of Congress, or 46 unless its franchise becomes forfeited by some violation of law. 47 Third. To make contracts. 48 Fourth. To sue and be sued, complain and defend, in any court of 49 law or equity. 50 Fifth. To appoint by its board of directors, such officers and em- 51 ployees as are not otherwise provided for in this Act, to define their 52 duties, require bonds of them and fix the penalty thereof, and to dis- 53 miss at pleasure such officers or employees. PBDEBAL EESEEVE ACT. 5 Sixth. To prescribe by its board of directors, by-laws not inconsist- 1 ent with law, regulating the manner in which its general business 2 may be conducted, and the privileges granted to it oy law may be 3 exercised and enjoyed. 4 Seventh. To exercise by its board of directors, or duly authorized 5 ofl&cers or agents, all- powers specifically granted by the provisions of 6 this Act and such incidental powers as shall be necessary to carry on 7 the business of banking within the hmitations prescribed by this Act. 8 Eighth. Upon deposit with the Treasurer of the United States of 9 any bonds of the tJnited States in the manner provided by existing 10 law relating to national banks, to receive from the Comptroller of the 11 Currency circulating notes in blank, registered and countersigned as 12 provided by law, equal in amount to the par value of the bonds so 13 deposited, such notes to be issued under the same conditions and pro- 14 visions of law as relate to the issue of circulating notes of national 15 banks secured by bonds of the United States bearing the circulating 16 privilege, except that the issue of such notes shall not be Hmited to the 17 capitaf stock of such Federal reserve bank. 18 But no Federal reserve bank shall transact any business except such 19 as is incidental and necessarily prehminary to its organization until it 20 has been authorized by the Comptroller of the Currency to commence 21 business under the provisions of this Act. 22 Every Federal reserve bank shall be conducted under the super- 23 vision and control of a board of directors. . 24 The board of directors shall perform the duties usually appertaining 25 to the ofiice of directors of banking associations and aU such duties as 26 are prescribed by law. 27 Said board shall administer the affairs of said bank fairly and impar- 28 tiaUy and without discrimination in favor of or against any member 29 bank or banks and shall, subject to the provisions of law and the orders 30 of the Federal Reserve Board, extend to each member bank such dis- 31 counts, advancements and accommodations as may be safely and 32 reasonably made with due regard for the claims and demands of 33 other member banks. 34 Such board of directors shall be selected as hereinafter specified and 35 shall consist of nine members, holdiag office for three years, and 36 divided into three classes, designated as classes A, B, and C. 37 Class A shall consist of three members, who shall be chosen by and 38 be representative of the stock-holding banks. 39 Class B shall consist of three members, who at the time of their 40 election shall be actively engaged in their district in commerce, agri- 41 culture or some other industrial pursuit. 42 Class C shall consist of three members who shall be designated by 43 the Federal Reserve Board. When the necessary subscriptions to the 44 capital stock have been obtained for the organization of any Federal 45 reserve bank, the Federal Reserve Board shall appoint the Class C 46 directors and shall designate one of such directors as chairman of the 47 board to be selected. Pending the designation of such chairman, the 48 organization committee shall exercise me powers and duties apper- 49 taining to the office of chairman in the organization of such Federal 50 reserve bank. 51 No Senator or Representative in Congress shall be a member of the 52 Federal Reserve Board or an officer or a director of a Federal reserve 53 bank. 54 b PEDEBAI. BESEKVB ACT. 1 No director of class B shall be an ofl&cer, director, or employee of 2 any bank. 3 No director of class C shaU be an officer, director, employee, or 4 stockholder of any bank. 5 Directors of class A and class B shall be chosen in the following 6 manner: 7 The chairman of the board of directors of the Federal reserve bank 8 of the district in which the bank is situated or, pending the appoint- 9 ment of such chairman, the organization committee shaU classify the 10 member banks of the district into three general groups or divisions. 11 Each group shall contain as nearly as may be one-third of the aggre- 12 gate number of the member banks of the district and shall consist, as 13 nearly as may be, of banks of similar capitalization. The groups shall 14 be designated by number by the chairman. 15 At a regularly called meeting of the board of directors of each 16 member bank in the district it shall elect by ballot a district reserve 17 elector and shall certify his name to the chairman of the board of 18 directors of the Federal reserve bank of the district. The chairman 19 shall make hsts of the district reserve electors thus named by banks 20 in each of the aforesaid three groups and shall transmit one hst to each 21 elector in each group. 22 Each member bank shall be permitted to nominate to the chair- 23 man one candidate for director of class A and one candidate for 24 director of class B. The candidates so nominated shall be Hsted by 25 the chairman, indicating by whom nominated, and a copy of said Hst 26 shall, within fifteen days after its completion, be furnished by the 27 chairman to each elector. 28 Every elector shall, within fifteen days after the receipt of the said 29 hst, certify to the chairman his first, second, and other choices of a 30 director of class A and class B, respectively, upon a preferential bal- 31 lot, on a form furnished by the chairman of the board of directors of 32 the Federal reserve bank of the district. Each elector shall make a 33 cross opposite the name of the first, second, and other choices for a 34 director of class A and for a director of class B, but shall not vote 35 more than one choice for any one candidate. 36 Any candidate having a majority of aU votes cast in the column 37 of first choice shall be declared elected. If no candidate have a 38 majority of aU the votes in the first column, then there shall be added 39 together the votes cast by the electors for such candidates in the 40 second column and the votes cast for the several candidates in the first 41 column. If any candidate then have a majority of the electors vot- 42 ing, by adding together the first and second choices, he shall be de- 43 clared elected. If no candidate have a majority of electors voting 44 when the first and second choices shall have been added, then the 45 votes cast in the third column for other choices shall be added to- 46 gether in like manner, and the candidate then having the highest 47 number of votes shall be declared elected. An immediate report of 48 election shall be declared. 49 Class C directors sh^ be appointed by the Federal Reserve Board. 60 They shall have been for at least two years residents of the district 51 for which they are appointed, one of whom shall be designated by 52 said board as chairman of the board of directors of the Federal 53 reserve bank and as "Federal reserve agent." He shall be a person of 54 tested banking experience; and in addition to his duties as chairman FEDERAL RESERVE ACT. 7 of the board of directors of the Federal reserve bank he shall be 1 required to maintain under regulations to be established by the 2 Federal Reserve Board a local office of said board on the 3 premises of the Federal reserve bank. He shall make regular 4 reports to the Federal Reserve Board, and shall act as its official 5 representative for the performance of the functions conferred 6 upon it by this Act. He shall receive an annual compensation 7 to be fixed by the Federal Reserve Board and paid monthly by 8 the Federal reserve bank to which he is designated. One of 9 the directors of class C, who shall be a person of tested banking 10 experience, shall be appointed by the Federal Reserve Board as 11 deputy chairman and deputy Federal reserve agent to exercise the 12 powers of the chairman of the board and Federal reserve agent in 13 case of absence or disability of his principal. 14 Directors of Federal reserve banks shall receive, in addition to any 15 compensation otherwise provided, a reasonable allowance for neces- 16 sary expenses in attending meetings of their respective boards, which 17 amount shall be paid by the respective Federal reserve banks. Any 18 compensation that may be provided by boards of directors of Federal 19 reserve banks for directors, officers or employees shall be subject to 20 the approval of the Federal Reserve Board. 21 The Reserve Bank Organization Committee may, in organizing 22 Federal reserve banks, caU such meetings of bank directors in the sev- 23 eral districts as may be necessary to carry out the purposes of this 24 Act, and may exercise the functions herein conferred upon the chair- 25 man of the board of directors of each Federal reserve bank pending 26 the complete organization of such bank. 27 At the first meeting of the full board of directors of each Federal 28 reserve bank, it shall be the duty of the directors of classes A, B and 29 C, respectively, to designate one of the members of each class whose 30 term of office shall expire in one year from the first of January 31 nearest to date of such meeting, one whose term of office shall expire 32 at the end of two years from said date, and one whose term of office 33 shall expire at the end of three years from said date. Thereafter 34 every director of a Federal reserve bank chosen as hereinbefore pro- 35 vided shall hold office for a term of three years. Vacancies that 36 may occur in the several classes of directors of Federal reserve banks 37 may be filled in the manner provided for the original selection of 38 such directors, such appointees to hold office for the unexpired terms 39 of their predecessors. 40 STOCK issues; INCREASE AND DECREASE OF CAPITAL. 41 Sec. 5. The capital stock of each Federal reserve bank shall be 42 divided into shares of $100 each. The outstanding capital stock 43 shall be increased from time to time as member banks increase their 44 capital stock and surplus or as additional banks become members, 45 and may be decreased as member banks reduce their capital stock or 46 surplus or cease to be members. Shares of the capital stock of 47 Federal reserve banks owned by member banks shall not be trans- 48 ferred or hypothecated. When a member bank increases its capi- 49 tal stock or surplus, it shall thereupon subscribe for an additional 50 amoant of capital stock of the Federal reserve bank of its district 51 equal to six per centum of the said increase, one-half of said sub- 52 8 PEDEBAL RESERVE ACT. 1 scription to be paid in the manner hereinbefore provided for origmal 2 subscription, and one-half subject to call of the Federal Reserve 3 Board. A bank applying for stock in a Federal reserve bank at any 4 time after the organization thereof must subscribe for an amount of 5 the capital stock of the Federal reserve bank equal to six per centum 6 of the paid-up capital stock and surplus of said applicant bank, pay- 7 ing therefor its par value plus one-half of one per centmn a month 8 from the period of the last dividend. When the capital stock of any 9 Federal reserve bank shall have been increased either on account of 10 the increase of capital stock of member banks or on account of the 11 increase in the niunber of member banks, the board of directors shall 12 cause to be executed a certificate to the Comptroller of the Currency 13 showing the increase in capital stock, the amount paid in, and by 14 whom paid. When a member bank reduces its capital stock it shall 15 surrender a proportionate amount of its holdings in the capital of 16 said Federal reserve bank, and when a member bank voluntarily 17 hquidates it shall surrender all of its holdings of the capital 18 stock of said Federal reserve bank and be released from its stock 19 subscription not previously called. In either case the shares sur- 20 rendered shall be canceled and the member bank shall receive in 21 payment therefor, under regulations to be prescribed by the Federal 22 Keserve Board, a sum equal to its cash-paid subscriptions on the 23 shares surrendered and one-half of one per centum a month from the 24 period of the last dividend, not to exceed the book value thereof, less 25 any liability of such member bank to the Federal reserve bank. 26 Sec. 6. If any member bank shall be declared insolvent and a 27 receiver appointed therefor, the stock held by it in said Federal 28 reserve bank shall be canceled, without impairment of its hability, 29 and all cash-paid subscriptions on said stock, with one-half of one per 30 centmn per month from the period of last dividend, not to exceed 31 the book value thereof, shall be first apphed to all debts of the insol- 32 vent member bank to the Federal reserve bank, and the balance, if 33 any, shall be paid to the receiver of the insolvent bank. Whenever 34 the capital stock of a Federal reserve bank is reduced, either on 35 account of a reduction in capital stock of any member bank or of the 36 hquidation or insolvency of such bank, the board of directors shall 37 cause to be executed a certificate to the Comptroller of the Currency 38 showing such reduction of capital stock and the amount repaid to 39 such bank. 40 DIVISION OF EARNINGS. 41 Sec. 7. After all necessary expenses of a Federal reserve bank 42 have been paid or provided for, tne stockholders shall be entitled to 43 receive an annual dividend of six per centmn on the paid-in capital 44 stock, which dividend shall be cumulative. After the aforesaid 45 dividend claims have been fully met, aU the net earnings shall be 46 paid to the United States as a franchise tax, except that one-half of 47 such net earnings shall be paid into a surplus fund imtil it shall 48 amount to forty per centum of the paid-in capital stock of such 49 bank. 50 The net earnings derived by the United States from Federal reserve 51 banks shall, in the discretion of the Secretary, be used to supplement 52 the gold reserve held against outstanding United States notes, or shall 53 be applied to the reduction of the outstanding bonded indebtedness of FEDERAL RESERVE ACT. 9 the United States under regulations to be perscribed by the Secre- 1 tary of the Treasury. Should a Federal reserve bank be dissolved 2 or go into liquidation^ any surplus remaining, after the payment of all 3 debts, dividend requurements as hereinbefore provided, and the par 4 value of the stock, shall be paid to and become the property of the 5 United States and shall be similarly appMed. 6 Federal reserve banks, includiag the capital stock and surplus 7 therein, and the income derived therefrom shall be exempt from 8 Federal, State, and local taxation, except taxes upon real estate. 9 Sec. 8. Section fifty-one hundred and fifty-four. United States 10 Revised Statutes, is hereby amended to read as follows: 11 Any bank incorporated by special law of any State or of the 12 United States or organized under the general laws of any State or of 13 the United States and having an unimpaired capital sufficient to 14 entitle it to become a national banking association under the pro- 15 visions of the existing laws may, by flie vote of the shareholders 16 owning not less than fifty-one per centum of the capital stock of 17 such bank or banking association, with the approval of the Comp- 18 troUer of the Currency be converted into a national banking associa- 19 tion, with any name approved by the Comptroller of the Currency : 20 Provided, however,Th.&t said conversion shall not be in contravention 21 of the State law. In such case the articles of association and organi- 22 zation certificate may be executed by a majority of the directors of 23 the bank or banking institution, and the certificate shall declare that 24 the owners of fifty-one per centum of the capital stock have author- 25 ized the directors to make such certificate and to change or convert 26 the bank or banking institution into a national association. A ma- 27 jority of the directors, after executing the articles of association and 28 the organization certificate, shall have power to execute all other 29 papers and to do whatever may be required to make its organization 30 perfect and complete as a national association. The shares of any 31 such bank may continue to be for the same amoimt each as they 32 were before the conversion, and the directors may continue to be 33 directors of the association until others are elected or appointed in 34 accordance with the provisions of the statutes of the United States. 35 When the Comptroller has given to such bank or banking association 36 a certificate that the provisions of this Act have been compHed with, 37 such bank or banking association, and aU its stockholders, ofiicers, 38 and employees, shall have the same powers and privileges, and shall 39 be subject to the same duties, habUities, and regulations, in all re- 40 spects, as shall have been prescribed by the Federal Reserve Act and 41 by the national banking Act for associations originally organized as 42 national banking associations. 43 STATE BANKS AS MEMBERS. 44 Seo. 9. Any bank incorporated by special law of any State, or 45 organized under the general laws of any State or of the United 46 States, may make application to the reserve bank organization 47 committee, pending organization, and thereafter to the Federal 48 Reserve Board for the right to subscribe to the stock of the Federal 49 reserve banjt organized or to be organized within the Federal reserve 50 district where the apphcant is located. The organization committee 51 or the Federal Reserve Board, under such rules and regulations as 52 10 FEDEEAL EESEEVE ACT. 1 it may prescribe, subject to the provisions of this section, may 2 permit the applying bank to become a stockholder ia the Federal 3 reserve bank of the district in which the applying bank is located. 4 Whenever the organization committee or the Federal Reserve Board 5 shall permit the applying bank to become a stockholder in. the Federal 6 reserve bank of the district, stock shall be issued and paid for under 7 the rules and regulations in this Act provided for national banks 8 which become stockholders in Federal reserve banks. 9 The organization committee or the Federal Reserve Board shall 10 estabHsh by-laws for the general government of its conduct ia acting 11 upon applications made by the State banks and banking associations 12 and trust companies for stock ownership in Federal reserve banks. 13 Such by-laws shall require applying banks not organized under 14 Federal law to comply with the reserve and capital requirements 15 and to submit to the examination and regulations prescribed by the 16 organization committee or by the Federal Reserve Board. No ap- 17 plying bank shall be admitted to membership in a Federal reserve 18 bank unless it possesses a paid-up unimpaired capital sufficient to 19 entitle it to become a national banking association in the place where 20 it is situated, under the provisions of the national banking Act. 21 Any bank becoming a member of a Federal reserve bank under the 22 provisoios of this section shall, in addition to the regulations and 23 restrictions hereinbefore provided, be required to conform to the 24 provisions of law imposed on the national banks respecting the 25 limitation of liability which may be incurred by any person, firm, or 26 corporation to such banks, the prohibition against making purchase 27 of or loans on stock of such banks, and the withdrawal or impairment 28 of capital, or the payment of unearned dividends, and to such rules 29 and regulations as the Federal Reserve Board may, in pursuance 30 thereof, prescribe. 31 Such banks, and the officers, agents, and employees thereof, shall 32 also be subject to the provisions of and to the penalties prescribed 33 by sections fifty-one hundred and ninety-eight, fifty-two hundred, 34 fifty- two hundred and one, and fifty- two hundred and eight, and 35 fifty-two hundred and nine of the Revised Statutes. The member 36 banks shall also be required to make reports of the conditions and 37 of the payments of dividends to the comptroller, as provided in 38 sections fifty-two hundred and eleven and fifty-two hundred and 39 twelve of the Revised Statutes, and shall be subject to the penalties 40 prescribed by section fifty-two hundred and thirteen for the failure 41 to make such report. 42 If at any time it shall appear to the Federal Reserve Board that a 43 member bank has failed to compty with the provisions of this section 44 or the regulations of the Federal Reserve Board, it shaU be within the 45 power of the said board, after hearing, to require such bank to sur- 46 render its stock in the Federal reserve bank; upon such surrender the 47 Federal reserve bank shall pay the cash-paid subscriptions to the said 48 stock with interest at the rate of one-half of one per centum per 49 month, computed from the last dividend, if earned, not to exceed 50 the book value thereof, less any liability to said Federal reserve bank, 51 except the subscription liability not previously called, which shall be 52 canceled, and said Federal reserve bank shall, upon notice from the 53 Federal Reserve Board, be required to suspend said bank from further 54 privileges of membership, and shall within thirty days of such notice FEDERAL RESERVE ACT. 11 cancel and retire its stock and make payment therefor in the manner 1 herein provided. The Federal Reserve Board may restore member- 2 ship upon due proof of comphance with the conditions imposed by 3 this section. 4 FEDERAL RESERVE BOARD. 5 Sec. 10. A Federal Eeserve Board is hereby created which shall 6 consist of seven members, including the Secretary of the Treasury 7 and the Comptroller of the Currency, who shall be members ex 8 ofl&cio, and five members appointed by the President of the United 9 States, by and with the advice and consent of the Senate. In 10 selecting the five appointive members of the Federal Eeserve 11 Board, not more than one of whom shall be selected from any 12 one Federal reserve district, the President shall have due regard to 13 a fair representation of the different commercial, industrial and 14 feographical divisions of the country. The five members of the 15 'ederal Reserve Board appointed by the President and confirmed 16 as aforesaid shall devote their entire time to the business of the 17 Federal Reserve Board and shall each receive an annual salary of 18 $12,000, payable monthly together with actual necessary traveling 19 expenses, and the Comptroller of the Currency, as ex officio member 20 of the Federal Reserve Board, shall, in addition to the salary now 21 paid him as Comptroller of the Currency, receive the sum of $7,000 22 annually for his services as a member of said Board. 23 The members of said board, the Secretary of the Treasury, the 24 Assistant Secretaries of the Treasury, and the Comptroller of the Cur- 25 rency shall be ineligible during the time they are in office and for two 26 years thereafter to hold any office, position, or employment in any 27 member bank. Of the five members thus appointed by the President 28 at least two shall be persons experienced in banking or finance. One 29 shall be designated by the President to serve for two, one for four, one 30 for six, one for eight, and one for ten years, and thereafter each 31 member so appointed shall serve for a term of ten years unless 32 sooner removed for cause by the President. Of the five persons thus 33 appointed, one shall be designated by the President as governor and 34 one as vice governor of the Federal Reserve Board. The governor of 35 the Federal Reserve Board, subject to its supervision, shall be the 36 active executive officer. The Secretary of the Treasury may assign 37 offices in the Department of the Treasury for the use of the Federal 38 Reserve Board. Each member of the Federal Reserve Board shall 39 within fifteen days after notice of appointment make and subscribe 40 to the oath of office. 41 The Federal Reserve Board shall have power to levy semiannually 42 upon the Federal reserve banks, in proportion to their capital stock 43 and surplus, an assessment sufficient to pay its estimated expenses and 44 the salaries of its members and employees for the half year succeed- 45 mg the levying of such assessment, together with any deficit carried 46 forward from the preceding half year. _ 47 The first meeting of the Federal Reserve Board shaU be held in 48 Washington, District of Columbia, as soon as may be after the passage 49 of this Act, at a date to be fixed by the Reserve Bank Organization 50 Committee. The Secretary of the Treasury shall be ex officio chair- 51 man of the Federal Reserve Board. No member of the Federal 52 Reserve Board shall be an officer or director of any bank, banking 53 12 FEDERAL EESEEVE ACT. 1 institution, trust company, or Federal reserve bank nor hold stock 2 in any bank, banking institution, or trust company; and before 3 entering upon bis duties as a member of the Federal Eeserve Board 4 he shall certify under oath to the Secretary of the Treasury that he 5 has compHed with this requirement, mienever a vacancy shall 6 occur, other than by expiration of term, among the five members of 7 the Federal Reserve Board appointed by the President, as above 8 provided, a successor shall be appointed by the President, with the 9 advice and consent of the Senate, to fill such vacancy, and when 10 appointed he shall hold office for the unexpired term of the member 1 1 whoso place he is selected to fill. 12 The President shall have power to fill aU vacancies that may hap- 13 pen on the Federal Reserve Board during the recess of the Senate, by 14 granting commissions which shall expire thirty days after the next 15 session of the Senate convenes. 16 Nothing in this Act contained shall be construed as taking away 17 any powers heretofore vested by law in the Secretary of the Treasury 18 wmch relate to the supervision, management, and control of the 19 Treasury Department and bureaus under such department, and wher- 20 ever any power vested by this Act in the Federal Reserve Board or 21 the Federal reserve agent appears to conflict with the powers of the 22 Secretary of the Treasury, such powers shall be exercised subject 23 to the supervision and control of the Secretary. 24 The Federal Reserve Board shall annually make a full report of 25 its operations to the Speaker of the House of Representatives, who 26 shall cause the same to be printed for the information of the Congress. 27 Section three hundred and twenty-four of the Revised Statutes of 28 the United States shall be amended so as to read as follows: There 29 shall be in the Department of the Treasury a bureau charged with 30 the execution of all laws passed by Congress relating to the issue and 31 regulation of national currency secured by United States bonds and, 32 under the general supervision of the Federal Reserve Board, of all 33 Federal reserve notes, the chief officer of which bureau shall be called 34 the Comptroller of the Currency and shall perform his duties under 35 the general directions of the Secretary of the Treasury. 36 Sec. 11. The Federal Reserve Board shall be authorized and em- 37 powered: 38 (a) To examine at its discretion the accounts, books and affairs 39 of each Federal reserve bank and of each member bank and to require 40 such statements and reports as it may deem necessary. The said 41 board shall pubhsh once each week a statement showing the condi- 42 tion of each Federal reserve bank and a consohdated statement for all 43 Federal reserve banks. Such statements shall show in detail the 44 assets and habihties of the Federal reserve banks, single and com- 45 bined, and shall furnish fuU information regarding the character of the 46 money held as reserve and the amount, nature and maturities of the 47 paper and other investments owned or held by Federal reserve 48 banks. 49 (b) To permit, or, on the affirmative vote of at least five members 50 of the Reserve Board to require Federal reserve banks to rediscount 51 the discounted paper of other Federal reserve brinks at rates of in- 52 terest to be fixed by the Federal Reserve Board. 63 (c) To suspend for a period not exceeding thirty days, and from 54 time to time to renew such suspension for periods not exceeding FEDBBAL RESEEVE ACT. 13 fifteen days, any reserve requirement specified in this Act: Provided, 1 That it shall estabhsh a graduated tax upon the amounts by which 2 the reserve requirements of this Act may be permitted to fall below 3 the level hereinafter specified: And frovided further, That when the 4 gold reserve held against Federal reserve notes falls below forty per 5 centum, the Federal Reserve Board shall estabhsh a graduated tax of 6 not more than one per centum per annum upon such deficiency untU 7 the reserves fall to thirty-two and one-half per centum, and when 8 said reserve falls below thirty-two and one-half per centum, a tax at 9 the rate increasingly of not less than one and one-half per centum 10 per annum upon each two and one-half per centum or fraction thereof 11 that such reserve falls below thirty-two and one-half per centum. 12 The tax shall be paid by the reserve bank, but the reserve bank shall 13 add an amount equal to said tax to the rates of interest and discount 14 fixed by the Federal Reserve Board. 15 (d) To supervise and regulate through the bureau under the charge 16 of the Comptroller of the Currency the issue and retirement of Federal 17 reserve notes, and to prescribe rules and regulations under which such 18 notes may be dehvered by the Comptroller to the Federal reserve 19 agents applying therefor. 20 (e) To add to the number of cities classified as reserve and central 21 reserve cities under existing law in which national banking associa- 22 tions are subject to the reserve requirements set forth in section 23 twenty 1 of tms Act; or to reclassify existing reserve and central 24 reserve cities or to terminate their designation as such. 25 (f) To suspend or remove any officer or director of any Federal 26 reserve bank, the cause of such removal to be forthwith communi- 27 cated in writing by the Federal Reserve Board to the removed officer 28 or director and to said bank. 29 (g) To require the writing oflf of doubtful or worthless assets upon 30 the books and balance sheets of Federal reserve banks. 31 (h) To suspend, for the violation of any of the provisions of this 32 Act, the operations of any Federal reserve bank, to take possession 33 thereof, administer the same during the period of suspension, and, 34 when deemed advisable, to hquidate or reorganize such bank. 35 (i) To require bonds of Federal reserve agents, to make regulations 36 for the safeguarding of all collateral, bonds, Federal reserve notes, 37 money or property, of any kind deposited in the hands of such 38 agents, and said board shall perform the duties, functions, or services 39 specified in this Act, and make all rules and regulations necessary to 40 enable said board effectively to perform the same. 41 (i) To exercise general supervision over said Federal reserve banks. 42 (k) To grant by special permit to national banks applying therefor, 43 when not in contravention of State or local law, the right to act as 44 trustee, executor, administrator, or registrar of stocks and bonds 45 under such rules and regulations as the said board may prescribe. 46 (1) To employ such attorneys, experts, assistants, clerks, or other 47 employees as may be deemed necessary to conduct the business of 48 the board. AU salaries and fees shall be fixed in advance by said 49 board and shall be paid in the same manner as the salaries of the 50 members of said board. All such attorneys, experts, assistants, 51 clerks, and other employees shall be appointed without regard to the 52 provisions of the Act of January sixteenth, eighteen hundred and 53 eighty-three (volume twenty-two. United States Statutes at Large, 54 1 This reference to section 20 is an error in tlie Act. Tiie reference should be to section 19. 14 FEDERAL EESEEVE ACT. 1 page four huadred aad three), and amendments thereto, or any rule 2 or regulation made in pursuance thereof: Provided, That nothing 3 herein shall prevent the President from placing said employees in the 4 classified service. 5 FEDERAL ADVISORY COUNCIL. 6 Sec. 12. There is hereby created a Federal Advisory Council, 7 which shall consist of as many members as there are Federal reserve 8 districts. Each Federal reserve bank by its board of directors shall 9 annually select from its own Federal reserve district one member of 10 said council, who shall receive such compensation and allowances as 11 may be fixed by his board of directors subject to the approval of the 12 Federal Keserve Board. The meetings of said advisory council shall 13 be held at Washington, District of Columbia, at least four times each 14 year, and oftener if called by the Federal Reserve Board. The 15 council may in addition to the meetings above provided for hold such 16 other meetings in Washington, District of Columbia, or elsewhere, as 17 it may deem necessary, may select its own officers and adopt its own 18 methods of procedure, and a majority of its members shall constitute 19 a quorum for the transaction of business. Vacancies in the council 20 shall be filled by the respective reserve banks, and members selected 21 to fin vacancies, shall serve for the unexpired term. 22 The Federal Advisory Council shall have power, by itself or through 23 its officers, (1) to confer directly with the Federal Reserve Board on 24 general business conditions^ (2) to make oral or written representa- 25 tions concerning matters within the jurisdiction of said board; (3) to 26 call for information and to make recommendations in regard to 27 discount rates, rediscount business, note issues, reserve conditions in 28 the various districts, the purchase and sale of gold or securities by 29 reserve banks, open-market operations by said banks, and the general 30 affairs of the reserve banking system. 31 POWERS OF FEDERAL RESERVE BANKS. 32 Sec. 13. Any Federal reserve bank may receive from any of its 33 member banks, and from the United States, deposits of current funds 34 in lawful money, national-bank notes. Federal reserve notes, or 35 checks and drafts upon solvent member banks, payable upon presen- 36 tation; or, solely for exchange purposes, may receive from other 37 Federal reserve banks deposits of current funds in lawful money, 38 national-bank notes, or checks and drafts upon solvent member or 39 other Federal reserve banks, payable upon presentation. 40 Upon the indorsement of any of its member banks, with a waiver of 41 demand, notice and protest by such bank, any Federal reserve bank 42 may discount notes, drafts, and biUs of exchange arising out of actual 43 commercial transactions; that is, notes, drafts, and \AUs> of exchange 44 issued or drawn for agricultural, industrial, or commercial purposes, 45 or the proceeds of which have been used, or are to be used, for such 46 purposes, the Federal Reserve Board to have the right to determine 47 or define the character of the paper thus ehgible for discount, within 48 the meaning of this Act. Notmng in this Act contained shall be 49 construed to prohibit such notes, drafts, and biUs of exchange, secured 50 by staple agricultural products, or other goods, wares, or merchandise FEDERAL EESEEVE ACT. 15 from being eligible for such discount; but such definition shall not 1 include notes, drafts, or bills covering merely investments or issued 2 or drawn for the purpose of carrying or tradmg in stocks, bonds, or 3 other investment securities, except bonds and notes of the Govern- 4 ment of the United States. Notes, drafts, and bills admitted to dis- 5 count under the terms of this paragraph must have a maturity at 6 the time of discount of not more than ninety days: Provided, That 7 notes, dratts, and bills drawn or issued for agricultural purposes or 8 based on live stock and having a maturity not exceeding six months 9 may be discounted in an amount to be limited to a percentage of the 10 capital of the Federal reserve bank, to be ascertained and fixed by the 1 1 Federal Reserve Board. 1 2 Any Federal reserve bank may discount accejptances which are 13 based on the importation or exportation of goods and which have 14 a maturity at time of discount of not more than three months, and 15 indorsed by at least one member bank. The amount of acceptances 16 so discounted shall at no time exceed one-half the paid-up 'capital stock 17 and surplus of the bank for which the rediscoimts are made.* 18 The aggregate of such notes and bills bearing the signature or in- 19 dorsement of any one person, company, firm, or corporation redis- 20 counted for any one bank shall at no time exceed ten per centum of the 21 unimpaired capital and surplus of said bank; but this restriction shall 22 not apply to the discount of bills of exchange drawn in good faith 23 against actually existing values. 24 Any member bank may accept drafts or bills of exchange drawn upon 25 it and growing out of transactions involving the importation or expota- 26 tion of goods having not more than six months sight to run ; but no bank 27 shall accept such bills to an amount eq^ual at any time in the aggregate 28 to more than one-half its paid-up 'capital stock and surplus.' 29 Section fifty-two hundred and two of the Revised Statutes of the 30 United States is hereby amended so as to read. as follows: No national 31 banking association shall at any time be indebted, or in any way 32 liable, to an amount exceeding the amount of its capital stock at such 33 time actually paid in and remaining undiminished by losses or other- 34 wise, except on account of demands of the nature following: 35 First. Notes of circulation. 36 Second. Moneys deposited with or collected by the association. 37 Third. Bills of exchange or drafts drawn against money actually 38 on deposit to the credit of the association, or due thereto. 39 Fourth. Liabilities to the stockholders of the association for 40 dividends and reserve profits. 41 Fifth. Liabihties incurred under the provisions of the Federal 42 Reserve Act. 43 The rediscount by any Federal reserve bank of any bills receivable 44 and of domestic and foreign bills of exchange, and of acceptances 45 authorized by this Act, shall be subject to such restrictions, limita- 46 tions, and regulations as may be imposed by the Federal Reserve 47 Board. 48 OPEN-MAEKET OPERATIONS. 49 Sec. 14. Any Federal resei-ve bank may, imder rules and regula- 50 tions prescribed by the Federal Reserve Board, purchase and sell in 51 the open market, at home or abroad, either from or to domestic or 52 1 Amended by Act of March 3, 19IS. See, § 13: 1. 1: p. 32. 70820°— 15 2 16 FEDEBAL EESEEVE ACT. 1 foreign banks, firms, corporations, or individuals, cable transfers and 2 bankers' acceptances and bills of exchange of the kinds and maturities 3 by this Act made eligible for rediscount, with or without the indorse- 4 ment of a member bank. 5 Every Federal reserve bank shall have power: 6 (a) To deal in gold coin and bulHon at home or abroad, to make 7 loans thereon, exchange Federal reserve notes for gold, gold coin, or 8 gold certificates, and to contract for loans of gold coin or bullion, giv- 9 ing therefor, when necessary, acceptable security, including the liy- 10 pothecation of United States bonds or other securities which Federal 11 reserve banks are authorized to hold; 12 (b) To buy and sell, at home or abroad, bonds and notes of the 13 United States, and bUls, notes, revenue bonds, and warrants with a 14 maturity from date of purchase of not exceeding six months, issued 15 in anticipation of the collection of taxes or in anticipation of the 16 receipt of assured revenues by any State, county, district, poHtical 17 subdivision, or municipality in the continental United States, includ- 18 ing irrigation, drainage and reclamation districts, such purchases to 19 be made in accordance with rules and regulations prescribed by the 20 Federal Reserve Board ; 21 (c) To purchase from member banks and to sell, with or without its 22 indorsement, bills of exchange arising out of commercial transactions, 23 as hereinbefore defined ; 24 (d) To estabhsh from time to time, subject to review and determi- 25 nation of the Federal Eeserve Board, rates of discount to be charged 26 by the Federal reserve bank for each class of paper, which shall be 27 fixed with a view of accommodating commerce and business; 28 (e) To estabUsh accounts with other Federal reserve banks for 29 exchange purposes and, with the consent of the Federal Reserve 30 Board, to open and maintain banking accounts in foreign countries, 31 appoint correspondents, and estabhsh agencipj in such countries 32 wheresoever it may deem best for the purpose of purchasing, selling, 33 and collecting bills of exchange, and to buy and sell with or without its 34 indorsement, through such correspondents or agencies, bills of exchange 35 arising out of actual commercial transactions which have not more 36 than ninety days to run and which bear the signature of two or more 37 responsible parties. 38 GOVERNMENT DEPOSITS. 3.9 Sec. 15. The moneys held in the general fund of the Treasury, 40 except the five per centum fund for tne redemption of outstanding 41 national-bank notes and the funds provided in this Act for the redemp- 42 tion of Federal reserve notes may, upon the direction of the Secretary 43 of the Treasury, be deposited in Federal reserve banks, which banls, 44 when required by the Secretary of the Treasury, shall act as fiscal 45 agents of the United States; and the revenues of the Government or 46 any part thereof may be deposited in such banks, and disbursements 47 may be made by checks drawn against such deposits. 48 No pubhc funds of the Phihppine Islands, or of the postal savings, 49 or any Government funds, shall be deposited in the contmental United 50 States in any bank not belonging to the system established by this Act: 51 Provided, however, That nothing in this Act shall be construed to deny 52 the right of the Secretary of the Treasury to use member banks as 53 depositories. FEDERAL BESEEVE ACT. 17 NOTE ISSUES. 1 Sec. 1 6. Federal reserve notes, to be issued at the discretion of the 2 Federal Eeserve Board for the purpose of making advances to Federal 3 reserve banlis through the Federal reserve agents as hereinafter set 4 forth and for no other purpose, are hereby authorized. The said notes 5 shall be obhgations of the United States and shall be receivable by aU 6 national and member banks and Federal reserve banks and for aU 7 taxes, customs, and other pubHc dues. They shall be redeemed in 8 gold on demand at the Treasury Department of the United States, in 9 the city of Washington, District of Columbia, or va. gold or lawful 10 money at any Federal reserve bank. 1 1 Any Federal reserve bank may make apphcation to the local 12 Federal reserve agent for such amount of the Federal reserve notes 13 hereinbefore provided for as it may require. Such apphcation shall 14 be accompanied with a tender to the local Federal reserve agent of 15 collateral in amount equal to the sum of the Federal reserve notes thus 16 appUed for and issued pursuant to such application. The collateral 17 security thus offered shall be notes and bills, accepted for rediscount 18 under the provisions of section thirteen of this Act, and the Federal 19 reserve agent shall each day notify the Federal Reserve Board of all 20 issues and withdrawals of Federal reserve notes to and by the Federal 21 reserve bank to which he is accredited. The said Federal Reserve 22 Board may at any time call upon a Federal reserve bank for addi- 23 tional security to protect the Federal reserve notes issued to it. 24 Every Federal reserve bank shall maintain reserves in gold or 25 lawful money of not less than thirty-five per centum agamst its 26 deposits and reserves in gold of not less than forty per centum 27 against its Federal reserve notes in actual circulation, and not 28 offset by gold or lawful money deposited with the Federal re- 29 serve agent. Notes so paid out shall bear upon their faces a 30 distinctive letter and serial number, which shall be assigned 31 by the Federal Reserve Board to each Federal reserve bank. When- 32 ever Federal reserve notes issued through one Federal reserve bank 33 shall be received by another Federal reserve bank they shall be 34 Eromptly returned for credit or redemption to the Federal reserve 35 ank through which they were originally issued. No Federal reserve 36 bank shall pay out notes issued through another under penalty of a 37 tax of ten per centum upon the face value of notes so paid out. Notes 38 E resented for redemption at the Treasury of the Umted States shall 39 e paid out of the redemption fund and returned to. the Federal 40 reserve banks through which they were originally issued, and there- 41 upon such Federal reserve bank shall, upon demand of the Secretary 42 of the Treasury, reimburse such redemption fund in lawful money 43 or, if such Federal reserve notes have been redeemed by the Treasurer 44 in gold or gold certificates, then such funds shall be reimbursed to 45 the extent deemed necessary by the Secretary of the Treasury in gold 46 or gold certificates, and such Federal reserve bank shall, so long as 47 any of its Federal reserve notes remain outstanding, maintain with 48 the Treasurer in gold an amount sufficient in the judgment of the 49 Secretary to provide for all redemptions to be made by the Treasurer. 50 Federal reserve notes received by the Treasury, otherwise than for 51 redemption, may be exchanged for gold out of the redemption fund 52 18 FEDERAL EESEEVE ACT. 1 hereinafter provided and returned to the reserve bank through which 2 they were originally issued, or they may be returned to such bank 3 for the credit of the United States. Federal reserve notes unfit for 4 circulation shall be returned by the Federal reserve agents to the 5 Comptroller of the Currency for cancellation and destruction. 6 The Federal Reserve Board shall require each Federal reserve bank 7 to maiutaia on deposit in the Treasury of the United States a sum 8 in gold sufl&cient ia the judgment of the Secretary of the Treasuiy 9 for the redemption of the Federal reserve notes issued to such 10 bank, but iu no event less than five per centum; but such de- ll posit of gold shall be counted and included as part of the forty per 12 centum reserve hereiabefore required. The board shall have the 13 right, acting through the Federal reserve agent, to grant in whole 14 or in part or to reject entirely the apphcation of any Federal 15 reserve bank for Federal reserve notes; but to the extent that such 16 apphcation may be granted the Federal Reserve Board shall, through 17 its local Federal reserve agent, supply Federal reserve notes to the 18 bank so applying, and such bank shall be charged with the amount 19 of such notes and shall pay such rate of interest on said amount as 20 may be estabhshed by the Federal Reserve Board, and the amount of 21 such Federal reserve notes so issued to any such bank shall, upon 22 deUvery, together with such notes of such Federal reserve bank as 23 may be issued under section eighteen of this Act upon security of 24 United States two per centum Government bonds, become a first and 25 paramount Hen on all the assets of such bank. 26 Any Federal reserve bank may at any time reduce its habihty for 27 outstanding Federal reserve notes by "depositing, with the Federal 28 reserve agent, its Federal reserve notes, gold, gold certificates, or 29 lawful money of the United States. Federal reserve notes so depos- 30 ited shall not be reissued, except upon comphance with the conditions 31 of an original issue. 32 The Federal reserve agent shall hold such gold, gold certificates, or 33 lawful money available exclusively for exchange for the outstanding 34 Federal reserve notes when offered by the reserve bank of which he is 35 a director. Upon the request of the Secretary of the Treasury the 36 Federal Reserve Board shall require the Federal reserve agent to 37 transmit so much of said gold to the Treasury of the United States as 38 may be required for the exclusive purpose of the redemption of such 39 notes. 40 Any Federal reserve bank may at its discretion withdraw collateral 41 deposited with the local Federal reserve agent for the protection of 42 its Federal reserve notes deposited with it and shall at the same time 43 substitute therefor other hke collateral of equal amount with the 44 approval of the Federal reserve agent imder regulations to be pre- 45 scribed by the Federal Reserve Board. 46 In order to furnish suitable notes for circulation as Federal reserve 47 notes, the Comptroller of the Currency shall, under the dnection of 48 the Secretary of the Treasury, cause plates and dies to be engraved 49 in the best manner to guard against counterfeits and fraudulent 50 alterations, and shall have printed therefrom and numbered such 51 quantities of such notes of the denominations of $5, $10, $20 52 $50, $100, as may be requned to supply the Federal reserve banks! 53 Such notes shall be in form and tenor as directed by the Secretary of 54 the Treasury under the provisions of this Act and shall bear the FEDERAL EESEBVB ACT. 19 distinctive numbers of the several Federal reserve banks through 1 which they are issued. 2 When such notes have been prepared, they shall be deposited in 3 the Treasury, or in the subtreasury or mint of the United States 4 nearest the place of business of each Federal reserve bank and shall 5 be held for the use of such bank subject to the order of the Comp- 6 troHer of the Currency for their deUvery, as provided by this Act. 7 The plates and dies to be procured by the Comptroller of the Cur- 8 rency for the printing of such circulating notes shall remain under 9 his control and direction, and the expenses necessarily incurred in 10 executing the laws relating to the procuring of such notes, and all 11 other expenses incidental to their issue and retirement, shall be paid 12 by the Federal reserve banks, and the Federal Reserve Board shall 13 include in its estimate of expenses levied against the Federal reserve 14 banks a sufficient amount to cover the expenses herein provided for. 15 The examination of plates, dies, bed pieces, and so forth, and 16 regulations relating to such examination of plates, dies, and so forth, 17 of national-bank notes provided for in section fifty-one hundred and 18 seventy-four Revised Statutes, is hereby extended to include notes 19 herein provided for. 20 Any appropriation heretofore made out of the general fimds of 21 the Treasury for engraving plates and dies, the purchase of distinc- 22 tive paper, or to cover any other expense in connection with the 23 printmg of national-bank notes or notes provided for by the Act of 24 May thirtieth, nineteen hundred and eight, and any distinctive paper 25 that may be on hand at the time of the passage of this Act may be 26 used in the discretion of the Secretary for the purposes of this Act, 27 and should the appropriations heretofore made be insufficient to 28 meet the requirements of this Act in addition to circulating notes 29 provided for by existing law, the Secretary is hereby authorized to 30 use so much of any fimds in the Treasury not otherwise appropriated 31 for the purpose of f lu'mshing the notes aforesaid : Provided, however, 32 That nothing in this section contained shall be construed as exempt- 33 ing national banks or Federal reserve banks from their habOity to 34 reimburse the United States for any expenses incurred in printing 35 and issuing circulating notes. 36 Every Federal reserve bank shall receive on deposit at par from 37 member banks or from Federal reserve banks checks and drafts drawn 38 upon any of its depositors, and when remitted by a Federal reserve 39 bank, checks and drafts drawn by any depositor in any other Federal 40 reserve bank or member bank upon funds to the credit of said deposi- 41 tor in said reserve bank or member bank. Nothing herein contained 42 shall be construed as prohibiting a member bank from charging its 43 actual expense incurred in collecting and remittiiig funds, or for 44 exchange sold to its patrons. The Federal Reserve^oard shall, by 45 rule, fix the charges to be collected by the member banks from its 46 patrons whose checks are cleared through the Federal reserve bank 47 and the charge which may be imposed for the service of clearing or 48 collection rendered by the Federal reserve bank. _ 49 The Federal Reserve Board shall make and promulgate from time 50 to time regulations governing the. transfer of funds and charges 51 therefor among Federal reserve banks and their branches, and may 52 at its discretion exercise the functions of a clearing house for such 53 Federal reserve banks, or may designate a Federal reserve bank to 54 20 FEDERAL RESERVE ACT. 1 exercise such functions, and may also req^uire each such bank to 2 exercise the functions of a clearing house for its meriiber banks. 3 Sec. 17. So much of the provisions of section fifty-one hundred 4 and fifty-nine of the Kovised Statutes of the United States, and 5 section four of the Act of Jxme twentieth, eighteen hundred and 6 seventy-four, and section eight of the Act of July_ twelfth, eighteen 7 hundred and eighty-two, and of any other provisions oi existing 8 statutes as require that before any national banking associations 9 shall be authorized to commence banking business it shall transfer 10 and deliver to the Treasurer of the United States a stated amount of 1 1 United States registered bonds is hereby repealed. 12 REFUNDING BONDS. 13 Sec. 18. After two years from the passage of this Act, and at any 14 time during a period of twenty years thereafter, any member bank 15 desiring to retire the whole or any part of its circulating notes, may 16 file with the Treasurer of the United States an apphcation to sell for 17 its account, at par and accrued interest. United States bonds secur- 18 ing circulation to be retired. 19 The Treasurer shall, at the end of each quarterly period, furnish 20 the Federal Reserve Board with a list of such applications, and the 21 Federal Reserve Board may, in its discretion, require the Federal 22 reserve banks to purchase such bonds from the banks whose appli- 23 cations have been filed with the Treasurer at least ten days before 24 the end of any quarterly period at which the Federal Reserve Board 25 may direct the purchase to be made: Provided, That Federal reserve 26 banks shall not be permitted to purchase an amount to exceed 27 $25,000,000 of such bonds in any one year, and which amount shall 28 include bonds acquired under section four of this Act by the Federal 29 reserve bank. 30 Provided further, That the Federal Reserve Board shall allot to 31 each Federal reserve bank such proportion of such bonds as the 32 capital and surplus of such bank shall bear to the aggregate capital 33 and surplus of all the Federal reserve banks. 34 Upon notice from the Treasurer of the amount of bonds so sold for 35 its account, each member bank shall duly assign and transfer, in 36 writing, such bonds to the Federal reserve bank purchasing the 37 same, and such Federal reserve bank shall, thereupon, deposit lawful 38 money with the Treasurer of the United States for the pm-chase price 39 of such bonds, and the Treasurer shall pay to the member bank se llin g 40 such bonds any balance due after deducting a sufficient sum to 41 redeem its outstanding notes secured by such bonds, which notes 42 shall be canceled and permanently retired when redeemed. 43 The Federal reserve banks purchasing such bonds shall be per- 44 mitted to take out an amount of circulating notes equal to the par 45 value of such bonds. 46 Upon the deposit with the Treasurer of the United States of bonds 47 so purchased, or any bonds with the circulating privilege acquired 48 under section four of this Act, any Federal reserve bank making 49 such deposit in the manner provided by existing law, shall be entitled 50 to receive from the Comptroller of the Currency circulating notes 51 in blank, registered and countersigned as provided by law, equal in 52 amount to the par value of the bonds so deposited. Such notes PEDEEAL RESERVE ACT. 21 shall be the obligations of the Federal reserve bank procuring the 1 same, and shall be ia form prescribed by the Secretary of the Treas- 2' ury, _ and to the same tenor and effect as national-bank notes now 3 provided by law. They shall be issued and redeemed under the 4 same terms and conditions as national-bank notes except that they 5 shall not be limited to the amount of the capital stock of the Federal 6 reserve bank issuing them. 7 Upon application of any Federal reserve bank, approved by the 8 Federal Reserve Board, the Secretary of the Treasury may issue, in 9 exchange for United States two per centum gold bonds bearing the cir- 10 culation privilege, but against which no circulation is outstanding, 11 one-year gold notes of the United States without the circulation 12 Erivilege, to an amount not to exceed one-half of the two per centum 13 onds so tendered for exchange, and thirty-year three per centum 14 gold bonds without the circulation privilege for the remainder of the 15 two per centum bonds so tendered: Provided, That at the time of such 16 exchange the Federal reserve bank obtaining such one-year gold 17 notes shall enter into an obligation with the Secretary of the Treas- 18 ury binding itself to purchase from the United States for gold at the 19 maturity of such one-year notes, an amount equal to those delivered 20 in exchange for such bonds, if so requested by the Secretary, and at 21 each maturity of one-year notes so purchased by such Federal reserve 22 bank, to purchase from the United States such an amount of one-year 23 notes as the Secretary may tender to such bank, not to exceed the 24 amount issued to such bank in the first instance, in exchange for the 25 two per centum United States gold bonds; said obligation to pur- 26 chase at maturity such notes shall continue in force for a period not 27 ' to exceed thirty years. 28 For the purpose of making the exchange herein provided for, the 29 Secretary of the Treasury is authorized to issue at par Treasury notes 30 in coupon or registered form as he may prescribe in denominations 31 of one hundred doUars, or any multiple thereof, bearing interest at 32 the rate of three per centum per annum, payable quarterly, such 33 Treasury notes to be payable not more than one year from the date of 34 their issue in gold coin of the present standard value, and to be exempt 35 as to principS and interest from the payment of all taxes and duties 36 of the United States except as provided by this Act, as well as from 37 taxes in any form by or under State, municipal, or local authorities. 38 And for the same purpose, the Secretary is authorized and empowered 39 to issue United States gold bonds at par bearing three per centum 40 interest payable thirty years from date of issue, such bonds to be of 41 the same general tenor and effect and to be issued under the same 42 feneral terms and conditions as the United States three per centum 43 onds without the circulation privilege now issued and outstanding. 44 Upon appHcation of any Federal reserve bank, approved by the 45 Federal Reserve Board, the Secretary may issue at par such three 46 per centum bonds in exchange for the one-year gold notes herein 47 provided for. 48 BANK RESERVES. 49 Seo. 19. Demand deposits within the meaning of this Act shall 50 comprise all deposits payable within thirty days, and time deposits 51 shaU comprise all deposits payable after thirty days, and aU savings 52 accounts and certificates of deposit which are subject to not less than 53 thirty days' notice before payment. 54 22 FEDEEAL RESERVE ACT. . 1 When the Secretary of the Treasury shall have officially aimounced, 2 in such manner as he may elect, the estabUshment of a Federal reserve 3 bank in any district, every subscribing member bank shall establish 4 and maintain reserves as follows: 5 (a) A bank not in a reserve or central reserve city as now or here- 6 after defrned shall hold and maintain reserves equal_ to twelve per 7 centum of the aggregate amount of its demand deposits and five per 8 centum of its time deposits, as follows : 9 In its vaults for a period of thirty-six months after said date five- 10 twelfths thereof and permanently thereafter foiu'-twelfths_. 11 In the Federal reserve bank of its district, for a period of twelve 12 months after said date, two- twelfths, and for each succeeding six 13 months an additional one-twelfth, until five-twelfths have been so 14 deposited, which shall be the amount permanently required. 15 For a period of thirty-six months after said date the balance of 16 the reserves may be held in its own vaults, or in the Federal reserve 17 bank, or in national banks in reserve or central reserve cities as now 18 defined by law. 19 After said thirty-six months' period said reserves, other than 20 those hereinbefore required to be held in the vaidts of the member 21 bank and in the Federal reserve bank, shaU be held in the vaults of 22 the member bank or in the Federal reserve bank, or in both, at the 23 option of the member bank. 24 (b) A bank in a reserve city, as now or hereafter defined, shall hold 25 and maintain reserves equal to fifteen per centum of the aggregate 26 amount of its demand deposits and five per centum of its time 27 deposits, as follows : 28 In its vaults for a period of. thirty-six months after said date 29 six-fifteenths thereof, and permanently thereafter five-fiiteenths. 30 In the Federal reserve oank of its district for a period of twelve 31 months after the date aforesaid at least three-fifteenths, and for each 32 succeeding six months an additional one-fifteenth, until six-fifteenths 33 have been so deposited, which shall be the amount permanently 34 required. 35 For a period of thirty-six months after said date the balance of 36 the reserves may be held in its own vaults, or in the Federal reserve 37 bank, or in national banks in reserve or ' central reserve cities as now 38 defined by law. 39 After said thirty-six months' period all of said reserves, except 40 those hereinbefore required to be held permanently in the vaults of 41 the member bank and in the Federal reserve bank, shall be held in 42 its vaults or in the Federal reserve bank, or in both, at the option 43 of the member bank. 44 (c) A bank in a central reserve city, as now or hereafter defined, 45 shall hold and maintain a reserve equal to eighteen per centum of 46 the aggregate amount of its demand deposits and five per centum of 47 its time deposits^ as follows : 48 In its vaults six-eighteenths thereof. 49 In the Federal reserve bank seven-eighteenths. 50 The balance of said reserves shall be held in its own vaults or in 51 the Federal reserve bank, at its option. 52 Any Federal reserve bank may receive from the member banks as 53 reserves, not exceeding one-half of each installment, eligible paper as The words "reserve or" were stricken out by the act of Aug. 16, 1914, See see. 19, line 19, p. 30. FEDEBAL EESEEVB ACT. 23 described ia section fourteen ' properly indorsed and acceptable to 1 the said reserve bank. 2 If a State bank or trust company is required ^ by the law of its State 3 to keep its reserves either in its own vaults or with another State bank 4 or trust company ^ such reserve deposits so kept in such State bank 5 or trust company * shall be construed, within the meaning of this sec- 6 tion, as if they were reserve deposits in a national bank in a reserve 7 or central reserve city for a period of three years after the Secretary 8 of the Treasury shall have officially announced the establishment of a 9 Federal reserve bank in the district in which such State bank or 10 trust company is situate. Except as thus provided, no member 11 bank shall keep on deposit with any nonmember bank a sum in 12 excess of ten per centum of its own paid-up capital and sxu:plus. 13 No member bank shall act as the medium or agent of a nonmember 14 bank in applying for or receiving discounts from a Federal reserve 15 bank under the provisions of this Act except by permission of the 16 Federal Keserve Board. '^ ■ 17 The reserve carried by a member bank with a Federal reserve bank 18 may, uader the regulations and subject to such penalties as may be 19 prescribed by the Federal Reserve Board, be checked against and 20 withdrawn by such member bank for the purpose of meeting existing 21 liabilities: Provided, however, That no bank shall at any time make 22 new loans or shall pay any dividends unless and until the total reserve 23 required by law is luUy restored. 24 In estimating the reserves required by this Act, the net balance of 25 amounts due to and from other banks shall be taken as the basis for 26 ascertaining the deposits against which reserves shall be determined. 27 Balances in reserve banks due to member banks shall, to the extent 28 herein provided, be counted as reserves. _ 29 National banks located in Alaska or outside the continental* United 30 States may remain nonmember banks, and shall in that event 31 maintain reserves and comply with all the conditions now provided 32 by law regulating them; or said banks, except in the Philippine 33 Islands, may, with the consent of the Reserve Board, become member 34 banks of any one of the reserve districts, and shall, in that event, take 35 stock, maintain reserves, and be subject to all the other provisions 36 of this Act. 37 Sec. 20. So much of sections two and three of the Acf of Jime 38 twentieth, eighteen hundred and seventy-four, entitled "An Act 39 fixing the amount of United States notes, providing for a redistribu- 40 tion of the national-bank currency, and for other purposes," as pro- 41 vides that the fund deposited by any national banking association 42 with the Treasurer of the United States for the redemption of its notes 43 shall be counted as a part of its lawful reserve as provided in the Act 44 aforesaid, is hereby repealed. And from and after the passage of 45 this Act such fund of five per centum shall in no case be counted by 46 any national banking association as a part of its lawful reserve. 47 BANK EXAMINATIONS. 48 Sec. 21. Section fifty-two hundred and forty. United States Re- 49 vised Statutes, is amended to read as follows : 50 The Comptroller of the Currency, with the approval of the Secre- 51 tary of the Treasury, shall appoint examiners who shall examine 52 1 The word "fourteen" changed to "thirteen" by act of Aug. 16, 1914. See sec. 19, line 35, p. 30. 2 Words "or permitted" added after the word "required" by act of Aug. 15, 1914. See sec. 19, line 37, p 30. s The words "or with a national bant" added by act of Aug. 15, 1914. See sec. 19, line 39, p. 30. I The words "or national bank" added by act of Aug. 15, 1914. See sec. 19, line 41, p. 30. 24 PEDBEAL BESERVE ACT. 1 every member bank at least twice in each calendar year and oftener 2 if considered necessary: Provided, however, That the Federal Reserve 3 Board may authorize examination by the. State authorities to be 4 accepted in the case of State banks and trust companies and may at 5 any time direct the holding of a special examination of State banks 6 or trust companies that are stocTdiolders in any Federal reserve 7 bank. The examiaer making the examination of any national bank, 8 or of any other member bank, shall have power to make a thorough 9 examination of all the affairs of the bank and in doing so he shall 10 have power to administer oaths and to examine any of the ojHicers 11 and agents thereof under oath and shall make a full and detailed 12 report of the condition of said bank to the Comptroller of the Cur- 13 rency. 14 The Federal Reserve Board, upoa the recommendation of the 15 Comptroller of the Currency, shall fix the salaries of all bank exam- 16 iners and make report thereof to Congress. The expense of the 17 examinations herein provided for shall be assessed by the Comptroller 18 of the Currency upon the banks examined in proportion to assets or 19 resources held by the banks upon the dates of examination of the 20 various banks. 21 In addition to the examinations made and conducted, by the 22 Comptroller of the Currency, every Federal reserve bank may, with 23 the approval of the Federal reserve agent or the Federal Reserve Board, 24 provide for special examination of member banks within its district. 25 The expense of such examinations shall be borne by the bank «xam- 26 ined. Such examinations shall be so conducted as to inform the 27 Federal reserve bank of the condition of its member banks and of the 28 lines of credit which are being extended by them. Every Federal 29 reserve bank shall at all times furnish to the Federal Reserve Board 30 such information as may be demanded concerning the condition of 31 any member bank within the district of the said Federal reserve bank. 32 No bank shall be subject to any visitatorial powers other than such 33 as are authorized by law, or vested in the courts of justice or such as 34 shall be or shaU have been exercised or directed by Congress, or by 35 either House thereof or by any committee of Congress or of either 36 House duly authorized. 37 The Federal Reserve Board shall, at least once each year, order an 38 examination of each Federal reserve bank, and upon joint applica- 39 tion of ten member banks the Federal Reserve Board shall order a 40 special examination and report of the condition of any Federal 41 reserve bank. 42 Sec. 22. No member bank or any officer, director, or employee 43 thereof shall hereafter make any loan or grant any gratuity to any 44 bank examiner. Any bank officer, director, or employee violat- 45 ing this provision shall be deemed guilty of a misdemeanor and shall 46 be imprisoned not exceeding one year or fined not more than $5,000, 47 or both; and may be fined a further sum equal to the money so loaned 48 or gratuity given. Any examiner accepting a loan or gratuity from any 49 bank examined by him or from an officer, director, or employee thereof 50 shall be deemed guilty of a misdemeanor and shall be imprisoned not 51 exceeding one year or fined not more than $5,000, or both; and may be 52 fined a further sum equal to the money so loaned or gratuity given; 53 and shall forever thereafter be disqualified from holding office as a 54 national-bank examiner. No national-bank examiner shall perform FEDERAL BESEEVE ACT. 25 any other service for compensation while holding such ofhce for any 1 bank or officer, director, or employee thereof. 2 Other than the usual salary or director's fee paid to any officer, 3 director, or employee of a member bank and other than a reasonable 4 fee paid by said bank to such officer, director, or employee for services 5 rendered to such bank, no officer, director, employee, or attorney of a 6 member bank shall be a beneficiary of or receive, directly or indirectly, 7 any fee, commission, gift, or other consideration for or in connection 8 with any transaction or business of the bank. No examiner, pubhc 9 or private, shall disclose the names of borrowers or the collateral for 10 loans of a member bank to other than the proper officers of such 11 bank without first having obtained the express permission in writing 12 from the ComptroUer of the Currency, or from the board of directors 13 of such bank, except when ordered to do so by a court of competent 14 jurisdiction, or by direction of the Congress of the United States, or 15 of either House thereof, or any committee of Congress or of either 16 House duly authorized. Any person violating any provision of this 17 section shall be pimished by a fine of not exceeeding $5,000 or by 18 imprisonment not exceeding one year, or both. 19 Except as provided in existing laws, this provision shall not take 20 effect until sixty days after the passage of this Act. 21 Sec. 23. The stockholders of every national banking association 22 shall be held individually responsible for all contracts, debts, and 23 engagements of such association, each to the amount of his stock 24 therem, at the par value thereof in addition to the amount invested 25 in such stock. The stocldiolders in any national banking association 26 who shall have transferred their shares or registered the transfer 27 thereof within sixty days next before the date of the failure of such 28 association to meet its obfigations, or with knowledge of such im- 29 pending failure, shall be Uable to the same extent as if they had made 30 no such transfer, to the extent that the subsequent transferee faUs to 31 meet such Uability; but this provision shall not be construed to 32 affect in any way any recourse which such shareholders might other- 33 wise have against those in whose names such shares are registered at 34 the time of such failure. 35 LOANS ON FARM LANDS. 36 Sec. 24. Any national banking association not situated in a central 37 reserve city may make loans secured by improved and unencum- 38 bered farm land, situated within its Federal reserve district, but 39 no such loan shaU be made for a longer time than five years, nor 40 for an amount exceeding fifty per centum of the actual value of the 41 property offered as security. Any such bank may make such loans 42 m an aggregate sum equal to twenty-five per centum of its capital 43 and surplus or to one-third of its time deposits and such banks may 44 continue hereafter as heretofore to receive time deposits and to pay 45 interest on the same. 46 The Federal Eeserve Board shall have power from time to time to 47 add to the fist of cities in which national banks shall not be permitted 48 to make loans secured upon real estate in the manner described in 49 this section. 50 26 PEDEKAL RESERVE ACT. FOREIGN BRANCHES. 2 Sec. 25. Any national banking association possessing a capital and 3 surplus of $1,000,000 or more may file application with the Federal 4 Eeserve Board, upon such conditions and under such regulations as 5 may be prescribed by the said board, for the purpose of securing 6 authority to establish branches in foreign countries or dependencies 7 of the United States for the furtherance of the foreign commerce of 8 the United States, and to act, if required to do so, as fiscal agents of 9 the United States. Such appMcation shall specify, in addition to the 10 name and capital of the banking association fiUng it, the place or 11 places where the banking operations proposed are to be carried on, 12 and the amount of capital set aside for the conduct of its foreign 13 business. The Federal Reserve Board shall have power to approve 14 or to reject such appUcation if, in its judgment, the amount of cap- 15 ital proposed to be set aside for the conduct of foreign business is 16 inadequate, or if for other reasons the granting of such application 17 is deemed inexpedient. 18 Every national banking association which shall receive authority 19 to establish foreign branches shall be required at all times to furnish 20 ioformation concerning the condition of such branches to the Comp- 21 troUer of the Currency upon demand, and the Federal Reserve Board 22 may order special examinations of the said foreign branches at such 23 time or times as it may deem best. Every such national banldng 24 association shall conduct the accounts of each foreign branch 25 independently of the accounts of other foreign branches established 26 by it and of its home office, and shall at the end of each fiscal period 27 transfer to its general ledger the profit or loss accruing at each branch 28 as a separate item. 29 Sec. 26. AU provisions of law inconsistent with or superseded by any 30 of the provisions of this Act are to that extent and to that extent only 31 hereby repealed: Provided, Nothing in this Act contained shall be con- 32 strued to repeal the parity provision or provisions contained in an 33 Act approved March fourteenth, nineteen hundred entitled "An 34 Act to define and fix the standard of value, to maintain the parity 35 of all forms of money issued or coined by the United States, to 36 refund the public debt, and for other purposes," and the Secretary of 37 the Treasury may for the purpose of maintaining such parity and to 38 strengthen the gold reserve, borrow gold on the security of United 39 States bonds authorized by section two of the Act last referred to 40 or for one-year gold notes bearing interest at a rate of not to exceed 41 three per centum per annum, or sell the same if necessary to obtain 42 gold. When the funds of the Treasury on hand justify, he may 43 purchase and retire such outstanding bonds and notes. 44 Sec. 27. The provisions of the Act of May thirtieth, nineteen 45 hundred and eight, authorizing national currency associations, the 46 issue of additional national-bank circulation, and creating a National 47 Monetary Commission, which expires by limitation under the terms 48 of such Act on the thirtieth day of June, nineteen hundred and four- 49 teen, are hereby extended to June thirtieth, nmeteen hundred and 50 fifteen, and sections fifty-one hundred and fifty-three, fifty-one 51 hundred and seventy-two, fifty-one hundred and ninety-one, and 52 fifty-two hundred and fourteen of the Revised Statutes of the United 53 States, which were amended by the Act of May thirtieth, nineteen FEDERAL RESERVE ACT. 27 hundred and eight, are hereby reenacted to read as such sections 1 read prior to May thirtieth, nineteen hundred and eight, subject to 2 such amendments or modifications as are prescribed in this Act: 3 Provided, however, That section nine of the Act first referred to in 4 this section is hereby amended so as to change the tax rates fixed 5 in said Act by making the portion apphcable thereto read as follows: 6 National banking associations having circulating notes secured 7 otherwise than by bonds of the United States, shall pay for the first 8 three months a tax at the rate of three per centum per annum upon 9 the average amount of such of their notes in circulation as are based 10 upon the deposit of such securities, and afterwards an additional tax 11 rate of one-half of one per centum per annum for each month until a 12 tax of six per centum per annum is reached, and thereafter such tax 13 of six per centum per annum upon the average amoimt of such 14 notes. 15 Sec. 28. Section fifty-one hundred and forty-three of the Revised 16 Statutes is hereby amended and reenacted to read as follows: Any 17 association formed under this title may, by the vote of shareholders 18 owning two-thirds of its capital stock, reduce its capital to any sum 19 not below the amount required by this title to authorize the forma- 20 tion of associations; but no such reduction shall be allowable which 21 will reduce the capital of the association below the amount required 22 for its outstanding circulation, nor shall any reduction be made until 23 the amount of the proposed reduction has been reported to the Comp- 24 troller of the Currency and such reduction has been approved by the 25 said Comptroller of the Currency and by the Federal Reserve Board, 26 or by the organization committee pending the organization of the 27 Federal Reserve Board. 28 Sec. 29. If any clause, sentence, paragraph, or part of this Act 29 shall for any reason be adjudged by any court of competent juris- 30 diction to be invaUd, such judgment shall not affect, impair, or 31 invalidate the remainder of this Act, but shall be confined in its 32 operation to the clause, sentence, paragraph, or part thereof directly 33 involved in the controversy in which such judgment shall have been 34 rendered. 35 Sec. 30. The right to amend, alter, or repeal this Act is hereby 36 expressly reserved. 37 Approved, December 23, 1913. 38 28 FEDERiL EESERVE ACT, THE ACT or AUGUST 4, 1914. [PtTBLic — ^No. 163 — 63d Congress.] [S. 6192.] An Act To amend section twenty-seven of an Act approved Decem- ber twenty-third, nineteen hundred and thirteen, and known as the Federal Reserve Act. 1 Be it enacted hy the Senate and House of Representatives of the United 2 States of America in Congress assembled, That section twenty-seven 3 of the Act approved December twenty-third, nineteen hundred and 4 thirteen, laiown as the Federal Reserve Act is hereby amended and 5 reenacted to read as follows : 6 "Sec. 27. The provisions of the Act of May thirtieth, nineteen 7 hundred and eight, authorizing national currency associations, the 8 issue of additional national-bank circulation, and creating a National 9 Monetary Commission, which expires by limitation under the terms 10 of such Act on the thirtieth day of June, nineteen himdred and 11 fourteen, are hereby extended to June thirtieth, nineteen hundred 12 and fifteen, and sections fifty-one hundred and fifty- three, fifty-one 13 hundred and seventy- two, fifty-one hundred and ninety-one, and 14 fifty-two hundred and fourteen of the Revised Statutes of the United 15 States, which were amended by the Act of May thirtieth, nineteen 16 hundred and eight, are hereby reenacted to read as such sections 17 read prior to May thirtieth, nineteen hundred and eight, subject to 18 such amendments or modifications as are prescribed in this Act: 19 Provided, however. That section nine of the Act first referred to in 20 this section is hereby amended so as to change the tax rates fix;ed in 21 said Act by making the portion applicable thereto read as follows: 22 "National banking associations having circulating notes secured 23 otherwise than by bonds of the United States, shall pay for the first 24 three months a tax at the rate of three per centum per annum upon 25 the average amount of such of their notes in circulation as are based 26 upon the deposit of such securities, and afterwards an additional 27 tax rate of one-half of one per centum per annum for each month 28 until a tax of six per centum per annum is reached, and thereafter 29 such tax of six per centum per annum upon the average amount of 30 such notes:' [Provided, further, That whenever in his judgment he 31 may deem it desirable, the Secretary of the Treasury shall have 32 power to suspend the Hmitations imposed by section one and section 33 three of the Act referred to in this section, which prescribe that such 34 additional circulation secured otherwise than by bonds of the United 35 States shall be issued only to National banks having circulating 36 notes outstanding secured by the deposit of bonds of the United 37 States to an amount not less than forty per centum of the capital 38 stock of such banks, and to suspend also the conditions and limita- 39 tions of section five of said Act except that no bank shall be per- 40 mitted to issue circulating notes in excess of one hundred and twenty- 41 five per centum of its unimpaired capital and surplus. He shall 42 require each bank and currency association to maintain on deposit 43 in the Treasury of the United States a sum in gold sufficient in his 44 judgment for the redemption of such notes, but in no event less than 1 The matter added by above act of Aug. 4, 1914, is contained in brackets. FEDERAL EESEEVE ACT. 29 five per centum. He may permit National banks, during the period 1 for wliich such provisions are suspended, to issue additional circula- 2 tion under the terms and conditions of the Act referred to as herein 3 amended: Provided farther, That the Secretary of the Treasury, in 4 his discretion, is further authorized to extend the benefits of this 5 Act to all qualified State banks and trust companies, which have 6 joined the Federal reserve system, or which may contract to join 7 within fifteen days after the passage of this Act."] 8 Approved, August 4, 1914. 9 30 PEDEBAL BESEHVE ACT. THE ACT OF AUGUST 15, 1914. [Public — No. 171 — 63d Congress.] [S. 4966.] An Act Proposbag an amendment to section nineteen of the Federal reserve Act relating to reserves, and for other purposes. 1 Be it enacted hy the Seriate and House of Representatives of the United 2 States of America in Congress assemhled, That section nineteen, sub- 3 sections (b) and (c) of the Act approved December twenty- third, 4 nineteen hundred and thirteen, known as the Federal reserve Act, be 5 amended and reenacted so as to read as follows: 6 "(b) A bank in a reserve city, as now or hereafter defined, shall hold 7 and maintain reserves equal to fifteen per centum of the aggregate 8 amount of its demand deposits and five per centum of its time deposits, 9 as foUows: 10 "In its vaults for a period of thirty-six months after said date, six- 1 1 fifteenths thereof, and permanently thereafter five-fifteenths. 12 "In the Federal reserve bank of its district for a period of twelve 13 months after the date aforesaid, at least three-fifteenths, and for each 14 succeeding six months an additional one-fifteenth, until six-fiifteenths 15 have been so deposited, which shall be the amount permanently 16 required. 17 "For a period of thirty-six months after said date the balance of the 18 reserves may be held in its own vaults, or in the Federal reserve bank, 19 or in national banks in ^ central reserve cities, as now defined by law. 20 "After said thirty-six months' period all of said reserves, except 21 those hereinbefore required to be neld permanently in the vaults of 22 the member bank and in the Federal reserve bank, shall be held ia 23 its vaults or in the Federal reserve bank or in both, at the option of 24 the member bank. 25 "(c) A bank in a central reserve city, as now or hereafter defined, 26 shall hold and maintain a reserve equal to eighteen per centum of the 27 aggregate amount of its demand deposits and five per centum of its 28 time deposits, as follows: 29 "In its vaults, six-eighteenths thereof. 30 "In the Federal reserve bank, seven-eighteenths. 31 "The balance of said reserves shall be held in its own vaults or in 32 the Federal reserve bank, at its option. 33 "Any Federal reserve bank may receive from the member banks as 34 reserves not exceeding one-half of each installment, eligible paper as 35 described in section thirteen ^ properly indorsed and acceptable to the 36 said reserve bank. 37 "If a State bank or trust company is required ' [or permitted] by the 38 law of its State to keep its reserves either in its own vaults or with 39 another State bank or trust company ' [or with a national bank,] such 40 reserve deposits so kept in such State bank, trust company,* [or 41 national bank] shall be construed within the meaning of this section 42 as if they were reserve deposits in a national bank in a reserve or 43 central reserve city for a period of three years after the Secretary of 44 the Treasury shall have officially announced the establishment of a 45 Federal reserve bank in the district in which such State bank or- trust 1 Words "reserve or" contained in original sec. 19 omitted. See sec. 19, line 37, p. 22. 2 Word "fourteen" in original sec. 19 changed to "tlilrteen." See seo. 19, line 1, p. 23. > New matter in brackets. FEDERAL RESERVE ACT. 31 company is situate. Except as thus provided, no member bank shall 1 keep on deposit with any nonmember bank a sum in excess of ten 2 Eer centimi of its own paid-up capital and surplus. No member 3 ank shall act as the medium or agent of a nonmember bank in 4 applying for or _ receiving^ discounts from a Federal reserve bank 5 imder the provisions of this Act except by permission of the Federal 6 Reserve Board. 7 "The reserve carried by a member bank with a Federal reserve 8 bank may, under the regulations and subject to such penalties as 9 may be prescribed by the Federal Reserve Board, be checked against 10 and withdrawn by such member bank for the purpose of meeting 11 existing liabihties: Provided, however, That no bank shall at any 12 time make new loans or shall pay any dividends unless and imtU the 13 total reserve required by law is fuUy restored. 14 "In estimating the reserves required by this Act, the net balance 15 of amounts due to and from other banks shall be taken as the basis 16 for ascertaining the bank deposits against which reserves shall be 17 determined. Balances in reserve banks due to member banks shall, 18 to the extent herein provided, be counted as reserves. 19 "National banks located in Alaska or outside the continental 20 United States may remain nonmember banks, and shall in that event 21 maintain reserves and comply with all the conditions now provided 22 by law regulating them; or said banks, except in the Pnihppine 23 Islands, may, with the consent of the Reserve Board, become member 24 banks of any one of the reserve districts, and shall, in that event, take 25 stock, maintain reserves, and be subject to all the other provisions of 26 this Act." 27 Approved, August 15, 1914. 28 Note. — The act of October 15, 1914 — section 8 of which prohibits interlocking directors, and section 11 of which provides for a method of procedure to be carried out by the Federal Reserve Board in en- forcing compHance with the act by banks, banking associations, and trust companies organized and operating under the laws of the United States — ^is not digested in this compilation. 70820°— 15 3 32 FBDEEAL KESERVE ACT. THE ACT OF MARCH 3, 1915. [Public — No. 281 — 63d Congeess.] [H. K. 15038.] AN ACT Proposing an amendment to the Federal reserve Act relative to acceptances, and for other purposes. 1 Be it enacted ■ hy the Senate and House of Representatives of the United 2 States of America in Congress assembled, That section thirteen, para- 3 graphs three, four, and five, of the Act approved December twenty- 4 third, nineteen hundred and thirteen, known as the Federal reserve 5 Act, be amended and reenacted so as to read as follows : 6 "Any Federal reserve bank may discount acceptances which are 7 based on the importation or exportation of goods and which have a 8 maturity at time of discount of not more than three months and 9 indorsed by at least one member bank. The amount of acceptances 10 so discounted shall at no time exceed one-haK the paid up [and 11 unimpaired] capital stock and surplus of the bank for which the 12 rediscounts are made, [except by authority of the Federal Reserve 13 Board, under such general regulations as said board may prescribe, 14 but not to exceed the capital stock and surplus of such bank.] 15 "The aggregate of such notes and bills bearing the signature or 16 indorsement of any one person, company, firm, or corporation redis- 17 counted for any one bank shall at no time exceed ten per centum of 18 the unimpaired capital and surplus of said bank; but this restriction 19 shall not apply to the discount of biUs of exchange drawn in good 20 faith against actually existing values. 21 "Any member bank may accept drafts or bills of exchange drawn 22 upon it and growing out of transactions involving the importation 23 or exportation of goods having not more than six months' sight to 24 run; but no bank shall accept such biUs to an amount equal at any 25 time in the aggregate to more than one-half of its paid-up [and un- 26 impaired] capital stock and surplus, [except by authority of the Fed- 27 eral Reserve Board, under such general regulations as said board may 28 prescribe, but not to exceed the capital stock and surplus of such 29 bank, and such regulations shaU apply to all banks alike regardless 30 of the amount of capital stock and surplus."] 31 Approved, March 3, 1915. New matter in [ "J. Note. — This act was enacted into law after this index digest had gone to press and is not digested in this compilation. INDEX-DIGEST. [Citations refer to section, line, and page of text.] [This Index-Digest was prepared primarily to show, in concise form, the various uses of the principal words and phrases employed in the Act and its amendments. It should be remembered that the references to the Act printed under the headings are necessarily condensed and the text of the Act itself should in each case be ex- amined in the interest of accuracy.] A DIKECTORS, CLASS. See " Class A directors." A, B, C DIRECTORS, CLASSES. See "Classes A, B, and C directors." ABOVE PROVIDED, AS. See "As above provided." ABOVE PROVIDED FOR. §12: 1.15: p. 14. ABROAD. § 14 : 1. 53 : p. 15. Any Federal reserve bank may, under rules and regulations prescribed by the Federal Reserve Board, purchase and sell in the open market, at home or, 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. § 14 : 1. 6 : p. 16. Federal reserve banks may deal in gold coin or bullion at home or, etc. § 14 : 1. 12 : p. 16. Federal reserve banks, in accordance with rules and regulations prescribed by the Federal Re- serve Board, may buy and sell, at home or, bonds and notes of the U. S., and bills, notes, revenue bonds, and warrants, etc. ABSENCE. § 4:1. 14: p. 7. Deputy chairman of board of directors, etc., to act in case of, or disability of his principal. ACCEPT. §13:1. 25: p. 15. Any member bank may, drafts or bills of ex- change drawn upon it and growing out of transactions involving the importation or exportation of goods, etc. § 13 : 1. 28 : p. 15. A member bank limited as to power to, to one- half of its paid-up capital stock and surplus. 33 34 INDEX-DIGEST. ACCEPTABLE. §14:1. 9: p. 16. Federal reserve banks may give, security for loans of gold coin or bullion. §19:1. l:p.23. Any Federal reserve bank may receive from the member banks as reserves, not exceeding one-half of each installment, eligible paper as described in section 14, properly indorsed and, to the said Federal reserve bank. (Changed to section 13 by the Act of August 15,1914. See§19:l. 35:p. 30.) ACCEPTANCE. § 2:1. 6 : p. 2. Every national bank required and every eligible bank vsrithin the United States and every trust company within the District of Colum- bia authorized to signify its, of Act within 60 days after its passage. § 2 : 1. 27 : p. 2. Any national bank failing to signify its, of Act within 60 days, etc., to cease to act as a reserve agent, etc., upon 30 days' notice, etc. ACCEPTANCES. § 13 : 1. 13 : p. 15. Any Federal reserve bank may discount, based on the importation or exportation of goods, and which have a maturity at time of dis- count of not more than three months, and indorsed by at least one member bank. § 13 : 1. 16 : p. 15. Limitation as to amount of, so discounted to one- half the paid-up capital stock and surplus of the bank for which the rediscounts are made. § 13 : 1. 46 : p. 15. The rediscount by Federal reserve banks of any bills receivable and of domestic and foreign bills of exchange, and of, authorized by this Act, to be subject to such restrictions, limita- tions, and regulations as may be imposed by the Federal Reserve Board. § 14 : 1. 2 : p. 16. Federal reserve banks may, under rules and regulations prescribed by the Federal Reserve Board, purchase and sell in the open market, etc., cable transfers and bankers, and bills of exchange of the kinds and maturities by this Act made eligible for rediscoimt, with or without the indorsement of a member bank. ACCEPTED. § 16:1. 18: p. 17. Notes and bills, for rediscount under section 13 to be the collateral security for Federal reserve notes. §21:1. 4: p. 24. Examination of State banks and trust com- panies by the State authorities may be, by the Federal Reserve Board. ACCEPTING. § 22:1. 48: p. 24. Penalty for examiner, a loan or gratuity. INDEX-DIGEST. 35 ACCOMMODATING. § 14:1. 27:p. 16. Federal reserve banks to establish from time to time, subject to review and determination of the Federal Eeserve Board, rates of discount to be charged by the Federal reserve bank for each class of paper, which shall be fixed with a view of, conamerce and business. ACCOMMODATIONS. § 4:1. 32: p. 5. The Federal reserve banls directors, subject to the provisions of law and the orders of the Federal Reserve Board, to extend to each member bank such discounts, advancements and, as may be safely and reasonably made with due regard for the claims and demands of other member banks. ACCOMPANIED. § 16:1. 15: p. 17. Application for Federal reserve notes to be, with a tender of collateral, etc. ACCORDANCE WITH, IN. See "In accordance with." ACCOUNT. § 18:1. 17:p. 20. Any member banlc, after two years, etc., may file an application with the United States Treasurer to sell for its, United States bonds, etc., securing circulation to be retired, etc. § 18:1. 35: p. 20. The member bank to assign and transfer, in writing, such bonds sold for its, to the Federal reserve bank purchasing the same, etc, ACCOUNT OF, ON. See "On account of." ACCOUNTS. § 11:1. 38 :p. 12. The Federal Reserve Board given power to ex- amine, etc., the, etc., of each Federal reserve bank and of each member bank. § 14:1. 28: p. 16. Federal reserve banks may establish, with other Federal reserve banks for exchange purposes. § 14:1. 30:p. 16. Federal reserve banks, with the consent of the Federal Reserve Board, may open and main- tain banking, in foreign countries, etc. § 19 : 1. 53 : p. 2 1 . Time deposits to comprise, etc., all savings, etc., subject to not less than 30 days' notice before payment. § 25:1. 24: p. 26. Every National bank to conduct the, of each § 25 :1. 25 : p. 26. foreign branch independently of the, of other foreign branches established, by it, and of its home office. ACCREDITED. § 1 6 : 1. 22 : p. 17. The Federal reserve agent to notify each day the Federal Reserve Board of all issues and with- drawals of Federal reserve notes to and by the Federal reserve bank to which he is. 36 INDEX-DIGEST. ACCRTJED INTEREST. § 18:1. 17: p. 20. Any member bank, after two years, etc., may file, etc., an application to sell for its_ account United States bonds securing circulation, etc., at par and, etc. ACCRUING. § 25:1. 27: p. 26. The profit or loss, at each foreign branch of a national bank to be transferred at the end of each fiscal period to its general ledger as a separate item. ACKNOWIEDGED. § 4:1. 34: p. 4. Certificate of organization to be, before a judge, etc., or notary public. ACKNOWLEDGMENT. § 4:1. 36:p. 4. The organization certificate, together with the, thereof, to be authenticated by the seal of such court or notary, etc. ACQUIRED. § 18:1. 28 :p. 20. The limitation upon the purchase of United States bonds from member banks by Federal reserve banks to include those, under section 4 of this Act. § 18 : 1. 47 : p. 20. Federal reserve bank may receive, etc., circulat- ing notes against any United States bonds with the circulation privilege, under section 4 of this Act, and deposited, etc. ACT. 2:1. 33: p. 1. A majority of the organization committee to constitute a quorum with authority to. § 2:1. 28: p. 2. Any national bank failing to accept Act within 60 days, etc., to cease to, as a reserve agent, upon 30 days' notice, etc. § 4:1. 5: p. 7. Federal reserve agent to, as ofiicial representa- tive of the Federal Keserve Board. § 14:1. 44: p. 13. The Federal Reserve Board may grant, by special permit, to national banks, etc., the right to, as trustee, etc. § 15:1. 44: p. 16. Federal reserve banks to, as fiscal agents of the United States when required by the Secre- tary of the Treasury. § 19 : 1. 14 : p. 23. No member bank to, as the medium or agent of a nonmember bank in applying for or receiving discounts from Federal reserve banks, etc., except by permission of the Federal Reserve Board. § 25:1. 8: p. 26. Foreign branches of national banks to, as fis- cal agents of the United States if required to do so. See also "Federal Reserve Act." ACT (Continued). § 13:1. 47:p. 15. § 4:1. 33:p. 4. §20:1. 46:p. 23. §22:1. 21 :p. 25. § 18:1. 13:p. 20. §11:1. l:p. 13. § 4:1. 3:p. 4. § 10:1. 50:p. 11. § 16:1. 26:p. 19. § 13:1. 47:p. 15. § 4:1. 25:p. 7. § 4:1. 7:p. 7. § 1:1.12 § 14:1. 3 p. 1. , ..... „:p. 16. § 4:1. 51:p. 4. § 15:1. 51 :p. 16. § 10:1. 16:p. 12. §26:1.31 § 29:1. 29 § 2:1. 5 § 2:1.32 § 10:1.50.^. .. § 16:1. 26:p. 19, § 20:1. 46:p. 23 § 22:1. 21:p. "" § 10:1. 20:p. § 4:1. 17:p. § 4:1. 8:p. §27:1. 3:p. §16:1. 7:p. ... § 18:1. 37:p. 21. § 15:1. 41:p. 16. § 16:1. 19:p. 17. § 2:1. 26:p. 2. § 2:1. 34:p. 2. § 2:1. 36:p. 2. § 2:1.44:p. 2. :p. 26. p. 27. p. 2. p. 2. 11. 25. 12. 4. 5. 27. 19. INDEX-DIGEST. 37 Acceptances, etc., authorized by this. Advantages of this. After the passage of this. After the passage of this. After two years from the passage of this. Any reserve requirement specified in this. As provided in sec. 2 of this. As soon as may be after the passage of this. At the time of the passage of this. Authorized by this. To carry out the purposes of this. Conferred upon it by this. Created by this. Made eligible for rediscount by this. Not otherwise provided for in this. Nothing in this. Nothing in this, contained. Nothing in this, contained. Part of this. Passage of this. Passage of this. Passage of this. Passage of this. Passage of this. Passage of this. Power vested by this. Prescribed by this. Prescribed by this. Prescribed in this. Provided by this. Provided by this. Provided in this. Provisions of sec. 13 of this. Provisions of this. Provisions of this. Provisions of this. Provisions of this. 38 INDEX-DIGEST. ACT (Con § 2: § 4: § 4: § 4: § 8: §11: §16: § 19: §19: §19: §19: §26: §16: §29: §19: §11: §11: § 16: § 19: §30: § 9: § 4: §18: §18: §16: §19: §16: §11: §11: § 2: §22: § 2: §11: §15: § 2: § 1: § 1: tinned). 36:p. 15:p. 7:p. 22: . 37: 33: 54: 16: :p. :p- 3. 4. 6. 5. 9. p. 13. :p. 18. :p. 23. 37:p. 23. 6:p. 31. 27:p. 31. 30:p. 26. 27:p. 19. 32: p. 27. 25:p. 23. l:p. 13. 3:p. 13. 29:p. 19. 15:p. 31. 36:p. 27. 7:p. 10. 3:p. 4. L 28: p. 20. 48: p. 20. 19:p. 17. l:p. 23. .. 23:p. 18. 24:p. 13. [. 40:p. 13. 5:p. 2. 21:p. 25. . 33:p. 3. 40: p. 13. .. 50:p. 16. 28: p. 2. 3:p. 1. 4:p. 1. Provisions of this. Provisions of this. Provisions of this. Provisions of this. Provisions of this. Provisions of this. Provisions of this. Provisions of this. Provisions of this. Provisions of this. Provisions of this. Provisions of this. Purposes of this. Remainder of. Required by this. Reserve requirement specified in this. Reserve requirements of this. Requirements of this. Reserves required by this. Right to amend, alter, or repeal this. Rules and regulations in this. Sec. 2 of this. Sec. 4 of this. Sec. 4 of this. Sec. 13 of this. Sec. 14 of this. Sec. 18 of this. Sec. 20 of this. Services specified in this. Sixty days after the passage of this. Sixty days after the passage of this. So far as this. Specified in this. System established by this. Terms of this. Title of this. Used in this. INDEX-DIGEST. 39 ACT (Continued). § 1:1. 9:p. 1. Used in this § 10:1. 20: p. 12. Vested in this. § 11:1. 33 :p. 13. Violation of any provision of this. § 2:1. 37: p. 2. Violation of this. § 2:1. 32: p. 2. Within one year after passage of this. § 2:1. 5: p. 2. Within 60 days after passage of this. § 13:1. 48: p. 14. Within the meaning of this. § 19:1. 50 :p. 21. Within the meaning of this. See also, Federal Reserve Act, National Bank Act, National Banking Act. ACT OF CONGEESS. § 4:1. 45: p. 4. Federal reserve banks to have succession for a period of 20 years from their organization unless sooner dissolved by, etc. ACT OF JUNE 20, 1874; Sections 2 and 3. §20:1. 38:p. 23. § 20:1. 39: p. 23. So much of, as provides that the redemption fund of national banks shall be counted as part of their lawful reserves is hereby repealed. ACT OF JUNE 20, 1874, Section 4. § 17:1. 5: p. 20. So much of , as requires deposit of a stated amount of United States registered bonds by national banks with the United States Treasurer be- fore commencing banking business, is hereby repealed. ACT OF JUIY 12, 1882, Section 8. § 17:1. 6: p. 20. So much of, as requires the deposit of a stated amount of United States registered bonds with the United States Treasurer by national banks, before commencing banking business, is hereby repealed. ACT OF JANUARY 16, 1883. § 11:1. 53 :p. 13. The Federal Reserve Board shall appoint attor- neys, experts, assistants, clerks, and other em- ployees without regard to the provisions of the, — the civU-service law. ACT OF MARCH 14, 1900. § 26:1. 33: p. 26. Nothitig in this Act to be construed to repeal § 26:1. 34: p. 26. the parity provision or provisions contained in the, entitled "An Act," etc. ACT OF MARCH 4, 1900, Section 2. § 26:1. 39: p. 26. The Secretary of the Treasury authorized, for the purpose of maintaining such parity and to strengthen the gold reserve to borrow gold on security of United States bonds author- ized by the, etc. 40 INDEX-DIGEST. ACT OF MAY 30, 1908, AIDRICH-VEEELAND ACT. See also Act of August 4, 1914. § 16:1. 24: p. 19. Any appropriation out of the general funds of the IVeasury, etc., in connection with the printing of national bank notes or notes provided for by the, may be used in the dis- cretion of the Secretary of the Treasury for the purposes of this Act. § 27:1. 44: p. 26. The provisions of the, extended to June 30, 1915. § 27:1. 53:p. 26. Sections 5153, 5172, 5191, and 5214 of the Revised Statutes of the United States which were amended by the, are hereby reenacted to read as such sections read prior to May 30, 1908, subject to such amendments or modifications as are prescribed in this Act. See also "Amended." § 27:1. 6: p. 27. Section 9 of the, amended so as to change the tax rates fixed in said, etc. ACT OF AUGUST 4, 1914. § 27:1. l:p. 28. Amends Act of May 30, 1908, and section 27 of Federal Reserve Act as follows : § 27:1. 33: p. 28. The Secretary of the Treasury may suspend the limitations imposed by section 1 and section 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 outstanding secured by United States bonds to an amount not less than 40 per centum of the capital stock of such banks. § 27:1. 39: p. 28. The Secretary of the Treasury may also sus- pend the conditions and limitations of sec- tion 5 of the act of May 30, 1908, except that no bank shall be permitted to issue circulating notes in excess of 125 per centum of its unimpaired capital and surplus. § 27:1. 43: p. 28. He shall require each bank and currency asso- ciation to maintain in the Treasury a gold redemption fund in no event less than 5 per centum. §27:1. 3: p. 29. The Secretary of the Treasury may permit national banks, during the period for which such provisions are suspended, to issue addi- tional circulation under the terms and condi- tions of the act of May 30, 1908, as herein amended. INDEX-DIGEST. 41 ACT OF AUGUST 4, 1914 (Continued). § 27:1. 6: p. 29. The Secretary of the Treasury may extend the benefits of the, to all qualified State banks and trust conapanies which have joined the Federal reserve system or which may con- tract to join within 16 days after the passage of this act. ACT OF AUGUST 15, 1914: § 19:1. l:p. 30. Amends section 19, subsections b and c of Federal Reserve Act as follows: § 19:1. 19:p. 30. Strikes out the words "reserve or" in § 19:1. 37: p. 22. § 19:1. 35:p. 30. Strikes out word "fourteen" in § 19:1. l:p. 23 and substitutes the word "thirteen." § 19:1. 37:p. 30. Adds after word "required" in § 19:1. 3:p. 23 the words "or permitted." § 19:1. 39:p. 30. Adds after word "company" in § 19:1. 5:p. 23 the words "or with a national bank." § 19:1. 40: p. 30. Adds after word "company" in § 19:1. 6: p. 23 the words "or national bank." ACTIITG. § 2:1. 18: p. 1. The Secretary of the Treasury, the Secretary of Agriculture and the Comptroller of the Currency, as the Reserve Bank Organization Committee to designate reserve cities, etc. § 9:1. 10: p. 10. The Federal Reserve Board to establish by- laws for its conduct in, upon applications by State banks and banking associations and trust companies for stock ownership in Fed- eral Reserve banks. § 16:1. 13: p. 18. Federal Reserve Board to have the right, through the Federal reserve agent to grant in whole or in part or to reject entirely appli- cations for Federal reserve notes. ACTIVE. § 10:1. 37: p. 11. The governor of the Federal Reserve Board, subject to the supervision of the Federal Reserve Board, to bo the, executive officer. ACTIVELY. § 4:1. 41 : p. 5. Class B directors shall be, at the time of their election, engaged in their district in com- merce, agriculture, or some other industrial pursuit. ACTUAL CIRCULATION". § 16:1. 28: p. 17. Gold reserve required of not less than 40 per centum against Federal reserve notes in, and not offset by gold in lawful money deposited with the Federal reserve agent. 42 iNDEX-blGfiSi*. ACTUM COMMERCIAI TEANSACTIONS. § 13:1. 42:p. 14. Federal reserve bank, upon indorsement of any of its member banks, etc., may discount notes, drafts, and bills of exchange arising out of, etc. § 14:1. 35:p. 16. A Federal reserve bank may, "with, the consent of the Federal Reserve Board, buy or sell, with or without its indorsement, through such foreign correspondents or agencies, bills of exchange arising out of, etc. ACTTJAI EXPEETSE. § 16:1. 44: p. 19. Nothing herein contained to be construed as prohibiting a member bank from charging its, incurred in collecting and remitting funds, or for exchange sold to its patrons. ACTTJAI NECESSARY TRAVELING EXPENSES. § 10:1. 19:p. 11. The five members of the Federal Reserve Board to receive, etc. ACTUAL VALUE. § 24:1. 41 : p. 25. National Banking Associations, not situated in central reserve cities, etc., may not loan on improved and unencumbered farm land for a longer time than five years nor for an amount exceeding fifty per centum of the, of the property offered as security. ACTUALLY. § 13:1. 39: p. 15. No national banking association to be indebted or in any way liable to an amount exceeding its capital stock, paid in, etc., except for biUs of exchange or drafts drawn against rnoney, on deposit to the credit of the asso- ciation or due thereto, etc. ACTUALLY EXISTING VALUES. § 13:1. 24:p. 15. Restriction as to aggregate of notes and bills bearing the signature or indorsement of any one person, etc., rediscounted by a Federal reserve bank for any one bank not to apply to the discount of biUs of exchange drawn in good faith against. ACTUALLY PAID IN. § 13:1. 35: p. 15. Liability of national banking associations not to exceed the amount of the capital stock, and remaining undiminished, etc., except, etc. ADD. § 11:1. 14:p. 13. The Federal reserve bank to, an amount equal to the tax for depleted reserves to the rates of mterest and discount fixed by the Federal Reserve Board. INDEX-DIGEST. 43 ADD (Cfontinued). § 11:1. 21:p. 13. The FederalReserve Board may, to the number of reserve and central reserve cities, etc. § 24:1. 48: p. 25. The Federal Reserve Board may, to the list of cities in which national banks are forbidden to make loans seciired upon real estate, etc. ADDED TOGETHEE. § 4:1. 38: p. 6. If no candidate for director has a majority of all votes in the first column there shall be, the votes cast in the second column, etc. § 4 : 1. 45 : p. 6. If no candidate for director has a majority, etc., when the first and second choices have been added, then the votes in the third column for other choices shall be, etc. ADDING TOGETHER. § 4:1. 42: p. 6. Candidate for director having majority by, the first and second choices shall be declared elected. ADDITION TO, IN. See "In addition to." ADDITIONAL. § 19:1. 13: p. 22. For a period of twelve months after said date, two-twelfths of the required reserves, and for each succeeding six months an, one- twelfth of the reqmred reserves to be kept in the Federal reserve bank by banks not m a reserve or central reserve city until five- twelfths have been so deposited which shall be the amount permanently required. § 19:1. 32: p. 22. After twelve months from said date, and for each succeeding six months, an, one-fifteenth of the required reserve to be kept in the Federal reserve bank by banks in reserve cities until six-fifteenths have been so deposited, which shall be the amoimt permanently required. § 27:1. 46: p. 26. The Act of May 13, 1908— Aldrich-Vreeland Act — authorizmg, bank circulation, etc., ex- tended to Jime 30, 1915. ADDITIONAL AMOUNT. § 5:1. 50: p. 7. A member bank increasing its capital or surplus to subscribe for an, of stock of the Feoeral reserve bank equal to 6 per centum of said increase, etc. ADDITIONAL BANKS. § 5 : 1. 45 : p. 7. The outstanding stock of Federal reserve banks to be increased as, become members, etc. 44 INDEX-DIGEST. ADDITIONAL CIRCXJLATIOlir. § 27:1. 46: p. 26. The provisions of the Act of May 30, 1908, autnorizLrig, etc., extended to June 30, 1915. § 27:1. 34: p. 28. The Secretary of the Treasxiry may suspend the limitations imposed by the Act of May 30, 1908, which prescribe that, secured otherwise than by bonds of United States, shall be issued only to national banks having circula- ting notes outstanding, etc., to anamovmtnot less than 40 per centum of their capital stock. §27:1. 2:p. 29. The Secretary of the Treasury may permit national banks, during the period for which such provisions are suspended, to issue, imder the terms and conditions of the Act of May 30, 1908, as herein amended, etc. See also Act of May 30, 1908. ADDITIONAL SECUEITY. § 16:1. 23 :p. 17. The Federal Keserve Board may at any time call upon a Federal reserve bank for, to pro- tect the Federal reserve notes issued to it. ADDITIONAL TAX. § 27:1. 11 :p. 27. Aldrich-Vreeland notes to pay an, after three months, etc. ADJUDGED. § 2:1. 38: p. 2. Noncompliance with or violation of this Act to be determined and, by any court of the United States of competent jurisdiction, etc. ADJUDGED INVALID. § 29:1. 30: p. 27. If any clause, etc., of this Act be, such judg- ment shall not affect, etc., remainder of Act, etc. ADMINISTER. § 4:1. 28: p. 5. The board of directors to, the affairs of Federal reserve banks fairly and impartially and with- out discrimination, etc. § 11:1. 34 :p. 13. The Federal Reserve Board to, the operations of Federal reserve banks during period of suspension, etc. ADMINISTER OATHS. § 2:1. 36: p. 1. The Eeserye Bank Organization Committee authorized to. §21:1. 10:p. 24. Examiner of any member bank may, etc. ADMINISTRATOR. § 11:1. 45:p. 13. The Federal Reserve Board may grant by special permit to national banks when not in contra- vention of State or local law, the right to act as, etc. INDEX-DIGEST. 45 ADMITTED. § 9:1. 17:p.,10 § 13:1. No applying bank to be, to membership in a Federal reserve bank miless it possesses a paid up, unimpaired capital sufficient to entitle it to become a national banking asso- ciation in the place where situated under the provisions of the national banking act. 5: p. 15. Notes, drafts, and bills, to discount under terms of this paragraph must have maturity at time of discount of not more than 90 days, etc. ADOPT. § 2:1. 26 :p. 3. The Federal Reserve Board empowered to, and promulgate rules and regulations as to trans- fers of stock of Federal reserve banks. § 4:1. 43:p. 4. Each Federal reserve bank given power to, and use a corporate seal. § 12:1. 17 :p. 14. Federal Advisory Council may, its own meth- ods of procedure. ADOPTED. § 4:1. 11 :p. 4. Resolution to be, by boards of directors of all ehgible banks executing application for mem- bership authorizing subscription to capital stock, etc. ADVANCE, IN. See "In advance." ADVANCEMENTS. § 4:1. 32: p. 5. The board of directors of every Federal reserve bank, subject to the provisions of law and the orders of the Federal Reserve Board, to ex- tend to each member bank such discounts, advancements, and accommodations as may be safely and reasonably made, etc. ADVANCES. § 16:1. 3:p. 17. Federal reserve notes, to be issued at the dis- cretion of the Federal Reserve Board, for the purpose of making, to Federal reserve banks through the Federal reserve agents, author- ized as hereinafter set forth, and for no other purpose. ADVANTAGES. § 4:1. 33:p. The organization certificate to state that it is made to enable subscribing banks, etc., to avail themselves of the, of ttiis Act. ADVICE AND CONSENT OF THE SENATE. § 10:1. 10: p. 11. Five members of the Federal "Reserve Board to be appointed by the President by and with the. § 10:1. 9: p. 12. Successor to fill vacancies to be appointed by the President with the. 46 INDEX-DIGEST. ADVISABLE. § 11 :1. 35 :p. 13. The Federal Reserve Board when deemed, may liquidate or reorganize a suspended Federal reserve bank. ADVISORY COTJNCII, FEDERAL. See " Federal Advisory Council." AFFAIRS. § 4 : 1. 28 : p. 5. The board of directors to administer the, of Fed- eral reserve banks fairly and impartially, etc. § 11:1. 38 :p. 12. The Federal Reserve Board empowered to ex- amine the accounts, books, and, of each Fed- eral reserve bank and of each member bank. § 12:1. 30: p. 14. The Federal Advisory Council given power to call for" information, etc., as to the general, of the Federal reserve banking system, etc. §21:1. 9: p. 24. Examiner to have power to make thorough examination of aU the, of any member bank, etc. AFFECT. § 23:1. 33: p. 25. Provision for liability of stockholder of a na- tional banking association who transfers his stock within sixty days before failure of the bank to meet its obligations not to, any re- course against those in whose names such shares are registered at time of such failure. § 29:1. 31: p. 27. A judgment of invahdity of any clause, sen- tence, etc., of this Act not to, impair, or in- validate the remainder of the Act, etc. See also "Construction." AFFIRMATIVE VOTE. § 11:1. 49 :p. 12. The Federal Reserve Board may require Fed- eral reserve banks to rediscount the discounted paper of other Federal reserve banks on, of at least five members of the Federal Reserve Board at rates of interest to be fixed by the Federal Reserve Board. AFORESAID, § 2:1.28: § 4:1. 40: § 4:1.20: § 7:1.44: § 10:1. 17: § 19:1.31: § 20:1.45: AFTER. § 7:1. 44: p. 8. Dividend claims met. p. 2. p. 4. p. 6. p. 8. p. 11. p. 22. p. 23. § 9:1. 45: p. 10. Hearing. INDEX-DIGEST. 47 AFTER (Continued). § 4:1. 26:p. 6. § 10:1. 14:p. 12. § 2:1. 10:p. 2. § 10:1. 40:p. 11. § 19:1. 8:p. 23. § 10:1. § 18:1. § 20:1. §22:1. §27:1. § 7:1. § 19:1. § 19:1. § 19:1. § 19:1. § 19:1. § 19:1. § 19:1. § 19:1. § 18:1. 49:p. 11. 13: p. 20. 45:p. 23. 21 :p. 25. 8:p. 29. 3:p. 9. 12 :p. 22. 15:p. 22. 28:p. 22. 35: p. 22. 19:p. 22. 39:p. 22. 31 :p. 22. 52:p. 21. 13: p. 20. AFTERWARDS : § 27:1. 11 :p. 27. AGAINST : § 2:1. 49:p Its completion. Next session of Senate. Notice. Notice of appointment. Official annomicement of establishment of Fed- eral reserve bank. Passage of Act. Passage of Act. Passage of Act. Passage of Act. Passage of Act. Payment. Said date. Said date. Said date. Said date. Said thirty-six months' period. Said thirty-six months' period. The date aforesaid. Thirty days. Two years. A tax prescribed on Aldrich-Vreeland notes of 3 per centum for the first three months, and, 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, etc. Dissolution of national bank not to take away or impair any remedy, such corporation, etc. § 4:1. 29: p. 5. The board of directors to administer the aflfairs of the bank fairly and impartially without discrimination in favor of or, any member bank, etc, § 7:1. 52: p. 8. The net earnings of the United States from Federal reserve banks shall, in the discretion of the Secretary of the Treasury, be used to supplement the gold reserve held, outstand- ing United States notes, etc. § 13:1. 24: p. 15. This restriction not to apply to the discount of bills of exchange drawn in good faith, actually existing values. 70820°— 15 4 48 INDEX-DIGEST. AGAIITST (Continued). § 13:1. 39: p. 15. Bills of exchange or drafts drawii, money ac- tually on deposit, etc.. not subject to limita- tion ' of indebtedness of national banks to amount of capital stock paid in, etc. § 15:1. 47: p. 16. Disbursements may be made by checks drawn, deposits of pubhc funds in Federal reserve banks. § 16:1. 26: p. 17. Federal reserve banks to maintain reserves in gold or lawful money of not less than 35 per centum, deposits. § 16:1. 28: p. 17. And reserves in gold of not less than 40 per centum, their Federal reserve notes in actual circulation not offset, etc. § 16:1. 49: p. 18. The Comptroller to cause plates, etc., to be engraved in the best manner to guard, counterfeits, etc. § 16:1. 14: p. 19. The Federal Reserve Board to include ex- penses of Federal reserve notes in its esti- mate of expenses levied, the Federal reserve banks. § 18:1. ll:p. 21. The Secretary of the Treasury may issue one- year 3 per centum gold notes of the United States without the circulation privilege, in exchange for United States 2 per centum gold bonds bearing the circulation privilege but, which no circulation is outstanding, to an amount not to exceed one-half of the 2 per centum bonds so tendered. § 19:1. 20: p. 23. The reserve carried by a member bank with a Federal reserve bank may, under regulations of and subject to such penalties as may be prescribed by the Federal Reserve Board, be checked, and withdrawn for purpose of meet- ing existing UabUities, etc. § 19:1. 27: p. 23. Basis fixed for ascertaining the deposits, which reserves shall be deternained. § 23:1. 34: p. 25. Provision as to hability of shareholders of national banks transferring their shares, etc., within 60 days next before the date of failure of bank to meet its obligations, etc., not to be construed to affect, etc., any recourse which such shareholders might' otherwise have, those in whose names such shares are registered at the time of such failure. INDEX-DIGEST. 49 AGENCIES: § 14:1. 31: p. 16. Any Federal reserve bank may, with the consent of the Federal Keserve Board, establish, in foreign coimtries for the pur- Eose of purchasing, selling, and collecting ills of exchange arising out of actual com- mercial transactions, etc., which have not more than 90 days to run and which bear the signature of two or more responsible parties. § 14:1. 34: p. 16. May buy and seU, with or without its indorse- ment, bills of exchange arising out of actual commercial transactions, etc., through such correspondents, or, etc. AGENT: § 19:1. 14: p. 23. No member bank to act as the medium or, 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. AGENT, DEPUTY FEDERAL RESERVE. See "Deputy chairman and deputy Federal reserve agent." AGENT, FEDERAL RESERVE. See "Federal reserve agent." AGENT, RESERVE. See " Reserve agent." AGENTS: § 4:1. 6: p. 5. The Federal reserve bank to exercise by its board of directors or duly authorized officers or, all powers specifically granted, etc. § 9:1. 31 :p. 10. Member banks and their officers, etc., to be subject to the provisions of and penalties pre- scribed by sections 5198, 5200, 5201, 5208, and 5209 of the United States Revised Statutes. § 21:1. ll:p. 24. Examiner may examine under oath any of officers or, of member banks. AGENTS, APPROVED RESERVE. See "Approved reserve agents." AGENTS, FEDERAL RESERVE. See "Federal reserve agents." AGENTS, FISCAL. See "Fiscal agents." AGGREGATE. § 4:1. 11 :p. 6. Each group of member banks to contain, etc., one-third of the, number of member banks. § 13:1. 19: p. 15. Limitation of, of notes and bills bearing signa- ture or indorsement of any one person, etc., rediscounted by a Federal reserve bank for a member bank to 10 per centum of unim- paired capital and surplus of said bank, etc. 50 INDEX-DIGEST. AGGEEGATE (Continued). § 13:1. 29:p. 16. No member bank to accept drafts or bills, etc., to an amount in the, to more than one-half of paid-up capital stock and surplus. § 18:1. 32: p. 20. The Federal Reserve Board to allot such pro- portion of such bonds filed with United States Treasxirer by member banks for sale to each Federal reserve bank as its capital and sur- plus shall bear to the, capital and surplus of all the Federal reserve banks. § 19 :1. 7 :p. 22. Banks not in a reserve or central reserve city to hold reserves equal to 12 per centum of the, amount of demand deposits. § 19:1. 25: p. 22. Banks in reserve cities to hold reserves equal to 15 per centum of the, amount of demand de- posits, etc. § 19:1. 46: p. 22. Banks in central reserve cities to hold reserves equal to 18 per centum of the, amount of de- mand deposits, etc. § 24:1. 43: p. 25. National banking associations, etc., may make loans on improved, etc., farm lands in an, sum equal to 25 per centum of its capital and sur- plus, or to one-third of its time deposits, etc. AGRICULTITRAL PEODUCTS. § 13:1. 50: p. 14. Nothing in this Act to be construed to prohibit the discount of notes, drafts, and bills of ex- change secured by staple, etc. AGEICULTTJEAL PUEPOSES. § 13:1. 44: p. 14. Any Federal reserve bank may discount notes, drafts, and bills of exchange issued or drawn for, industrial or commercial purposes, etc. § 13:1. 8:p. 15. Notes, drafts, and bills drawn or issued for, or based on hve stock, and having a matiu-ity not exceeding six months, may be discounted in an amount to be hmited to a percentage of the capital of the Federal reserve bank to be ascertained and fixed by the Federal Reserve Board. AGEICULTTJEE. § 4:1. 41: p. 5. Class B directors at time of election to be ac- tively engaged in their district in conunerce, or some other industrial pursuit. AGEICULTTJEE, SECEETAEY OF. See "Secretary of Agriculture. AID, EXPERT. See "Expert aid." ALASKA. § 2:1. 22:p. 1. The continental United States, excluding, to be divided into districts, etc. § 19:1. 30: p. 23. National banks located in, may remain non- member banks, etc. INDEX-DIGEST. 51 ALASKA (Continued). § 19:1. 32 :p. 23. National banks in, remaining nonmember banks, to maintain reserves and comply with aU the conditions now provided by law regu- lating them. § 19:1. 33: p. 23. Alaska banks, etc., may become member banks, etc., with the consent of the Federal Reserve Board and in that event shall take stock, maintain reserves, and be subject to all other provisions of this Act. AIDEICH-VEEELAND ACT. See Act of May 30, 1908. AIDRICH-VREELAlfD NOTES. See Act of May 30, 1908. ALL CONDITIONS PROVIDED BY LAW. § 19:1. 32 :p. 23. National banks ta Alaska or outside the con- tinental United States may remain nonmem- ber banks and shall, etc., comply with, regu- lating them. ALL DEBTS. § 6:1. 31: p. 8. Cash paid subscriptions of insolvent member bank shall be first applied to, of the bank to the Federal Reserve bank, etc. § 7:1. 3: p. 9. Any surplus remaining of a dissolved or liqui- dated Federal reserve bank, after payment of, dividend requirements, etc., and the par value of the stock, etc., shall be paid to and become the property of the United States, etc. ALL FORMS OF MONEY. § 26:1. 35:p. 26. This Act not to be construed to repeal the parity provision or provisions of the Act of March 14, 1900, entitled "An Act, etc., to maintain the parity of, issued or coined by the United States," etc. ALL FRANCHISES. See "Franchises." ALL, MAJORITY OF. See "Majority." ALL NECESSARY EXPENSES. § 7:1. 41: p. 8. After, of a Federal reserve bank have been paid or provided for, the stockholders enti- tled to an annual, "cumulative dividend of 6 per centum on the paid-in capital stock. ALL NET EARNINGS. § 7:1. 45: p. 8. After dividend claims fuUy met, shall be paid to the United States as a franchise tax, except one-half, to be paid into a surplus fund until it shall amount to 40 per centum of the paid-in capital stock of such bank. 62 INDEX-DIGEST. ALL OTHEE PAPERS. § 8:1. 29: p. 9. A majority of the directors, etc., to have power to execute, etc., to make its organization per- fect, etc. ALL PRIVILEGES. See "PrivHeges." ALL PROVISIONS OF LAW. § 26:1. 29: p. 26. Repeal of, iaconsistent with or superseded by any of the provisions of this Act, to that extent and to that extent only. ALL RESPECTS, IN. See "In all respects." ALL RIGHTS. See "Rights." ALL THE AFFAIRS OF THE BANK. § 21:1. 9: p. 24. Examiaer of member bank to have power to make thorough examination of. ALL THE OTHER PROVISIONS OF THIS ACT. § 19:1. 36: p. 23. National banks in Alaska or outside the conti- nental United States, except in the Philip- pine Islands, may, with the consent of the Federal Reserve Board, become member banks and shall, etc., be subject to. ALL TIMES, AT. See "At all times." ALL VACANCIES. § 10:1. 12:p. 12. The President to have power to fill, that may happen on the Federal Reserve Board duriag the recess of the Senate, etc. ALLOT. See also "Ofier." § 2:1. 17: p. 3. If total subscriptions by banks and the public are insufficient, etc., the Organization Com- mittee shall, to the United States such amount of stock as said committee shall determine. § 18:1. 30: p. 20. The Federal Reserve Board shall, to each Fed- eral reserve bank such proportion of United States bonds, application for sale of which is filed with the United States Treasurer, as the capital and surplus of such bank shall bear to the aggregate capital and surplus of all the Federal reserve banks. ALLOTTED. § 4:1. 18: p. 4. The organization certificate to be made when the minimum amount of capital shall have been subscribed and. INDEX-DIGEST. 53 ALLOWABLE. § 28:1. 21: p. 27. No reduction of capital stock of a national bank, which will reduce capital below amount required for its outstanding circulation. ALLOWANCES. § 12:1. 10: p. 14. Compensation and, of members of the Federal Advisory Council to be fixed by the board of directors, subject to approval of the Federal Reserve Board. ALTER. § 30:1. 36: p. 27. The right to amend, or repeal this Act is hereby expressly reserved. ALTERATIONS, FRAUDULENT. See "Fraudulent alterations." AMEND. § 30:1. 36: p. 27. The right to alter, or repeal this Act is hereby expressly reserved. AMENDED. § 8:1. ll:p. 9. Section 5154 of the United States Revised Statutes, etc. (This amendment changes the requirement for conversion of a State bank, etc., into a national bank by reducing stockholders vote from two-thirds to 51 per centum of the capital stock. It also prescribes that the converted bank shall be subject to the same duties, etc., prescribed by the Federal Reserve Act as well as by the national-bank laws. It furthermore omits the provision in said section 5154 that any State bank which is a stockholder in any other bank by authority of State laws may continue to hold its stock after conversion although either bank or both may be organized under and may have accepted the provisions of the title relating to national banks.) § 10:1. 28: p. 12. Section 324 of United States Revised Statutes, etc. (Section 324 of the United States Revised Statutes creates a bureau of the Treasury Department charged with the execution of aU laws relating to the issue and regulation of national currency secured by United States bonds, the chief officer to be called the comp- troller, who shall perform his duties under the general directions of the Secretary of the Treasury. The amendment in section 10 of the Federal Reserve Act provides that the Bureau shall also be charged with the execu- tion of all laws relating to the issue and regu- lation of all Federal reserve notes under the general supervision of the Federal Reserve Board.) 54 INDEX-DIGEST. AMENDED (Continued). § 13:1. 32: p. 15. Section 5202 of the United States Kevised Statutes, etc. . (Section 5202 of the United States Eevised Statutes prescribes four exceptions to the rule laid down that the indebtedness of a national bank shall not exceed its paid-in and undiminished capital stock. Section 13 of the Federal Reserve Act adds another ex- ception, -viir. Liabilities incurred under the provisions of the Federal Reserve Act.) § 19:1. 5: p. 30. Section 19, subsections b and c, of the Federal Reserve Act is hereby, and reenacted, etc. (For changes in detail see Act of August 15, 1914.) § 21:1. 50:p. 23. Section 5240 of the United States Revised Statutes, etc. (Section 5240 of the United States Revised Statutes prescribed a fixed rate of compen- sation for national-bank examiners to be assessed by the comptroller upon and paid by the banks exammed, in all places, ex- cept (a) in the redemption cities specified in section 5192, United States Revised Stat- utes; (h) in Oregon, California, and Nevada and in the territories. In the places named in (a) and (6) the examiners received such compensation as was fixed by the Secretary of the Treasury upon recommendation of the comptroller, the same to be assessed and paid in the manner hereinbefore provided. Section 21 of the Federal Reserve Act changes section 5240 by authorizing the Reserve Board (a) to fix salaries of all bank examiners upon recommendation of the Comptroller of Currency, the expense of the examinations to be assessed by the comp- troller upon the banks examined in propor- tion to assets or resources held by the banks upon the dates of examination of the vari- ous banks; (6) to accept examination of State banks and trust companies by the State authorities; (c) to order special ex- aminations of State banks and trust com- panies that are stockholders in any Fed- eral reserve bank; {d) to examine each Fed- eral reserve bank at least one each year'; (e) to order special examination of any Fed- eral reserve bank upon a joint application of ten member banks; (/) to approve special examinations of member banks by Federal reserve banks. Section 21 of the Federal INDEX-DIGEST. 65 AMENDED (Continued). Reserve Act also amends section 5240 of the United States Revised Statutes by providing that the comptroller shall examine each member bank at least twice in each calendar year, and oftener if considered necessary.) § 27:1. 53 :p. 26. Section 5153 of the United States Revised Stat- utes, which was, by the Act of May 30, 1908, is reenacted to read as such section read prior to May 30, 1908, subject to such amendments, etc., as are prescribed in this Act. (Section 5153 of the United States Revised Statutes was not expressly amended by the Act of May 30, 1908. It was, however, amended by section 3 of the Act of March 4, 1907, by providing that the Secretary of the Treasury shall make a pubhc statement, on or before January 1 of each year, of the amount of securities other than United States bonds accepted by him against deposits of public moneys in national-bank depositories. Said Act of March 4, 1907, section 3, also provided that the Secretary shall distribute deposits of public moneys, as far as practicable, equi- tably between the different States and sec- tions. Section 15 of the Act of May 30, 1908, however, by necessary implication would seem to have amended said section 5153 by providing that aU national banks designated as depositories of pubhc money shall pay in- terest upon such deposits at such rate as the Secretary of the Treasury may prescribe, etc.) § 27 : 1. 53 : p. 26. Section 5172 of the United States Revised Stat- utes as, by Act of May 30, 1908, is reenacted to read as such section read prior to May 30, 1908, subject to such amendments, etc., as are prescribed in this Act. (Section 5172 of the United States Revised Statutes prescribed that national-bank notes shall express upon their face that they are secured by United States bonds. Section 1 1 of the Act of May 30, 1908, prescribes that national-bank notes shall state upon their face that they are secured by United States bonds or other securities.) § 27:1. 53 :n. 26. Section 5191 of the United States Revised Stat- utes which was, by the Act of May 30, 1908, is reenacted to read as it read prior to May 30, 1908, subject to such amendments, etc., as are prescribed in this Act 56 INDEX-DIGEST. AMENDED (Continued), § 27:1. 53: p. 26. (Section 5191 of the United States Revised Statutes prescribes fixed reserves to be held against deposits, etc. Section 14 of the Act of May 30, 1908, prescribes that this provi- sion as to reserves shall not apply to deposits of public moneys by the United States in designated depositories.) § 27:1. 53:p. 26. Section 5214 of the United States Eevised Stat- utes which was, by Act of May 30, 1908, is reenacted to read as it read prior to May 30, 1908, subject to such amendments, etc., as are prescribed in this Act. (Section 5214 of the United States Revised Statutes fixes a tax upon national-bank notes of one-half of 1 per centum each half year upon the average amount of such notes in. circulation. Section 13 of the Act of March 14, 1900, reduces this tax to one-fourth of 1 per centum each half year upon the average amount of such notes in circulation as are based upon the de- posit of United States bonds bearing interest at the rate of 2 per centum per annum issued under the provisions of said Act. The Act of December 21, 1905, extended similar privi- leges to national-bank notes secured by United States 2 per centum Panama bonds. Section 9 of the Act of May 30, 1908, also amended said section 5214, as amended, by giving the bene- fit of the lower tax rate to national-bank notes secured by Panama 2 per centum bonds.) §27:1. 5 : p. 27. Section 9 of the Act of May 30, 1908, is hereby, by changing the tax rates upon additional circulation, etc. (Section 9 of the Act of May 30, 1908, provided that national banks having cir- culating notes secured otherwise than by bonds of the United States shall pay a tax, upon the average amount in circulation, of 5 per centum per annum for the first month, and afterwards an additional tax of 1 per centum per annum for each month until a tax of 10 per centum is reached and thereafter 10 per centum. Section 27 of the Federal Reserve Act reduces this tax to 3 per centum per annum for the first three months and afterwards an additional tax rate of one-half of 1 per centum per annum for each month untU a tax of 6 per centum is reached and thereafter a tax of 6 per centum.) INDEX-DIGEST. 57 AMENDED (Continued). § 28:1. 17: p. 27. Section 5143 of the United States Revised Statutes is hereby, and reenacted, etc. (Section 5143 of the United States Revised Statutes provided that national banks may- reduce their capital stock with the approval of the comptroller, etc. Section 28 or the Fed- eral Reserve Act prescribes that such reduc- tion must also be approved by the Reserve Bank Organization Cfommittee, pending the organization of the Federal Reserve Board, and after said organization, by the Federal Reserve Board.) § 27:1. 4: p. 28. Section 27 of the Act approved December 23, 1913, known as the Federal Reserve Act, is hereby, and reenacted, etc. (Section 27 of the Federal Reserve Act among other things amended section 9 of the Act of May 30, 1908, by reducing the tax rate on the additional circulation. The Act of August 4, 1914— § 27:1. 4 : p. 28— further amended section 27 by giving the Secretary of the Treasury power to suspend the limitations in the Act of May 30, 1908, (ffi) limiting the privilege of issuing addi- tional circulation to national banks having circulating notes secured by United States bonds outstanding to amount not less than 40 per centum of their capital stock; (h) limiting total amount of circulating notes outstanding, including those secured by United States bonds, to a sum not exceeding their unim- paired capital and surplus; (c) limiting total issue to five hundred millions of doUars. The said Act of August 4, 1914, further provided that no bank shall issue circulating notes in excess of 125 per centum of its unimpaired capital and surplus; also, for a gold redemp- tion fund, not less than 5 per centum, to be maintained in the Treasury by each bank and currency association; for issue of additional currency during the period of suspension; for extending benefits of Act of May 30, 1908, to all qualified State banks and trust companies on certain expressed conditions.) § 19:1. 5: p. 30. Section 19 subsections b and c of the Federal Reserve Act is hereby, and reenacted, etc. (For changes in detail see "Act of August 15, 1914.) 58 INDEX-DIGEST. AMEND]y[ENTS. § 11:1. l:p. 14. The Act of January 16, 1883, the civil service act, and, thereto, etc., not to apply to ap- pointment of attorneys, experts, assistants, cleric, or other employees of the Federal Reserve Board. § 27:1. 3: p. 27. Certain sections of the United States Revised Statutes amended by Act of May 30, 1908, hereby reenacted to read as they read prior to May 30, 1908, subject to, etc., prescribed in this Act. See also "Amended." AMONG. § 16:1. 52:p. 19. AMOUITT. See also "Amounts." § 2:1. § 2:1. § 2:1. § 2:1. 23: p. 24: p. 54: p. 3:p. 2. 3. 2. Shareholders of every Federal reserve bank to 2. be individually responsible, etc., for all con- tracts, debts, etc., of such bank to the extent of the, of their subscriptions at the par value in addition to the, subscribed, etc. If the subscriptions by banks are insufficient to provide, of capital required, the Organization Committee may offer such, of stock to public subscription at par as said committee may determme. § 2:1. 16: p. 3. Should the total subscriptions by banks and by § 2:1. 18: p. 3. the public be insufficient to provide required, the Organization Committee shall allot to the United States such an, as said committee shall determine. § 2:1. 33: p. 3. The organization of reserve districts and Fed- eral reserve cities not to change present status of reserve and central reserve cities except in so far ao this Act changes the, of reserves that may be carried with approved reserve agents located therein. § 4:1. 16: p. 4. When the minimimi, of capital stock prescribed by this Act, etc., shall have been subscribed and allotted, the Organization Committee to designate any five banks, etc., to execute a certfficate of organization, etc. § 4:1. 25: p. 4. The organization certificate to state the, of capital stock, etc. § 4:1. 13: p. 5. Federal reserve banks may take out Federal reserve bank notes equal in, to par value of the bonds so deposited, etc. INDEX-DIGEST. 59 AMOTINT (Continued). § 4:1. 18: p. 7. Directors of Federal reserve banks to receive, in addition to any compensation otherwise provided, a reasonable allowance for neces- sary expenses in attending meetings, etc., which, shall be paid by the respective Federal reserve banks. § 5:1. 51 :p. 7. A member bank, on increasing its capital or surplus, to subscribe for an additional, of stock of the Federal reserve bank, etc. § 5:1. 4: p. 8. A bank applying for stock after organization of the Federal reserve bank must subscribe for an, equal to 6 per centum of its paid-up cap- ital stock and surplus, etc. § 5:1. 13: p. 8. The organization certificate to state the, of capital stock paid in, etc. § 5:1. 15 :p. 8. When a member bank reduces its capital stock it shall surrender a proportionate, of its hold- ings in the capital stock of the Federal reserve bank, etc. § 6:1. 38: p. 8. When the capital stock of a Federal reserve bank is reduced because of reduction in the capital stock of a member bank or liquida- tion or insolvency of a member bank the Board of directors to execute a certifica'te to the comptroller showing such reduction, etc., and the, repaid to such bank. § 7:1. 48: p. 8. One-half of the net earnings of Federal reserve banks to be paid into a surplus fund until it shall, to 40 per centum of the paid-in capital stock. § 8:1. 32: p. 9. Shares of converted bank may be for same, as before conversion. § 11:1. 46 :p. 12. The weekly statement to be made by the Fed- eral Reserve Board to show, of paper, etc., owned or held by Federal reserve banks. § 11:1. 14: p. 13. Federal reserve banks to add to rates of interest and discount fixed by the Federal Reserve Board an, equal to the tax on deficient re- serves, etc. § 13:1. 10:p. 15. Notes, drafts, and bills drawn or issued for agri- cultural purposes or based on live stock, etc., may be discounted in an, to be limited to a percentage of the capital of the Federal re- serve bank to be ascertained and fixed by the Federal Reserve Board. § 13:1. 16: p. 15. Limit fixed to, of acceptances discounted by Federal reserve bank to one-half of paid-up capital and surplus of -bank for which the re- discounts are made. 60 INDEX-DIGEST. AMOUNT (Continued). § 13:1. 34: p. 15. National banks not to be indebted or in any way- liable to an, exceeding the, of paid-in capital stock, etc. § 16:1. 13:p. 17. Federal reserve banks may apply for such, of Federal reserve notes as they may require. § 16:1. 16: p. 17. Such banks must tender collateral in, equal to the Federal reserves note applied for and is- sued, etc. § 16:1. 49:p. 17. Federal reserve banks to maintain with the United States Treasurer in gold an, sufl&cient in the judgment of the Secretary of the Treas- ury for redemption by the United States Treasurer of the Federal reserve notes. § 16:1. 18: p. 18. The Federal reserve bank to be charged with the, of Federal reserve notes supplied. § 16:1. 19:p. 18. Said banks shall pay such rate of interest on said, as may be established by the Federal Reserve Board. § 16:1. 20:p. 18. The, of such Federal reserve notes, and notes issued under section 18, so issued, to be a first and paramount lien on all the assets of such bank. § 16:1. 43:p. 18. Any Federal reserve bank may substitute other like collateral of equal, with the approval of the Federal Reserve Agent, under regulations of the Federal Reserve Board. § 16:1. 15:p. 19. Expenses levied against Federal reserve banks to include a sufficient, to cover cOst of plates, dies, and other enumerated expenses of Fed- eral reserve notes. § 17:1. 10: p. 20. Requirernent for delivery by national banks to the United States Treasurer of a stated, of United States bonds before commencing banking business, repealed. § 18:1. 26: p. 20. Federal reserve banks not allowed to purchase an, of United States bonds from member banks desiring to retire circulation, exceeding twenty-five millions in any one year. § 18:1. 27: p. 20. Which, to include United States bonds ac- quired under section 4 of this Act. § 18:1. 34: p. 20. Notice from Treasm-er of United States to member bank of, of such bonds sold for its account. § 18:1. 44: p. 20. Federal reserve banks pm-chasing such United States bonds may take out an, of circulating notes equal to the par value of the bonds deposited, etc. INDEX-DIGEST. 61 AMOUITT (Continued.) § 18:1. 52:p. 20. Any Federal reserve bank depositing United States bonds so piirchased or any bonds witb the circulating privilege acquired under sec- tion 4 may take out circulating notes equal in, to the par value of the bonds so deposited. § 18:1. 6:p. 21. Such notes not limited to the, of capital stock of Federal reserve bank issuing them. § 18:1. 13 :p. 21. The Secretary of the Treasury may issue, in exchange for United States 2 per centum fold bonds bearing the circtdation privilege ut agaiast which no circulation is outstand- ing, one-year 3 per centiun gold notes with- out the circulating privilege to an, not to exceed one-half of the 2 per centmn bonds tendered for exchange. § 18:1. 20 :p. 21. Federal reserve banks obUged to purchase at maturity of such one-year notes an, equal to those delivered in exchange for such bonds if so requested by the Secretary of the Treasury. § 18:1. 23:p. 21. At each maturity of said one-year notes so I 18:1. 25:p. 21. purchased by such Federal reserve banks, said banks to purchase from the United States such an, of one-year notes as Secretary may tender, not to exceed, issued to such bank in first instance, in exchange for the 2 per centum United States gold bonds. §19:1. 7:p. 22. Banks not in reserve or central reserve cities to hold reserves equal to 12 per centmn of aggregate, of their demand deposits, etc. § 19:1. 14 :p. 22. Banks not in reserve or central reserve cities to hold in Federal reserve bank ultimately five-tweKths of their reserve which shall be the, permanently required. § 19:1. 26: p. 22. Banks in reserve cities to hold reserves equal to 15 per centum of aggregate, of demand deposits, etc. § 19:1. 33:p. 22. Banks in reserve cities to hold ultimately six- fifteenths of their reserve in Federal reserve banks which shall be the, permanently re- quired. § 19:1. 46: p. 22. Banks in central reserve cities to hold re- serves equal to 18 per centum of aggregate, of their demand deposits, etc. § 20:1. 40: p. 23. Part of the Act of June 20, 1874, fixing the, of United States notes, etc., repealed. 62 INDEX-DIGEST AMOUNT (Continued). § 23:1. 24: p. 25. Stockholders of national banking institutions individually responsible, etc., for all contracts, debts, etc., each to, of par value of their stock therein. § 23:1. 25: p. 25. Above liability to be in addition to, invested in such stock. § 24:1. 41 : p. 25. National banks, etc., forbidden to loan on im- proved, etc., farm land for an, exceeding 50 per centum of the actual value of the property offered as security. § 25:1. 12: p. 26. Apphcation for authority to estabhsh foreign branches to specify, of capital set aside, etc. § 25:1. 14: p. 26. The Federal Reserve Board may reject appli- cation if, set aside is inadequate, etc. § 27 : 1. 10 : p. 27. Tax imposed by Act of May 30, 1908, upon the average, of Aidrich-Vreeland notes in circu- lation reduced, etc. § 27:1. 14: p. 27. Thereafter a tax imposed of 6 per centum upon the average, of Aidrich-Vreeland notes in circulation. § 27:1. 37: p. 28. Limitation that Aidrich-Vreeland notes may be issued only to banks having outstanding circulation, etc., to, not less than 40 per centum of capital, may be suspended by the Secretary of the Treasury. § 28:1. 20: p. 27. National banks may reduce capital to any sum not below, required by this title to authorize formation of associations. § 28:1. 22: p. 27. But not below, required for its outstanding circulation. § 28:1. 24: p. 27. No reduction of capital to be made until, reported to Comptroller and reduction ap- proved by Comptroller and by the Federal Reserve Board, or by the Organization Com- mittee pending the organization of the Fed- eral Reserve Board. AMOXriTTS. § 11:1. 2:p. 13. The Federal Reserve Board to establish a graduated tax upon the, by which the re- serve requirements of this Act may be per- mitted to fall below the level hereinafter specified. § 19:1. 26:p. 23. In estimating the reserves required by this Act, the net balance of, due to and from other banks to be taken as basis for ascer- tammg the deposits against which reserves shall be determined. INDEX-DIGEST. 63 AND SO FORTH. § 16:1. 16:p. 19. § 16:1. 17:p. 19. ANNOUNCED. § 19:1. l:p. 22. Reserves wluch are to be established when the Secretary of the Treasury shall have officially, etc., the establishment of a Fed- eral reserve bank, etc. § 19:1. 9:p. 23. Certain Reserve deposits required by law of State to be kept by a State bank or trust company with another State bank or trust company, etc., to be construed as if deposits in a national bank in a reserve or central reserve city for three years after the Secre- tary of the Treasury shall have officially, the establishment of a Federal reserve bank, etc. [Amended by act of August 15, 1914. See § 19:1. 37:p. 30; § 19:1. 39:p. 30; § 19:1. 41: p. 30.] ANOTHEE, NOT ONE FOE. See "Not one for another." ANNFAI. § 4:1. 7: p. 7. Federal reserve agents to receive an, compen- sation to be fixed by Federal Reserve Board. ANNUAI DIVIDEND. § 7:1. 43: p. 8. Stockholders of Federal reserve banks entitled to receive a cumulative, of 6 per centum on its paid-in capital stock after aU necessary expenses have been paid or provided for. ANNUAL SAIAEY. § 10:1. 18 :p. 11. Each member of the Federal Reserve Board shall receive an, of S12,000, etc. ANNUALLY. § 10:1. 23:p. 11. The Comptroller of the Currency to receive $7,000, for his services as member of the Federal Reserve Board. § 10:1. 24:p. 12. The Federal Reserve Board shall, make a fuU report of its operations to the Speaker of the House of Representatives. § 12:1. 9: p. 14. Each Federal reserve bank, etc., shall select, etc., one member of the Federal Advisory Council. ANNUM, PEE. See Per Annum. 70820°— 15 5 64 INDEX-DIGEST. ANTICIPATION. § 14:1. 15:p. 16. ANY. § 9 § 9 § 9 § 9 § 10 § 10 § 10 § 10 §11 §11 § 13 § 13 § 13 § 13 § 13 Any Federal reserve bank may, under regula- tions of the Federal Reserve Board, buy and sell, etc., at home or abroad, etc., biUs, notes, revenue bonds, and warrants with a maturity from date of purchase of not ex- ceeding six months, issued in, of the collec- tion of taxes or in, of receipt of assured revenues by any' State, county, etc. 1. 17 :p. 2. § 13 1. 53 :p. 2. § 13 1. 4:p. 3. § 13 1. 8:p. 3. §13 1. 14: p. 3. § 13 1. 19:p. 4. § 14 1. 35:p. 6. § 15 1. 3:p. 8. § 16 1. 25:p. 8. § 16 1. 33 :p. 8. § 16 1. 3:p. 9. § 16 1. 20 :p. 9. § 16 1. 31 :p. 9. § 16 1. 45:p. 9. § 16 1. 46 :p. 9. § 16 1. 42 :p. 10. § 16 1. 50: p. 10. § 16 1. 12:p. 11. § 16 1. 46:p. 11. § 16 1. 16 :p. 12. § 17 1. 20: p. 12. § 17 1. l:p. 13. § 18 1. 38:p. 13. § 18 1. 32: p. 14. § 18 1. 40 :p. 14. § 18 1.41: p. 14. §18 1. 13 :p. 15. § 18 1. 20: p. 15. § 18 21 :p. 15. 25:p. 15. 28: p. 15. 33:p. 15. 45: p. 15. 51 :p. 15. 46: p. 16. 11 :p. 17. 12:p. 17. 23:p. 17. 48: p. 17. 26:p. 18. 40: p. 18. 21:p. 19. 23: p. 19. 25: p. 19. 31:p. 19. 39 :p. 19. 40: p. 19. 7: p. 20. 8:p. 20. 13: p. 20. 14:p. 20. 15:p. 20. 27:p. 20. 40: p. 20. 47: p. 20. 48: p. 20. § 18 § 18 § 18 I 18 § 19 § 19 § 19 § 19 §20 §21 §21 §21 § 21 §21 §22 §22 §22 §22 §22 §23 §24 §26 §28 §28 §29 §29 8:p. 21. 32:p. 21. 38:p. 21. 45:p. 21. 3: p. 22. 22: p. 23. 23: p. 23. 35:p. 23. 42: p. 23. 5: p. 24. 6: p. 24. 8: p. 24. 10: p. 24. 32: p. 24. 42: p. 24. 43: p. 24. 48: p. 24. l:p. 25. 17 :p. 25. 33: p. 25. 37: p. 25. 29: p. 26. 17: p. 27. 23 :p. 27. 29: p. 27. 30: p. 27. APPEAE. § 9:1. 42:p. 10. A member bank may be required by the Federal Reserve Board to surrender its stock in the Federal reserve bank if it shall, that it has failed to comply with the pro- visions of this section or the regulations of the Federal Reserve Board. INDEX-DIGEST. 65 APPEARS. § 10:1. 21: p. 12. Wherever any power vested by this Act in the Federal Eeserve Board or the Federal reserve agent, 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. APPERTAINING. § 4:1. 25: p. 5. The board of directors to perform the duties usually, to the oflice of directors, etc. § 4:1. 49: p. 5. Pending the designation of chairman, the Organization committee shall exercise the powers and duties, to the office of chairman, etc. APPLICABLE. § 2:1. 34: p. 2. Penalty of forfeiture of ah rights, privileges, etc., where a national banEng association now organized fails to become a member bank within one year after the passage of this Act or to comply with any of the provisions of this Act, thereto, etc. § 27 :1. 6: p. 27. That portion of section 9 of the Act of May 30, 1908, to the tax on Aldrich-Vreeland notes, is hereby amended, etc. APPLICANT. § 5:1. 6 : p. 8. The stock subscription of a bank applying after organization of the Federal reserve bank to be 6 per centum of the paid-up capital stock and surplus of said, bank. § 9:1. 51: p. 9. A State bank may make application to sub- scribe to the stock of a Federal reserve bank in the Federal reserve district where the, is located. APPLICATION, APPLICATIONS. § 4:1. 10: p. 4. The comptroller to send, blank to each na- tional bank, etc. § 4:1. 12: p. 4. The board of directors of each bank executing, to adopt resolution, etc. § 4:1. 19: p. 4. The Organization Committee to designate any five banks of those whose, have been received, etc. § 9:1. 47 : p. 9. Any State bank, etc., may make, to the Organi- zation Committee, etc., for the right to sub- scribe to the stock of the Federal reserve bank. § 9:1. 11 :p. 10. The Organization Conunittee or the Federal Reserve Board to estabhsh by-laws, etc., in acting upon, by State banks, etc. 66 INDEX-DIGEST. APPIICATION, APPIICATIOHS (Continued). § 16:1. 12: p. 17. Any Federal reserve bank may make, to the local Federal reserve agent for Federal reserve notes. § 16:1. 14: p. 17. Such, to be accompanied by tender of collateral § 16:1. 17:p. 17. equal to the sum of the notes thus applied for and issued pursuant to such. § 16:1. 14: p. 18. The Federal Reserve Board, acting through the Federal reserve agent, may grant in whole or in part or reject entirely the, for Federal reserve notes. § 16:1. 16:p. 18. Federal reserve notes to be issued to extent that such, may be granted. § 18:1. 16: p. 20. Any member bank, desiring to retire the whole or any part of its circulatmg notes, may, after 2 years, etc., file, for sale of its bonds, etc., with the United States Treasurer. § 18:1. 20: p. 20. The United States Treasurer to furnish the Fed- eral Reserve Board with a list of such. § 18:1. 22: p. 20. The Federal Reserve Board may reqtiire Fed- eral reserve banks to purchase such bonds from the banks whose, nave been filed, etc. §18:1. 8:p. 21. The Secretary of the Treasury may issue United States one-year gold notes, without the circulatiag privilege, in exchange for United States 2 per centum gold bonds, bear- rug the circulation privilege, but against wmch no circulation is outstanding, upon, of any Federal reserve bank, etc. § 18:1. 45: p. 21. The Secretary of the Treasury may issue 3 per centum Umted States gold bonds in exchange for the one-year gold notes upon, of any Federal reserve bank, etc. § 21:1. 38: p. 24. The Federal Reserve Board shall order a special examination, etc., of any Federal reserve bank upon joint, of 10 member banks. § 25:1. 3: p. 26. Any national banking association possessing a capital and surplus of $1,000,000 or more may file, for authority to establish foreign branches. § 25:1. 9: p. 26. Statement as to what such, shall specify. § 25:1. 14: p. 26. The Federal Reserve Board may reject such, if in its judgment the amount of capital set aside is inadequate. §25:1. 16: p. 26. Or if for other reasons, the granting of such, is deemed inexpedient. INPEX-DIGEST. 67 APPLIED. § 6:1. 31 :p. 8. Cash-paid subscriptions of an insolvent mem- ber oank, etc., shall be first, to all debts, etc., to the Federal reserve bank. § 7:1. 53: p. 8. 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 to supplement the gold reserve, etc., or shall be, to the reduction of the outstand- ing bonded indebtedness of the United States, etc. § 7:1. 6: p. 9. Any surplus remaining of a dissolved or liqui- dated Federal reserve bank after payment of debts, dividend requirements, and the par value of the stock shall be paid to and be- come the property of the United States and shall be similarly. § 16:1. 17: p. 17. Collateral to be tendered in amount equal to the sum of the Federal reserve notes, for and issued, etc. APPIY. § 4:1. 9:p. An application blank to be sent by comptroller to such other ehgible banks which may, therefor. § 13:1. 23: p. 15. Restriction as to rediscounts not to, to the dis- count of bills of exchange drawn in good faith against actually existing values. APPIYIBTG. § 5:1. 3:p. 8. A bank, for stock in a Federal reserve bank after the (Organization thereof must sub- scribe, etc. § 9:1. 2: p. 10. The Federal Reserve Board may permit the, § 9:1. 3:p. 10. State bank, etc., to become a stockholder in the Federal reserve bank of the district in which the, bank is located. § 9:1. 5: p. 10. Whenever the Organization Committee or the Federal Reserve Board shall permit the, bank to become a stockholder, etc., stock shall be issued, etc. § 9:1. 13: p. 10. Such by-laws shall require, banks, not organ- ized under Federal law, to comply with the reserve and capital requirements, etc. § 9:1. 16:p. 10. No, bank shall be admitted to membership, etc., 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. 68 INDEX-DIGEST. APPIYING (Continued). § 11:1. 20:p. 13. The Federal Eeserve Board to have power to prescribe rules and regulations under which Federal reserve notes may be delivered by the Comptroller to the Federal reserve agents, therefor. § 11:1. 43 :p; 13. The Federal Reserve Board may grant by spe- cial permit to national banks, therefor the right to act as trustee, executor, etc., when not in contravention of State or local law. § 16:1. 18: p. 18. The Federal Reserve Board shall, through its local Federal reserve agent, supply Federal reserve notes to the bank so. § 19:1. 15 :p. 23. No member bank to act as the medium or agent of a nonmember bank in, for or receiv- ing discounts from a Federal reserve bank, except by permission of the Federal Reserve Board. APPOINT. § 2:1. 35: p. 3. The Organization Committee to have power to, assistants, etc. § 4:1. 50: p. 4. The Federal reserve bank to have power to, by its board of directors, such officers and em- ployes as are not otherwise provided for in this Act, etc. § 4:1. 46 :p. 5. The Federal Reserve Board shall, the class C directors. § 14:1. 31 : p. 16. Any Federal reserve bank to have power, with the consent of the Federal Reserve Board, to, correspondents and establish agencies, etc., in foreign countries. § 21 :1. 62: p. 23. The Comptroller of the Currency, with the ap- proval of the Secretary of the Treasury, shall, examiners, etc. APPOINTED. § 4:1. 49: p. 6. Class C directors shall be, by the Federal Re- serve Board. § 4:1. 51: p. 6. Shall have been for at least two years residents of the district for which they are. § 4:1. 11: p. 7. One of the directors of class C, etc., shall be, etc., deputy chairman and deputy Federal reserve agent. § 6:1. 27: p. 8. If a member bank is declared insolvent and a receiver, therefor, etc., its stock shall be can- celed, etc. § 8:1. 34: p. 9. Directors of a converted State bank, etc., may continue, etc., until others are elected or, etc. INDEX-DIGEST. 69 APPOINTED (Continued). § 10:1. 9: p. 11. Five members of the Federal Keserve Board to be, by the President. § 10:1. 16: p. 11. The five members, by the President, etc., shall devote their entire time to the business of the Federal Eeserve Board, etc. § 10:1. 28: p. 11. Of the five members, by the President, at least two shall be persons experienced in banking or finance. § 10:1. 32: p. 11. Thereafter each member so, shall serve for a term of 10 years, etc. § 10:1. 34: p. 11. Of the five persons thus, one shall be designated by the President as governor, etc. § 10:1. 7: p. 12. Whenever a vacancy shall occur among the § 10:1. 8: p. 12. five members of the Federal Eeserve Board, by the President, a successor shall be, by the President, etc. • § 10:1. 10: p. 12. When, to fill such vacancy he shaU hold office for imexpired term of the member whose place he is selected to fiU. § 10:1. 52: p. 13. All attorneys, experts, assistants, clerks, etc., shall be, by the Federal Reserve Board, with- out regard to the civil service law. APPOINTEES. § 4:1. 39: p. 7. Such, to fill vacancies in the office of directors shall hold office for the unexpired terms of their predecessors. APPOINTIVE MEMBERS, FIVE. See "Members." APPOINTMENT. § 4:1. 8: p. 6. The Organization Comnaittee pending the, of the chairman of the board of directors shall classify the member banks, etc. § 10:1. 40: p. 11. Each member of the Federal Reserve Board shall, within 15 days after notice of, make and subscribe to the oath of office. APPORTIONED. § 2:1. 26: p. 1. The districts shall be, with due regard to the convenience and customary course of busi- ness, etc. APPROPRIATED. § 2:1. 40:p. 3. The sum of $100,000, etc., for payment of expenses of the Organization Committee in carrying out the provisions of this Act. APPROPRIATED, NOT OTHERWISE. See "Not otherwise appro- priated." 70 INDEX-DIGEST. APPROPEIATION. § 16:1. 21 :p. 19. APPROPRIATIOITS. § 16:1. 28 :p. 19. Any,, heretofore made for plates, dies, distinc- tive paper, etc., may be used for the purposes of this Act. The Secretary of the Treasury may use any funds in the Treasury not otherwise appropri- ated should the, heretofore made be insuffi- cient for' the Federal reserve notes. APPROVAL. § 4:1. 21:p. 7. Compensation provided, etc., for directors, offi- cers, or employees shall be subject to the, of the Federal Reserve Board. § 8:1. 18 :p. 9. A State bank, etc., may be converted into a national banking institution with the, of the Comptroller, etc. § 12:1. 11 :p. 14. Compensation and allowances of the members of the Federal Advisory Council to be fixed by the board of directors subject to the, of the Federal Reserve Board. § 16:1. 44 :p. 18. A Federal reserve bank which has withdrawn collateral deposited with the local Federal reserve agent for the protection of the Fed- eral reserve notes deposited with it shall at the same time substitute therefor other hke collateral of equal amount with the, of the Federal reserve agent, under regulations to be prescribed by the Federal Reserve Board. § 21:1. 51 :p. 23. The Comptroller of the Currency to appoint examiners with the, of the Secretary of the Treasury. § 21 :1. 23 :p. 24. A Federal reserve bank may provide for special examination of member oanks withm its district with the, of the Federal reserve agent or the Federal Reserve Board. See also "Established"; "Fixed"; "Prescribed." APPROVE. § 25:1. 13 :p. 26. The Federal Reserve Board shall have power to, or reject application by national banks for authority to establish foreign branches. APPROVED. § 2:1. 38: p. 3. The exj)enses incurred by the Organization Committee shall be payable by the Treasurer of the United States upon voucher, by the Secretary of the Treasury. § 3:1. 48: p. 3. Branch banks to be operated by a board of directors under rules and regulations, by the Federal Reserve Board. INDEX-DIGEST. 71 APPROVED (Coatinned). § 4:1. 10 :p. 4. The comptroller to send each national bank and other banks declared to be eligible, etc., which may apply therefor, an application blank in form to be, by the Organization Committee. § 8:1. 20: p. 9. A State bank, etc., may be converted into a national banking association with any name, by the Comptroller of the Currency. §18:1. 8:p. 21. The Secretary of the Treasury may issue United States one-year 3 per centum gold notes, etc., in exchange for United States 2 per centum bonds, etc., upon application of any Federal reserve bank, by the Federal Reserve Board. § 18:1. 46:p. 21. The Secretary of the Treasury may issue at par 3 per centum gold bonds in exchange for one-year gold notes upon application or any Federal reserve bank, by the Federal Reserve Board. § 26:1. 33: p. 26. The parity provisions in the Act, March 14, 1900, not repealed by this Act. § 28:1. 25: p. 27. Reduction in the capital stock of national banks not to be made until the amount is reported and the reduction, by the Comptrol- ler and by the Federal Reserve Board. § 30:1. 38:p. 27. The Federal reserve act, December 23, 1913. APPROVED RESERVE AGENTS. § 2 : 1. 34 : p. 3. The organization of reserve districts and Federal reserve cities not to change the present status of reserve cities and central reserve cities ex- cept so far as this Act changes the amount of reserves that may be carried with, located therein. ARISING OUT OF COMMERCIAL TRANSACTIONS. § 14:1. 22: p. 16. A Federal reserve bank may purchase from member banks and sell, with or without its indorsement, bills of exchange, as herein- before defined. ARISING OUT OF ACTUAL COMMERCIAL TRANSACTIONS. § 13:1. 42: p. 14. Upon indorsement of any of its member banks, with a waiver of demand, notice and protest by such bank, any Federal reserve bank may discount notes, drafts, and bills of exchange, etc. 72 INDEX-DIGEST. ARISING OUT OF ACTUAL COMMERCIAL TRANSACTIOITS (Contd.). i 14:1, 35: p. 16. A Federal reserve bank, with the consent of the Federal Eeserve Board, etc., may buy and sell, with or without its tadorsement, through such foreign correspondents or agencies, bills of exchange, which have not more than 90 days to run and which bear the signature of two or more responsible parties. ARTICLES OF ASSOCIATION. § 8:1. 22: p. 9. To be executed by a majority of the directors. § 8:1. 28: p. 9. After executing the, etc., the majority of the directors shafl have power to execute all other papers, etc. AS ABOVE PROVIDED. § 10:1. 7:p. 12. See also "Aforesaid." AS AFORESAID § 4:1. 40 P- 4. § 10:1. 7 :p. 11. AS FOLLOWS § 8:1. 11 P- 9. § 10:1. 28 :p. 12. § 13:1. 32 •P- 15. § 19:1. 4 P- 22. § 19:1. 8 P- 22. § 19:1. 27 P- 22. § 19:1. 47 P- 22. §21:1. 50 P- 23. §27:1. 6 P- 27. §28:1. 17 P- 27. AS HEREIN AMENDED, §27:1. 3:p. 29, AS HEREINAFTER SPECIFIED, § 4:1. 35:p. 5. § 11:1. 4:p. 13. AS HEREINAFTER SET FORTH. § 16:1. 4:p. 17. AS HEREINBEFORE DEFINED. § 14:1. 23: p. 16. See also "Defined." AS HEREINBEFORE PROVIDED. § 4:1. 35:p. 7. See also "Hereinbefore provided § 7:1. 4:p. 9. INDEX-DIGEST, AS HERETOFORE. §2.4:1. 45: p. 25. AS IT MAT DEEM NECESSARY. § 11:1. 40:p. 12. See also "Deem necessary." § 12:1. 16:p. 14. AS IT MAY REQUIRE. § 16:1. 14:p. 17. AS IT SHALL DEEM NECESSARY. § 2:1. 36:p. 3. 73 AS MANY. § 12:1. 7:p. 14. AS MAY BE. § 2:1. 40: p. 3. § 4:1. 24: p. 7. § 11:1. 48: p. 13. § 12:1. 10:p. 14. § 13:1. 48: p. 15. § 16:1. 38:p. 18. § 16:1. 52: p. 18. AS NEARLY AS • § 4:1. ll:p. 6. § 4:1. 12:p. 6. AS NOW DEFINED BY LAW. § 19:1. 7:p. 22. § 19:1. 38: p. 22. AS NOW OR HEREAFTER DEFINED §19:1. 5:p. 22. § 19:1. 24: p. 22. § 19:1. 44: p. 22. AS PART OF. § 16:1. ll:p. 18. See also "Part of AS PROVIDED. § 2:1. 6:p. 3. § 4:1. 3:p. 4. § 9:1. 37: p. 10. § 16:1. 7:p. 19. § 18:1. 51 :p. 20. § 18:1. 37: p. 21. § 20:1. 44: p. 23. § 22:1. 20: p. 26. 74 INDEX-DIGEST. AS PROVIDED BY LAW. § 4:1. 13:p. 5. See also "Provided by law." § 18:1. 51 :p. 20. AS SOON AS MAY BE. § 10:1. 49: p. 11. The &st meeting of the Federal Reserve Board to be held in Washington, D. C, after the passage of this Act, etc. AS SOON AS PRACTICABLE. § 2:1. 17: p. 1. The Eeserve Bank Organization Committee, to designate Federal reserve cities and divide the continental United States, excluding Alaska, into districts. AS SUCH. § 11:1. 25:p. 13. AS WELL AS. § 18:1. 37:p. 21. ASCERTAINED. § 13:1. 11: p. 15. Notes, drafts, and bills dra'wn or issued for agricultural purposes or based on live stock and having a maturity not exceeding six months may be discoimted in an amount to be limited to a percentage of the capital of the Federal reserve bank, to be, and fixed by the Federal Eeserve Board. ASCERTAINING. § 19:1. 27:p. 23. The net balance of amounts due to and from other banks to be taken as basis for, the deposits against which reserve shall be determined. ASIDE, SET. See "Set aside." ASSENTED TO. § 2:1. 45:p. ASSESSED. § 21:1. 17: ASSESSMENT. 2. Every director who participated in or, any noncompHance with or violation of this Act, other than the failure to become a member bank, shall be held liable, etc., for all dam- ages, etc. 24. The expense of examinations to be, by the Comptroller upon the banks examined in jroportion to assets or resources held by the sanks upon the dates of examination, etc. ba § 10:1. 44: p. 11. The Federal Reserve Board to levy semi- § 10:1. 46:p. 11. annually upon the Federal reserve banks, in proportion to their capital stock and surplus, an, etc., for the half year succeeding the levying of such. ASSIGN. § 10:1. 37: :p. 11, § 18:1. 35 :p. 20 INDEX-DIGEST. 75 ASSETS. § 11:1. 44: p. 12. The weekly statement of the Federal Eeserve Board to show in detail the, and liabilities of the Federal reserve banks, single and combined. § 16:1. 25: p. 18. Federal reserve notes and circulating notes of Federal reserve banks issued under section 18 of this Act shall become a first and para- mount lien on all the, of such bank. § 21:1. 18: p. 24. Banks exanained to be assessed for expense in proportion to^ or resources held upon .the dates of exanaination, etc. ASSETS, DOUBTFUI OR WORTHLESS. See "Doubtful assets." The Secretary of the Treasury may, offices in the Department of the Treasury for the use of the Federal Reserve Board. A Member bank shall duly, and transfer, etc., its bonds to Federal reserve bank purchasing the same. ASSIGNED. § 16:1. 31: p. 17. A distinctive letter and serial number to be, to each Federal reserve bank by the Federal Reserve Board. ASSISTANT SECRETARIES OF THE TREASURY. § 10:1. 25:p. 11. The, etc., shall be ineligible during the time they are in office and for two years there- after to hold any office, position, or employ- ment in any member bank. ASSISTANTS. § 2:1. 35: p. 3. The Organization Committee to have power to appoint such, etc., as it shall deem neces- sary. § 11:1. 47: p. 13. The Federal Reserve Board to employ such, etc., as may be deemed necessary. § 11:1. 51: p. 13. Such, etc., to be appointed without regard to the Act of January 16, 1883 — the civil- service law. ASSOCIATION. ASSOCIATIONS. § 2:1. 35: p. 2. For failure to become a member bank all rights, privileges, and franchises of such national bank, etc., shall be thereby for- feited. § 8:1. 34: p. 9. Directors of a state bank, etc., converted into a national association may continue to be directors of the, \mtil others are elected, etc. 76 INDEX-DIGEST. ASSOCIATION. « 8:1. 42: ASSOCIATIONS (Continuea). p. 9. Such bank or banking association to have the same powers, etc., and be subject to the same duties, etc., as prescribed by the Fed- eral Reserve Act and by the national bank- ing act for, originally organized as national banking associations. See also "National banking associations." ASSOCIATION, ARTICLES OF. See "Articles of association." ASSOCIATION, BANKING — ASSOCIATIONS, BANKING. See "Banking association;" "Banking institution." ASSOCIATION, NATIONAL See " National Association." ASSOCIATION, NATIONAL BANKING. See "National bankiag association." ASSOCIATIONS, NATIONAL CURRENCY. See "National cur- rency associations." ASSURED REVENUES. § 14:1. 16 :p, 16. A Federal reserve bank may, under regulations of the Federal Reserve Board, buy and sell at home or abroad, etc., bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued in anticipation of the collection of taxes or of the receipt of, by any State, county, ^tc. AT ALL TIMES. § 21:1. 29 :p. 24. § 25:1. 19 :p. 26. AT ANY TIME. § 2:1. 8:p. 3. § 5:1. 3:p. 8. § 9:1. 42 :p. 10. § 13:1. 33 :p. 15. § 16:1. 23 :p. 17. § 16:1. 26:p. 18. § 18:1. 13:p. 20. § 19:1. 22 :p. 23. §21:1. 4: p. 24. AT HOME OR ABROAD. § 14:1. 53 :p. 15. Open market operations which Federal reserve §14:1. 6:p. 16. banks may engage in. § 14:1. 12 :p. 16. AT LEAST. § 4:1. 50:p. 6. § 10:1. 29:p. 11. INDEX-DIGEST. 77 AT lEAST (Continued). § 11:1. 49 :p. 12. § 12:1. 13 :p. 14. § 18:1. 23 :p. 20. §21:1. l:p. 24. §21:1. 37:p. 24. AT NO TIME. § 13:1. 17 :p. 15. § 13:1. 21 :p. 15. AT NOT lESS THAN PAR. § 2:1. 22 :p. .3. United States stock to be disposed of for the benefit of the United States in such manner, at such times and at such price, as the Sec- retary of the Treasury shall determine. AT PAR. § 2:1. 3: p. 3. The Organization, Committee may offer stock in the Federal reserve banks to public sub- scription at. § 2:1. 19 :p. 3. Stock allotted to the United States to be paid for, etc. § 16:1. 37 :p. 19. Every Federal reserve bank to receive on de- posit at, from member banks or from Federal reserve banks checks and drafts drawn upon any of its depositors, etc. § 18:1. 17 :p. 20. Member bank desiriag to retire circulation may file 'application with the Treasurer of the United States to sell its United States bonds, etc., and accrued interest. § 18:1. 30: p. 21. The Secretary of the Treasury authorized to issue United States Treasury notes, etc. § 18:1. 40:p. 21. The Secretary of the Treasury authorized to issue United States gold bonds, etc. § 18:1. 46: p. 21. The Secretary of the Treasury may issue, 3 per centum gold bonds in exchange for United States one-year gold notes, etc. AT PLEASURE. § 4:1. 53: p. 4. Federal reserve banks may dismiss, their offi- cers and employees. AT SUCH PRICE. § 2:1. 22: p. 3. United States stock to be disposed of for the benefit of the United States, not less than par, as the Secretary of the Treasury shall determine. AT SUCH TIME. § 2:1. 22:p. 3. § 13:1. 34:p. 15. § 25:1. 22:p. 26. 78 INDEX-DIGEST. AT SUCH TIMES. § 13:1. 35:p. 15. § 25:1. 22: p. 26. AT THE SAME TIME. § 16:1. 42: p. 18. AT THE TIME. § 4:1. 40:p. 5. § 13:1. 6:p. 15. § 16:1. 26:p. 19. § 18:1. 16:p. 21. § 23:1. 34:p. 25. ATTENDING. § 4:1. 17: p. 7. The directors of Federal reserve banks to re- ceive reasonable allowance for necessary ex- penses in, meetings, etc. ATTORNEY. § 22 :1. 6 : p. 25. No, of a member bank shall be a beneficiary or receive directly or indirectly any fee, com- mission, gift, or other consideration for or in connection with any transaction or business of the bank other than the usual salary or directors' fee paid to any officer, etc. ATTORNEYS. § 11 :1. 47: p. 13. The Federal Reserve Board may employ such, etc., as mayTse deemed necessary, etc. § 11:1. 51: p. 13. All such, etc., to be appointed without refer- ence to the civil service act of January 16, 1883. See also "Counsel." AUTHENTICATED. § 4:1. 36: p. 4. The organization certificate to be, by the seal of such court or notary, etc. AUTHORITIES, lOCAL. See "Local authorities." AUTHORITIES, STATE. See "State authorities." AUTHORITY. § 2:1. 33:p. 1. A majority of the Organization Committee shall constitute a quorum with, to act. § 25:1. 6:p. 26. Application filed by a national bank, etc., for, to establish branches in foreign countries. § 25:1. 18 :p. 26. National banking association which shall re- ceive, to establish foreign branches to furnish information, etc., to the comptroller upon demand. INDEX-DIGEST. 79 AUTHORIZE. § 21 :1. 3: p. 24. The Federal Eeserve Board may, examination of State banks and trust companies by the State authorities to be accepted, etc. § 28:1. 20 :p. 27. National banks may reduce capital to any sum not below amount required, etc., to, the for- mation of associations. AUTHORIZED. § 2:1. 34:p. 1. § 2:1. 4:p. 2. § 4:1. 5:p. 5. § 4:1. 21:p. 5. § 8:1. 25:p. 9, § 11:1. 36:p. 12. § 13:1. 47 :p. 15. § 14:1. 11 :p. 16. § 16:1. 5:p. 17. § 16:1. 30 :p. 19. § 17:1. 9:p. 20. The Organization Committee, to employ coun- sel and expert aid. Every national bank required, and every eli- gible bank, to accept this Act, etc. Federal reserve banks to exercise aU powers specifically granted, etc., by its board of dlirectors or duly, officers or agents. Federal reserve banks to transact no business except such as is incidental, etc., to its organi- zation until, by the comptroller to commence business, etc. Certificate of conversion of a State bank, etc., into a national bank to declare that the owners of 51 per centum of the capital stock have, the directors to make such certificate. The Federal Reserve Board shall be, and em- powered, etc. (For full enumeration of powers and duties of the Federal Reserve Board, see "Federal Reserve Board, powers, etc.") The rediscount by any Federal reserve bank of any biUs receivable and of domestic and for- eign bills of exchange, and of acceptances, by this Act, shall be subject to such restrictions, limitations, and regulations as may be im- posed by the Federal Reserve Board. Federal reserve banks to have power of hypoth- ecation of United States bonds or other secu- rities which they are, to hold against contracts for loans of gold coin or bullion. Federal reserve notes to be issued at the discre- tion of the Federal Reserve Board, etc., are hereby. The Secretary of the Treasury, to use any funds in the Treasury not otherwise appropriated for furnishing the Federal reserve notes. Repeal of law providing that national banking associations must deliver a stated amount of United States registered bonds to the Treas- urer before they are, to commence banking business. 70820° — 15- 80 INDEX-DIGEST. AUTHORIZED (Continued). § 18:1. 30 :p. 21. The Secretary of the Treasury, to issue at par United States Treasury notes, etc. § 18:1. 39 :p. 21. The Secretary of the Treasury, etc., to issue United States gold bonds at par, etc. § 21:1. 33 :p. 24. No bank to be subject to any visitatorial pow- ers other than such as are, by law, etc. § 21:1. 36 :p. 24. Or vested in the courts of justice or as shall be, etc., exercised or directed by Congress, or by either House thereof, or by any committee of Congress or of either House duly. § 22:1. 17 :p. 25. No examiaer to disclose names of borrowers or collateral for loans, etc., except when ordered by a court, etc., or by Congress or either House thereof or any committee of Congress or of either House duly. § 26 :1. 39 :p. 26. The Secretary of the Treasury may borrow gold on security of United States bonds, by sec- tion 2 of the Act of March 14, 1900. § 27:1. 5: p. 29. The Secretary of the Treasury, to extend the benefits of the Act of August 4, 1914, to all qualified State banks and trust companies which have joined the Federal reserve system or which may contract to join within 15 days after the passage of the Act of August 4, 1914. AUTHORIZING. § 4:1. 12 :p. 4. Application blank to contain a resolution, etc., a subscription to the capital stock of the Federal reserve bank, etc.. § 27:1. 45 :p. 26. The provisions of the Act of May 30, 1908, national currency associations, etc., extended to June 30, 1915. AVAIL. § 4:1. 32: p. 4. The certificate of organization to state, etc., that the certificate is made to enable those banks executiag the same and all banks which have subscribed or may thereafter subscribe, etc., to, themselves of the advan- tages of this Act. AVAILABLE. § 16:1. 33 :p. 18. The Federal reserve agent to hold such gold, gold certificates, etc. , exclusively for exchange for the outstanding Federal reserve notes, etc. AVERAGE AMOUNT. § 27:1. 10 :p. 27. A reduced tax imposed upon the, of Aldrich- Vreeland notes in circulation. § 27:1. 14: p. 27. An additional tax imposed upon the, of Aldrich- Vreeland notes in circulation. AWAY, TAKE. See "Take away." AWAY, TAKING. See "Taking away." B. B DIRECTORS, CLASS. See "Class B directors." B AND C DIRECTORS, CLASSES, A. See "Classes A, B, and C directors." BALANCE. § 6:1. 32: p. 8. The cash-paid subscriptions, etc., to be first applied to all debts of the insolvent member bank to the Federal reserve bank, and the, • if any to the receiver. § 18:1. 40: p. 20. The Treasurer of the United States to pay to the member bank seUing its United States bonds, etc., any, due after deducting a suffi- cient sum to redeem its outstanding notes secured by such bonds, etc. § 19:1. 15 :p. 22. For thirty-six months after said date the, of the reserves of a bank not in a reserve or central reserve city may be held in its own vaults, or in the Federal reserve bank, or in national banks in reserve or central reserve cities, as now defined by law. § 19:1. 35: p. 22. For thirty-six months after said date the, of the reserves of a bank in a reserve city may be held in its own vaults, or in the Fed- eral reserve bank, or in national banks in re- serve or central reserve cities, as now defiaed by law. (Words "reserve or" stricken out by Act of August 15,1914. See § 19:1. 19: p. 30.) § 19:1. 50 :p. 22. The, of said reserves of a bank in a central re- serve city shall be held in its own vaults or iu the Federal reserve bank, at its option. See "Balances." BALANCE, NET. See "Net balance." BALANCE SHEETS. § 11:1. 31 :p. 13. The Federal Eeserve Board may require the writing off of doubtful or worthless assets upon the books and, of Federal reserve banks. BALANCES. § 19 :1. 28 :p. 23. Balances ui Federal reserve banks due to mem- ber banks shall, to the extent herein pro- vided, be counted as reserves. 81 82 INDEX-DIGEST. BAIIOT. See also "Vote." § 4:1. 16 :p. 6. The board of directors of each member bank shall elect by, a district reserve elector. § 4:1. 30 :p. 6. Every elector to certify his first, second, and other choices of a director of class A and class B, respectively, upon a preferential. BANK. § 1:1. 4:p. 1. The word "Bank" shall be held to include State bank, banking assoociation, and trust company, except where national banks or Federal reserve banks are specifically re- ferred to. § 4:1. 4: p. 6. No director of class C shall be an officer, direc- tor, employee, or stockholder of any, § 10:1. 53 :p. 11. No member of the Federal Reserve Board shall be an officer or director of any, etc. § 10:1. 2:p. 12. Nor hold stock in any, banking institution, or trust company, etc. See "Member Bank"; "National Bank"; "State Bank." BANK ACT, NATIONAL See "National Bank Act." BANK, APPIICANT. See "Applicant." BANK, APPLYING. See "Applying." BANK CIRCTJIATION, NATIONAL. See "National bank circula- tion." BANK CUREENCY, NATIONAL. See "National bank currency." BANK DIRECTORS. See "Board of directors"; "Directors." BANK, ELIGIBLE. See "Eligible bank." BANK EXAMINATIONS. See "Examinations." BANK EXAMINER, NATIONAL. See "National bank examiner." BANK, FEDERAL RESERVE. See "Federal reserve bank." BANK, INSOLVENT. See "Insolvent bank." BANK, MEMBER. See "Member bank." BANK, NATIONAL. See "National bank." BANK, NONMEMBER. See "Nonmember bank." BANK NOTES, FEDERAL RESERVE. See "Circulating notes"; "Federal reserve bank notes." BANK NOTES, NATIONAL. See "National bank notes." BANK OF CHICAGO, FEDERAL RESERVE. See "Federal Reserve Bank of Chicago." INDEX-DIGEST. 83 BANK OFFICER. § 22:1. 44: p. 24. Penalty for any, etc., making a loan, etc., to any bank examiner. BANK OPERATIONS, FEDERAL RESERVE. See "Federal reserve bank operations." BANK, PARENT. See "Parent bank." BANK, RESERVE. See "Federal reserve bank"; "Reserve bank." BANK RESERVES. See also "Reserves." § 19:1. 49:p. 21. Heading of section 19. BANK, STATE. See "State bank"; "State banks." BANKERS' ACCEPTANCES. § 14:1. 2:p. 16. Federal reserve banks may, under rules and regulations of the Federal Reserve Board, purchase and seU in the open market, at home and abroad, etc., cable transfers and, and bills of exchange of the kinds and matu- rities by this Act made eligible for rediscount, with or without the indorsement of a member bank. BANKING. § 4:1. 8: p. 5. Federal reserve banks to exercise aU powers specifically granted and such incidental pow- ers necessary to carry on the business of, within the hmitations prescribed by this Act. § 10:1. 29: p. 11. Of the five appointive members of the Federal Reserve Board at least two shall be persons experienced in, or finance. See also "National banking association." BANKING ACCOUNTS. § 14:1. 30: p. 16. Federal reserve banks, with the consent of the Federal Reserve Board, may open and main- tain, in foreign countries. BANKING ACT, NATIONAL. See "National Banking Act." BANKING ASSOCIATION; BANKING ASSOCIATIONS. § 1:1. 5: p. 1. The word "Bank" held to include State bank, and trust company except where national banks or Federal reserve banks are specific- ally referred to. § 4:1. 26: p. 5. The board of directors of Federal reserve banks to perform the duties usually appertaining to the office of directors of, etc. § 8:1. 18: p. 9. State banks, etc., may be converted into na- tional banking associations by vote of the shareholders owning not less than 51 per cent of the capital stock of such bank or, etc. 84 INDEX-DIGEST. BANKING ASSOCIATION; BANKING ASSOCIATIONS (Continued.) § 8:1. 36:p. 9. On certificate from the comptroller, etc., such bank or, to have same powers and privileges, etc., as prescribed by the Federal Reserve Act and by the National Banking Act, etc. § 9:1. 11: p. 10. The Organization Committee or the Federal Reserve Board to establish by-laws for the general government of its conduct in acting upon applications by State banks and, and trust companies for stock ownership in Fed- eral reserve banks. BANKING ASSOCIATION, NATIONAL; BANKING ASSOCIA- TIONS, NATIONAL. See "National banking_ association"; "Na- tional banking associations." BANKING BUSINESS. § 17:1. 9: p. 20. Repeal of the law requiring national banking associations to deliver a stated amornit of United States registered bonds to the Treas- urer of the United States before being author- ized to commence. See also "Business of banking." BANKING EXPERIENCE, TESTED. See "Tested banking expe- rience." BANKING INSTITUTION. § 8:1. 24: p. 9. Articles of association and organization cer- tificate of a State bank, etc., converted into a national banking association may be exe- cuted by a majority of the directors of the bank or, etc. § 8:1. 27: p. 9. Certificate to declare that the owners of 51 per centum of the capital stock have author- ized the directors to make such certificate and to change or convert the bank or, into a national association. § 10:1. 53 :p. 11. No member of the Federal Reserve Board shall be an officer or director of any bank, or trust company or Federal reserve bank. § 10:1. 2: p. 12. Nor hold stock in any bank, or trust com- pany. See also "Banking association." BANKING OPERATIONS. § 25:1. 11 :p. 26. Application of a national bank, etc., to estab- lish foreign branches to specify, etc., the place or places where the, proposed are to be carried on, etc. See also "Federal reserve bank operations." INDEX-DIGEST. 85 BANKING SYSTEM. § 12:1. 30: p. 14. The Federal Advisorjr Council to have power to call for information and to make recom- mendations in regard to the general affairs of the reserve, etc. See also "Reserve banking system;" "Sys- tem." BANKS, ALASKA NATIONAL See "Alaska national banks." BANKS, ANY FIVE. § 4:1. 19: p. 4. The organization conamittee to designate, to execute a certificate of organization, etc. BANK, APPIICANT. See "Applicant bank." BANKS, APPLYING. See "Applying." BANKS, BRANCH. See "Branch banks." BANKS, ELIGIBLE. See "Eligible banks." BANKS, FEDERAL RESERVE. See "Federal reserve banks." BANKS, NATIONAL. See "National Banks." BANKS, NONMEMBER. See "Nonmember banks." BANKS, RESERVE. See "Federal reserve banks." BANKS, STATE. See "State banks." BANKS, STOCKHOLDING. See "Stockholding banks." BASED ON. § 13:1. 9:p. 15. Notes, drafts, and bills drawn or issued for agricultural purposes or, live stock and having a maturity not exceeding six months may be discounted in an amount to be limited to a percentage of the capital of the Federal reserve bank, to be ascertained and fixed by the Federal Reserve Board. § 13:1. 14 :p. 15. Federal reserve banks may discount accept- ances, the importation or exportation of goods, etc. BASED UPON. § 27:1. 10 :p. 27. Reduced tax imposed upon average amount of such of the Aldrich-Vreeland notes in circula- tion as are, the deposit of securities other than bonds of United States. BASIS. § 19 :1. 26 :p. 23. In estimating reserves required by this Act the net balance of amounts due to and from other banks shall be taken as the, for ascer- taining the deposits against which reserves shall be determined. 86 INDEX-DIGEST. BEAR. § 14:1. 36: p. 16. A Federal reserve bank may buy and sell with or -without its iadorsemeut, through its for- eign correspondents or agencies, biUs of ex- change arising out of actual commercial transactions miich have not more than 90 days to run and which, the signature of two or more responsible parties. § 16:1. 30 :p. 17. Federal reserve notes so paid out shall, upon their faces a distinctive letter and serial number, etc. § 16:1. 54 :p. 18. Federal reserve notes shall, the distinctive numbers of the several Federal reserve banks through which they are issued. § 18:1. 32: p. 20. The Federal Reserve Board to allot to each Federal reserve bank such proportion of the United States bonds offered for sale by mem- ber banks as the capital and surplus of each bank shall, to the aggregate capital and sur- plus of all the Federal reserve banks. BEAKIITG. § 4:1. 16 :p. 5. Federal reserve bank notes to be issued under the same conditions and provisions of law as relate to the issue of cu-culating notes of national banks secured by bonds of the United States, the circulating privilege except that the issue of such notes shall not be limited to the capital stock of such Federal reserve bank. § 13:1. 19 :p. 15. The aggregate of such notes and bills, the signa- ture or indorsement of any one person, etc., rediscounted for any one bank at no time to exceed 10 per centum of the unimpaired capital and surplus of said bank, etc. § 18:1. 10 :p. 21. Issue at par of United States one year gold notes without the circulation privilege au- thorized in exchange for 2 per centum United States gold bonds, the circulation privilege but against which no circulation is out- standing. § 18:1. 32 :p. 21. Issue at par of United States Treasury notes, interest at the rate of 3 per centum au- thorized. § 18:1. 40 :p, 21. Issue at par of United States gold bonds, 3 per centum interest authorized. § 26:1. 40 :p. 26. One year gold notes, interest at a rate of not to exceed 3 per centum authorized for the purpose of maintaining the parity and to strengthen the gold reserve. INDEX-DIGEST. 87 BECOME. § 1:1. 11: p. 1. The term "Member bank" to be held to mean any national bank, State bank, or bank or trust company which has, a member, etc. § 2:1. 32: p. 2. Any national bank, now organized, faiUng to, a member bank within one year after the passage of this Act to forfeit all rights, privi- leges, and franchises, etc. § 2:1. 43: p. 2. Liability of directors for noncompliance with or violation of this Act other than for failure to, a member bank, etc. § 4:1. 40: p. 4. Upon filing of certificate of organization with the Comptroller the said Federal reserve bank shall, a body corporate, etc. § 7:1. 5: p. 9. Any surplus of a dissolved or hquidated Fed- eral reserve bank, after payment of aU debts, dividend requirements, and the par value of the stock, shall be paid to and, tne property of the United States, etc. § 8:1. 15: p. 9. Any State bank, etc., having an unimpaired capital sufficient to entitle it to, a national bank, etc., may be converted into a national bank by vote of shareholders owning not less than 51 per centum of its capital stock, with the approval of the Comptroller, etc. § 16:1. 24: p. 18. The Federal reserve notes and the Federal re- serve bank notes issued under section 18 upon the security of United States 2 per centum bonds to, a first and paramount hen on all the assets of such bank. § 19:1. 34: p. 23. Banks in Alaska or outside the contuiental United States, except in the PhUippine Is- lands, may with the consent of the Federal Reserve Board, member banks, etc. BED PIECES. § 16:1. 16: p. 19. Examination of, etc., provided for in section 5174 United States Revised Statutes, ex- tended to include Federal reserve notes. BEFORE ENTERING UPON HIS DUTIES. § 10:1. 2: p. 12. Each member of the Federal Reserve Board, to certify under oath, etc., that he has complied with the requirements of this section. BEFORE COMMENCING BANKING BUSINESS. § 17:1. 8: p. 20. Repeal of laws requiring national banks, to transfer a stated amount of United States bonds to Treasurer of United States. 88 INDEX-DIGEST. BEFOEE THE END OF ANY QUARTEELY PERIOD. § 18:1. 23: p. 20. The Federal Keserve Board may recjuire Fed- eral reserve banks to purchase United States bonds from member banks whose apphca- tions have been filed with the United States Treasurer at least 10 days, etc. BEFORE PAYMENT. § 19:1. 54: p. 21. Time deposits to comprise, etc., all savings ac- counts and certificates of deposit subject to not less than 30 days' notice. BEFORE THE DATE OF THE FAILURE. § 23:1. 28: p. 25. Liability of stockholders of a national bank who have transferred shares, etc., within 60 days next, of such bank to meet its obUga- tions, etc. BELONGING. § 15:1. 60:p. 16. No pubUc 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, to the system estab- lished by this Act. BEIOW. § 28:1. 20 :p. § 28:1. 22 :p. 27. 27. BELOW, FALL. See "Fall below." BELOW, FALLS. See "Falls below." BENEFICIARY. BENEFIT. § 2:1. 22:1. 7: p. 25. No officer, director, employee, or attorney of a member bank shall be a, of or receive, etc., any fee, commission, etc., for or in con- nection with any transaction or business of the bank other than the usual salary or director's fee, etc. 21 :p. 3. United States stock in Federal reserve banks shall be held by the Secretary of the Treas- ury and disposed of for the, of the United States, etc. BENEFITS. §27:1. 5:^. 29. Secretary of Treasury authorized to extend the, of the Act of August 4, 1914, to all qualified State banks and trust companies which have joined the Federal reserve sys- tem or which may contract to joia within 15 days of passage of said Act. BEST, DEEM. See "Deem best. BEST MANNER, IN TEE. See "In the best manner.' INDEX-DIGEST, 89 BILLS. § 14:1. 13 :p. 16. Federal reserve banks may buy and sell, at home or abroad, bonds and notes of the United States, and, notes, revenue bonds, and warrants, etc., in accordance with rules and regulations prescribed by the Federal Reserve Board. BILLS OF EXCHANGE. § 13:1. 42 :p. 14. Upon indorsement of any of its member banks, with waiver of demand, notice and protest by such bank, any Federal reserve bank may discount notes, drafts, and, etc., arising out of actual commercial transac- tions, etc. § 13:1. 43: p. 14. That is, notes, drafts, and, issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds of which have been used or are to be used, for such pur- poses, etc. § 13:1. 49: p. 14. Nothing in this Act to prohibit such notes, drafts, and, secured by staple agricultural products, or other goods, wares, or merchan- dise from beuig eligible for such discount. § 13:1. 2:p. 15. Such definition shall not include notes, drafts, or, covering merely investments or issued or drawn for purpose of carrying or trading in stocks, bonds, or other investment secu- rities, except bonds and notes of the United States. § 13:1. 5:p. 15. Notes, drafts, and, admitted to discount under terms of this paragraph to have maturity at time of discount of not more than 90 days. § 13:1. 8:p. 15. Notes, drafts, and, drawn or issued for agricul- tural purposes or based on Uve stock and having a maturity not exceeding six months may be discounted in an amount to be limited to a percentage of the capital of the Federal, reserve bank to be ascertained and fixed by the Federal Eeserve Board. § 13:1. 19 :p. 15. The aggregate of such notes and, bearing the signatm-e or indorsement of any one person, etc., rediscounted for any one bank at no time to exceed 10 per centum of the unim- paired capital and sm-plus of said bank. § 13:1. 23:p. 15. This restriction not to apply to the discount of, drawn in good faith against actually existing values. 90 INDEX-DIGEST. Bins OF EXCHANGE (Continued). § 13 :1. 25 : p. 15. Any member bank may accept drafts or, drawn upon it and growing out of transactions in- volving the importation or exportation of goods Having not more than six months sight to run. § 13:1. 28:p. 15. No bank shall accept such, to an amount equal at any time in the aggregate to more than one-half its paid up capital stock and surplus. § 13:1. 39: p. 15. Amendment to section 5202 United States Re- vised Statutes, forbiddiag national banks_ to be indebted ia amount exceeding capital stock, etc., except for, or drafts drawn agaiost money actually on deposit to the credit of the association or due thereto. § 13:1. 46:p. 15. The rediscount by any Federal reserve bank of any bills receivable and of domestic and for- eign, and of acceptances authorized by this Act, to be subject to such restrictions, hmita- tions, and regulations as may be imposed by the Federal Reserve Board. § 14:1. 2:p. 16. Federal reserve banks may, under rules and regulations of the Federal Reserve Board, purchase and sell in the open market, etc., cable transfers and bankers acceptances and, of the kinds and maturities by this Act made eligible for rediscount, with or without the indorsement of a member bank. § 14:1. 22: p. 16. Any Federal reserve bank may purchase from member banks and sell, with or without its indorsement, arising out of commercial trans- actions, etc. § 14:1. 33 :p. 16. Federal reserve banks may appoint correspond- ents and estabhsh agencies in foreign coun- tries for purpose of purchasing, selling, or collecting. § 14:1. 34:p. 16. And may buy and sell with or without its in- dorsement, through such correspondents or agencies, arising out of actual commercial transactions having not more than 90 days to run and which bear the signature of two or more responsible parties. § 16:1. 18: p. 17. The collateral for Federal reserve notes shall be notes and, accepted for rediscount under the provisions of section 13 of this Act. BILLS OF EXCHANGE, FOREIGN. See "Foreign biUs of exchange." INDEX-DIGEST. 91 Bins RECEIVABLE. § 13 :1. 45 : p. 15. The rediscount by any Federal reserve bank of any, etc., to be subject to such restrictions, limitations, and regulations as may be im- posed by the Federal Eeserve Board. BINDING ITSELF. § 18:1. 19: p. 21. Federal reserve banks obtaining such one-year gold notes shall, at the time of exchange, enter into an obligation with the Secretary of the Treasury, to purchase from the United States for gold at the maturity of such notes an amount equal to those delivered in ex- change for such bonds if so requested by the Secretary. BLANK, APPLICATION. See "Application blank." BLANK, IN. See "In blank." BOARD. § 1 : 1. 12 : p. 1. The term "Board " shall be held to mean Fed- eral Reserve Board. BOARD, FEDERAL RESERVE. See "Federal Reserve Board." BOARD OF DIRECTORS ; BOARDS OF DIRECTORS. § 3:1. 47: p. 3. Branch banks shall be operated by a, under rules and regulations approved by the Federal Reserve Board. § 4:1. 12: p. 4. Application blank to contain a resolution to be adopted by the, etc. § 4:1. 50 :p. 4. A Federal reserve bank to appoint by its, such officers and employees as are not other- wise provided for in this Act, etc. § 4:1. l:p. 5. To prescribe by its, by-laws, etc. § 4:1. 5: p. 5. To exercise by its, etc., all powers specifically granted, etc. § 4 : 1. 24 : p. 5. Every Federal reserve bank shall be conducted under the supervision and control of a. § 4:1. 25: p. 5. The, to perform the duties usually appertain- ing to the office of directors of banking asso- ciations and all such duties as are prescribed by law. § 4:1. 28: p. 5. Said, shall administer the affairs of said bank fairly and impartially and without discrimi- nation, etc. § 4:1. 35: p. 5. Such, to be selected as hereinafter specified and shall consist of nine members, etc. § 4:1. 15 :p. 6. The, of each member bank to elect by ballot a district reserve elector, etc. 92 INDEX-DIGEST. BOARD OF DIEECTORS ; BOARDS OF DIRECTORS (Contmned). § 4 : 1. 17 :p. 7. Directors to receive, etc., a reasonable allowance for necessary expenses in attending meetings of their respective, etc. § 4:1. 19: p. 7. Any compensation provided by, for directors, officers, or employees shall be subject to the approval of the Federal Reserve Board. § 4 :1. 28 :p. 7. At the first meeting of the full, of each Federal reserve bank it shaU be their duty, etc., to designate the terms of directors of classes A, B, and C, respectively. § 5:1. 11 : p. 8. When the capital stock of any Federal reserve bank is increased by increase of capital stock of member banks or increase in num- ber of member banks the, shall cause to be executed a certificate to the Comptroller, etc. § 6:1. 36: p. 8. When the capital stock of a Federal reserve bank is reduced by reduction in capital stock of member bank or liquidation or insolvency of such bank the, shall cause to be executed a certificate to the Comptroller, etc. § 12:1. 8: p. 14. Each Federal reserve bank by its, to annually select, etc., one member of Federal Advisory Council, etc. § 12:1. 11 :p. 14. Whose compensation and allowances may be fixed by his, subject to the approval of Fed- eral Reserve Board. § 22:1. 13 :p. 25. No examiner to disclose names of borrowers or collateral for loans of a member bank without express permission, etc., in writing from the, etc. BODY CORPORATE. § 4:1. 41 :p. 4. Upon filing the certificate of organization with the Comptroller said Federal reserve bank shall become a, etc. BONDED INDEBTEDITESS. § 7:1. 53: p. 8. The net earnings derived by the United States from Federal reserve banks shall, in the discre- tion of the Secretary of the Treasury, be used to supplement the gold reserve held against outstanding United States notes, or shall be applied to reduction of the outstanding, of the United States under regulations to be pre- scribed by the Secretary of the Treasury. BONDS. § 4:1. 52 :p. 4. A Federal reserve bank may require, and fix penalty thereof from its officers and em- ployees. § 11:1. 36 :p. 13. The Federal Reserve Board may require, of Federal reserve agents. INDEX-DIGEST. 93 BONDS (Continued). § 11 :1. 37 :p. 13. The Federal Reserve Board may make regula- tions for the safeguarding of all collateral, etc., deposited in the hands of the Federal reserve agents. § 11:1. 45: p. 13. The Federal reserve board may grant, by spe- cial permit, to national banks the right to act as registrar of stocks and, etc., when not in contravention of State or local law. § 13:1. 3:p. 15. The definition of paper eligible for discount not to include notes, drafts, or bills covering merely investments or issued or drawn for carrying or trading in stocks, or other invest- ment securities, except bonds and notes of United States. § 27 :1. 34 : p. 28. The Secretary of the Treasury may suspend the § 27:1. 36: p. 28. limitations imposed by sections 1 and 3 of Act_ of May 30, 1908, limiting the issue of additional circulation to national banks hav- ing_ circulating notes outstanding secured by United States, to amount not less than 40 per centum of the capital stock of such banks. BONDS, EEFUNDING. See "Eefunding bonds." BONDS, EEVENUE. See "Revenue bonds." BONDS, UNITED STATES. See "United States bonds." BONDS, UNITED STATES, 2 PER CENT GOLD. See "United States 2 per cent 30-year bonds." BONDS, UNITED STATES, 3 PER CENT. § See "United States 3 per cent 1-year gold bonds " ; ' 'United States 3 per cent 30-year gold bonds"; "United States 3 per cent 50-year gold bonds"; see also "United States Treasury notes." BOOK VALUE. § 5 :1. 24 :p. 8. A member bank, under regulations of the Fed- eral Reserve Board, to receive in payment of cancelled shares a sum equal to its cash paid subscriptions on the shares surrendered and one-half of 1 per centum per month from the period of last dividend, not to exceed the, thereof, less any liability of such member bank to the Federal reserve bank. § 6:1. 31: p. 8. AU cash paid subscriptions on the stock of an insolvent member bank, with one-half of 1 f)er centum per month from the period of the ast dividend, not to exceed the, thereof, shall be first applied to all debts of the insolvent member bank to the Federal reserve bank, and the balance, if any, paid to the receiver, etc. 94 INDEX-DIGEST. BOOK VALUE (Continued). § 9:1. 50 :p. 10. A Federal reserve bank to pay, on stock sur- rendered for failure to comply with the pro- visions of this section or with the regulations of the Federal Reserve Board, the cash paid subscriptions to said stock with interest at the rate of one-half of 1 per centum per month, computed from the last dividend, if earned, not to exceed the, thereof, less any liability to said Federal reserve bank, except the subscription liability not previously called, which shaU be cancelled, etc. BOOKS. § 2:1. ll:p. 3. PubHc stock may be transferred on the, of the Federal reserve bank, etc. § 11:1. 38: p. 12. The Federal Reserve Board may examine at its discretion the accounts, etc., of each Fed- eral reserve bank, and of each member bank. § 11:1. 31: p. 13. The Federal Reserve Board may require the writing off of doubtful or worthless assets upon the, etc., of Federal reserve banks. BOENE. § 21:1. 25: p. 24. The expense of examinations to be, by the bank examined, etc. BOREOW GOLD. § 26:1. 38: p. 26. The Secretary of the Treasury, to maintain the parity and strengthen the gold reserve, may, on security of United States bonds authorized by section 2 of the Act of March 14, 1900, or for one-year gold notes bearing interest not exceeding three per centum per annum, or may sell the same, if necessary, to obtain gold. BOEROWEES. § 22:1. 10:p. 25. No examiner to disclose names of, etc. BOTH. § 19:1. 22:p. 22. § 19:1. 42:p. 22. § 22:1. 47 :p. 24. § 22:1. 51 :p. 24. § 22:1. 19:p. 25. BEANCH BANKS. See also "Branches." § 3:1. 44:p. 3. Each Federal reserve bank shall estabhsh, within its district and may do so in the district of any suspended Federal reserve bank. § 3:1. 49: p. 3. Directors of, to possess same qualifications as directors of the Federal reserve banks. INDEX-DIGEST. 95 BRANCH BANKS (Continued). § 3:1. 50: p. 3. Four directors of, to be selected by the Fed- eral reserve bank and three by the Federal Reserve Board. § 3:1. 52: p. 3. Directors of, to hold office during the pleasure of the parent bank and the Federal Reserve Board, respectively. § 3:1. 53: p. 3. The Federal reserve bank shall designate one of the directors of the, as manager. BRANCH OFFICES. § 2:1. 43:p. 3. Heading of section 3. BRANCHES. § 3 :1. 47 :p. 3. Branches to be operated by a board of directors under rules and regulations approved by the Federal Reserve Board. § 16:1. 62: p. 19. The Federal Reserve Board to naake, etc., reg- ulations governing transfer of ftinds and charges therefor among Federal reserve banks and their. See also "Branch banks." § 25:1. 6: p. 26. Application by national banks for authority to estabUsh, in foreign countries or dependencies, etc. BRANCHES, FOREIGN. See "Foreign branches." BROUGHT SUIT. See "Suit." BULLION, GOLD. See "Gold bullion." BUREAU. § 10:1. 29 :p. 12. There shaU be in the Department of the Treas- ury a, charged with the execution of all laws, etc., relating to the issue and regulation of national currency secured by Umted States bonds, etc. § 10:1. 33: p. 12. The chief officer of which, shall be called the Comptroller of the Currency, etc. § 11:1. 16:p. 13. The, to be charged with the execution of all laws, etc., relating to the issue and regula- tion of aU Federal reserve notes, under the general supervision of the Federal Reserve Board. BUREAUS. §10:1. 19:p. 12. Nothing in this Act to take 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 the, under such depart- ment, etc. 70820°— 1.5 7 a 96 INDEX-DIGEST. BUSINESS. § 10:1. 17:p. 11. The five appointive members of the Federal Reserve Board, etc., shall devote their entire time to the, of the Federal Eeserve Board. § 14:1. 27: p. 16. Eates of discount to be fixed with a view of accommodating commerce and. § 22:1. 9: p. 25. No officer, director, employee, or attorney to be beneficiary of or receive, etc., any fee, commission, etc., for or in connection with any transaction or, of the bank, etc. BUSINESS, BANKING. See "Banking business." BUSINESS, COMMENCE. See "Commence business." BUSINESS CONDITIONS, GENERAL See "General business con- ditions." BUSINESS, CONDUCT. See "Conduct business." BUSINESS, COURSE OF. See "Course of business." BUSINESS, DOING. See "Doing business." BUSINESS, FOREIGN. See "Foreign business." BUSINESS, GENERAL See "General business." BUSINESS OF BANKING. §. 4:1. 8: p. 5. The board of directors to have such incidental powers as shall be necessary to carry on the, etc. BUSINESS, PLACE OF. See "Place of business." BUSINESS, REDISCOUNT. See "Rediscount business." BUSINESS, TRANSACT. See "Transact business." BUSINESS, TRANSACTION OF. See "Transaction of business." BUY AND SELL § 14:1. 12:p. 16. Federal reserve banks may, under regulations of the Federal Reserve Board, at home or abroad, bonds and notes of the United States and bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued in anticipation of the collection of taxes or the receipt of accrued revenues by any State, coimty, etc. § 14:1. 33: p. 16. May, with the consent of the Federal Reserve Board, with or without its indorsement, through such correspondents or agencies, bills of exchange arismg out of actual com- mercial transactions which have not more than 90 days to run and which bear the signature of two or more responsible parties. INDEX-DIGEST. 97 BY AND WITH ADVICE AND CONSENT OF THE SENATE. § 10:1. 10: p. 11. Five members of the Federal Keserve Board to be appointed by the President. § 10:1. 9: p. 12. In case of vacancy a successor shall be ap- pointed by the President. BY ITSELF. § 12:1. 22: p. 14. The Federal Advisory Council to have power, or through its officers, to confer directly with the Federal Reserve Board, etc. BY NUMBERS. § 2:1. 31:p. 1. The Federal reserve districts may be desig- nated. § 4:1. 14 :p. 6. The groups of member banks shall be desig- nated, by the chairman. BY THIS ACT MADE ELIGIBLE. §14:1. 3:p. 16. Federal reserve bank may, under regulations of the Federal Reserve Board, purchase and sell, in the open market, at home or abroad, etc., cable transfers and bankers' acceptances and bills of exchange of the kinds and maturities, for rediscount, with or without the indorsement of a member bank. BY-LAWS. § 4:1. l:p. 5. Federal reserve banks may prescribe by their boards of directors, not inconsistent with law, etc. § 9:1. 10:p. 10. The Organization Committee or the Federal Reserve Board shall establish, for the general government of its conduct in acting upon applications by State banks, etc., and trust companies for stock ownership in Federal reserve banks. § 9:1. 13: p. 10. Such, to require applying banks not organized under Federal law, to comply with the re- serve and capital requirements and to sub- mit to the examination and regulations prescribed by the Organization Committee or by the Federal Reserve Board. c. C DIRECTORS, CIASS. See "Class C directors." C DIRECTORS, CLASSES A, B, AND. See "Classes A, B, and C directors." CABIE TRANSFERS. §14:1. 1 : p. 16. Any Federal reserve bank may, under rules and regulations of the Federal Reserve Board, Eurchase and sell, in the open market, at ome or abroad, etc., and bankers' accept- ances and bills of exchange of the kinds and maturities by this Act made eligible for re- discount, with or without the indorsement of a member bank. CALENDAR YEAR. § 21:1. l:p. 24. Examiners shall examine every member bank at least twice in each. CALL. § 2 : 1. 14 : p. 2. One-sixth of subscription to the Federal reserve bank to be payable on, of the Organization Conunittee or of the Federal Reserve Board, one-sixth within three months and one-sixth within six months thereafter. § 2:1. 17: p. 2. The remainder of the subscription or any part thereof shall be subject to, when deemed nec- essary by the Federal Reserve Board, etc. § 4:1. 23: p. 7. The Reserve Bank Organization Committee, etc., may, such meetings of bank directors, etc., as may be necessary, etc. § 5:1. 2: p. 8. Subscription by a member bank increasing its capital stock or surplus to be paid as pro- vided for original subscriptions as to one- half, and as to the other half, subject to, of the Federal Reserve Board. § 12:1. 26: p. 14. The Federal Advisory Council shall have power to, for information, etc. § 16:1. 23 :p. 17. The Federal Reserve Board may at any time, upon a Federal reserve bank for additional security to protect the Federal reserve notes issued to it. CALLED. § 5:1. 19:p. 98 8. Member bank voluntarily liquidating shall be released from its stock subscription not pre- viously. INDEX-DIGEST. 99 CANCELED. S 5:1. 20: CALLED (Continued). § 9:1. 51 :p. 10. When a bank is required to surrender its stock, etc., its subscription liability not pre- viously, shall be canceled. § 10:1. 33: p. 12. The chief officer of the Treasury Bureau, etc., shall be, the Comptroller of the Currency. § 12:1. 14: p. 14. Meetings of the Federal Advisory Council shall be held, etc., at least four times each year and oftener if, by the Federal Eeserve Board. CANCEL. § 9:1. l:p. 11. The Federal reserve bank, upon notice from the Federal Keserve Board, shall within 30 days of such notice, and retire the stock in the Federal reserve bank held by a sus- pended member bank and make payment therefor in the manner herein provided. ■ p. 8. Shares surrendered by a member bank shall be. CANCELLATIOH". § 16:1. 5: p. 18. Federal reserve notes unfit for circulation shall be returned by the Federal reserve agents to the Comptroller for, and destruction. § 6:1. 28: p. 8. The stock held by an insolvent member bank in a Federal reserve bank shall be, without im- pairment of its habUity, etc. § 9:1. 52: p. 10. The subscription liability not previously called of member banks required to surrender their stock for failure to comply with provisions of this section, etc., shall be, etc. § 18:1. 42: p. 20. National-bank notes secured by United States bonds, sold to Federal reserve banks by national banks, shall when redeemed be, and permanently retired. CANDIDATE; CANDIDATES. § 4:1. 23: p. 6. Each member bank may nominate, etc., one, for class A and one, for class B directors. § 4:1. 24: p. 6. The, so nominated shall be listed by the chair- man, etc. § 4:1. 35: p. 6. Electors shall not vote more than one choice for any one. § 4:1. 36: p. 6. Any, having majority of all votes cast in col- umn of first choice shall be declared elected. § 4:1. 37:p. 6. If no, have such majority the votes cast for § 4 : 1. 39 : p. 6. such, in the first and second columns shall be § 4:1. 40: p. 6. added together. § 4:1. 41 : p. 6. If any, have majority of votes adding together first and second choices, he shall be declared elected. 100 INDEX-DIGEST. CANDIDATE; CANDIDATES (Continued). § 4:1. 43:p. 6. If no, have a majority of first and second choices, then the votes cast in third column, etc., shall be added. § 4:1. 46: p. 6. And the, then having highest number of votes shall be declared elected. CAPACITY, PERSONAL OR INDIVIDUAL See " Personal capacity." CAPITAI STOCK. See also "Shares." 1. Alaska banks. § 19:1. 36: p. 23. If, become member banks they shall take, etc., in the Federal reserve bank. 2. Applicant bank. § 5:1. 6: p. 8. Must subscribe for, in amount equal to 6 per centtmi of its paid-up, and surplus, etc. 3. Applying bank. § 9:1. 6: p. 10. Capital stock to be issued to the, which is permitted, etc., to become a stockholder. § 9:1. 18: p. 10. No applying bank to be admitted to mem- bership imless it possesses a paid-up im- imp aired, sufficient to entitle it to be- come a national bank in the place where situated, etc. 4. Bank, banking institntion, or trust company. § 10:1. 1 :p. 12. No member of the Federal Reserve Board shall hold, in any bank, banking insti- tution, or trust company. 5. Federal reserve bank. § 2:1. ll:p. 2. Every national banking association re- quu-ed to subscribe to, in the Federal reserve bank. § 2:1. 23: p. 2. Shareholders of every Federal reserve bank held individually responsible, etc., for all contracts, debts, etc., to amount of subscriptions to such, at par, in addition to amount subscribed, whether such subscriptions have been paid up in whole or in part. § 2 : 1. 52 : p. 2. If subscriptions by banks to, insufficient to § 2:1. 54: p. 2. provide amount of, required, such an § 2:1. 3: p. 3. amount of, to be offered to public sub- scription as said committee shall deter- mine. § 2:1. 6:p. 3. Such public, to be subject to the same con- ditions as to payment and, liability as provided for member banks. INDEX-DIGEST. 101 CAPITAL STOCK (Continued). 6. Federal reserve bank (continued). § 2:1. 9: p. 3. No individual, copartnersliip, or corpora- tion, etc., to subscribe for or hold more than $25,000 par value of, in any Federal reserve bank. § 2:1. 10:p. 3. Such, to be known as pubhc. § 2:1. 13: p. 3. If subscriptions of banks and pubUc are § 2:1. 16: p. 3. insufficient to provide amount of, re- quired. § 2:1. 18: p. 3. Then the Organization Committee to allot to the United States such an amoimt of, as it shall determine. § 2:1. 19: p. 3. Said United States, to be paid for at par, etc. § 2:1. 24 :p. 3. No voting power for, in Federal reserve banks not held by member banks. § 2:1. 28:p. 3. The Federal Reserve Board empowered to adopt niles and regulations governing transfers of, of Federal reserve banks. § 2:1. 30:p. 3. No Federal reserve bank to commence business with a subscribed, less than $4,000,000. § 4:1. 13: p. 4. Resolution to be adopted by the board of directors, authorizing subscription to. § 4:1. 16:p. 4. When the minimum amoimt of, prescribed by this Act has been subscribed, the Or- ganization Committee to designate any five banks to execute a certificate of organization, etc. § 4:1. 25: p. 4. The organization certificate to state the amount of, etc. § 4:1. 28: p. 4. Said certificate to state name and place of doing business of all banks which have subscribed to the, of such Federal reserve bank. § 4 : 1. 32 : p. 4. Also the fact that the certificate is made to enable all banks which have subscribed or which may thereafter subscribe, to the, to avail themselves of the advan- tages of this Act. § 4 : 1. 18 :p. 5. Issue of notes taken out by Federal reserve banks secured by United States bonds not to be limited to the, of such Federal reserve bank. 102 INDEX-DIGEST. CAPITAL STOCK (Continued). 5. Federal reserve bank (continued). § 4:1. 45: p. 5. When, necessary subscriptions to the, have been obtained, etc., the Federal Reserve Board shall appoint the class C directors, etc. § 6:1. 41:p. 7. Heading of section 5. § 5:1. 42: p. 7. The, of each Federal reserve bank to be divided into shares of $100 each. § 5:1. 43: p. 7. The outstanding, to be increased as mem- § 5 : 1. 46 : p. 7. ber banks increase their, and surplus, etc. § 5:1. 46: p. 7. Or decreased as member banks reduce their, etc. § 5:1. 47:p. 7. Shares of the, owned by member banks not to be transferred or hypothecated. § 5 : 1. 49 : p. 7. A member bank, increasing its, to subscribe § 5:1. 51: p. 7. for an additional amount of, etc. § 5:1. 3: p. 8. A bank applying for, after the organization § 5:1. 5: p. 8. of the Federal reserve bank, must sub- § 5:1. 6:p. 8. scribe for an amount of the, equal to 6 per centum of the paid up, and surplus of said apphcant bank, paying therefor its par value plus one-haK of 1 per centum a month from the period of the last dividend. § 5:1. 8: p. 8. When the, of a Federal reserve bank is in- § 5:1. 13: p. 8. creased, etc., the board of directors to execute a certificate to the Comptroller showing the increase in, etc. § 5:1. 15: p. 8. When a member bank reduces its capital stock it shall surrender a proportionate amount of its holdings in the, of said Federal reserve bank. § 5:1. 17:p. 8. When a member bank voluntarily Hqui- § 5:1. 18: p. 8. dates, it shall surrender all its holdings of the, of said Federal reserve bank and be released from its stock subscription not previously called. § 6:1. 27: p. 8. The, held by an insolvent member bank shall be canceled, etc. § 6:1. 29: p. 8. AH cash paid subscriptions on said, vdth one-half of 1 per centum per month from the period of the last dividend, not to exceed the book value thereof, shall be first appUed to all debts of the insol- vent member bank to the Federal re- serve bank and the balance, if any, paid to the receiver, etc. INDEX-DIGEST. 108 CAPITAL STOCK (Continued). 6. Federal reserve bank (continued). § 6 : 1. 34 : p. 8. Whenever the, of a Federal reserve baak is § 6:1. 38: p. 8. reduced, etc., the board of directors shall cause to be issued a certificate to the Comptroller showing such reduction of, etc. § 7:1. 43 :p. 8. AfteraUnecessaryexpenses have been paid, etc., the stockholders of a Federal reserve bank shall be entitled to receive a cu- mulative annual dividend of 6 per cen- tum on the paid in. § 7:1. 48: p. 8. One-half of the net earnings to be paid into a surplus fund until it shall amount to 40 per centum of the paid in, of the Fed- eral reserve bank. § 7:1. 5: p. 9. Any surplus remaining of a dissolved or hquidated Federal reserve bank, after payment of debts and dividend require- ments, and the par value of the, shall be paid to and become the property of the United States, etc. § 7:1. 7: p. 9. Federal reserve banks including the, and surplus therein and the income derived therefrom shall be exempt from Federal, State, and local taxation, except taxes upon real estate. § 9:1. 49: p. 9. State banks, etc., may apply for the right to subscribe to, of Federal reserve banks. § 9:1. 6: p. 10. If permitted to become a stockholder, shall be issued and paid for under rules and regulations in this Act provided for na- tional banks which become stockholders. § 9:1. 12: p. 10. By-laws as to, ownership in Federal re- serve banks. § 9:1. 46: p. 10. Member bank may be required by the Federal Reserve Board to surrender its, for failure to comply with the provisions of this section or with the regulations of the Federal Reserve Board. § 9:1. 48: p. 10. On surrender, cash paid subscriptions to said, etc., to be paid with interest at rate of one-half of^ 1 per per centum per month, computed from last dividend, if earned, not to exceed the book value thereof, less any liability to the Federal reserve bank except the subscription liability not previously called, which shall be canceled. 104 INDEX-DIGEST. CAPITAL STOCK (Continued). 5. Federal reserve bank (continued). § 9:1. l:p. 11. The Federal reserve bank, upon notice from Federal Reserve Board, etc., within 30 days after such notice shall cancel and retire the, held by a suspended mem- ber bank and make payment therefor in the manner herein provided. § 10:1. 43: p. 11. The Federal Reserve Board shall have power to levy semiannually upon Fed- eral reserve banks an assessment in pro- portion to their, and surplus, etc. § 13:1. 11 :p. 15. Notes, drafts, and bills drawn or issued for agricultural purposes or based on live stock and having a maturity not exceeding six months may be dis- counted in an amount to be hmited to a percentage of the, of the Federal reserve bank, to be ascertained and fixed by the Federal Reserve Board. § 18:1. 32: p. 20. The Federal Reserve Board to allot to each Federal reserve bank such propor- tion of the United States bonds to be purchased from member banks as the, and surplus of each bank shall bear to the aggregate, and surplus of aU the Federal reserve banks. § 18:1. 6:p. 21. Federal reserve bank notes not to be limited to amount of the, of the Federal reserve bank issuing them. 6. Member banks. § 5:1. 45: p. 7. Outstanding capital stock of Federal re- serve banks snaU be increased, etc., as member banks increase their, and sur- plus. § 5:1. 46: p. 7. And may be decreased as member banks reduce their, or surplus, etc. § 5:1. 50: p. 7. When a member bank increases its, or surplus it shall subscribe for an addi- tional amount of the capital stock of the Federal reserve bank. § 5:1. 6: p. 8. Bank applying for stock after organiza- tion of the Federal reserve bank must subscribe for amount equal to 6 per centum of the paid up. and surplus of said applicant bank. § 5:1. 10: p. 8. Board of directors of the Federal reserve bank to execute a certificate to the Comptroller when the capital stock of the bank has been increased on account of increase of, of member banks, etc. INDEX-DIGEST. 105 CAPITAL STOCK (Continued). 6. Member banks (continued). § 5:1. 14: p. 8. Member bank reducing its, to surrender a proportionate amount of the holdings in the capital of the Federal reserve bank. § 6:1. 35: p. 8. Whenever the capital stock of a Federal reserve bank is reduced because of re- duction in, of a member bank, etc, a certificate to be executed, etc. § 9 :1. 28 :p. 10. Member bank to be required to conform to laws as to national banks regarding withdrawal or impairment of, etc. § 13:1. 17:p. 15. Amount of acceptances so discounted by a Federal reserve bank not to exceed one-half the paid up, and surplus of the bank for wnich the rediscounts are made. § 13:1. 22:p. 15. The aggregate of such notes and bills bear- ing the signature or indorsement of any one person, etc., rediscounted for any one bank not to exceed 10 per centum of the unimpaired, and surplus of said bank; but this restriction shall not apply to the discount of bills of exchange drawn in good faith against actually existing v^ues. § 13:1. 29: p. 15. No member bank to accept biUs to amount more than one-half its paid up, and surplus. § 19:1. 13: p. 23. Except as thus provided, no member bank shall keep on deposit with any non- member bank a sum in excess of 10 per centum of its own paid up, and surplus. 7. Ifational banks. § 2:1. 13: p. 2. Eequired to subscribe to Federal reserve bank in a sum equal to 6 per centum of their paid up, and surplus, etc. § 13:1. 34: p. 15. No national banking association to be indebted or in any way hable to amount exceeding amount of its, at such time actually paid in and remaining un- diminished by losses or otherwise except on account of the demands of the nature following, etc. § 23:1. 24: p. 25. Stockholders of every national banking association held individually responsible for all contracts, debts, etc., of such association, each to the amount of his stock therein at the par value thereof, in addition to the amount invested in such. 106 INDEX-DIGEST. CAPITAI STOCK (Continued.) 7. National banks (continued). § 24:1. 43: p. 25. Any national banking association not situ- ated in a central reserve city may loan on improved and unencumbered farm land, etc., for an amount not exceeding 25 per centum of its, and surplus or to one-third of its time deposits. § 25:1. 2: p. 26. National banking associations possessing a, and surplus of $1,000,000 or more may apply to secure authority to establish foreign branches. § 25:1. 10:p. 26. Such application to specify the name and, of the banking association fihng it. § 25:1. 12: p. 26. Also the amount of, set aside for the con- duct of its foreign business. § 25:1. 14: p. 26. The Federal Reserve Board may approve or may reject apphcation if the amount of, to be set aside is inadequate, etc. § 27:1. 41:p. 28. Under Act May 30, 1908, as amended, national banks may issue notes up to 125 per centum of unimpaired, and sur- plus. § 27 :1. 41 : p. 28. The limitations in the Act of May 30, 1908, on the issue of Aldrich-Vreeland notes to national banks having outstanding notes equal to 40 per centum of, etc., may be suspended by the Secretary of the Treasury, etc. § 28:1. 19: p. 27. Any national bank may reduce its, by vote of shareholders, owning two-thirds of its, etc., with approval of the Comp- troller and of the Federal Reserve Board, etc. § 28:1. 22: p. 27. No such reduction allowable which will reduce the, below amount required for its outstanding circulation, etc. 8. State banks, United States banks, etc. § 8:1. 14: p. 9. May be converted into a national banking association if having an unimpaired, sufficient to entitle it to become a na- tional banking association, etc., with the approval of Comptroller. § 8:1. 17:p. 9. Vote of shareholders required representing not less than 51 per centum of the, etc § 8:1. 25: p. 9. Directors to issue certificate that the owners of 51 per centum of the, have authorized such certificate and_conver-_ sion. INDEX-DIGEST. 107 CAPITAL STOCK (Cofltimied). 8. State banks, ITnited States banks, etc. (continned). § 9:1. 14: p. 10. By-laws to require applicant State banks, etc., to comply with the reserve and, re- quirements, etc., prescribed by the Organization Committee or by the Fed- eral Reserve Board. § 9:1. 18 :p. 10. No applying bank to be admitted unless it possesses a paid up unimpaired, suffi- cient to entitle it to become a national banking association in place where situ- ated, etc. § 9:1. 28: p. 10. Such banks to be required to conform to provisions imposed on national banks forbidding purchase of or loans on, of such banks and the withdrawal or im- pairment of capital, or the payment of unearned dividends, and to such rules and regulations as the Federal Reserve Board, in pursuance thereof, may pre- scribe. 9. Trnst companies. § 10:1. l:p. 12. No member of the Federal Reserve Board shall hold, in any trust company, etc. CAPITALIZATIOlSr, SIMILAR. See "Similar capitalization." CAREFULLY PRESERVE. § 4:1. 38:p. 4. The Comptroller of the Currency shall file, record, and, the organization certificate in his ofiice. CARRIED. § 2:1. 34: p. 3. The organization of reserve districts and Federal reserve cities not to change the present status of reserve cities and central reserve cities except in so far as this Act changes the amount of reserves that may be, with approved reserve agents located therein. § 19:1. 18: p. 23. The reserve, by a member bank with a Federal reserve bank may be checked against and withdrawn by the member bank for purpose of meeting existing liabilities, tmder regu- lations and subject to penalties prescribed by the Federal Reserve Board. • CARRIED FORWARD. § 10:1. 46:p. 11. The Federal Reserve Board may include in its assessment any deficit, from the preceding half year. 108 INDEX-DIGEST. CARRIED ON. § 4:1. 24: p. 4. The organization certificate to specifically state the territorial extent of the district over which the operations of such Federal re- serve bank are to be, etc. § 25:1. ll:p. 26. AppHcation for foreign branches to specify place, etc., where proposed banking opera- tions are to be. CARRY ON. § 4:1. 7: p. 5, Directors of Federal reserve banks to have such incidental powers as shall be necessary to, the business of banking, etc. CARRY OUT. § 4:1. 24: p. 7. The Reserve Bank Organization Conunittee may call such meetings of bank directors as may be necessary to, the purposes of this Act, etc. CARRYING OR TRADING IN STOCKS OR BONDS. § 13:1. 3:p. 15. Definition of paper ehgible for discount not to include notes, drafts, or bills covering merely investments or issued or drawn for the pur- pose of, or other investment securities ex- cept bonds and notes of the United States. CARRYING OUT. § 2:1. 36: p. 3. The Organization Committee to have power to appomt such assistants and incur such ex- penses in, the provisions of this Act as it shall deem necessary. CASE, IN EITHER. See " In either case." CASE, IN NO. See "In no case." CASE OF, IN THE. See " In the case of ." CASH PAID SUBSCRIPTIONS. § 2:1. 25:p. 2. Liability of shareholders in Federal reserve banks for debts, etc., of the bank to be to ex- tent of amount of subscriptions at par in addition to amount subscribed whether, in whole or in part. § 5:1. 22: p. 8. Member bank to receive in payment of sur- rendered stock a sum equal to its, and one- half of 1 per centum a month from the period of last dividend, not to exceed the book value thereof, less any liability to the Fed- eral reserve bank. § 6:1. 29: p. 8. All, on stock held by an insolvent member bank and one-half of 1 per centum a month from the period of the last dividend, not to exceed the book value thereof, to be first applied to all debts of the member bank to the Federal reserve bank, and the balance, if any, to be paid to receiver. INDEX-DIGEST. 109 CASH PAID SUBSCRIPTIOIfS (Continued). § 9:1. 47: p. 10. The Federal reserve bank to pay to member bank required to surrender its stock for viola- tion of this section or of the regulations of the Federal Reserve Board, the, to said stock with interest at the rate of one-half of 1 per centum per month, computed from the last dividend, if earned, not to exceed the book value thereof, less any liability to the Fed- eral reserve bank, etc. CAST. CAUSE. § 4:1. 36: p. 6. Any candidate having a majority of aU votes, in the column of first cnoice shall be de- clared elected. § 4:1. 39: p. 6. If no candidate have a majority of aU votes in § 4:1. 40: p. 6. first column, there shall be added together the votes, by electors in the second column and the votes, for the several candidates in the first column. § 4:1. 45: p. 6. If no candidate have a majority when the first and second choices are added, then the votes, in the third column for other choices shall be added, etc. § 4:1. 7: p. 4. The comptroller shall, to be forwarded an ap- plication blank, etc. § 5:1. 12 :p. 8. The board of directors shall, to be executed a certificate to comptroller of increase of stock, etc. § 6:1. 37: p. 8. The board shall, to be executed a certificate to the Comptroller when capital stock is re- duced, etc. § 10:1. 33:p. 11. The appointive members of the Federal Re- serve Board may be removed for, by the President. § 10:1. 26: p. 12. The Speaker of the House of Representatives shall, the report of the Federal Reserve Board to be printed for the information of the Congress. § 11:1. 27: p. 13. The, of removal of an officer or director of a Federal reserve bank to be forthwith com- municated in writing to the removed ofiicer or director and to said bank by the Federal Reserve Board. § 16:1. 48: p. 18. The Comptroller, etc., shall, plates and dies to be engraved for the Federal reserve notes. CEASE TO ACT. § 2:1. 28:p. 2. A national bank failing to accept Act within sixty days, etc., to, as a reserve agent upon thirty days' notice, etc. 110 INDEX-DIGEST. CEASE TO BE MEMBERS. § 5:1. 47: p. 7. Capital stock may be decreased as member banks reduce their capital stock or surplus or. CENTRAL RESERVE CITIES; CENTRAL RESERVE CITY. § 2:1. 32: p. 3. Present status of reserve cities and, not to be changed by organization of reserve districts and Federal reserve cities except in so far as this Act changes amount of reserves that may be carried with approved reserve agents lo- cated therein. § 11:1. 21 :p. 13. The Federal Reserve Board may add to the nmnber of cities classified as reserve and, etc. § 11:1. 24: p. 13. The Federal Eeserve Board may reclassify existing reserve and, or terminate their desig- nation as such. § 19:1. 5: p. 22. Reserve required for member banks not in reserve or. § 19:1. 17: p. 22. Balance of reserves of banks not in a reserve or central reserve city may be held, for 36 months, etc., in own vaults, in the Federal reserve bank or in national banks in reserve or, as now defined by law. § 19:1. 37: p. 22. Balance of reserve for banks in a reserve city may be held, for 36 months, etc., in own vamts, in the Federal reserve bank, or in national banks in reserve or. [Words "reserve or" stricken out by Act of August 15, 1914. See § 19: 1 19: p. 30.] § 19:1. 44: p. 22. Reserves to be held by banks in. § 19:1. 8: p. 23. State bank, etc., reserve deposits required by law of State to be kept in own vaults or in other State banks or trust companies shall for three years, etc., be construed as if they were reserve deposits in a national bank in a reserve or. [For amendments to above see § 19: 1 39: p. 30; § 19:1. 41 :p. 30.] § 24:1. 37: p. 25. National banks not situated in a, may loan on improved and imencmnbered larm lands, etc CERTIFICATE OF CONVERSION. § 8:1. 23: p. 9. The, may be executed by a majority of the directors, etc. § 8:1. 24: p. 9. The, shall declare that the owners of 51 per § 8:1. 26: p. 9. centum of the capital stock have authorized the directors to make such. INDEX-DIGEST. Ill CERTIFICATE TO BE FILED WITH COMPTEOIIEE. § 4:1. 4: p. 4. By Organization Committee showing geograph- ical limits of the districts and Federal reserve cities designated. § 4:1. 37: p. 4. Organization certificate to be filed with the § 4:1. 39: p. 4. Comptroller. CERTIFICATE FORWARDED TO COMPTROLLER. § 5:1. 12: p. 8. Of increase in capital stock of a Federal reserve bank. § 6:1. 37: p. 8. Of reduction in capital stock of a Federal reserve bank. § 21:1. 12: p. 24. Of condition of national bank by examiners. § 25:1. 20: p. 26. Of condition of foreign branches by national banks. § 28:1. 26 : p. 27. Of reduction in capital stock by national banks. CERTIFICATE FROM COMPTROLLER. § 4:1. 21: p. 5. Authorizing Federal reserve bank to commence business. § 8:1. 37: p. 9. That State bank, etc., has complied with pro- visions of this Act, etc., in converting itself into a national banking association. CERTIFICATE OF INCREASE OF CAPITAL STOCK. See "Cer- tificate forwarded to Comptroller." CERTIFICATE OF REDUCTION OF CAPITAL STOCK. See "Cer- tificate forwarded to Comptroller." CERTIFICATE, ORGANIZATION. See "Organization certificate." CERTIFICATES, GOLD. See "Gold certificates." CERTIFICATES OF DEPOSIT. § 19:1. 53 : p. 21 . Time deposits within the meaning of this Act to comprise, etc., all, subject to not less than 30 days' notice before payment. CERTIFY. § 4:1. 17: p. 6. Board of directors to, the name of the district reserve elector to chairman, etc. § 4 : 1. 29 : p. 6. Every elector to, etc., to chairman his first, sec- ond, and other choices of director of class A and class B, etc. §10:1. 4:p. 12. Before enterir^ upon his duties each member of the Federal Reserve Board to, etc., imder oath that he has comphed with the requirement of Act forbidding nolding stock in any bank, banking institution, or trust company. 70820°— 15 8 112 Index-digest. CHAIRMAN OF BOARD OF DIRECTORS, FEDERAL RESERVE BANK. § 2:1. 11 :p. 3. Public stock in any Federal reserve bank may- be transferred, etc., by the, on the books, etc. J 4:1. 47 :p. 5. The Federal Reserve Board shall designate one of class C directors as. § 4:1. 48:p. 5. Pending the designation of, the Organization § 4:1. 50: p. 5. Committee shall exercise the powers and du- ties appertaining to the office of. § 4:1. 7: p. 6. The, to classify the member banks into three § 4:1. 9:p. 6. general groups, etc., or pending the appoint- ment of, the Organization Committee to classify, etc. § 4 : 1. 14 : p. 6. The groups to be designated by number by the. § 4:1. 17: p. 6. Name of district reserve elector to be certified to. § 4:1. 18: p. 6. The, shall make lists of the district reserve electors, etc. § 4:1. 22: p. 6. Each member bank to nominate to, candidates for class A and B directors. § 4:1. 25:p. 6. Candidates so nominated shall be listed by the. § 4:1. 27: p. 6. Copy of said list to be furnished, etc., by the, to each elector. § 4 : 1. 29 : p. 6. Every elector shall, etc., certify to the, his first, § 4:1. 31: p. 6. second, and other choices of a director of class A and class B, respectively, upon a preferential ballot, on a form furnished by the. § 4:1. 52: p. 6. One of the class C directors shall be designated by the Federal Reserve Board as, etc. § 4:1. 53:p. 6. He shall be a person of tested banking ex- perience. § 4:1. 54: p. 6. In addition to his duties as, he shall be required to maiatain a local office of said board, etc. § 4:1. 4: p. 7. He shall make regular reports to the Federal Reserve Board. § 4:1. 5:p. 7. He shall act as its official representative, etc. § 4:1. 7:p. 7. He shall receive an annual compensation to be fixed by the Federal Reserve Board and paid monthly by the Federal reserve bank. § 4:1. 13: p. 7. The deputy chairman to exercise the powers of, etc., in case of absence or disability of his principal. § 4:1. 25:p. 7. The Organization Committee may exercise func- tions herein conferred upon the, pending the complete organization of such bank. INDEX-DIGEST. 113 CHAIRMAN OF BOARD OF DIRECTORS, DEPUTY. See "Deputy chairman," etc. CHAIRMAN OF FEDERAL RESERVE BOARD. § 10:1. 51:p. 11. The Secretary of the Treasury shall be ex officio. CHANGE. § 8:1. 26 :p. 9. Directors may be authorized by owners of 51 per centum of capital stock to make such certificate and to, or convert the State bank, etc., into a national association. 5: p. 27. Section 9 of the Act of May 30, 1908, amended so as to, the tax rates imposed on Aldrich- Vreeland notes. 33: p. 3. Except in so far as this Act, the amount of reserves that may be carried with approved reserve agents located therein, the organiza- tion of reserve districts and Federal reserve cities shall not be construed as changiag the present status of reserve and central reserve cities. § 27:1. CHANGES. S 2:1. CHANGING. § 2:1. 31:p. CHARACTER. Organization of reserve districts and Federal reserve cities not to be construed as, present status of reserve and central reserve cities except, etc. § 11:1. 45 :p. 12. The weekly statements of the Federal Reserve Board to furnish full information, etc., re- garding the, of the money held in reserve, etc. § 13:1. 47: p. 14. The Federal Eeserve Board to have the right to determine or defuie thcj of the paper thus eligible for discount, within the meaning of this Act. CHARGE; CHARGES. § 16 : 1. 46 : p. 19. The Federal Eeserve Board by rule to fix the, to be collected by member banks from patrons whose checks are cleared through the Fed- eral reserve bank. § 16:1. 48: p. 19. Also the, which may be imposed for the serv- ice of clearing or collection rendered by the Federal reserve bank. § 16:1. 51: p. 19. Also the, for transfer of funds among Federal reserve banks and their branches, etc. CHARGE OF, UNDER THE. See "Under the charge of." 114 INDEX-DIGEST. CHARGED. § 10:1. 29: p. 12. There shall be in the Department of the Treas- ury a bureau, with the execution of all laws relating to the issue, etc., of national cur- rency, etc. § 14:1. 25: p. 16. Federal reserve banks to establish from time to time — subject t o review and determination of the Federal Keserve Board — urates of dis- count to be, by the Federal reserve bank for each class of paper, etc. § 16 :1. 18 : p. 18. Such bank shall be, with the amount of Federal reserve notes supplied to it, etc. CHARGINa. § 16:1. 43:p. 19. CHECKS. § 13:1. 35:p. 14. Nothing herein to be construed as prohibiting a member bank from, its actual expense in- curred in coUecting and remitting firnds, or for exchange sold to its patrons. Any Federal reserve bank may receive from any of its member banks and from the United States, deposits of current funds in lawful money, national bank notes. Federal reserve notes or, and drafts upon solvent member banks payable upon presentation. § 13:1. 38: p. 14. Or solely for exchange purposes, it may receive from other Federal reserve banks deposits of current funds in lawful money, national bank notes, or, and drafts drawn upon solvent member or other Federal reserve banks, payable upon presentation. Disbursements may be made by, drawn against deposits by the Treasury in Federal reserve banks. § 15:1. 47: p. 16. § 16:1. 38:p. 19. Every Federal reserve bank shall receive on deposit at par from member banks or from Federal reserve banks, and drafts drawn upon any of its depositors, etc. § 16:1. 40: p. 19. And when remitted by a Federal reserve bank, and drafts drawn by any depositor on any other Federal reserve bank or member bank upon fimds to the credit of said depositor in said reserve bank or member bank. § 16:1. 47: p. 19. Federal Keserve Board by rule to fix the charges to be collected by member banks from patrons whose, 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. INDEX-DIGEST. 115 CHECKED AGAINST. § 19 : 1. 20 : p. 23. The reserve carried with a Federal reserve bank by a member bank may be, and withdrawn for the purpose of meeting existing HabUities under regulations and subject to penalties prescribed by the Federal Reserve Board, etc. CHICAGO, FEDERAL RESERVE BANK OF. See "Federal Reserve Bank of Chicago." CHIEF OFFICER. § 10 :1. 33 : p. 12. The, of which bureau shall be called the Comp- troller of the Currency. CHOICE, FIRST. See "First choice." CHOICE, FIRST AND SECOND. See "First and second choice." CHOICE, ONE. See "One choice." CHOICE, SECOND. See "Second choice." CHOICES, FIRST AND SECOND. See "First and second choices." CHOICES, FIRST, SECOND, AND OTHER. See "First, second, and other choices." See "Other choices." 5. Class A directors, etc., to be, by and be repre- sentative of the stock-holding banks. 6. Directors of class A and class B shall be, in the following manner, etc. 7. Thereafter every director of a Federal reserve bank, as hereinbefore provided, shall hold office for a term of three years. CIRCULATING NOTES. § 4:1. 12 :p. 5. Federal reserve banks, on deposit with the Treasurer of the United States of any bonds of the United States, in the manner provided by existing law relating to national banks, to receive from the Comptroller, in blank, etc. § 4:1. 14: p. 5. Such, to be issued imder same conditions as § 4:1. 15:p. 5. the issue of, of national banks. § 4:1. 17: p. 5. The issue of such, not to be limited to the capital stock of such Federal reserve bank. § 16:1. 9: p. 19. The plates and dies for the printing of Federal reserve, to be under control and direction of the Comptroller, etc. CHOICES, OTHER, CHOSEN. § 4:1. 38: :p. § 4:1. 5 :p. § 4:1. 35 :p. 116 INDEX-DIGEST. CIRCUIATIITG NOTES (Continued). § 16:1. 29: p. 19. If appropriations heretofore made are insuffi- cient for these Federal reserve notes in ad- dition to, provided by existing law the Sec- retary may use any funds iri Treasury not otherwise appropriated for furnishing the notes aforesaid. § 16:1. 36: p. 19. Nothing in this section to be construed as exempting national banks or Federal reserve banks from their liability to reimburse the United States for any expenses incxirred in printing and issuing. § 18:1. 15: p. 20. Any member bank, after two years from the passage of this Act and at any time during 20 years thereafter, desiring to retire the whole or any part of its, may file with the Treasurer of the United States an apphcation to sell, etc., its United States bonds seeming circu- lation, etc. § 18:1. 44: p. 20. The Federal reserve banks purchasing such bonds may take out an amovmt of, equal to the par value of such bonds. § 18:1. 50: p. 20. Any Federal reserve bank making such de- posit, etc., shall be entitled to receive from the comptroller, etc. § 18:1. 52: p. 20. Such, to be the obligations of the Federal, reserve bank procuring the same, etc. § 27:1. 10: p. 27. National banks having, secured otherwise than § 27:1. 15:p. 27. by bonds of the United States to pay a tax § 27:1. 22: p. 28. for the first three months at the rate of 3 § 27:1. 25: p. 28. per centum per annum upon the average amoimt of such of their, m circulation as are based upon the deposit of such securi- ties, etc. § 27:1. 15: p. 27. Afterwards an additional tax rate of one half § 27:1. 22: p. 28. of 1 per centum per annum for each month § 27:1. 25: p. 28. until a tax of 6 per centum per annum is § 27:1. 30: p. 28. reached and thereafter such tax of 6 per centum per annum upon the average amoimt of such. § 27:1. 35: p. 28. The Secretary of the Treasury may suspend the limitations of sections 1 and 3 of the Act of May 30, 1908, which limit the issue of additional circulation, secured otherwise than by United States bonds, to national banks having, outstanding secured by United States bonds to an amount not less than 40 per centum of the capital stock of such banks. INDEX-DIGEST. 117 CIRCTJIATING NOTES (Continued). § 27:1. 40: p. 28. Except that no bank shall issue, in excess of 125 per centum of its unimpaired capital and surplus. § 27:1. 44: p. 28. The Secretary of the Treasury shall require each bank and currency association to main- tain in the Treasury a gold reserve, in no event less than 5 per centum, for the re- demption of such. See also "Circulation privilege;" "National bank circulation;" "National bank notes;" "Notes;" "Notes of circulation." CIECiriATIBrG PRIVILEGE. § 4:1. 16 :p. 5. 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 secured by United States bonds bearing the, etc. § 18:1. 47 :p. 20. Any Federal Reserve bank, upon deposit -with the United States Treasurer of bonds so pur- chased or any bonds with the, acquired under section 4, shall be entitled to receive from the Comptroller, in blank, etc. See also "Circulation privilege." CIRCULATIOIT. § 16 :1. 28 :p. 17. A gold reserve prescribed of not less than 40 per centum agamst Federal reserve notes in actual, not offset by gold or lawful money deposited with the Federal reserve agent. § 16:1. 46 :p. 18. The Comptroller, under direction of the Secre- tary of the Treasury, to engrave plates and dies, etc., in order to furnish suitable Federal reserve notes for. § 27:1. 34: p. 28. The Secretary of the Treasury shaU have power to suspend the limitations imposed by sections 1 and 3 of the Act of May 30, 1908, as to additional, etc. § 27:1. 2: p. 29. The SecretaTy of the Treasury may permit national banks, during the period for which such provisions are suspended, to issue ad- ditional, etc. CIRCULATION, NATIONAL BANK. See "Circulatmg notes"; "Circulation privilege"; "National Bank circulation"; "National bank notes"; "Notes." CIRCULATION, NOTES OF. " See "Notes of circulation." 118 INDEX-DIGEST. CIECUIATION PKIVILEGE. § 18:1. 10 :p. 21. Upon application of any Federal reserve bank, § 18:1. 12:p. 21. approved by the Federal Reserve Board, § 18:1. 15 :p. 21. the Secretary of the Treasury may issue one year gold notes of the United States without the, m exchange for United States 2 per centum gold bonds bearing the, but against which no circulation is outstanding, to an amount not to exceed one-half of the 2 per centum bonds so tendered for exchange and 30-year 3 per centum gold bonds without the, for the remainder of the 2 per centum bonds so tendered. § 18 :1. 44 :p. 21. For the purpose of making the exchange herein provided lor, the Secretary of the Treasury may issue United States gold bonds at par, etc., to be issued under the same general terms and conditions as the United States 3 per centum bonds without the, now issued and outstanding. See also "Circulating privilege." CIECUIATION TAX, ALDRICH-VEEELAND NOTES. See "Tax. Aldrich-Vreeland notes." CIECUIATIOIT TAX, FEDERAL RESERVE NOTES. See "Tax. Federal Reserve Notes." CIRCULATION, UNFIT FOR. See "Unfit for circulation." CITIES; CITY. § 2:1. 42: p. 1. The Federal reserve bank to include in its title the name of the, in which it is situated. § 4:1. 24: p. 4. The organization certificate to specifically state the, and State in which said Federal reserve bank is to be located. § 24:1. 48: p. 25. The Federal Reserve Board to have power to add to the list of, in which national banks may not make loans secured upon real estate in the manner described in this section. CITIES, CENTRAL RESERVE. See "Central reserve cities." CITIES, EIGHT. See "Eight cities." CITIES, FEDERAL RESERVE. See "Federal reserve cities." CITIES LIST OF. See "List of cities." CITIES, RESERVE. See "Reserve cities." CITIES, RESERVE AND CENTRAL RESERVE. See "Central re- serve cities"; "Reserve cities." CITIES, RESERVE OR CENTRAL RESERVE. See "Central re- serve cities " ; "Reserve cities." INDEX-DIGEST. 119 CITY. See"aties." CITY, CENTEAI EESEEVE. See "Central reserve city." CITY, FEDEEAL EESEEVE. See "Federal reserve city." CITY OF WASHINGTON, D. C. See "Washington, D. C." CITY, EESEEVE. See "Reserve cities." CITY, EESEEVE OE CENTEAI EESEEVE. See "Central reserve cities"; "Reserve city." CIVIL SEEVICE lAW. § 11:1. 53 :p. 13. AH attorneys, experts, assistants, clerks, and other employees employed by the Federal Reserve Board shall be appointed without regard to the provisions of the Act of January 16, 1883, the. See "Act of Jan. 16, 1883"; "Classified service." CLAIKS. § 4:1. 33: p. 5. Directors to extend to each member bank such discounts, advancements, and • accommoda- tions as may be safely and reasonably made with due regard for the, and demands of other member banks. § 7:1. 45: p. 8. Distribution of net earnings of Federal reserve banks prescribed after dividend, have been fuUy met. CLASS. § 4:1. 30: p. 7. The directors to designate one of the members of each, for terms of one, two, and three years, etc. CLASS A DIEECTOES. § 4:1. 38: p. 5. To consist of three members chosen by and representative of the stockholding banks. § 4:1. 5: p. 6. Manner of choosing. § 4:1. 23: p. 6. Each member bank to nominate to chairman one candidate for, etc. § 4:1. 30: p. 6. Every elector to certify, etc., his first, second, and other choices of a, etc. § 4:1. 34: p. 6. Every elector to make a cross opposite name of first, second, and other choices for, etc. CLASS B DIEECTOES. § 4:1. 40: p. 5. To consist of three members who at time of their election shall be actively engaged in their district in conamerce, agriculture, or some other industrial pursuit. § 4:1. l:p. 6. No, shall be an officer, director or employee of any bank. 4:1. 46 :p. 5. 4:1. 3:p. 6. 4:1. 49:p. 6. 4:1. 50: p. 6. 120 INDEX-DIGEST. CLASS B DIEECTORS (Coatinued). ■§ 4:1. 5: p. 6. Manner of choice of . § 4:1. 24: p. 6. Each member bank to nominate to chairman one candidate for, etc. § 4:1. 30: p. 6. Every elector to certify to the chairman his first, second, and other choices of, etc. § 4:1. 34 :p. 6. Each elector to make cross opposite name of first, second, and other choices for, etc. § 4:1. 29: p. 7. Duty of directors of classes A, B, and C to designate one of members of each class for terms of one, two, and three years, etc. CLASS C DIRECTORS. § 4:1. 43: p. 5. To consist of three members designated by the Federal Reserve Board. The Federal Reserve Board to appoint, etc. No, shall be an officer, director, employee or stockholder of any bank. To be appointed by the Federal Reserve Board. They shall have been for at least two years residents of the district for which appointed. § 4 :1. 51 :p. 6. One shall be designated by said board as chair- man of board of directors of the Federal re- serve bank and as Federal reserve agent. § 4:1. 53: p. 6. He shall be a person of tested banking ex- perience. § 4:1. 3: p. 7. He shall be required to maintain a local office of said Federal Reserve Board on the premises of the Federal reserve bank. § 4:1. 4: p. 7. He shall make regular reports to the Federal Reserve Board. § 4:1. 5: p. 7. He shall act as its official representative, etc. § 4:1. 7:p. 7. He shall receive an annual compensation to be be fixed by Federal Reserve Board and to be paid monthly by the Federal reserve bank, etc. § 4:1. 10: p. 7. One of, who shall be a person of tested bank- ing experience, shall be appointed by the Federal Reserve Board as deputy chairman and deputy Federal reserve agent, etc. CLASS OF PAPER, EACH. See "Each class of paper." CLASSES. § 4:1. 37 :p. 5. Board to be divided into three, etc. § 4 :1. 37 :p. 7. Vacancies in the several, of directors of Federal reserve banks to be filled in the manner pro- vided for original selection, etc. INDEX-DIGEST. •121 CLASSES A, B, AND C DIRECTORS. § 4:1. 37 :p. 5. Board of directors, etc., to be divided into three classes designated as. § 4:1. 29: p. 7. Duty of, to designate one of the members of each class for one, two, and three year terms, respectively. CLASSES, THREE. See "Three classes." CLASSIFIED. § 11:1. 21 :p. 13. The Federal Keserve Board may add to the nmnber of cities, as reserve and central reserve cities under existing law, etc. CLASSIFIED SERVICE. § 11:1. 4: p. 14. Nothing herein shall prevent the President from placing said employees in the. CLASSIFY. § 4:1. 9:p. 6. The chairman, etc., or the Organization Com- mittee shall, the member banks into three general groups, etc. CLAUSE. § 29:1. 29: p. 27. If any, etc., of this Act be adjudged, etc., invalid such judgment not to affect, etc., remainder of Act, etc. § 29:1. 33: p. 27. But shall be confined in its operation to the, etc., directly involved in the controversy, etc. CLEARED. § 16:1. 47: p. 19. The Federal Keserve Board shall, by rule, fix the charges to be collected by the member banks from its patrons whose checks are, through the Federal reserve bank, etc. CLEARING HOUSE. § 16:1. 53:p. 19. The Federal Reserve Board may, at its discre- tion, exercise the functions of a, for such Federal reserve banks. § 16:1. 54: p. 19. Or may designate a Federal reserve bank to exercise the functions of a. § 16:1. 1 :p. 20. And may also require each such bank to exer- cise the functions of a, for its member banks. CLERKS. § 11:1. 47:p. 13. The Federal Reserve Board may employ such, etc., as may be deemed necessary, etc. § 11:1. 52: p. 13. All such, etc., to be appointed without regard to the Act of January 16, 1883, — 'the civil service law. COIN, GOLD. See "Gold com." 122 INDEX-DIGEST. COINED. § 26:1. 35:p. 26. COLLATERAL. § 11:1. 37:p. 13 Nothing herein contained to be construed to repeal the parity provision, etc., in the Act of March 14, 1900, entitled "An Act to define and fix the standard of value, to maintain the parity of aU forms of money issued or, etc. The Federal Reserve Board to make regula- tions for the safeguarding of aU, etc., depos- ited in the hands of the Federal reserve agents. § 16:1. 16 :p. 17. Application for Federal reserve notes to be accompanied with a tender to the local Fed- eral reserve agent of, in amount equal to the sum of the Federal reserve notes thus applied for and issued pursuant to such ap- plication. § 16:1. 17:p. 17. § 16:1. 40 :p. 18. § 16:1. 43 :p. 18. The, security thus offered shall be notes and bills accepted for rediscount under the pro- visions of section 13 of this Act. Any Federal reserve bank may at its discre- tion withdraw, deposited with the local Fed- eral reserve agent, etc. Shall at the same time substitute other like, of equal amount with the approval of the Federal reserve agent, under regulations to be prescribed by the Federal Reserve Board. § 22:1. 10 :p. 25. No examiner, etc., to disclose names of bor- rowers or the, for loans of a member bank, etc. COLLECTED. § 13:1. 38: p. 15. Moneys deposited with or, by a national bank- ing association not to fall within the prohi- bition of indebtedness exceeding the amount of its capital stock actually paid in, etc. § 16:1. 46 :p. 19. The Federal Reserve Board by rule to fix charges to be, by member banks from its patrons whose checks are cleared through the Federal reserve bank, etc. COLLECTING. § 14:1. 33: p. 16. Federal reserve banks may appoint correspond- ents and establish agencies in foreign coun- tries, etc., for the purpose of purchasing, selling and, biUs of exchange, etc. § 16:1. 44 :p. 19. Nothing in this Act to be construed as pro- hibiting a member bank from charging its actual expense incurred in, and remitting funds, etc. INDEX-DIGEST. 123 COLLECTIOlf OF TAXES. § 14:1. 15 :p. 16. Federal reserve banks may, under rules and regulations prescribed by the Federal Re- serve Board, buy and sell, etc., biUs, notes, revenue bonds, and warrants, etc., issued in anticipation of the, etc. COLUMBIA, DISTRICT OF. See "District of Columbia." COLUMN. § 4:1. 36 :p. 6. Votes cast in, of first choice. COLUMN, FIRST. See "First column." COLUMN, SECOND. See "Second column." COLUMN, THIRD. See "Third column." COMBINED ASSETS AND LIABILITIES. § 11:1. 44 :p. 12. The weekly statement of the Federal Eeserve Board to show in detail the single and, of the Federal reserve banks. COMMENCE BUSINESS. § 2:1. 29:p. 3. No Federal reserve bank to, with a subscribed capital of less than $4,000,000. § 4:1. 21 :p. 5. Nor to transact any but incidental, etc., busi- ness until authorized by comptroller to. § 17:1. 9:p. 20. Repeal of law requiring a national banking. association to deUver a stated amount of United States bonds to the Treasurer of the United States before it shall be authorized to. COMMERCE. § 4:1. 41: p. 5. Class B directors at time of election to be actively engaged in their district in, agricul- ture, or some other industrial pursuit. § 14:1. 27: p. 16. Rates of discount to be fixed, etc., with a view of accommodating, and business. COMMERCE, FOREIGN. See "Foreign commerce." COMMERCIAL, INDUSTRIAL, AND GEOGRAPHICAL DIVISIONS. § 10:1. 14:p. 11. The President, in appointing the members of the Federal Reserve Board, to have due re- gard to a fair representation of the different, of the country. COMMERCIAL PURPOSES. § 13:1. 44: p. 14. Any Federal reserve bank, upon indorsement of any of its member banfe, with waiver of demand, notice, and protest by such bank, may discount notes, drafts, and bills of ex- change,, issued or drawn for agricultural, industrial, or, etc. 124 INDEX-DIGEST. COMMERCIAL TRANSACTIOITS. § 14:1. 22: p. 16. A Federal reserve bank may purchase from member banks and sell, with or without its indorsement, bills of exchange arising out of, etc. See also "Actual commercial transactions." COMMERCIAL TRANSACTIONS, ACTUAL. See "Actual commercial transactions." COMMISSION. § 22:1. 8: p. 25. Other than the usual salary or director's fee, etc., no officer, director, etc., shall be a bene- ficiary of or receive, etc., any fee, etc., for or in connection with any transaction or busi- ness of the bank. COMMISSION, NATIONAL MONETARY. "National Monetary Com- mission." COMMISSIONS. § 10:1. 14:p. 12. The President may fill all vacancies that may happen on the Federal Reserve Board during the recess of the Senate, by granting, which shall expire 30 days after the next session of the Senate convenes. COMMITTEE OF CONGRESS OR OF EITHER HOUSE. § 21 :1. 35 :p. 24. No bank to be subject to any visitatorial pow- ers, etc., other than as exercised or directed by Congress or by either House thereof or by any, duly authorized. § 22:1. 16: p. 25. No examiner, etc., to disclose names of bor- § 22:1. 17 :p. 25. rowers or the collateral for loans, etc., except when ordered to do so, etc., by Congress or either House thereof or any, duly authorized. COMMITTEE, RESERVE BANK ORGANIZATION. See "Eeserve Bank Organization Committee." COMMUNICATED. § 11:1. 27:p. 13. The cause of removal to be forthwith, in writing by the Federal Reserve Board to the removed officer, etc. COMPANIES, TRUST. See "Trust companies." COMPENSATION. § 4:1. 7:p. 7. The Federal reserve agent to receive an annual, etc. § 4:1. 16:p. 7. Directors of Federal reserve banks to receive a reasonabb _ allowance for necessary ex- penses, etc., in addition to any, otherwise provided. § 4:1. 19: p. 7. Any, provided by directors, etc., for officers, (urectors, or employees of Federal reserve banks to be subject to the approval of the Federal Reserve Board. INDEX-DIGEST. 125 COMPENSATION (Continued). § 12:1. 10:p. 14. Members of the Federal Advisory Council to receive such, etc., as may be fixed by the board of directors subject to the approval of the Federal Reserve Board. §22:1. l:p. 25. No national bank examiner to perform any other service for, while holding such office, for any bank or officer, director, or employee thereof. See also "Salaries;" "Salary." COMPETENT JURISDICTION, COURT OF. petent jurisdiction." See "Court of com- COMPIAIN. § 4:1. 48:p. COMPLETE. § 8:1. 31:p. Federal reserve banks to have power to sue and be sued, and defend, etc. A majority of the directors of a State bank, etc., may do whatever may be required to make its organization perfect and, as a national association. COMPLETE ORGANIZATION. § 4:1. 27: p. 7. The Organization Committee may exercise the functions herein conferred upon the chairman of the board of directors of each Federal reserve bank, pending the, of such bank. COMPLETION. § 4:1. 26:p. A copy of the list of candidates for directors to be furnished, etc., to each elector within 15 days after its. COMPLIANCE; UPON. See "Upon compliance." COMPLIED WITH. § 8:1. 37: p. 9. When the Comptroller has given a certificate to such converted bank that the provisions of this Act have been, such bank, etc., to have the same powers and privileges and shall be subject to the same duties, etc., as prescribed by the Federal Reserve Act, and the ■ national banking Act for associations originally organized as national banking associations. § 10:1. 5: p. 12. Each member of the Federal Reserve Board to certify under oath that he has, this require- ment. COMPLY. § 2:1. 33:p. 2. Penalty for failure of any national banking association to, etc., with any provision of this Act. 126 INDEX-DIGEST. COMPLY (Continued). § 9:1. 14: p. 10. The Organization Committee or the Federal Reserve Board to require applying banks, etc., to, with the reserve and capital require- ments and to submit to the examination and regulations prescribed by the Organization Committee or by the Federal Reserve Board. § 9:1. 43: p. 10. Penalty for faUiu-e of a member bank to, with the provisions of this section or the regula- tions of the Federal Reserve Board. § 19:1. 32: p. 23. Alaska national banks, remaining nonmember banks, to, with all conditions now provided by law regulating them. COMPEISE. § 19:1. 51:p. 21. Demand deposits to, aU deposits payable within 30 days, etc. § 19:1. 52: p. 21. Time deposits shall, all deposits payable after 30 days and all savings accounts and certifi- cates of deposit which are subject to not less than 30 days' notice before payment. COMPTROILEE OF THE CUERENCY. § 2:1. 18: p. 1. To be one of the Reserve Bank Organization Conunittee. § 2:1. 41: p. 2. To bring suit for violations of this Act, imder direction of the Federal Reserve Board, in his own name, etc. § 4:1. 4: p. 4. The certificate of the Reserve Sank Organiza- tion Committee to be filed with the, etc. § 4:1. 6: p. 4. To forward application blank to all eligible banks. § 4:1. 37: p. 4. The organization certificate, authenticated, etc., to be transmitted by each bank to the. § 4:1. 38:p. 4. To file, record, and carefully preserve the same in his office. § 4:1. 39: p. 4. The Federal reserve bank shall become a body corporate upon the filing of such certificate with the. § 4:1. ll:p. 5. Federal reserve banks, upon deposit with the United States Treasurer of any United States bonds in the manner provided by existing law as to national banks, to receive from the, circulating notes, etc. § 4:1. 21: p. 5. Federal reserve banks not to transact any except incidental and preliminary business until authorized by the, to commence busi- ness, etc. § 5:1. 12 :p. 8. Certificate to the, of iacrease of stock of any Federal reserve bank. INDEX-DIGEST. 127 COMPTROLLER OF THE CURRENCY (Continued). § 6:1. 37:p. 8. Certificate to the, of reduction of stock of any Federal reserve bank. § 8:1. 18: p. 9. Approval of the, to conversion of a State bank, etc., into a national banking association. § 8:1. 20: p. 9. Name to be approved by the. § 8:1. 36:p. 9. Certificate of the, to such bank that the pro- visions of Act have been compUed with. § 9:1. 37: p. 10. Member banks to make reports of the condi- tions and of payment of dividends to the, etc. § 10:1. 8:p. 11. To be an ex-officio member of Federal Reserve Board. § 10:1. 20: p. 11. To receive $7,000 annually for services as a § 10:1. 22:p. 11. member of the Federal Reserve Board in addi- tion to the salary now paid to him as. § 10:1. 25: p. 11. Ineligible while in office and for two years there- after to hold any office, position, or employ- ment in any member bank. § 10:1. 34: p. 12. The chief officer of which bureau shall be called the, and shall perform his duties under the general directions of the Secretary of the Treasury. § 11:1. 17: p. 13. The Federal Reserve Board to supervise and regulate, through the bureau under charge of the, the issue and retirement of Federal re- serve notes. § 11:1. 19:p. 13. The Federal Reserve Board to prescribe rules and regulations under which such notes may be delivered by the, to Federal reserve agents applying therefor. § 16:1. 5:p. 18. Federal reserve notes unfit for circulation to be returned by the Federal reserve agents to the, for cancellation and destruction. § 16:1. 47:p. 18. Plates and dies for Federal reserve notes toise engraved by the, under direction of the Sec- retary of the Treasury. § 16:1. 6: p. 19. Federal reserve notes to be held for the use of such bank, subject to the order of the, for their delivery, etc. §16:1. 8 : p. 19. The plates and dies to be procured by the, shall § 16:1. 10:p. 19. remain under his control and direction, etc. § 18:1. 50: p. 20. Any Federal reserve bank upon deposit, etc., of United States bonds so purchased or any bonds with the circulating privilege acquired under section 4, etc., shall be entitled to re- ceive from the, circulating notes, etc. 70820'— IB 128 nTDEX-DIGEST. COMPTEOLIER OF THE CUEKENCY (Contimied.) § 21 :1. 51 :p. 23. To appoint examiners, with the approval of the Secretary of the Treasury. § 21:1. 12: p. 24. The examiner to make full and detailed report of the condition of said bank to the. § 21:1. 15: p. 24. The Federal Keserve Board to fix the salaries of all examiners upon recommendation of the, etc. § 21:1. 17: p. 24. The expense of examinations to be assessed by the, upon the banks examiaed in proportion to assets and resources, etc. § 21:1. 22 :p. 24. The Federal Eeserve Board may provide for special examinations in addition to those made and conducted by the. < § 22:1. 13: p. 25. No examiner to disclose names of borrowers or collateral for loans, etc., without express per- mission from the, etc. § 25:1. 20: p. 26. Information as to condition of foreign branches of national banks to be furnished to the, on demand. § 28:1. 24:p. 27. § 28:1. 26:p. 27. COMPUTED. § 9:1. 49:p. 10. COlTCERimfG. § 12:1. 25:p. 12. § 21:1. 30:p. 24. § 25:1. 20:p. 26. CONDITION, § 11:1. 41:p. 12. §21:1. 12:p. 24. § 21:1. 27 :p. 24. No reduction of capital stock to be made by a national bank until the amount of the pro- posed reduction has been reported to the, and approved by the, and by the Federal Keserve Board or, pending its organization, by the Organization Committee. The Federal reserve bank to pay the cash-paid subscriptions on stock surrendered for viola- tion of this section or of the regulations of the Federal Reserve Board, with interest at the rate of one-half of 1 per centum per month, from the last dividend, if earned, not to exceed the book value thereof, less any liability to said Federal reserve bank, etc. The Federal Eeserve Board to publish weekly statement showing the, of each Federal reserve bank, etc. The Examiner to make a full and detailed report of the, of said bank to the comptroller. Examinations to be so conducted as to inform the Federal reserve bank of the, of its mem- ber banks. nruBi-DiQaBT. 129 CONDITION (Contiiraed). § 21:1. 30: p. 24. Every Federal reserve bank to furnish to the Federal Keserve Board such information as may be demanded concerning the, of any member bank, etc. § 21 :1. 40: p. 24. The Federal Keserve Board, on the joint appli- cation of ten member banks, shall order a special examination and report of the, of any Federal reserve bank. § 25:1. 20: p. 26. Every national bank required at all times to furnish information to the Comptroller, upon demand, concerning the, of such foreign branches. CONDITIONS. See also, Limitations. § 2:1. 2: p. 3. The Organization Committee to prescribe, and regulations as to offering stock in Federal reserve banks to pubUc subscription. § 2:1. 5:p. 3. Pubhc stock to be offered subject to the same, as to payment and stock liabihty as provided for member banks. § 4:1. 14: p. 5. Circulating notes of Federal reserve banks secured by United States bonds to be issued under the same, etc., as national bank notes. § 9:1. 36 :p. 10. Member banks to make reports of, etc., to the Comptroller. § 9:1. 3:p. 11. The Federal Keserve Board may restore mem- bership to a suspended member bank, upon due proof of compliance with the, imposed by this section. § 12:1. 24 :p. 14. The Federal Advisory Council to have power to confer directly with the Federal Reserve Board on general business. § 12:1. 27: p. 14. Also to make recommendations in regard to reserve, etc. § 16:1. 30: p. 18. Federal reserve notes so deposited not to be reissued except upon compliance with the, of an original issue. § 18:1. 5:p. 21. Notes of Federal reserve banks, secured by United States bonds, to be issued and redeemed under the same terms and, as national bank notes except, etc. § 18 :1. 43 : p. 21. United States 3 per centum 30-year bonds, etc., to be issued under the same general terms and, as United States 3 per centum bonds without the circulation privilege, now issued, etc. § 19:1. 32: p. 23. National banks in Alaska, etc., remaining non- member banks, to comply with all, now pro- vided by law, etc. 180 INDEX-DIGEST. OONDITIOITS (Continued). § 25:1. 4: p. 26. Application by national banks for authority to establish foreign branches to be under such, etc., as may be prescribed by the Federal Eeserve Board. § 27:1. 38: p. 28. The Secretary of the Treasury may suspend the, and limitations of section 5 of the Act of May 30, 1908, etc. §27:1. 3:p. 29. The Secretary of the Treasury, during the period of such suspension, may permit national banks to issue additional curcula- tion under the terms and, of the Act of May 30, 1908, as amended. COITDUCT. § 9:1. 10 :p. 10. The Organization Committee or the Federal Reserve Board shall estabhsh by-laws for its, in acting upon applications of State banks, etc., and trust companies for stock owner- ship in Federal reserve banks. § 11:1. 48: p. 13. The Federal Reserve Board may employ such attorneys, experts, etc., as may be deemed necessary to, the business of the board. § 25:1. 12: p. 26. Applications by national banks for authority to estabhsh foreign branches, etc., to specify the amount of capital set aside for the. of its foreign business. § 25:1. 15 :p. 26. The Federal Reserve Board may reject appU- cations for authority to establish foreign branches if the amount of capital proposed to be set aside for the, of its foreign business is inadequate. § 25:1. 24: p. 26. National banks to, accounts of each foreign branch independently, etc. CONDUCTED. § 4:1. 3: p. 5. The Federal reserve bank to prescribe by its board of directors by-laws, etc., regulating the maimer in which its general business may be. § 4:1. 23: p. 5. Every Federal reserve bank to be, under the supervision and control of a board of direc- tors. § 21:1. 21: p. 24. Examinations authorized by Federal reserve banks of member banks m addition to the examinations made and, by the comptroller. § 21:1. 26: p. 24. Method in which such examinations shall be. CONFER DIRECTLY. § 12:1. 23 :p. 14. The Federal Advisory Council to have power to, with the Federal Reserve Board on general bvisiness conditions, etc. INDEX-DIGEST. 181 CONFEBBED. § 4:1. 6: p. 7. The Federal reserve agent to act as the official representative of the Federal Reserve Board for the performance of the functions, upon it by this Act. § 4:1. 25: p. 7. The Organization Committee may exercise the functions herein, upon the chairman of the board of directors, etc. CONFINED. § 29:1. 32:p. 27. CONFIEMED. § 10:1. 16:p. 11. CONFIICT. § 10:1. 21 :p. 12. CONFOBM. § 9:1. 23:p. 10. If any clause, sentence, etc., of Act is adjudged by any court, etc., to be invaUd, etc., such judgment shall be, in its operation to the clause, sentence, etc., directly involved in the controversy, etc. The five members of the Fe*deral Reserve Board appointed by the President and, 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 the Federal reserve agent appears to, with the powers of the Sec- retary or the TreasuiT, such powers shall be exercised subject to the supervision and con- trol of the Secretary. State banks, etc., becoming member banks to be required to, to the provisions of law im- posed on national banks respecting the limi- tation of liabiUty which may be incurred by any person, etc., to such banks, the prohibi- tion against purchase of or loans upon the stock of such banks, the withdrawal or im- Sairment of capital, the payment of unearned ividends, and to such rules and regulations as the Federal Reserve Board may, m pursu- ance thereof, prescribe. CONGBESS, ACT OF. See "Act of Congress." CONGEESS OF THE XJNITED STATES. § 10:1. 26: p. 12. The annual report of the Federal Reserve Board to be printed for the information of the. § 10:1. 30: p. 12. There shall be in the Department of the Treasury a bureau charged with the execu- tion of all laws passed by, relating to the issue and regulation of national currency se- cured by Umted States bonds. 132 iiraBX-raGBST. CONGEESS OF THE milTED STATES (Continued). § 21:1. 16: p. 24. The Federal Reserve Board to fix the salaries of barJk examiners upon the recommendation of the comptroller and to make report thereof to. § 21:1. 34 :p, 2A. No bank to be subject to visitatorial powers § 21 :1. 35 :p. 24. other than such as are authorized by law, etc., § 21:1. 36: p. 24. or exercised or directed by, or by either House thereof or by any committee of, or of either House duly authorized. § 22:1. 15: p. 25. No examiner to disclose names of borrowers, § 22:1. 16 :p. 25. etc., except by direction of the, or of either § 22:1. 17: p. 25. House thereof or any committee of, or of either House duly authorized. CONGRESS, COMMITTEE OF. See "Committee of Congress." CONGRESS, REPRESENTATIVE IN. See "Eepresentative in Con- gress." CONNECTION WITH, IN. See " In connection with." CONSENT. § 10:1. 10: p. 11. The President to appoint five members of the Federal Eeserve Board by and with the ad- vice and, of the Senate. § 10:1. 9: p. 12. In case of a vacancy in the Federal Reserve Board, the President to appoint a successor with the advice and, of the Senate. § 14:1. 29: p. 16. Federal reserve banks may open and maintain banking accounts in foreign countries with the, of the Federal Reserve Board. § 19:1. 34: p. 23. Alaska banks, or banks outside of the con- tinental United States, except in the Philip- pine Islands, may with the, of the Federal Reserve Board become member banks. CONSEQUENCE OF, IN. See " In consequence of ." CONSIDERATION. § 22:1. 8: p. 25. No officer, director, employee, or attorney of a member banlc to be a beneficiary of or re- ceive, etc., any fee, commission, or other, for or in coimection with any transaction or business of the bank other than the usual salary or director's fee, etc. CONSIDERED. § 21:1. 2: p. 24. Examiaers to examine every member bank at least twice in each calendar year and oftener if, necessary. CONSIST. § 4:1. 36:p. 5. § 4:1. 38:p. § 4:1. 40 :p. § 4:1. 43:p. § 4:1. 12:p. 5. 5, 5. 6, § 10:1. 7:p. 11, § 12:1. 7:p. 14 INDEX-DIGEST. 133 The board of directors of Federal reserve banks shall, of nine members, etc. Class A shall, of three members, etc. Class B shall, of three members, etc. Class C shall, of three members, etc. Each group shall, as nearly as may be of banks of similar capitaUzation. A Federal Reserve Board created which shall, of seven members, etc. A Federal Advisory Council created which shall, of as many members as there are Fed- eral reserve districts. CONSOIIDATED STATEMENT. § 11:1. 42 :p. 12. The Federal Reserve Board to publish once each week, etc., a, for all Federal reserve banks. CONSTITUTE. § 2:1. 32: p. 1. A majority of the Organization Committee shall, a quorum, etc. § 12:1. 18: p. 14. A majority of the members of the Federal Ad- visory Council shall, a quorum, etc. CONSTRUCTION OF WORDS, PHRASES, ETC., IN ACT. See Affect, Apply, Bank, Board, Classified service, Comprise, Construed, Defined, Defini- tion, Demand deposits. District, Extended, Impair, Invalidate, Member barik. National bank,National banking association,Remainder of act, Reserve bank, State bank. Time de- posits. Trust company. CONSTRUED. § 2:1. 31: p. 3. The organization of reserve districts and Fed- eral reserve cities shall not be, as changing present status of reserve cities and central reserve cities except, etc. § 10:1. 16:p. 12. Nothing in this Act to be, as taking away any powers heretofore vested by law m the Sec- retary of the Treasury, etc. § 13:1. 49:p. 14. Nothing in this Act to be, to prohibit such notes, drafts, and bUls of exchange, secured by staple agricultural products, or other goods, wares, or merchandise from being ehgible for such discount, etc. § 15:1. 51:^. 16. NothLag in this Act to be, to deny the right of the Secretary of the Treasury to use member banks as depositories. 134 INDEX-DIGEST. COITSTEUED (Continued). § 16:1. 33: p. 19. Nothing in this section to be, as exempting national banks or Federal reserve banks from their Uability to reimburse the United States for any expenses iacurred in printing and issuing circulating notes. § 16:1. 43: p. 19. Nothmg herein contained to be, as prohibiting a member bank from charging its actual ex- pense incurred in collecting and remitting funds or for exchange sold to its patrons. § 19:1. 6: p. 23. Reserve deposits required by the law of its State to be kept by a State bank or trust company in its own vaults or with another State bank or trust company to be, etc., as if they were reserve deposits in a national bank m a reserve or central reserve city for a period of three years after the Secretary of the Treasury has officially announced the establishment of a Federal reserve bank, etc. [Amended by Act of Aug. 15, 1914. See § 19:1. 39:p. 30; § 19:1. 41:p. 30.] § 23:1. 32: p. 25. Provision for liability of national bank stock- holders transferring their shares, etc., not to be, to affect any recourse such shareholders might otherwise have against those in whose name such shares are registered at time of such failure. § 26:1. 31: p. 26. Nothing in this Act to be, to repeal the parity provision or provisions of the Act of March 14, 1900, etc. CGITTAIN. § 2:1. 22: p. 1. Each district to, only one of such Federal reserve cities. § 4:1. 11: p. 4. AppHcation blank to, a resolution to be adopted by the board of directors, etc. § 4:1. ll:p. 6. Each group to, as nearly as may be one-third of the aggregate niunber of the member banks of the district. CONTAINED. § 10:1. 16:p. 12. Nothing in this Act, to be construed to take away any powers heretofore vested by law in the Secretary of the Treasury, etc. § 13:1. 48: p. 14. Nothing in this Act, to be construed to pro- hibit discount of notes, etc., se- ured by agri- cultural products, or other goo 3, etc. § 16:1. 33: p. 19. Nothing in this section, to t eoapt national banks or Federal reserve banks from liabil- ity to reimburse the United States for expenses in printing and issuing circulating notes. INDEX-DIGEST. 185 CONTAINED (Continued). § 16:1. 42 :p. 19. Nothing herein, to be construed to prohibit a member bank from charging its actual ex- !)ense incurred in collecting and remitting unds, or for exchange sold to its patrons. § 26:1. 31: p. 26. Nothing in this Act^ to be construed to repeal the parity provisions, in Act of March 14, 1900. CONTINENTAL UNITED STATES. § 2:1. 21: p. 1. The Organization Committee shall divide the, excluding Alaska, into districts. § 14:1. 17 :p. 16. Federal reserve banks may, xmder regulations of the Federal Reserve Board, buy and sell, etc., bUls, notes, revenue bonds, and warrants, etc., issued in anticipation of taxes or of re- ceipt of assured revenues by any State, coimty, etc., in the. § 15:1. 49:p. 16. No pubHc fimds of the Philippine Islands, or of the postal savings, or any Government funds to be deposited in the, m any bank not be- longing to the system established by this Act. § 19:1. 30: p. 23. National banks in Alaska or outside the, may remain nonmember banks. CONTINUE. § 8:1. 32: p. 9. Shares of converted State bank, etc., may, to be for same amount, etc. § 8:1. 33: p. 9. Directors of converted State bank, etc., may> to be directors of the association until others are elected or appointed, etc. § 18:1. 27: p. 21. The obUgation of Federal reserve banks to pur- chase such one-year gold notes at maturity to, in force for a period not to exceed 30 years. § 24:1. 45:p. 25. National banks may, to receive time deposits and pay interest on the same. CONTRACT. § 14:1. 8: p. 16. Federal reserve banks may, for loans of gold coin and bullion, etc. § 27 :1. 7 :p. 29. The benefits of the Act of Aiigust 4, 1914, may be extended to qualified State banks, etc., which may, etc., to join the Federal reserve system within 15 days after the passage of the Act of August 4, 1914. CONTRACTS. § 2:1. 22: p. 2. Individual liability of shareholders of Federal reserve banks, etc., for all, debts, etc., of bank. § 4:1. 47: p. 4. Federal reserve banks to have power to make, etc. 186 HfBEX-DIGEST. CONTRACTS (Continued). § 23:1. 23 :p. 25. Stockholders of national banks to be held indi- vidually responsible for all, debts, etc., such association, etc. CONTRAVEBTTIOir. § 8:1. 21 :p, 9. The conversion of State bank, etc., into a na- tional bank not to be in, of the State law. § 11:1. 44 :p. 13. The Federal Reserve Board may grant, by special permit, to national banks the right to act as trustee, executor, administrator, or registrar, etc., when not ta, of State or local law. CONTROL. § 4:1. 24:p. 5. Every Federal reserve bank to be conducted under the supervision and, of a board of directors. § 10:1. 18: p. 12. Nothing in this Act to be construed as taking away any powers heretofore vested by law in the Secretary of the Treasury which relate to the supervision, management, and, of the Treasury Department and Bureaus imder such department. § 10:1. 23:p. 12. In case of apparent conflict, etc., such powers, shall bo exercised subject to the supervisionj and, of the Secretary. § 16:1. 10: p. 19. Plates and dies for Federal reserve notes to" remain under the, and direction of the Compr- troller. CONTROVERSY. § 29:1. 34 :p. 27. If any clause, etc., of this Act is adjudged invalid by any court of competent jurisdiction, such judgment, etc., to be confined in its operation to the clause, etc., directly involved_in_the,* etc. Recess commissions granted by the President to fill vacancies in the Federal Reserve Board to expire 30 days after the next session of the Senate. Federal reserve districts to be apportioned with due regard to the, and customary course of biisiness. The, of a State bank, etc., into a national bank- ing association not- to be in contravention of the State law. § 8:1. 33: p. 9. Shares of the converted bank may be for the same amount each as they were before the. CONVENES. § 10:1. 14:p. 12. CONVENIENCE. § 2:1. 26:p. 1. CONVERSION. § 8:1. 21:p. 9. INDBX-DIGEST. 187 CONVERT. § 8:1. 26 : p. 9. The organization certificate to be executed by a majority of the directors and to declare that the owners of 51 per centum of the stock of the State bank, etc., have authorized the directors to make such certificate and to change or, the State bank, etc., into a national association. CONVEETED. § 8:1. 19:p. 9. A State bank, etc., with the approval of the Comptroller, etc., may be, into a national banlong association. COPARTNERSHIP. § 2:1. 7: p. 3. No individual, or corporation, other than a member bank of its district, shall subscribe for or hold at any time more than $25,000 par value of stock in any Federal reserve bank. COPY. § 4:1.25:p. 6. A, of the list of candidates for director to be fur- nished to each elector, etc., by the chairman. CORPORATE, BODY. See "Body corporate." CORPORATE SEAL § 4:1. 43: p. 4. Federal reserve banks to have power to adopt CORPORATION. § 2:1. 50:p and use a. § 2:1. 7:p. 3. 2. Dissolution of national bank not to impair any remedy against such. No individual, copartnership, or, other than a member bank of its district, to subscribe to or hold at any time more than $25,000 par value of stock in any Federal reserve bank. § 9:1. 26 :p. 10. Member banks to be required to conform to the law as to limitation of liability, etc., which may be incurred by any person, etc., to national banks, etc. § 13:1. 20: p. 15. The aggregate of such notes and biUs bearing the signature or indorsement of any one per- son, etc., rediscoimted for any one bank not to exceed 10 per centum of the unimpaired capital and surplus of said bank, etc. CORPORATIONS. § 14:1. l:p. 16. Any Federal reserve bank may, under rules and regulations of the Federal Reserve Board, purchase and sell in the open market, from or to domestic or foreign banks, etc., cable transfers and bankers' acceptances and bills of exchange of the kinds and maturities by this Act made ehgible for rediscoimt, with or without the indorsement of a member bank. 188 IWDEX-DIGEBT. COERESPONDENTS. §14:1. 31:p. 16. Federal reserve banks may, with the consent of the Federal Eeserve Board, api^oint, and Bstabhsh agencies in foreign countries. § 14:1. 34: p. 16. May buy and sell, with or without its indorse- ment, with the consent of the Federal Reserve Board, through such, or agencies, bills of exchange arismg out of actual commercial transactions which have not more than 90 days to run and which bear the signature of two or more responsible parties. COTERMINOUS, § 2:1. 27: p. 1. Federal reserve districts shall not necessarily be, with any State or States. COUNCIL, FEDERAL ADVISORY. See ' ' Federal Advisory Council." COUNSEL. § 2:1. 34:p. 1. COUNTED. § 16:1. ll:p. 18. The Organization Committee authorized to employ, etc. See abo "Attorneys." The deposit of gold in the Treasury by Federal reserve banlS for redemption of Federal reserve notes shall be, etc., as part of the 40 per centum gold reserve. § 19:1. 29:p. 23. Balances in Federal reserve banks due to mem- ber banks shall be, as reserves to the extent herein provided. § 20:1. 44: p. 23. § 20:1. 46: p. 23. COUNTERFEITS. § 16:1. 49:p. 18. COUNTERSIGNED. § 4:1. 12:p. 5. From and after the passage of this Act the 5 per centum redemption mnd shall in no case be, by any national bank as a part of its lawful reserve. Plates and dies for Federal reserve notes to be engraved in the best manner to guard against. Federal reserve banks, upon deposit with the Treasurer of United States of any bonds of the United States in the maimer provided by existing law relating to national banks, to receive from comptroller circulating notes in blank registered and, etc. § 18 :1. 61 : p. 20. Upon deposit with the Treasurer of the United States of bonds so purchased or any bonds with the circulating privilege acquired under section 4, any Federal reserve bank making such deposit in the manner provided by exist- ing law shall be entitled to receive from the comptroller circulating notes in blank, reg- istered and, etc. COUNTRIES, FOREIGN. See "Foreign countries." INDEX-DIGEST. 139 COUUTEY. § 10:1. 15: p. 11. In selecting the five appointive members of the Federal Reserve Board, the President shall have due regard to a fair representation of the different commercial, industrial, and geographical divisions of the. COUNTY. § 14:1. 16:p. 16. Federal reserve banks, in accordance with rules and regulations of the Federal Reserve Board, may buy and sell bonds and notes of the Uniteci States, and bUls, notes, revenue bonds, and warrants issued in anticipation of the collection of taxes or of the receipt of assured revenues by any State, etc. COUPON. § 18 :1. 31 : p. 21. For the purpose of making the exchange herein provided for, the Secretary of the Treasury may issue at par United States Treasury notes in, or registered form, etc. COURSE OF BUSINESS. § 2 : 1. 26 : p. 1 . Federal reserve districts to be apportioned with due regard to the convenience and customary, etc. COUET OF COMPETENT JUEISDICTION. § 2:1. 38: p. 2. NoncompHance with or violation of this Act to be determined and adjudged by any United States, etc. § 22:1. 14: p. 25. Examiner not to disclose names of borrowers or collateral for loans except when ordered to do so by a, etc. § 29 :1. 30 : p. 27. If any clause, etc., of this Act shall be adjudged invaUd by anj^, such judgment not to affect, etc., the remainder of this Act, but shall be confined in its operation to the clause, etc., directly involved, etc. COUET OF LAW OE EQUITY. § 4:1. 48: p. 4. Federal reserve banks to have power to sue and be sued, etc., in any, etc. COUET OF EECOED. § 4:1. 35: p. 4. The organization certificate to be acknowledged before a judge of some, or notary pubUc. COUET OF UNITED STATES. § 2:1. 38: p. 2. Any noncompliance with or violation of this Act to be determined and adjudged by any, of competent jurisdiction, etc. COUETS OF JUSTICE. § 21 :1. 33 :p. 24. No bank to be subject to any visitatorial pow- ers other than such as are authorized by law or vested in the, etc. 140 ivT^Bx-tnamiT. COVEE. § 16:1. 15: p. 19. The Federal Keserve Board to include in ita estimate of expenses levied against the Fed- eral reserve banks a sufficient amount to, the expenses of Federal reserve notes herein pro- vided for. § 16:1. 23 :p. 19. The Secretary of the Treasury may use any appropriation heretofore made, etc., to, any other expense, etc., iu printing Federal reserve notes. COVERING. §13:1. 2:p, 15. Such definition of eligible paper sha,ll not include notes, drafts and bilfe, merely invest- irients, etc. CREATED. § 2:1. 28: p. 1. The districts thus, m,ay be readjusted. § 2:1. 29: p. 1. New districts, not to exceed 12 in all, may, from time to time, be, by the Federal Reserve Board. § 10:1. 6: p. 11. A Federal Reserve Board is hereby. § 12:1. 6: p. 14. There is hereby, a Federal Advisory Council. CREATING. § 27:1. 46: p. 26. The provisions of the Act of May 30, 1908, authorizing national currency associations, etc., and, a National Monetary Commission are hereby extended to June 30, 1915. CREDIT. § 13:1. 40 :p. 15. BiUs of exchange or drafts drawn against money actually on deposit to the, of national banking associations or due thereto shall not be subject to the limitation of iadebtedness or liability to the amount of its capital stock, etc. § 16:1. 35: p. 17. Federal reserve notes, received by another Fed- eral reserve bank, to be promptly returned for, or redemption to the bank through which origiaally issued. § 16:1. 3:p. 18. Federal reserve notes, received by Treasury otherwise than for redemption, may be returned to the bank through which issued for the, of the United States, etc. § 16:1. 41 :p. 19. Federal reserve banks shall receive on deposit at par, etc., when remitted by a Federal reserve bank, checks and drafts drawn by any depositor in any other Federal reserve ba.nk or member bank upon funds to the, of said depositor in said reserve bank or mem- ber bank. nruBi-ufcuBT. 141 CREDIT (Continued). § 21:1. 28: p. 24. Examinations of member banks to be so con- ducted as to inform the Federal Reserve Bank, etc., of the lines of, extended, etc. CROSS, MAKE A. See "Make a cross." CUMULATIVE. § 7:1. 44: p. 8. Dividends of stockholders in Federal reserve banks to be. CURRENCY ASSOCIATIONS, NATIONAL. See "National currency associations." CURRENCY, COMPTROLLER OF THE. See "Comptroller of the Currency." CURRENCY, NATIONAL. See "National currency." CURRENCY, NATIONAL BANK. See "Circulating notes;" "Cir- culation privilege;" "National bank circula- tion;" "National bank notes;" "Notes;" "Notes of circulation." CURRENT FUNDS. § 13:1. 33: p. 14. Any Federal reserve bank may receive from any of its member banks^ and from the United States, deposits of, m lawful money, national bank notes. Federal reserve notes, or checks and drafts upon solvent member banks, payable upon presentation. § 13:1. 37 :p. 14. Any Federal reserve bank may also receive, solely for exchange purposes, from other Federal reserve banks deposits of, in lawful money, national bank notes, or checks and drafts upon solvent member or other Federal reserve banks, payable upon presentation. CUSTOMARY COURSE OF BUSINESS. § 2:1. 26: p. 1. Federal reserve districts to be apportioned with due regard to the convenience and, etc. CUSTOMS. § 16:1. 8:p. 17. Federal reserve notes to be receivable for aU taxes, and other public dues. D. DAHIAOES. § 2:1. 46: p. 2. Every director of a national bank to be held liable, in his personal or individual capacity, for all, which said bank, its shareholders, or any other person shall have sustained in con- sequence of noncompliance with or violation of this Act, other than the failure to become a member bank. DATE. § 4: 1. 32 : p. 7. Directors to designate one member of each class whose term shall expire in one year from the first of January nearest to, of such meeting. § 4:1. 33: p. 7. One whose term shall expire at end of two years from said. § 4:1. 34: p. 7. One whose term shall expire at end of three years from said. § 10:1. 50: p. 11. First meeting of the Federal Keserve Board shall be held in Washington, D. C, etc., at a, to be fixed by the Reserve Bank Organization Committee. § 14:1. 14: p. 16. Federal reserve banks, under regulations to be prescribed by the Federal Reserve Board, may buy and sell, etc., bills, notes, revenue bonds, and warrants with a maturity from, of purchase not exceeding six months, etc. § 18:1. 34: p. 21. The United States Treasury notes authorized for exchange for United States 2 per centum bonds, etc., to be payable not more than one year from the, of their issue, etc. § 18:1. 41 : p. 21. Issue authorized of United States 3 per centum gold bonds, etc., to be payable 30 years from, of issue, etc. § 19:1. 9: p. 22. Banks not in reserve or central reserve cities, for 36 months after the, of official announce- ment by the Secretary of the IVeasury of the estabUshment of a Federal reserve bank in any district, to keep in their vaults five- twelfths and permanently thereafter four- twelfths of their reserves. § 19:1. 12 :p. 22. Said banks for 12 months after said, to keep two-twelfths of their reserves in the Federal reserve bank of their districts and for each succeeding sis months an additional one- twelfth, until five-twelfths have been so de- posited, which shall be the amount perma- nently required. 142 INDEX-DIGEST. 143 DATE (Continued). § 19:1. 15:p. 22. For 36 months after said, the balance of the reserves may be held in own vaults or in the Federal reserve bank or in national banks in reserve or central reserve cities as now de- fined by law. § 19:1. 28: p. 22. Reserve city banks to keep for 36 months after said, six-fifteenths and permanently there- after five-fifteenths of their reserves in their own vaults. • § 19 :1. 31 : p. 22. Said banks for 12 months after said, to keep in the Federal reserve bank at least three- fifteenths and for each succeeding six months an additional one-fifteenth until six-fifteenths have been so deposited, which shall be the amount permanently required. § 19 :1. 35 : p. 22. Said banks for 36 months after said, to keep the balance of reserves in own vaults or in the Federal reserve bank or in national banks in reserve or central reserve cities as now de- fined by law. (The words "reserve or" stricken out by Act of August 15, 1914. See § 19:1. 19:p. 30.) § 23:1. 28: p. 25. National bank stockholders who shall have transferred their shares or registered the transfer thereof within 60 days next before the, of failure of such bank to meet its obli- gations, or with knowledge of such impend- mg failure, to be liable for the debts, etc., of the bank to the same extent as if they had made no such transfer, etc. DATES. § 21:1. 19 :p. 24. The expense of examinations herein provided for to be assessed by the Comptroller upon the banks examined in proportion to assets or resources held by the banks upon the, of ex- amination, etc. DAY. § 16:1. 20:p. 17: The Federal reserve agent to notify the Fed- eral Reserve Board each, of all issues and withdrawals of Federal reserve notes, etc. DAYS. Ten. § 18:1. 23: p. 20. The Federal Reserve Board may require Federal reserve banks to purchase such United States bonds from the member banks whose applications have been filed with the United States Treasurer at least 10, before the end of any quarterly period, etc. 70820°— 15- -10 144 INDEX-DIGEST. DAYS (Continued). Fifteen. § 4:1. 26:p. 6. I 4:1. 28:p. 6. § 10:1. 40:p. 11. §11:1. l:p. 13. Thirty. § 2:1. 10:p. 2. § 2:1. 28:p. 2. § 2:1. 29:p. 2. A copy of list of candidates nominated for director to be furnished by the chair- man to each elector within 15, after its completion. Every elector to certify his choices to the chairman within 15, after receipt of Said list. Every member of the Federal Eeserve Board to make and subscribe to the oath of oflSce within 15, after notice of appointment. The Federal Reserve Board may suspend any reserve requirement of this Act for a period not exceeding 30 days and may renew such suspension for periods not exceeding 15, etc. Every national bank to subscribe to stock of the Federal reserve bank within 30," after notice from the Organization Com- mittee. Any national bank failuig to accept this Act within 60, after the passage, to cease to act as a reserve agent upon thirty, notice, etc. § 9:1. 54:p. 10. Any Federal reserve bank, within 30, of notice from the Federal Reserve Board, shall suspend a member bank, etc., for violation of the provisions of this section or of the regulations of the Federal Re- serve Board. § 10:1. 14: p. 12. The President to fill vacancies in the Fed- eral Reserve Board happening during the recess of the Senate by granting commissions to expire 30, after the next session of the Senate convenes. § 11:1. 53 :p. 12. The Federal Reserve Board may suspend any reserve requirement of this Act lor a period not exceeding 30, etc. § 19:1. 51: p. 21. Demand deposits to comprise all deposits payable within 30. § 19:1. 52: p. 21. Time deposits to comprise all deposits pay- able after 30, etc. § 19:1. 54: p. 21. Time deposits to comprise all savings ac- counts and certificates of deposit subject to not less than 30, notice before pay- ment. INDEX-DIGEST. 145 DAYS (Continued) Sixty. § 2 1. 5: p. 2. Everjr national bank required, and every eligible bank and every trust company within the District of Cloumbia author- ized, to accept this Act in writing within 60, after its passage. § 2:1. 28: p. 2. Any national bank failing to accept this Act within said 60, to cease to act as a reserve agent upon 30, notice, etc. § 22:1. 21: p. 25. The provisions of section 22, forbidding receipt of fees, commissions, etc., by of ficers, etc., of member banks and for- bidding disclosure by examiners of names of borrowers, or collateral for loans, shall not, except as provided in existing laws, take effect until 60, after the passage of this Act. § 23:1. 28: p. 25. Liabihty prescribed of stockholders of na- tional banks who have transferred their shares or registered the transfer thereof within 60, next before date of failure of the bank to meet its obligations, etc. Ifinety. § 13:1 DEAL. 7: p. 15. Notes, drafts, and biUs admitted to dis- count by Federal reserve banks under the terms of this paragraph must have a maturity at time of discount of not more than 90, provided, etc. § 14:1. 36:p. 16. Federal reserve bank may, with the con- sent of the Federal Reserve Board, buy and sell, with or without its indorse- ment, through such foreign correspond- ents and agencies, bills of exchange aris- ing out of actual conunercial transac- tions which have not more than 90, to run, and which bear the signature or in- dorsement of two or more responsible parties. § 14 :1. 6 :p. 16. Federal reserve banks to have power to, in gold coin and bulHon, at home and abroad, etc. DEBT, PUBLIC. See "Public debt." DEBTS. § 2:1. 22: p. 2. The shareholders of every Federal reserve bank individually responsible, equally and ratably, and not one for another, for all contracts, etc., of such bank to amount of their sub- scriptions at par in addition to the amount subscribed, whether such subscriptions have been paid up in whole or in part, etc. 146 INDEX-DIGEST. DEBTS (Continued). § 6:1. 31:p. 8. Cash-paid subscriptions of insolvent member bank, etc., shall be first applied to all, etc., to the Federal reserve bank. § 7:1. 4:p. 9. Any surplus remaiaiag on dissolution or liquidation of a Federal reserve bank, after payment of aU, dividend requirements and the par value of the stock, shall be paid to and become the property of the United States, etc. § 23:1. 23: p. 25. Stockholders of every national banking associa- tion to be held iadividually responsible for all contracts, etc., of such association, each to the amount of his stock therein at par, in addition to the amo\mt invested in. such stock. DECLARE. § 8:1. 24:p. DECLARED. § 2:1. 42:p. 9. The organization certificate of conversion of a State bank, etc., into a national banking association shall, that the owners of 51 per centum of the capital stock have authorized the directors to make such certificate, etc. 2. Suit to be brought in the United States cotui;, etc., before a national banking association not complying with or violating the Act shall be, dissolved. § 4:1. 37 :p. 6. Any candidate for director having a majority of all votes cast in the column of first choice shall be, elected. § 4:1. 42 :p. 6. Candidate having a majority of the first and second choices shall be, elected. § 4:1. 47: p. 6. Candidate then having the highest number of votes shall be, elected. § 4:1. 48: p. 6. An immediate report of election shall be. § 6:1. 26: p. 8. If any member bank shall be, insolvent and a receiver appointed, the stock held by it in said Federal reserve bank shall be canceled, etc. DECREASE OF CAPITAL. § 5:1. 41:p. 7. Heading of section 5. DECREASED. § 5:1. 46: p. 7. The capital stock of Federal reserve banks to be, as member banks reduce their capital stock or siuT)lus or cease to be members. See "Reduction;" "Reduce." rNDEX-DIGEST. 147 DEDUCTING. § 18:1. 40: p. 20. The Treasurer of the United States shall pay to the member bank selling its United States bonds to such Federal reserve bank any balance due after, a sufficient sum to redeem its outstanding notes secured by such bonds, etc. DEEM BEST. § 14:1. 32: p. 16. The Federal reserve bank, with the consent of the Federal Reserve Board, may appoiat correspondents and establish agencies m for- eign countries wheresoever it may, etc. § 25:1. 23: p. 26. The Federal Reserve Board may order special examinations of foreign branches of national banks at such time or times as it may. DEEM IT DESIRABIE. § 27:1. 31: p. 28. The Secretary of the Treasury may suspend the limitations imposed by sections 1 and 3 of the Act of May 30, 1908, whenever he may, etc. DEEM NECESSAEY. § 2 : 1. 37 : p. 3. The Organization Committee may appoint such assistants and incur such expenses, etc., as it shall. § 11:1. 40: p. 12. The Federal Reserve Board may require such statements and reports from Federal reserve banks and member banks as it may. § 12:1. 17: p. 14. The Federal Advisory Council may hold such other meetings, etc., as it may. See also "Deemed necessary"; "Necessary." DEEMED ADVISABLE. § 11:1. 35: p. 13. The Federal Reserve Board may suspend the operations of any Federal reserve bank for violation of the Act, etc., and when, may liquidate or reorganize such bank. DEEMED GUILTY. § 22 : 1. 45 : p. 24. Any bank ofiicer, director, or employee making a loan or granting a gratuity to a bank ex- aminer shall be, of a misdemeanor, etc. § 22:1. 50: p. 24. An examiner accepting a loan or gratuity, etc., shall be, of a misdemeanor, etc.' DEEMED INEXPEDIENT. § 25:1. 17: p. 26. The Federal Reserve Board may reject an ap- phcation of a national bank for authority to estabhsh foreign branches, etc., if for other reasons the granting of such application is. 148 INDEX-DIGEST. DEEMED NECESSARY. § 2:1. 36: p. 1. The Organization Committee may make such investigation as may be, in determining the reserve districts and in designating the Fed- eral reserve cities. § 2 :1. 17 : p. 2. The remainder of the subscription, after three- sixths has been paid, to the stock of a Federal reserve bank to be subject to call when, by the Federal Reserve Board. §11 § 16:1 1. 48: p. 13 46: p. 17 DEFICIT. § 10:1. 46:p. 11. DEFINE. § 4:1 The Federal Eeserve Board may employ such attorneys, assistants, etc., as may be. When Federal reserve notes have been redeemed by the Treasurer in gold or gold certificates such funds shall be reimbursed to the extent, by the Secretary of the Treasury in gold or gold certificates by the Federal reserve bank. See also "Deem necessary." The assessment levied by the Federal Reserve Board upon Federal reserve banks to include any, carried forward from preceding half year. 51 : p. 4. The boards of directors of Federal reserve banks to, the duties of such officers and employees as are not otherwise provided for in this Act. § 13 : 1. 47 : p. 14. The Federal Reserve Board to have the right to determine or, the character of the paper thus ehgible for discount, etc. § 26:1. 34: p. 26. Nothing in this Act to be construed to repeal the parity provision or provisions in the Act of March 14, 1900, entitled an Act to, and fix the standard of value, etc. DEFINED. § 14:1. 23:p § 19:1. 6:p § 19:1. 18:p § 19:1. 24:p 16. As hereinbefore. 22. As now or hereafter. 22. As now, by law. 22. As now or hereafter. § 19:1. 38: p. 22. As now, by law. § 19:1. 44: p. 22. As now or hereafter. DEFICIENCY. § 11:1. 7:p. 13. DEFINITION. § 13:1. l:p. 15. When the gold reserve against Federal reserve notes falls below 40 per centum a graduated tax of not more than 1 per centum per annum imposed upon such, until, etc. Of term "eligible for discount" not to include notes, etc., covering merely investments, etc. See also, "Construction." INDEX-DIGEST. 149 DEIIVEE. § 17:1. 10: p. 20. Repeal of law requiring national banks before commencing business to transfer and, a stated amount of United States bonds to the Treasurer of the United States. DELIVERED. § 11:1. 19 :p. 13. The Federal Reserve Board to prescribe rules and regulations under which Federal reserve notes may be, by the Comptroller to Federal reserve agents applying therefor. § 18:1. 20 :p. 21. The Federal reserve bank obtaining such one- year gold notes to bind itself to purchase from the United States for gold at the ma- turity of such one-year notes, an amount equal to those, ia exchange for such bonds, if so requested by the Secretary of the Treasury. DELIVERY. § 16:1. 22 :p. 18. Federal reserve notes, upon, to become a first and paramount lien on all the assets of such bank. § 16:1. 7: p. 19. Federal reserve notes to be held for the use of such bank, subject to the order of the Comp- troller for their, etc. DEMAND. § 13:1. 41 : p. 14. Waiver of, notice and protest by member bank in obtaining discounts from Federal reserve banks. § 16:1. 9:p. 17. Federal reserve notes to be redeemed in gold on, at the Treasury Department or in gold or lawful money at any Federal reserve bank. § 16:1. 42: p. 17. Federal reserve banks to reimburse the gold redemption fund, etc., on, of the Secretary of the Treasury. § 25:1. 21: p. 26. National banks to furnish information as to condition of their foreign branches upon, of the Comptroller. DEMAND DEPOSITS. § 19:1. 50: p. 21. To comprise all deposits payable within 30 days. § 19:1. 7: p. 22. Member banks not in reserve or central reserve cities to hold reserves equal to 12 per centum of aggregate amount of its. § 19:1. 26: p. 22. Member banks in reserve cities to hold reserves equal to 15 per centum of aggregate amount of its. § 19:1. 46: p. 22. Member banks in central reserve cities to hold reserves equal to 18 per centum of aggregate amount of its. 150 INDEX-DIGEST. DEMANDED. § 21 :1. 30: p. 24. Federal reserve banks to furnish, to the Federal Reserve Board such information as may be, concerning the condition of any member bank in its district. DEMANDS. § 4:1. 33: p. 5. The Federal reserve bank to extend to each member bank such discounts, advancements, and accommodations, etc., as may be safely and reasonably made with due regard for the claims and, of other member banks. DENOMINATIONS. § 16:1. 51 :p. 18. Federal reserve notes to be printed of the, of $5, 110, $20, $50, and $100. § 18:1. 31:p. 21. An issue of United States Treasury notes authorized in, of $100 or any multiple thereof. DENY. § 15:1. 51: p. 16. Nothing in this Act to be construed to, the right of the Secretary of the Treasury to use member banks as depositories. DEPARTMENT OF THE TREASURY. § 10:1'. 38:p. 11. The Secretary of the Treasury may assign offices in the, for the use of the Federal Reserve Board. § 10:1. 29: p. 12. There shall be in the, a bureau charged with the execution of all laws, etc., relating to the issue and regulation of national currency secured by United States bonds and, under the general supervision of the Federal Reserve Board, of all Federal reserve notes, etc. DEPARTMENT, TREASURY. See "United States Treasury." DEPENDENCIES OF THE UNITED STATES. § 25:1. 6: p. 26. Application by national banks for authority to estabhsh branches in foreign countries or. DEPOSIT. See also "Deposits." § 4:1. 9 : p. 5. Upon, with the Treasurer of the United States of any bonds of the United States in the manner provided by existing laws relating to national banks, the Federal reserve bank entitled to receive from the comptroller cir- culating notes, etc., equal in amount to the par value of the bonds so deposited, etc. § 13:1. 40: p. 15. Bills of exchange or drafts drawn against money actually on, to the credit of national banks or due thereto, not subject to limitatioti as to indebtedness exceeding the amount of capital stock, etc. INDEX-DIGEST. 151 DEPOSIT (Continued). § 16:1. 7: p. 18. The Federal Eeserve Board to rejjuire Federal reserve banks to maintain on, in the Treas- ury a gold redemption fund for Federal reserve notes, etc. § 16:1. 37: p. 19. Every Federal reserve bank to receive on, at par from member banks or from Federal reserve banks, checks and drafts drawn upon any of its depositors. § 18:1. 37: p. 20. Federal reserve banks to, lawful money with the United States Treasurer for the purchase price of bonds purchased from member banks. § 18:1. 46: p. 20. Upon, with the Treasurer of the United States § 18 :1. 49 : p. 20. of bonds so purchased or any bonds with the the circulation privilege acquired under sec- tion 4, any Federal reserve bank making such, entitled to receive from comptroller circulating notes, etc. § 19:1. 53 :p. 21. Time deposits to include certificates of, sub- ject to not less than 30 days' notice before payment. § 19:1. 12:p. 23. Except as above provided, no member bank to keep on, with any nonmember bank a sum in excess of 10 per centum of its own paid- up capital and surplus. § 27:1. 11: p. 27. Reduction of the tax imposed by the Act of May 30, 1908, upon the average amount of Aldrich-Vreeland notes in circulation based upon, of other securities than United States bonds. § 27 : 1. 36 : p. 28. The Secretary of the Treasury may suspend the limitations of sections 1 and 3 of the Act of May 30, 1908, prescribiag that additional cir- culation, etc., shall be issued only to national banks having circulatuig notes outstanding secured by, of United States bonds to an amount not less than 40 per centum of the capital stock of such banks. § 27:1. 42: p. 28. The Secretary of the Treasury shall require each bank and currency association to maintain on, in the United States Treasury a sum in fold sufficient, in his judgment, for the re- emption of such Aldrich-Vreeland notes. See also "Deposits." DEPOSIT, CERTIFICATES OF. See "Certificates of deposit." DEPOSITED. § 4:1. 14:p. 5. Circulating notes to be issued equal to the par value of the bonds, with the United States Treasurer, etc. 152 INDBX-mGEST. DEPOSITED (Continued). § 11:1. 38 :p. 13. The Federal Reserve Board may make regula- tions for the safeguarding of all collateral, bonds, Federal reserve notes, money, or prop- erty of any kind, in the hands of Federal reserve agents. § 13:1. 38: p. 15. Moneys, with or collected by national banks not subject to the limitation of iadebtedness to the amount of capital stock, etc. § 15:1. 43: p. 16. Moneys held in the general fund of the Treas- ury, except the 5 per centum national bank note redemption fund and the Federal re- serve note redemption fund, may be, by the Secretary of the Treasury in the Federal reserve banks, etc. § 15:1. 46 :p. 16. The revenues of the Government or any part thereof may be, in such Federal reserve banks. § 15 : 1. 49 : p. 16. No pubHc funds of the Phihppine Islands, or of the postal savings, or any Government funds, shall be, in the continental United States, in any bank not belongiag to the system estab- lished by this Act, etc. § 16:1. 29: p. 17. The Federal reserve banks to maintain gold reserve of not less than 40 per centum against its Federal reserve notes in actual circulation, and not offset by gold or lawful money, with the Federal reserve agent. § 16:1. 29: p. 18. Federal reserve notes, by a Federal reserve bank to reduce its liability for outstanding Federal reserve notes, not to be reissued except upon compliance with the conditions of an original issue. § 16:1. 41 :p. 18. The Federal reserve bank may, at its discretion, § 16:1. 42: p. 18. withdraw collateral, with the local Federal reserve agent for the protection of its Federal reserve notes, with it, etc. § 16:1. 3: p. 19. When Federal reserve notes have been pre- pared, they shall be, in the Treasury, sub- treasury, or mint, etc. § 18:1. 52 :p. 20. Any Federal reserve bank making such de- posit, etc., entitled to receive from the Comp- troller circulating notes in blank, etc., equal in amount to the par value of the bonds so. § 19:1. 14:p. 22. Banks not in reserve or central reserve cities to maintain in the Federal reserve bank of the district, for 12 months after said date, two- twelfths of its reserves and for each succeed- ing six months an additional one-twelfth, until five-twelfths have been so, which shall be the amount permanently required. INDEX-DIGEST. 158 DEPOSITED (Continued). § 19:1. 33: p. 22. Banks in reserve cities to maiatain ia the Fed- eral reserve bank of the district, for 12 months after the date aforesaid, at least three-fifteenths of its reserves, and for each succeeding six months an additional one- fifteenth until six-fifteenths have been so, which shall be the amount permanently re- quired. § 20:1. 42: p. 23. Eepeal of law providing that the 5 per centum redemption fund, with the Treasurer shall be counted as part of their legal reserve by national banks. DEPOSITING. § 16:1. 27: p. 18. Federal reserve banks may reduce liabihty for outstanding Federal reserve notes by, with the Federal reserve agent, Federal reserve notes, gold, gold certificates, or lawful money of the United States. DEPOSITOR. § 16:1. 40:p. 19. § 16:1. 41 :p. 19. DEPOSITORS. § 16:1. 39:p. 19. Federal reserve banks to receive on deposit at par, etc., when remitted by a Federal reserve bank, checks and drafts drawn by any, in any other Federal reserve bank or member bank upon fxmds to credit of said, in said reserve bank or member bank. Federal reserve banks to receive on deposit at par from member banks or from Federal reserve banks checks and drafts drawn upon any of its. DEPOSITORIES. § 15:1. 53: p. 16. Nothing ia this Act to be construed to deny the right of the Secretary of the Treasury to use member banks as. DEPOSITS. See also "Deposit." § 13:1. 33: p. 14. Any Federal reserve bank may receive from any of its member banks, and from the United States, of current fimds in lawful money, national bank notes, Federal reserve notes, or checks and drafts upon solvent member banks, payable upon presentation. § 13:1. 37: p. 14. Any Federal reserve bank may receive, solely for exchange purposes, from other Federal reserve banks, of current funds in lawful money, national bank notes, or checks and drafts upon solvent member or other Federal reserve banks, payable upon presentation. § 15:1. 38:p. 16. Govemment, Heading of section 15. § 15:1. 47: p. 16. Government disbursements may be made by checks drawn against such. 154 INDEX-DIGEST. DEPOSITS (Continued). § 16:1. 27: p. 17. Federal reserve banks to maintain reserves in gold or lawful money of not less than 35 per centum against their. Demand, to comprise all, payable within 30 days. § 19:1. 50:p. 21. § 19:1. 51:p. 21. § 19:1. 51 :p. 21. Time, to comprise all, payable after 30 days, § 19:1. 52:p. 21. etc. § 19:1. 7 § 19:1. 8 21. 22. 22. § 19:1. 26:p. 22. § 19:1. 27:p. 22. § 19:1. 46:p. 22. § 19:1. 47 :p. 22. Subscribing member banks, not in reserve or central cities, to hold reserves equal to 12 per centum of the aggregate amount of their demand, and 5 per centum of their time. Subscribing member banks in reserve cities to hold reserves equal to 15 per cantum of the aggregate amount of then- demand, and 5 per centum of their time. Subscribing member banks in central reserve cities to hold reserves equal to 18 per centum of the aggregate amount of then* demand, and 5 per centum of their time. § 19:1. 27 :p. 23. Basis for ascertaining the, against which re- serves shall be determined, etc. See also "Deposit." DEPOSITS, DEMAND. See "Demand deposits." DEPOSITS, GOVEEITMEIIT. See "Government- deposits." DEPOSITS, RESERVE. See "Eeserve deposits." DEPOSITS, TIME. See "Time deposits." DEPUTY CHAIRMAN AND DEPUTY FEDERAL RESERVE AGENT. § 4:1. 12: p. 7. One of class C directors to be appointed by the Federal Reserve Board as, etc. DERIVED. § 7:1. DESCRIBED. §19:1. l:p. 50: p. 8. The net earnings, by the United States from Federal reserve banks to be used, in the dis- cretion of the Secretary of the Treasiuy, to supplement the gold reserve held against out- standing United States notes, or shall be ap- Elied to the reduction of the outstanding onded indebtedness of the United States under regulations to be prescribed by the Secretary of the Treasury. 23. Any Federal reserve bank may receive from the member banks as reserves, not exceeding one-half of each installment, eligible paper as, in section 14, properly inaorsed^ and acceptable to said Federal reserve bank. (Words "Section 14" changed to "Section 13" by Act of August 15, 1914. See § 19: 1. 35: p. 30.) INDEX-raGEST. 155 DESCRIBED (Continued). § 24:1. 49: p. 25. The Federal Reserve Board may add to the list of cities ia which national banks may not make loans secured upon real estate in the manner, in this section. DESIGNATE. § 2:1. 19: p. 1. The Reserve Bank Organization Committee to, not less than 8 nor more than 12 cities, etc. § 3:1. 54: p. 3. The Federal reserve bank shall, one of the branch bank directors as manager. § 4:1. 18: p. 4. The Organization Committee to, any five banks to execute a certificate of organization, etc. § 4:1. 47: p. 5. The Federal Reserve Board to, one of the class C directors as chairman of the board, etc. § 4:1. 30: p. 7. Duty of directors of classes A, B, andC to, the respective terms for one, two, and three years, etc. § 16:1. 54: p. 19. The Federal Reserve Board may, a Federal reserve bank to exercise the functions of a clearing house for such Federal reserve banks, etc. DESIGNATED. 31:p. 40: p. 1. Federal reserve districts may be, by number. 1. The Organization Committee shall supervise the organization in each of the cities, of a Federal reserve bank. § 2:1. 7:p. 2. Every national banking association to sub- scribe to the capital stock of such Federal reserve bank when the Organization Com- mittee shall have, the Federal reserve cities, etc. § 4:1. 6: p. 4. Certificate to be filed with the comptroller by the Organization Committee showing the geo- fraphical limits of such districts, and the ederal reserve city, in each of such districts. § 4:1. 21: p. 4. The banks, to execute the certificate of organi- zation shall imder their seals make an organi- zation certificate, etc. § 4:1. 41: p. 4. Federal reserve banks in the name, in such organization certificate to have power, etc. § 4:1. 37: p. 5. Board of directors to be divided into three classes, as classes A, B, and C. § 4:1. 43: p. 5. Class C to consist of three members to be, by the Federal Reserve Board. § 4:1. 14: p. 6. The groups of banks to be, by number by the chairman. 156 INDEX-DIGEST. DESIGNATED (Continued). § 4:1. 51 :p. 6. One of the class C directors to be, by the Fed- eral Reserve Board as chairman and as Federal reserve agent. § 4:1. 9: p. 7. The Federal reserve agent to be paid monthly by the Federal reserve bank to which he is. § 10:1. 30: p. 11. One of the appointive members of the Federal Reserve Board to be, to serve for two years, one for tovtr years, etc. § 10:1. 34: p. 11. One of the appointive members of the Federal Reserve Board to be, by the President as governor and one as vice governor. DESIGNATING. § 2:1. 38:p. 1. DESIGNATION. § 4:1. 48:p. 5. The organization committee to make such investigation as may be deemed necessary in, the Federal reserve cities. The organization committee to exercise the powers and duties of the chairman of board pending the, of such chairman. § 11:1. 25: p. 13. The Federal Reserve Board may terminate the, of reserve or central reserve cities. DESIRABLE. § 27:1. 31 :p. 28. DESIRING. § 18:1. 15:p. 20. DESTRUCTION. § 16:1. 5:p. 18. The Secretary of the Treasury, whenever he may deem itj may suspend certain condi- tions and limitations of the Act of May 30, 1908, sections 1, 2, and 5. After two years from the passage of this Act, and at any time during a period of twenty years thereafter, any member bank, to retire the whole or any part of its circulating notes may file application, etc., with the Treasurer of the Umted States to sell for its account, U. S. bonds, etc. Federal reserve notes unfit for circulation to be returned to the Comptroller for cancellation and. DETAIL, IN. See "In detail." DETAILED. § 21:1. 11: p. 24. Examiners to make a fuU and, report to the Comptroller. DETERMINATION. § 2:1. 23: p. 1. The, of the Organization Committee not to be subject to review except by the Federal Reserve Board when organized. INDEX-DIGEST. 167 DETERMINATION (Continued). § 14:1. 24: p. 16. Federal reserve banks to establish rates of di8- count, from time to time, subject to review and, of the Federal Reserve Board, etc. DETERMINE. § 2:1. 5:p. The Organization Committee may offer such amount of stock in Federal reserve banks, at par, to pubUc subscription as it shall, etc. § 2:1. 18: p. 3. The Organization Committee may allot to the United States such amount of said stock as it shall. § 2:1. 23: p. 3. Said United States stock to be disposed of for the benefit of the United States at such times, and at such price, not less than par, as the Secretary of the Treasury shall. § 13:1. 46: p. 14. The Federal Reserve Board to have the right to, or define the character of the paper thus eligible for discount, within the meaning of this Act. DETERMINED. § 2:1. 37: p. 2. NoncompUance with or violation of this Act to be, and adjudged by any court of the United States of competent jurisdiction, etc. § 19:1. 27: p. 23. Basis for ascertaining the deposits against which reserves shall be. DETERMINING. § 2:1. 37:p. 1. DEVOTE. § 10:1. 17:p. 11. DIES. § 16:1. 48 :p. 18. The Organization Committee may make such investigation as may be deemed necessary in, the reserve districts and in designating the Federal reserve cities. The appointive members of the Federal Reserve Board to, their entire time to the business of the board. Plates and, for Federal reserve notes to be engraved by the comptroller under the direc- tion of the Secretary of the Treasury. § 16:1. 8: p. 19. The plates and, for printing Federal reserve notes to be under the control and direction of the comptroller. Examination of and regulations relating to examination of plates and, of national bank notes provided for in United States Revised Statutes, section 5174, extended to Federal reserve notes. § 16:1. 22 :p. 19. Appropriations, etc., made for engraving plates and, etc., for national bank notes, etc., may be used by the Secretary of the Treasury for the purposes of this Act. § 16:1. 16:p. 19 § 16:1. 17 :p. 19 158 INDEX-DIGEST. DIFFERENT. § 10:1. 14 :p. DIRECT. § 18:1. 25 :p. 11. In selecting the appointive members of the Federal Eeserve Board the President to have due regard to a fair representation of the, commercial, industrial, and geographical di- visions of the country. 20. The Federal Eeserve Board may at its discre- tion require Federal reserve banks to pur- chase United States bonds, etc., from member banks whose applications have been filed with the United States Treasurer at least 10 days before the end of any quarterly period at which the Federal Reserve Board may, the purchase to be made. § 21:1. 5:p. 24. The Federal Reserve Board may, the holding of a special examination of State banks and trust companies that are stockholders ia any Federal reserve bank. DIRECTED. § 16:1. 53 :p 18. Federal reserve notes to be in form and tenor as, by the Secretary of the Treasury. § 21:1. 34 :p. 24. No bank to be subjected to visitatorial powers other than as, by Congress, etc. DIRECTION. § 2:1. 40:p. Suit to be brought for noncompliance with or violation of the Act by the Comptroller in his own name under, of the Federal Reserve Board. § 15:1. 42 :p. 16. Moneys held in the general fund of the Treasury, etc., may upon, of the Secretary of the Treas- ury be deposited in the Federal reserve banks, etc. § 16:1. 47: p. 18. The Comptroller to have plates and dies en- graved for the Federal reserve notes under, of the Secretary of the Treasury. § 16:1. 10 :p. 19. The plates and dies to remain under the control and, of the Comptroller. § 22:1. 15 :p. 25. No examiner to disclose names of borrowers, etc., except by, of Congress, etc. DIRECTIONS, GENERAL See "General directions." DIRECTLY. § 12:1. 23 :p. 14. The Federal Advisory Council to have power to confer, with the Federal Reserve Board. § 29 :1. 33 :p. 27. Judgment of invalidity, etc., of any clause, etc., in this Act to be confined in its operation to the clause, etc., involved, etc. INDEX-DIGEST. 159 DIRECTLY OR INDIRECTLY. § 22:1. 7: p. 25. No officer, etc., of a membfer bank, to receive any fee, etc., in connection with any transac- tion or business of a member bank other than the usual salary or director's fee, etc. DIRECTOR. See also "Directors." § 2:1. 44 :p. 2. Every, participating in a noncompliance with or a violation of the Act, other than failure to become a member bank, to be held liable for all damages, etc., in his personal or individual capacity. § 4:1. 53: p. 5. No Senator or Representative in Congress to be a, of a Federal reserve bank, etc. § 4:1. l:p. 6. No, of class B to be an officer or employee of any bank. § 4:1. 3: p. 6. No, of class C to be an officer, employee, or stock- holder of any bank. § 4 :1. 23 :p. 6. Each member bank to nominate one candidate § 4 :1. 24 :p. 6. for, of class A and one for, of class B. § 4:1. 30: p. 6. Eveiy elector to certify, etc., his &?st, second, and other choices of a, of class A and class B, respectively. § 4:1. 34:p. 6. Every elector to make a cross opposite name of the first, second, and other choices for a, of class A and for a, of class B. § 10 :1. 53 : p. 11. No member of the Federal Reserve Board to be an officer or, of any bank, etc. § 11:1. 26 :p. 13. The Federal Reserve Board may suspend or remove any, etc., of any Federal reserve bank. § 11 :1. 29 :p. 13. To communicate cause of removal in writing to the removed, etc. § 16:1. 35 :p. 18. The Federal reserve agent to hold such gold, etc., available exclusively for exchange for outstanding Federal reserve notes when offered by the Federal reserve bank of which he is a. § 22:1. 42 :p. 24. No, etc., to make any loan, etc., to any bank examiner. § 22:1. 44 :p. 24. Penalty for any, etc., violating this provision. § 22:1. 49 :p. 24. Penalty for examiner accepting a loan, etc., from any, etc. § 22:1. 2: p. 25. No examiner to perform any other service for compensation for any, etc., while holding such office. 70820°— 16 11 160 INDEX-DIGEST. DIRECTOR (Continued). § 22 :1. 4 :p. 25. Other than the usual director's fee paid to any, § 22:1. 5:p. 25. etc., and other than a reasonable fee paid by § 22:1. 6:p. 25. bank to such, etc., no officer, etc., to be a beneficiary of or receive, etc., any fee, etc., in connection with any transaction or busi- ness of the bank. See also "Directors." DIRECTOR'S FEE. §22:1. 3:p. 25. No director, etc., to be a beneficiary of or receive, directly or indirectly, any fee, com- mission, gift, etc., other than -the usual sal- ary or, etc. DIRECTORS. See also "Direptor." § 3:1. 49: p. 3. Branch bank, to possess same qualifications § 3:1. 50:p. 3. as, of Federal reserve banks. § 3:1. 54: p. 3. The Federal reserve bank to designate one of the branch bank, as manager. § 4:1. 26: p. 5. The board of directors to perform the duties usually appertaining to the ofiice of, of bank- ing associations, etc. § 4:1. 47: p. 5. The Federal Reserve bank to designate one of the class C, as chairman. § 4:1. 5: p. 6. Manner of choosiQg, of class A and class B. § 4:1. 49 :p. 6. Class C, to be appointed by the Federal Re- serve Board. § 4:1. 10 :p. 7. One of, of class C to be appointed by the Federal Reserve Board as deputy chairman and deputy Federal reserve agent, etc. § 4:1. 15 :p. 7. The, of Federal reserve banks to receive a reasonable allowance for necessary expenses in attending meetings, in addition to any compensation otherwise provided. § 4:1. 20: p. 7. Compensation provided for, etc., to be subject to the approval of the Federal Reserve Board. § 4:1. 23: p. 7. The Organization Committee may caU meet- ings 01 bank, etc. § 4:1. 29: p. 7. Duty of, of classes A, B, and C to designate terms of ofiice of members of each class, etc. § 4:1. 37:p. 7. Manner of filling vacancies in the several § 4:1. 39: p. 7. classes of, to be the same as provided for original selection of such. § 8:1. 23: p. 9. The articles of association and organization certificate of a converted State bank, etc., may be executed by a majority of the. INDEX-DIGEST. 161 DIRECTORS (Continned). § 8:1. 26 :p. 9. The certificate to show that owners of 51 per centum of the capital stock have authorized the, to make such certificate, etc. § 8:1. 28: p. 9. Majority of the, to have power to execute all other papers, etc. § 8:1. 33 :p. 9. The, of a converted State bank, etc., may § 8:1. 34 :p. 9. continue to be, of the association until others are elected, etc. See also "Director." DIRECTORS, BOARD OF. See "Board of directors. " DIRECTORS, CHAIRMAN OF. See "Chairman of," etc. DISABILITY. § 4:1. 14: p. 7. The deputy chairman and deputy Federal reserve agent to exercise the powers of chair- man and Federal reserve agent in case of absence or, of his principal. DISBURSEMENTS. § 15:1. 46: p. 16. Government, may be made by checks against Government deposits Ln the Federal reserve banks. DISCLOSE. § 22:1. 10: p. 25. No examiner to, names of borrowers, etc. DISCOUNT. See also "Discounts"; "Eediscounts." § 11:1. 14:p. 13. Federal reserve banks to add amoimt equal to tax on deficient reserves to the rates of inter- est and, fixed by the Federal Reserve Board. § 12:1. 27: p. 14. The Federal Advisory Council to have power to make recommendations in regard to, rates, etc. § 13:1. 42: p. 14. Federal reserve banks, imder conditions stated, may, notes, drafts, and bills arising out of actual commercial transactions, etc. § 13:1. 47 :p. 14. The Federal Eeserve Board to have the right to determine or define the character of paper thus eligible for, etc. § 13:1. l:p. 15. Nothing in the Act to be construed to pro- hibit such notes, drafts, and bills of exchange, seciu-ed by staple agricultural products, or other goods, wares, and merchandise, from being eligible for such, etc. § 13:1. 5:p. 15. Notes, drafts, and bills admitted to, under the § 13:1. 7: p. 15. terms of this paragraph to have a maturity at tinuB of, of not more than 90 days. 162 IITDEX-DIGBST. DISCOUNT (Contmued). § 13:1. 13:p. 15. Federal reserve banks may, acceptances based §13:1. 15:p. 15. on importations or exportations having a maturity at time of, of not more than three months and indorsed by at least one mem- ber bank. § 13:1. 23 :p. 15. The restriction as to the aggregate of such notes and bills bearing the signature or indorsement of any one person, etc., redis- counted for any one bank not to apply to the, of bills of exchange drawn in good faith against actually existing values. § 14:1. 25:p. 16. Federal reserve banks to establish from time to time rates of, etc., subject to review and de- termination of the Federal Reserve Board, etc. DISCOUNTED. § 11:1. 51 :p. 12. The Federal Reserve Board may permit, or on aflBrmative vote of at least five members may require Federal reserve banks to redis- count the, paper of other Federal reserve banks at rates of interest to be fixed by the Federal Reserve Board. § 13:1. 10: p. 15. Notes, drafts, or bills drawn or issued for agri- cultural pm-poses or based on live stock, etc., may be, in an amount to be limited to a per- centage of the capital of the Federal reserve bank, to be ascertained and fixed by the Federal Reserve Board. § 13:1. 17: p. 15. The amount of acceptances which may be, by Federal reserve banks at no time to exceed one-half the paid up capital stock and sur- plus of the bank for which the rediscounts are made. DISCOUNTS. See also "Discount;" "Rediscounts." § 4:1. 31 :p. 5. Directors of Federal reserve banks, subject to the provisions of law and the orders of the Federal Reserve Board, to extend to each member bank such, advancements, and ac- commodations, as may be safely and reason- ably made with due regard for the claims and demands of other member banks. § 19:1. 15: p. 23. No member bank, except by permission of the Federal Reserve Board, to act as the medium or agent of a nonmember bank in applying for or receiviog, from a Federal reserve bank, etc. DISCRETION. § 2:1. 29: p. 2. Any national bank failing to accept this Act within 60 days, etc., to cease to act as a re- serve agent upon 30 days' notice to be given within the. oi the Organization Committse •r •! the Federal Reserve Board. INDEX-DIGEST. 163 DISCRETION (Continued). § 7:1. 51: p. 8. Of Secretary of Treasury as to disposition of net earnings derived by United States from Federal reserve banks, § 11:1. 38: p. 12. Of the Federal Reserve Board to examine ac- counts, etc., of Federal reserve banks and member banks and to require statements and reports. § 16:1. 2:p. 17. Of Federal Reserve Board as to the issue of Federal reserve notes. § 16:1. 40: p. 18. Of Federal reserve bank as to the withdrawal of collateral deposited with Federal reserve agent. § 16:1. 27: p. 19. Of Secretary of Treasury as to the use of dis- tinctive paper on hand for the purposes of this Act. § 16:1. 53 : p. 19. Of Federal Reserve Board to exercise the func- tions of a clearing house for the Federal re- serve banks, etc. § 18:1. 21: p. 20. Of Federal Reserve Board to require Federal reserve banks to purchase United States bonds from member banks, etc. § 27:1. 5: p. 29. The Secretary of the Treasury authorized in his, to extend benefits of Act of August 4, 1914, to qualified State banks which have joined the Federal reserve system or may contract to join within 15 days after passage of said Act of August 4, 1914. See also "At pleasure;" "Consent;" "During pleasure;" Judgment;" "Power." DISCRIMINATION. § 4:1. 29: p. 5. Directors to administer the affairs of Federal reserve banks fairly and impartially and with- out, etc. DISMISS. § 4:1. 52: p. 4. The Federal reserve banks may, at pleasure their oflBicers and employees. DISPOSED OF. § 2:1. 21: p. 3. United States stock in Federal reserve banks to be, for the benefit of the United States in such manner, at such times, and at such price, not less than par, as the Secretary of the Treasury shall determine. DISQUALIFIED. § 22:1. 53:p. 24. Any examiner accepting a loan or gratuity, etc., to be forever, from holding office as a national bank examiner. 164 INDEX-DIGEST. DISSOLUTION. § 2:1. 49: p. 2. The, of a national bank for noncompliance with or violation of this Act not to take away any remedy against the corporation, its stockholders, or officers, for any Uability or penalty previously incurred. DISSOLVED. § 2 J. 42: p. 2. Suit to be brought by the comptroller in his own name, under direction of the Federal Reserve Board, before a national banking association shall be declared, for noncom- pUance with or violation of this Act. § 4:1. 45: p. 4. Federal reserve banks to have succession for 20 years unless sooner, by an Act of Congress, etc. § 7:1. 2: p. 9. Disposition of surplus of a, Federal reserve bank, etc. DISTINCTIVE LETTER. § 16:1. 31 :p. 17. Federal reserve notes, etc., to bear upon their faces a, etc. DISTINCTIVE NUMBERS. § 16:1. 1 :p. 19. Also to bear the, of the several Federal reserve banks through which issued. DISTINCTIVE PAPER. § 16:1. 22: p. 19. Any appropriation heretofore made, etc., for, § 16:1. 25: p. 19. and any, on hand at the passage of this Act may be used, etc., by the Secretary of the Treasury for the purposes of this Act. DISTRICT. § 1:1. 13: p. 1. The word "district" held to mean "Federal reserve district." § 14:1. 16 :p. 16. Any Federal reserve bank may buy and sell, at home or abroad, under regulations pre- scribed by the Federal Reserve Board, etc., bUls, notes, revenue bonds, and warrants with a maturity from date of purchase not exceeding six_ months, issued in anticipation of the collection of taxes or of the receipt of assured revenues by any, etc., in the con- tinental United States. DISTRICT, FEDERAL RESERVE. See " Federal reserve district." DISTRICT OF COLUMBIA. § 2:1. 4:p. 2. Every trust company in the, etc., authorized to signify in writing its acceptance of this Act within 60 days after its passage. See also "Washington." INDEX-DIGEST. 165 DISTRICT RESERVE ELECTOR; DISTRICT RESERVE ELECTORS. § 4:1. 16 '.p. 6. Each board of directors to elect by ballot a. § 4:1. 19: p. 6. Chairman to make lists of the. § 4:1. 21: p. 6. To transmit one list to each. § 4:1. 27: p. 6. Chairman to furnish list of candidates to each. § 4:1. 28: p. 6. Every, to certify to chairman, within 15 days, his first, second, and other choices of a director of class A and class B, respectively. § 4:1. 32: p. 6. Each, shall make a cross opposite the name of the first, second, and other choices, etc. § 4:1. 39: p. 6. If no candidate has majority of votes in the first column, there shall be added together the votes cast by the, for such candidates in the second column and the votes, etc., in the first column. § 4:1. 41: p. 6. Candidate having majority of the, voting by adding first and second choices, to be de- clared elected. § 4:1. 43: p. 6. If no candidate have a majority of, voting when first and second choices are added, then the votes cast in the third column shall be added, etc. DISTRICTS, DRAINAGE. See "Dramage districts." DISTRICTS, IRRIGATION. See "Irrigation districts." DISTRICTS, RECLAMATION. See "Reclamation districts." DIVIDE. § 2:1. 21:p. 1. The Organization Conunittee to, the conti- nental United States, excluding Alaska, into districts. DIVIDED. § 4:1. 26: p. 4. The organization certificate to specifically state the amomit of capital stock and the number of shares into which. § 4:1. 37: p. 5. Directors of Federal reserve banks to be, into three classes. § 5:1. 43: p. 7. Capital stock of each Federal reserve bank to be, into shares of $100 each. DIVIDEND. § 5:1. 8: p. 8. Applicant bank, after organization of the Federal reserve bank, to pay for Federal reserve bank stock its par value plus one- half of 1 per centum a month from the period of the last. 166 INDEX-DIGEST. DIVIDEITD (Continued). § 5:1. 24: p. 8. Member bank, imder regulations of the Federal Reserve Board, to receive in payment for surrendered shares of a Federal reserve bank a sum equal to its cash paid subscriptions and one-half of 1 per centum a month from the period of the last, etc. § 6:1. 30: p. 8. All cash-paid subscriptions of an insolvent member bank, with one half of 1 per centum per month from the period of the last, etc., to be first apphed to all debts of the insolvent member bank to the Federal reserve bank. § 7:1. 43: p. 8. Stockholders of Federal reserve banks entitled, § 7:1. 44: p. 8. after all necessary expenses paid, etc., to an annual cumulative, oi 6 per centum on the paid-in capital stock. § 7:1. 45: p. 8. After, claims fuUy met, all net earnings to be paid to the United States as a franchise tax, except, etc. § 7:1. 4: p. 9. The svirplus of a dissolved Federal reserve bank, after payment of all debts, require- ments, and tne par value of the stock, to be paid to and become the property of the United States, etc. § 9:1. 49: p. 10. Federal reserve banks shall pay the cash-paid subscriptions to its stock by member banks required to surrender their stock for failure to comply with the provisions of this section or the regulations of the Federal Reserve Board, with interest at the rate of one-half of 1 per centum per month computed from the last, if earned, etc. DIVIDENDS. § 9:1. 28: p. 10. Member banks must conform to the provisions of law imposed on national banks respecting the payment of unearned, etc. § 9:1. 37:p. 10. Member banlcs to make reports to the Comp- troller of the payments of, etc. § 13:1. 42:p. 15. Liabilities _ fco stockholders for, not to be in- cluded in the limitation imposed upon national banks as to indebtedness, etc. § 19:1. 23 :p. 23. Reserves of member banks carried with Federal reserve banks may, under regulations of and subject to penalties prescribed by the Federal Reserve Board, be checked against and with- drawn for the purpose of meeting existing liabilities, but no bank shall at any time make new loans or shall pay any, unless and until the total reserve required by law is fully restored. INDEX-DIGEST. 167 DIVISION OF EARNINGS. § 7:1. 40: p. 8. Heading of section 7. DIVISIONS. § 4:1. 10: p. 6. The organization committee to classify the member banks of the district into three gen- eral groups or. § 10:1. 15: p. 11. In appointing the Federal Reserve Board the President to have due regard to a fair repre- sentation of the different commercial, indus- trial, and geographical, of the country. DO WHATEVER MAY BE REQUIRED. § 8:1. 30: p. 9. A majority of the directors of a converted State bank, etc., to have power to, to make its organization perfect, etc. DOING. §21:1. 9:p. 24. DOING BUSINESS. § 4:1. 27: p. 4. The organization certificate to state specifically the name and place of, of each bank, etc. DOIIARS. Five. §16:1. 51:p 18. Federal reserve notes to be of denomina- tions of 5, etc. Ten. § 16:1. 51: p. 18. Federal reserve notes to be of denomina- tions of 10, etc. Twenty. § 16:1. 51: p. 18. Federal reserve notes to be of denomina- tions of 20, etc. Fifty. § 16:1. 52: p. 18. Federal reserve notes to be of denomina- tions of 50, etc. One hundred. § 5:1. 43: p. 7. Shares of Federal reserve banks to be 100, each. § 16:1. 52: p. 18. Federal reserve notes to be of denomina- tions of 100, etc. § 18:1. 31:p. 21. United States Treasury notes to be of de- nominations of 100, or any multiple thereof. Five thousand. §22 §22 §22 1. 46: p. 24. Fine for loan, etc., to examiner. 1. 51 : p. 24. Fine for examiner accepting loan. 1. 18: p. 25. Fine for violation of section 22. 168 INDEX-DIGEST. DOLLARS (Continued). Seven thousand. § 10:1. 22: p. 11. The Comptroller to receive 7,000, annu- ally for services as a member of the Federal Keserve Board in addition to his salary as Comptroller. Twelve thousand. § 10:1. 19:p. 11. Twenty-five thousand. § 2:1. 9:p. 3. One hundred thousand § 2:1. 39:p. 3 Members of the Federal Reserve Board to receive 12,000, annual salary. No individual, copartnership, or corpora- tion, other than a member bank of its district, to hold more than twenty-five thousand, par value, of stock in any Federal reserve bank. The sum of one hundred thousand, hereby appropriated, etc., for payment of the expenses of the Reserve Bank Organi- zation Committee. One million. §25:1. :p. 26. National banks with capital and surplus of one million or more, may apply for authority to establish foreign branches, etc. Four million. § 2:1. 30:p. Twenty-five million. § 18:1. 27:p. 20. 3. No Federal reserve bank to commenc business with a subscribed capital less than four million. Federal reserve banks not to purchase exceeding twenty-five million, of such United States bonds in any one year from member banks, which amount to include bonds acquired under section 4 of this Act. DOMESTIC BANKS. § 14:1. 53: p. 15. Federal reserve banks, under rules and regula- tions of the Federal Reserve Board, may purchase and sell in open market either from or to, and foreign banks, etc., cable transfers and bankers' acceptances and bills of ex- change of the kinds and maturities by this Act made eligible for rediscount, with or without the indorsement of a member bank. DOMESTIC BILLS OF EXCHANGE. See also "Bills of exchange." § 13:1. 46 :p. 15. The rediscount by Federal reserve banks of any bUls receivable and of foreign and, and of acceptances authorized by this Act, to be subject to such restrictions, limitations, and regulations as may be imposed by the Fed- eral Reserve Board. INDEX-MGEST. 169 DOUBTFUL ASSETS. § 11:1. 30 :p. 13. The Federal Reserve Board may require the writing off of, etc., upon the books and balance sheets of Federal reserve banks. DRAFTS. § 13:1. 35 :p. 14. Any Federal reserve bank may receive from any of its member banks and from the United States deposits of current funds in lawful money, national bank notes, Federal reserve notes, or checks and, upon solvent member banks, payable upon presentation. § 13:1. 38: p. 14. Any Federal reserve bank may receive from other Federal reserve banks, solely for ex- change purposes, deposits of current funds in lawful money, national bank notes, or checks and, upon solvent member or other Federal reserve banks, payable upon presen- tation. § 13:1. 42:p. 14. Any Federal reserve bank, upon the indorse- § 13:1. 43: p. 14. ment of any of its member banks, with a waiver of demand, notice and protest by such bank, may discount notes, and bills of exchange arising out of actual conamercial transactions; that is, notes, and bills of ex- change issued or drawn for agricultural, in- dustrial, or commercial purposes, or the pro- ceeds of which have been used, or are to be used, for such purposes. § 13:1. 49: p. 14. Nothing in this Act to be construed to pro- hibit such notes, and bills of exchange, se- cured by staple agricultural products, or other goods, wares, or merchandise, from being eligible for such discount. § 13:1. 2:p. 15. Such definition not to include notes, or bills covering merely investments, etc. § 13:1. 5: p. 15. Limitation as to maturity of notes, and biUs admitted to discount under the terms of this paragraph to 90 days from time of discount. § 13:1. 8: p. 15. Provided that notes, and bills drawn or issued for agricultural purposes or based on live stock and having a maturity of not exceeding six months may be discounted in an amount to be limited to a percentage of the capital of the Federal reserve bank to be ascertained and fixed by the Federal Reserve Board. DRAINAGE DISTRICTS. § 14:1. 18: p. 16. Federal reserve banks may buy and sell, under rules and regulations of the Federal Reserve Board, bills, notes, revenue bonds, and war- rants issued in anticipation of the collection of taxes, or the receipt of assured revenues by any, etc. 170 INDEX-DIGEST. DEAWN. § 13:1. 44: p. 14. Notes, drafts, and bills of exchange issued or, for agricultural, industrial, or commercial purposes made eligible for discount by Fed- eral reserve banks. § 13:1. 3: p. 15. Notes, drafts, or bills, covering merely invest- ments, or issued or, for the purpose of carry- ing or trading in stocks, bonds, or other investment securities, etc., not eligible for dis- count by Federal reserve banks. § 13:1. 8: p. 15. Notes, drafts, and bUls, or issued for agricul- tural purposes or based on Uve stock and having a maturity not exceeding six months made eligible for discount in an amount limited to a percentage of the capital of the Federal reserve bank to be ascertained and fixed by the Federal Reserve Board. § 13 :1. 23 : p. 15. Bills of exchange, in good faith against actually existing values not subject to limitation as to the aggregate of notes and bills bearing the signature or indorsement of any one person, etc., which may be rediscounted for any one bank. § 13:1. 25: p. 15. Any member bank may accept drafts or biUs of exchange, upon it and growing out of im- portation or exportation oi goods, etc. § 13:1. 39 :p. 15. Bills of exchange or drafts, against money actually on deposit to credit of national banks or due thereto not subject to the limitation of indebtedness of national banks to the amount of their paid in, undiminished capital stock. § 15:1. 47:p. 16. Disbursements may be made by Government checks, against the Government deposits in Federal reserve banks. § 16:1. 38: p. 19. Every Federal reserve bank shall receive on deposit at par from member banks or from Federal reserve banks, checks and drafts, upon any of its depositors, etc. § 16:1. 40:p. 19. Also, when remitted by a Federal reserve bank, checks and drafts, by any depositor in any other Federal reserve bank or member bank upon funds to the credit of said depositor in said Federal reserve bank or member bank. DUE. § 13:1. 40: p. 15. Bills of exchange or drafts drawn against money actually on deposit to the credit of or, to a national bank not subject to the limita- tion of indebtedness imposed on national banks to the amount of their paid in and undiminished capital stock. INDEX-DIGEST. 171 DUE (Continued). § 18:1. 40: p. 20. The Treasurer of the United States to pay to the member bank selling its United States bonds any balance, after deducting a sufficient sum to redeem its outstanding notes secured by such bonds, etc. § 19:1. 26:p. 23. In estimating the reserves required by this Act the net balance of amounts, to and from other banks to be taken as the basis, etc. DUE PROOF. § 9:1. 3:p. DUE REQABD. § 2:1. 26:p. § 4:1. 33:p. 11. The Federal Reserve Board may restore mem- bership to a suspended member bank upon, of compliance with the conditions imposed by this section. 1. Federal reserve districts to be apportioned with, to the convenience and customary course of business. 5. Directors of Federal reserve banks, subject to the provisions of law and the orders of the Federal Reserve Board, to extend to each member bank such discounts, advancements, and accommodations as may be safely and reasonably made with, for the claims and demands of other member banks. § 10:1. 13: p. 11. In appointing the members of the Federal Reserve Board, the President to have, to a fair representation of the different commer- cial, industrial, and geographical divisions of the country. DUES, PUBIIC. See "PubHc dues." DUIY ASSIGIT. § 18:1. 35:p. 20. Upon notice from the Treasurer of the United States of the amount of United States bonds sold for its account, each member bank shall, and transfer in writing, such bonds to the Federal reserve bank purchasing the same. DULY AUTHORIZED. § 4:1. 5: p. 5. Federal reserve banks by their directors or, officers or agents to exercise all powers spe- cifically granted, etc. § 21:1. 36: p. 24. No bank to be subject to any visitatorial pow- ers, etc., other than such as are directed by Congress, etc., or by any committee, etc. § 22:1. 17:p. 25. No examiner to disclose the names of borrow- ers or the collateral for loans of a member bank, etc., except when ordered to do so, etc., or by any committee of Ciongress or of either House, etc. 172 INDEX-DIGEST. DUEING. § 3:1. 52: p. 3. Directors of branch banks to hold office, the pleasure, respectively, of the parent bank and the Federal Eeserve Board. § 10:1. 26: p. 11. The Secretary of the Treasury, the Assistant Secretaries of the Treasury, and the Comp- troller ineligible, the time they are in office and for two years thereafter to hold any office, etc., in any member bank. § 10:1. 13: p. 12. The President may fill vacancies on the Federal Keserve Board, the recess of the Senate, etc. § 11:1. 34 :p. 13. The Federal Eeserve Board may administer Federal reserve banks, the period of suspen- sion, etc. § 18:1. 14: p. 20. After two years from the passage of this Act and at any time, a period of 20 years there- after any member bank may file application to sell for its account United States bonds, etc. §27:1. l:p. 29. The Secretary of the Treasmy may permit national banks, the period of suspension to issue additional circmation under the Act of May 30, 1908, as amended. DUTIES. § 4:1. 52: p. 4. The Federal reserve banlcs may define the, of officers and employees appointed by them. § 4:1. 25: p. 5. Boards of directors to perform the, usually § 4:1. 26: p. 5. appertaining to the office of directors of banking associations and all such, as are prescribed by law. § 4:1. 49: p. 5. Pending the designation of such chairman the Organization Committee shall exercise the powers and, appertaining to the office of chairman. § 4 :1. 54 :p. 6. The chairman of the board of directors, in addi- tion to his, as chairman, to maintain a local office of the Federal Eeserve Board on the premises of the Federal reserve bank. § 8:1. 40:p. 9. A State bank, etc., converted into a national banking association to be subject to the same, etc., as prescribed by the Federal Eeserve Act and the national banking act, etc. § 10:1. 3:p. 12. Each member of the Federal Eeserve Board, before entering upon his, as a member, to certify under oath to the Secretary of the Treasury that he ' las complied with tMs re- qtiiremeut. INDEX-DIGEST. 173 DUTIES (Continued). § 10:1. 34: p. 12. The Comptroller to perform liis, under the gen- eral directions of the Secretary of the Treas- ury. § 11:1. 39:p. 13. The Federal Reserve Board to perform the, functions, or services specified m this Act, etc. § 18:1. 36 :p. 21. United States Treasury notes authorized to be issued to be exempt as to principal and in- terest from payment of all taxes and, of the United States except as provided by this Act. See also "Power;" "Powers." DUTY. § 4:1. 29: p. 7. It shall be the, of the directors of classes A, B, and C at their first meeting to designate their terms of office for one, two, and three years, etc. Thereafter every director to hold office for a term of three years. E. EACH CAIENDAB TEAR. § 21:1. l:p. 24. Examiners to examine every member bank at least twice in. EACH CLASS OF PAPER. § 14:1. 26:p. 16. Federal reserve banks to establish, from time to time, subject to review and determina- tion of the Federal Keserve Board, rates of discount to be charged by the Federal reserve bank for, etc. EACH DAT. § 16:1. 20: p. 17. The Federal reserve agent shall, notify the Federal Eeserve Board of all issues and withdrawals of Federal reserve notes to and by the Federal reserve bank to which he i§ accredited. EACH MEMBER. § 10:1. 31 :p. 11. Thereafter, of the Federal Reserve Board to serve for a term of 10 years, etc. § 10:1. 39:p. 11. Within 15 days after notice of appoiatment^ of the Federal Reserve Board to make and subscribe to the oath of office. EACH MONTH. § 27:1. 12: p. 27. After three months an additional tax levied upon Aldrich-Vreeland notes at rate of one-J, haJf of 1 per centum per annum for, etc. EACH RESPONSIBIE. § 23:1. 24:p. 25. Stockholders of national banks, individually for the debts, etc., of the bank to the amount of his stock therein, at the par value thereof, in addition to the amount invested in such stock. EACH SUCCEEDING SIX MONTHS. § 19:1. 12: p. 22. Subscribing member banks not in reserve or central reserve cities to keep in the Federal reserve bank for 12 months after said date two-twelfths, and for, an additional one- twelfth of their required reserves, until five- twelfths have been so deposited, which shall be the amount permanently required. § 19:1. 31:p. 22. Subscribing member banks in reserve cities for a period of 12 months, etc.j 'to hold at least three-fifteenths of their required reserves in the Federal reserve bank and for, an additional one-fifteenth, until six-fifteenths have been so deposited, which shall be the amount permanently required. INDEX-DIGEST. 175 EACH TEAB. § 12:1. 13 :p. 14. Meetings of the Federal Advisory Council to be held at Washington, D. C, at least four times, etc. § 21:1. 37: p. 24. The Federal Reserve Board to order an exami- nation of each Federal reserve bank at least once, etc. EACH WEEK. § 11:1. 41: p. 12, The Federal Reserve Board to publish a state- ment showing condition of each Federal reserve bank once, etc. EAEKED, IF. See "If earned." EARiriNGS, DIVISION OF. See "Division of earnings." EARNIBrGS, NET. See "Net earnings." EFFECT. § 18:1. 3:p. 21. Federal reserve bank notes to be of the same tenor and, as national bank notes now pro- vided by law. § 18:1. 42: p. 21. Issue of 30-year United States 3 per centum gold bonds authorized to be of the same feneral tenor and, etc., as the 3 per centum onds without the circulation privilege, now outstanding. EFFECTIVELY. § 11:1. 41: p. 13. The Federal Reserve Board to make all rules and regulations necessary to enable it, to perform the duties, functions, or services specified in this Act. EIGHT CITIES. § 2:1. 20: p. 1. The Organization Committee to designate not less than, etc., to be known as Federal reserve cities. EIGHT TEARS. § 10:1. 31 :p. 11. One member of the Federal Reserve Board to be designated to serve for. EIGHTEEN HUNDRED AND EIGHTY-THREE, ACT OF JANUARY 16. See "Act of Jan. 16, 1883." EIGHTEEN PER CENTUM. § 19:1. 45: p. 22. Central reserve city banks to hold reserves equal to, of demand deposits, etc. EIGHTEENTHS, SIX. See "Six-eighteenths." EIGHTEENTHS, SEVEN. See "Seven-eighteenths." EIGHTH. § 4:1. 9:p. 6. 70820°— 16 13 176 INDEX-DIGEST. EITHER CASE, IN. See "In either case." EITHER FROM OR TO. § 14:1. 53:p. 15. EITHER HOUSE OF COITGRESS OR COMMITTEE THEREOF. § 21:1. 35:p. 24. Banks to be subject to no visitatorial powers except as directed by, etc. § 22:1. 17: p. 25. No examiner to disclose names of borrowers or collateral for loans, etc., except when ordered to do so by, etc. ELECT. § 4:1. 16: p. 6. Directors to, a district reserve elector. § 19:1. 2: p. 22. Eeserves to be held after the announcement of the establishment of a Federal reserve bank in any district, in such manner as the Secretary of the Treasury may, etc. ELECTED. § 4:1. 37: p. 6. Candidate for director having a majority of votes in the column of first choice to be de- clared. § 4 :1. 43 :p. 6. Candidate having a majority of first and second choices to be declared. § 4:1. 47: p. 6. Candidate then having the highest number of votes to be declared. § 8:1. 34: p. 9. Directors of a converted State bank, etc., may continue until others are, etc. ELECTION. § 4:1. 41: p. 5. Class B directors, at the time of their, to be actively engaged in their districts in com- merce, agriculture, or some other industrial pursuit. § 4:1. 48: p. 6. An immediate report of, of directors shall be declared. ELECTOR, DISTRICT RESERVE. See "Distjrict reserve elector." ELIGIBLE. § 13:1. 47: p. 14. The Federal Reserve Board to have the right to determine or define the character of the paper thus, for discount within the meaning of this Act. § 13 : 1. 1 : p. 15. Nothing in this Act to be construed to prohibit such notes, drafts, and bills of exchange, se- cured by staple agricultural products, or other goods, wares, and merchandise, from being, for such discount. INDEX-DIGEST. 177 ELIGIBLE (Continued). §14:1. 3: p. 16. Federal reserve banks, under rules and regula- tions of the Federal Reserve Board, may 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, for rediscount, Avith or without the indorsement of a member bank. § 19:1. 53: p. 22. Federal reserve banks may receive from mem- ber banks as reserves, not exceeding one-half of each installment, paper as described in sec- tion 14 properly indorsed and acceptable to said banks. (Words "Section 14" changed to "Section 13" by Act of August 16, 1914. See § 19:1. 25: p. 30.) ELIGIBLE BANE. § 2:1. 3 : p. 2. Every, in the United States, etc., authorized to signify in writing, within 60 days after the passage of this Act, its acceptance thereof. § 4:1. 8: p. 4. The Comptroller tosend an application blank to each, etc. § 4:1. 12: p. 4. The application blank to contain a resolution to be adopted by the board of directors of each, etc. ELSEWHERE. § 12:1. 16: p. 14. The Federal Advisory Council may hold such other meetings in Washington or, as it may deem necessary. EMPLOY ATTORNEYS, EXPERTS, ETC. § 11:1. 47: p. 13. The Federal Reserve Board may, as may be deemed necessary. EMPLOY COUNSEL AND EXPERT AID. § 2 : 1. 34 : p. 1 . The Organization Committee may, etc. EMPLOYEE. § 4:1. l:p. 6. No director of class B to be an, etc., of any bank. § 4:1. 3: p. 6. No director of class C to be an, etc., of any bank. § 22:1. 42: p. 24. No, etc., of a member bank to make any loan, etc., to any bank examiner. § 22 :1. 44 : p. 24. Penalty for violation by any, etc. § 22:1. 49: p. 24. Penalty for examiner accepting a loan, etc., from any, etc. 178 INDEX-DIGEST. EIIPIOTEE (Continued). § 22:1. 2: p. 25. No examiner to perform any other service for compensation while holding such ofl&ce for any, etc. § 22:1. 4: p. 25. No, etc., to receive, etc., any fee, commission, §22:1. 5: p. 25. etc.,fororin connection with any transaction § 22 : 1. 6 : p. 25. or business of the bank, other than the usual salary or a reasonable fee for services, etc. EMPLOYEES. § 4:1. 50 :p. 4. Eeserve banks may appoint, by their Boards of directors, such officers and, as are not otherwise provided for in this Act. § 4:1. 53: p. 4. May dismiss such, etc., at pleasure. § 4:1. 20: p. 7. Any compensation provided by directors of Federal reserve banks for, etc., to be subject to the approval of the Federal Reserve Board. § 8:1. 39: p. 9. Officers and, of converted State bank, etc., to have the same powers, duties, etc., aa prescribed by the Federal Reserve Act and the National Banking Act, etc. § 9:1. 31: p. 10. Such banks and the, etc., thereof to be sub- ject to the provisions of certain enumerated sections of the United States Revised Stat- utes. § 10:1. 45: p. 11. The Federal Reserve Board to levy semian- nually an assessment upon the Federal re- serve banks to pay its estimated expenses and salaries of its, etc. § 10:1. 48: p. 13. The Federal Reserve Board may employ at- torneys, etc., or other, necessary to conduct the business of the board. § 11:1. 52: p. 13. Such, etc., to be appointed without regard to the Civil Service law. §11:1. 3 :p. 14. Nothing herein contained to prevent the Presi- dent from placing said, in the classified serv- ice. EMPIOYMENT. § 10:1. 27:p. 11. Members of the Federal Reserve Board, the Secretary of the Treasury, the Assistant Sec- retaries of the Treasury, and the Comptroller ineligible, etc., to hold, etc., in any member bank while in office and for two years there- after. EMPOWERED. See also "Power." § 2:1. 26: p. 3. The Federal Reserve Board, to adopt, etc., rules and regulations governing transfers of stock of Federal reserve banks. INDEX-DIGEST. 179 EMPOWEBED (Continued). § 11:1. 36: p. 12. The Federal Reserve Board shall be authorized and, etc. [See "Federal Reserve Board. Powers," for full enumeration of powers.] § 18:1. 39: p. 21. The Secretary of the Treasury authorized and, to issue United States gold thirty-year b6nds, etc. ENABLE. § 4:1. 30: p. 4. The Organization certificate to state that it is made to, banks executing the same and all banis which have subscribed or may there- after subscribe, to avail themselves of the advantages of Act. § 11:1. 41: p. 13. The Federal Reserve Board to make all rules and regulations to, it to perform the duties, etc., specified in the Act. END. Of any quarterly period. § 18:1. 24: p. 20. The Federal Reserve Board may require Federal reserve banks to purchase United States bonds, etc., from member banks whose appHcations have been filed with the United States Treasurer at least 10 days before the, of any quarterly period at which the Federal Reserve Board may direct the purchase to be made. Of eacli fiscal period. § 25:1. 26: p. 26. National banks having foreign branches shall transfer to their general ledger at the, of each fiscal penod the profit or loss accruing at each branch as a sep- arate item. Of each quarterly period. § 18:1. 19:p. 20. The United States Treasurer shall at the, of each quarterly period furnish the Federal Reserve Board with a Ust of appUcations of member banks for sale of their United States bonds securing cir- culation to be retired. Of two years. § 4:1. 33:p. Of three years. § 4:1. 34:p. ENGAGED. 7. Directors at the first meeting to choose one whose term of ofiGlce shall expire at the, of two years from said date, etc. 7. Also one whose term shall expire at the, of three years from said date, etc. § 4:1. 41:p. 5. Class B directors at the time of their election to be actively, in their district in commerce, agriculture, or some other industrial pursuit. 180 INDEX-DIGEST. ENGAGEMENTS. § 2:1. 22: p. 2. The shareholders of Federal reserve banks to be individually responsible, equally and ratably, and not one for another, for all debts, etc., of such bank, to the extent of their subscriptions to such stock at par, etc., ia addition to the amount subscribed, whether such subscriptions have been paid up in whole or in part,, etc. § 23:1. 24: p. 25. The stockholders of national banks individu- ally responsible for all debts, etc., of such association, each to the amount of his stock therein at par, etc., in addition to the amount invested in such stock. ENGRAVED. § 16:1. 48:p. 18. ENGRAVING. § 16:1. 22:p. 19. ENJOYED. § 4:1. 4:p. 5. ENTER. § 18:1. 18:p. 21. ENTERING UPON. § 10:1. 3:p. 12. ENTIRE TIME. § 10:1. 17:p. 11. ENTIRELY. § 16:1. 14:p. 18. The plates and dies for Federal reserve notes to be, by the Comptroller, under the direc- tion of the Secretary of the Treasury. Appropriations heretofore made for, plates and dies, etc., may be used for the purposes of this Act in the discretion of the Secretary of the Treasury. Directors to prescribe by-laws, not iacon- sistent with law, regulating the manner in which its general business may be con- ducted and the privileges granted to it by law may be exercised and, etc. Federal reserve banks obtaining such one-year gold notes to, into an obhgation with the Secretary of the Treasury to purchase at the maturity of such notes an amoxmt equal to those deUvered in exchange for such bonds, etc. Each member of the Federal Reserve Board before, his duties to certify under oath to the Secretary of Treasmy that he has complied with this requirement. The appointive members of the Federal Reserve Board to devote their, to the busi- ness of the Federal Reserve Board. The Federal Reserve Board, acting through the Federal reserve agent, may grant in whole or in part or may reject, the applica- tion of any Federal reserve bank for Federal reserve notes. INDEX-DIGEST. 181 ENTITLE. § 8:1. 15: p. 9. Any State bank, etc., having an unimpaired capital sufficient to, it to become a national banking association under the provisions of the existing laws may, upon vote, etc., be converted into a national bank. § 9:1. 19: p. 10. No applying bank to be admitted to member- ship in a Federal reserve bank unless it possesses a paid-up, unimpaired capital sufficient to^ it to become a national bank- ing association in the place where situated. EUTITIED. § 2 :1. 24:p. 3. The stock in Federal reserve banks not held by member banks not to be, to voting power. § 7:1. 42: p. 8. The stockholders of Federal reserve banks, to a cumulative annual dividend of 6 per centum after all necessary expense^, etc., have been paid or provided for. § 18:1. 49: p. 20. Any Federal reserve bank depositing United States bonds so purchased or acquired under section 4 shall be, to receive circulating notes, etc., from the Comptroller. § 20:1. 39: p. 23. Amendment of sections 2 and 3 of the Act of June 20, 1874, "An Act," etc. § 26:1. 33: p. 26. Nothing in this Act to be construed to repeal the parity provision or provisions ia the Act of March 14, 1900, "An Act," etc. EQUAL AMOUNT. § 16:1. 43:p. 18. Any Federal reserve bank may, in its discre- tion, substitute other like collateral of, for that deposited for the protection of its Fed- eral reserve notes, etc. EQUAL AT ANY TIME. § 13:1. 28: p. 15. No member bank to accept biUs of exchange to an amount, etc., to more than one-half its paid-up capital stock and surplus. EQUAL IN AMOUNT. § 4:1. 13: p. 5. The Federal reserve bank entitled to receive from the Comptroller circulating notes, to the par value of the bonds deposited, etc. § 18:1. 51 :p. 20. The Federal reserve bank, etc., entitled to re- ceive from the Comptroller circulating notes, etc., to the par value of the bonds deposited, etc. EQUAL TO. § 2 : 1. 12 : p. 2. Six per centum of the paid-up capital stock and surplus. § 5:1. 52: p. 7. Six per centum of said increase. 182 INDEX-DIGEST. EQUAL TO (Continued). § 5:1. 5 : p. 8. Six per centum of the paid-up capital stock and surplus. § 5:1. 22: p. 8. Its cash, paid subscriptions. § 11:1. 14: p. 13. To said tax. § 16:1. 16:p. 17. To the sum of the Federal reserve notes thus appHed for. § 18:1. 44: p. 20. To the par value of such bonds. § 18:1. 20: p. 21. To the one-year notes deUvered in exchange for such bonds. §19 § 19 § 19 §22 §22 §22 1. 6: p. 22. To 12 per centum of its demand deposits. 1. 25: p. 22. To 15 per centum of its demand deposits. 1. 45 : p. 22. To 18 per centum of its demand deposits. 1. 47 : p. 24. To the money so loaned. 1. 52: p. 24. To the money so loaned. 1. 43 : p. 25. To 25 per centum of its capital and surplus. EQUALLY AND EATABLY. § 2:1. 21: p. 2. Shareholders of Federal reserve banks held in- dividually responsible, etc., for aU contracts, etc., of such bank, etc., to the extent of the amount of their subscriptions to such stock at the par value thereof, in addition to the amount subscribed, etc. EQUITY, COURT OF. See "Court of equity." ESTABLISH. § 3:1. 44: p. 3. Federal reserve banks to, branch banks. § 9:1. 10: p. 10. The Organization Committee or the Federal Ee- serve Board to, by-laws for the general gov- ernment of its conduct in acting upon appfica- tions by State banks, etc., for stock ownership in Federal reserve banks. § 11:1. 2: p. 13. The Federal Eeserve Board to, a graduated tax on amounts by which reserves may be permitted to fall below the level hereinafter specified, etc. § 11:1. 6: p. 13. Also to, a graduated tax on deficiency in gold reserves held against Federal reserve notes. § 14:1. 24: p. 16. Federal reserve banks to, from time to time, rates of discount, etc., subject to review and determination of the Federal Reserve Board, etc. § 14:1. 28:p. 16. Federal reserve banks may, accounts with other Federal reserve banks for exchange purposes. INDXX-DIOESI. 18S ESTABLISH (Continned). § 14:1. 31: p. 16. Federal reserve banks may, foreign agencies, with the consent of the Federal EeserveBoard . § 19:1. 3: p. 22. Every subscribing member bank to, and main- tain reserves as follows, etc. § 25 :1. 6 :p. 26. Application by national banks, etc., for author- ity to, foreign branches. § 25:1. 19: p. 26. National banks authorized to, foreign branches to furnish information as to condition, etc., at all times on demand of the Comptroller. ESTABLISHED. § 4:1. 2: p. 4. A certificate, etc., to be filed with the Comp- troller when Organization Committee shall have, Federal reserve districts. § 4:1. 2: p. 7. The Federal reserve agent to maintain a local office, etc., under regiilations to be, by the Federal Keserve Board. § 15:1. 50:p. 16. No public funds, etc., to be deposited, etc., in any bank not belonging to the system, by this Act. § 16:1. 20: p. 18. Federal reserve banks to pay such rate of interest on Federal reserve notes as may be, by the Federal Reserve Board. § 25 :1. 25 : p. 26. National banks to conduct the accounts of each foreign branch independently of the accounts of other foreign banks, by it. See also "Approval"; "Fixed"; "Prescribed." ESTABLISHMENT. §19:1. 2 : p. 22. Subscribtag member banks to establish reserves, etc., on official announcement by the Secretary of the Treasury of the, of a Federal reserve bank in any district. § 19:1, 9:p. 23. Reserve deposits of a State bank or trust com- pany required by State law to be kept in its own vaults or in another State bank or trust company to be construed as if reserve de- posits in a national bank in a reserve or central reserve city for three years after the Secretary of the Treasurv has officially announced the, of a Federal reserve bank in the district, etc. [Amended by Act of August 15, 1914. See, ■ § 19:1. 37: p. 30; § 19:1. 39: p. 30; § 19:1 41: p. 30.] ESTATE, REAL. See "Real estate." 184 INDEX-DIGEST. ESTIMATE OP EXPENSES. § 16:1. 14:p. 19. The Federal Eeserve Board to include in its, levied against Federal reserve banks a suffi- cient amount to cover the expenses of Fed- eral reserve notes herein provided for. ESTIMATED EXPENSES. § 10:1. 44: p. 11. The Federal Reserve Board to levy semi- annually an assessment upon Federal reserve banks sufficient to pay its, etc. ESTIMATING. § 19:1. 25: p. 23. Method prescribed for, the reserves required by Act. EVENT, IN NO. See "In no event." EVENT, IN THAT. See "In that event." EVERY MEMBER BANK. § 21:1. l:p. 24. Examiaer to examine, at least twice in each calendar year. EX OFFICIO. § 10:1. 8:p. 11. The Secretary of the Treasury and the Comp- troller of the Cturency to be members, of the Federal Reserve Board. § 10:1. 20: p. 11. The Comptroller as, member, to receive $7,000 in addition to salary now paid him, etc. § 10:1. 51: p. 11. The Secretary of the Treasm-y to be, chairman of the Federal Reserve Board. EXAMINATION. § 9:1. 15: p. 10. By-laws to require applying banks not organ- ized under Federal law to submit to the, and regulations prescribed by the Organiza- tion Conmiittee or by the Federal Eeserve Board. § 16:1. 16 :p. 19. The, of plates, dies, etc., and the regulations § 16:1. 17:p. i9. relating to such, provided for in section 5174, United States Revised Statutes, extended to include Federal reserve notes. § 21:1. 3: p. 24. The Federal Reserve Board may authorize, by the State authorities to be accepted in the case of State banks, etc. §21:1. 5: p. 24. The Federal Reserve Board may direct a special, of State banks or trust companies that are stockholders in any Federal reserve bank. § 21:1. 8:p. 24. The examiner making the, etc., to have power § 21:1. 9: p. 24. to make a thorough, of all the affairs of the bank. INDEX-DIGEST. 185 EXAMIMTATION (Continued). § 21:1. 19: p. 24. The expense of examinations to be assessed by the Comptroller in proportion to the assets and resom-ces held by the banks upon the dates of, etc. § 21:1. 24: p. 24. Federal reserve banks may, with approval of the Federal reserve agent or the Federal Reserve Board, provide for special, of mem- ber banks. § 21:1. 38: p. 24. The Federal Reserve Board to order an, of each Federal reserve bank at least once each year, etc. § 21:1. 40: p. 24. Upon joint application of ten member banks the Federal Reserve Board shall order a special, etc., of any Federal reserve bank. EXAMINATIONS. § 21:1. 48 :p. 23. Bank. Heading of section 21. § 21:1. 17 :p. 24. Expense of, to be assessed by the Comptroller upon the banks examined, etc. § 21:1. 21:p. 24. Special examinations of member banks by Federal reserve banks provided for in addi- tion to, conducted by the Comptroller. § 21:1. 25:p. 24. Expense of such special, to be borne by the bank examined. § 21:1. 26: p. 24. Such, to be conducted so as to inform the Federal reserve bank of the condition of its member banks, etc. § 25:1. 22: p. 26. The Federal Reserve Board may order special, of foreign branches. EXAMINE. § 11:1. 38:p. 12. The Federal Reserve Board empowered to, at its discretion, the accounts, etc., of each Federal reserve bank and each member bank, etc. § 21:1. 52:p. 23. The Comptroller, with the approval of the Secretary of the Treasury, to appoint ex- aminers who shall, every member bank, etc. § 21:1. 10: p. 24. Examiner to have power to administer oaths and to, any of the officers of any national or member bank. EXAMINED. § 21:1. 18:p. 24. Expense of examinations to be assessed by the Comptroller, etc., upon the banks, etc. § 21:1. 25: p. 24. Expense of special examinations of member banks by Federal reserve banks to be borne by the bank, etc. § 22 :1. 49 :p. 24. Penalty for examiner accepting loan, etc., from any bank, by him, etc. 186 INDEX-DIGEST. EXAMINEE, UrATIONAL BANK. See "National bank examiner." EXCEED. § 2:1. 30: p. 1. New districts created bv the Federal Reserve Board not to, 12 in all. § 6:1. 24: p. 8. Payment for surrendered shares not to, the book value thereof, etc. § 6:1. 30: p. 8. Payment for shares held by an insolvent mem- ber bank not to, the book value thereof, etc. § 9:1. 49 :p. 10. Payment for shares ordered surrendered for violation of Act, etc., not to, the book value thereof, etc. § 13 :1. 17 : p. 15. Amount of acceptances discounted by a Federal reserve bank not to, one-half the paid-up capital stock and surplus of the bank for which the rediscounts are made. § 13:1. 21: p. 15. Aggregate of notes, etc., bearing the signature or indorsement of any one person, etc., redis- counted for any one bank not to, 10 per centum of the unimpaired capital and surplus of said bank, etc. § 18:1. 26: p. 20. Federal reserve banks not to purchase an amount to, $25,000,000 of United States bonds from member banks in any one year, etc. § 18:1. 13 :p. 21. Federal reserve banks, with approval of the Federal Reserve Board, may exchange United States 2 per centum gold bonds, etc., for one- year gold notes to an amount not to, one-half of the bonds so tendered for exchange, etc. § 18:1. 24: p. 21. Said Federal reserve banks at each maturity of the one-year notes so purchased to purchase such amount of one-year notes as the Secre- tary of the Treasury may tender, not to, the amount issued in the first instance to such bank. § 18:1. 28:p. 21. Said obligation to purchase at maturity such notes to continue m force for a period not to, 30 years. § 26:1. 40: p. 26. The Secretary of the Treasury, to preserve the parity and to strengthen the gold reserve, may issue United States one-year gold notes at a rate not to, 3 per centum, etc. EXCEEDING. § 24:1. 41 : p. 25. National banks, etc., not to loan on farm lands for an amount, 50 per centum of the actual value of the property offered as security. EXCEEDING, NOT. See " Not exceeding." XNDEX-DIGEST. 187 EXCEPT. § 1:1. § 2:1. § 2:1. § 4:1. § 4:1. § 7:1. § 7:1. § 9:1. § 13:1. § 13:1. § 15:1. § 16:1. § 18:1. § 18:1. § 19:1. § 19:1. § 19:1. § 19:1. §22:1. § 22:1. EXCESS. § 19:1. 6 24 33 17 19 46 9 51 4 36 40 30 5 37 39 11 16 33 14 20 1. 1. 3. 5. 5. 8. 9. 10. 15. 15. 16. 18. 21. 21. 22. 23. 23. 23. 25. 25. 13: p. 23. Except as thus provided, no member bank to keep on deposit with any nonmember bank a smn in, of 10 per centum of its own paid up capital and svirplus. § 27:1. 40: p. 28. No bank to issue circulating notes in, of 125 per centum of its vmimpaired capital and surplus. See " In excess of ." EXEBCISE. § 16:1. 53 :p. 19. §16:1. l:p. 20. § 16:1. 2:p. 20. EXERCISED. § 21:1. 34:p. 24. EXCHANGE. § 14:1. 7:p. 16. The Federal Reserve Board may, the fimctions of a clearing house for Federal reserve banks. Or may designate a Federal reserve bank to, such functions. May also require each Federal reserve bank to, the fvmctions of a clearing house for its member banks. No bank shall be subject to any visitatorial f)owers other than such as are authorized by aw, etc., or, or directed by Congress, etc. Federal reserve banks may, Federal reserve notes for gold, gold coin, or gold certificates. 188 IITDEX-DIGBST. EXCHANGE (Continned). § 16:1. 33: p. 18. The Federal reserve agent to hold such gold, etc., available exclusively for, for the out- standing Federal reserve notes, etc. § 16:1. 45: p. 19. Nothing to be construed as prohibiting a mem- ber bank from charging its actual expense incurred in collecting and remitting funds, or for, sold to its patrons. § 18:1. 9:p. 21. The Secretary of the Treasury may issue one- year United States gold notes in, for United States 2 per centiun gold bonds, etc. § 18:1. 14:p. 21. Said issue not to exceed one-half of the 2 per centum bonds so tendered for, etc. § 18:1. 17 :p. 21. At the time of such, the bank obtaining such § 18:1. 21:p. 21. gold notes to enter into obligation to ptu^chase at maturity of such notes an amount equal to those delivered in, for such bonds, etc. § 18:1. 25: p. 21. And at each matmnty thereof to purchase an amoimt of one-year notes, etc., not to exceed the amount issued to such bank in the first instance in, for the 2 per centum gold bonds. § 18:1. 29: p. 21. The Secretary of the Treasiu-y may issue United States Treasury notes for the piu-pose of making the, herein provided for. § 18:1. 47 :p. 21. The Secretary of the Treasury, on application of any Federal reserve bank, approved by the Federal Reserve Board, may issue at par United States 3 per centimi gold bonds in, for the one-year gold notes. EXCHANGE, BILLS OF. See "Bills of exchange." EXCHANGE, DOMESTIC OR FOREIGN BILLS OF. See "Domestic or foreign bills of exchange." EXCHANGE PURPOSES. § 16:1. 36: p. 14. Any Federal reserve bank, solely for, may receive from other Federal reserve banks deposits of current funds in lavsdful money, national bank notes, or checks and drafts upoh solvent member or other Federal re- serve banks, payable upon presentation. § 14:1. 29: p. 16. Federal reserve banks may establish accounts with other Federal reserve banks for etc EXCHANGED. § 16:1. 52:p. 17. Federal reserve notes received by the Treasury otherwise than for redemption may be, for gold out of the redemption fund, etc. EXCLUDING. § 2 : 1. 21 : p. 1 . The Organization Committee to divide the con- tinental United States, Alaska, into districts. INDEX-DIGEST. 189 EXCLUSIVE PURPOSE. § 16:1. 38: p. 18. The Federal Keserve Board may require the Federal reserve agent to transmit so much of said gold to the Treasury as may be re- quired for the, of redemption of such Federal reserve notes. EXCLUSIVEIY. § 16:1. 33: p. 18. The Federal reserve agent to hold such gold, etc., available, for exchange for the outstand- ing Federal reserve notes, etc. EXECUTE. § 4:1. 20:p. '§ 8:1. 29:p. EXECUTED. § 5:1. 12:p. 4. The Organization Committee to designate any five banks to, a certificate of organization. 9. Majority of directors to have power to, aU other papers, etc. 8. Directors shall cause to be, a certificate show- ing increase in capital stock of the Federal reserve bank caused by the increase of the capital stock or by the increase in number of member banks. § 6:1. 37: p. 8. Directors shall cause to be, a certificate of reduction in capital stock whenever the stock of a Federal reserve bank is reduced on ac- count of a reduction of the capital stock or the hquidation or insolvency of a member bank. § 8:1. 23: p. 9. The Organization certificate of a converted State bank, etc., may be, by a majority of the directors. EXECUTING. § 4:1. 12: p. 4. A resolution to be adopted by the directors of each bank, the apphcation blank. § 4:1. 27: p. 4. The organization certificate to state the name and place of doing business of each bank, such certificate. § 4:1. 30: p. 4. The certificate to state that it is made to enable the banks, it, etc., to avail themselves of the advantages oi the Act. § 8:1. 28: p. 9. A majority of the directors after, the articles of association and organization certificate to have power to execute all other papers, etc. § 16:1. 11: p. 19. The expenses necessarily incurred in, the laws relating to the procuring of Federal reserve notes, etc., to be paid by the Federal reserve banks. EXECUTION. § 10:1. 30: p. 12. There shall be in the Department of the Treas- ury a bureau charged with the, of aU laws, etc.^ relating to the issue and regulation oi national currency, etc. 190 IITDEX-DIGEST. EXECUTIVE OFFICEE. § 10:1. 37: p. 11. The governor of the Federal Reserve Board, subject to its supervision, shall be the active. EXECUTOR. § 11:1. 45 :p. 13. The Federal Eeserve Board may grant by- special permit to national banks, etc., when not in contravention of State or local law the right to act as, etc. EXEMPT. § 7:1. 8: p. 9. Federal reserve banks, including the capital stock and surplus therein, and the income derived therefrom, shall be, from Federal, State, and local taxation, except taxes uj)on real estate. § 18:1. 36: p. 21. The United States Treasury notes authorized to be issued to be, as to principal and inter- est from 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. EXEMPTIITG. § 16:1. 33: p. 19. Nothing in this section to be construed as, national banks or Federal reserve banks from their liabiUty to reimburse the United States for any expenses incurred in printing and issuing circulating notes. EXEBCISE. § 4:1. 5: p. 5. Federal reserve banks by their board of direc- tors, etc., to, all powers specifically granted, etc., and such incidental powers as shall be necessary to carry on the business of bank- ing, etc. § 4:1. 49: p. 5. Pending the designation of the chairman, the Organization Committee to, the powers and duties appertaining to office of^ chairman, etc. § 4:1. 12: p. 7. The deputy chairman and deputy Federal reserve agent to, the powers of chairman and Federal reserve agent in case of absence or disability of his principal. § 4:1. 25: p. 7, The Organization Committee may, the func- tions herein conferred upon the chairman, etc., pending the complete organization of such bank. § 11:1. 42 :p. 13. The Federal Reserve Board to, general super- vision over the Federal reserve banks. § 16:1. 53: p. 19. The Federal Reserve Board may, the func- tions of a clearing house for the Federal reserve banks. INDEX-DIGEST. 191 EXERCISE (Continued). § 16:1. l:p. 20. Or may designate a Federal reserve bank to, such functions. § 16:1. 2: p. 20. May also require each Federal reserve bank to, the functions of a clearing house for its member banks. EXERCISED. § 4:1. 4: p. 5. Directors may prescribe by-laws not incon- sistent with law, regulating the manner, etc., in which the privileges granted to the bank by law may be, and enjoyed. § 10:1. 22: p. 12. Any powers vested by this Act in the Federal Keserve Board or the Federal reserve agent which appear to conflict with the powers of the Secretary of the Treasury to be, subject to the supervision and control of the Secre- tary. EXISTING LAW. § 4:1. 10:p. 5. In the manner provided by. § 11:1. 22 :p. 13. Under. § 16:1. 30:p. 19. Provided for by. § 18:1.49:p. 20. In the manner provided by. EXISTING lAWS. § 8:1. 16: p. 9. Under the provisions of the. § 22:1. 20: p. 25. As provided in. EXISTING IIABILITIES. § 19:1. 21 :p. 23. The reserve carried by a member bank with a Federal reserve bank may, under the regula- tions of and subject to the penalties prescribed by the Federal Keserve Board, be checked against and withdrawn for purpose of meet- ing, provided, etc. EXISTING RESERVE AND CENTRAL RESERVE CITIES. § 11:1. 24: p. 13. The Federal Reserve Board may reclassify, or terminate their designation as such. EXISTING STATUTES. § 17:1. 7: p. 20. Any other provisions of. EXISTING VALUES, ACTUALLY. See "Actually existing values." EXPENSE, ACTUAL. See "Actual expense." EXPENSE, ANY OTHER. See "Any other expense." EXPENSE OF EXAMINATIONS. § 21:1. 16 :p. 24. To be assessed by the Comptroller upon the banks examdned, etc. 70820°— 15 13 192 INDEX-DIGEST. EXPENSE OF SPECIAL EXAMIlfATIONS. § 21:1. 25 :p. 24. The, to be borne by the bank examined. EXPENSES, ANY. See "Any expenses." EXPENSES, ESTIMATE OF. See "Estimate of expenses." EXPENSES, ESTIMATED. See "Estimated expenses." EXPENSES, INCIDENTAL. See "Incidental expenses." EXPENSES, NECESSARY. See "Necessary expenses." EXPENSES, TRAVELINa. See "Traveling expenses." EXPERIENCE, TESTED BANKING. See "Tested banking experi- _^ence." EXPERIENCED. § 10:1. 29: p. 11. At least two of the appointive members of the Federal Reserve Board shall be persons, in banking or finance. EXPERT AID. § 2:1. 35: p. 1. Organization Committee may employ, etc. EXPERTS. § 11 :1. 47 :p. 13. The Federal Reserve Board may employ such, etc., as may be deemed necessary. § 11:1. 51 :p. 13. Such, etc., to be appointed without regard to the civil service law. EXPIRATION. §10:1. 6:p. 12. Whenever a vacancy shall occur, other than by, of term, among the five members of the Federal Reserve Board appointed by the President, etc., a successor shall be appointed, etc. EXPIRE. § 4:1. 31 :p. 7. Directors to designate members of each class :1. 32:p. 7. whose terms shall, in one, two, and three :1. 34:p. 7. years, respectively. :1. 14: p. 12. The President may fiU vacancies in the Federal Reserve Board during the recess of the Senate by granting commissions to, 30 days after the next session of the Senate convenes. EXPIRES. § 24 :1. 47 :p. 26. The Act of May 30, 1908, etc., which, by Umita- tion on June 30, 1914, extended to Jime 30, 1915. ' EXPORTATION. § 13:1. 14: p. 15. Any Federal reserve bank may discount accept- ances based on the importation or, of goods and which have a maturity at time of dis- count of not more than three months, and indorsed by at least one member bank. § 4 § 4 § 10 INDEX-DIGEST. 193 EXPORTATIOBT (Continued). § 13:1. 27: p. 15. Any member bank may accept drafts or bills of exchange drawn upon it and growing out of transactions involvmg the importation or, of goods, having not more than six months sight to rmi, etc. EXPRESS PERMISSIOIT. § 22:1. 12: p. 25. No examiner to disclose names of borrowers or collateral for loans, etc., without the, in writ- ing from the Comptroller, etc. EXPRESSLY RESERVED. § 30:1. 37: p. 27. The right to amend, alter, or repeal this Act is hereby. EXTEND. § 4:1. 31 :p. 5. The directors, subject to the provisions of law and the orders of the Federal Keserve Board, to, 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. § 27 :1. 5 :p. 29. The Secretary of the Treasury is authorized to, the benefits of the Act of August 4, 1914, to all qualified State banks and trust companies which have joined the Federal reserve system or which may contract to join within 15 days after the passage of said Act. EXTENDED. § 16:1. 19: p. 19. The provisions of the United States Revised Statutes, section 5174, to include Federal reserve notes. § 21:1. 28: p. 24. Examinations of member banks to be so con- ducted as to inform the Federal reserve banks of their condition and of the lines of credit, by them. § 27:1. 49: p. 26. The Act of May 30, 1908, is hereby, to June 30, 1915. EXTENT, TERRITORIAL. See "Territorial extent." EXTENT, TO THAT. See "To that extent." EXTENT, TO THE. See "To the extent." EXTENT, TO THE SAME. See "To the same extent." FACE VAIUE. § 16:1. 38:p. 17. FACES. § 16:1. 30:p. 17. FACT. § 4:1. 30:p. 4. FAIL § 2:1. 32:p. 2. FAILED. § 9:1. 43:p. 10. FAILING. § 2:1. 27:p. 2. FAILS. § 23:1. 31:p. 25. FAILURE. § 2:1. 43:p. 2. F. Penalty of a tax of 10 per centiim upon the, of Federal reserve notes paid out through an- other Federal reserve bank. Federal reserve notes paid out to bear upon their, a distinctive letter and serial number, etc. The organization certificate to state the, that it is made to enable banks executing it, etc., to avail themselves of the advantages of Act. Should a national banking association now or- ganized, within one year after the passage of this Act, to become a member bank its fran- chises, etc., to be forfeited. A member bank which has, to comply with the provisions of this section or the regulations of the Federal Reserve Board, etc., may be required by the Federal Reserve Board to siurender its stock in the Federal reserve bank. Any national bank, to accept this Act within 60 days after its passage, shall cease to act as reserve agent upon 30 days' notice, etc. Stockholders in national banks transferring stock within 60 days before the f ailme of the bank to meet its obligations, etc., to be liable to the extent that the subsequent transferee, to meet such liabiUty. Every director participating in or assenting to a noncompUance with or violation of the Act other than the, to become a member bank, to be liable, etc., for aU damages, etc. § 9:1. 40: p. 10. Member banks to be subject to the penalties prescribed by United States Revised Statutes, section 5213, for, to make such report. Stockholders transferring shares in a national bank within 60 days next before the date of, of the bank to meet its obUgations, or with knowledge of such impending, to be liable as if they had made no such transfer, etc. 194 § 23:1. 28:p. 25. § 23:1. 30:p. 25. INDEX-DIGEST. 195 FAIIITEE (Continued), § 23:1. 35: p. 25. This provision not to affect any recourse such stockholders might otherwise have against those in whose names such shares are regis- tered at the time of such. FAIR REPRESENTATION. § 10:1. 14: p. 11. The President, in appoiatiag the Federal Re- serve Board, to have due regard to a, of the commercial, industrial, and geographical di- visions of the country. FAIRLY AND IMPARTIALLY. § 4:1. 28: p. 5. The board of directors to administer the affairs of the Federal reserve bank, etc. FAITH, IN GOOD. See "In good faith." FALL. §11:1. 8:p. 13. The Federal Eeserve Board to establish a graduated tax, when the gold reserve held against Federal reserve notes falls below 40 per centum, upon such deficiency until the reserves, to 32 1 per centum, etc. FALL BELOW. § 11:1. 3: p. 13. The Federal Reserve Board to estabUsh a graduated tax upon the amounts by which the reserve requirements of this Act may be permitted to, below the level hereinafter specified. FALLS BELOW. § 11:1. 5: p. 13. Graduated tax to be estabhshed by the Fed- eral Reserve Board when the gold reserve, 40 per centum, etc. § 11:1. 9: p. 13. Graduated tax to be established by the Fed- § 11:1. 12: p. 13. eral Reserve Board when the gold reserve, 32 J per centum. FAR, IN SO. See "In so far." FARM LAND. § 24:1. 39:p. 25. National banks, etc., not situated in central reserve cities may loan on improved and unencumbered, etc. FARM LANDS. § 24:1. 36: p. 25. Loans on. Heading of section 24. FAVOR OF, IN. See "In favor of." FEDERAL ADVISORY COUNCIL. § 12:1. 5: p. 14. Heading to section 12. § 12:1. 6:p. 14. Council created. § 12:1. 7: p. 14. To consist of as many members as there are Federal reserve districts. 196 INDEX-DIGEST. FEDERAL ADVISORY COUNCIL (Continued). § 12:1. 9: p. 14. One member to be selected by each Federal reserve bank. § 12:1. 10:p. 14. Compensation and allowances to be fixed by the directors, subject to the approval of the Federal Reserve Board. § 12:1. 12 :p. 14. To meet in Washington, D. C., at least four times each year, and oftener if called by the Federal Eeserve Board. § 12:1. 16: p. 14. May hold such other meetings as it may deem necessary. § 12:1. 17: p. 14. May select its own officers. § 12:1. 18 :p. 14. May adopt its own methods of procedure. § 12:1. 18: p. 14. Majority to constitute a quorum. § 12:1. 19: p. 14. Vacancies to be filled by the respective Federal reserve banks. § 12:1. 21: p. 14. Members selected to fill vacancies shall serve for the unexpired term. § 12:1. 23: p. 14. Power to confer directly with the Federal Re- serve Board on general business conditions. § 12:1. 24: p. 14. Power to make oral or written representations concerning matters within the jurisdiction of the Federal Reserve Board. § 12:1. 26: p. 14. Power to call for information and to make recommendations as to discount rates, redis- count business, note issues, reserve condi- tions in the various districts, purchase and sale of gold or securities by Federal reserve banks, open market operations by said banks, and the general affairs of the Federal reserve banking system. FEDERAL LAW. § 9:1. 14 :p. 10. Banks not organized under, must comply with the reserve and capital requirements, etc., prescribed by the Organization Committee or by the Federal Reserve Board. FEDERAL RESERVE ACT. § 1:1. 2: p. 1. The short title of this Act shall be the. § 8:1. 41: p. 9. A converted State bank, etc., to have the same powers, etc., and. be subject to the same duties, etc., as prescribed by the. § 13:1. 43: p. 15. Liabihties of national banks incurred imder the provisions of the, not to come under the limitation as to amount of indebtedness of national banks, etc. INDEX-DIGEST. 197 FEDERAL EESERVE ACT (Continued). § 19:1. 5: p. 30. Amendment to section 19 subsections b and Cj of the. § 27:1. 4: p. 28. Amendment to section 27 of the. See also "Act;" "Federal Reserve System." FEDERAL RESERVE AGENT ; FEDERAL RESERVE AGENTS. § 4:1. 53:p. 6. One of the class C directors to be desi^ated by the Federal Reserve Board as chanman, etc., and as. § 4:1. 54: p. 6. To be a person of tested banking experience. § 4:1. 3: p. 7. To maintain a local ofSce of the Federal Reserve Board on the premises of the Fed- eral reserve bank. § 4:1. 5 :p. 7. To make regular reports to the Federal Reserve Board. § 4:1. 6: p. 7. To act as its oj0&cial representative, etc. § 4:1. 7: p. 7. To receive an annual compensation to be fixed by the Federal Reserve Board and paid monthly by the Federal reserve bank to which he is designated. § 4:1. 14: p. 7. In case of his absence or disability his powers to be exercised by the deputy. § 10:1. 21 : p. 12. If any power vested by this Act ia the Federal Reserve Board or the, appears to conflict with the powers of the Secretary of the Treasury, such powers to be exercised sub- ject to the supervision and control of the Secretary. § 11:1. 19 :p. 13. The Federal Reserve Board to prescribe rules and regulations for delivery of Federal reserve notes by the Comptroller to the, applying therefor. § 11:1. 36: p. 13. The Federal Reserve Board may require bonds of. § 11:1. 39: p. 13. The Federal Reserve Board may make regula- tions for the safeguarding of all collateral, bonds. Federal reserve notes, money, or prop- erty of any kind deposited in the hands of such. § 16:1. 4: p. 17. Federal reserve notes authorized to be issued at the discretion of the Federal Reserve Board to make advances to Federal reserve banks through the, etc. § 16:1. 13:p. 17. The Federal reserve bank to make application for Federal reserve notes to the local. § 16:1. 15: p. 17. To be accompanied by a tender of collateral, etc., to the local. 198 INDEX-DIGEST. FEDERAL RESERVE AGENT; FEDERAL RESERVE AGENTS (Con). § 16:1. 19: p. 17. The Federal Reserve Board to be notified each day by the, of all issues and withdrawals of such notes. § 16:1. 29: p. 17. Gold reserve prescribed of not less than 40 per centum of the Federal reserve notes in actual circulation not o£Eset by gold or law- ful money deposited with the. § 16:1. 4: p. 18. Federal reserve notes imfit for circulation to be returned for cancellation and destruction to the Comptroller by the. § 16:1. 13: p. 18. The Federal Reserve Board, acting through the, may grant in whole or in part or reject entirely the appUcation for Federal reserve notes. § 16:1. 17: p. 18. To the extent the appplication is granted the Federal Reserve Board shall supply through its local. Federal reserve notes to the Federal reserve bank so applying. § 16:1. 27: p. 18. Any Federal reserve bank may reduce its lia- bility for outstanding Federal reserve notes by depositing with the, its Federal reserve notes, gold, gold certificates, or lawful money of the United States. § 16:1. 32:p. 18. The, to hold such gold, etc., available exclu- § 16:1. 34 :p. 18. sively for exchange for the outstanding Fed- eral reserve notes when offered by the Federal reserve bank of which the, is a director. § 16:1. 36: p. 18. The Federal Reserve Board, upon request of the Secretary of the Treasury, shaU require the, to transmit to the Treasury of the United States so much of said gold as may be re- quired for the exclusive purpose of redemp- tion of such notes. § 16:1. 41 :p. 18. Any Federal reserve bank may at its discretion withdraw collateral deposited with the local, etc. § 16:1. 44:p. 18. Must at the same time substitute therefor other like collateral of equal amount with the ap- proval of the, under regulations of the Fed- eral Reserve Board. § 21 :1. 23 :p. 24. Federal reserve banks with the approval of the Federal Reserve Board or the, may provide for special examination of member banks within the district. FEDERAL RESERVE AGENT, DEPUTY. See "Deputy Federal reserve agent." INDEX-DIGEST. 199 FEDERAL RESERVE BANE; FEDERAL RESERVE BAITES. § 1:1. 6: p. 1. The word "bank" in this Act to include State bank, banking association, and trust com- pany except wnen national banks or, are spe- cifically referred to. § 1:1. 12 :p. 1. The term "member bank" to mean any na- tional bank. State bank, or trust company which has become a member of one of the, created by this Act. § 1:1. 15 :p. 1. The term "Reserve bank" to mean, etc. § 2:1. 38: p. 1. The Organization Committee authorized to em- ploy counsel and expert aid, etc., in des^- nating cities where such, shall be severally located. § 2:1. 41 :p. 1. The Organization Committee to supervise the § 2:1. 42: p. 1. orgamzation of a, in each of the cities desig- nated which shall include in its title the name of the city in which it is situated, as the, of Chicago, etc. § 2:1. 7: p. 2. National banks must subscribe to the stock when the Organization Committee has desig- nated the cities in which, are to be organized. § 2:1. 12: p. 2. National banks, within 30 days after notice, § 2:1. 13: p. 2. etc., to subscribe to the capital stock of such, etc. § 2:1. 20: p. 2. Individual liability fixed of shareholders of § 2:1. 22: p. 2. every. § 2:1. 62: p. 2. If subscriptions to the stock of said, are in ad e- § 2:1. 4:p. 3. quate, etc., stock may be offered to public subscriptions to such amount as the Organi- zation Committee may determine. § 2:1. 9:p. 3. No individual, copartnership, or corporation, other than member banks, to subscribe for or hold more than $25,000 par value of stock in any. § 2:1. ll:p. 3. Such stock may be transferred on the books of, § 2:1. 12:p. 3. by the chairman of the board of directors of such. § 2:1. 14:p. 3. If the total subscriptions by banks and the public to the stock of said, are insufficient, the Organization Committee shall allot such amount of said stock to the United States as it shall determine. § 2:1. 29:p. 3. No, to commence business with a subscribed capital less than $4,000,000. § 3:1. 44: p. 3. Each, shall establish branch banks within the district in which it is located. 200 INDEX-DIGEST. FEDERAL EESERVE BANK; FEDERAL RESERVE BANKS (Contd.). § 3:1. 46:p. 3. May also establish branch banks in the district of any suspended,. § 3:1. 50: p. 3. Directors of branch banks to possess the same qualifications as directors of the. § 3:1. 51 :p. 3. Four of said directors shall be selected by thS, and three by the Federal Reserve Board. § 3:1. 53 :p. 3. To hold office during the pleasure, respectively, of the parent, and the Federal Reserve Board. § 3:1. 54 :p. 3. The, to designate one of the directors^as_manr ager. § 4:1. l:p. 4. Federal Reserve Banks. Heading of section 4. § 4:1. 13: p. 4. Application blank to contain a resolution authorizing subscription to the capital stock of the, etc. § 4:1. 17: p. 4. When the minimum amount of stock prescribed for the organization of any, has been sub- scribed and allotted, the Organization Com- mittee to designate any five banks to execute a certificate of organization. § 4:1. 22: p. 4. The five designated banks to make an organiza- tion certificate stating name of such. § 4:1. 24: p. 4. Also the territorial extent of the district over which the operations of such, are to be car- ried on. § 4:1. 25 :p. 4. Also the city and State in which such, is to be located, etc. § 4:1. 25:p. 4. Also the amount of capital stock and number of shares. § 4:1. 26:p. 4. Also the name and place of doing busiaess of each bank executmg the certificate and of all banks which have subscribed to the stock of such, etc. § 4:1. 29: p. 4. Also the number of shares subscribed by each bank. § 4:1. 30: p. 4. The fact to be stated that the certificate is § 4:1. 32: p. 4. made to enable the banks executing it and aU subscribing banks, etc., to the stock of the, to avail themselves of the advantages of this Act. § 4:1. 40:p. 4. Upon filing said certificate with the Comptroller, the said, to become a body corporate and shall have power, etc. § 4:1. 43: p. 4. To adopt and use a corporate seal. § 4:1. 44: p. 4. Succession for 20 years from its organization unless sooner dissolved by Congress or its franchise forfeited for violation of law. INDEX-mGEST. 201 FEDERAL RESERVE BANK; FEDERAL RESERVE BANKS (Contd.). § 4:1. 47:p. 4. To make contracts. § 4:1. 48: p. 4. To sue and be sued, complain and defend, in any court of law or equity. § 4:1. 50: p. 4. To appoint such officers and employees as are not otherwise provided for in Act. § 4:1. 51: p. 4. To define their duties, require bonds, fix the penalty thereof, and to dismiss them at pleasure. § 4:1. l:p. 6. To prescribe by-laws, not inconsistent with law, regulating the manner in which its general business may be conducted and the privileges granted by law exercised and enjoyed. § 4:1. 5:p. 5. To exercise, etc., all specific powers and such incidental powers as shall be necessary to carry on the business of banlring within the limitations prescribed by this Act. § 4:1. 9:p. 5. To take out circulating notes, on deposit of United States bonds, etc., under the same conditions and provisions of law as relate to national-bank notes. § 4:1. 18: p. 5. Such circulating notes not to be limited to the capital stock of the. § 4:1. 19:p. 5. No, to transact any business except such as is incidental and necessarily preliminary to its organization until authorized by the Comp- troller to commence business, etc. § 4:1. 23 :p. 5. Every, to be conducted under the supervision and control of a board of directors. § 4:1. 28: p. 5. The affairs of said, to be fairly and impartially administered without discrimination in favor of or against any member bank or banks. § 4:1. 45:p. 5. When the necessary subscriptions have been obtained for the organization of any, the Federal Reserve Board to appoint the class C directors, etc. § 4:1. 50:p. 5. The Organization Committee, pending the designation of such chairman, to exercise the powers and duties appertaining to the office of chairman in the organization of such. § 4:1. 53 : p. 5. No Senator or Eepresentative in Congress to be an officer or a director of a. § 4:1. 7:p. 6. The chairman of the directors of the, in the § 4:1. 8: p. 6. district in which the, is situated to classify the member banks, etc. § 4:1. 18:p. 6. The name of the district reserve elector to be certified to the chairman, etc., of the, of the district. 202 INDEX-DIGEST. FEDERAL RESERVE BANK; FEDERAL RESERVE BANKS (Contd.). § 4:1. 32: p. 6. A form of preferential ballot to be furnished to each elector by the chairman, etc., of the, of the district. § 4:1. 52: p. 6. The Federal Reserve Board to designate one of the class C directors as chairman of board, etc., of the. § 4:1. l:p. 7. To be the duty of Federal reserve agent, in addition to ms duties as chairman, etc., of the, to maintain a local ofl&ce of the Federal Eeserve Board on the premises of the. § 4:1. 9: p. 7. His compensation to be fixed by the Federal Reserve Board and paid monthly by the, to which he is designated. § 4:1. 15: p. 7. Compensation and allowances of directors of . § 4:1. 18: p. 7. To be paid by the respective, etc. § 4:1. 19:p. 7. Compensation provided for directors, oflicers, or employees of, to be subject to the approval of the Federal Reserve Board. § 4:1. 23: p. 7. The Organization Committee may call meetings of bank directors, etc., in organizing, etc. § 4:1. 26:p. 7. The Organization Committee may exercise the § 4:1. 27:p. 7. functions conferred upon the chairman, etc., of each, pending the complete organization of such. § 4:1. 28:p. 7. Directors to classify, etc., the respective terms of office at the first meeting of the full board of directors of each. § 4:1. 35: p. 7. Thereafter every director of a, to hold office for three years. § 4:1. .37: p. 7. Manner of filling vacancies in directors of. § 5:1. 42: p. 7. Capital stock of each, to be divided into shares of $100 each. § 5:1. 44: p. 7. Increase of capital stock by. § 5:1. 46:p. 7. Decrease of capital stock by. § 5:1. 48: p. 7. Shares of, owned by member banks not to be transferred or hypothecated. § 5:1. 51: p. 7. Additional subscriptions by member banks to stock of. § 5:1. 3: p. 8. Subscriptions to stock in a, after its organiza- § 5:1. 5: p. 8. tion. § 5:1. 9: p. 8. Certificate of increase in stock of a. § 5 : 1. 16 : p. 8. Surrender by member bank reducing its capital stock of a proportionate amount of its hold- ings in the capital of the. INDEX-DIGEST. 203 FEDERAL RESERVE BANK; FEDERAL RESERVE BANKS (Contd.)- § 5 : 1. 18 : p. 8. Liquidating bank to surrender all its holdings of stock of a, etc. § 5:1. 25: p. 8. Pajrment for surrendered shares to be less any liability of the member bank to the, etc. § 6:1. 27: p. 8. Stock in, held by an insolvent member bank to be canceled. § 6:1. 32: p. 8. Cash-paid subscriptions, etc., to be first applied to all debts of the insolvent member bank to the. § 6:1. 34: p. 8. Certificate of reduction of stock of a. § 7:1. 41: p. 8. After all necessary expenses of a, have been paid, etc., stockholders to be entitled to a cumulative dividend of 6 per centum, etc. § 7:1. 49: p. 8. One-half of the net earnings to be paid into a surplus fund until it amounts to 40 per centum of the paid-in capital stock of such. § 7:1. 50: p. 8. Disposition of net earnings derived by United States from. § 7:1. 2: p. 9. Surplus of a dissolved or liquidated, after pay- ment of debts, dividend requirements, and par value of stock, to be paid to and become the property of the United States and shall be similarly applied. § 7:1. 7 : p. 9. All, including capital stock and surplus therein, and income derived therefrom to be exempt from Federal, State, and local taxation, except taxes on real estate. § 9:1. 49: p. 9. State banks or banks incorporated under the general laws of the United States may apply, etc., for the right to subscribe to stock of the, etc., within the district where applicant is located. § 9:1. 2: p. 10. The Organization Committee or the Federal Reserve Board may permit applying bank to become a stockholder in the, of the dis- trict in which located. § 9:1. 5:p. 10. When permitted to become a stockholder in § 9:1. 8: p. 10. the, of the district, stock to be issued and paid for under rules and regulations in this Act provided for national banks which become stockholders in. § 9:1. 12: p. 10. The Organization Committee or the Federal Reserve Board to estabUsh by-laws for the general government of its conduct in acting upon applications of State banks, etc., for stock ownership in. 204 INDEX-DIGEST. FEDERAI RESERVE BANK; FEDERAL RESERVE BANKS (Contd.). § 9:1. 17 :p. 10. Conditions of membership in. § 9:1. 21 : p. 10. Further conditions of membership in. § 9:1. 46: p. 10. The Federal Eeserve Board may require mem- ber banks to surrender stock in, for failure to comply with the provisions of this section or the regulations of the Federal Eeserve Board. § 9 :1. 47 :p. 10. Upon surrender the, to pay cash-paid subscrip- § 9:1. 50: p. 10. tion with interest, etc., less any liability to said. § 9:1. 52: p. 10. On notice from the Federal Reserve Board said, shall be required to suspend said bank, etc., and to cancel and retire its stock, etc. § 10:1. 43 :p. 11. The Federal Reserve Board to have power to levy semiannually an assessment upon the. § 10:1. l:p. 12. No member of the Federal Reserve Board to be an officer or director in any, etc. § 11:1. 39:p. 12. The Federal Reserve Board may examine, etc., the accounts, books, and affairs of each, and require such statements and reports as it may deem necessary. § 11:1. 42:p. 12. The Federal Reserve Board to publish weekly § 11:1. 43 :p. 12. a statement of condition of each, and a con- solidated statement for all. § 11 :1. 44:p. 12. Such statement to show iu detail the assets and liabilities of the^ single and combined, and furnish full information as to the character of money held as reserve and the amount, nature, and maturities of the paper and other investments owned or held by the, etc. § 11:1. 50: p. 12. The Federal Reserve Board may peimit, or on § 11:1. 51:p. 12. the afl&rmative vote of at least live members may require a, to rediscount the discounted paper of other, at rates of interest to be fixed by the Federal Reserve Board. § 11:1. 13:p. 13. The tax on deficient reserves to be paid by the, but the, shall add an amount equal to said tax to the rates of interest and discount fixed by the Federal Reserve Board. § 11:1. 26: p. 13. The Federal Reserve Board may suspend or re- § 11 :L 29:p. 13. move any ofiicer or director of any, the cause for removal to be forthwith communicated in writing to the removed ofiicer or director and to said. § 11:1. 31: p. 13. The Federal Reserve Board may require the writing off of doubtful or worthless assets upon the books and balance sheets of. INDEX-DIGEST. 205 FEDERAL RESERVE BANK; FEDERAL RESERVE BANKS (Contd.). § 11:1. 33 :p. 13. The Federal Reserve Board may suspend the § 11:1. 35 :p. 13. operations of any, for violation of this Act, may take possession thereof, administer the same during the period of suspension, and, when deemed advisable, may liquidate or reorganize said. § 11:1. 42 :p. 13. The Federal Reserve Board to exercise general supervision over said. § 12 :1. 8 :p. 14. Each, to select a member of the Federal reserve council, etc. § 12:1. 20:p. 14. Vacancies in the Federal Advisory Council to be filled by the respective. § 12:1. 29:p. 14. The Federal Advisory Council may call for in- formation and make recommend.ations in re- gard to discount rates, etc., the purchase and sale of gold or securities by, open-market op- erations by said, etc. § 12:1. 31 :p. 14. Powers of. Heading of section 12. § 12:1. 31 : p. 14. Deposits which any, may receive from its mem- ber banks and from the United States. § 12:1. 37:p. 14. Deposits it may receive solely for exchange § 12:1. 39:p. 14. purposes from other. § 13:1. 41: p. 14. Upon the indorsement of any of its member Isanks, with a waiver of demand, notice, and protest by such bank, any, may discount notes, drafts, and bills of exchange arising out of actual commercial transactions, etc. § 13:1. 11 :p. 15. Discounts authorized of notes, etc., issued for agricultural purposes or based on Uve stock with a maturity not exceeding six months, to be limited to a percentage of the capital of the, to be ascertained and fixed by the Federal Reserve Board. § 13:1. 13:p. 15. Any, may discount acceptances based on the importation or exportation of goods and which have a maturity at time of discount of not more than three months and indorsed by at least one member bank, etc. § 13:1. 45 :p. 15. The rediscount by any, of bills receivable and domestic and foreign biUs of exchange, and acceptances authorized by this Act, to be subject to such restrictions, limitations, and regulations as may be imposed by the Federal Reserve Board. § 14:1. 51 :p. 15. Open-market operations by any. § 14:1. 5:p. 16. Every, shall have power — § 14:1. 6: p. 16. To deal in gold coin and bullion at home or abroad and to make loans thereon. 206 INDEX-DIGEST. FEDERAL RESERVE BAUK; FEDERAL RESERVE BANKS (Contd.). § 14:1. 7: p. 16. To exchange Federal reserve notes for gold, gold coin, or gold certificates. § 14:1. 8: p. 16. To contract for loans of gold coin or bullion, § 14:1. 11: p. 16. giving therefor, when necessary, acceptable security, including the hypothecation of United States bonds or other securities which are authorized to hold. § 14:1. 12: p. 16. Under rules and regulations of the Federal Reserve Board, to buy and sell at home and abroad : Bonds and notes of the United States ; bUls, notes and revenue bonds, and warrants with a maturity from date of purchase not ex- ceeding six months, issued in anticipation of the collection of taxes or the receipt of assured revenues by any State, county, etc., in the continental United States. § 14:1. 21 :p. 16. To purchase from member banks and to sell, with or without its indorsement, bUls of ex- change arising out of commercial transac- tions, as hereinbefore defined. § 14:1. 24: p. 16. To establish from time to time, subject to re- view and determination of the Federal Re- serve Board, rates of discount to be charged by the Federal reserve bank for each class of paper, which shall be fixed with a view of ac- commodating commerce and business. § 14:1. 28:p. 16. To establish accounts with other Federal re- serve banks for exchange purposes and, with the consent of the Federal Reserve Board, to open and maintain banking accounts in for- eign countries, to appoint correspondents, and establish agencies in such countries, wheresoever it may deem best for the pur- pose of purchasing, selling, and collecting biUs of exchange. § 14:1. 33: p. 16. To buy and sell with the consent of the Fed- eral Reserve Board, with or without its in- dorsement, through such correspondents or agencies, biUs of exchange arising out of ac- tual commercial transactions which have not more than 90 days to run and which bear the signatiire of two or more responsible parties. § 15:1. 43 :p. 16. The moneys held in the general fund of the Treasury, except the 5 per centum national bank redemption fund and the redemption funds for Federal reserve notes, may be de- posited by the Secretary of the Treasury in, which shall act as fiscal agents of the United States when required by tne Secretary. INDEX-DIGEST, 207 FEDERAL RESERVE BANK; FEDERAL RESERVE BANKS (Contd.). § 15:1. 46: p. 16. The revenues of the Government or any part thereof may be deposited in such, and dis- bursements may be made by check against such deposits. § 16:1. 3:p. 17. Federal reserve notes, authorized to be issued at the discretion of the Federal Reserve Board, for the purpose of makiag advances to, through the Federal reserve agents, etc., and for no other purpose. §17:1. 7:p. 17. Tobe receivable by all national and member banks and, etc. § 16:1. 11 :p. 17. Redeemable in gold or lawful money at any. § 16:1. 12 :p. 17. Any, may make apphcation to the local Federal reserve agent for such, etc., notes. § 16:1. 21: p. 17. The Federal reserve agent to each day notify the Federal Reserve Board of all issues and withdrawals of such notes to and by the, to which he is accredited. § 16:1. 23 :p. 17. The Federal Reserve Board may at any time call upon a, for additional security to protect the Federal reserve notes issued to it. § 16:1. 25 :p. 17. Every, to maintain reserves in gold or lawful money of not less than thirty-five per centum against its deposits and reserves in gold of not less than forty per centum against its Federal reserve notes in actual circulation, and not offset by gold or lawful money de- posited with the Federal reserve agent. § 16:1. 32: p. 17. The Federal Reserve Board to assign a distinc- tive letter and serial mmiber to each. § 16 :1. 33 :p. 17. Federal reserve notes issued through one, when § 16:1. 34 : p. 17. received by another, to be promptly returned § 16:1. 35 : p. 17. for credit or redemption to the, through origi- nally issued. § 16:1. 3^:p. 17. No, to pay out Federal reserve notes issued through another, under penalty of a tax of 10 per centum, etc. § 16:1. 40 :p. 17. Federal reserve notes redeemed by the United § 16:1. 42: p. 17. States Treasury, etc., to be returned to the, through which originally issued and such, thereupon shall reimburse such redemption fimd in lawful money upon demand of the Secretary of the Treasury. § 16:1. 47: p. 17. Such, to maintain with the United States Treasurer in gold an amount sufficient, etc., to provide for all redemptions, etc. 70820°— 15 14 208 INDEX-DIGEST. FEDERAL EESEEVE BANK; FEDEEAL RESERVE BANKS (Contd.). § 16:1. l:p. 18. Sucli notes received by the Treasury otherwise than for redemption may be exchanged for gold out of the redemption fund., etc., and returned to the, through which originally issued, etc. § 16:1. 2: p. 18. Or they may be returned to such, for the credit of the United States. § 16:1. 6:p. 18. The Federal Eeserve Board shall require each, § 16:1. 10:p. 18. to maintain on deposit in the Treasury of the United States a sum in gold sufficient in the judgment of the Secretary of the Treasury for the redemption of the Federal reserve notes issued to such bank, but in no event less than 5 per centum . § 16:1. 14 :p. 18. The Federal Reserve Board, acting through the Federal reserve agent, may grant in whole or in part, or reject entirely the appli- cation of any, for Federal reserve notes. § 16:1. 18: p. 18. The Federal Reserve Board shall through its local Federal reserve agent supply reserve notes to the, so applying. § 16:1. 18: p. 18. Such, to be charged with the amount of such notes and to pay such rate of interest on said amount as may be established by the Fed- eral Reserve Board. § 16:1. 21: p. 18. The amount of such Federal reserve notes so § 16:1. 22: p. 18. issued to any such, to be, upon delivery, § 16:1. 25 :p. 18. together with such notes of such, as may be issued under section 18, etc., to become a first and paramount lien on all the assets of such. § 16:1. 26: p. 18. Any, may at any time reduce its liability for outstanding Federal reserve notes by de- positing with the Federal reserve agent, its Federal reserve notes, gold, gold certificates, or lawful money of the United States. § 16:1. 34 :p. 18. The* Federal reserve agent to hold such gold, etc., available exclusively for exchange for the outstanding Federal reserve notes when offered by the, of which he is a director. § 16:1. 40: p. 18. Any, may at its discretion withdraw collateral deposited, etc., for Federal reserve notes and shall, etc., substitute other like collateral, etc. § 16:1. 52: p. 18. The Comptroller to hav« Federal reserve notes printed, etc., to supply the. § 16:1. l:p. 19. Such notes to bear the distinctive numbers of the several, through which issued. INDEX-DIGEST. 209 FEDERAL EESERVE BANK; FEDEEAL EESERVE BANKS (Contd.). § 16:1. 5: p. 19. Such notes, etc., to be deposited in the Treas- § 16:1. 6: p. 19. ury, or in the Subtreasury, or Mint of United States nearest the place of business of each, and shall be held for the use of such, subject to the order of the Comptroller for their delivery, etc. § 16:1. 13:p. 19. The expenses necessarily incmred in executing § 16:1. 14:p. 19. the laws relating to the procuring of Federd reserve notes and all other expenses inci- dental to the issue and retirement of such notes to be paid by the, and such expenses to be included by the Federal Reserve Board in its estimate oi expenses levied against the. § 16:1. 34: p. 19. Nothing in this section to be construed as exempting, etc., from their liabiUty to reim- burse the United States for expenses in printing and issuing such notes. § 16:1. 37:p. 19. Deposits which, must receive at par. § 16:1. 38:p. 19. § 16:1. 39:p. 19. § 16:1. 40:p. 19. § 16:1. 42:p. 19. § 16:1. 47: p. 19. Charges by member banks from its patrons whose checks are cleared through the, to be fixed by the Federal Reserve Board. § 16:1. 49: p. 19. Charges by the, for service of clearing or col- lection rendered by the Federal reserve bank to be fixed by the Federal Reserve Board. § 16:1. 52 : p. 19. Charges for transfer of funds among, to be fixed under regulations of the Federal Reserve Board. § 16:1. 54: p. 19. The Federal Reserve Board may clear for, or designate a, to exercise such functions. § 16:1. l:p. 20. The Federal Reserve Board may require each, to clear for its member banks. § 18:1. 21: p. 20. The Federal Reserve Board may require, to Eurchase United States bonds from member anks desiring to retire circulation. § 18:1. 25: p. 20. Limit to such pm-chases by. § 18:1. 28:p. 20. § 18:1. 31 : p. 20. Method of alloting such bonds to be purchased § 18:1. 32:p. 20. by. § 18:1. 33:p. 20. § 18:1. 36: p. 20. Such bonds to be assigned, etc., to the, purchas- ing same. 210 INDEX-DIGEST. FEDERAL EESEEVE BANK; FEDERAL RESERVE BANKS (Contd). § 18:1. 37: p. 20. Such, to deposit lawful money with the Treas- lu-er of the United States for the purchase price of such bonds. § 18:1. 43: p. 20. The, so purchasing such bonds may take out circulating notes up to par value of such bonds deposited, etc. § 18:1. 48: p. 20. Any, depositiag such bonds entitled to receive from Comptroller circulating notes, etc. §18:1. l:p. 21. Such notes shall be the obligations of the, pro- ciiring the same. §18:1. 6:p.21. Not to be limited to amount of capital stock of, issuing them. § 18:1. 6:p. 21. The Secretary of the Treasury may issue United States one-year gold notes in exchange for United States 2 per centum gold bonds against which no circulation is outstanding, upon application of any, to an amount not exceediug one-half of the bonds so tendered for exchange. § 18:1. 17:p. 21. The, to enter into obligation to buy at matu- rity an amount of such one-year notes equal to those dehvered in exchange for such bonds. § 18:1. 22 : p. 21. And at each maturity of one-year notes so pur- § 18:1. 24:p. 21. chased by such, to purchase such an amount § 18:1. 25: p. 21. of one-year notes as the Secretary of the Treasury may tender, not to exceed amoimt issued to such, ia the first instance, etc. § 18:1. 45: p. 21. The Secretary of the Treasury may issue at par United States 3 per centum bonds in exchange for such one year notes, etc., upon apphcation by any, approved by the Federal Keserve Board. Reserves to be established and maintained by member banks when the Secretary of the Treasury shall have announced, etc., the es- tabhshment of a, in any district. § 19 1. 2 p. 22 § 19 1. 11 p. 22 § 19 1. 16 p. 22 § 19 1.21 p. 22 § 19 1.22 p. 22 § 19 1. 30 p. 22 § 19 1.36 p. 22 § 19 1.41 p. 22 § 19 1.42 p. 22 § 19 1.49 p. 22 § 19 1.51 p. 22 § 19 1.52 p. 22 § 19 1. 2 p. 23 Any, may receive from the member banks as reserves, not exceeding one-half of each in- staDment, ehgible paper described in section 14 properly indorsed and acceptable to said. [Words "section 14" changed to "section 13" by Act of Aug. 15, 1914. See § 19:1. 35: p. 30.] ^ INDEX-DIGEST. 211 FEDERAL RESERVE BANK; FEDERAI RESERVE BANKS (Contd). § 19:1. 10: p. 23. Reserve deposits by a State bank or trust company required by law of the State to be kept in another State bank, etc., shall be construed as if reserve deposits ia a na- tional bank in a reserve or central reserve city, for three years after the Secretary of the Treasury has officially announced the establishment of a, etc. [Amended by Act of August 15, 1914. See § 19:1. 37:p. 30; § 19:1. 39: p. 30; § 19:1. 41: p. 30.] § 19:1. 15 :p. 23. No member bank to act as the medium or agent of a nonmember bank in applying for or receiving discounts from a, etc., except by permission of the Federal Reserve Board. § 19:1. 18: p. 23. The reserve carried by a member bank with a, 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 habUities,- etc. § 19:1. 28: p. 23. Balances in, due to member banks shall, to the extent provided herein, be counted as re- serves. § 21:1. 6: p. 24. The Federal Reserve Board may at any time direct the holding of a special examination of State banks and trust companies that are stockholders in any. § 21:1. 22 :p. 24. Every, etc., may provide for special examina- tion of its member banks. § 21:1. 27: p. 24. Such examinations to inform the, of the con- dition of its member banks and the liaes of credit extended by them. § 21:1. 28 :p. 24. Every, to ioform the Federal Reserve Board § 21:1. 31: p. 24. as to the condition of any member bank within the district of said. § 21 :1. 38 :p. 24. The Federal Reserve Board, at least once each year, to order an examination of each. § 21 :1. 40: p. 24. On joint application of 10 member banks the Federal Reserve Board shall order a special examination and report of the condition of any. FEDERAI RESERVE BANK BRANCHES. See "Branch bank." FEDERAI RESERVE BANK NOTES. § 4:1. 12:p. 5. To be issued by the Comptroller to Federal reserve banks. 212 INDEX-DIGEST. FEDERAL RESERVE BANK NOTES (Continued). § 4:1. 14: p. 5. To be issued under the same conditions and provisions of law as relate to the issue of cir- culating notes of national banks secured by United States bonds bearing the circulating privilege except, etc. § 4:1. 17: p. 5. Issue of such, not to be limited to the capital stock of such Federal reserve bank. § 16:1. 36:p. 19. Nothing in this section to be construed to exempt national banks or Federal reserve banks from their Hability to reimburse the United States for any expenses incurred in printing and issuing circulating notes. § 18:1. 44: p. 20. Federal reserve banks purchasing United States bonds from member banks may take out, equal to the par value of such bonds. § 18:1. 50: p. 20. Any Federal reserve bank depositing bonds thus purchased or any bonds with the cir- culating privilege acquired under section 4 entitled to receive from the Comptroller cir- culating notes in blank, etc., equal in amount to the par value of the bonds so deposited. § 18:1. 52: p. 20. Such notes to be the obligations of the Federal reserve bank procuring the same. § 18:1. 2:p. 21. To be in form prescribed by the Secretary of the Treasury. § 18 :1. 3 :p. 21. Shall be to the same tenor and effect as national- bank notes. § 18:1. 4:p. 21. To be issued and redeemed under the same terms and conditions as national-bank notes except they shaU not be limited to the amount of the capital stock of the Federal reserve bank issuing them. FEDERAL RESERVE BANK OF CHICAGO. § 2:1. 42:p. 1. FEDERAL RESERVE BANK OPERATIONS. See "Operations." FEDERAL RESERVE BOARD. § 1:1. 13 :p. 1. The term "Board" shall be held to mean. § 5 :1. 53 :p. 5. No Senator or Representative in Congress shall be a member of the, etc. § 10:1. 5: p. 11. Title to section 10. § 10:1. 6:p. 11. Federal Reserve Board created. §10:1. 7:p. 11. To consist of seven members, including the Sec- retary of the Treasury and the Comptroller of the Currency, who shall be members ex officio. INDBX-MGEST. 213 FEDERAL RESERVE BOARD (Continued). § 10:1. 9: p. 11. Also of five members to be appointed by the President with, advice and consent oi the Senate. § 10:1. 12 :p. 11. Not more than one to be selected from any one Federal reserve district. § 10:1. 17: p. 11. Five appointive members to devote their entire time to the business of the. § 10:1. 18: p. 11. Each to receive an annual salary of $12,000, payable monthly, together with actual, neces- sary traveling expenses. § 10:1. 20: p. 11. The Comptroller to receive $7,000 additional for services as a member of. § 10:1. 24: p. 11. The members of said, the Secretary of the Treasury, the Assistant Secretaries of the Treasury, and the Comptroller of the Cur- rency ineligible while in ofiice and for two years thereafter to hold any office, position, or employment in any member bank. § 10:1. 28: p. 11. Two of the five appointive members to be per- sons experienced in banking or finance. § 10:1. 29:p. 11. Designation by the President as to terms. § 10:1. 31:p. 11. Thereafter each to serve for a term of ten years unless sooner removed for cause by the Presi- dent. § 10:1. 33: p. 11. One to be designated as governor by the Presi- dent and one as vice governor of the. § 10:1. 35:p 11 The governor of the, subject to its supervision, to be the active executive officer. § 10:1. 38:p. 11. The Secretary of the Treasury may assign offices in the Department of the Treasury for the use of the. § 10:1. 39: p. 11. Each member of the, to make and subscribe to the oath of ofl&ce within 16 days after notice of appointment. § 10:1. 48: p. 11. First meeting of the, to be held in Washington, etc., at a date to be fixed by the Reserve Bank Organization Committee. § 10:1. 52: p. 11. The Secretary of the Treasury to be ex officio chairman of the. § 10:1. 53: p. 11. No member of, to be an officer or director of any bank, banking institution, trust com- pany, or Federal reserve bank. § 10:1. l:p. 12. Nor hold stock in any bank, banking institu- tion, or trust company. 214 INDEX-DIGEST. FEDEKAL RESERVE BOARD (Continued). § 10:1. 3:p. 12. Before entering upon his duties each member to certify under oath to the Secretary of the Treasury that he has complied with this re- quirement. § 10:1. 7: p. 12. Method of filhng vacancies among the five ap- § 10:1. 13 :p. 12. pointive members. § 10:1. 20:p. 12. Whenever any power vested in the Federal re- serve agent or the, appears to conflict with the powers of the Secretary of the Treasury such powers to be exercised subject to the supervision and control of the Secretary. § 11:1. 36:p. 12. Powers of board. See "Federal Reserve Board, powers, du- ties, etc." § 10:1. 34: p. 12. Annual report to Speaker of House. FEDERAL RESERVE BOARD, CHAIRMABT OF. See "Chairman of Federal Reserve Board." FEDERAL RESERVE BOARD, GOVERNOR OF. See "Governor of Federal Reserve Board." FEDERAL RESERVE BOARD, POWERS, DUTIES, ETC. § 2:1. 15:p. 2. Calls for subscription payments. § 2:1. 17:p. 2. Calls for subscription payments. § 5:1. 2: p. 8. Calls for subscription payments. § 2:1. 30:p. 2. Thirty days' notice to national banks faUing to accept Act to cease to act as reserve agent. § 2:1. 40: p. 2. Direction of suits brought in name of Comp- troller for violation of Act. § 2:1. 27 :p. 3. Rules and regulations governing transfers of stock of Federal reserve banks. § 3:1. 48 :p. 3. Approval of rules and regulations for opera- tion of branch banks. § 3:1. 52: p. 3. Tenure of office of directors of branch banks to be at pleasure of the, and the parent bank. § 4 :1. 30 :p. 5. Orders as to extension by Federal reserve banks to member banks of discounts, advancements, and accommodations. § 4:1. 44: p. 5. Designation and appointment of class C di- rectors. § 4:1. 46: p. 6. Designation and appointment of class C di- rectors. § 4:1. 49: p. 6. Designation and appointment of class C di- rectors. § 4:1. 52: p. 6. Designation of chairman of board of directors. INDEX-DIGEST. 215 FEDERAL RESERVE BOARD, POWERS^ DUTIES, ETC. (Continued). § 4:1. 53: p. 6. Designation of Federal reserve agent. § 4:1. 2:p. 7. Local office of, on premises of each Federal re- serve bank. § 4:1. 5:p. 7. Reports from Federal reserve agents. § 4:1. 5:p, 7. Federal reserve agent to be official representa- tive of. § 4:1. 8:p. 7. To fix compensation of Federal reserve agents. § 4:1. ll:p. 7. Appointment of deputy chairman. § 4:1. 12 :p. 7. Appointment of deputy Federal reserve agent. § 4:1. 21:p. 7. Approval of compensation fixed by Federal reserve banks for their directors, officers, and employees. § 5:1. 21: p. 8. Regulations as to payment by Federal reserve banks for surrendered shares. § 8:1. 40:p. 9. Regulations as to State, etc., banks converted into national banks. § 9:1. 52: p. 9. Rules and regulations as to State banks, etc., applying to become stockholders in the Fed- eral reserve banks. § 9:1. 7:p. 10. Regulations as to issue and payment for stock by State banks, etc., becoming stockholders in Federal reserve banks. § 9:1. 9 : p. 10. By-laws for government of its conduct in acting § 9:1. 13: p. 10. upon applications of State banks, etc., to be- come stockholders. § 9:1. 15: p. 10. Regulations as to State banks, etc., becoming stockholders. § 9:1. 22: p. 10. Regulations as to applications of State banks, etc., to become stockholders in reserve banks. § 9:1. 29: p. 10. Rules and regulations as to applicability of national-bank laws to State banks, etc., be- coming stockholders. § 9:1. 44: p. IQ. As to surrender of stock for violation of regula- tions of. § 9:1. 53:p. 10. Notice to the Federal reserve bank to suspend a member bank. § 9:1. 2: p. 11. Restoration of membership to a member bank. § 10:1. 44 :p. 11. Assessment to be levied upon Federal reserve banks. [See also, § 16:1. 14: p. 19.] § 10:1. 24 :p. 12. Annual report to Speaker of House. § 10:1. 32: p. 12. General supervision over the Comptroller as to Federal reserve notes. 216 INDEX-DIGEST. FEDERAL RESERVE BOARD, POWERS, DUTIES, ETC. (Continued). Ll:l. 39:p. 12. Examination of accounts, books, and affairs of each Federal reserve bank. 1:1. 39: p. 12. Examination of accounts, books, and affairs of each, member bank. 1:1. 40:p. 12. Statements and reports from each Federal re- serve bank. 1:1. 40: p. 12. Statements and reports from each member bank. 1:1. 41 : p. 12. Weekly statement as to condition of each Fed- eral reserve bank. 1:1. 42: p. 12. Weekly consolidated statement as to condition of all Federal reserve banks. 1:1. 50: p. 12. As to requiring Federal reserve banks to redis- count the discounted, paper of other Federal reserve banks. 1:1. 51 :p. 12. To fix rates of interest upon such rediscounts of discounted paper of other Federal reserve banks. 1:1. 53: p. 12. Suspension and renewal of suspension of any reserve requirement of Act. 1:1. 2:p. 13. Graduated tax on deficient reserves. 1:1. 6: p. 13. Graduated tax on deficient gold reserves held 1 :1. 15 :p. 13. against Federal reserve notes. 1:1. 15: p. 13. Supervision and regulation through the bureau 1:1. 17 :p. 13.. under charge of the Comptroller, of the issue and retirement of Federal reserve notes. 1:1. 18 : p. 13. Rules and regulations for delivery by the Comp- troller to the Federal reserve agent of Federal reserve notes. 1 :1. 21 :p. 13. To add to the number of cities classified as re- serve and central reserve cities under existing law. 1:1. 24:p. 13. To reclassify existing reserve and central re- serve cities. 1:1. 25 :p. 13. To terminate the designation as such of existing reserve and central reserve cities. 1:1. 26: p. 13. To suspend any ofiicer or director of a Federal reserve bank. 1:1. 26: p. 13. To remove any ofl&cer or director of a Federal reserve bank. 1:1. 27:p. 13. To communicate in writing the cause for re- moval to the removed officer or director. 1:1. 30: p. 13. To require the writing off of doubtful or worth- less assets upon the books and balance sheets of the Federal reserve banks. INDEX-DIGEST. 217 FEDEEAl RESERVE BOARD, POWERS, DUTIES, ETC. (Continued). § 11:1. 32 :p. 13. To suspend the operation of any Federal reserve bank for violation of Act. § 11:1. 33 :p. 13. To take possession of any suspended Federal reserve bank. § 11:1. 34: p. 13. To administer the same during suspension. § 11:1. 35 :p. 13. To liquidate any suspended Federal reserve bank. § 11:1. 35 :p. 13. To reorganize any suspended Federal reserve bank. § 11:1. 36:p. 13. To require bonds of Federal reserve agent. § 11:1. 37 :p. 13. Regulations for safeguarding collateral, bonds, Federal reserve notes, money, or property of any kind deposited in the hands of Federal reserve agents. § 11:1. 40: p. 13. Regulations as to effective performance of the duties, functions, or services specified in Act. § 11:1. 42: p. 13. Exercise of general supervision over Federal reserve banks. § 11:1. 43 :p. 13. Regulations as to special permits to national § 11:1. 46:p. 13. banks to act as executor, trustee, adminis- trator, or registrar of stocks and bonds. § 11:1. 47:p. 13. Employment of attorneys, experts, assistants, § 11:1. 52: p. 13. clerks, or other employees without regard to civil service law. § 11:1. 49 :p. 13. Fixing in advance and payment of all salaries, and fees of attorneys, experts, assistants, clerks, and other employees. § 12:1. 11 :p. 14. Approval of compensation fixed by directors for members of Federal Advisory Council. § 12:1. 14: p. 14. Callingof meetings of Federal Advisory Council. § 12:1. 23: p. 14. Concferences with Federal Advisory Council. § 12:1. 24: p. 14. Oral or written representations of Federal Advisory Council. § 12:1. 26: p. 14. Recommendations of Federal Advisory Council. § 12:1. 27 :p. 14. Recommendations of Federal Advisory Council. § 12:1. 30: p. 14. Conferences with and recommendations from Federal Advisory Council. § 13:1. 47: p. 14. Definition of character of paper eligible for dis- count by Federal reserve banks. § 13:1. 12:p. 15. Fixing percentage of capital of Federal reserve banks which may be applied to discounts of agricultural and live stock paper having a maturity not exceeding six months, etc. 218 INDEX-DIGEST. FEDERAL RESERVE BOARD, POWERS, DUTIES, ETC. (Continued). § 13:1. 48:p. 15. Eegulations as to rediscount by Federal reserve banks of bills receivable, bills of exchange, and acceptances authorized by Act. § 14:1. 52: p. 15. Regulations as to open market operations. § 14:1. 19:p. 16. § 14:1. 25: p. 16. Keview and determination of rates of discount established from time to time by Federal re- serve banks. § 14:1. 29: p. 16. Consent to opening and maintaining by Federal ' reserve banks of banking accounts in foreign countries. § 14:1. 31 :p. 16. Consent to appointment by Federal reserve banks of correspondents in foreign countries. § 14:1. 31 :p. 16. Consent to establishment by Federal reserve banks of agencies in foreign countries. § 16:1. 3: p. 17. Issue of Federal reserve notes. § 16:1. 20: p. 17. Notice from Federal reserve agent each day as to issues and withdrawals of Federal reserve notes. § 16:1. 23: p. 17. CaU for additional security to protect Federal reserve notes. § 16:1. 31 : p. 17. To assign a distinctive letter and serial number to each Federal reserve bank. § 16:1. 6: p. 18. To require each Federal reserve bank to main- tain in the Treasury a gold redemption fund sufficient, in the judgment of Secretary of the Treasury, for the redemption of the Federal reserve notes issued to such bank. § 16:1. 13: p. 18. To grant in whole or in part or to reject entirely applications for Federal reserve notes. § 16:1. 17: p. 18. To supply Federal reserve notes to the banks whose applications are granted. § 16:1. 18 :p. 18. To charge each bank with the amount of such notes. § 16:1. 19:p. 18. To establish the rate of interest to be paid by Federal reserve banks on Federal reserve notes. § 16:1. 36 :p. 18. To require the Federal reserve agent, upon re- quest of the Secretary of the Treasury, to transmit so much of the gold deposited by Federal reserve banks to reduce their liability for outstanding Federal reserve notes as may be required for the exclusive purpose of re- demption of such notes. § 16:1. 43: p. 18. Regulations governing the substitution of col- lateral deposited with the Federal reserve agent for protection of Federal reserve notes. INDEX-DIGEST. 219 FEDERAL RESERVE BOARD, POWERS, DUTIES, ETC. (Continued). § 16:1. 14:p. 19. Assessment upon Federal reserve banks for ex- pense of pnnting Federal reserve notes. See also §10:1. 44:p. 11. § 16:1. 45:p. 19. To fix by rule the charges to be collected by member banks from its patrons whose checks are cleared through the Federal reserve banks. § 16:1. 48: p. 19. To fix: by rule the charge which may be im- posed for the service of clearing or collection rendered by Federal reserve banks. § 16:1. 51:p. 19. Regulations governing transfer of funds and charges therefor among Federal reserve banks and their branches. § 16:1. 53:p. 19. To exercise the functions of a clearing house for Federal reserve banks. § 16:1. 54: p. 19. Designation of a Federal reserve bank to exer- cise the functions of a clearing house for Fed- eral reserve banks. § 16 :1. 1 :p. 20. Requiring Federal reserve banks to exercise the functions of a clearing house for their mem- ber banks. § 18:1. 20:p. 20. To receive from the United States Treasurer a list of applications of member banks to sell their United States bonds securing circula- tion to be retired. § 18:1. 21 :p. 20. To require Federal reserve banks to purchase § 18:1. 24: p. 20. such United States bonds from member banks. § 18:1. 30: p. 20. To allot to each Federal reserve bank such pro- portion of such bonds as its capital and sur- plus shaU bear to the aggregate capital and surplus of aU the Federafreserve banks. § 18:1. 8: p. 21. To approve applications by Federal reserve banks to the Secretary of the Treasury for exchange of United States 2 per centum gold bonds bearing the circulation privilege but against which no circulation is outstanding, for one-year United States gold notes. § 18:1. 45: p. 21. To approve applications by Federal reserve banks to the Secretary of the Treasury for the exchange of said one-year gold notes for United States 3 per centum gold bonds without the circulation privilege. § 19:1. 16: p. 23. To permit member banks to act as medium or agent of nonmember banks in applying for or receiving discounts from a Federal reserve bank under the provisions of this Act. 220 INDEX-DIGEST. FEDERAL EESERVE BOARD, POWERS, DUTIES, ETC. (Continued). § 19:1. 19:p. 23. Eegulations and penalties as to checking agaiast aiid withdrawing reserve deposits of member banks carried in Federal reserve banks. § 19:1. 34: p. 23. To permit national banks in Alaska or outside of the continental United States, except in the Philippine Islands, to become member banks. § 21:1. 3:p. 24. To authorize examination by State authorities to be accepted in case of State banks or trust companies that are stockholders in any Fed- eral reserve bank. § 21:1. 5:p. 24. To direct special examinations of State banks and trust companies that are stockholders in any Federal reserve bank. § 21:1. 15: p. 24. To fix the salaries of aU bank examiners, upon the recommendation of the Comptroller. § 21:1. 15 :p. 24. To make a report to Congress as to aU salaries of bank examiners thus fixed. § 21:1. 23 :p. 24. To approve special examinations of member banks to be provided by Federal reserve banks. § 21:1. 29: p. 24. Information from Federal reserve banks con- cerning the condition of any member bank in the district. § 21:1. 37:p. 24. To order, at least once each year, an examina- tion of each Federal reserve bank. § 21:1. 38: p. 24. To order a special examination of any Federal reserve bank upon joint application of ten member banks. § 24:1. 47:p. 25. 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 de- scribed in this section. § 25:1. 6: p. 26. To authorize national banks possessing a capi- § 25:1. 13:p. 26. tal and surplus of $1,000,000 to establ&h branches in foreign countries or dependen- cies of United States. § 25:1. 21 : p. 26. To order special examinations of said foreign branches. § 28:1. 26 :p. 27. To approve, with the Comptroller, proposed re- ductions of capital stock of national banks. FEDERAL RESERVE BOARD, VICE GOVERNOR OF. See Vice gov- ernor of Federal Reserve Board. INDEX-DIGEST, 221 FEDERAL RESERVE CITIES. § 2:1. 20: p. 1. The Organization Committee to designate not less tnian 8 nor more than 12 cities to be kno-wn as. §. 2:1. 23: p. 1. To divide the continental United States, ex- cluding Alaska, into districts each to contain ■ only one of such. § 2:1. 38: p. 1. The Organization Committee may employ counsel, etc., in designattag. § 2:1. 40:p. 1. Said committee to supervise the organization of a Federal reserve bank in each of the, designated. § 2:1. 7: p. 2. Every national banking institution, etc., to sub- scribe to the capital stock, etc., when the Or- ganization Committee shall have designated the, etc. § 2:1. 31: p. 3. The organization of, not to change the status of reserve and central reserve cities except in so far as this Act changes the amount of re- serves that may be carried with approved reserve agents located therein. FEDERAL RESERVE DISTRICT ; FEDERAL RESERVE DISTRICTS. § 1:1. 14:p. 1. To be embraced in term " District." § 2:1. 22: p. 1. Organization Committee to divide the conti- nental United States, excluding Alaska, into. § 2:1. 25 :p. 1. The, to be apportioned with due regard to the convenience and customary course of busi- ness, etc. § 2:1. 28: p. 1. The, thus created may be readjusted. § 2:1. 29: p. 1. New, may from time to time be created by the Reserve Board not to exceed 12 in all. § 2:1. 30: p. 1. Said districts to be known as, etc. § 2:1. 31: p. 1. May be designated by number. § 2:1. 37: p. 1. The Organization Committee may employ § 2:1. 38: p. 1. counsel and make investigations, etc., in determiniag the, and in designating the cities within such, etc. § 2:1. 9: p. 2. Subscriptions to stock after geographical limits, etc., of the, are fixed. § 2:1. 10: p. 2. Every national banking association within that, to subscribe, etc. § 2 :1. 39 :p. 2. Suits for violation of Act, etc., to be brought in the United States Court in a suit to be brought in the, etc., in which bank is located. 222 INDEX-DIGEST. FEDERAL EESEEVE DISTEICT; FEDERAL RESERVE DISTRICTS (Continued) . § 2:1. 8: p. 3. Only member banks of the, can subscribe for or hold more than $25,000 par value of stock in any Federal reserve bank. § 2:1. 31 :p. 3. Organization of, etc., not to change the status of reserve and central reserve cities except, etc, § 3:1. 46: p. 3. Federal reserve bank shall establish branch banks within the, in which the Federal reserve bank is located or may establish branch banks in the, of any suspended Federal reserve bank. § 4:1. 3:p. 4. When the Organization Committee has estab- § 4:1. 5 : p. 4. lished, etc. , the Comp troUer to file a certificate § 4:1. 6: p. 4. showing the geographical limits of such, and the Federal reserve city designated in each. § 4:1. 8: p. 4. The Comptroller to forward an application blank to each national bank located in each, authorizing subscription to the stock of the Federal reserve bank organizing in that, etc. § 4:1. 14: p. 4. The organization certificate to state the terri- § 4:1. 23: p. 4. torial extent of the. § 4:1. 41: p. 5. Class B directors at the time of election to be actively engaged in their, in commerce, etc. § 4:1. 8:p. 6. The chairman of the board of the Federal re- serve bank of the, etc., to classify member banks of the, etc. § 4:1. 10: p. 6. Each group to contain, etc., one-third of the § 4:1. 12: p. 6. aggregate number of member banks of thcj etc. ^ § 4:1. 16: p. 6. The board of directors of each member bank in the, to elect a district reserve elector. § 4:1. 18:p. 6. To certify his name to the chairman of the board of the Federal reserve bank of the. § 4:1. 32 :p. 6. The chairman of the board of directors of the, to furnish a form of preferential ballot. § 4:1. 50: p. 6. Class C directors shaJl have been for at least two years resident of the, for which appointed. § 4:1. 24: p. 7. The Organization Committee may caU meetings of bank directors in the several. § 5:1. 51: p. 7. A member bank increasing its capital stock or surplus to subscribe for an additional amount of the capital stock of the Federal reserve bank of its. INDEX-MGBST. 223 FEDERAL RESERVE DISTRICT; FEDERAL RESERVE DISTRICTS (Continued). § 9:1. 51:p. 9. Any State bank, etc., may apply for the right to § 9:1. 3:p. 10. subscribe to the stock of the Federal reserve bank within the, where the applicant is lo- cated, and the Organization Committee or the Federal Reserve Board may permit applying bank to become a stockholder ia the Federal reserve bank of the, in which located. § 9:1. 6: p. 10. When the Organization Committee or the Fed- eral Reserve Board shall permit applying bank to become a stockholder in the Federal reserve bank of the, stock shaU be issued, etc. § 10:1. 13: p. 11. Not more than one of the appointive members of the Federal Reserve Board to be selected from any one. § 12:1. 7:p. 14. The Federal Advisory Council to consist of as many members as there are. § 12 :1. 9 :p. 14. The Federal reserve bank to select annually one member of said council from its own. § 12:1. 28 :p. 14. The Federal Advisory Council may call for in- formation, etc., as to reserve conditions in the various. §19:1. 3:p. 22. Reserves to be held when the Secretary of the Treasury has officially announced the estab- lishment of a Federal reserve bank iu any. § 19:1. 11 :p. 22. Reserves to be held ia Federal reserve bank of § 19:1. 30: p. 22. each. § 19:1. 10: p. 23. Construction of term reserve deposits of a State bank and trust company for three years after official aimouncement of the establishment of a Federal reserve bank in the, in which such State bank or trust company is situate. [Amended by Act of August 15, 1904. See § 19:1. 37:p. 30; § 19: 1. 39:p. 30; § 19: 1. 41: p. 30.] § 19:1. 35:p. 23. Alaska national banks or those outside the con- tinental United States, except in the Philip- pine Islands, may become member banks of any one of the. § 21:1. 24: p. 24. The Federal reserve bank may, with approval of the Organization Committee or the Federal Reserve Board, provide for special examina- tion of member banks within its. § 21 :1. 31 :p. 24. Federal reserve banks to furnish to the Federal Reserve Board at all times such information as may be demanded concerning the condition of any member bank within the, etc. 70820°— 15 15 224 INDEX-DIGEST. FEDERAL RESERVE DISTRICT; FEDERAL RESERVE DISTRICTS (Continued). § 24:1. 39: p. 25. Any national bank not situated in a central reserve city may make loans, secured by im- proved and unincumbered farm land situated within its. FEDERAL RESERVE NOTES. § 10:1. 33: p. 12. The Comptroller of the Currency, under the general supervision of the Federal Reserve Board, charged with the execution of all laws relating to the issue and regulation of all. § 11:1. 5:p. 13. Graduated tax prescribed when the gold reserve held against, falls below 40 per centum. § 11:1. 17 :p. 13. The Federal Reserve Board, through the bureau under charge of the Comptroller, to supervise and regulate the issue and retire- ment of. § 11:1. 19: p. 13. The Federal Reserve Board to prescribe rules and regulations under which such, may be delivered by the Comptroller to the Federal reserve agents applying therefor. § 11:1. 37: p. 13. The Federal Reserve Board may make regula- tions for safeguarding of, etc., deposited in the hands of Federal reserve agents. § 13:1. 34: p. 14. Any Federal reserve bank may receive from any of its member banks deposits of, etc. §14:1. 7:p. 16. Every Federal reserve bank may exchange, for gold, gold coin, or gold certificates. § 15:1. 42:p. 16. The Secretary of the Treasury may not deposit in Federal reserve banks the redemption funds for. § 16:1. 2: p. 17. Authority given for issue of. § 16:1. 5:p. 17. Said, to be obligations of the United States. § 16:1. 6:p. 17. Said, to be receivable for all taxes, customs, and other public dues by all national .and member banks and Federal reserve banks. § 16:1. 8: p. 17. Said, to be redeemable in gold on demand at the Treasury, etc., or in gold or lawful money at any Federal reserve bank. § 16:1. 13 :p. 17. Any Federal reserve bank may apply to the local Federal reserve agent for such. § 16:1. 16 :p. 17. Tender to be made to the Federal reserve agent of collateral in amount equal to sum of, ap- plied for. § 16:1. 21 :p. 17. The Federal reserve agent to notify the Federal Reserve Board each day of all issues and withdrawals of, etc. INDEX-DIGEST. 225 FEDERAL EESEEVE NOTES (Continued). § 16:1. 24 :p. 17. The Federal Reserve Board may call for addi- tional security to protect the, issued. § 16:1. 28:p. 17. Reserves in gold prescribed of not less than 40 per centum against, in actual circula- tion, etc. § 16:1. 30: p. 17. Such, to bear on their faces a distinctive letter and serial number, etc. § 16:1. 33: p. 17. Such, issued by one Federal reserve bank and received by another to be promptly returned for credit or redemption to the Federal reserve bank through which originally issued. § 16:1. 37: p. 17. No Federal reserve bank to pay out, issued § 16:1. 38:p. 17. through another under penalty of tax of 10 per centum upon the face value of the, so paid out. § 16:1. 38 :p. 17. All, presented at the Treasury for redemption to De paid out of the redemption fund and returned to the bank through which origi- nally issued, etc. § 16:1. 44: p. 17. If such, are redeemed by the Treasurer of the United States in gold or gold certificates, such funds to be reimbursed, etc. § 16:1. 48: p. 17. The Federal reserve bank to maintain with the 'Treasurer of the United States a sufficient amount of gold to provide for all redemptions so long as any of its, remain outstanding. § 16:1. 51 :p. 17. All, received by the Treasury other than for § 16:1. 2: p. 18. redemption may be exchanged for gold out of the redemption fund and returned to the banks through which the, were originally is- sued or they may be returned to such bank for credit of the United States. § 16:1. 3:p. 18. Federal reserve agents to return, unfit for cir- culation to the Comptroller for cancellation and destruction. § 16:1. 9:p. 18. Each Federal reserve bank to piaintaia on de- posit in the Treasury a sum in gold, not less ,than 5 per centum, for redemption of the, etc. § 16:1. 15 :p. 18. The Federal Reserve Board may grant in whole or in part or reject entirely an application for. § 16:1. 17: p. 18. When application is granted, the Federal Re- serve Board, through the local Federal re- serve agent, shall supply, to the bank apply- ing.. § 16:1. 19 :p. 18. Such bank shall be charged with the amount of said, and shall pay such interest as may be established by the Federal Reserve Board. 226 INDEX-DIGEST. FEDERAL EESERVE NOTES (Continued). § 16:1. 21 :p. 18. The amount of such,to be a first and paramount lien on all the assets of such bank. § 16:1. 27: p. 18. A Federal reserve bank may reduce its liability § 16:1. 28: p. 18. on outstanding, by depositing with the Fed- eral reserve agent its, gold, etc. § 16:1. 29 :p. 18. Such, so deposited not to be reissued except upon compliance with the conditions of an origiaal issue. § 16:1. 34: p. 18. The Federal reserve agent to hold such gold, etc., available exclusively for exchange for the outstanding, etc. § 16:1. 39: p. 18. On request of the Secretary of the Treasury the Federal B,eserve Board shall require the Fed- eral reserve agent to transmit so much of said gold to the Treasury as may be required for the exclusive purpose of redemption of. § 16:1. 42: p. 18. Any Federal reserve bank may, at its discretion, withdraw collateral deposited with the Fed- eral reserve agent for protection of its, etc. § 16:1. 46: p. 18. The Comptroller to cause to be engraved plates, etc., to furnish suitable, for circulation. § 16:1. 51: p. 18. To have printed therefrom and numbered such quantities of such, of the denomination of $5, SIO, $20, $50, $100, as may be required to supply the Federal reserve banks. § 16:1. 53 :p. 18. Such, to be in form and tenor as directed by the Secretary of the Treasury, etc. § 16:1. 3: p. 19. When such, have been prepared thej shall be deposited in the Treasury, Subtreasury, or United States Mint nearest the place of busi- ness of such Federal reserve bank, etc. § 16:1. 9:p. 19. The plates and dies for printing such, to remain under the control and direction of the Comp- troller. § 16:1. 11 :p. 19. All expenses as to the procuring of such, and as to their issue and retu-ement to be paid by the Federal reserve banks, etc. § 16:1. 19:p. 19. Provisions of section 5174, United States Re- vised Statutes, as to examination of plates, dies, etc., of national-bank notes extended to include, herein provided for. § 16:1. 32:p. 19. The Secretary of the Treasury may use any funds in the Treasury, etc., to furnish, etc. § 16:1. 35 :p. 19. Nothing, etc., to be construed to exempt Fed- eral reserve banks from their liability to re- imburse the United States for any expenses incurred in printing and issuing, etc. INDEX-DIGEST. 227 FEDERAL RESERVE SYSTEM. § 27:1. 7: p. 29. The Secretary of the Treasury authorized to extend the benefits of Act of August 4, 1914, to all qualified State banks and trust compa- nies which have joined or contracted to join the, within 15 days after the passage of said Act. FEDERAL TAXATION. § 7:1. 9: p. 9. Federal reserve banks, including the capital stock and surplus therein, and the income derived therefrom shall be exempt from local. State, and, except taxes on real estate. FEE. §22:1. §22:1. §22:1. 3:p. 25. 5:p. 25. 8: p. 25. FEES. § 11:1. 49:p. 13. Other than the usual director's, or a reasona- ble, for services, etc., no director, etc., to re- ceive directly or indirectly any, etc., for or in connection with any transaction or busi- ness of the bank. All salaries and, of attorneys, experts, assist- ants, clerks, etc., to be fixed in advance by the Federal Reserve Board. FIFTEEN DAYS. § 4:1. 26:p. 6. The chairman of the board to furnish each elector with a fist of candidates for directors within, after its completion. § 4:1. 28: p. 6. Each elector to certify to the chairman his choice, etc., within, after receipt of said list. § 10:1. 40: p. 11. Each member of the Federal Reserve Board to subscribe to the oath of office within, after notice of his appointment. § 11:1. l:p. 13. The Federal Reserve Board may renew the sus- pension of any reserve requirement in Act for periods not exceeding. § 27:1. 8:p. 29. The benefits of the Act of August 4, 1914, may be extended to any qualified State bank or trus.t company which has joined or may con- tract to join the Federal reserve system within, after passage of said Act. FIFTEEN PER CENTUM. § 19:1. 25: p. 22. Member banks in reserve cities to hold reserves of, of aggregate amount of demand deposits. FIFTEENTH, ONE. See "One fifteenth." FIFTEENTHS, THREE. See "Three fifteenths." FIFTEENTHS, FIVE. See "Five fifteenths." 228 INDEX-DIGEST, FIFTEENTHS, SIX. See "Six fifteenths." FIFTH. § 4:1. 50:p. 4. FIFTY DOLLARS. § 16:1. 52: p. 18. Federal reserve notes to be of denomination of, etc. FIFTY PER CENTUM. § 24:1. 41: p. 25. Loans on farm lands not to exceed, of the actual value of the property offered as se- curity. FIFTY-ONE PER CENTUM. § 8:1. 17: p. 9. State banks, etc., may be converted into na- tional banks by vote of the shareholders owning xiot less than, of the capital stock, etc. § 8:1. 25: p. 9. Certificate to declare that owners of, of capital stock have authorized directors to make such certificate, etc. FILE. § 4:1. 38: p. 4. The Comptroller shall, record, and carefully preserve the organization certificate. § 18:1. 16: p. 20. Member banks may, application for sale of their United States bonds securing circulation to be retired, etc. § 25:1. 3: p. 26. National banks, etc., may, application for au- thority to establish branches in foreign countries. FILED. § 4:1. 4:p. 4. A certificate to be, with the Comptroller by Organization Committee as to the estabhsh- ment of Federal reserve districts and cities. § 18:1. 23: p. 20. The Federal Reserve Board may require Fed- eral reserve banks to purchase United States bonds from banks whose applications have been, with the Treasurer of United States, etc. FILING. § 4:1. 39: p. 4. The Federal reserve bank to become a body corporate upon, of the organisation certificate with Comptroller. § 25:1. 10: p. 26. AppUcation by a national bank for authority to estabhsh foreign branches to specify in addi- tion to the name and capital of the banking association, it, the place or places where the banking operations proposed are to be carried on, etc. INDEX-DIGEST. 229 FILL. § 10:1. 9:p. 12. § 10:1. ll:p. 12. § 12:1. 21 :p. 14. FILLED. § 4:1. 38:p. 7. § 12:1. 20:p. 14. FINANCE. § 10:1. 29:p. 11. FINE. § 22:1. 18:p. 25. FINED. § 22:1. 46:p. 24. § 22:1. 47 :p. 24. § 22:1. 51 :p. 24. § 22:1. 52:p. 24. FIRM. § 9:1. 25:p. 10. Appointment by the President to, vacancies in tne Federal Keserve Board. Appointee to hold for unexpired term of mem- ber whose place he is selected to. Term of members selected to, vacancies in the Federal Advisory Coimcil. Vacancies in directors to be, in the manner pro- vided for original selection. Vacancies in the Federal Advisory Council to be, by the respective Federal reserve banks. Two of the- appointive members of the Federal Reserve Board to be persons experienced in banking or. Of not exceeding $5,000 for violation of any provision of this section. Bank oflBcer, etc., violating section 22 to be, not more than $5,000, etc. May also be, a further sum equal to money loaned or gratuity given. Examiner accepting loan, etc., to be, not more than $5,000, etc. May also be, further sum equal to money so loaned or gratuity given. State banks, etc., becoming member banks must conform to the law imposed on na- tional banks as to limitation of Uabihty to be incurred by any, etc. § 13:1. 20: p. 15. Limit to aggregate of notes and bills bearing signatme or indorsement of any one, etc., which may be rediscounted for any one bank. FIRMS. § 14:1. r.p. 16. Any Federal reserve bank, under regulation of the Federal Reserve Board, may purchase and sell in the open market, at home or abroad, from or to domestic or foreign, 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. 230 INDEX-DIGEST. FIRST. § 4:1. 43:p. 4. § 6:1. 31:p. 8. § 22:1. 12:p. 25. §27:1. 4:p. 27. FIRST AND PARAMOUNT HEN. § 16:1. 24: p. 18. Federal reserve notes and Federal reserve bank notes issued under section 18 to be a, on aU the assets of such bank. FIRST AND SECOND CHOICES. § 4:1. 42: p. 6. Any candidate having majority by adding together the^ shall be declared elected. § 4:1. 44: p. 6. If no candidate has a majority when, have been added, then the votes in third column to be added, etc. FIRST CHOICE. § 4 : 1. 37 : p. 6. A candidate for director having a majority of all votes cast in the column of, shall be de- clared elected. FIRST COLUMN. § 4:1. 38: p. 6. If no candidate has a majority of aU the votes in the, then there shall be added together the votes cast in the second colunan, etc., and the votes cast in the, etc. FIRST INSTANCE, IN THE. See "In the first instance." FIRST MEETING. § 4:1. 28: p. iT At the, of the full board of directors the mem- bers to be designated as to terms, etc. § 10:1. 48 :p. 11. The, of the Federal Reserve Board, to be at Washington, D. C, as soon as may be after the passage of this Act, at a date to be fixed by the Reserve Bank Organization Commit- tee. FIRST OF JANUARY. § 4:1. 31: p. 7. Terms of directors to expire in one year from the, nearest the date oi such meeting. FIRST, SECOND, AND OTHER CHOICES. § 4:1. 29: p. 6. Each elector to certify to the chairman his, of a director of class A and B, respectively. § 4 :1. 33 :p. 6. Each elector to make a cross opposite the name of, etc. FIRST THREE MONTHS. § 27 : 1. 8 : p. 27. The tax on Aldrich-Vreeland notes issued imder the Act of May 30, 1908, as amended, reduced to rate of 3 per centum for the, etc. INDEX-DIGEST. 231 FISCAL AGENTS. § 15:1. 44: p. 16. Federal reserve banks to act as, of the United States when required by the Secretary of the Treasury. § 25:1. 8: p. 26. Foreign branches of national banks to act, if required to do so, as, of the United States. FISCAL PERIOD. § 25:1. 26: p. 26. Foreign branches of national banks, at the end of each, to transfer to their general ledger the profit and loss accruing at each branch as a separate item. FIVE APPOINTIVE MEMBERS. See "Members." FIVE BANKS, ANY. See "Any five banks." FIVE DOLLARS. § 16:1. 51: p. 18. Federal reserve notes to be of the denomination of, etc. FIVE-FIFTEENTHS. § 19:1. 29: p. 22. Reserve city banks after 36 months, etc., to keep, of their reserves permanently in their own vaults. FIVE MEMBERS. See "Members." FIVE PER CENTUM. § 19:1. 7: p. 22. Banks not in reserve or central reserve cities to hold reserves of, against time deposits. § 19:1. 26: p. 22. Banks in reserve cities to hold reserves of, against time deposits. § 19:1. 46: p. 22. Banks in central reserve cities to hold reserves of, against time deposits. §27:1. l:p. 29. The Secretary of the Treasury shall require each bank and currency association to main- tain on deposit in the Treasury a siun in gold, sufficient m his judgment for the redemption of such Aldrich-Vreeland notes, but in no event less than. FIVE PER CENTUM FUND. § 15:1. 40:p. 16. The, for redemption of national-bank notes and Federal reserve notes not to be deposited by the Secretary of the Treasury m the Federal reserve banks. § 16:1. 10: p. 18. Not less than, in gold to be maintained on deposit in the Treasury for redemption of Federal reserve notes. § 20:1. 42: p. 23. The national bank, no longer to be counted as § 20:1. 46 :p. 23. part of lawful reserve of national banks. 232 INDEX-MGEST. FIVE PERSONS. § 10:1. 33:p. 11. Of the, appointed to the Federal Reserve Board one shall be designated as governor and one as vice governor. FIVE THOUSAND DOLLARS. § 22 :1. 46 : p. 24. Fine for loanmg money, etc., to bank examiner. § 22:1. 51 : p. 24. Fine for examiner accepting a loan, etc. § 22:1. 18: p. 25. Fine for violation of section 22 of Act. FIVE-TWELFTHS. § 19:1. 10: p. 22. Banks not in reserve or central -reserve cities, for 36 months after said date, to carry in own vaults, of their reserve. ' § 19:1. 13: p. 22. Banks not ux reserve or central reserve cities to carry in the Federal reserve bank of their district, for a period of 12 months after said date, two-twelfths, and for each succeeding 6 months an additional one-twelfth, until, have been so deposited, which shall be the amount permanently required. FIVE YEARS. § 24:1. 40 :p, 25. No loan to be made by national banks on farm land for a longer time than. FIX. See also "Federal Reserve Board; powers, etc." § 4:1. 52: p. 4. The Federal reserve banks may, the penalty of bonds of officers, etc. § 16:1. 46 :p. 19. The Federal Reserve Board may by rule, the charges to be collected by member banks from its patrons whose checks are cleared through the Federal reserve bank. § 21:1. 15 :p. 24. The Federal Reserve Board, on recommenda- tion of the Comptroller, to, the salaries of all bank examiners and make report thereof to Congress. § 26:1. 34: p. 26. Nothing in this Act to be construed to repeal the parity provision of the Act of March 14, 1900, entitled "An Act to define and, the standard of value," etc. FIXED. § 2:1. 8:p. 2. National banks to subscribe to the capital stock of Federal reserve banks when the Organiza- tion Committee has, the geographical limits of the Federal reserve districts, etc. § 4:1. 8: p. 7. The salary of Federal reserve agents to be, by the Federal Reserve Board. § 10:1. 50: p. 11. The first meeting of the Federal Reserve Board, etc., to be at a date, by the Organization Committee. INDEX-DIGEST, 233 § 11:1. 49:p. 13. § 12:1. 11 :p. 14. FIXED (Continued). § 11:1. 52 :p. 12. The rates of interest on rediscount of discounted paper of other Federal reserve banks to be, by the Federal Reserve Board. § 11:1. 15 :p. 13. The tax on deficient reserves and on deficient gold reserves against Federal reserve notes to be added to the rates of interest and dis- count, by the Federal Reserve Board. All salaries and fees of its employees, etc., to be, in advance by the Federal Reserve Board. Salaries of the Federal Advisory Council to be, by the board of directors, subject to the approval of the Federal Reserve Board. § 13:1. 11 :p. 15. The percentage of the capital of Federal reserve banks up to which notes issued, etc., for agri- cultural purposes or based on live stock, etc., may be discoimted by Federal reserve banks, to be, by the Federal Reserve Board. § 14:1. 27: p. 16. Federal reserve banks, subject to review and determination of the Federal Reserve Board, to estabUsh from time to time, rates of dis- count to be charged by the Federal reserve bank for each class of paper, which shall.be, with a view of accommodatiag commerce and business. § 27:1. 5: p. 27. Section 9 of the Act of May 30, 1908, amended to change the tax rates, m said Act. See also "Approved"; "Established"; "Fed- eral Reserve Board, powers, etc."; "Fix"; "Power"; "Prescribed." FIXING. § 20:1. 40:p. 23. FOLLOWING. § 13:1. 36 :p. 15. Repeal of that part of the Act of June 20, 1874, amount of United States notes, etc., as pro- vides that the 5 per centtun redemption fund shall be counted as part of the lawful reserve of national banks. No national banking association shall at any time be indebted, or in any way liable, to an amount exceeding its paid in and tmdinun- ished, etc., capital stock, except on accoimt of demands of the nature, etc. FOLLOWS, AS. See "As follows." FOR ANY REASON. § 29 :1. 30 : p. 27. If any clause, etc., of this Act shall, be adjudged invalid, etc., such judgment, etc., not to affect the remainder of Act, etc. FOR SUCH PURPOSES. § 16:1. 46: p. 14. The proceeds of which have been used or are to be used. 234 INDEX-DIGEST. FOR THAT PURPOSE. § 2:1. 39:p. 2. Suit brouglit. FOR THE BENEFIT OF. § 2:1. 21: p. 3. Subscriptions of the United States to stock of the Federal reserve banks to be held and dis- posed of by the Secretary of the Treasury, the United States. FOR THE PURPOSE OF. § 13:1. 3: p. 15. Carrying or trading in stocks, bonds, etc. § 14:1. 32: p. 16. Purchasing, selling, and collecting bills of ex- change. § 16:1. 3: p. 17. Of making advances to Federal reserve banks. § 16:1. 32 :p. 19. Of furnishing Federal reserve notes. § 18:1. 29: p. 21. Of making the exchange herein provided for. § 19:1. 21: p. 23. Of meeting existing liabihties. § 25:1. 5: p. 26. Of securing authority to BstabHsh foreign branches. § 26:1. 37: p. 26. Of maintaining the parity. FOR THE SAME PURPOSE. § 18:1. 39:p. 21. FORCE, CONTINUE IN. See "Continue in force." FOREIGN BANKS, FIRMS, CORPORATIONS, AND INDIVIDUALS. § 14:1. l:p. 16. Federal reserve banks, under regulations of the Federal Reserve Board, may purchase or sell from or to domestic or, etc., cable transfers and bankers' acceptances and bills of ex- change of the kinds and maturities by this Act made eligible for rediscount, with or without the 'mdorsement of a member bank. FOREIGN Bins OF EXCHANGE. See also "Bills of exchange." § 13:1. 46: p. 15. The rediscount by a Federal reserve bank of any biUs receivable and of domestic and, and acceptances authorized by this Act, shall be subject to such restrictions, limitations, and regulations as may be imposed by the Fed- eral Reserve Board. FOREIGN BRANCH; FOREIGN BRANCHES. § 25:1. l:p. 26. Title to section 25. § 25:1. 6: p. 26. Apphcations by national banks to establish. § 25:1. 19 :p. 26. Information to be furnished by banks author- § 25:1. 20: p. 26. izedtobe established, as to condition of such. § 25:1. 22: p. 26. Special examinations of said. INDEX-DIGEST. 235. FOREIGN BRANCH; FOREIGN BRANCHES (Contimied). § 25:1. 24: p. 26. Accounts of, to be conducted independently of § 25 : 1. 25 : p. 26. accounts of its other, and of home office. § 25:1. 27: p. 26. Profit or loss accruing at each, to be trans- ferred to general ledger as a separate item. FOREIGN BUSINESS. § 25:1. 12: p. 26. Amount of capital set aside for, to be shown ia the application for authority to estabHsh for- eign branches. § 25:1. 15: p. 26. If amount set aside for, is inadequate, the ap- plication may be rejected, etc. FOREIGN COMMERCE. § 25:1. 7: p. 26. Applications by national banks for establish- ment of branches in foreign coimtries or de- pendencies of the United States for the fur- therance of the, of the United States. FOREIGN COUNTRIES. § 14:1. 30: p. 16. Federal reserve banks, with the consent of the § 14:1. 31 :p. 16. Federal Keserve Board, may open and main- tain banking accounts in, and may appoint correspondents and establish agencies in such. § 25:1. 6: p. 26. Application of national banks to establish branches ia. FOREIGN FIRMS. § 14 :1. 1 :p. 16. Any Federal reserve bank may, under rules and regulations prescribed by the Federal Re- serve Board, purchase and sell, in the open market, at home or abroad, either from or to domestic or, etc., cable transfers and bankers' acceptances and biUs of exchange of the kinds and maturities by this Act made eUgible for rediscoimt, with or without the indorsement of a member bank. FOREVER. §22:1. 53: p. 24. Any bank examiner acceptiag a loan or gra- tuity from any bank examined by him, etc., to be, thereafter disqualified from holdiag office as a national bank examiner. FORFEITED. § 2:1. 36:p. FORM. § 4:1. 10:p. 2. If a national bank fails within one year after the passage of this Act to become a member bank or fails to comply with any of the pro- visions of this Act, all its rights, privileges, and franchises shall be. 4. The Comptroller to forward an application blank in, to be approved by Organization Committee, to each national bank, etc. 236 INDEX-DIGEST. FORM (Continued). § 4:1. 31 :p. 6. The chairman of the board to furnish, of pref- erential ballot. § 16:1. 53: p. 18. Federal reserve notes to be in, and tenor as directed by the Secretary of the Treasury. § 18:1. 2:p. 21. Federal reserve bank notes to be in, prescribed by the Secretary of the Treasury. § 18 :1. 31 : p. 21. The Secretary of the Treasmy may issue at par United States Treastu-y notes m coupon or registered, etc. § 18 :1. 38 : p. 21. Said notes to be exempt from taxes in any, etc. FOKMATION. § 28:1. 20 :p. 27. National banks may reduce their capital stock to any sum not below amount required, etc., to authorize the, of a national banking asso- ciation. FORMED. § 28:1. 18: p. 27. Any national banking association, under this title may reduce its capital stock, etc. FORMS OF MONEY, AIL. See "All forms of money." FORTH. See "And so forth." FORTH, SET. See "Set forth." FORTHWITH. § 11:1. 27: p. 13. Cause of removal of any officer or director of a reserve bank to be, communicated in writing by the Federal Eeserve Board. FORTY PER CENTUM. § 7 :1. 48 :p. 8. One-half of the net earnings of Federal reserve banks to be paid into a surplus fund imtil it amoimts to, of the paid in capital stock. §11:1. 5 :p. 13. Graduated tax to be established by the Federal Reserve Board when the gold reserve for Fed- eral reserve notes falls below. § 16:1. 27: p. 17. Federal reserve banks to maintain reserves in gold against Federal reserve notes of not less than. § 16:1. 11 :p. 18. The gold redemption fimd of not less than 5 per centum, maintained on deposit in the Treasury for redemption of the Federal re- serve notes, to be mcluded as part of the, reserve. § 27:1. 37: p. 28. The limitations in the Act of May 30, 1908, of the right of issue of Aldrich-Vreeland notes to banks having circulation outstanding to an amount not less than, of the capital stock, may be suspended by the Secretary of the Treasury. INDEX-DIGEST. 237 FORWARD, CARRIED. See "Carried forward." FORWARDED. § 4:1. 7: p. 4. The Comptroller to cause to be, to each eligible bank an application blank, etc. FOUR DIRECTORS. § 3:1. 50: p. 3. The Federal reserve bank to select, of each branch bank and the Federal Reserve Board to select three. FOUR MIIIIOIT DOLLARS. § 2:1. 30:p. 3. Federal reserve banks not to commence busi- ness with a subscribed capital less than. FOUR TIMES EACH YEAR. § 12:1. 13 :p. 14. Meetings of the Federal Advisory Council to be held in Washington, D. C, at least. FOUR-TWELFTHS. § 19:1. 10:p. 22. Banks not in reserve or central reserve cities, for a period of 36 months after said date, to hold five-twelfths, of its reserves in own vaults, and permanently thereafter. FOUR YEARS. § 10:1. 30:p. 11. One appointive member of the Federal Reserve Board to be designated by the President for a term of. FOURTH. I 4:1. 48:p. 4. FRACTION. § 11:1. 11 :p. 13. "A graduated tax imposed for each 2^ per centum or, thereof when the gold reserve prescribed for Federal reserve notes falls below 32 J per centum. FRANCHISE. § 4:1. 46: p. 4. Each Federal reserve bank to have succession for 20 years, etc., unless its, is forfeited for violation of law, etc. FRANCHISE TAX. § 7:1. 46: p. 8. All the net earnings of Federal reserve banks, after dividend claims fully met, to be paid to the United States as a, except, etc. FRANCHISES. § 2:1. 34: p. 2. All rights, privileges, and, forfeited for failure of national banking association, now organ- ized, to become a member bank, etc., within one year after the passage of this Act. FRAUDULENT ALTERATIONS. § 16:1. 49: p. 18. Plates and dies to be engraved for the Federal reserve notes in the best manner to guard against counterfeits and. 238 INDEX-DIGEST. FROM AND AFTEE. § 20:1. 45:p. 23. FROM TIME TO TIME. § 2:1. 29:p. 1. § 11:1. 53:p. 12. § 14:1. 24:p. 16. § 16:1. 50:p. 19. § 24:1. 47:p. 25. FULL BOARD. § 4:1. 28: p. 7. The directors to designate the respective terms at the first meeting of the, of directors. FTJLI INFORMATION. § 11:1. 45 :p. 12. The weekly statement of the Federal Eeserve Board to furnish, as to the character of the money held as reserve and the amount, na- ture, and maturities of the paper and other investments owned or held by Federal reserve banks, etc. FTJII REPORT. § 10:1. 24:p. 12. The Federal Eeserve Board annually to make a, to the Speaker of the House of Represen- tatives. § 21:1. 11 :p. 24. The examiner to make a, of the condition of said bank to the Comptroller. FULLY MET. § 7:1. 45:p. 8. FULLY RESTORED. § 19:1. 24:p. 23. FUNCTIONS. § 4:1. 6:p. After dividend claims, aU net earnings of Fed- eral reserve banks to be paid to the United States as a franchise tax except, etc. No Federal reserve bank at any time to make new loans or to pay any dividends unless and until the total reserve required by law is. 7. The Federal reserve agent to act as the official representative of the Federal Reserve Board for the performance of the, conferred upon it by this Act. § 4:1. 25: p. 7. The Reserve Bank Organization Committee may exercise the, of the board of directors pending the complete organization of each Federal reserve bank. § 11:1. 39:p. 13. The Federal Reserve Board to perform the duties, or services specified in this Act. § 16:1. 53: p. 19. The Federal Reserve Board may in its discre- tion exercise the, of a clearing house for such Federal reserve banks. § 16:1. l:p. 20. Or it niay designate a Federal reserve bank to exercise such. INDEX-DIGEST. 239 FUNCTIONS (Continued). § 16:1. 2: p. 20. It may also require each Federal reserve bank to exercise the, of a clearing house for its member banks. FUND, FIVE PER CENTUM REDEMPTION. See "Five per cen- tum fund." FUND, GENERAL See "General fund." FUNDS, GENERAL See "General funds." FUND, REDEMPTION. See "Redemption fund." FUND, SURPLUS. See "Surplus fund." FUNDS. § 13:1. 33: p. 14. Any Federal reserve bank may receive from any of its member banks and from the United States, deposits of current, ia lawful money, national bank notes, Federal reserve notes, or checks and drafts upon solvent member banks, payable upon presentation. § 13:1. 37: p. 14. Any Federal reserve bank may receive from other Federal reserve banks, solely for ex- change purposes, deposits of current, in law- ful money, national bank notes, or checks and drafts upon solvent member or other Federal reserve banks, payable upon pre- sentation. § 15:1. 48 :p. 16. No public, of the Philippine Islands, or of the § 15:1. 49 :p. 16. postal savings, or any Government, to be de- posited in the continental United States in any bank not belonging to the Federal re- serve system, etc. § 16:1. 31 :p. 19. The Secretary of the Treasury may use so much of any, in the Treasury not otherwise appropriated for furnishing Federal reserve notes. § 16:1. 41 :p. 19. Every Federal reserve bank to receive on de- posit at par, when remitted by a Federal re- serve bank, checks and drafts drawn by any depositor in any other Federal reserve bank or member bank upon, to the credit of said depositor in said Federal reserve bank or member bank. § 16:1. 44: p. 19. Nothing hereiu to prohibit a member bank from charging its actual expense incurred in collecting and remitting, or for exchange sold to its patrons. § 16:1. 51 :p. 19. The Federal Reserve Board to make regula- tions, etc., governing the transfer of, and charges therefor, among Federal reserve banks and their branches. 70820""— 15 16 240 INDEX-DIGEST. FUNDS (Continued). § 26:1. 42: p. 26. The Secretary of the Treasury may purchase and retire the outstandiag bonds and notes authorized under section 26 when, the, in the Treasury on hand justify. FUNDS, GOVERNMEITT. See "Government funds." FUNDS, PUBIIC. See "PubUc funds." FUNDS, EEDEMPTION. See "Redemption fund." FURNISH. § 11:1. 45: p. 12. The Federal Reserve Board to, full informa- tion as to the character of the money held as reserve, etc., by Federal reserve banks. § 16:1. 46: p. 18. The Comptroller to cause plates and dies to be engraved in order to, suitable notes for cir- culation as Federal reserve notes. § 18:1. 19: p. 20. The Treasurer of the United States to, the Fed- eral Reserve Board with a hst of appHcations of national banks for the sale of bonds to se- cure circulation to be retired, etc. § 21:1. 29: p. 24. The Federal reserve banks to, to the Federal Reserve Board information concerning the condition of any member bank, etc. § 25:1. 19: p. 26. National banks to, information as to the condi- tion of their foreign branches to the Comp- troller on demand, etc. FURNISHED. § 4:1. 26: p. 6. A copy of the list of candidates for director to be, by the chairman of the board of directors to each elector. § 4:1. 31: p. 6. A form of preferential ballot to be, to each elector by the chairman of board of direc- tors. FURNISHING. § 16:1. 32: p. 19. The Secretary of the Treasury may use any funds in the Treasury not otherwise appro- priated for the purpose of. Federal reserve notes. FURTHER AUTHORIZED. § 27:1. 5: p. 29. The Secretary of the Treasury is, to extend the benefits of the Act of August 4, 1914, to all qualified State banks and trust companies which have joined the Federal reserve sys- tem or which may contract to joia within 15 days after the passage of said Act. INDEX-DIGEST. 241 FURTHER PRIVILEGES. § 9:1. 53: p. 10. The Federal Reserve Board may require any Federal reserve bank to suspend a member bank from, of membership for failure to comply with the provisions of this section or the regulations of the Federal Reserve Board. FURTHER SUM. § 22:1. 47 :p. 24. A bank ofl&cer, etc., making a loan, etc., to an examiner may be fined a, equal to the money so loaned, etc. § 22:1. 52: p. 24. An examiner accepting a loan, etc., from any bank examined by hun, etc., may be fined a, equal to the money so loaned, etc. FURTHERANCE. §25:1. 7: p. 26. Apphcations for authority to establish branches of national banks in foreign countries or de- pendencies of the United States for the, of the foreign commerce of the United States. G. GENERAL AFFAIRS. § 12:1. 30: p. 14. The Federal Advisory Council may call for in- formation from the Federal Reserve Board as to the, of the reserve banking system. GENERAL BUSINESS. § 4:1. 2: p. 5. Federal reserve banks may prescribe by-laws, etc., regulating manner in which its, may be conducted. GENERAL BUSINESS CONDITIONS. § 12:1. 24: p. 14. The Federal Advisory Council may confer directly with the Federal Reserve Board on, etc. GENERAL DIRECTIONS. § 10:1. 35:p. 12. The Comptroller of the Currency to perform his duties under the, of the Secretary of the Treasury. GENERAL FUND. § 15:1. 39 :p. 16. Moneys held in the, of the Treasury may be deposited by the Secretary of the Treasury in Federal reserve banks. GENERAL FUNDS. § 16:1. 21: p. 19. Any appropriation heretofore made out of the, of the Treasury for engraving plates and dies, purchase of distinctive paper, etc., may be used by the Secretary of the Treasury for the purposes of this Act. GENERAL GOVERNMENT. § 9:1. 10: p. 10. The Organization Committee or the Federal Reserve Board to establish by-laws for the, of its conduct in acting on applications of State banks, trust companies, etc., for stock ownership in Federal reserve banks. GENERAL GROUPS. § 4 : 1. 10 : p. 6. Member banks to be classified by the Organiza- tion Committee into three. § 4:1. 13: p. 6. The three, to be designated by number by the chairman of the board. § 4:1. 20: p. 6. The chairman to make Usts of district reserve electors in the three. GENERAL LAWS. § 8:1. 13: p. 9. Any bank organized under the, of any State or of the ^United States may be converted into a national banking association, etc. 242 INDEX-DIGEST. 243 GENERAL LEDGER. § 25:1. 27: p. 26. The profit or loss accruing at each foreign branch to be transferred to its, by national banks. GENERAL SUPERVISION. § 10:1. 32 :p. 12. The Comptroller of the Currency to be under the, of the Federal Reserve Board in the exe- cution of all laws relating to the issue and regulation of Federal reserve notes. § 10:1. 42: p. 13. Federal Reserve Board to exercise, over Fed- eral reserve banks. GENERAL TENOR. § 18:1. 42: p. 21. The Secretary of the Treasury may issue United States 3 per centum thirty-year gold bonds of the same, and effect, etc., as the United States 3 per centum bonds, without the cir- culation privilege, now issued and outstand- ing for the purpose of exchange for the United States 2 per centum bonds against which no circulation is outstanding, and for the one-year notes herein provided for. GENERAL TERMS. § 18:1. 42 :p. 21. Said bonds to be issued imder the same, and conditions as the United States 3 per centum bonds without the circulation privilege, now issued and outstanding. GEOGRAPHICAL, COMMERCIAL, AND INDUSTRIAL DIVISIONS. § 10:1. 15:p. 11. In selecting the five appointive members of the Federal Reserve Board, the President to have due regard to a fair representation of the dif- ferent, of the coimtry. GEOGRAPHICAL LIMITS. § 2:1. 8:p. 2. When the Organization Committee, etc., has fixed the, of the Federal reserve districts, every national bank to subscribe to the capital stock of such Federal reserve bank within 30 days after notice, etc. GIFT. §22:1. GIVEN. 8:p. 25. No officer, director, etc., of a member bank to receive any, fee, etc., other than the usual salary or director's fee, etc. § 2:1. 29 :p. 2. Thirty days' notice, etc. § 8:1. 36: p. 9. Certificate of Comptroller, etc. § 22:1. 48: p. 24. Gratuity, etc. § 22:1. 62: p. 24. Gratuity, etc. 244 INDEX-DIGEST. GIVING ACCEPTABLE SECURITY. § 14:1. 8: p. 16. Federal reserve banks may contract for loans of gold, coin or bullion, etc. GO INTO LiaUIDATION. § 7:1. 3:p. 9. Disposition of the siirplus, etc., shoiild a Federal reserve bank be dissolved or. GOLD. § 2:1. 19 :p. 2. Subscriptions to Federal reserve banks to be in, or gold certificates. § 12:1. 28: p. 14. The Federal Advisory Council to make recom- mendations, etc., as to the purchase and sale of, etc., by Federal reserve banks. § 14:1. 7:p. 16. Federal reserve banks may exchange Federal reserve notes for, etc. § 16:1. 9:p. 17. Federal reserve notes to be redeemed in, on demand at the Treasury in Washington. § 16:1. 10 :p. 17. Or in, or lawful money at any Federal reserve bank. § 16:1. 25:p. 17. Every Federal reserve bank to maintain re- serves in, or lawful money of not less than 35 per centum against its deposits. § 16:1. 27: p. 17. Every Federal reserve bank shall maintain re- § 16:1. 29 :p. 17. serves in, of not less than 40 per centum against its Federal reserve notes in actual circulation and not ojQfset by, or lawful money deposited with the Federal reserve agent. § 16 :1. 45 :p. 17. If Federal reserve notes have been redeemed by • § 16 :1. 46 :p. 17. the United States Treasurer in, or gold certif- icates, the redemption fund to be reimbursed to the extent deemed necessary by the Sec- retary of the Treasury, in, or gold certificates by the Federal reserve banks. § 16:1. 49: p. 17. Federal reserve banks to maintain with the Treasurer in, an amount sufficient, etc., to provide for all redemptions, etc. § 16:1. 52: p. 17. Federal reserve notes received by the Treasury otherwise than for redemption may be ex- changed for, out of the redemption fund, etc. § 16:1. 8:p. 18. The Federal Reserve Board shall require each Federal reserve bank to maintain in the Treas- ury a sum in, sufficient, in the judgment of the Secretary of the Treasury, for the redemp- tion of the Federal reserve notes issued to such bank, but in no event less than 5 per centum. § 16:1. 11 :p. 18.- Such deposit of, shall be counted as part of the 40 per centum, reserve. INDEX-DIGEST. 245 GOLD (Contintied). § 16:1. 28 :p. 18. 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 of the Umted States. I 16:1. 32: p. 18. The Federal reserve agent to hold such, etc., available exclusively for exchange for the outstanding Federal reserve notes, etc. § 16:1. 37 :p. 18. The Federal Reserve Board upon request of the Secretary of the Treasury shall require the Federal reserve agent to transmit so much of said, to the Treasury of the United States as may be required for the exclusive purpose of redemption of such notes. § 18:1. 19 :p. 21. The Federal reserve bank obtaining such gold notes to enter into an obligation to purchase from the United States for, at maturity, etc., an amount equal to those delivered in ex- change for such bonds, and at the maturity of the gold notes so purchased to purchase from the United States such an amount of gold notes as the Secretary of the Treasury may tender, etc. § 26:1. 38: p. 26. To maintain the parity, and strengthen the gold § 26:1. 42: p. 26. reserve, the Secretary of the Treasury may borrow, on security of United States bonds authorized by section 2 of the Act of March 14, 1900, or of one-year gold notes, or may sell the same if necessary to obtain. § 27:1. 43: p. 28. The Secretary of the Treasury to require each bank and currency association to maintain in the Treasury a sum in, sufficient, in his judgment, for the redemption of the addi- tional circulation under the Aldrich-Vreeland Act, as amended by the Act of August 4, 1914, but in no event less than 5 per centum. GOID BOITDS ; TTNITED STATES 2 PER CENTUM, 30- YEAR. See "United States 2 per centum, 30-year bonds," etc. GOLD BONDS ; UNITED STATES 3 PER CENTUM, l-YEAR. See "United States 3 per centum, 1-year gold bonds." GOLD BONDS; UNITED STATES 3 PER CENTUM 30-YEAR. See "United States 3 per centum 30-year gold bonds." GOLD, BORROW. See " Borrow gold." 246 INDEX-DIGEST, GOLD BUIIION. § 14:1. 6: p. 16. Federal reserve banks may deal in gold coin and, at home or abroad. § 14:1. 8:p. 16. Federal reserve banks may contract for loans of gold coin or, etc. GOLD CERTIFICATES. § 2:1. 19 : p. 2. Subscriptions to stock of Federal reserve banks to be paid in gold or. § 14:1. 8: p. 16. Federal reserve banks may exchange Federal reserve notes for gold, gold coin, or. § 16:1. 45: p. 17. Redemption fimd to be reimbursed in gold or, § 16:1. 47:p. 17. when Federal reserve notes have been re- deemed by the Treasurer in gold or. § 16:1. 28: p. 18. Any Federal reserve bank may reduce its liability on outstanding Federal reserve notes by depositing with the Federal reserve agent its Federal reserve notes, gold, gold certi- ficates, or lawful money of the United States. § 16:1. 32:p. 18. The Federal reserve agent to hold such, etc., available exclusively for exchange for the outstanding Federal reserve notes, etc. GOLD COIN. § 14:1. 6: p. 16. Federal reserve banks may deal in, etc. § 14:1. 7:p. 16. May exchange Federal reserve notes for, etc. § 14:1. 8:p. 16. May contract for loans of, etc. § 18:1. 35 :p. 21. Secretary of the Treasury may issue United States Treasm-y notes payable in, etc. GOLD NOTES, UNITED STATES 1-YEAR. See "United States 1- year gold notes." GOLD, PURCHASE OF. See "Gold." GOLD RESERVE. § 7:1. 52: p. 8. The net earnings derived by the United States from Federal reserve banks to be used, in the discretion of the Secretary of the Treasury, to supplement the, held against outstanding United States notes, or, etc. § 11:1. 5:p. 13. Graduated tax prescribed when the, held against Federal reserve notes falls below 40 per centum. § 26:1. 38: p. 26. The Secretary of the Treasury may issue bonds authorized by section 2 of the Act of March 14, 1900, or one-year gold notes to maintain the parity and to strengthen the. GOLD RESERVES. § 16:1. 25: p. 17. Federal reserve banks to maintain reserves in gold or lawful money of not less than 35 per centum against deposits. INDEX-DIGEST. 247 GOLD RESERVES (Continued). § 16:1. 27:p. 17. And, of not less than 40 per centum against Federal reserve notes in actual circulation. GOLD, SALE OF. See "Gold." GOLD STANDARD. § 26:1. 34: p. 26. Nothing in this Act to be construed to repeal the parity provision or provisions in the Act of March 14, 1900, fixing the, of value, etc. GOOD FAITH, IN. See "In good faith." GOODS. § 13:1. 50: p. 14. Nothing in this Act to be construed to prohibit such notes, drafts, and bills secured by staple agricultiu'al products, or other, wares, or mer- chandise from being ehgible for such discount. § 18:1. 14: p. 15. Any Federal reserve bank may discount accep- tances based on importation or exportation of, etc. § 13:1. 27: p. 15. Member bank may accept drafts or bills of exchange drawn upon it and growing out of transactions involving importation or expor- tation of, etc. GOVERNING. § 2:1. 27: p. 3. The Federal Eeserve Board may adopt rules and regulations, transfers of stock in Federal reserve banks. § 16:1. 51 :p. 19. Also regulations, transfer of funds and charges therefor among Federal reserve banks and their branches. GOVERNMENT BONDS. See "U. S. 2 per centum 30-year gold bonds"; "U. S. 3 per centum 1-year gold bonds"; "U. S. 3 per centum 30-year gold bonds"; "U. S. 3 per centum 50-year gold bonds." GOVERNMENT DEPOSITS. § 15:1. 38: p. 16. Heading to section 15. GOVERNMENT FUNDS. § 15:1. 49:p. 16. No, to be deposited in the continental United States in any bank not belonging to the Federal reserve system. GOVERNMENT, GENERAL. See "General Government." GOVERNMENT OF UNITED STATES. § 13:1. 4: p. 15. The definition of paper eligible for discount may include notes, etc., issued or drawn for carrying or trading in bonds or notes of the, etc. 248 INDEX-DIGEST. GOVERNMENT OF UNITED STATES (Continued). § 15:1. 45: p. 16. The revenues of the, or any part thereof, may- be deposited in Federal reserve banks, etc. GOVERNOE OF THE FEDERAL RESERVE BOARD. § 10:1. 34: p. 11. One member to be designated as, by the President. § 10:1. 35: p. 11. The, to be the active executive officer, sub- ject to the supervision of the Federal Ke- serve Board. GOVERNOR, VICE. See "Vice governor Federal Reserve Board." GRADUATED TAX. § 12:1. 2: p. 13. The Federal Reserve Board to establish a, upon the amounts by which the reserve requirements of this Act may be permitted to fall below the level hereinafter specified. § 12:1. 6: p. 13. When the gold reserve held against Federal reserve notes falls below 40 per centum, the Federal Reserve Board shall establish a, of not more than 1 per centum per annum upon such deficiency until the reserves fall to 32^ per centum, and when said reserve falls below 32^ per centum a, at the rate increasingly of not less than 1| per centum f)er annum upon each 2^ per centum or raction thereof that such reserve falls be- low 32^ per centum. GRANT. § 11:1. 43: p. 13. The Federal Reserve Board may, to national banks, by special permit, the right to act as trustee, executor, etc., when not in contra- vention of State or local law. § 16:1. 13: p. 18. The Federal Reserve Board may, in whole or in part, or reject entirely, applications for Federal reserve notes. § 22:1. 43 :p. 24. No member bank or any officer, etc., to, any gratuity to any bank examiner. GRANTED. § 2:1. 35: p. 2. A national bank failing to become a member bank within one year after the passage of this Act or to comply with any provision of this Act apphcable thereto, to forfeit all of the rights, privileges, etc., to it under the National Bank Act, etc. S 4:1. 3: p. 5. Directors of the Federal reserve banks to pre- scribe by-laws not inconsistent with law, regulating the manner in which the privi- leges, by law may be exercised. INDEX-DIGEST. 249 GRANTED (Continued). § 4:1. 6: p. 5. Federal reserve banks may exercise by their boards of directors or duly authorized offi- cers or agents aU powers specifically. § 16:1. 16:p. 18. To the extent the application is, the Federal Reserve Board shall supply Federal reserve notes, through the local Federal reserve agent, to the bank applying. GEANTING. § 10:1. 14: p. 12. The President to fill vacancies in the Federal Reserve Board during the recess of the Sen- ate by, commissions, etc. § 25:1. 16 :p. 26. The Federal Reserve Board may reject the application of a national bank for the estab- lishment of foreign branches, etc., if for other reasons the, of such application is deemed inexpedient. GRATUITY. § 22:1. 43: p. 24. No member bank or officer, etc., to grant any, to a bank examiner. § 22:1. 48: p. 24. A further fine may be imposed upon the bank officer, etc., equal to the money so loaned or, given. § 22:1. 52: p. 24. A further fine may be imposed upon the examiner equal to the money so loaned or, given. GROUP. § 4:1. 11: p. 6. Each, to contain, etc., one-third of the aggre- gate number of member banks. § 4:1. 21: p. 6. The chairman to send a list of the district reserve electors to each elector in each. GROUPS. § 4:1. 11: p. 6. Member banks to be classified into three general. § 4:1. 13: p. 6. The, to be designated by number by the chair- man. § 4:1. 20: p. 6. The chairman to make a list of district reserve electors named by the baiiks in each of the aforesaid three. GROWIIIG OUT OF. § 13:1. 26: p. 15. Member bank may accept drafts or biUs of exchange drawn upon it and, transactions involving the importation or exportation of goods, etc. GUARD AGAINST. § 16:1. 49 :p. 18. The Comptroller to cause plates, etc., to be engraved, for Federal reserve notes, in the best manner to, counterfeits, etc. GUILTY, DEEMED. See "Deemed guilty." H. HAIF, ONE. See "One-half." HALF YEAR. § 10:1. 45:p. 11. The Federal Eeserve Board to levy semian- § 10:1. 47 :p. 11. nually upon the -Federal reserve banks, etc., an assessment for estimated expenses and salaries of members for the, succeeding the levying of such assessment, together with any deficit carried forward from the preceding. HAND, ON. See "On hand." HANDS OF, IN THE. See "In the hands of." HAVE. See "Recourse." HAVING. § 13:1. 9:p. 15. A maturity not exceeding six months. § 13:1. 27 :p. 15. Not more than six months sight to run. §27:1. 7 : p. 27. National banks, circulating notes secured other- wise than by United States bonds, etc. HEARING. § 9:1. 45: p. 10. The Federal Reserve Board after, may require any member bank to surrender its stock in the Federal reserve bank for failure to comply with section 9 or with the regulations of the Federal Reserve Board. HELD. § 2 : 1. 20 : p. 3. United States stock in Federal reserve banks to be, by the Secretary of the Treasury, etc. § 2 : 1. 24 : p. 3. Stock in Federal reserve baiiks not, by member banks to have no voting power. § 6 : 1. 27 : p. 8. Stock in a Federal reserve bank, by an insolvent member bank to be canceled, etc. § 10:1. 48: p. 11. First meeting of the Federal Reserve Board to be, in Washington, etc. § 11:1. 47:p. 12. Weekly statements of the Federal Reserve Board to furnish full information regarding character of the money, as reserve, etc. § 12:1. 13: p. 14. Meetings of the Federal Advisory Council to be, in Washington, etc. § 21:1. 19: p. 24. The expense of examination of member banks to be assessed upon the banks examined in pro- portion to assets or resources, etc. 250 INDEX-DIGEST. 251 HELD AGAINST. § 7:1. 52: p. 8. The net earnings derived by the United States from Federal reserve banis shall, in the dis- cretion of the Secretary of the Treasury, be used to supplement the gold reserve, outstand- ing United States notes or shall, etc. § 11:1. 5: p. 13. Graduated tax prescribed when the gold re- serve. Federal reserve notes falls below 40 per centum. HELD AS RESERVE. § 11:1. 46:p. 12. The weekly statement of the Federal Reserve Board to give full information as to character of the money, etc. HELD FOR USE OF. § 16:1. 6:p. 19. Federal reserve notes to be deposited in the Treasury, subtreasury, or United States mint nearest the place of business of each Federal reserve bank and shall be, such bank, etc. HELD IN ITS VAULTS. See "Vaults." HELD IN ITS OWN VAULTS. See "Vaults." HELD INDIVIDUALLY RESPONSIBLE. § 23:1. 23: p. 25. Stockholders of every national bank to be, for all contracts, debts, etc., of bank, each to amount of his stock therein at the par value in addition to the amount invested in said stock. HELD LIABLE. See "Liable." HELD, MONEYS. See "Moneys." HELD RESPONSIBLE. § 2:1. 20: p. 2. Shareholders of every Federal reserve bank, equally and ratably and not one for another for all contracts, debts, etc., to amount of their subscriptions to such stock at its par value in addition to the amount subscribed, etc. HELD TO BE SYNONYMOUS. See "Synonymous." HELD TO INCLUDE. § 1:1. 5:p. 1. Word "Bank" in this Act, State bank, bank- ing association, and trust -company except where national or Federal reserve banks are specifically referred to. HELD TO MEAN. § 1:1. 10 :p. 1. Term "Member bank," any national bank, State bank, or bank or trust company which has become a member of one of the Federal reserve banks created by this Act. 252 INDEX-DIGEST. HEID TO MEAN (Continued). § 1:1. 13 :p. 1. The term "Board," the Federal Reserve Board. § 1:1. 14:p. 1. The term "District," Federal reserve district. § 1:1. 15:p. 1. The term "Reserve bank," Federal reserve bank. HEREAFTER. I 19:1. 5:p. 22. HEREBY. § 2:1. 26:p. 3. § 2:1. 40:p. 3. § 12:1. 6:p. 14. § 16:1. 5:p. 17. § 16:1. 30:p. 19. § 17:1. ll:p. 20. § 26:1. 31 :p. 26. §27:1. l:p. 27. §27:1. 5:p. 27. § 30:1. 36:p. 27. HEREIN AMENDED. See "As herein amended." HEREIN CONTAINED, NOTHING. See "Nothing herein con- tained." HEREIN, NOTHING. See "Nothing herein." HEREIN PROVIDED. § 9:1 2:p. 11. § 19:1. 29 :p. 23. HEREIN PROVIDED FOR. § 16:1. 15:p. 19. § 16:1. 20:p. 19. § 18:1. 29:p. 21. § 18:1. 47:p. 21. § 21:1. 17:p. 24. HEREINAFTER PROVIDED. § 16:1. l:p. 18. HEREINAFTER SET FORTH § 16:1. 4:p.l7. HEREINAFTER SPECIFIED. § 4:1. 35:p. 5. § 11:1. 4:p. 13. HEREINBEFORE DEFINED. § 14:1. 23:p. 16. INDEX-DIGEST. 253 HEREINBEFOEE PROVIDED § 4:1. 35:p. 7. § 5:1. l:p. 8. § 7:1. 4:p. 9. § 9:1. 23: p. 10. § 16:1. 14:p. 17. HEREINBEFORE REQUIRED. § 16:1. 12:p. 18. § 19:1. 20:p. 22. § 19:1. 40 :p. 22. HERETOFORE, AS. See "As heretofore." HERETOFORE MADE, APPROPRIATIONS. See "Appropriations." HERETOFORE VESTED BY lAW. §10:1. 17:p 12 Nothing in this Act, etc., to take away any powers, in the Secretary of the Treasury, etc. HIGHEST NUMBER. § 4:1. 46: p. 6. Candidate for director having the, of votes of all three choices to be declared elected. HIS OWN NAME, IN. See "In his own name." HOLD. § 14:1. 11 :p. 16. Federal reserve banks may hypothecate United States bonds or other securities they are authorized to, for contracts for loans of gold, etc. HOLD GOID. See "Gold." HOLD MEETINGS. See "Meetings." HOLD OFFICE. See also "Holding office." § 3:1. 52: p. 3. Directors of branch banks to, at pleasure of parent bank and of the Federal Reserve Board. § 4:1. 36: p. 7. After the first designation of terms every director of a Federal reserve bank to, for a term of three years. § 4:1. 39: p. 7. Appointees to fill vacancies in office of director to, for unexpired terms of predecessors. § 10:1. 27: p. 11. Members of the Federal Reserve Board, the Secretary of the Treasury, the Assistant Secretaries of the Treasury, and the Comp- troller ineligible while in office and for two years thereafter to, position or employment m any member bank. § 10:1. 10: p. 12. Appointee to fill vacancy in the Federal Reserve Board to, for unexpired term, etci 254 INDEX-DIGEST. HOLD RESEEVES. See "Reserves." HOLD STOCK. See "Stock;" "Stockholdings." HOLDING EXAMINATION. See "Examination." HOLDING OFFICE. See also "Hold office." § 4:1. 36: p. 5. Board of directors to consist of nine members, for three years. § 22:1. 53: p. 24. Examiner accepting a loan, etc., to be forever thereafter disqualified from, as a national bank examirier. § 22:1. l:p. 25. No examiner to perform any other service for compensation while, for any bank or officer, director or employee thereof. HOLDINGS. § 5:1. 15: p. 8. Member bank reducing its capital stock to surrender a proportionate amount of its, in the capital of the Federal reserve bank. § 5:1. 17: p. 8. Liquidating member bank to surrender aU of its, etc. HOME, AT. See "At home or abroad." HOME OFFICE. § 25:1. 26: p. 26. The accounts of foreign branches of national banks to be conducted independently of the accounts of other foreign branches established by it and of the. HOUSE, CLEARING. See "Clearmg house." HOUSE OF CONGRESS. § 21:1. 35: p. 24. No bank to be subject to visitatorial powers except as directed by either, or by any com- mittee of Congress, etc. § 22:1. 16: p. 25. No examiner to disclose names of borrowers or § 22:1. 17 :p. 25. collateral for loans, etc., except by direction of either, or any committee of Congress, etc. HOUSE OF REPRESENTATIVES, SPEAKER OF. See "Speaker of House of Representatives." HYPOTHECATED. § 5:1. 48: p. 7. Shares of the capital stock of Federal reserve banks not to be transferred or. HYPOTHECATION. § 14:1. 9: p. 16. Federal reserve banks may give acceptable security for contracts for loans of gold coin or bullion including, of United States bonds or other securities which Federal reserve banks are authorized to hold. IF EARNED. § 9:1.49: IF ANY. § 6:1. 32: p. 8. The balance, after applying cash-paid subscrip- tions, etc., to all deots of the insolvent member bank to the Federal reserve bank, to be paid to the receiver of the insolvent member bank. 10. Federal fiBserve banks to pay cash-paid sub- scriptions on Federal reserve bank stock sur- rendered, with interest computed from last dividend, etc. IMMEDIATE REPORT. § 4:1. 47: p. 6. An, of election of directors to be declared. IMPAIR. See also, "Construction." Dissolution of a national bank not to, any remedy against the corporation, etc. § 2:1. 49:p. 2. § 29:1. 31 :p. 27. IMPAIRMENT. § 6:1. 28:p Adjudged invalidity of any clause, etc., of Act not to, etc., the remamder of this Act. 8. Stock of Federal reserve banks held by an insolvent member bank to be canceled without, of the liability of the member bank. 9:1. 27: p. 10. National bank law prohibition as to, of capi- tal to apply to State banks becoming mem- ber banks. IMPARTIALLY. § 4:1. 28:p. 5. Board of directors to administer the affairs of Federal reserve banks fairly and, etc. IMPENDING FAILURE. § 23:1 29: p. 25. Liability of stockholders of national banks transferring their stock with knowledge of such, etc. IMPORTATION. § 13:1. 14: p. 15. Federal reserve banks may discount accept- ances based on, or exportation of goods, etc. § 13:1. 26: p. 15. Member bank may accept drafts and bills drawn upon it and growing out of transac- tions involving, or exportation of goods, etc. IMPOSED. § 9:1. 24:p. 10. 70820°— 15 17 State banks becoming member banks to con- form to provisions of laws, on national banks as to limitation of liabihty to be incurred by any person, etc. 255 256 INDEX-DIGEST. IMPOSED (Continued). § 9:1 3: p. 11. The Federal Eeserve Board may restore mem- bership upon due proof of compliance by the member bank with the conditions, by this section. § 13:1. 48: p. 15. Eediscounts by Federal reserve banks of any bills receivable and of domestic and foreign bills of exchange, and of acceptances au- thorized by this Act, to be subject to such restrictions, limitations, and regulations as may be, by the Federal Eeserve Board. § 27:1 32: p. 28. The Secretary of the Treasury may suspend the limitations, by sections 1 and 3 oi Act of May 30, 1908, etc. IMPRISONED. § 22:1. 46: p. 24. Any bank officer, etc., making a loan or grant- ing a gratuity to an examiner to be, not ex- ceeding one year, etc. § 22 : 1. 50 : p. 24. An examiner accepting a loan or gratuity to be, not exceeding one year, etc. IMPEISONMENT. § 22 :1. 19 : p. 25. Any violation of section 22 punishable by fine, etc., or, not exceeding one year, etc. IMPROVED. § 24:1. 38: p. 25. National banks not situated in central reserve cities may loan on, and unencumbered farm land, etc. IIT ACCORDAITCE WITH. § 4:1. 14:p. 4. § 8:1. 34:p. 9. § 14:1. 19:p. 16. IN ADDITION TO. § 2:1. 24:p. 2. § 4:1. 54:p. 6. § 4:1. 15:p. 7. § 9:1. 22 :p. 10. § 10:1. 21:p. 11. § 12:1 15:p 14. § 16:1. 29:p. 19. § 21:1. 21 :p. 24. § 23:1. 25 :p. 25. §25:1. 9:p. 26. IN ADVANCE. § 11:1. 49: p. 13. All salaries and fees of its employees, etc., shall be fixed, by the Federal Eeserve Board. IN All RESPECTS. § 8:1. 40:p. 9. INDEX-DIGEST. 257 IN AN AMOUNT. § 13:1. 10: p. 15. Notes, etc., drawn or issued for agricultural purposes or based on live stock and having a maturity not exceeding six months may be discounted, limited to a percentage of the capital of the Federal reserve bank to be ascer- tamed and fixed by theFederalReserveBoard. IN ANTICIPATION. § 14:1. 15: p. 16. Federal reserve banks, under regulations of the Federal Eeserve Board, may buy and sell in the open market, bills, notes, revenue bonds, and warrants, etc., issued, of collection of taxes or, of receipt of assured revenues by any State, county, etc. IN ANY FORM. § 18:1. 38 :p. 21. United States Treasury notes authorized by section 18 to be exempt from taxation, etc. IN ANY ONE YEAR. § 18:1. 27: p. 20. Federal reserve banks not to be permitted to f)urchase United States bonds securing circu- ation to an amount exceeding $25,000,000. IN ANY WAY. § 13:1. 33: p. 15. National banks not to be indebted or, liable to amount exceeding paid in and undiminished capital stock, etc. § 23:1. 33: p. 25. ProvisionforliabiUtyof stockholders of national banks not to affect, any recourse, etc., against those in whose names such shares are regis- tered at the time of such failure. IN BLANK. § 4:1. 12: p. 5. Federal reserve banks on deposit of United States bonds, etc., with Comptroller may receive circulating notes, etc. § 18:1. 51: p. 20. Federal reserve banks, on deposit of United States bonds purchased under sections 4 and 18 of this Act to be entitled to receive from the Comptroller circulatiag notes, etc. IN CASE OF. § 4:1. 13: p. 7. The deputy chairman of the board, etc., to exercise the powers of chairman, etc., the absence or disability of his principal. IN CASES OF. § 2:1. 42: p. 2. Every director liable for damages, noncom- pliance with or violation of this Act, etc., except for failure to become a member bank, etc. IN CONNECTION WITH. § .16:1. 23 :p. 19. Printing of national bank notes, etc. § 22:1. 8: p. 25. Any transaction or business of the bank. 258 INDEX-DIGEST. IN CONSEQUENCE OF. § 2:1. 47: p. 2. Liability of director for damages, etc., viola- tion of Act. IN DETAIL § 11:1. 43: p. 12. The weekly statement of the Federal Reserve Board to show, the assets and liabilities, etc., of the Federal reserve banks. IN EITHER CASE. § 5:1. 19: p. 8. The shares surrendered because of reduction of stock or liquidation of a member bank, shall be canceled. IN EXCHANGE FOR. See also "Exchange for." § 18:1. 9:p. 21. The Secretary of the Treasury may issue United States one-year gold notes, etc.. United States 2 per centum gold bonds bearing the circulation privilege but against which no circulation is outstanding. § 18:1. 21:p. 21. At the time of such exchange the Federal reserve bank to bind itself to purchase from the United States for gold at the maturity of such notes an amount equal to those dehvered, such bonds, if so requested by the Secretary of the Treasury. § 18:1. 25: p. 21. And at each maturity of one-year notes so pur- chased to purchase from the United States such an amount of one-year notes as the Secretary of the Treasury may tender to the bank, not to exceed the amount issued to such bank in the first instance, the United States 2 per centum gold bonds, etc. § 18:1. 47:p. 21. On application of any Federal reserve bank, approved by the Federal Reserve Board, the Secretary of the Treasury may issue at par United States 3 per centum gold bonds, said one-year gold notes. IN EXCESS OF. § 27:1. 40:p. IN FAVOR OF. § 4:1. 29:p. 28. No bank to issue circulating notes, 125 per centum of its unimpaired capital and surpms. , The board of directors not to discriminate, or against any member bank, etc. IN GOOD FAITH. § 13:1. 23: p. 15. Restriction as to aggregate of notes and bills bearing the signature^ or indorsement of any one person, etc., rediscounted by a Federal reserve bank for any one bank not to apply to discount of bills of exchange drawn, against actually existing values. INDEX-DIGEST. 259 IN HIS OWN NAME. § 2:1. 41: p. 2. The Comptroller to bring suit, for dissolution of a national bank for noncompliance with or violation of this Act, under direction of the Federal Reserve Board. IN ITS JUDGMENT. § 25:1. 14 :p. 26. The Federal Reserve Board may reject appli- tions of national banks for authority to es- tablish foreign branches if, the amount of capital set aside is inadequate, etc. IN LIKE MANNER. § 4:1. 46: p. 6. The votes cast in the third column for other choices to be added together, etc. IN NO CASE. § 20:1. 46:p. 23. From and after the passage of this Act such fund of 5 per centum shall, be counted by any national bank as a part of its lawful reserve. IN NO EVENT. § 16:1. 10: p. IS. The gold redemption fund for Federal reserve notes to be, less than 5 per centum. § 27:1. 44: p. 28. The Secretary of the Treasury to require each bank and currency association to maintain in the Treasury a sum in gold sufficient for the redemption of notes issued under the Act of May 30, 1908, as amended, but, less than 5 per centum. IN OFFICE. § 10:1. 26:p. 11. Members of the Federal Reserve Board, etc., ineligible while, and for two years thereafter to hold any office, etc., ia any member bank. IN OBDEB. § 16:1. 46:p. 18. IN, PAID. See "Cash paid subscriptions;" "Paid in capital stock." IN PABT, IN WHOLE OB. See "In whole or in part." IN PBOPOBTION TO. § 10:1. 43: p. 11. The assessment for its expenses, etc., to be levied by the Federal Reserve Board upon Federal reserve banks to be, their capital and surplus. § 21:1. 18 :p. 24. Comptroller to assess expense of examination upon the banks examined, assets or re- sources held by the banks upon the dates of examination, etc. IN PUBSUANCE THEBEOF. § 9:1. 29 :p. 10. § 11:1. 2:p. 14. 260 INDEX-DIGBBT. IN REGARD TO. § 12:1. 26:p. 14. IN SO FAR. § 2:1. 33:p. 2. IN SUCH CASE. § 8:1. 22:p. 9. IN SFCH MANNER. § 2:1. 22 :p. 3. § 19:1. 2:p. 22. IN THAT EVENT. § 2:1. l:p. 3. § 2:1. 16:p. 3. § 19:1. 31 :p. 23. § 19:1. 35 :p. 23. IN THE AGGREGATE. § 13:1. 29: p. 15. No member bank to accept bills to an amount equal at any time, to more than one-half its paid-up capital stock and surplus. IN THE BEST MANNER. § 16:1. 49 :p. 18. The Comptroller to cause plates, etc., to be engraved for Federal reserve notes, to guard against counterfeits, etc. IN THE CASE OF. §21:1. 4:p. 24. IN THE FIRST INSTANCE. § 18:1. 25:p. 21. IN THE FOLLOWING MANNER. § 4:1. 5:p. 6. IN THE HANDS OF. § 11:1. 38 : p. 13. The Federal Reserve Board to make regulations for the safeguarding of all collateral, etc., or property of any kind deposited, the Federal reserve agents. IN THE MANNER. § 4:1. 10:p. 5. § 4:1. 38:p. 7. § 5:1. l:p. 8. § 9:1. l:p. 11. § 18:1. 49:p. 20. §24:1. 49:p. 25. IN THE NAME, § 4:1. 41: p. 4. Federal reserve banks to have certain enumer- ated powers, designated in the organization certificate. INDEX-DIGEST. 261 IN THE OPEN MARKET. § 14:1. 52: p. 15. Enumeration of powers of Federal reserve banks to purchase and sell, etc. IN THE SAME MANNER. § 11:1. 50:p. 13. IN THE VARIOUS DISTRICTS. § 12:1. 27: p. 14. The Federal Advisory Council to have power to make recommendations as to reserve condi- tions, etc. IN THIS ACT PROVIDED. § 9:1. 7:p. 10. § 15:1. 41:p. 16. IN THIS SECTION. §27:1. 4:p. 27. IN WHOIE OR IN PART. § 2:1. 25: p. 2. Shareholders of Federal reserve banks to be individually responsible, etc., for debts, etc., of bank whether such subscriptions have been paid up, etc. § 16:1. 13: p. 18. The Federal Reserve Board may grant) appli- cation for Federal reserve notes, etc. IN WRITING, § 2:1. 5: p. 2. All national banks required and eUgible banks and trust companies in the District of Colum- bia authorized to accept, etc., the terms, etc., of this Act. § 11:1. 28:p. 13. § 18:1. 35:p. 20. § 22:1. 12: p. 25. INADEQUATE. § 25:1. 16:p. 26. INCIDENTAL. § 4:1. 20:p, The Federal Eeserve Board to communicate, the cause of such removal to the removed officer or director and to the bank. The member bank to assign, etc., its United States bonds sold, to the Federal reserve bank purchasing same. No examiner to disclose names of borrowers or collateral for loans without express permis- sion, of the Comptroller, etc. The Federal Reserve Board may reject the application of a national bank for authority to establish foreign branches if the capital set aside is, etc. Federal reserve banks to transact only business, etc., to its organization before authorization by the Comptroller to commence business under the provisions of this Act. 262 INDEX-DIGEST. IITCIDENTAI (Continued). § 16:1. 12 :p. 19. Federal reserve banks to pay all expenses, to the issue and retirement of Federal reserve notes. INCIDENTAI POWERS, § 4:1. 7: p. 5. Federal reserve banks to exercise such, as shall be necessary to carry on the business of bank- ing within the limitations prescribed by this Act. INCLUDE. § 1:1. 5:p. 1. Word "bank" to, State bank, banking associa- tion, and trust company except where national banks or Federal reserve banks are specifically referred to. § 2:1. 41: p. 1. The Federal reserve bank to, in its title the name of the city in which it is situated. § 13:1. 2: p. 15. Definition of paper eligible for discount not to, notes, etc., covering merely investments or issued or drawn for the purpose of carrying or trading in stocks, etc. §.16:1. 14: p. 19. The Federal Reserve Board to, in its estimate of expenses levied against Federal reserve banks a sufl&cient amount to cover the ex- penses of plates, dies, etc., and other expenses mcidental to the issue and retirement of Fed- eral reserve notes. § 16:1. 19: p. 19. United States Revised Statutes, section 5174, extended to. Federal reserve notes. § 18:1. 28: p. 20. Limitation as to purchase of United States bonds by Federal reserve banks in any one year to, bonds acquired under section 4 of this Act. INCLUDING, § 7:1. 7:p. 9. § 10:1. 7:p. 11. § 14:1. 9:p. 16. § 14:1. 17:p. 16. INCLUDED. § 16:1. ll:p. 18, INCOKE, § 7:1. 8:p, 9, Federal reserve banks, including the capital stock and surplus therein, and the, derived therefrom, to be exempt from Federal, State, and local taxation, except taxes upon real estate. INDEX-DIGEST. 263 INCONSISTENT. § 4:1. l:p. 5. Directors may prescribe by-laws not, with law, etc. § 26:1. 29:p. 26. All provisions of law, etc., with the provisions of this Act to that extent and to that extent only hereby repealed. INCORPORATED. See also, "Organized." § 8:1. 12: p. 9. Any bank, by special law of any State or of the United States or organized under the gen- eral laws of any State or of the United States, etc., may be converted into a national bank- ing association, etc. § 9:1. 45: p. 9. Any bank, by special law of any State or organ- ized under the general laws of any State or of the United States may apply, etc., for the right to subscribe to the stock of the Federal reserve bank, etc. INCREASE OF CAPITAL STOCK. § 5:1. 41:p. 7. Heading of section 5. § 5:1. 44: p. 7. Stock of Federal reserve banks to be increased in proportion to, of member banks, etc. 7. Member bank on, to subscribe for an addi- tional amount of stock in the Federal reserve bank equal to 6 per centum of said, etc. Directors of Federal reserve banks to execute to the Comptroller a certificate of, showing the, etc. § 5:1. 44: p. 7. Stock of Federal reserve banks to be, from time to time as member banks increase their capital and surplus or as additional banks become members. § 5:1. 49:p. § 5:1. 52:p. 7. 7. § 5:1. 10:p. § 5:1. 13:p. 8. 8. INCREASED. § 5:1. 9:p. INCREASES. § 5:1. 49:p. INCREASINGLY. § 11:1. 10:p. INCUR. 8. When the capital stock of any Federal reserve bank is, the directors to execute a certificate to the Comptroller, etc. 7. When a member bank, its capital or surplus it shall subscribe for an additional amount of stock of the Federal reserve bank, etc. 13. Graduated tax prescribed when the gold re- serve against Federal reserve notes falls below 32 § per centum at the rate, of not less than IJ per centum per annum, etc. § 2:1. 36: p. 3. The Organization Committee may, such ex- penses in carrying out the Act as it shall deem necessary. 264 lUCUEEED. § 2:1. 51:p INDEX-DIGEST. Dissolution of a national bank not to take away or impair any remedy against such corporation, etc., previously, for any lia- bility or penalty, etc. § 9:1. 25: p. 10. State banks, etc., becoming member banks to conform to the law imposed on national banks respecting the limitation of liability which may be, by any person, etc., to such banks. § 13:1. 43: p. 15. Limitation as to indebtedness, etc., of national banks to amount of unimpaired, paid-in capital stock, not to apply to uabiUties, under the provisions of the Federal Reserve Act. § 16:1. 10: p. 19. Expenses necessarily, in executing the laws as to Federal reserve notes and all other expenses, etc., to be paid by the Federal reserve banks. § 16:1. 35 :p. 19. Nothiag ia this section to be construed as exempting national banks and Federal reserve banks from their habihty to reim.burse the United States for expenses, in printing and isstiing circulating notes. § 16 :1. 44 : p. 19. A member bank may charge its actual expense, in collecting and remitting funds or for exchange sold to its patrons. INDEBTED. § 13:1. 33: p. 15. No national bank to be at any time, or in any way hable to an amount exceeding the amount of its capital stock at such time actually paid in and remaining undiminished, etc. INDEBTEDNESS, BONDED. See " Bonded indebtedness." INDEPENDENTLY. § 25:1. 25: p. 26. The accounts of foreign branches of national banks to be conducted, etc. INDICATING. § 4:1. 25: p. 6. The chairman to make a list of candidates for directors, by whom nominated. INDIEECTIY. See "Directly or indirectly." INDiVIDTIAl. See also "Individuals." § 2:1. 7: p. 3. No, copartnership, or corporation, other than a member bank, etc., to oe permitted to sub- scribe for or hold more than $25,000 par value of stock in any Federal reserve bank. INDEX-DIGEST. 265 INDIVIDUAI CAPACITY. § 2:1. 46: p. 2. A director participating in any noncompliance with or violation of this Act, except the failure to become a member bank, to be Uable for damages in his personal or, etc. INDIVIDUALLY RESPOITSIBLE. § 2:1. 20: p. 2. Shareholders of every Federal reserve bank, etc., for all contracts, debts, etc., of bank, etc. § 23:1. 23: p. 25. Stockholders of every national banking insti- tution to be held, for all contracts debts, etc., of the association, etc. INDIVIDUALS. §14:1. l:j See also "Individual." 16. Federal reserve banks may, imder regulations of the Federal Eeserve Board, purchase and sell in the open market, etc., from or to domestic or foreign banks, etc., cable trans- fers 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. INDORSED. 15. § 13:1. 16:p § 19:1. l:p. 23 Acceptances discovmted by Federal reserve banks must be, by at least one member bank. Eligible paper, etc., properly, may be received from member banks as reserves, etc. INDORSEMENT § 13:1. 40:p 14. Any Federal reserve bank may discount notes, drafts, and biUs of exchange arising out of actual commercial transactions upon, of any of its member banks with a waiver of demand., notice, and protest by such bank. § 13:1. 19 :p. 15. Limitation of aggregate of notes, etc., bearing the signatiu-e or, of any one person, etc., which may be rediscounted by a Federal reserve bank for a member bank to 10 per cent of the unimpaired capital and surplus of such member bank, etc. § 14:1. 3:p. 16. Federal reserve banks may, under regulations of the Federal Reserve Board, buy and sell, etc., in the open market, cable transfers and bankers' acceptances and biUs of exchange of the kinds and maturities by this Act made eligible for rediscount, with or without the, of a member bank. § 14:1. 22: p. 16. Federal reserve banks may purchase from member banks and sell, with or without its, bills of exchange arising out of com- mercial transactions, etc. 266 INDEX-DIGEST. INDOESEMENT (Continued). § 14:1. 34: p. 16. Any Federal reserve bank, with the consent of the Federal Reserve Board, through such foreign correspondents or agencies may buy or sell with or without its, biUs of exchange arising out of actual conunercial transactions which have not more than 90 days to run and which bear the signature of two or more responsible parties. INDUSTRIAL DIVISIONS. § 10:1. 14: p. 11. The President of the United States, in select- ing the five appointive members of the Fed- eral Reserve Board, to have due regard to a fair representation of the different, etc., of the country. INDUSTRIAL PURPOSES. § 13 :1. 44:p. 14. Federal reserve banks may discount notes, etc., drawn for agricultural, commercial, or, etc. INDUSTRIAL PURSUIT. § 4:1. 42: p. 5. Class B directors, when elected, to be actively engaged in their district in conunerce, agri- culture, or some other. INELIGIBLE. § 10:1. 26:p. 11. INEXPEDIENT. § 25:1. 17:p. 26. INFORM. §21:1. The members of the Federal Reserve Board, the Assistant Secretaries of the Treasury, the Secretary of the Treasury, and the Comp- troller of the Currency shall be, while m office, and for two years thereafter, to hold any office, etc., ia any member bank. The Federal Reserve Board may reject the application of a national bank for authority to establish foreign branches, etc., if deemed, to grant it. 26: p. 24. Examinations by Federal reserve banks to be so conducted as to, the Federal reserve bank of the condition of its member banks, etc. INFORMATION. § 10:1. 26:p 12. The Speaker of the House of Representatives to have the report of the Federal Reserve Board printed for the, of Congress. § 11:1. 45 :p. 12. The weekly statement of the Federal Reserve Board to furnish full, as to the character of the money held as reserve, etc. § 12:1. 26: p. 14. The Federal Advisory Council to have the right to call for, etc., as to discount rates, etc. § 21:1. 30:p. 24. Federal reserve banks to furnish to the Federal Reserve Board such, as may be demanded, etc. INDEX-DIGEST. 267 INFORMATION (Continued). § 25:1. 20: p. 26. National banks authorized to establish foreign branches to furnish, concerning the condition of such branches to the Comptroller on de- mand. INSOLVENCY, § 6:1. 36:p. INSOLVENT. § 6:1. 26:p. 8. Reduction of stock in a Federal reserve bank because of, of a member bank to be reported to the Comptroller by certificate of the directors. 8. The stock held by an, member bank in a Fed- eral reserve bank to be canceled, etc. § 6:1. 31:p. 8. The cash-paid subscriptions, etc., of an, member bank to be first apphed to its debts to the Federal reserve bank. § 6:1. 33: p. 8. The balance, if any, to be paid to the receiver of the, member bank. INSTALLMENT. § 19:1. 53:p. 22. Any Federal reserve bank may receive from member banks as reserves, not exceeding one-half of each, eligible paper as described in section 14, properly indorsed and accept- able to said Federal reserve bank. [Changed to section 13 by the Act of August 15, 1914. See § 19:1. 35 :p. 30.J INSTANCE. See "In the first instance." INSTITUTION, BANKINO. See "Banking association," "Banking institution." INSUFFICIENT. § 2:1. 54:p. 2. Stock in Federal reserve banks may be offered for pubUc subscription by the organization committee should the subscriptions by banks be, etc. § 2:1. 15: p. 3. Such stock may be allotted to the United States by the organization committee should the subscriptions by the banks and by the public be, etc. § 16:1. 28 :p. 19. The Secretary of the Treasury may use any funds in the Treasury not otherwise ap- propriated, for the Federal reserve notes, should the appropriations heretofore made, etc., be, etc. INTEKCHANGEABLE. § 1:1. 9:p. 1. The terms "National bank" and "National banking association" held to be synony- mous and. 268 INDEX-DIGEST. INTEREST. § 9:1. 48 :p. 10. Cash-paid subscriptions on surrendered Fed- eral reserve bank stock to be paid with, at the rate of one-half of 1 per centum per month, etc, § 11:1. 51:p. 12. Eates of, on rediscounts by one Federal reserve bank of the discounted paper of another to be fixed by the Federal Eeserve Board. § 11:1. 14:p. 13. The Federal reserve banks to add an amomit equal to the graduated tax, when the reserve falls below the required limit, to the rates of, and discount fixed by the Federal Reserve Board. § 16:1. 19:p. 18. The Federal reserve banks to pay such rate of, on Federal reserve notes as may be estab- lished by the Federal Reserve Board. § 18:1. 17: p. 20. Member banks may file with the Treasurer of United States an application for the sale of their United States bonds securing circula- tion, at par and accrued, etc. § 18:1. 32: p. 21. The Secretary of the Treasury authorized to issue at par United States Treasury notes bearing, at rate of 3 per centum, etc. § 18:1. 36: p. 21. Said notes to be exempt as to principal and, from payment of aU taxes, etc. § 18:1. 41 :p. 21. The Secretary of the Treasury authorized to issue United States gold bonds at par bear- ing 3 per centum, etc. § 24:1. 46: p. 25. National banks may continue to receive time deposits and to pay, on the same. § 26:1. 40: p. 26. The Secretary of the Treasury, to maintain the parity and to strengthen the gold reserve, may issue United States one-year gold notes bearing, not exceeding 3 per centum, etc. INVALID. § 29:1. 31 :p. 27. If any clause, etc., of this Act shall for any reason be adjudged by any court, etc., such judgment not to affect the remainder of Act, etc. INVAIIDATE. See also "Construction." § 29:1. 32: p. 27. Judgment by any court, etc.. of invalidity of any clause, etc., of this Act not to, etc., remainder of Act. INVESTED. § 23:1. 25: p. 25. Stockholders of national banks to be held indi- vidually responsible for all contracts, etc., of association to the amount of stock at par in addition to the amount, in such stock. INDEX-DIGEST. 269 INVESTMENT SECURITIES. § 13:1. 4:p. 15. Definition of paper eligible for discount by the Federal reserve banks not to include notes, drafts, or bills covering merely investments or issued or drawn for tne purpose of carrying or trading in stocks, bonds, or other, etc. INVESTMENTS. § 11:1. 47: p. 12. The weekly statement of the Federal Reserve Board to give full information as to other, owned or held by Federal reserve banks. § 13:1. 2: p. 15. Definition of commercial paper eligible for dis- count by Federal reserve banks not to include notes, etc., covering merely, etc. INVESTIGATION. § 2:1. 36: p. 1. The Organization Committee to make such, as is deemed necessary in determining the Fed- eral reserve districts, etc. INVOLVED. § 29:1. 34: p. 27. Judgment of invalidity of any clause, etc., of this Act to be confined only to the clause, etc., directly, in the controversy, etc. INVOLVING. § 13:1. 26 : p. 15. Any member bank may accept drafts or bills of exchange drawn upon it and growing' out of transactions, the importation or exportation of goods, etc. IRRIGATION DISTRICTS. § 14:1. 18:p. 16. Federal reserve banks may, under regulations of the Federal Eeserve Board, buy and sell at home or abroad, etc., bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued m anticipation of the collection of taxes or of the receipt of assured revenues by, etc. ISLANDS, PHILIPPINE. See "Philippine Islands." ISSUE. 1. Act of May 30, 1908, as amended. § 27:1. 46: p. 26. The Act of May 30, 1908, authorizing the, of additional national bank circulation, extended to June 30, 1915. § 27:1. 40: p. 28. No bank to be permitted to, circulatuig notes in excess of 125 per centum of its unimpaired capital and surplus. §27:1. 2 : p. 29. The Secretary of the Treasury may permit national banks, during the period for which such provisions of the Act of May 30, 1908, are suspended to, additional circulation under said Act as amended. 270 INDEX-DIGEST. ISSUE (Continued). 2. Federal reserve bank notes. § 4:1. 14. -p. 5. To be issued under the same conditions as the, of national bank notes. § 4:1. 17: p. 5. The, of Federal reserve bank notes not to be limited in amount to the capital stock of the Federal reserve bank. 3. Federal reserve notes. See also "Issues." § 11:1. 17: p. 13. The Federal reserve board to supervise and regulate through the bureau imder the charge of the Comptroller, the, and re- tirement of Federal reserve notes. § 16:1. 12: p. 19. All other expenses incidental to the, and retirement of Federal reserve notes to be paid by the Federal reserve banks. 4. National bank notes. § 10:1. 30: p. 12. Execution of all laws relating to the, and regulation of national currency secured by United States bonds to be by the bureau whose chief officer shall be called the Comptroller of the Currency. §4:1. 15 :p. 5. Federal reserve banknotes to be issued under same conditions as the, of circu- lating notes of national banks. ISSUE, ORIGINAL. See "Origmal issue." ISSUE, 1-YEAE GOLD NOTES. See "United States 1-year gold notes. ISSUE, 2 PER CENTUM GOLD BONDS. See "United States 2 per centum 30-year gold bonds." ISSUE, 3 PER CENTUM GOLD BONDS. See "United States 3 per centum gold bonds." ISSUE, 3 PER CENTUM 60-YEAR GOLD BONDS. See "United States 3 per centum 50-year gold bonds." ISSUED. § 4:1. 14: p. 5. Federal reserve bank notes to be, under same conditions, etc., as national bank notes. § 9:1. 6: p. 10. Stock to be, to State banks, etc., becoming member banks, under the rules and regula- tions in this Act provided for national banks which become stockholders in Federal re- serve banks. § 13:1. 44 :p. 14. Federal reserve banks may discoimt notes, etc., or drawn for agricultural, industrial, or com- mercial purposes, etc. § 13:1. 2:p. 15. Definition of paper eligible for discoimt not to include notes, etc., or drawn for carrying or trading ia stocks, bonds, or other investment securities except bonds and notes of the United States, INDEX-DIGEST. 271 ISSUED (Continued). § 13:1. 8:p. 15. Notes, etc., drawn or, for agricultural purposes or based on live stock, having a maturity not exceeding six months, may be discounted in an amount to be limited to a percentage of the capital of the Federal reserve bank to be ascertained and fixed by the Federal Eeserve Board. § 14:1. 14: p. 16. Federal reserve banks, under regulations of the Federal Reserve Board, may buy and sell, etc., warrants, in anticipation of col- lection of taxes, etc. § 16:1. 2: p. 17. Federal reserve notes authorized to be, at the discretion of the Federal Reserve Board. § 16:1. 17: p. 17. The collateral security for such notes applied for and, shall be notes and bills accepted for rediscount under the provisions of section 13. § 16:1. 24:p. 17. Additional collateral for Federal reserve notes, to Federal reserve banks may be called for by the Federal Reserve Board. § 16:1. 33: p. 17. Whenever Federal reserve notes, through one § 16:1. 36:p. 17. Federal reserve bank shall be received by another Federal reserve bank, they shall be promptly returned for credit or redemp- tion to the Federal reserve bank through which they were originally, etc. § 16:1. 37: p. 17. No Federal reserve bank to pay out notes, through another under penalty of a tax of 10 per centum, etc. § 16:1. 41 : p. 17. Notes redeemed by the Treasury to be returned to the Federal reserve banks through which originally. § 16:1. 2: p. 18. Federal reserve notes received by the Treasury otherwise than for redemption may be ex- changed for gold out of the redemption fund and returned to the Federal reserve bank through which originally, etc. § 16:1. 9: p. 18. The Federal Reserve Board to require each Federal reserve bank to maintain on deposit in the United States Treasury a sum in gold sufficient, in the judgment of the Secretary of the Treasury, for the redemption of the Federal reserve notes, to such bank. § 16:1. 21: p. 18. Federal reserve notes, to any Federal reserve § 16:1. 23 : p. 18. bank, together with the notes of such Federal reserve bank, under section 18 to become a first and paramount lien on all the assets of such bank. 708200—15 18 272 INDEX-DIGEST. ISSUED (Continued). § 16:1 2: p. 19. Federal reserve notes to bear the distinctive numbers of the Federal reserve banks through which. § 18 :1. 4 :p. 21. Federal reserve bank notes to be, and redeemed under the same 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. § 18:1. 25: p. 21. The obligation of a Federal reserve bank to purchase United States one-year gold notes at each maturity of one-year notes so purchased, not to exceed the amount, to such bank in the first instance in exchange for the United States 2 per centum gold bonds. Thirty-year 3 per centum gold bonds authorized to be, under the same terms, etc., as the United States 3 per centum bonds without the circulation priYUeges now, and outstanding. § 26:1. 35: p. 26. Nothing in this Act to repeal the parity pro- visions in the Act of March 14, 1900, entitled "An Act to define and fix the standard of value, to maintain the parity of all forms of money, and coined by the United States," etc. § 27 :1. 35 : p. 28. The Secretary of the Treasury may suspend the limitations imposed by sections 1 and 3 of the Act of May 30, 1908, providing that addi- tionail currency, etc., shall be, only to national banks having circulation outstanding not less than 40 per centum of the capital stock, etc. § 18:1.42:p. 21. § 18:1. 44:p. 21. ISSUES. § 16:1. 21 :p. 17. The Federal reserve agent to notify the Federal Reserve Board each day of all, and with- drawals of Federal reserve notes, etc. ISSUES, NOTE. ISSUES, STOCK ISSUING. § 16:1. 36:p, See "Note issues." See "Stock issues. 19. Nothing in this section to 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, circulating notes. § 18:1. 7:p. '21. Federal reserve bank notes not to be limited to the amount of the capital stock of the Federal reserve bank, them. ITEM, SEPARATE. See "Separate item." ITS JUDGMENT, IN. See "In its judgment." ITSELF, BY. See "By itself." JANUARY, FIRST OF. See "First of January." JAirUARY 16, 1883, ACT OF. See "Act of January 16, 1883." JOIIT; JOINED. § 27:1. 7:p. 29. The Secretary of the Treasury may extend benefits of Act of August 4, 1914, to all qualified State banks and trust companies whieh have, the Federal reserve system or which may contract to, within fifteen days after passage of said Act. JOINT APPIICATION. § 21:1. 38: p. 24. The Federal Reserve Board to order a special examination and report of condition of any Federal reserve bank upon, of ten member banks. JUDGE. 4:1. 35: p. 4. The organization certificate to be acknowl- edged before a, of some court of record or notary public. JUDGMENT. § 2:1. 53:p. 2. If the total subscriptions by banks to the stock of said Federal reserve banks or any one or more of them be, ia the, of the Organi- zation Committee, insufl&cient, etc., the stock in the Federal reserve banks may be offered to public subscription. § 2:1. 15: p. 3. If the bank and public subscriptions, in the, of the committee, are insufficient, etc., stock may be allotted to the United States, etc. § 16:1. 49:p. 17. Gold reserve to be maiatained with Treasurer sufficient in the, of the Secretary for redemp- tion of Federal reserve notes. § 16:1. 8: p. 18. The Federal Reserve Board to require Federal reserve banks to maintain with Treasurer a sum in gold sufficient ia the, of the Secre- tary of the Treasury for the redemption of the Federal reserve notes, etc. § 25:1. 14: p. 26. The Federal Reserve Board may reject appli- cation of national banks for foreign brancnes if in its, the amount of capitd set aside is inadequate. 273 274 INDEX-DIGEST. JUDGMENT (Continued). § 29:1. 31: p. 27. If any clause, etc., of this Act is adjudged invalid such, not to affect, etc., the re- mainder. § 29:1. 34: p. 27. Such, to be confined to the clause, etc., directly involved in the controversy. § 27:1. 30: p. 28. Whenever in his, desirable the Secretary of § 27:1. 39: p. 28. the Treasury may suspend the limitations imposed by sections 1, 3, and 5 of the Act of May 30, 1908. § 27:1. 44: p. 28. 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 in his, for the redemption of the Aldrich-Vreeland notes. JUNE 20, 1874, ACT OF. See "Act of June 20, 1874." JUNE 30, 1914. § 27:1. 48:p. 26. Extension until June 30, 1915, of the Act of May 30, 1908, which expires. JUNE 30, 1915. § 27:1. 49: p. 26. The Act of May 30, 1908, extended to. JULY 12, 1882, ACT OF. See "Act of July 12, 1882." JURISDICTION. § 12:1. 25 :p. 14. The Federal Advisory Coimcil may make oral or written recommendations concerning matters within the, of said board. •JURISDICTION, COURT OF COMPETENT. See "Court of com- petent jurisdiction." JUSTICE, COURT OF. See "Courts of justice." JUSTIFY. § 26:1. 42: p. 26. When the funds of the Treasury on hand, the Secretary of the Treasury may redeem and retire the outstanding bonds and notes issued under provisions of section 26 of this Act. K. KEEP. § 19:1. 12 :p. 23. Except as thus provided, no member bank shall, on deposit with any nonmember bank a sum in excess of 10 per centum of its own paid-up capital and surplus. § 19:1. 4:p. 23. Reserves which a State bank or trust company is required by the law of its State to, m its own vaults or with another State bank or trust company to be construed as reserve deposits in a national bank in a reserve or central reserve city for three years, etc. [Words "Or permitted" inserted after word "required" by Act of Aug. 15, 1914. See § 19:1. 37:p. 30.] [Words "Or with a national bank" added by Act of Aug. 15, 1914. See § 19:1. 39: p. 30; § 19:1. 41 :p. 30.] KEPT. § 19:1. 5: p. 23. Such reserve deposits so, to count as if reserve deposits in a national bank in a reserve or central reserve city for three years, etc. KIND, ANY. See "Any kind." KINDS. § 14:1. 2:p. 16. Federal reserve banks may, under regulations of the Federal Reserve Board, buy and sell at home or abroad, cable transfers and bankers' acceptances and bills of exchange of the, and maturities by this Act made eligible for redis- count, with or without the indorsement of a member bank. Liability of stockholders of national bank trans- ferring their shares with, of impending f ailiu-e of bank to meet its obhgations. Not less than eight nor more than twelve cities, to be, as Federal reserve cities, to be desig- nated by the Organization Committee. Such districts to be, as Federal reserve districts. Stock in Federal reserve banks held by indi- viduals, etc., to be, as public stock, etc. 275 KNOWLEDGE. § 23:1. 29:p. 25. KNOWN. § 2:1. 20:p. 1. § 2:1. 30:p. § 2:1. 10:p. 1. 3. L. LAND, FARM. See " Farm land." LANDS, FAEM. See "Farm lands." LAST DIVIDEND. § 5:1. 8: p. 8. A bank applying for stock in a Federal reserve bank alter the organization thereof must subscribe for an amoimt, etc., equal to 6 per centum of its paid-up capital stock and sur- plus, paying therefor its par value plus IJ {)er centum a month from the period of its ast. § 5:1. 24: p. 8. Federal reserve banks, under regulations of the Federal Reserve Board, to pay the cash- paid subscriptions on surrendered shares and one-half of 1 per centmn a month from period of the, etc. § 6:1. 30: p. 8. Federal reserve banks to pay cash-paid sub- scriptions on the canceled stock of a bank declared insolvent, etc., with one-half of 1 per centum per month from the period of, etc. § 9:1. 49: p. 10. Federal reserve banks to pay cash-paid sub- scriptions on stock surrendered for violation of law, with interest at the rate of one-half of 1 per centum per month computed from the, if earned, etc. LAST REFERRED TO. § 26:1. 39 :p. 26. LAW, ATTTHORIZED BY. See "Authorized by law." LAW, COURT OF. See "Court of law." LAW, DEFINED BY. See "Defined by law." LAW, EXISTING; LAWS, EXISTING. See "Existing law;" "Ex- isting laws." LAW, FEDERAL. See "Federal law." LAW, LOCAL. See "Local law." LAW, NOT INCONSISTENT WITH. See "Not inconsistent with law." LAW, PRESCRIBED BY. See "Prescribed by law." LAW, PRIVILEGES GRANTED BY. See "Privileges granted by law." 276 INDEX-DIGEST. 277 lAW, PROVIDED BY. See "Provided by law." LAW, PROVISIONS OF. See "Provisions of law." lAW, REQUIRED BY. See "Required." LAW, SPECIAL. See "Special law." LAW, STATE. See "State law." LAW, STATE OR LOCAL. See "State or local law." LAW, UNDER EXISTING. See "Under existing law." LAW, VESTED BY. See "Vested." LAW, VIOLATION OF. See "Violation." LAWS, BY-. See "By-laws." LAWS, EXECUTING THE. See "Executing." LAWS, EXECUTION OF ALL. See "Execution." LAWS, EXISTING. See "Existing laws." LAWS, GENERAL. See "General laws." LAWFUL MONEY. § 13:1. 34: p. 14. Any Federal reserve bank may receive from any of its member banks and from the United States deposits of current funds iu, etc. § 13:1. 37: p. 14. It may receive, solely for exchange purposes, from other Federal reserve banks deposits of current funds in, etc. § 16:1. 10:p. 17. Federal reserve notes to be redeemed in gold or, at any Federal reserve bank. § 16:1. 26:p. 17. Federal reserve banks to maintain reserves in iu gold or, of not less than 35 per centum against its deposits. § 16:1. 29:p. 17. Federal reserve banks to maintain reserves in gold of not less than 40 per centum against Federal reserve notes in actual circulation and not offset by gold or, deposited with the Federal reserve agent. § 16:1. 43:p. 17. Federal reserve banks, on demand of the Secretary of the Treasury, to reimburse the redemption fund in the Treasury in, etc. § 16:1. 29: p. 18. Federal reserve bank may reduce liabihty for outstanding Federal reserve notes by deposit- ing with the Federal reserve agent its Federal reserve notes, gold, gold certificates, or, of the United States. § 16:1. 33 :p. 18. The Federal reserve agent to hold such, etc., available exclusively for exchange for the outstanding Federal reserve notes, etc. 278 IKDEX-DIGEST. LAWFUL MONEY (Continued). § 18:1. 37: p. 20. The Federal reserve bank piirchasing United States bonds from member banks _ mider section 18 shall thereupon deposit, with the Treasurer of United States for the pur- chase price, etc. LAWFUL RESERVE. See also "Reserve." § 20:1. 44 :p. 23. So much of sections 2 and 3 of the Act of Jime 20, 1874, etc., as provides that the five per centum redemption fund shall be counted as part of its, by national banks is hereby repealed. § 20:1. 47: p. 23. From and after the passage of this Act the five per centum redemption fund shall in no case be counted as part of its, by na- tional banks. LEAST, AT. See "At least." LEDGER, GENERAL. See " General ledger." LESS. See "In no event." LESS ANY LIABILITY. § 5:1. 24: p. 8. Payment for surrendered shares not to exceed book value thereof, of member bank to the Federal reserve bank. § 9:1. 50: p. 10. Payment for shares surrendered for violation of Act not to exceed book value thereof, to the Federal reserve bank. LESS THAN, NOT. See "Not less than." LESS THAN EIGHT, NOT. See "Not less than." LESS THAN FIVE PER CENTUM. See " In no event." LESS THAN FOUR MILLION DOLLARS, NOT. See "Not less than $4,000,000." LESS THAN 1^ PER CENTUM, NOT. See "Not less than." LESS THAN PAR, NOT, See "Not less than." LESS THAN TWENTY DAYS' NOTICE, NOT. See "Not less than." LESS THAN 35 PER CENTUM, NOT. See "Not less than." LESS THAN 40 PER CENTUM, NOT. See "Not less than." LETTER, DISTINCTIVE. See "Distmctive letter." LEVEL. §11:1. 4 :p. 13. The Federal Eeserve Board to establish a grad- uated tax upon the amoimts by which the reserve reqmrements may be permitted to fall below the, hereinafter specified. INDEX-DIGEST. 279 LEVIED. § 16:1. 14:p. 19. LEVY. § 10:1. 42:p. 11. LEVYING. § 10:1. 46:p. 11. LIABLE. § 2:1. 45:p.. 2. § 13:1. 34:p. 15. § 23:1. 30:p. 25. The ReseiTe Board to include in its estimate of expenses, against Federal Reserve banks a sufficient amount to cover the expenses of printing Federal reserve notes. The Federal Reserve Board to, semiannual assessment against Federal Reserve banks, etc. The assessment levied upon the Federal re- serve banks by the Federal Reserve Board to be sufficient to pay its estimated expenses and the salaries of its members and employ- ees for the half year succeeding the, of such assessment, etc. Every director participating in or assenting to a noncomphance with or violation of this Act other than the failure to become a member bank, to be, in his personal or indi- vidual capacity, for all damages, etc. No national bank to be indebted or in any way, to an amount exceeding the amount of its paid in, etc., capital stock, except, etc. Stockholders of national banks transferring their shares within 60 days next before the date of failure of such association to meet its obhgations or with knowledge of such impending failure, to be, to the same extent as if they had made no such transfer, etc. LIABILITIES. § 8:l40:p. 9. Converted State bank subject to the same, etc., as prescribed by the Federal Reserve Act. § 11:1. 44 :p. 12. Weekly statement of the Federal Reserve Board to show in detail the assets and, of Federal reserve banks. § 13:1. 41:p. 15. § 13:1. 43:p. 15. § 19:1. 22:p. 23. Liabilities to stockholders of national banks for dividends and reserve profits not limited to the amount of capital stock of the national bank. Nor, incurred imder the Federal Reserve Act. The reserve carried by a member bank with a Federal reserve bank may be checked against and withdrawn to meet existing, under regulations and penalties prescribed by the Federal Reserve Board, etc. 280 INDEX-DIGEST. LIABILITY. § 2:1. 50: p. 2. The dissolution of a national bank not to take away or impair any remedy, etc., for any, etc., previously incurred. § 2:1. 6 : p. 3. The public stock in Federal reserve banks sub- ject to same conditions as to payment and stock, as provided for member banks. § 5:1. 25: p. 8. Payment for surrendered shares not to exceed the book value thereof less any, of such member bank to the Federal reserve bank. § 6:1. 28: p. 8. Stock in a Federal reserve bank held by an insolvent member bank to be canceled with- out impairment of its, etc. § 9:1. 25: p. 10. State banks, etc., becoming mem.ber banks subject to the limitation of, which may be incurred by any person, etc., to national banks. § 9:1. 50: p. 10. Stock surrendered for noncompliance with or § 9:1. 51 :p. 10. violation of the Act to be paid for., etc., by the Federal reserve bank, etc., not to exceed the book value thereof less any, to said Federal reserve bank except the sub- scription, not previously called, etc. § 16:1. 26 :p. 18. Any Federal reserve bank may at any time re- duce its, for outstanding Federal reserve notes by depositing with the Federal reserve agent its Federal reserve notes, gold,, gold certifi- cates, or lawful money of the United States. § 16:1. 34: p. 19. Nothing in this section to be construed to exempt national banks or Federal reserve banks from their, to reimburse the United States for expenses incurred in printing and issuing circulating notes. § 23:1. 32: p. 25. Stockholders transferring stock within 60 days, etc., or with knowledge of impending failure of a national bank to meet its obhgations, to be Uable to extent subsequent transferee fails to meet such, etc. LIEH, FIRST AND PARAMOUNT. See "First and paramount lien. " LIKE COLLATERAL, OTHER, See "Other like collateral." LIKE MANNER, IN. See "In like manner. " LIMITATION. § 27:1. 47: p. 26. Extension of Act of May 30, 1908, which ex- pires by, June 30, 1914, to June 30, 1915. INDEX-DIGEST. 281 LIMITATIOIT OF IIABILITY. § 9:1. 25: p. 10. Prorisions of law as to, which may be incurred by any person, etc., to national banks to ap- ply to State banks, etc., becoming member banks. LIMITATIONS. § 4:1. 8: p. 5. Directors to have all powers specifically granted by this Act and such incidental powers as shall be necessary to carry on the business of banking within the, prescribed by this Act. § 13:1. 47: p. 15. Rediscounts by Federal reserve banks of any bills receivable and domestic and foreign bUls of exchange and of acceptances authorized by this Act to be subject to such restrictions, and regulations, as may be imposed by the Federal Reserve Board. § 27:1. 32 :p. 28. The Secretary of the Treasury may suspend the, imposed in sections 1 and 3 of Act of May 30, 1908. § 27:1. 38: p. 28. May suspend also the conditions and, of section 5 of said Act except, etc. IIMITED. § 4:1. 17 :p. 5. Issue of Federal reserve bank notes not to be, to amount of capital stock of Federal reserve banks. § 13:1. 10: p. 15. Discount of notes, etc., by Federal reserve banks drawn or issued, for agricultural pur- poses or based on live stock having maturity not exceeding six months permitted to an amount to be, to a percentage of the capital stock of the Federal reserve bank to be toed, etc., by the Federal Reserve Board. § 18:1. 6: p. 21. Federal reserve bank notes taken out against United States bonds purchased under sec- tions 4 and 18 not to be, to amount of the capital stock of the Federal reserve banks. LIMITS, GEOGEAPHICAI. See "Geographical limits." LINES OF CREDIT. § 21:1. 28: p. 24. Examinations of member banks to inform the Federal reserve bank of the, extended by member banks, etc. LIQUIDATE. § 11:1. 35:p. LIQUIDATES. § 5:1. 17:p. 13. The Federal Reserve Board may, or reorganize any Federal reserve bank suspended for vio- lation of this Act. 8. When a member bank voluntarily, it must sur- render its stock in the Federal reserve bank. 282 INDEX-DIGEST. IIQUIDATION. § 6:1. 36:p. Wlien the capital stock of a Federal reserve bank is reduced by, etc., of a member bank a certificate showing such reduction, etc., to be executed to Comptroller by directors, etc. 7:1. 3: p. 9. Should a Federal reserve bank be dissolved or go into, any surplus remaining after payment of debts, dividend requirements, and par value of the stock to be paid to and become the property of the United States, etc. IIST. § 4:1. 20:p. § 4:1. 25:p. § 4:1. 29: p. § 18:1. 20:p. 6. Chairman to make lists of district reserve elec- tors and transmit one, to each elector in each V group. 6. Copy of, of candidates for director to be fur- nished each elector. 6. Each elector after receipt of said, to certify his choices, etc. 20. The Treasurer of United States to furnish the Federal Reserve Board with a, of applications to sell United States bonds, etc. § 24:1. 48: p. 25. The Federal Reserve Board may add to the, of cities in which national banks may not loan on farms lands. IISTED. § 4:1. 24:p. LISTS. § 4:1. 19:p. IIVE STOCK. § 13:1. 9:p. 6. Candidates nominated for director to be, by chairman. 6. Chairman to make, of the district reserve electors. 15. Notes, etc., drawn or issued for agricultural purposes pr based on, having maturity not exceeding six months may be discounted by Federal reserve banks up to a percentage of capital of the Federal reserve bank to be ascertained and fixed by the Federal Reserve Board. LOAN. § 22:1. 43:p. § 22:1. 48 :p. § 24:1. 40:p. LOANED. § 22:1. 47 :p. 24 No member bank or any ofl&cer, etc., to make any, etc., to examiner. 24. Penalty for examiner accepting a. 25. No, on farm lands to be made for a longer time than five years, etc. 24. Any bank ofiicer, etc., making loan to ex- aminer may be fined a further sum equal to the money so, etc. § 22:1. 52: p. 24. Examiner accepting loan may be fined a further sum equal to the money so. INDEX-DIGEST. 283 lOANS, COLLATERAL FOR. See "Collateral." LOANS, FARm LANDS. § 24:1. 36 :p. 25. Title to section 24. § 24:1. 38 :p. 25. Any national bank not situated in a central reserve city may make, secured by improved and unincumbered farm land, etc. § 24:1. 42:p. 25. May make such, up to 25 per centum of its capital and surplus or to one-third of its time deposits, etc. § 24:1. 49: p. 25. The Federal Keserve Board may add to the list of cities in which national banks may not make, upon real estate in the manner described in this section. LOANS, GOLD COIN AND BULLION. § 14:1. 7:p. 16. Federal reserve banks may make, on gold coin and bulMon. § 14:1. 8: p. 16. Federal reserve banks may contract for, of gold coin and bullion. LOANS, NATIONAL BANK STOCK. § 9:1. 27: p. 10. State banks, etc., becoming member banks to be subject to prohibition imposed on national banks as to making, etc., on the stock of such banks. LOANS, NEW. See "New loans." LOCAL AUTHORITIES. § 18:1. 38: p. 21. The Secretary of the Treasury authorized to issue at par United States Treasury notes, etc., which shall be exempt as to principal and interest from the pavment of all taxes and duties of the United States except as provided by this Act, as well as from taxes m any form by or under State, municipal, or. LOCAL FEDERAL RESERVE AGENT. See "Federal reserve agent." LOCAL LAW. § 11:1. 44:p. 13. The Federal Eeserve Board may grant by special permit to national banks applying therefor the right to act as trustee, executor, etc., when not in contravention of State or. LOCAL OFFICE. § 4:1. 3: p. 7. The Federal reserve agent to maintain a, of the Federal Reserve Board on the premises of the Federal reserve bank, etc. LOCAL TAXATION. § 7:1. 9: p. 9. Federal reserve banks, includiiig the capital and surplus therein and the income derived therefrom shall be exempt from Federal, State, and, except taxes on real estate. 284 LOCATED. INDEX-DIGEST. § 2:1. 39: p. 1. The Organization Committee may make inves- tigations, etc., in designating cities where Federal reserve banks shall be severally. § 2 : 1. 40 : p. 2. NoncompHance with or violations of this Act to be determined and adjudged by any court of the United States of competent jurisdiction in a suit brought for that purpose, imder direction of the Federal Reserve Board, by the Comptroller in his own name, etc., in the district or territory in which such bank is. § 2:1. 34: p. 3. The organization of reserve districts and Fed- eral reserve cities not to 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, therein. § 3:1. 45: p. 3. Every Federal reserve bank to establish branch banks within the Federal reserve district in which it is, etc. § 4:1. 8:p. 4. § 4:1. 25:p. 4. § 9:1. 61:p. 9. The Comptroller to forward appUcation blank to each national bank, in each district. The organization certificate to state the city and State ia which said bank is to be. State banks, etc., may apply for right to sub- scribe to stock of the Federal reserve bank withia the district where the apphcant is. § 9:1. 3: p. 10. The Organization Committee or the Federal Reserve Board, under such regulations as it may prescribe, etc., may permit the apply- ing bank to become a stockholder in the Federal reserve bank of the district in which the applying bank is. § 19:1. 30: p. 28. National banks, in Alaska may remain non- member banks, etc. "So long as." lONG AS, SO. See LONGER. § 24:1. 40:p. 25. LOSS. § 25:1. 27:p. 26. LOSSES. § 13:1. 35:p. 15. No loan to be made on farm land for a, time than five years, etc. Every national bank to transfer to its general ledger the profit or, accruing at each foreign branch as a separate item. No national bank shall at any time be indebted or in any way liable to an amount exceedmg the amount of its capital stock at such time actually paid ia and remaining undimin- ished by losses or otherwise, except, etc. M MADE. § 4:1.30 P- 4. § 4:1.33 P- 5. § 9:1.11 P- 10. §11:1. 2 P- 14. § 13:1. 18 P- 15. § 14:1. 3 P- 16. § 14:1. 19 P- 16. § 15:1.47 P- 16. § 16:1. 60 P- 17. § 16:1.21 P- 19. § 16:1.28 P- 19. § 18:1.25 P- 20. § 21:1.21 P- 24. § 23:1.30 P- 25. § 24:1. 40 P- 25. § 28:1.23 P- 27. MAIITTAm BANKING ACCOUNTS MAINTAIN G OLD. See "Gold." See "Banking accounts." MAINTAIN GOLD RESERVES. See "Gold reserves." MAINTAIN lOCAL OFFICE. See "Local office." MAINTAIN RESERVES. See "Reserves." MAINTAINING PARITY. See "Parity." MAJORITY. 1. A, of the Organization committee to consti- 2:1. 31:p. 4:1. 36:p. tute a quorum with authority t'o act. 6. The candidate having a, of all votes cast for director in the column of first choice to be declared elected. § 4:1. 38 :p. 6. If no candidate has a, of votes in first column the votes in second column to be added, etc. § 4:1. 41 : p. 6. Candidate having a, of first and second choices to be declared elected. § 4:1. 43: p. 6. If no candidate has a, of first and second choices, the votes in third colunan to be added, etc. § 8:1. 23: p. 9. Articles of association and organization certifi- cate may be executed by a, of the direc- tors, etc. 285 286 INDEX-DIGEST. MAJORITY (Continued). § 8:1. 27: p. 9. A, of the directors to have power to execute all other papers, etc. § 12:1. 18: p. 14. A, of the members of the Federal Advisory- Council to constitute a quorum, etc. MAKE. § 8:1. 30: p. 9. A majority ol directors may do whatever re- quired to, its organization perfect. MAKE A CROSS. § 4:1. 32: p. 6. Each elector shall, opposite the name of the first, second, and other choices for a director of class A and B, etc. MAKE AND SUBSCRIBE. § 10:1. 40: p. 11. Each member of the Federal Reserve Board to, to the oath of office within 15 days, etc. MAKE APPLICATION. § 9:1. 47:p. 9. Statebanks,etc.,may,tobecomememberbanks. § 16:1. 12: p. 17. Any Federal reserve bank may, for Federal reserve notes. MAKE CONTRACTS. § 4:1. 47: p. 4. Federal reserve banks may, etc. MAKE EXAMINATION. §21:1. 8: p. 24. The examiner making the examination to have power to, of all afi'airs of a member bank. MAKE FARM LOANS. See "Loans." MAKE INVESTIGATION. § 2:1. 36: p. 1. The Organization Comjnittee may, etc. MAKE ANY LOAN. § 22:1. 43 :p. 24. No member bank, etc., to, to examiner. MAKE LOANS. § 14:1. 6:p. 16. Federal reserve banks may, on gold coin and bullion, etc. MAKE NEW LOANS. § 19:1. 22: p. 23. No bank at any time to, or to pay any divi- dends unless and until the total reserve re- quired by law is fully restored. MAKE ORGANIZATION CERTIFICATE. See "Organization certifi- cate." MAKE REAL ESTATE LOANS. See "Loans." MAKE RECOMMENDATIONS. § 12:1. 26: p. 14. Federal Advisory Council may, as to discoimt rates, etc. INDEX-DIGEST. 287 MAKE REGTJIATIONS. See "Regulations"; "Rules and regula- tions." MAKE REPORT. See "Report." MAKE RULES. See "Rules and regulations. MAKING. § 16:1. 3:p. 17. "Advances." § 18:1. 48: p. 20. "Such deposit." § 18:1. 29:p. 21. "The exchange." §21:1. 7: p. 24. "The examination." § 27:1. 6:p. 27. "The portion applicable." MANAGEMENT. § 10:1. 18 :p. 12. Nothing in this Act to be construed as taking away any powers heretofore vested by law in the Secretary of the Treasury relating to the supervision, and control, etc., of the Treasury Department and bureaus thereof, etc. MANAGER. § 3:1. 54: p. 3. The Federal reserve bank to designate one of the directors of the branch bank as. MANNER. § 4:1. 2: p. 5. Directors to prescribe by-laws not inconsistent with law regulating the, in which its general business may be conducted, etc. MANNER, IN IIKE. See "In like manner." MANNER, IN SUCH. See "In such manner." MANNER, IN THE, See "In the manner." MANNER, IN THE BEST. See "In the best manner." MANNER, IN THE FOIIOWING. See "In the following manner." MANNER, IN THE SAME. See "In the same manner." MANY, AS. See "As many." MARCH 14, 1900, ACT OF. See "Act of March 4, 1900." MARKET, OPEN. See "Open market." MARKET OPERATIONS, OPEN. See "Open market operations." MATTERS. § 12:1. 25: p. 14. Federal Advisory Council to make oral or written representations concerning, within its jurisdiction, etc. MATURITIES. § 11:1. 46: p. 12. The weekly statements of the Federal Reserve Board to furnish full information as to the amount, nature, and, of the paper, etc., held by Federal reserve banks. TOSaO"— IB 19 288 INDEX-DIGEST. MATXmiTIES (Continued). § 14:1. 2:p. 16. Federal resei-ve banks may under regulations of the Federal Reserve Board, purchase in the open market, etc., cable transfers and bankers' acceptances and bUls of exchange of the kinds and, by this Act made eligible for discount, with or without the indorsement of a member bank. MATURITY. § 13:1. 6: p. 15. Notes, drafts, and bills admitted to discount under the terms of this paragraph must have a, at time of discount of not more than 90 days. § 13:1. 9:p. 15. Provided, however, that notes, etc., drawn or issued for agricultural purposes or based on live stock and having a, not exceeding six months may be discounted in an amount to be limited to a percentage of capital of the Federal reserve bank to be ascertained and fixed by the Federal Reserve Board. § 13:1. 15:p. 15. Federal reserve banks may discount acceptances based on importation and exportation, etc., having a, at time of discount of not more than three months and indorsed by at least one member bank. § 14:1. 14 :p. 16. Federal reserve banks under rules and regula- tions of the Federal Reserve Board, may buy or sell in open market, etc., bills, notes, reve- nue bonds, and warrants with a, from date of purchase of not exceeding six months, issued m anticipatioii of the collection of taxes, etc. § 18:1. 20: p. 21. Federal reserve banks to enter into obligation to purchase from the United States for gold at the, of such one-year notes an amount equal to those delivered in exchange for such bonds, etc. § 18:1. 22 : p. 21 . And to purchase from the United States at each, of such one-year notes so purchased such amount of one-year notes as the Secretary of the Treasury may tender, not to exceed, etc. § 18:1. 27:p. 21. Obligation to purchase at, such notes to con- tinue in force for a period not to exceed 30 years. MAY. (As distinguished from "shall.") See also "Federal reserve banks;" "Federal Reserve Board, powers, etc.;" "Power." § 2:1. 2:p. 3. Stock in Federal reserve banks may be offered for pubUc subscription, etc. § 3 : 1. 45 : p. 3 . The Federal reserve bank may establish branch banks m the district of any suspended Federal reserve bank, etc. INDEX-DIGEST. 289 MAY (Continued). § 4:1. 22:p. 7. The Organization Cormmttee may call meetings of bank directors, etc. § 8:1. 16 :p. 9. Any State bank, etc., may be converted into a national bank. § 9:1. l:p. 10. The Organization Committee may pennit ap- plying State bank, etc., to become a member bank. § 9:1. 2:p. 11. The Federal Reserve Board may restore mem- bership to a suspended member bank upon due proof, etc. § 10:1. 37:p. 11. The Secretary of the Treasury may assign offices in the Department of the Treasury for the use of the Federal Reserve Board. § 13:1. 32: p. 14. Deposits which Federal reserve banks may § 13:1. 36 :p. 14. receive. § 13:1. 42 :p. 14. Federal reserve banks may discount notes, drafts, and bills, etc. § 15:1. 42: p. 16. Public moneys except, etc., may be deposited upon direction of the Secretary of ^e Treas- ury in Federal reserve banks. § 15:1. 46 :p. 16. Revenues of the Government may be deposited in Federal reserve banks. § 15:1. 47: p. 16. Disbursements of the Government may be made by checks drawn against such deposits. § 16:1. 23: p. 17. The Federal Reserve Board may call for addi- tional security to protect Federal reserve notes. § 16:1. 52 :p. 17. Federal reserve notes received by the Treasury otherwise than for redemption may be ex- changed for gold out of the redemption fund. § 16 :1. 2 :p. 18. Or may be returned to the bank through which issued for the credit of the United States. § 16 :1. 40 :p. 18. Any Federal reserve bank may at its discretion withdraw collateral for Federal reserve notes, etc. § 16:1. 52 :p. 19. The Federal Reserve Board may exercise the functions of a clearing house for Federal re- serve banks. § 16:1. 54: p. 19. Or may designate a Federal reserve bank to exercise such functions. § 16:1. 1 :p. 20. May also require each Federal reserve bank to exercise the functions of a clearing house for its member banks. 290 INDEX-DIGEST. MAY (Coutinued). § 18:1. 15: p. 20. Any member bank may file application for sale of its United States bonds securing circnla- tion^ etc. § 18:1. 21: p. 20. The Federal Reserve Board may require Fed- § 18:1. 25: p. 20. eral reserve banks to purchase such bonds, etc. §18:1. 9 : p. 21 . The Secretary of the Treasury may issue United States 3 per centum gold notes in exchange for United States 2 per centum gold bonds, etc. § 19:1. 16: p. 22. Period during which the balance of the reserves § 19:1. 36:p. 22. maybeheMinvaultsof banks, in the Federal reserve bank, or in national banks in reserve or central reserve cities. § 19:1. 52: p. 22. Federal reserve banks may receive eli^ble pa- per, etc., as reserves from member banks not exceeding one-half of each installment. § 19:1. 31: p. 23. Alaska national banks or national banks out- § 19:1. 34: p. 23. side the continental United States may re- main nonmember banks or, except in Philip- pine Islands, -with consent of Reserve Board, may become member banks of any one of the Federal reserve districts, etc. § 21:1. 3: p. 24. The Federal Reserve Board may authorize ex- amination of State banks and trust companies by the State authorities to be accepted. § 21 :1. 4: p. 24. The Federal Reserve Board may direct special examination of State banks or trust com- panies which are stockholders in any Federal reserve bank. § 21 :1. 22 : p. 24. Federal reserve banks may make special exam- inations of member banks, etc. § 24:1. 38 : p. 25. National banks not situated in a central reserve city may loan on farm lands, etc. § 25:1. 22: p. 26. The Federal Reserve Board may order special examinations of foreign branches. § 26:1. 37: p. 26. The Secretary of the Treasury, to maintain the Earity and to strengthen the gold reserve, may orrow gold on security of United States bonds authorized by section 2 of Act of March 14, 1900, or one-year gold notes, etc., or may sell same, etc. § 26:1. 42: p. 26. The Secretary of the Treasury may, etc., pur- chase and retire such outstanding bonds and notes. § 27 :1. 31 :p. 28. The Secretary of the Treasury may suspend the limitations imposed in sections 1,3, and 5 of the Act of May 30, 1908, etc. INDEX-DIGEST. 291 MAT (Continued). §27:1. l:p. 29. The Secretary of the Treasury may permit national banks, during the period of suspen- sion, to issue additional circulation, etc. § 27:1. 8:p. 29. The Secretary of the Treasury may extendthe benefits of Act of Augjust 4, 1914, to qualified State banks, etc., which have joined or may contract to join Federal reserve system within 15 days after the passage of said Act. § 28:1. 18 :p. 27. Any national bank, with approval of Comp- troller and of the Federal Reserve Board, may reduce its capital stock, etc. MAY BE, AS. See "As may be." MAY BE ESTABLISHED, AS. See "As, etc." MAY BE FIXED, AS. See "As may be fixed." MAY BE PRESCEIBED, AS. See "As may be prescribed." MAY BE PROVIDED. § 4:1. 19:p. 7. MAY BE REQUIRED. See "Required." MAY DEEM BEST. § 14:1. 32 :p. 16. Federal Reserve banks may appoint corre- spondents and may establish agencies in foreign countries wheresoever they, etc. MAY DEEM NECESSARY. § 11:1. 40: p. 12. The Federal Reserve Board may require such statements and reports from member banks as it. § 12:1. 17:p. 14. The Federal Advisory Council may hold addi- tional meetings ia Washington, D. C, or elsewhere as it. MAY HAPPEU. § 10:1. 12:p. 12. MAY PRESCRIBE. See "Prescribe.'-' MAY REQUIRE. See "Require." MAY 30, 1908. § 27:1. 2: p. 27. Certain specified sections of United States Re- vised Statutes which were amended by Act of May 30, 1908, reenacted to read as such sections read prior to. MAY 30, 1908, ACT OF. See "Act of May 30, 1908." MEAN. See also "Construction." - § 1:1. 10:p. 1. Term "Member bank" held to, any national hank, State bank, or bank or trust company which has become a member bank. 292 INDEX-DIGEST. MEAN (Continued). § 1:1. 13:p. 1. Term "Board" held to, Federal Reserve Board. § 1:1. 14:p. 1. Term "District" held to, Federal reserve district. § 1:1. 15:p. 1. Term "Reserve bank" held to. Federal reserve bank. MEANING. § 13:1. 48 :p. 14. The Federal Reserve Board to define character of paper eligible for discount within the, of this Act. § 19:1. 50 :p. 21. Demand deposits withia the, of this Act shall comprise, etc. § 19:1. 6:p. 23. Certain reserve deposits in State banks, etc., to be construed within the, of this section to be reserve deposits in a national bank, etc. MEDIUM. § 19:1. 14: p. 23. No member bank to act as the, or agent of a nonmember bank in applying for or re- ceiving discounts from a Federal reserve bank, etc., except by permission of the Fed- eral Reserve Board. MEET. § 16:1. 29 :p. 19. Should appropriations heretofore made be in- sufficient to, the requirements of this Act as to Federal reserve notes, etc., the Secretary of the Treasury is authorized to use any funds in the Treasury, etc., not otherwise appropriated for the purpose of furnishing the notes aforesaid. § 23:1. 29: p. 25. Liability of shareholder for transfer of shares in national bank within 60 days next before its failure to, its obligations, etc. § 23 :1. 32 : p. 25. Liability of transferor to be to the same extent that the subsequent transferee tails to, such such liability. MEETING EXISTING IIABIIITIES. § 19:1. 21: p. 23. Reserves in Federal reserve banks may be checked against and withdrawn by member banks for purpose of, under the regulations and subject to such penalties as may be prescribed by the Federal Reserve Board, provided, etc. MEETING, EEGTJLARIY CAIIED. See " Regularly called meeting." MEETING, FIEST. See "First meeting." INDEX-DIGEST. 293 MEETINGS. § 4:1. 17: p. 7. Directors of Federal reserve banks to receive, etc., a reasonable allowance for necessary expenses in attending, etc. § 4:1. 23: p. 7. The Organization Committee may call such, of directors as may be necessary, etc. § 12:1. 12: p. 14. The Federal Advisory Council to hold, in Washington, D. C, at least four times each year, etc. § 12:1. 15: p. 14. The Federal Advisory Council may hold § 12:1. 16:p. 14. other, in addition to the, above provided for, etc. MEMBER BANK; MEMBEE BANKS. See also "National bank"; "State bank"; "Trust company." § 1 :1. 10:p. 1. Term, to mean any national bank, State bank, § 1 :1. 11 :p. 1. or bank or trust company which has become a^ etc. § 2:1. 33: p. 2. Forfeiture of charter for failure to become a, etc. § 2:1. 43:p. 2. Directors liable for noncompHance with or violation of Act other than for failure to become a. § 2:1. 52: p. 2. If subscriptions of, to Federal reserve bank stock is msufficient, etc., stock may be offered for public subscription. § 2:1. 6: p. 3 Subject to same conditions as to payment and liability as provided for. § 2:1. 7: p. 3. Only a, may hold over $25,000 par value of stock of a Federal reserve bank. § 2:1. 13: p. 3. If, and public subscriptions to stock of the Federal reserve bank be insufficient, stock may be allotted to United States by the Organization Committee. § 2:1. 24: p. 3. Stock not held by, not entitled to voting power. § 4:1. 19:p. 4. Five, to be designated to execute certificate § 4:1, 20: p. 4. of organization. § 4:1, 27:p. 4. Certificate to state name and place of business § 4:1. 28: p. 4. of each, executing it and of all, which have subscribed. § 4:1. 30: p. 4. Also the fact that it is made to enable all, § 4:1. 31: p. 4. executing same and all, which have sub- scribed to avail themselves of the advantages of this Act. § 4:1. 29: p. 5. Board of directors to administer affairs of said bank without discrimination in favor of or against any. 294 INDEX-DIGEST. MEMBER BANK; MEMBER BANKS (Continued). § 4:1. 31: p. 5. Said board shall, subject to the provisions of § 4:1. 34:p. 5. law and the orders of the Federal Keserve Board, extend to each, such discoiints, etc., as may be safely and reasonably made ■with due regard for the claims and demands of other. § 4:1. 10: p. 6. Organization Coramittee to classify the, into three general groups. § 4:1. 12: p. 6. Each group to contain, etc., one-third of the § 4:1. 13:p. 6. aggregate number of the, of the district and shall consist, as nearly as may be, of, of similar capitahzation. § 4:1. 16:p. 6. Directors of, to elect a district reserve elector. § 4:1. 19: p. 6. Chairman to make lists of district reserve electors thus named by. § 4:1. 22: p. 6. Each, to nominate candidate for director of class A and class B. § 5:1. 45: p. 7. Stock of Federal reserve banks to be increased as additional banks become. § 5:1. 46: p. 7. And to be decreased as, reduce their capital § 5:1. 47: p. 7. stock or surplus or cease to be. § 5:1. 48: p. 7. Stock in Federal reserve banks owned by, not to be transferred or hypothecated. § 5:1. 49: p. 7. When, increase capital or surplus they shall subscribe for additional stock in the 1 ederal reserve bank, etc. § 5:1. 10: p. 8. When stock in Federal reserve banks is in- § 5:1. ll:p. 8. creased by increase in stock of , or increase in number of, the board of directors to execute a certificate to the Comptroller, etc. § '5 : 1. 14 : p. 8. When a, reduces capital stock it shall surrender a proportionate part of its stock in the Federal reserve bank. § 5:1. 16:p. 8. When a, voluntarily hquidates it must sur- render all stock in the Federal reserve bank. § 5:1. 20:p. 8. Payment to, for canceled shares. § 5:1. 25 :p. 8. Not to exceed book value of stock less any lia- bility of, to reserve bank. § 6:1. 26 :p. 8. Stock held by insolvent, to be canceled. § 6 : 1. 32 : p. 8. Cash paid subscriptions to be first apphed to all debts of insolvent, to the Federal reserve bank. § 6 : 1. 35 : p. 8. When capital stock of a Federal reserve bank is reduced by reduction in stock of, or liquida- tion or msolvency of such, a certificate to be executed, etc. INDEX-DIGEST. 295 MEMBER BANK; MEMBER BANKS (Continued). § 9:1. 21 :p. 10. Provisions of law to which State bank, etc., becoming a, must c< -nf orm. § 9:1. 35:p. 10. The, to make reports to Comptroller, etc. § 9:1. 42: p. 10. The Federal Reserve Board may require a, § 9:1. 45:p. 10. to surrender its stock in the Federal reserve bank for failure to comply with this section or with the regulations of the Federal Re- serve Board. § 9:1. 53 :p. 10. The Federal reserve bank on notice from the Federal Reserve Board may be required to suspend said, etc. § 10:1. 28; p. 11. Members of the Federal Reserve Board, the ^ Secretary of the Treasury, the Assistant Secretaries of the Treasury, and the Comp- troller of the Currency wmle in office and for two years thereafter shall be ineligible to hold any office, etc., in any. § 11:1. 39: p. 12. The Federal Reserve Board may examine ac- counts, etc., of each. § 13:1. 33: p. 14. Deposits which Federal reserve banks may § 13:1. 35:p. 14. receive from. § 13:1. 38:p. 14. § 13:1. 40: p. 14. Discounts which a Federal reserve bank may § 13:1. 41: p. 14. make on indorsement of any of its, with a waiver of demand, notice, and protest by such. § 13:1. 16 :p. 15. Acceptances discounted by Federal reserve banks to be indorsed by at least one. § 13:1. 18:p. 15. The amount of acceptances discounted by a Federal reserve bank not to exceed one-half the paid-up capital stock and surplus of the, for which the rediscoimts are made. § 13:1. 21 :p. 15. The aggregate of such notes and bills beariag § 13:1. 22 :p. 15. the signature or indorsement of any one per- son, etc., rediscounted for anyone, not to exceed 10 per centum of the unimpaired capital and surplus of such, etc., for anyone. § 13:1. 25 :p. 15. Any, may accept drafts or bills of exchange drawn upon it and growing out of importa- tions or exportations, etc. § 13 : 1. 28 : p. 15. No, to accept to amount more than one-half its paid-up capital and surplus. § 14:1. 4:p. 16. Purchases in open market by Federal, reserve banks with or without iudorsement of. § 14:1. 21 :p. 16. Federal reserve banks may purchase bills of exchange, etc., from, and sell with or without its indorsement. 296 INDEX-DIGEST. MEMBER BANK; MEMBER BANKS (Continued). § 15:1. 52: p. 16. Nothing in Act to be construed to deny the right of the Secretary of- Treasury to use, as depositories. §16:1. 7 :p. 17. Federal reserve notes to be receivable by all. § 16:1. 38 :p. 19. Deposits to be received at par by Federal re- § 16 :1. 41 :p. 19. serve banks from. § 16:1. 42 :p. 19. § 16:1. 43 :p. 19. A, permitted to charge actual expense in col- lecting and remitting funds or for exchange sold to its patrons. §16:1. 46 :p. 19. The Federal Reserve Board shaU by rule fix the charges to be collected by, from patrons whose checks are cleared through the Federal reserve bank, etc. § 16:1. 2:p. 20. The Federal Reserve Board may require each Federal reserve bank to exercise the func- tions of a clearing house for its. § 18:1. 14 -p. 20. Any, may apply to United States Treasurer to have its United States bonds securing cir- culation sold. § 18:1. 22 :p. 20. The Federal Reserve Board may require Fed- eral reserve banks to purchase such bonds from, applying, etc. § 18:1. 35: p. 20. Each, to assign, etc., such bonds sold for it. § 18:1. 39: p. 20. The Treasurer of the United States to pay to, any balance due after deducting a sufl&cient sum to redeem outstanding notes, etc. § 19:1. 3:p. 22. When Federal reserve banks are estabhshed, etc., in any district, every subscribing, to estab- lish reserves, etc. § 19:1. 5:p. 22. Reserves prescribed for, not in reserve or cen- § 19:1. 20 :p. 22. tral reserve cities. § 19:1. 23 :p. 22. § 19:1. 24 :p. 22. Reserves prescribed for, in reserve cities. § 19:1. 41 :p. 22. § 19:1. 44 :p. 22. Reserves prescribed for, in central reserve cities. § 19:1. 52: p. 22. Federal reserve banks may receive from, eli- gible paper, etc., as reserves from, not exceed- ing one-half of each installment, etc. § 19:1. 11 :p. 23. Except as thus provided no, to keep on deposit with any nonmember bank a sum in excess of 10 per centum of its own paid-up capital and ' surplus. INDEX-DIGEST. 297 MEMBER BANK; MEMBER BANKS (Continued). § 19:1. 14 :p. 23. No, to act as medium or agent of a nomnember bank in applying for or receiving discounts from a Federal reserve bank except by per- mission from the Federal Reserve Board. § 19:1. 18 :p. 23. The reserve carried by a, with a Federal reserve § 19:1. 21 :p. 23. bank may, under regulations and subject to genalties prescribed by the Federal Reserve oard, be checked against, etc., and with- drawn by, etc. § 19:1. 22:p. 23. No, to make new loans or pay dividends until total reserve required by law is fully restored. § 19:1. 26 :p. 23. The net balance of amounts due to and from other, to be the basis for ascertaining the deposits against which reserves shall be de- termined. § 19:1. 28 :p. 23. Balances in Federal reserve banks due to, to be counted as reserves to the extent herein provided. § 19:1. 34 :p. 23. Alaska banks and banks outside the continental United States except in the Philippine Islands, may become. § 21:1. l:p. 24. Examiners to examine, at least twice in each calendar year. § 21 :1. 8: p. 24. Examiner making examination of any national § 21:1. 9: p. 24. or other, to have power to make thorough § 21 :1. 12 :p. 24. examination of all the affairs of the, etc., and shall make full report to Comptroller of con- dition of said. § 21:1. 18: p. 24. Expense of examinations to be assessed upon §21:1. 19 :p. 24. the, examined, etc., in proportion to assets or § 21 :1. 20 :p. 24. resources held by the, upon the dates of ex- amination of the various. § 21:1. 24 :p. 24. Federal reserve banks may provide, etc., for special examination of, within their districts. § 21 :1. 25 :p. 24. Expense to be borne by the, examined. § 21:1. 27 :p. 24. To be conducted so as to inform the Federal reserve bank of the condition of its, etc. § 21 :1. 31 :p. 24. Federal reserve bank to furnish to the Federal Reserve Board such information as demanded concerning condition of any, within its dis- trict. § 21:1. 32: p. 24. No, to be subject to visitatorial powers other than such as are authorized by law, etc. § 21:1. 39 :p. 24. The Federal Reserve Board to order special examination, etc., of any Federal reserve bank upon joint application of 10. 298 INDEX-DIGEST. MEMBER BANK; MEMBER BANKS (Continued). § 22:1. 42 :p. 24. No, etc., to make loan, etc., to examiner. § 22:1. 49: p. 24. Penalty for examiner accepting loan, etc., from any, examined by him. § 22:1. 2:p. 25. No examiner to perform any other service for compensation, etc., for any, etc. § 22:1. 4: p. 25. No officer, director, employee, or attorney of a, §22:1. 5:p. 25. to receive any fee, etc., in connection with § 22 :1. 6 :p. 25. any transaction or business of the. §22:1. 7:p. 25. §22:1. 9:p. 25. § 22:1. 11 :p. 25. No examiner to disclose names of borrowers or § 22:1. 12: p. 25. collateral for loans of a, to other than the proper officers of such, etc. § 22:1. 14: p. 25. Without first having obtained the express per- § 22:1. 15 :p. 25. mission in writing from the Comptroller or directors of such, etc. MEMBER, EX-OFFICIO. See "Ex-officio." MEMBER OF THE FEDERAL RESERVE BOARD. See also "Mem- bers of" etc. § 4:1. 52: p. 5. No Senator or Kepresentative in Congress shall be a. § 10:1. 8: p. 11. The Secretary of the Teasury to be an ex- officio. §10:1. 8:p. 11. Comptroller of Currency to be an ex-officio, § 10:1. 20: p. 11. and to receive $7,000 annually for his serv- ices as a, in addition to the salary paid him as Comptroller. § 10:1. 32: p. 11. After first appointments each, to serve for term of 10 years, etc. § 10:1. 39:p. 11. Each, to subscribe to oath of office within 15 days, etc. § 10:1. 52 :p. 11. Not to be an officer or director of any bank, banking iastitution, trust company, or Fed- eral reserve bank. § 10:1. l:p. 12. Nor to hold stock in any bank, banking insti- tution, or trust company. § 10:1. 3: p. 12. Before entering upon his duties each, to certify under oath to the Secretary of the Treasury that he has complied with this requirement. § 10:1. 10: p. 12. Appointee to vacancy to serve for tmexpired term of, whose place he is selected to fill. MEMBERS OF THE FEDERAL RESERVE BOARD. See also "Member of the Federal Reserve Board." §10:1. 7: p. 11. Seven, provided for. INDEX-DIGEST. 299 KEMBERS OF THE FEDERAL RESERVE BOARD (Continaed). § 10:1. 8:p. 11. The Secretary of the Treasury and the comp- troller to be, ex officio. § 10:1. 9: p. 11. Five, to be appointed by President, etc. § 10:1. 11: p. 11. In selecting the five appointive, the President to have due regard to a fair representation of the different commercial, industrial, and geographical divisions of the country. § 10:1. 15: p. 11. The five, to devote their entire time to the business of the Federal Reserve Board. § 10:1. 24: p. 11. The, etc., ineUeible while in office and for two years thereafter to hold any office, etc., in any member bank. § 10:1. 28: p. 11. Of the five, appoiated by the President at least two shall be persons experienced in banking or finance. 12. Method of filling vacancy in appointive. 12. Federal Reserve Board on affirmative vote of at least five, may require Federal reserve banks to rediscount the discotmted paper of other Federal reserve banks, etc. 5. Board of directors of Feberal reserve banks to consist of niae. 5. Class A to consist of three. 5. Class B to consist of three. 5. Class C to consist of three. 7. Stock in Federal reserve banks to be decreased as member banks cease to be. MEMBERS OF THE FEDERAL ADVISORY COUNCIL. See "Fed- eral Advisory CoimcU. " MEMBERSHIP. § 9:1. 17: p. 10. No State bank, etc., to be admitted to, in a Federal reserve bank unless it possesses a E aid-up, etc., capital sufficient to entitle it to ecome a national bank in the place where situated under provisions of national bank Act. § 9:1. 54: p. 10. Federal reserve banks on notice from the Fed- eral Reserve Board to suspend member bank from privileges of, for failure to comply with provisions of section 9, etc. § 9:1. 2:p. 11. The Federal Reserve Board may restore, upon due proof of the compliance, etc. § 10:1. 6 :p. § 11:1. 49 :p. MEMBERS § 4:1. 36: :P- § 4:1. 38; ;p. § 4:1. 40; :p. § 4:1. 43 :p. § 5:1. 47 :p. 300 IKDEX-DIGEST. MERCHANDISE. § 13:1. 50:p. 14. Nothing in this Act to proliibit notes, drafts, and bills secured by staple agricultural prod- ucts, or other goods, wares, or, from being eligible for such discount. MERELY. § 13:1. 2:p. 15. MET, FULLY. See "Fully met." METHODS. § 12:1. 18: p. 14. Federal Advisory Coimcil may adopt its own, of procedure. MILLION DOLLARS, FOUR. See "Four million dollars." MILLION DOLLARS, TWENTY-FIVE. See "Twenty-five million doUars." MINIMUM. § 4:1. 16: p. 4. Wten the, amount of capital stock, etc., shall have been subscribed and allotted, the Organi- zation Committee shall designate any five banks, etc., to execute a certificate of organi- zation, etc. MINT, UNITED STATES. See "United States mint." MISDEMEANOR. § 22:1. 45: p. 24. Any bank officer, etc., making any loan, etc., to a bank examiner to be deemed guilty of a, etc. § 22:1. 50: p. 24. Any examiner accepting a loan, etc., from any bank examined by him or from an officer, etc., thereof to be deemed guilty of a, etc. MODIFICATIONS. § 27:1. 3:p. 27. Certain specified sections of United States Ke- vised Statutes amended by the Act of May 30, 1908, reenacted to read as such sections read prior to May 30, 1908, subject to such amend- ments or, as are prescribed in this Act. MONETARY COMMISSION, NATIONAL. See "National," etc. MONEY. § 2:1. 19: p. 3. United States stock to be paid for out of any, in the Treasury not otherwise appropriated. § 11:1. 46 :p. 12. Weekly statement of the Federal Eeserve Board to furnish fuU information regarding the char- acter of the, held as reserve, etc., by Federal reserve banks. § 11:1. 38 :p. 13. The Federal Keserve Board may make regula- tions for the safeguarding of all, etc., deposited m the hands of the Federal reserve agents INDEX-DIGEST. 301 MONEY (Continued). § 13:1. 34: p. 14. Federal reserve banks may receive from their member banks and from the United States deposits in current funds in lawful, etc. § 13:1. 37: p. 14. Or, solely for exchange purposes, may receive from other Federal reserve banks deposits of current funds in lawful, etc. § 13:1. 39 :p. 15. Bills of exchange or drafts drawn against, actually on deposit, etc., not subject to limi- tation of indebtedness to amount of capital stock, etc., of a national bank. § 16:1. 11 :p. 17. Federal reserve notes shall be redeemed in gold or lawful, at any Federal reserve bank. § 16:1. 26:p. 17. Reserve banks to maintain reserves in gold or lawful, of not less than 35 per centum against deposits. § 16:1. 29: p. 17. Reserve banks shall maintain reserves in gold of not less than 40 per centum against Federal reserve notes in actual circulation and not offset by gold or lawful, deposited with the Federal reserve agent. § 16:1. 43 :p. 17. Reserve banks shall, upon demand of the Sec retary of the Treasury, reimburse such redemption fund in lawful, for notes paid by Treasury out of the redemption fund, etc. § 16:1. 29:p. 18. Federal reserve banks may reduce their Uabihty for outstanding Federal reserve notes by depositing with the Federal reserve agent, etc., lawful, etc., of the United States. § 16:1. 33 :p. 18. The Federal reserve agent to hold such lawful, etc., available exclusively for exchange of the outstanding Federal reserve notes when offered by the Federal reserve bank of which he is a director. § 16:1. 38 :p. 20. Each Federal reserve bank purchasing United States bonds of member banks upon notice from the United States Treasurer shall deposit lawful, for the purchase price of such bonds, etc. § 22:1. 47 :p. 24. Any member bank or officer, etc., making loan or gratuity to a bank examiner, in addition to fine or imprisonment or both, may be fined a further sum equal to the, so loaned or gratuity given. § 22:1. 52 :p. 24. Any examiner accepting such a loan, etc., in addition to a fine or imprisonment or both, may be fined a further sum equal to the, so loaned or gratuity given. 302 INDEX-DIGEST. MONEY (Continued). § 26:1. 35:p. 26. MONEYS. § 13:1. 38:p. 15 Nothing in this Act to be construed to repeal parity provisions of the- Act. of March 14, 1900, entitled "An Act to define and fix the standard of value to maintain the parity of all forms of, issued," etc. Moneys deposited with or collected hj national banks not subject to limitation of indebted- ness to the amount of their capital stock. § 15:1. 39: p. 16. The, held in the general fund of the Treasury, except the 5 per centum national bank note fund and the Federal reserve note redemption funds, may, upon direction of the Secretary of the Treasury, be deposited in Federal reserve banks. § 2:1. 40 :p. 3. The sum of $100,000 or so much thereof as may be necessary is hereby appropriated out of any, in the Treasury not otherwise appropriated for payment of expenses of the Orgamzation Committee. MONTH; MONTHS. § 5:1. 7: p. 8. A bank applying for stock tu a reserve bank after its organization must subscribe for an amount of stock equal to 6 per centum of its paid up capital stock and surplus, paying therefor its par value plus one-half of 1 per centum a, from the period of the last divi- dend. § 5:1. 23: p. 8. Member bank to receive in payment of sur- rendered shares because of reduction of its stock or voluntary liquidation a sum equal to its cash paid subscriptions on the shares sturendered and one-half of 1 per centum a, from the period of thelast dividend, etc. § 6:1. 30: p. 8. Stock of insolvent member bank for which a receiver has been appointed to be canceled, etc., and all cash paid subscriptions on said stock with one-half of 1 per centum per, from period of last dividend, etc., to be first appHed to aU debts of said bank to Federal reserve bank, etc. § 9:1. 49: p. 10. Federal reserve banks to pay on stock required to be surrendered by member banks for failure to comply with this section or with regulations of the Federal Reserve Board, etc., the cash paid subscriptions to said stock with interest at the rate of one-half of 1 per centum per, computed from the last dividend if earned, etc. INDEX-DIGEST. 303 MONTH; MONTHS (Contimied). § 27:1. 9: p. 27. Aldrich-Vreeland notes issued tinder Act of § 27:1. 12 :p. 27. Maj^ 30, 1908, after the first three, to pay- additional tax rate of one-half of 1 per centum per amium for each, until a tax of 6 per centum per annum is reached, etc. MONTHLY. § 4:1. 8: p. 7. Compensation of the Federal reserve agent to be fixed by the Federal Reserve Board and paid, by the Federal reserve bank to which he is designated. § 10:1. 19 :p. 11. Each appointive member of the Federal Reserve Board to receive an annual salary of $12,000 payable, etc. MONTHS, SIX. See "Six months." MONTHS, THREE. See "Three months." MONTHS, TWELVE. See "Twelve months." MONTHS, THIRTY-SIX. See "Thirty-six months." MORE, ANY ONE OR. See "Any one or more." MORE THAN. § 13:1. 29:p. 15. MORE THAN, NOT. See "Not more than." MORE THAN ONE CHOICE. § 4:1. 35: p. 6. Elector not to vote, for any one candidate for director. MORE, TWO OR. See "Two or more." MUCH OF, SO. See "So much of." MULTIPLE. § 18:1. 32: p. 21. United States Treasury notes authorized in denominations of $100 or any, thereof, etc. MUNICIPAL. § 18:1. 38: p. 21. Such United States Treasury notes exempt, etc., as well as from taxes in any form by or imder State, or local authorities. MUNICIPALITY. § 14:1. 17: p. 16. Federal reserve banks may, under regulations of the Federal Reserve Board, buy and sell in the open market, etc., warrants, etc. issued, etc., by any, etc. MUST. § 13:1. 6:p. 15. 70820° — 16 20 N. NAME. See also "Names." § 2:1. 41 : p. 1. The Federal reserve bank to include in its title the, of city in which situated. § 2:1. 41: p. 2. Suits fornoncompliance with or violation of Act to be brought by Comptroller in his own, under direction of the Federal Reserve Board. § 4 : 1. 22 : p. 4. Organization certificate to specifically state the, of such Federal reserve bank. § 4:1. 26: p. 4. Also the, and place of doing business of each bank executiag such certificate. § 4:1. 41: p. 4. Federal reserve banks in, designated in organi- zations certificate to have power, etc. § 4:1. 17: p. 6. Directors to certify, of district reserve elector to chairman. § 4:1. 33: p. 6. Each elector to make a cross opposite the, of first, second, and third choices. § 8:1. 20: p. 9. State bank, etc., may be converted into a national bank with any, approved by Comp- troller, etc. § 25:1. 9: p. 26. Application by national banks for authority to establish foreign branches to specify ia addi- tion to the, and capital the place, etc., where the banking operations proposed are to be carried on, etc. NAMED. § 4:1. 19: p. 6. Chairman to make lists of district reserve elec- tors thus, by banks, etc. NAMES. See also "Name." § 22:1. 10: p. 25. No examiner to disclose, of borrowers, etc. § 23:1. 34: p. 25. Provisions as to liabUity of national bank stock- holders notto affect recourse of such stock holders against those in whose, such shares are registered. NATIONAL ASSOCIATION. See also "National bank." § 8:1. 27: p. 9. State bank, etc., may be converted into a. § 8:1. 31 :p. 9. Majority of directors to have power to do, etc., whatever required to make its organization, etc., complete as a. 304 INDEX-DIGEST. 305 NATIONAL BANK ; NATIONAL BANKS. See also "National bank- ing association." § 1:1. 6:p. 1. Word "bank" to include State bank, etc., unless, etc., specifically referred to. § 1:1. 8 : p. 1 . Term, and "national banking association " to be synonymous, etc. § 1:1. 10:p. 1. Term "member bank" to mean any, etc., which has become a member of a Federal reserve bank, etc. § 2:1. 27: p. 2. Any, to forfeit charter for failure to signify ac- ceptance of Act within 60 days after its pas- sage. § 2:1. 40: p. 2. Suit for violation of Act to be brought in dis- trict or territory in which the, is located. § 2:1. 46: p. 2. Director participating in noncompliance with or violation, etc., of Act liable, etc., for all damages which said, etc., has sustained, etc. § 4:1. 7: p. 4. Comptroller to send application blank to each, etc. § 4:1. 12: p. 4. Application blank to contain resolution to be adopted by directors of each, executing the application. § 4:1. 11 :p. 5. Federal reserve banlis may take out Federal reserve bank notes ia manner provided by law for, on deposit of United States bonds, etc. § 4:1. 15: p. 5. Such notes to be issued under same conditions, etc., as relate to issue of circulating notes of, etc. § 9:1. 7:p. 10. Stock to be issued to State banks, etc., imder rules and regulations in this Act provided for, becoming stockholders. § 9:1. 24 :p. 10. State banks, etc., becoming member banks to conform to law as to, respecting limitation of liability of any one person, etc. § 11:1. 43 :p. 13, The Federal Eeserve Board may grant by special permit to, etc., the right to act as trustee, executor, etc., when not in contra- vention of State or local law. § 16:1. 7:p. 17. Federal reserve notes be receivable by all, etc. § 16:1. 34 :p. 19. Nothing to exempt, etc., from liability to re- imburse the United States for expense of printing and issuing circulating notes. § 19:1. 17:p. 22. Period dming which the balance of required § 19:1. 37: p. 22. reserves may be kept in, etc. 306 INDEX-DIGEST. NATIONAL BANK; NATIONAL BANKS (Continued). § 19:1. 7: p. 23. Certain reserve deposits required by the law of the State to be kept by a State bank, etc., in another State bank, etc., to be construed as reserve deposits in a, ia a reserve or central reserve city tor three years, etc. [Amended by the Act of August 15, 1914. See § 19: 1. 37: p. 30; § 19: 1. 39:p. 30; § 19: 1. 41 :p. 30.] § 19:1. 30: p. 23. Alaska, and, outside the continental United States may remaia nonmember banks, etc. § 19:1. 33: p. 23. Or, except ia PMlippiae Islands, with consent of the Federal Reserve Board may become member banks, etc. § 21:1. 7: p. 24. Examiaation of. § 24:1. 42: p. 25. A, outside a central reserve city may loan on unproved, etc., farm land, etc. § 24 :1. 44 : p. 25. Such, may continue to receive time deposits and to pay interest on same. § 24:1. 48: p. 25. The Federal Reserve Board may add to the hst of cities in which, may not loan on farm lands. § 27:1. 35: p. 28. The Secretary of the Treasury may suspend § 27:1. 38: p. 28. the limitation in Act of May_30, 1908, that additional currency may be issued only to, having notes outstanding to amoimt not less than 40 per cent of capital stock, etc. § 27:1. 39: p. 28. No, to issue circulating notes in excess of 125 per cent of unimpaired capital and surplus. § 27:1. 42: p. 28. Each, and currency associates to maintain in the Treasury a redemption fimd of not less than 5 per cent in gold for the redemption of its additional circulating notes. § 27:1. l:p. 29. The Secretary of the Treasury may permit, during period of suspension, to issue addi- tional circulation under terms and conditions of Act of May 30, 1908, as herein amended. NATIONAL BANK ACT. See "National banking act." NATIONAL BANK CIRCULATION, See also "National bank cur- rency," "National bank notes," "National currency." § 18:1. 18 :p. 20. Any member bank after 2 years, etc., may apply for sale of its United States bonds seciu"- mg, etc. § 18:1. 11: p. 21. The Secretary of the Treasury may exchange for gold notes United States 2 per cent bonds agamst which no, is outstanding. INDEX-DIGEST. 307 NATIONAL BANK CIRCULATION (Continued), § 27:1. 46: p. 26. Extension to June 30, 1915, of Act of May 30, 1908, authorizing issue of additional. § 27:1. 10: p. 27. Graduated tax prescribed on additional. § 28:1. 23:p. 27. No reduction of capital of national bank allowed below the amount required for its outstanding. NATIONAL BANK CURRENCY. See also "National bank circula- tion;" "National bank notes." § 20:1. 41 : p. 23. Repeal of that portion of Act of June 20, 1874, providing for a redistribution of, which per- mits 5 per centum redemption fund to be counted as a part of its lawful reserve by national banks. NATIONAL BANK EXAMINER; NATIONAL BANK EXAMINERS. § 21:1. 52 :p. 23. Comptroller to appoint, with approval of the Secretary of the Treasury. §21:1. 7: p. 24. Thorough examination, etc., by, of every national and member bank. § 21:1. 10 :p. 24. May admiaister oaths to, and examine any of officers and agents under oath. § 21:1. 12: p. 24. To make fuU and detailed report of condi- tion to Comptroller.' § 21:1. 15:p. 24. Comptroller to recommend to the Reserve Board the salaries of. § 22:1. 44: p. 24. No member bank, etc., to make any loan, etc., to any. § 22:1. 48: p. 24. Penalty for, accepting loan, etc. § 22:1. 54: p. 24. No, to perform any other service for com- pensation while holding such office for any bank or officer, etc. § 22:1. 9: p. 25. No, to disclose names of borrowers or col- lateral for loans, etc. NATIONAL BANK NOTES. See also "National bank circulation;" "National bank currency." § 4:1. 15: p. 5. Federal reserve bank notes to be issued under same conditions, etc., as. § 13:1. 34: p. 14. Federal reserve bank may receive on deposit, § 13:1. 38: p. 14. from its member banks and from other Federal reserve banks, etc. § 15:1. 41: p. 16. Fund for redemption of, not to be deposited in Federal reserve banks. § 16:1. 18: p. 19. Examination of plates, etc., of, provided for in United States Revised Statutes, section 5174, extended to include Federal reserve notes. 308 INDEX-DIGEST. NATIONAL BANK NOTES (Contimied). § 16:1. 24:p. 19. Appropriations for printiag, etc., and dis- tinctive paper may be used by the Secretary of the Treasury for the purposes of this Act. § 16:1. 29 :p. 19. If appropriations insufficient to meet require- ments of this Act in addition to, provided by existing law, the Secretary of the Treasury may use any funds in the Treasury, etc., for furnishing Federal reserve notes. § 16:1. 36:p. 19. Nothing to exempt national banks, etc., from reimbursing the United States for expense of printing and issuing. § 18:1. 15: p. 20. Any member bank desiring to retire the whole or any part of its, may file appUcation for sale of its United States bonds, etc. § 18:1. 41: p. 20. The Treasurer of the United States to pay member bank any balance due from sale of its bonds after deducting a sufficient sum to redeem its outstanding, secured by such bonds, etc. § 18:1. 3:p. 21. Federal reserve bank notes to be, etc., of same tenor and effect as, etc. § 18:1. 5: p. 21. To be issued and redeemed under the same terms and conditions as, except, etc. § 20:1. 43: p. 23. Five per centum redemption fund for, no longer to be counted as part of lawful reserve. NATIONAL BANK STOCK. § 9:1. 27: p. 10. Prohibition against purchase of or loans on, to apply to any State bank, etc., becoming a member bank. NATIONAL BANKING ACT. § 2:1. 35: p. 2. All rights, etc., granted under, to be forfeited if national bank fails to become member bank, etc. § 8:1. 42: p. 9. Converted State bank, etc., to have same powers, etc., and to be subject to same duties, liabilities, etc., as prescribed by Fed- eral reserve act and by, etc. § 9:1. 20:p. 10. No applying bank to be admitted to member- ship unless it possesses paid up, unimpaired capital sufficient to entitle it to become a national bank under provisions of the. NATIONAL BANKING ASSOCIATION. See also " National banks." § 1:1. 8:p. 1. Terms "national bank" and, held to be syn- onymous. § 2:1. 2: p. 2. Every, required to accept Act, etc. INDEX-DIGEST. 309 NATIONAL BANKING ASSOCIATION (Continued). § 2:1. 9: p. 2. Every, required to subscribe to stbck of Fed- eral reserve bank, etc. § 2:1. 31: p. 2. Forfeiture, etc., for any, failing to become member bank withia one year after the pas- sage of this Act. t § 2:1. 42: p. 2. For noncompliance with or violation of Act a, may be dissolved by suit by Comptroller ia his own name under direction of the Federal Reserve Board, etc. § 8:1. 15: p. 9. State bank, etc., having sufficient unimpaired § 8:1. 19: p. 9. capital to entitle it to become a, etc., may, etc., be converted into a, etc. § 8:1. 36: p. 9. On receipt from Comptroller of certificate that § 8:1. 43 :p. 9. the provisions of this Act have been com- plied with such bank, etc., to have same powers, etc., and to be subject to same du- ties, etc., as are prescribed, etc., for associa- tions originally organized as. § 9:1. 19:p. 10. No applying State bank, etc., to be admitted as a member bank unless having a paid up, etc., capital sufficient to entitle it to become a, ia place where situated. § 11:1. 22: p. 13. The Federal Eeserve Board may add to num- ber of cities classified as reserve and central reserve cities under existing law in which, are subject to reserve requirements set forth in section 20 of this Act. [Words "section 20" an error in Act; should be section 19.] § 13:1. 33: p. 15. Five exceptions made to operation of United I 13:1. 38:p. 15. States Revised Statutes, section 5202, limit- § 13:1. 40: p. 15. ing indebtedness of, to the amount of capital § 13:1. 41: p. 15. stock, etc. § 17:1. 8: p. 20. Repeal of provisions of existing law requiring, to deliver to the United States Treasurer a stated amount of United States bonds before commencing banking business. § 20:1. 42: p. 23. Repeal of law permitting 5 per centum re- § 20:1. 47: p. 23. demption funcf to be counted as part of its lawful reserve by a. § 23:1. 22: p. 25. Stockholders of every, held indivduaUy re- § 23:1. 24: p. 25. sponsible for all contracts, debts, etc., of such, etc. § 23:1. 26: p. 25. LiabiUty of stockholders of any, transferring § 23:1. 29: p. 25. shares, etc., within 60 days before failure of such, to meet its obligations, etc. § 24:1. 37: p. 25. Any, not in a central reserve city may loan on improved, etc., farm land. 310 INDEX-DIGEST. NATIONAL BANKING ASSOCIATION (Contmued). § 24:1. 42: p.. 25. Up to 25 per centum of capital and surplus or to one-third of its time deposits. § 24:1. 44: p. 25. Such, may_ continue to receive time deposits and pay interest on same. § 25:1. 2: p. 26. Application by, for foreign branches. § 25:1. 10: p. 26. Application to specify in addition to name and capital of, etc. § 25:1. 18: p. 26. Every, receiving authority to establish foreign branches to furnish at all times information, etc., to Comptroller. § 25:1. 23: p. 26. Every such, to conduct accounts of foreign branches independently, etc. § 27:1. 7: p. 27. Graduated tax prescribed on circulating notes of, secm'ed otherwise than by bonds of United States. § 28:1. 18: p. 27. Any« may reduce capital stock to anj sum not § 28:1. 21 :p. 27. below amount required to authorize forma- tion of. § 28:1. 22: p. 27. No reduction allowable which wiU reduce capi- tal of the, below amount required for its outstanding circulation. NATIONAL BANKS, ALASKA. See "Alaska." NATIONAL CURRENCY. See also "National bank circulation"; "National bank currency." § 10:1. 31:.p. 12. A bureau in the Treasury charged with execu- tion of aU laws, etc., relating to issue and regulation of, etc. NATIONAL CURRENCY ASSOCIATION. § 27:1. 42 :p. 28. Each, etc., to maintain in the Treasury a gold redemption fund of not less than 5 per centum for additional circulation imder Act of May 30, 1908, as amended. NATIONAL CURRENCY ASSOCIATIONS. § 27:1. 45: p. 28. The Act of May 30, 1908, authorizing, etc., extended to June 30, 1915. NATIONAL MONETARY COMMISSION. § 27:1. 46: p. 26. Extension of the Act of May 30, 1908, creating a, etc., to June 30, 1915. NATURE. § 11:1. 46: p. 12. The weekly statement of the Federal Keserve Board to show the, and maturities of paper, etc., held by the Federal reserve banks. § 13:1. 36: p. 15. National banks not to be indebted beyond amount of capital stock, etc., except on account of demands of the, following, etc. INDEX-DIGEST. 811 NEAREST. § 4 :1. 32 :p. 7. Directors to designate one member of each class whose term shall expire in one year from the 1st of January, to date of meetmg. § 16:1. 5:p. 19. Federal reserve notes to be deposited in Treas- ury or in subtreasury or mint of United States, the place of business of each Federal reserve bank. NEARLY AS IffiAT BE, AS NECESSARILY. § 2:1. 27:p. See "As nearly as may be." § 4:1. 7:p. 5. 1. Federal reserve districts shall not, be coter- minous with any State or States. § 4:1. 20: p. 5. Federal reserve banks, before authorization by Comptroller to commence business, to trans- act only such business as is incidental and, preliminary to their organization. NECESSARY. § 2:1. 37:p. 1. Organization Committee may make such inves- tigation, etc., as may be deemed. § 2:1. 18: p. 2. Remaiader of subscriptions subject to call of the Federal Reserve Board when deemed. § 2:1. 40: p. 3. To carry out Act appropriation made for Or- ganization Committee of $100,000 or so much thereof as may be. Federal reserve banks to have such incidental powers as shall be, to carry on the business of banking, etc. § 4:1. 44: p, 5. The Federal Reserve Board to appoint class C directors when the, subscriptions to capital stpck have been obtained. § 4:1. 24: p. 7. Organization Committee may call such meet- ings of directors as may be, to carry out pur- • poses of Act. § 11:1. 40 :p. 12. The Federal Reserve Board to require from Federal reserve banks such statements and reports as it may deem. § 11:1. 40: p. 13. The Federal Reserve Board to make aU rules and regulations, to perform its duties, etc. § 11:1. 48 :p. 13. The Federal Reserve Board may employ such attorneys, experts, etc., as may be deemed, etc. § 12:1. 17: p. 14. The Federal Advisory Council may hold addi- tional meetings in Washington, D. C, or else- where as it may deem. § 14:1. 9:p. 16. The Federal reserve banks may contract for loans of gold coin or bullion, giving therefor when, acceptable security, etc. 312 INDiiX-MGEST. NECESSARY (Continued). § 16:1. 46: p. 17. When the Treasury redeems Federal reserve notes in gold or gold certificates the redemp- tion fund to be reimbursed to extent deemed, by the Secretary of the Treasury in gold or gold certificates. § 21:1. 2:p. 24. Examiners to examine member banks oftener than twice each year if considered. § 26:1. 41: p. 26. The Secretary of the Treasury may sell bonds authorized under section 2 of Act of March 14, 1900, or 1-year gold notes if, to obtain gold. NECESSARY EXPENSES. § 2:1. 36: p. 3. The, of the Organization Committee to be paid § 2:1. 37 : p. 3. by the Treasurer of the United States, etc. § 4:1. 16: p. 7. Directors to have reasonable allowance for, in attending meetings, etc. § 7:1. 41: p. 8. Dividend to stockholders after aU, paid, etc. § 10:1. 19:p. 11. The Federal Eeserve Board to be paid actual, for traveling. NET BALANCE. § 19:1. 25:p. NET EARNINGS. § 7:1. 45:p. 7:1. 47:p. 23. In estimating required reserves the, of amounts due to and from other banks to be taken as basis, etc. § 8. After dividend claims fully met all, of Federal 8. reserve banks to be paid to the United States as a franchise tax, except that one-half of such, shall be paid into surplus fund, etc. § 7:1. 50: p. 8. The, derived by the United States to be used in the discretion of the Secretary of the Treasury to supplement the gold reserve held against outstanding United States notes or for reduction of the outstanding bonded indebtedness of the United States, etc. NEW DISTRICTS. § 2:1. 28:p. 1. NEW LOANS. § 19:1. 23:p. 23. NEXT BEFORE. § 23:1. 28:p. 25. NEXT SESSION. § 10:1. 14:p. 12. The Federal Reserve Board from time to time any create, not to exceed 12 in aU. No bank to make any, or pay any dividends unless and until the total reserve required by law is fully restored. Commissions for vacancies on the Federal Reserve Board granted during recess of Senate to expire 30 days after the, of the Senate convenes. INDEX-DIGEST. 313 NINE MEMBERS. § 4:1. 36: p. 5. Board of directors to consist of. NINETY DAYS. § 13:1. 37:p. 15. Notes etc., discounted by Federal reserve banks must have maturity at time of dis- count of not more than, provided, etc. § 14:1. 36: p. 16. Federal reserve banks may buy or seU, etc., through their foreign correspondents or agencies bills of exchange arising out of actual commercial transactions which have not more than, to run, etc. NO CASE, IN. See "In no case." NO EVENT, IN. See "In no event." NO OTHER PURPOSE. §16:1. 5:p. 17. Federal reserve notes authorized for purpose of making advances to Federal reserve banks through the Federal reserve agents, etc., and for. NO TIME, AT. See "At no time." NOMINATE. § 4:1. 22 :p. 6. Each member bank permitted to, to the chairman one candidate for director of classes A and B. NOMINATED. § 4:1. 24:p. 6. § 4:1. 25 :p. 6. Candidates, for director to be listed by chair- man, indicating by whom. NONCOMPLIANCE. § 2:1. 36: p. 2. Any, with or violation of this Act to be de- termined and adjudged by any court of the United States of competent jurisdiction ia a suit, etc., by Comptroller m his own name under direction of the Federal Reserve Board. § 2:1. 42: p. 2. In cases of such, other than for failure to be- come a member bank, every participating director to be liable for damages, etc. NONMEMBER BANK. § 15:1. 50 :p. 16. No Government funds, etc., to be deposited in a, etc. § 19:1. 12 :p. 23. No member bank, except as thus provided, to keep on deposit with any, a sum in excess of 10 per centum of its paid-up capital and surplus. § 19:1. 14 :p, 23. No member bank to act as medium or agent of a, in applying for or receiving discounts from a Federal reserve bank except by per- mission of the Federal Reserve Board. 314 INDEX-DIGEST. NONMEMBER BANKS. § 19 1. 31 p. 23. National banks in Alaska, or outside conti- nental United States, may remain. NOR MORE THAN. § 2 1. 20 p. 1. The Organization Committee to designate not less than 8, 12 cities to be known as Federal reserTe cities. NOT EXCEEDING. § 11:1. 53 :p. 12. The Federal Reserve Board may suspend any reserve requirement specified ia this Act for a period, 30 days, etc. § 11:1. 54: p. 12. May renew such suspension for periods, 15 days, etc. § 13:1. 9: p. 15. Agricultural notes, etc., and notes, etc., based on live stock having a maturity, six months may be discounted, etc. § 13:1. 34 :p. 15. National banks to be indebted to amount, amount of capital stock, etc. § 14:1. 14: p. 16. Federal reserve banks may, under regulations of the Federal Reserve Board, buy and sell, etc., in open market, bonds and notes of United States, and biUs, notes, revenue bonds, and warrants with maturity from date of purchase, six months, etc. § 19:1. 53:p. 22. Federal reserve banks may receive eligible Saper from member banks as reserves, one- alf of each installment, etc. § 22:1. 46: p. 24. Bank officer, etc.^ making loan, etc., to exam- iner to be imprisoned, one year, etc. § 22:1. 50:p. 24. Examiner accepting loan, etc., to be impris- oned, one year, etc. § 22:1. 18: p. 25. Person violating any provision of section 22 to § 22:1. 19:p. 25. be punished by fine, $5,000, or by imprison- ment, one year, etc. NOT INCONSISTENT WITH LAW. § 4:1. l:p. 5. Directors may prescribe by-laws. NOT lESS THAN. § 2:1. 20: p. 1. The Organization Committee to designate, eight cities as Federal reserve cities. § 2:1. 22 :p. 3. United States stock to be disposed of, etc., at, par, etc. § 2:1. 30:p. 3. Capital of Federal reserve banks to be, $4,000,- 000. § 8:1. 17: p. 9. State bank, etc., may be converted into a national bank, etc., by vote of shareholders owmng, 51 per centum of capital stock, etc. IlfDBX-DIGEST. 315 NOT LESS THAN (Continued). § 11:1. 10: p. 13. When gold reserve against Federal reserve notes falls below 32^ per centum a progres- sive tax fixed at a rate increasingly of, 1^ per centum per annum, etc. § 16:1. 26: p. 17. Federal Eeserve banks to maintain reserves in gold or lawful money of, 35 per centum against deposits. § 16:1. 27: p. 17. And reserves in gold of, 40 per centum against its Federal reserve notes, etc. § 19:1. 53: p. 21. Time deposits to include all savings accounts and certificates of deposit subject to, 30 days' notice before payment. § 27:1. 37: p. 28. The Secretary of the Treasury may suspend the limitations of Act of May 30, 1908, that only national banks having circulating notes outstanding secured by United States bonds to an amount, 40 per centum of capital stock may issue additional currency, etc. NOT MOEE THAN. § 10:1. 12:p. 11. In selecting the five appointive members of the Federal Reserve Board, one to be se- lected from any one Federal reserve district. § 11:1. 7: p. 13. Graduated tax of, 1 per centum prescribed upon deficiency in reserves down to 32^ per centum, etc. § 13:1. 7: p. 15. Notes, etc., admitted to discount to have ma- turity at time of discount of, 90 days. § 13:1. 15: p. 15. Any Federal reserve bank may discount accept- ances based on importation or exportation of goods having maturity at time of discount of, three months, etc. § 13:1. 27: p. 15. Member bank may accept drafts or bills drawn upon it involving importation or exportation of goods having, six months sight to run, etc. § 14:1. 35: p. 16. Federal reserve banks may buy and sell, in the open market, etc.^ through foreign cor- respondents or agencies, bills of exchange, etc., having, 90 days to run, etc. § 18:1. 34: p. 21. Issue of United States Treasury notes author- ized in. exchange for United States bonds, etc., to be payable, one year from date of issue, etc. § 22:1. 46: p. 24. Bank officer, etc., making loan to examiner to be fined, $5,000, etc. § 22:1. 51: p. 24. Examiner accepting loan, etc., to be fibaed, $5,000, etc. 316 INDEX-DIGEST. NOT OFFSET. § 16:1. 28: p. 17. Federal reserve banks to maintain 40 per centum gold reserve against outstanding Federal reserve notes in actual circulation and, by gold or lawful money deposited with Federal reserve agent. NOT ONE FOR ANOTHER. § 2:1. 21 :p. 2. The shareholders of every Federal reserve bank to be individually responsible, equally and ratably and, for all contracts, debts, etc., of such bank. NOT OTHERWISE APPROPRIATED. § 2:1. 20: p. 3. United States stock in Federal reserve banks to be paid for at par out of any money in the Treasury, § 2:1. 41 :p. 3. Sum of $100,000 appropriated for expenses of Organization Committee out of any moneys in Treasury. § 16:1. 31: p. 19. The Secretary of the Treasury authorized, in case existing appropriations insufBcient, to use, etc., any fimds m the Treasury, for fur- nishing Federal reserve notes. NOT OTHERWISE PROVIDED FOR. § 4:1. 51: p. 4. Directors may appoint such ofl&cers and em- ployees as are, in this Act. NOT TO EXCEED. § 2:1. 30: p. 1. The Federal Reserve Board may create new Federal reserve districts, 12 in all. § 5:1. 24: p. 8. Payment to be made for surrendered shares, the book value thereof, etc. § 6:1. 30: p. 8. Payment to be made for canceled shares, the book value thereof, etc. § 9 :1. 49 :p. 10. Paynaent to be made for shares surrendered for violation of section 9, etc., the book value thereof, etc. § 18:1. 13: p. 21. United States one-year gold notes may be issued in exchange for United States 2 per centum gold bonds, etc., to an amount, one- half of bonds so tendered for exchange. § 18:1. 24:p. 21. Federal reserve banks to agree to purchase at maturity of notes so purchased such an amount of such notes as the Secretary of the TreasTU'y may tender, the amount issued to such bank in first instance in exchange for said United States 2 per centum gold bonds. § 18:1. 28:p. 21. Said obligation to purchase to continue in force for a period, 30 years. INDEX-DIGEST. 317 NOT TO EXCEED (Continued). § 26:1. 40: p. 26. The Secretary of the Treasury, to maintain the parity and to strengthen the gold reserve may borrow gold for United States 1-year gold notes bearing interest at rate, 3 per centum. NOTARY PUBLIC. § 4:1. 35: p. 4. Organization certificate to be acknowledged before a judge, etc., or. § 4 :1. 37 : p. 4. To be authenticated by seal of such court or. NOTE ISSUES. § 12:1. 27: p. 14. Federal Advisory Council may make recom- mendations as to, etc., of Federal reserve banks. § 16:1. l:p. 17. Heading of section 16. NOTES. § 13:1. 42 :p. 14. Any Federal reserve bank, upon indorsement of § 13 :1. 43 : p. 14. any of its member banks, with a waiver of de- mand, notice, and protest by such bank, may discount, drafts and biUs of exchange arising out of actual commercial transactions, etc. § 13:1. 49: p. 14. Nothing in Act to prohibit such, etc., secured by staple agricultural products, or other goods, etc., from being eligible for such discount. § 13:1. 2: p. 15. Such definition not to include, etc., covering merely investments, or issued or drawn for the purpose of carrying or trading in stocks, bonds, or other investment securities, except bonds and notes of the Government of the United States. § 13:1. 5: p. 15. Maturity of, etc., discounted under this para- graph to be at time of discount not more than 90 days. § 13:1. 8: p. 15. Provided that, etc., drawn or issued for agri- cultural purposes or based on live stock and having maturity not exceeding six months may be discounted to a limited percentage of capital stock of the Federal reserve bank to be ascertained and fixed by the Federal Reserve Board. § 13:1. 19: p. 15. The aggregate of such, etc., bearing signature or endorsement of any one person, etc., limited to 10 per centum of the unimpaired capital and surplus of said bank, etc. § 14:1. 13: p. 16. Federal reserve banks may, in accordance with regulations of the Federal Reserve Board, buy and sell, etc., in open market biUs, etc., issued in anticipation of collection of taxes, etc' 318 INDEX-DIGEST. NOTES (Continued). § 16:1. 18: p. 17. Collateral security for Federal reserve, to be, and bills accepted for rediscount under section 13. NOTES, ALDRICH-VEEEIAND. See "Act of May 30, 1908." NOTES, CIECUIATING. See "Circulating notes." NOTES, FEDEEAL RESERVE. See "Federal reserve notes." NOTES, FEDERAL RESERVE BANK. See "Circulating notes"; "Federal reserve bank notes." NOTES IN CIRCUIATION. § 27:1. 10: p. 27. Tax prescribed upon average amount of addi- tional, under Act of May 30, 1908. NOTES, NATIONAL BANK. See "National bank circulation"; "National bank currency"; "National bank notes"; "National currency." NOTES OF CIRCULATION. § 13:1. 37: p. 15. National banks not limited as to indebtedness to amount of capital stock, on. NOTES, UNITED STATES. See "United States notes." NOTES, UNITED STATES 1-YEAR GOLD. See "United States 1-year gold notes." NOTES, UNITED STATES TREASURY. See "United States Treasury notes." NOTHING HEREIN. §11:1. 2: p. 14. Provided that, shall prevent the President from placing employees, etc., appointed by the Federal Eeserve Board in tne classified service. NOTHING HEREIN CONTAINED. § 16:1. 42: p. 19. To be construed to prohibit a member bank from charging actual expense incurred ia collecting or remitting funds or for exchange sold to its patrons. NOTHING IN THIS ACT CONTAINED. § 10:1. 16: p. 12. To be construed as taking away any powers heretofore vested by law in the Secretary of the Treasury, etc. § 13:1. 48: p. 14. To be construed to prohibit discount of notes, etc., secured by staple agricultural products or other goods, wares, or merchandise. NOTICE, AFTER. See "After notice." NOTICE, THIRTY DAYS. See "Thirty days, etc." NOTICE, UPON. See "Upon notice." INDEX-DIGEST. 319 NOTICE, WAIVER OF. See "Waiver of, etc." NOTICE, WITHIIT 30 DAYS OF SUCH. See "Within, etc." NOTIFY. § 16:1. 20: p. 17. Federal reserve agent to, the Federal Keserve Board each day of all issues and withdrawals of Federal reserve notes, etc. NOW OE HEREAFTER DEFINED. § 19:1. 5:p. 22. § 19:1. 24:p. 22. § 19:1. 44:p. 22. NUMBER. § 2:1. 31:p. 1. § 4:1. 25:p. 4. § 4:1. 29:p. 4. § 4:1. 12:p. 6. § 4:1. 14:p. 6. § 4:1. 47:p. 6. Federal reserve districts to be designated by. Organization certificate to state, of shares into which capital of bank is divided. To state, of shares subscribed by each bank. Each group to contain, etc., one-third of aggre- gate, of the naember banks. Groups to be designated by, by chairman. Candidate then having highest, of votes shall be declared elected. § 5:1. 11: p. 8. Certificate to Comptroller to be executed when stock of Federal reserve bank is increased by increase in, of member banks, etc. § 11:1. 21 :p. 13. The Federal Reserve Board may add to, of cities classified as reserve and central reserve cities, etc. § 16:1. 31:p. 17. Federal reserve notes to bear on their faces a distinctive letter and serial. NUMBERED. § 16:1. 50:p. 18. NUMBERS. § 16:1. l:p. 19. 70820°— 15 21 Federal reserve notes to be printed from plates, etc., and. Federal reserve notes to bear the distinctive, of the several Federal reserve banks through which issued. o. OATH OF OFFICE. § 10:1. 41 :p. 11. Members of the Federal Keserve Board to make and subscribe to the, within 15 days after notice of appointment. OATH, UNDER. See "Under oath." OATHS, ADMINISTER. See "Administer oaths." OBLIGATION. § 18:1. 18:p. 21. Federal reserve banks obtaining such 1-year gold notes to enter into an, with the Secre- tary of the Treasury to purchase at maturity an amount equal to those delivered in ex- change for such bonds and at each maturity of the notes so purchased to purchase such amount of such notes as the Secretary may tender, etc. § 18:1. 26 :p. 21. Said, to purchase at maturity such notes to continue for a period not exceeding 30 years. OBLIGATIONS, FAILURE TO MEET. See "Failure." OBLIGATIONS OF FEDERAL RESERVE BANK. § 18:1. l:p. 21. Federal reserve bank notes to be the, procur- ing the same. OBLIGATIONS OF UNITED STATES. § 16:1. 6:p. 17. Federal reserve notes to be, of the United States. OBTAIN. § 26:1. 41: p. 26. The Secretary of the Treasury may sell bonds and notes authorized under section 26 to, gold. OBTAINED. § 4:1. 45: p. 5. When the necessary subscriptions to the capi- tal stock have been, etc., the Federal Re- serve Board to appoint the class C directors, etc. § 22:1. 12: p. 25. No examiner to disclose names of borrowers, etc., without having first, the express per- mission in writing from the Comptroller. OBTAINING. § 18:1. 17:p. 21. The Federal reserve bank, such 1-year gold notes to enter into an obligation with the Secretary of the Treasury to purchase at maturity, etc. 320 INDEX-DIGEST, 321 OCCUR. § 4:1. 37: p. 7. Method of filling vacancies which may, in directors. § 10:1. 6: p. 12. Method of filling vacancies which may, in the Federal Reserve Board. OF, ARISING OUT. See "Arising out of." OF THE NATURE. § 13:1. 36: p. 15. No national bank to be indebted, etc., to amount exceeding paid in and undiminished capital stock except on account of demands, following, etc. OFF, WRITING. See "Writing off. " OFFER. § 2:1. 3:p. 3. Organization Committee may, stock in Federal reserve banks to pubUc subscription at par, etc. OFFERED. § 16:1. 18: p. 17. Collateral security thus, for Federal reserve notes to be notes and biUs accepted for redis- count under section 13. § 16:1. 34: p. 18. Federal reserve agent to hold such gold, etc., available exclusively for exchange for out- standing Federal reserve notes when, by the Federal reserve bank, etc. § 24:1. 42: p. 25. Loans on farm lands not to exceed 50 per centum of actual value of property, as security. OFFICE, HOLD. See "Hold office." OFFICE, HOLDING. See "Holding office." OFFICE, HOME. See "Home office." OFFICE, IN. See "In office." OFFICE, LOCAL. See "Local office." OFFICE, OATH OF. See "Oath of office." OFFICE OF CHAIRMAN. § 4:1. 50: p. 5. Organization Committee, pending designation of Chairman, to exercise powers, etc., apper- taining to the. OFFICE OF COMPTROLLER. § 4:1. 38: p. 4. Organization certificate to be ffied, recorded, etc., in. OFFICE OF DIRECTORS. § 4:1. 26: p. 5. Directors to perform duties usually appertain- ing to the, etc. 322 INDEX-DIGEST. OFFICE, TEEM OF. See "Term." OFFICER; OFFICERS. § 2:1. 50: p. 2. Dissolution not to impair any remedy against corporation its, etc. § 4:1. 50: p. 4. Board of directors to appoint such, etc. § 4:1. 53: p. 4. Board of directors may dismiss at pleasure such, etc. § 4:1. 6: p. 5. Federal reserve banks to exercise all powers specifically granted, etc., by board of di- rectors or dmy authorized, etc. § 4:1. 53: p. 5. No Senator or Representative in Congress to be an, etc., in a Federal reserve bank. § 4:1. 20: p. 7. Compensation provided by directors for, etc., to be subject to approval of the Federal Re- serve Board. § 10:1. 37:p. 11. Governor of Federal Reserve Board, subject to its supervision, to be the active executive. § 10:1. 33: p. 12. A bureau in Treasury the chief, of which to be called Comptroller, etc. § 11:1. 26: p. 13. Federal Reserve Board may suspend or remove any, or director of any Federal reserve bank. § 12:1. 17: p. 14. Federal Advisory Council may select its own. § 12:1. 23: p. 14. Federal Advisory Council to have power by itself or through its, etc. § 21:1. 10 :p. 24. Examiner to have power, etc., to examine under oath any of the, of any member bank. § 22:1. 42: p. 24. No, of member bank to make loan, etc., to examiner. § 22:1. 44: p. 24. Penalty for, etc., violating this provision. § 22:1. 49: p. 24. Penalty for examiner accepting loan, etc., from any, etc. § 22 :1. 2 :p. 25. Examiner to perform no other service for com- pensation while holding such office for any, etc. § 22:1. 3: p. 25. Other than usual salary or director's fee paid § 22:1. 5: p. 25. any, etc., of member bank and other than a § 22 :1. 6 :p. 25. reasonablafee paid by said bank to such, etc., no, etc., to be beneficiary of or receive di- rectly or indirectly any fee, etc., in connec- tion with any transaction or business of the bank. § 22:1. 11 :p. 25. No examiner to disclose names of borrowers or collateral for loans, etc., to other than the proper, of such bank, etc. INDEX-DIGEST. 323 OFFICER OF ANY BANK. § 4:1. l:p. 6. No director of class B to be an, etc. • § 4:1. 3: p. 6. No director of class C to be an, etc. § 10:1. 53:p. 11. No member of the Federal Reserve Board to be an, etc. OFFICERS; OWN. See "Own officers." OFFICERS, REMOVED. See "Removed officers." OFFICERS, STATE BANK. See "State bank." OFFICES, BRANCH. See "Branch offices." OFFICES IN DEPARTMENT OF THE TREASURY. § 10:1. 38 :p. 11. The Secretary of the Treasury may assign, for use of the Federal Reserve Board. OFFICIAL REPRESENTATIVE. § 4:1. 5: p. 7. Federal reserve agent to act as, of the Federal Reserve Board, etc. OFFICIALLY. § 19:1. l:p. 22. Reserves established for member banks when the Secretary of the Treasury shaU have, announced, etc., establishment of a Federal reserve bank, etc. § 19:1. 9:p..23. Certain reserves required by law of State to be kept in vaults of State banks or with another State bank or trust compaixy to be construed as reserve deposits in a national bank in a reserve or central reserve city for 3 years after the Secretary of the Treasury has, an- nounced establishment of a Federal reserve bank, etc. [Amended by Act of August 15, 1914. See § 19:1. 37 :p. 30; § 19:1 39 :p. 30; § 19:1. 41:p. 30.] OFFICIO, EX-, CHAIRMAN. See "Ex-officio chairman." OFFICIO, EX-, MEMBER. See "Ex-officio member." OFFSET. § 16:1. 29: p. 17. Gold reserve prescribed of not less than 40 per centum agamst outstanding Federal reserve notes in actual circulation and not, by gold or lawful money deposited with the Federal reserve agent. OFTENER. § 12:1. 14:p. 14. Meetings of Federal Advisory Council to be held in Washington, D. C, at least four times each year and, if called by the Federal Reserve Board. § 21:1. l:p. 24. Examiner to examine every member bank at least twice each calendar year and, if con- sidered necessary. 324 INDEX-DIGEST. ON ACCOUNT OF. § 5:1. 9:p. 8. § 5:1. 10:p. 8. § 6:1. 35:p. 8. § 13§1. 36: p. 15. ON, BASED. See "Based on." ON CALL. § 2 :1. 14:p. 2. One-sixth of subscription to capital stock to be payable, of Organization Committee or of the Federal Reserve Board; one-sixth within three months and one-sixth within six months thereafter and remainder or any part subject to caU by the Federal Reserve Board when deemed necessary. ON, CARRIED. See "Carried on." ON, CARRY. See "Carry on.". ON DEMAND. § 16:1. 9: p. 17. Federal reserve notes to be redeemed in gold, at Treasury Department. ON DEPOSIT. § 13:1. 37: p. 19. Every Federal reserve bank shall receive, at par, etc. ON HAND. § 16:1. 26:p. 19. Any distinctive paper, etc., may be used, etc., by the Secretary of the Treasury for the pur- poses of this Act. § 26:1. 42: p. 26. When funds of Treasury, justify the Secretary of the Treasury may purchase and redeem such outstanding bonds and notes. ONCE. § 11:1. 41 : p. 12. The Federal Reserve Board to publish a state- ment, each week, etc. § 21:1. 37: p. 24. The Federal Reserve Board to order examina- tion of each Federal reserve bank at least, each year. ONE AND ONE-HALF PER CENTUM. § 11:1. 10:p. 13. When gold reserve against Federal reserve notes falls below 32^ per centum a tax imposed at the rate increasingly of not less than, per annum upon each 2^ per centum or fraction thereof, etc. ONE, ANY. See "Any one." ONE BANK. § 13:1. 21: p. 15. Aggregate of notes, etc., rediscounted for any, shall at no time exceed 10 per centum of unimpaired capital and surplus of said bank, etc. INDEX-DIGEST. 325 ONE CANDIDATE. § 4 : 1. 23 : p. 6. Each member bank permitted to nominate, for class A and, for class B director. ONE CHOICE. § 4:1. 35: p. 6. Elector not to vote more than, for any one candidate for director. ONE-FIFTEENTH. § 19:1. 32: p. 22. For each succeeding six months banks in reserve cities to Keep an additional, of reserves in the Federal reserve bank. ONE FOR ANOTHER. § 2:1. 21: p. 2. Shareholders of Federal reserve banks to be individually responsible equally and ratably and not, for all contracts, debts, etc., of such bank, etc. ONE-HALF OF EACH INSTALLMENT. § 19:1. 53: p. 22. Federal reserve banks may receive eligible paper, etc., from member banks as reserves not exceeding. ONE-HAIF OF NET EARNINGS. § 7:1. 46: p. 8. Creation of a surplus fund to consist of, of Federal reserve bank. ONE-HALF OF ONE PER CENTUM. § 5:1. 7: p. 8. Banks applying for stock after organization of Federal reserve banks to pay par value for the Federal reserve bank stock plus, a month from period of last dividend. § 5 : 1. 23 : p. 8. Member bank to receive for surrendered shares sum equal to cash paid subscriptions and, per month from period of last dividend. § 6 : 1. 29 : p. 8. Balance of cash paid subscriptions upon stock canceled for insolvency to be paid to receiver with, from period of last dividend, after debts to the Federal reserve bank are paid. § 9:1. 48: p. 10. Member banks surrendering stock for viola- tion of section 9 or of regTilations of the Federal Reserve Board to be paid cash paid subscriptions with interest at rate of, com- puted from last dividend if earned, etc. § 27:1. 12: p. 27. Additional tax on notes issued imder Act of May 30, 1908, after three months of, per annum for each month until 6 per centum is reached, etc. ONE-HALF OF PAID-UP CAPITAL STOCK AND SURPLUS. § 13:1. 17: p. 15. Acceptances discounted by Federal reserve banks not to exceed, of bank for which the rediscounts are made. 326 INDEX-DIGEST. OWE-HAIF OF SUBSCRIPTION. S 5-1 52:p. 7. Member bank increasing its capital stock to subscribe for additional stock m the Federal reserve bank, to be paid as provided for original subscription and, subject to call of the Federal Reserve Board. § 5:1. 2:p. 8. ONE-HALF OF TJNITED STATES 2 PER CENTUM BONDS. § 18:1. 13 :p. 21. The Secretary of the Treasury may issue 1-year gold notes in exchange for United States 2 per centum gold bonds bearing the circulation privilege but against which no circulation is outstanding to an amount not exceeding, so tendered for exchange. ONE HUNDRED AND TWENTY-FIVE PER CENTUM. § 27:1. 40: p. 28. No bank to issue circulating notes in excess of, of its unimpaired capital and surplus. ONE HUNDRED DOLLARS. § 5:1. 43: p. 7. Capital stock of Federal reserve banks to be divided into shares of, each. § 16:1. 52: p. 18. Federal reserve notes to be of denominations of $5, $10, $20, $50, and. § 18:1. 31 :p. 21. Treasury notes authorized in denominations of. ONE HUNDRED THOUSAND DOLLARS. § 2:1. 39: p. 3. Sum of, appropriated for expenses incurred by Organization Committee in carrying out pro- visions of Act. ONE MEMBER. § 10:1. 12: p. 11. Not more than, of the Federal Reserve Board to be selected from any one Federal reserve district. § 10:1. 29: p. 11. One member of the Federal Reserve Board to § 10:1. 30: p. 11. be designated to serve for 2 years, for 4 § 10:1. 31 :p. 11. years, for 6 years, for 8 years and, for 10 years, etc. § 10:1. 34: p. 11. Of the five persons appointed on the Federal § 10:1. 35:p. 11. Reserve Board, to be designated by the President as governor and, as vice governor of the Federal Reserve Board. § 12:1. 9:p. 14. Directors to select annually, etc., of Federal Advisory Council. ONE MILLION DOLLARS. § 25:1. 3: p. 26. National banks possessing capital and surplus of, or more may file application for authority to establish foreign branches, etc. INDEX-DIGEST, 327 ONE OF THE DIEECTOES. § 3:1. 54: p. 3. The Federal reserve bank to designate, of branch bank as manager. § 4:1. 51 :p. 6. The Federal Reserve Board to designate, of class C as chairman and Federal reserve agent. § 4:1. 9: p. 7. The Federal Reserve Board to appoint, of class C, etc., as deputy chairman and deputy- Federal reserve agent. § 4:1. 30: p. 7. Directors of classes A, B, and C, respectively, § 4:1. 31:p. 7. to designate, of each class whose term shall § 4:1. 32: p. 7. expire m one year, etc., for two years and, for three years. ONE OE MOEE, ANY. See "Any one or more." ONE PEE CENTUM. § 11:1. 7:p. 13. Graduated tax prescribed of not more than, upon any deficiency in the gold reserve against Federal reserve notes until reserve falls to 32J per centum, etc. ONE PEE CENTUM, ONE-HALF OF. See "One-half of one per centum." Limitation of rediscounts for any one bank of notes, etc., bearing signature or indorse- ment of any, to 10 per centum of the unim- paired capital and surplus of said bank. Every national bank to subscribe to the stock of the Federal reserve bank in a sum equal to 6 per centum of its capital and surplus, of subscription to be payable on call of Or- ganization Committee or of the Federal Re- serve Board, within three months thereafter and, within six months thereafter, etc. ONE-THIED. § 4:1. 11: p. 6. Each group to contain as nearly as may be, of aggregate number of member banks. § 24:1. 44:p. 25. National bank, etc., may loan on farm land, etc., up to, of its time deposits. ONE-TWELFTH. § 19:1. 13: p. 22. For each succeeding six months an additional, of the prescribed reserves to be deposited in the Federal reserve bank by banks not in reserve or central reserve cities. ONE TEAE. § 2:1. 32: p. 2. Failure of national bank to become a member bank within, after passage of Act to work forfeiture of charter. ONE PEESON. § 13:1. 20 :p. 15. ONE-SIXTH. § 2:1. 13:p. § 2:1. 15 :p. § 2:1. 16 :p. 2, 2, 2. 328 INDBX-0IGEST. ONE YEAR (Contiamed). § 4:1. 31: p. 7. Directors of each class respectively to designate one member of each class whose term shall expire in, etc. § 18:1. 27: p. 20. Federal reserve banks not permitted to pur- chase over $25,000,000 of United States bonds from member banks desiring to retire their circulation in any. § 18:1. 34: p. 21. United States Treasury notes authorized pay- able not more than, from date of issue. § 22:1. 46 :p. 24. Bank officer, etc., making loan, etc., to exam- iner to be imprisoned not exceeding, etc. § 22 :1. 51 :p. 24. Examiner accepting loan, etc., to be imprisoned not exceeding, etc. § 22:1. 19: p. 25. Person violating provisions of section 22 to be imprisoned not exceeding, etc. ONE-YEAR GOLD NOTES, UlTITED STATES. See "United States 1-year gold notes." OPEN. § 14:1. 30: p. 16. Federal reserve banks may, with the consent of the Federal Reserve Board, and maintain banking accounts in foreign countries. OPEN MARKET. § 12:1. 29: p. 14. Federal Advisory Council may make recom- mendations to the Federal Reserve Board as to, operations by Federal reserve banks, etc. § 14:1. 50:p. 15. Heading to section 14. § 14:1. 53: p. 15. Federal reserve banks under rules, etc., of the Federal Reserve Board may purchase and sell in, at home or abroad, etc., cable transfers ,and bankers' acceptances and bills of ex- change of the kkids and matiorities by this Act made eligible for rediscount, with or without the indorsement of a member bank. OPERATED. § 3:1. 47:p. OPERATION. 3. Branch banks to be, by a board of directors imder rules and regulations approved by the Federal Reserve Board. §29:1. 33: p. 27. Judgment of invalidity by any court, etc., of any clause, etc., of Act to be confined ia its, to the clause, etc., directly involved, etc. OPERATIONS. § 4:1. 23:p. Organization certificate to state territorial ex- tent of district over which the, of such bank are to be carried on. INDEX-DIGEST. ^29 OPEEATIONS (Continued). S 10:1 25:p. 12. The Federal Reserve Board to make annually to the Speaker of the Hotise of Representa- tives a full report of its, etc. § 11:1. 33 :p. 13. The Federal Reserve Board may suspend the, of any Federal reserve bank. § 12:1. 29: p. 14. The Federal Advisory Council may make recom- mendations as to open market, of Federal reserve banks, etc. § 14:1. 50:p. 15. Heading to section 14. § 25:1. ll:p. 26. Applications by national banks for foreign branches to specify place or places where the banking, proposea are to be carried on, etc. OPPOSITE. § 4:1. 33: p. 6. Each elector to make a cross, the name of his choices for director. OPTION. § 19:1. 23 :p. 22. Portion of prescribed reserves which may be § 19:1. 42: p. 22. held ia its own vaults or in the Federal re- § 19:1. 51 :p. 22. serve bank at the, of the member bank. OK OTHERWISE. § 13:1. 35 :p. 15. ORAL REPRESENTATIONS. § 12:1. 24: p. 14. Federal Advisory Council to have power to make, etc., to the Federal Reserve Board. ORDER. See also "Direct," "Provide." § 16:1. 6: p. 19. Federal reserve notes to be held for use of such bank subject to, of Comptroller. § 21:1. 37 :p. 24, Federal Reserve Board at least once each year to, an examination of each Federal reserve bank. § 21 :1. 39 :p. 24. Upon joint apphcation of 10 member banks the Federal Reserve Board shall, special exami- nation, etc., of any Federal reserve bank. § 25:1. 22: p. 26. The Federal Reserve Board may, special ex- amination of foreign branches. ORDER, IN. See " In order." ORDER OF COMPTROLLER. § 16:1. 6:p. 19. Federal reserve notes to be held, etc., subject to, for their delivery, etc. ORDERED. § 22:1. 14: p. 25. Examiner not to disclose names of borrowers or collateral for loans except when, to do so by a court of competent jurisdiction, etc. 330 INDEX-DIGEST. OBDEBS. § 4:1. 30:p. OBGANIZATION. § 2:1. 40:p. 1. § 2:1. 30:p. 3. § § 4:1. 17:p. 4:1. 20:p. 4. 4. § 4:1. 45:p. 4. § 4:1. 20:p. 5. § 4:1. 45:p. 5. § 4:1. 50: p. 5. § 4:1. 27:p. 7. § 5:1. 4:p. 8. § 8:1. 30:p. 9. § 9:1. 48:p. 9. 5. The board of directors of Federal reserve banks shall, subject to the provisions of law and the orders of the Federal Reserve Board, extend to each member bank such discounts, advancements, and accomodations as may be safely and reasonably made with due regard for the claims and demands of other member banks. The Organization Committee to supervise the, of Federal reserve banks. The, of Federal reserve districts and Federal reserve cities not to change present status of reserve and central reserve cities except, etc. When the minimum amount of capital stock prescribed, etc., for the, of any Federal re- serve bank has been subscribed and allotted the Organization Committee to designate any five banks to execute a certificate of, etc. Said Federal reserve bank to have succession for a period of 20 years from its, unless sooner dissolved, etc. No Federal reserve bank to transact any busi- ness except incidental, etc., to the, until authorized by the Comptroller to commence business, etc. When the necessary subscriptions, etc., have been obtained for the, of any Federal reserve bank, the Federal Reserve Board to appoint the class C directors, etc. 5. Pending designation of chairman the Organiza- tion Committee to exercise the powers, etc., of chairman in the, of such Federal reserve bank. The Reserve bank organization committee may exercise the functions of chairman pending the complete, of such bank. Bank applying for stock in a Federal reserve bank after its, must subscribe for an amount of capital stock, etc., equal to 6 per centum of its capital and surplus, etc. A majority of the directors may do whatever may be required to make its, perfect and complete, etc. Any State bank, etc., may apply to Organiza- tion Committee pending, etc., for right to subscribe to stock of the Federal reserve bank, etc. INDEX-DIGEST. 331 ORGANIZATIOIT (Continued). § 28:1. 27: p. 27. The Organization Committee maj approve reductions of capital stock of national banks pending the, of the Federal Reserve Board. OEGANIZATION CEETIFICATE. § 4:1. 4: p. 4. An, to be filed with comptroller, etc. § 4 : 1. 20 : p. 4. Five banks to execute. § 4:1. 21 : p. 4. Said banks to make an, etc. § 4:1. 27: p. 4. To state name and place of business of each bank executing. § 4:1. 30: p. 4. To state fact that, is made to enable banks executing, etc., to avail themselves of ad- vantages of Act. § 4:1. 34:p. 4. Said, to be acknowledged before a judge, etc., or notary. § 4:1. 39: p. 4. Upon filing of, with Comptroller said bank to § 4:1. 42:p. 4. become a body corporate and as such and in the name designated in such, to have power, etc. § 8:1. 22: p. 9. Articles of association and, may be executed by a majority of directors. § 8:1. 24: p. 9. The, to declare that the owners of 51 per §^ 8:1. 26: p. 9. centum of the capital stock have authorized the directors to make such, etc. § 8:1. 29: p. 9. Majority of directors after executing articles of association and the, to have power, etc. ORGANIZATION COMMITTEE. See "Eeserve Bank Organization Committee." ORGANIZED. § 2:1. 25: p. 1. The determination of the Organization Com- mittee not to be subject to review except by Federal Reserve Board when. § 2:1. 8: p. 2. When the Organization Committee shall have designated the cities in which Federal reserve banks are to be, etc., every national bank therein to subscribe to capital stock, etc. § 2:1. 32: p. 2. Forfeiture of charter of any national bank now, for failure to become a member bank, etc.^ within one year, etc. § 8:1. 13: p. 9. Any bank, under general laws of any State or of the United States, etc., may by vote, etc., be converted into a national bank. § 8:1. 42: p. 9. Said bank to have same powers, etc., and be subject to same duties, etc., as prescribed by this Act and by the National Banking Act for associations originally, as national bank- ing associations. 332 INDEX-DIGEST. ORGANIZED (Continued). § 8:1. 46:p. 9. Any bank, etc., under general law of any State § 8:1. 50: p. 9. or of the United States may apply for right to subscribe to the stock of the Federal re- serve bank, or to be, etc. § 9:1. 13: p. 10. The by-laws of the Organization Committee shall require banks not, under Federal law to comply with the reserve and capital require- ments an,d submit to examination and regu- lations prescribed by the Organization Com- mittee or by the Federal Reserve Board. ORGANIZING. § 4:1. 14: p. 4. Application blank to contain a resolution, etc., authorizing subscription to capital stock of the Federal reserve bank, in that district, etc. § 4:1. 22: p. 7. Organization Committee in. Federal reserve banks may call meetings of directors, etc. ORIGINAL. § 4:1. 38: p. 7. Vacancies in directors to be filled in maimer provided for the, selection of such directors. § 5:1. l:p. 8. When member bank increases its capitaMt shall subscribe for an additional amount of stock of the Federal reserve bank, one-half of said subscription to be paid in manner pro- vided for, subscription, etc. §16:1. 31: p. 18. Federal reserve notes so deposited not to be re- issued except upon comphance with condi- tions of an, issue. ORIGINALLY. I 8:1. 42:p. A converted State, etc., bank to be subject to same duties, etc., as prescribed by this Act for associations, organized as national bank- ing associations. § 16:1. 36: p. 17. Federal reserve notes issued through one Federal reserve bank and received by an- other to be promptly returned for credit or redemption to the Federal reserve bank through which, issued. § 16:1. 41: p. 17. Federal reserve notes presented at Treasury for redemption to be paid out of redemption fund and returned to the Federal reserve bank through which, issued. § 16:1. 2: p. 18. Federal reserve notes received by Treasxiry other than for redemption may be exchanged for gold out of redemption fimd and returned to the Federal reserve bank through which, issued, etc. INDEX-DIGEST. 333 OTHER CHOICES. § 4:1. 29: p. 6. Elector to certify his first, second, and, of director of class A and class B. § 4 : 1. 33 : p. 6. To make a cross opposite name of, etc. § 4:1. 45: p. 6. If no candidate has majority of first and second choices the votes, etc., for, to be added. OTHER CONSIDERATIOKT. § 22:1. 8: p. 25. Other than usual salary or director's fee, no officer, etc., to receive any fee, etc., or, for or in connection with any transaction or business of the bank, OTHER INVESTMENTS. § 11:1. 47 : p. 12. The weekly statements of the Federal Keserve Board to furnish full information as to, etc., of Federal reserve banks. OTHER LIKE COIIATERAI. § 16:1. 43: p. 18. Any Federal reserve bank may at its discretion withdraw collateral deposited with the local Federal reserve agent for the protection of its Federal reserve notes and substitute, etc. OTHER MEETINGS. § 12:1. 16 :p. 14. The Federal Advisory Council may hold, in Washington, D. C, or elsewhere. OTHER MEMBER BANE. § 21:1. 8:p. 24. OTHER PAPERS, All. See "All other papers." OTHER PROVISIONS. § 19:1. 36 :p. 23. Alaska, etc., banks becoming member banks, etc., to be subject to all, of this Act. OTHER PURPOSE. § 16:1. 5: p. 17. Federal reserve notes authorized for purpose of making advances to Federal reserve banks, etc., and for no. OTHER PURPOSES. § 20:1. 41 :p. 23. §20:1. 36 :p. 26. OTHER REASONS. § 25:1. 16: p. 26. The Federal Reserve Board may reject appli- cations of national banks for authority to es- tabUsh foreign branches, etc., if for, the granting of such appHcations is deemed in- expedient. OTHER SECURITIES. § 14:1. 10: p. 16. Federal reserve banks may hypothecate United States bonds or, for loans of gold coin or bullion. 334 INDEX-DIGEST. OTHER SERVICE. § 22 :1. 1 -.p. 25. Examiner to perform no, for compensation, etc., for any bank, etc. OTHER THAN. § 21:1. 32 :p. 24. §22:1. 3:p. 25. § 22:1. 11 :p. 25. OTHERS. § 8:1. 34:p. 9. OTHERWISE. § 16:1. 51 :p. 17. § 23:1. 33 :p. 25. §27:1. 8:p. 27. § 27:1. 34:p. 28. OTHERWISE APPROPRIATED, NOT. See "Not otherwise appro- priated." OTHERWISE, OR. See "Or otherwise." OTHERWISE PROVIDED. § 4:1. 51: p. 4. Directors of Federal reserve banks to appoint such officers and employees as are not, for in this Act. § 4:1. 16: p. 7. Directors of Federal reserve banks in addition to any compensation, to receive reasonable allowance for necessary expenses in attending meetings, etc. OUT, CARRY. See "Carry out." OUT, CARRYING. See "Carrymg out." OUT OF. § 2:1. 40 :p. 3. Any moneys in Treasury not otherwise appro- priated. § 13:1. 42: p. 14. Actual commerical transactions. § 13:1. 26:p. 15. Transactions involving importation or exporta- tion of goods, etc. § 14:1. 22: p. 16. Commercial transactions. § 14:1. 35: p. 16. Actual commercial transactions. § 16:1. 52:p. 17. Redemption fund. OUT, PAID. See "Paid." OUT, PAY. See "Pay out." OUT, TAKE. See "Take out." IITDEX-DIGEST. 335 OUTSIDE. § 19:1. 30: p. 23. National banks located in Alaska or, the con- tinental United States may remain nonmem- ber banks. OUTSTANDING BONDED INDEBTEDNESS. See "Bonded indebt- edness." OUTSTANDING CAPITAI STOCK. See "Capital stock"; "Federal reserve, banks." OUTSTANDING FEDEEAl RESERVE NOTES. § 16:1. 27: p. 18. Any Federal reserve bank may reduce its lia- bility for, Federal reserve notes by depositing with the Federal reserve agent its Feder^ reserve notes, gold, gold certificates, or law- ful money of the Umted States. § 16:1. 33: p. 18. The Federa,l reserve agent shall hold such gold, etc., available exclusively for exchange for the. Federal reserve notes, etc. OUTSTANDING NATIONAL BANK NOTES, § 15:1. 40: p. 16. Five per centum fund for the redemption of. § 18:1. 41: p. 20. Secured by United States bonds. § 18:1. Hip. 21. United States bonds bearing circulation privi- lege but against which are no. § 27:1. 36 :p. 28. Secured by United States bonds. § 28:1. 23 :p. 27. Below amount required for. OUTSTANDING UNITED STATES NOTES. See '<^nited States notes." OUTSTANDING UNITED STATES 3 PER CENTUM BONDS. See "United States 3 per centum bonds." OUTSTANDING UNITED STATES 2 PER CENTUM BONDS. See "United States 2 per centum bonds." OWN FEDERAL RESERVE DISTRICT. § 12:1. 9: p. 14. The Federal reserve bank to select annually one member of the Federal Advisory Council from its. OWN PAID UP CAPITAL. § 19:1. 13: p. 23. No member bank except as thus provided to keep .on deposit with a nonmember bank a sum in excess of 10 per centimi of its, and surplus. OWN METHODS. § 12:1. 17:p. 14. The Federal Advisory Council may adopt its, of procedure. 70820°— 15 22 336 INDEX-DIGEST. OWN NAME. § 2:1. 41: p. 2. Suits for noncompliance -with or -violation pi Act, etc., to be brought by CoroptroUer in his, under direction of the Federal Reserve Board. OWN OFFICEES. . § 12:1. 17: p. 14. The Federal Advisory Council may select its. OWN VAULTS. See "Vaults." OWNED. § 6:1. 48: p. 7. Shares of capital stock of Federal reserve banks, by member banks not to be transferred or hypothecated. § 11:1. 47 :p. 12. The weekly statement of the Federal Eeserve Board to furnish full information, etc., as to other investments, etc., or held by Federal reserve banks. OWNERS. See also "Owning." § 8:1. 25: p. 9. Certificate of conversion to declare that, of 51 per centum of capital stock have authorized directors to make such certificate, etc. OWNERSHIP, STOCK. See "Stock ownership." OWNING. See also "Owners." § 8:1. 17: p. 9. Vote of shareholders, not less than 51 per centum of capital stock of State, etc., bank necessary for conversion into a national bank, etc. § 28:1. 19:p. 27. Reduction of capital stock of national bank by vote of shareholders, two-thirds of its cap- ital stock. p. PAID. § 2:1. 13 :p. 2. Each national bank to subscribe to the stock of the Federal reserve bank in a sum equal to 6 per centum of its, up capital stock and surplus. § 2:1. 25: p. 2. Shareholders of Federal reserve banks to be individually responsible equally and ratably, and not one for another, for all debts, etc., to the extent of the amount of their sub- scriptions, etc., whether such subscriptions have been, up in whole or in part. § 2:1. 19 :p. 3. United States stock to be, for at par. § 4:1. 8: p. 7. Federal reserve agent to be, monthly. § 4:1. 18 :p. 7. Expenses in attending directors' meetings to be, by the respective Federal reserve banks. § 5:1. l:p. 8. Subscriptions to additional stock to be, in manner provided for original subscription. § 5:1. 6: p. 8. Bank applying for stock in a Federal reserve bank after the organization thereof to sub- scribe for amount of stock equal to 6 per centum of its, up capital stock and surplus, etc. § 5:1. 13: p. 8. Certificate to Comptroller to show increase in § 5:1. 14: p. 8. stock of the Federal reserve bank, the amount, in and by whom. § 5 :1. 22 :p. 8. A sum equal to cash, subscription to be paid to a member bank for its surrendered stock, etc. § 6:1. 29: p. 8. Cash, subscriptions of an insolvent member § 6:1. 33 :p. 8. bank to be first apphed to debts of such bank to the Federal reserve bank and the balance, if any, to be, to receiver. § 7:1. 42; p. 8. After necessary expenses, or provided for, § 7:1. 43: p. 8. stockholders of Federal reserve bank to re- ceive annual dividend of 6 per centum on, in capital stock, etc. § 7:1. 46: p. 8. After dividend claims met all net earnings to be, to the United States as a franchise tax. § 7:1. 47: p. 8. Except that one-half of such net earnings to § 7:1. 48: p. 8. be, into a surplus fund until it shall amount to 40 per centum of the, in capital stock of such bank. 337 388 INDEX-DIGEST. PAID (Continued). § 7:1. 5 : p. 9. Surplus of dissolved Federal reserve bank, after payment of debts and dividends, to be, to the United States, etc. § 9:1. 6:p. 10. Stock of a State, etc., bank becoming a mem- ber bank to be, for under rules, etc., in this Act provided for national banks becoming stockholders. § 9:1. 18:p. 10. No applying bank to be admitted to member- ship unless it possesses a, up unimpaired capital sufficient to entitle it to become a national bank in place where situated, etc. § 9:1. 47: p. 10. The Federal reserve bank to pay the cash, subscriptions, etc., upon stock surrendered for violation of this section or of regulations of the Federal Eeserve Board. § 10:1. 22 :p. 11. The Comptroller to receive $7,000 annually in addition to salary now, him, etc., for services as a member of the Federal Reserve Board, §11:1. 13:p. 13. The graduated tax prescribed for deficient reserves to be, by the Federal reserve bank, but the Federal reserve bank shall add an amount equal to said tax to the rates of in- terest and discount fixed by the Federal Reserve Board. § 11:1. 50: p. 13. All salaries of employees, etc., of the Federal Reserve Board to be, in same manner as the salaries of the members of the Federal Re- serve Board. § 13:1. 17:p. 15. The amount of acceptances discounted by Fed- eral reserve banks at no time to exceed one- half the, up capital stock and surplus of the bank for which the rediscounts are made. § 13:1. 29 :p. 15. No member bank to accept such bills to an amount, etc., more than one-half of its, up capital and surplus. § 13:1. 35: p. 15. No national bank to be at any time indebted or in any way liable to amount exceeding capital stock actually, in and remaining un- diminished by losses or otherwise except, etc. § 16:1. 30: p. 17. Federal reserve notes so, out to bear, etc., a distinctive letter and serial number. § 16:1. 38: p. 17. Tax unposed of 10 per centum upon Federal reserve notes issued through another Federal reserve bank, out by any Federal reserve bank. § 16:1. 40:p. 17. Federal reserve notes presented to Treasury for redemption to be, out of redemption fund. INDEX-DIGEST. 889 PAID (Continned). § 16:1. 12: p. 19. AH expenses relating to issue and retirement of Federal reserve notes to be, by the Federal reserve banks. § 9:1. 13: p. 23. No member bank, except as thus provided, to keep on deposit with any nonmember bank a sum in excess of 10 per centum of its own, up capital and surplus. § 22:1. 3: p. 25. No officer, etc., to receive any fee, etc., other § 22:1. 5: p. 25. than usual salary or director's fee, to any officer, etc., and other than a reasonable fee, by said bank, etc. PANAMA 3 PER CENTUM 50- YEAR BONDS. § 18:1. 43 :p. 21. Issue of United States 3 per centum 30-year bonds authorized, to be of same general tenor and effect and to be issued under same terms, etc., as the United States 3 per centum bonds without the circulation privilege now out- standing. PAPER, § 11:1. 47: p. 12, The weekly statement of the Federal Reserve Board to furnish full information as to amount, nature, and maturities of the, etc., owned or held by Federal reserve banks. § 11:1. 51 :p. 12. The Federal Reserve Board may permit or, on affirmative vote of at least five members, may require Federal reserve banks to rediscount the discounted, of other Federal reserve banks, etc. § 13:1. 47: p. 14. The Federal Reserve Board to have the right to determine or define the character of tne, thus eligible for discount. § 14:1. 26: p. 16. Federal reserve banks to establish, from time to time, rates of discount, etc., for each class of, etc., subject to review and determination of the Federal Reserve Board. § 16:1. 23: p. 19. Any appropriation heretofore made, etc., for § 16:1. 25: p. 19. purchase of distiuctive, and any distinctive, on hand, etc., may be used for the purposes of this Act. § 19:1. 53: p. 22. Federal reserve banks may receive as reserves from member banks, not exceeding one-half of each installment, ehgible, as described in section 14, properly indorsed and acceptable to the said Federal reserve bank. [Changed to section 13 by the Act of August 15, 1914. See § 19:1. 35 :p. 30.] 340 INDEX-DIGEST. PAPERS. § 2:1. 35: p. 1. The Organization Committee may send for per- sons and. § 8:1. 30: p. 9. A majority of the directors may execute all other, etc. PAR, AT. See "At par." PAR, NOT LESS THAN. See "Not less than." PAR VAITTE. § 2:1. 23: p. 2. Shareholders of Federal reserve banks indi- vidually responsible equally and ratably, and not one for another, for all debts, etc., to extent of amount of their subscriptions at the, thereof ia addition to amount sub- scribed, etc. § 2:1. 9:p. 3. No individual, copartnership, or corporation other than a member bank may subscribe or hold at any time more than $25,000, of stock ia any Federal reserve bank. § 4:1. 13: p. 5. Federal reserve banks may take out Federal reserve bank notes equal in amount to, of United States bonds deposited, etc. § 5:1. 7: p. 8. Bank applying for stock ia a Federal reserve bank to pay therefor its, plus one half of 1 per centum per month from period of last dividend. § 7:1. 4: p. 9. Surplus of a dissolved or liquidated Federal reserve bank after payment of debts and dividend requirements and, of the stock, to be paid to the United States, etc. § 18:1. 44: p. 20. Federal reserve banks purchasing United States bonds under provisions of section 18 may take out circulatiag notes equal to, of such bonds. § 18:1. 52: p. 20. On deposit -with United States Treasurer of bonds so purchased or bonds with circulating privilege acquired under section 4, Federal reserve banks may receive from Comptroller circulating notes equal to, of bonds deposited. § 23:1. 25: p. 25. Stockholders of national banks individually liable for debts, etc., each to amount of his stock therein at the, thereof in addition to amount invested in such stock. PARAGRAPH. § 13:1. 6:p. 15. Notes, etc., admitted to discount under terms of this, to have maturity, etc., of not more than 90 days provided, etc. INDEX-DIGEST. 341 PARAGRAPH (Continued). § 29:1. 29 :p. 27. If anj, etc., of this Act shall for any reason be § 29:1. 33: p. 27. adjudged invalid, such judgment not to affect, etc., remainder of tnis Act, but to be confined to the, etc., directly involved, etc. PARAMOUNT HEN. § 16:1. 24: p. 18. Federal reserve notes and Federal reserve bank notes issued under section 18, etc., to be a first and, on aU the assets of such Federal reserve bank. PARENT BANK. § 3:1. 53: p. 3. Directors of branch banks to hold office at the pleasure of the, and the Federal Reserve Board. PARITY. § 26:1. 32: p. 26. Nothing in this Act to be construed to repeal § 26:1. 34: p. 26. the, provision or provisions of the Act of March 14, 1900. § 26 :1. 37 : p. 26. The Secretary of the Treasury may issue United States bonds authorized under section 2 of said Act or one year gold notes for the pur- pose of maintaining such, etc. PART, ANY. See "Any part." PART, IN WHOLE OR IN. See "In whole or in part." PART OF. § 16:1. 11 :p. 18. The gold reserve fund deposited in the Treasury for the redemption of Federal reserve notes to be included as, the 40 per centmn gold re- serve, etc. § 20:1. 44: p. 23. The 5 per centum redemption fimd of national § 20:1. 47: p. 23. banks no longer to be counted as, their law- ful reserve. PART OF; PART THEREOF. § 29:1. 29: p. 27. If any, this Act shall, etc., be adjudged invalid, by any court, etc., such judgment to be con- fined in its operation to the, directly in- volved, etc. PARTICIPATED. § 2:1. 44: p. 2. Every director of national bank who, ia or assented to any noncompliance or viola- tion of this Act, other than the failure to be- come a member bank, to be liable for all damages, etc. PARTIES, RESPONSIBLE. See " Responsible parties." 342 INDEX-DIGEST. PASSAGE OF THIS ACT. § 2:1. 5: p. 2. All national banks required and all eli^ble banks authorized to accept in ■writing the terms and provisions of this Act within 60 days after the. § 2:1. 32: p. 2. Forfeiture of charter of national bank for fail- lu-e to become a member bank within one year after. § 10:1. 49: p. 11. First meetingof the Federal Reserve Board to be held in Washington, D. C, as soon as may be after the. § 16:1. 26:p. 19. Any distinctive paper on hand at time of, may be used by the Secretary of the Treasury for the purposes of this Act. § 18:1. 13: p. 20. After two years from the, member banks may file application for sale of their Government bonds seeming circulation to be retired, § 20:1. 45: p. 23. From and after the, the 5 per centum redemp- tion fund in no case to be counted as part of its lawful reserve by a national bank. § 22:1. 21: p. 25. The provision of section 22 forbidding accept- ance of fee, commission, etc., by officer, etc., of a member bank not to take eflFect, except as provided in existing laws, until 60 days after the. § 27 :1. 8 : p. 29. The Secretary of the Treasury, in his discretion, is further authorized to extend the benefits of the Act of August 4, 1914, 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. PASSED. § 10:1. 30: p. 12. There shall be a bureau in the Treasury charged with the execution of all laws^ by Congress relating to the issue and regulation of national currency, etc. PATRON'S. § 16:1. 45 :p. 19. Nothing herein to be construed as prohibiting a member bank from charging its actual ex- !)ense incurred in coUectiog and remitting unds, or for exchange sold to its. § 16:1. 47 :p. 19. The Federal Reserve Board shall by rule fix the charges to be collected by member banks from its, whose checks are cleared through the Federal reserve bank, etc. PAY. § 9:1. 47: p. 10. Federal reserve banks to, cash-paid subscrip- tions on surrendered stock with interest, etc. § 10:1. 44 :p. 11. The Federal Reserve Board to levy semian- nually, etc., an assessment sufficient to, its estimated expenses, etc. INDEX-DIGEST. 843 PAY (Continued). § 16:1. 37 :p. 17. No Federal reserve bank to, out Federal re- serve notes issued through another Federal reserve bank. § 16:1. 19:p. 18. Federal reserve banks to, such rate of interest on Federal reserve notes as may be estab- lished by the Federal Reserve Board. § 18:1. 39: p. 20. The Treasurer of United States to, to member bank selling its United States bonds any balance due, etc. § 19:1. 23: p. 23. No bank to make new loans or, any dividends until the total reserve required by law is fully restored. § 24:1. 45: p. 25. National banks may continue hereafter as here- tofore to receive time deposits and to, interest on the same. § 27:1. 8: p. 27. National banks to, for the first three months, tax of 3 per centum per annum on their cir- Culatiug notes secured otherwise than by United States bonds, PAYABIE. § 2:1. 14: p. 2. One-sixth of subscription, on call of the Or- ganization Committee or of the Federal Re- serve Board. § 2:1. 37: p. 3. Expenses of the Organization Committee, by the Treasurer of United States upon voucher approved by the Secretary of the Treasury. § 10:1. 19 :p. 11. The five appointive members of the Federal Reserve Board each to receive an annual salary of $12,000, monthly, etc. § 13:1. 35: p. 14. Any Federal reserve bank may receive from any of its member banks, and from the United States, deposits of current funds ia lawful money, national-bank notes, Federal reserve notes, or checks and drafts upon solvent member banks, upon presentation. § 13:1. 39: p. 14. Any Federal reserve bank may, solely for ex- change purposes, receive from other Federal reserve banks deposits of current funds in lawful money, national-bank notes, or checks and drafts upon solvent member or other Federal reserve banks, upon presentation. § 18:1. 33: p. 21. The Secretary of the Treasury authorized to § 18:1. 34: p. 21. issue at par United States Treasury notes, etc., quarterly in exchange for United States 2 per centum bonds, etc., said notes to be, not more than one year from date of issue, etc. § 18:1. 41 :p. 21. May also issue United States 3 per centum gold • bonds, etc., 30 years from date of issue. 344 INDEX-DIGEST. PAYABLE (Continued). § 19:1. 51 :p. 21. Demand deposits, etc., to comprise all deposits, within thirty days, etc. § 19:1. 52: p. 21. Time deposits to comprise aU deposits, after 30 days, etc. PAYIITG. § 5:1. 6: p. 8. Paying therefor its par value, etc. PAYMENT. § 2:1. 5: p. 3. Public stock to be subject to same conditions as to, etc., as provided for member banks. § 2:1. 41: p. 3. $100,000 appropriated for, of expenses incurred by the Orgamzation Committee. § 5:1. 21: p. 8. Member bank to receive in, for canceled shares, etc. § 7:1. 3: p. 9. Disposition of surplus of a dissolved or liqui- dated Federal reserve bank after, of debts, dividend requirements', etc. § 9 : 1. 28 : p. 10. Any bank becoming a member bank to conform to the provisions of law imposed on national banks as to, of unearned dividends, etc. § 9:1. 1 : p. 1 1 . The Federal reserve bank stock owned by a sus- pended member bank to be canceled and re- tired by the Federal reserve bank and, made therefor, etc. § 18:1. 36:p. 21. United States Treasury notes authorized to be issued to be exempt as to principal and inter- est from, of all taxes, etc. § 19:1. 54: p. 21. Time deposits to include, etc., all savings ac- coimts and certificates of deposit subject to not less than 30 days' notice before. PAYMENTS. § 2:1. 18: p. 2. Stock subscription, to Federal reserve banks to be in gold or gold certificates. § 9:1. 37: p. 10. Member banks to report to Comptroller as to, of dividends, etc. PENALTIES. See also "Fined." § 9:1. 32 :p. 10. State banks, etc., becoming member banks and officers, etc., subject to the, prescribed by United States Ilevised Statutes, sections 5198, 5200, 5201, 5208, and 5209. § 9:1. 39: p. 10. The member banks to be subject to the, pre- scribed by United States Revised Statutes, section 5213. INDEX-DIGEST. 345 PENALTIES (Continued). § 19:1. 19 : p. 23. Reserves carried with a Federal reserve bank by a member bank may be checked against and withdrawn for the pm-pose of meeting exist- ing liabilities, under the regulations and sub- i'ect to such, as may be prescribed by the federal Reserve Board. PENAITY. § 2:1. 51: p. 2. The dissolution of a national bank not to im- pair, etc., any remedy against the corpora- tion, its stockholders, or ofl&cers, for any Habihty or, previously incurred. § 4:1. 52: p. 4. Federal reserve banks may require bonds from their officers and employees and fix the, thereof. § 16:1. 37 :p. 17. No Federal reserve bank to pay out Federal reserve notes issued through another under, of a tax of 10 per centum, etc. PENDING. § 4:1. 48:p. 5. § 4:1. 8:p. 6, § 4:1. 26:p. 7. § 9:1. 48:p. 9. Designation of chairman of board. Appointment of chairman of board. Complete organization of Federal reserve bank. Organization of Federal Reserve Board. § 28:1. 27 : p. 27. Organization of Federal Reserve Board. PER ANNUM. See ' ' One-half of 1 per centum " ; ' ' One per centum " ; "Two and one-half per centum ; "Three per centum"; "Six per centum." PERCENTAGE. § 13:1. 10:p. 15. Notes, etc., drawn or issued for agricultural purposes or based on live stock and having maturity of not exceeding six months may be discounted in an amount to be limited to a, of the capital of the Federal reserve bank to be ascertained and fixed by the Federal Reserve Board. PER CENTUM. One-half of 1 per centum. § 5:1. 7: p. 8. Par value of Federal reserve bank stock to be paid for plus, a month from the period of the last dividend. § 5:1. 23: p. 8. Cash paid subscriptions and, a month from the period of the last dividend, etc., to be paid on surrendered shares. § 6:1. 29: p. 8. Cash paid subscriptions on canceled stock with, per month from the period of the last dividend, etc., to be paid.' 346 INDEX-DIGEST. PER CENTUM (Contmned). One-balf of 1 per centum (continued). § 9:1. 48:p. 10. Cash paid subscriptions on surrendered stock with interest at rate of, per month computed from the last dividend, if earned, to be paid. § 27:1. 12: p. 27. Additional tax on Aldrich-Vreeland notes at the rate of, per annum for each month until a tax of 6 per centum per annum is reached. One per centum. § 11:1. 7: p. 13. Graduated tax prescribed on deficiency in gold reserve held against Federal reserve notes of not more than, per armum until, etc. One and one-half per centum. § 11:1. 10:p. 13. Tax at rate increasingly upon said gold reserve deficiency of not less than, per annum, etc. Two per centum. See "United States 2 per centum gold bonds. Act of March 14, 1900, section 11." Two and one-half per centum. § 11:1. ll:p. 13. Increasing tax upon each, or fraction thereof that gold reserve held against Federal reserve notes falls below 32i per centum. Three per centum. See "United States 3 per centum l-year gold bonds"; "United States 3 per centum 30-year gold bonds"; "United States 3 per centum 50-year gold bonds." Five per centum. § 16:1. 10: p. 18. The gold redemption fund in the Treasury against Federal reserve notes to be in no event less than. § 19:1. 7: p. 22. Banks not ia reserve or central reserve cities to hold reserve of, of aggregate amount of time deposits. § 19:1. 26: p. 22. Same reserve for time deposits of reserve city banks. § 19:1. 46: p. 22. Same reserve for time deposits of central reserve city banks. Six per centum. § 2:1. 12: p. 2. Member banks to subscribe for stock in Federal reserve banks in a sum equal to, of paid-up capital and surplus. § 5:1. 52: p. 7. Member banks increasing capital or sur- plus to subscribe for additional amount equal to, of' said increase, etc. INDEX-DIGEST. 847 PER CENTUM (Continued). Six per centum (continued). § 5:1. 5: p. 8. Bank applying for stock after organization of a Federal reserve bank to subscribe for amount equal to, of its paid-up capital stock and surplus. § 7:1. 43: p. 8. Stocldiolders of Federal reserve banks en- titled to receive annual cumulative divi- dend of. § 27:1. 13: p. 27. Graduated tax prescribed on Aldrich- Vreeland notes until a tax of, per an- num is reached. § 27:1. 14:p. 27. Thereafter such notes to be taxed at rate of, per annum, etc. Ten per centum. § 13:1. 21:p. 15. Aggregate of such notes, etc., bearing sig- nature or indorsement of any one per- son, company, etc., rediscounted for any one bank not to exceed, of unimpaired capital and surplus of said bank, etc. § 16:1. 38: p. 17. Federal reserve bank not to pay out Fed- eral reserve notes issued through another under penalty of a tax of, etc. § 19:1. 13: p. 23. Except as provided no member bank to keep on deposit with a nonmember bank a sum in excess of, of its own paid-up capital and surplus. Twelve per centum. § 19:1. 6: p. 22. Banks not in reserve or central reserve cities to keep reserves equal to, of aggre- gate amount of their demand deposits. Fifteen per centum. § 19:1. 25:p. 22. Eeserve city banks to keep reserves equal to, of aggregate amount of their demand deposits. Eighteen per centum. § 19:1. 45: p. 22. Central reserve city banks to keep re- serves equal to, oi aggregate amount of their demand deposits. Twenty-five per centum. § 24:1. 43: p. 25. National banks, etc., may loan on farm lands, etc., a sum equal to, of capital and surplus, etc. Thirty-two and one-half per centum. § 11:1. 8: p. 13. Graduated tax prescribed when gold re- § 11:1. 9: p. 13. serve against Federal reserve notes falls down to and below. 348 INDEX-DIGEST. PER CENTUM (Continued). Thirty-five per centum. § 16:1. 26: p. 17. Federal reserve banks to maintain re- serves in gold or lawful money of not less than, against their deposits, etc. Forty per centum § 7:1.48:p. 8. §11:1. One-haH of net earnings of Federal re- serve banks to be paid into a surplus fund until it shall amount to, of paid-in capital stock of such bank. 5: p. 13. Graduated tax prescribed when gold re- serve against Federal reserve notes falls below, etc. § 16:1. 27: p. 17. Federal reserve banks to maintain gold re- serves against Federal reserve notes of not less than, etc. § 16:1. 11 :p. 18. Five per centum gold redemption fund in the Treasury for redemption of Federal reserve notes to be included as part of the, reserve. Fifty per centum. § 24:1. 41: p. 25. National banks may not loan on farm lands, etc., more than, of actual value of the property offered as security. Fifty-one per centum. § 8:1. 17: p. 9. Vote of shareholders owning not less than, of stock of State bank, etc., necessary to convert it into a national banking asso- ciation. § 8:1. 25: p. 9. Certificate to declare that owners of, of the stock have authorized directors to make such certificate. One hundred and twenty-five per centum. § 27:1. 40: p. 28. No bank may issue circulating notes in excess of, of its unimpaired capital and surplus. PER CENTUM FUND, FIVE. See "Five per centum fund." PER MONTH. See "Month." PERFECT. § 8 : 1. 31 : p. 9. Majority of directors may do whatever required to make its organization. PERFORM. § 4:1. 25: p. 5. Directors to, duties usually appertaining to office of directors. § 10:1. 34: p. 12. Comptroller to, his duties imder general direc- tions of the Secretary of the Treasury. INDEX-DIGEST, 349 PERFORM (Continued). § 11:1. 39: p. 13. Reserve Board to, the duties, functions or serv- ices specified in this Act. § 11:1. 41 :p. 13. Eeserve Board to make all rules and regula- tions to enable it to, its duties, etc. § 22:1. 54: p. 24. No examiner to, any other service for com- pensation, etc., for any bank, etc. PERFORMANCE. § 4:1. 6: p. 7. Federal reserve agent to act as official repre- sentative of the Federal Reserve Board for the, of the functions conferred on it by Act. PERIOD; PERIODS. § 4:1. 44: p. 4. Federal reserve banks to have succession for a, of 20 years. § 5:1. 8: p. 8. Subscribing bank must pay for Federal reserve bank stock its par value plus one-haK of 1 per centum per month from the, of last dividend. § 5:1. 24: p. 8. Member bank to receive for surrendered shares a sum equal to its cash paid subscriptions and one-half of 1 per centum per month from the, of last dividend. § 6:1. 30: p. 8. Same provision as to stock canceled for in- solvency of member bank. § 11:1. 53: p. 12. The Federal Reserve Board may suspend any I 11:1. 54 : p. 12. reserve requirement specified in this Act for a, not exceeding 30 days, and may renew such suspension for, not exceeding 15 days. § 11:1. 34:p. 13. The Federal Reserve Board may suspend a Federal reserve bank for violation of Act, etc. , and may administer same during the, of sus- pension, etc. § 18:1. 14: p. 20. Member banks desiring to retire, etc., circula- tion may file apphcation for sale of their United States bonds, etc., after two years from passage of Act and at any time during, of 20 years. § 18:1. 19: p. 20. United States Treasurer to furnish the Federal Reserve Board with a list of such appUca- tions at end of each quarterly, etc. § 18:1. 24: p. 20. The Federal Reserve Board may require the Federal reserve banks to purchase such bonds from banks whose appMcations have been filed with the Treasurer of the United States at least 10 days before the end of any quar- terly, etc. § 18:1. 27: p. 21. Obligation of Federal reserve banks to purchase at maturity such 1-year notes to continue in force for a, not to exceed 30 years. 850 IKDBX-DIGE8T, PERIOD; PERIODS (Continued). §19:1. 9 : p. 22. The, during which banks must maintain certain § 19 :1. 11 : p. 22. reserves as between their own vaults, Federal § 19:1. 15: p. 22. reserve banks and national banks, etc. § 19:1. 19:p. 22. § 19:1. 28:p. 22. § 19:1. 30:p. 22. § 19:1. 35: p. 22. § 19:1. 39:p. 22. § 19:1. 8: p. 23. Certain reserve deposits required by law of the State to be kept in State banks or trust com- panies to be construed as deposits in a na- tional bank, etc., for a, of three years after the Secretary of the Treasury has officially announced the establishment of a Federal reserve bank, etc. [Amended by the Act of August 15, 1914. See § 19:1. 37:p. 30; § 19:1. 39:p. 30; § 19: 1. 41: p. 30.] § 27:1. l:p. 29. Secretary may permit national banks duriag the, of suspension to issue additional circula- tion, etc. PERIOD, FISCAL. See "Fiscal period." PERIOD, QUARTERLY. See "Quarterly period." PERIOD OF SUSPENSION. § 11:1. 34: p. 13. The Federal Keserve Board may suspend a Federal reserve bank for violation of Act, etc. , and may administer same during the. PERMANENTLY. § 19:1. 10: p. 22. A bank not in a reserve or central reserve city to keep in its vaults for a period of 36 montm after said date five-twelfths thereof and, four-twelfths of its reserves. § 19:1. 14: p. 22. A bank not in a reserve or central reserve city to keep in the Federal reserve bank, etc., for a period of 12 months after said date, two- twelfths, and for each succeeding 12 months an additional one-twelfth, until five-twelfths have been so deposited, which shall be the amount, required. § 19:1. 29: p. 22. Reserve city banks after 36 months from said date to hold, five-fifteenths of their reserves in their vaults. § 19:1. 33: p. 22. Reserve city banks for 12 months after said date to keep at least three-fiftieenths and for each succeeding 6 months an additional one- fifteenth until six-fifteenths have been so de- posited, which shall be the amount of its re- serves, required to be kept in the Federal reserve bank. INDEX-DIGEST. 351 PEEMANENTLY (Continued). § 19:1. 40 : p. 22. After said 36 months period all of said reserves, except those hereinbefore required to be held, in the vaults of the member bank and in the Federal reserve bank, shall be held in its vaults or in the Federal reserve bank or in both, at the option of the member bank. PERMANENTLY § 18:1. 42: p. PERMISSION. RETIRED. 20. National-bank notes, when paid by the United States Treasurer out of the proceeds of bonds sold for member banks under the provisions of section 18 to be canceled and, when redeemed. § 19:1. 16: p. 23. No member bank to act as medium or agent of a nonmember bank in applying for or receiv- ing discounts from a Federal reserve bank except by, of the Federal Reserve Board. § 22:1. 12: p. 25. No examiner to disclose na,mes of borrowers or collateral, etc., without express, in writing from Comptroller, etc. PERMIT. § 9:1. 2: p. 10. The Organization Committee or the Federal Reserve Board may, applying State bank, etc., to become a stockholder m the Federal reserve bank of the district, etc. § 9:1. 5: p. 10. Stock to be issued and paid for, etc., whenever the Organization Committee or the Federal Reserve Board shall, applying bank to become a stockholder, etc. § 11 :1. 49:p. 12. The Federal Reserve Board may permit, or on the affirmative vote of at least five members, etc., may require Federal reserve banks to rediscount the discounted paper of other Fed- eral reserve banks at rates of discount to be fixed by the Federal Reserve Board. § 11:1. 43 :p. 13. The Federal Reserve Board may grant to national banks, etc., by special, the right to act as trustee, executor, etc., when not in con- travention of State or local law. § 27:1. l:p. 29. The Secretary of the Treasury may, national banks to issue additional circulation, etc., during the period of suspension by the Sec- retary of the limitations imposed by sections 1, 3, and 5 of the Act of May 30, 1908. PERMITTED. § 2:1. 8:p. 70820°— 15 23 No individual, copartnership, or corporation other than a member bank of the district shall be, to subscribe for or hold more than $25,000 par value of stock in a Federal re- serve bank. 352 INDEX-DIGEST. PERMITTED (Continued). § 4:1. 22: p. 6. Each member bank to be, to nominqite to the chairman one candidate for director of class A and one for class B. §11:1. 3 :p. 13. The Federal Reserve Board to establish a grad- uated tax upon amounts by which reserve requirements of this Act may be, to fall, etc. § 18:1. 26: p. 20. Federal reserve banks not, to purchase more than $25,000,000 of such bonds from member banks ia any one year. § 18:1. 43: p. 20. Federal reserve banks purchasiag such bonds to be, to take out circulating notes equal to par value of such bonds deposited, etc. § 19:1. 37: p. 30. Certain reserve deposits of State bank or trust company required or, to be kept in own vaults or with another State bank or trust company to be construed for three years, etc., as it reserve deposit in a national bank in a reserve or central reserve city.. § 24:1. 48: p. 25. The Federal Reserve Board may add to the list of cities ia which national banks shall not be, to make loans on farm lands. § 27:1. 39: p. 28. No bank shall be, to issue circulatiag notes in excess of 125 per centum of its imimpaired capital and sxirplus. PEESOIT; PERSONS. § 2:1. 35: p. 1. Organization Committee may send for, and papers. § 2:1. 47: p. 2. Directors participating in noncompliance with or violation of Act liable, etc., for all damages which said bank, its shareholders, or any other, have sustained, etc., except for failure to Taecome a member bank. § 4:1. 53: p. 6. Federal reserve agent to be a, of tested bank- ing experience. § 4:1. 10: p. 7. Deputy Federal reserve agent to be a, of tested banking experience. § 9:1. 25: p. 10. State banks, etc., becoming member banks to conform to law imposed on national banks as to limitation of liability to be incurred by any, etc., to such banks. § 10:1. 29: p. 11. Two of appointive members of the Federal Re- serve Board to be, experienced in banking or finance. § 10:1. 33: p. 11. One of the five, thus appointed to be designated by the President as governor of the Federal Reserve Board. INDEX-DIGEST. '353 PERSON; PERSONS (Continued). § 13:1. 20: p. 15. Aggregate of notes, etc., rediscounted for any- one bank bearing signature or indorsement of any one, etc.^ limited to 10 per centum of unimpaired capital and surplus of said bank, etc. § 22:1. 17: p. 25. Any, violating provisions of section 22 to be punished by fine or imprisonment or both. PERSONAL CAPACITY. § 2:1. 45: p. 2. Every director participating in noncompliance with or violation of Act except failure to be- come a member bank, etc., liable in his, etc. PERSONS AND PAPERS. § 2:1. 35: p. 1. Organization Committee may send for. PHILIPPINE ISLANDS. § 15:1. 48: p. 16. No public funds of the, to be deposited in the continental United States in any bank not belonging to the system established by this Act. § 19:1. 33: p. 23. National banks located outside the continental United States, except in the, may become member banks, etc PIECES, BED. See "Bed pieces." PLACE; PLACES. § 4:1. 26: p. 4. Organization certificate to state name and, of doing business of each bank executing it. § 9:1. 19: p. 10. Applying bank must have paid up, etc., capi- tal, etc., sufficient to entitle it to become a national banking association in the, where situated, etc. § 10:1. 11: p. 12. Member appointed to fill vacancy in the Fed- eral Reserve Board to hold office for unex- pired term of member whose, he is selected tofiU. § 16:1. 5: p. 19. Federal reserve notes, when prepared, to be de- posited in Treasury, subtreasury, or United States mint nearest the, of busmess of each Federal reserve bank. § 25:1. 10: p. 26. Application by national banks for authority to § 25:1. 11: p. 26. establish foreign branches to specify, etc., the, or, where proposed banking operations are to be carried on. PLACING. § 11:1. 3: p. 14. Nothing in Act to prevent the President from, employees of the Federal Eeserve Board in the classified service. 354 INDEX-DIGEST. PIATES. § 16:1. 48 :p. 18. Comptroller, etc., to cause, etc., to be engraved for the Federal reserve notes. § 16:1. 8:p. 19. The, etc., to remain, under direction of Comp- troller. § 16:1. 16 :p. 19. Examination of, etc., and regulations as to § 16:1. 17 :p. 19. examination of, etc., provided for in United States Eevised Statutes, section 5174, ex- tended to include Federal reserve notes. § 16:1. 22:p. 19. Any appropriation heretofore made, etc., for engraving, etc., may be used by Secretary for purposes of this Act. PIEASUEE, AT. See "At pleasure." PIEASUEE, DTJRING THE. See "During." PIUS. § 5:1. 7: p. 8. A bank applying for stock in a Federal reserve bank after its organization to subscribe for an amount equal to 6 per centum of its paid- up capital stock and surplus, paying therefor its par value, one-half of 1 per centum a month from the period of the last dividend. POLITICAL SUBDIVISION. § 14:1. 16: p. 16. Federal reserve banks, under regulations of the Federal Reserve Board, may buy and seU, etc., in open market, warrants, etc., issued in anticipation of collection of taxes, etc., by PORTION. §27:1. POSITION. any, etc. 6:p. 27. Section 9 of Act of May 30, 1908_, amended as to tax rates by making the, applicable thereto read, etc. § 10:1. 27:p. 11. Members of the Federal Reserve Board, the Secretarjr of the Treasury, the Assistant Secretaries of the Treasury, and the Comp- troller ineligible while in office and for two years thereafter to hold any, etc., in any member bank. POSSESS. § 3:1. 49: p. 3. Directors of branch banks to, same qualifica- tions as directors of Federal reserve banks. POSSESSES. § 9:1. 18: p. 10. No applying bank to be admitted to member- ship unless it, a paid up, etc., capital sufficient to entitle it to become a national bank in the place where situated. INDEX-DIGEST. 355 POSSESSING. § 25:1. 2: p. 26. Any national bank, a capital and surplus of $1,000,000 or more may apply for authority to establish foreign branches, etc. POSSESSION, TAKE. See "Take possession." POSTAL SAVINGS. § 15:1. 48 :p. 16. No pubUc funds, etc., of the, etc., to be de- posited in the continental United States in any bank not belongiag to the system estab- lished by this Act. POWER. § 2:1. 25: p. 3. Stock not held by member banks not to be entitled to voting. § 2:1. 35: p. 3. Organization Committee to have, to appoint assistants, etc. § 4:1. 42: p. 4. Upon fUiag of certificate with Comptroller the Federal reserve bank to become a body cor- porate, etc., and to have, to adopt, etc., a corporate seal, to have succession for 20 years, to make contracts, to sue and be sued, etc., to appoint officers and employees, etc., to prescribe by-laws, etc., to exercise all express and incidental powers, to take out Federal reserve bank notes, etc. § 8 :1. 29 : p. 9. Directors of converted State bank, etc., to have, to execute all other papers, etc. § 9:1. 45 :p. 10. The Federal Reserve Board to have, to require member bank to surrender its stock, etc. § 10:1. 42: p. 11. The Federal Reserve Board to have, to levy semiannual assessment upon Federal reserve banks, etc. § 10:1. 12: p. 12. The President to have, to fiU vacancies in the Federal Reserve Board during recess of the Senate, etc. § 10:1. 20: p. 12. Whenever any, vested by this Act in the Federal Reserve Board appears to conflict with powers of the Secretary of the Treasury such powers to be exercised subject to super- vision and control of the Secretary. § 12:1. 22: p. 14. Federal Advisory Coimcil to have, etc., to con- fer directly with the Federal Reserve Board, to make oral or written representations, to call for information and maKe recommenda- tions in regard to discount rates, note issues, etc. § 14:1, 5: p. 16. Every Federal reserve bank shall have, etc. See "Federal reserve banks." 356 INDEX-DIGEST. POWER (Continued). § 21:1. 8: p. 24. Examiner to have, to make thorough examina- tion of member banks. § 21:1 1.0: p. 24. Examiner to have, to administer oaths and examine officers and agents under oath, etc. § 24:1, 47 :p. 25. The Federal Keserve Board to have to add to list of cities in which national banks may not loan on farm lands. § 25:1, 13 :p, 26, The Federal Keserve Board to have, to approve or reject applications of national banks for authority to establish foreign branches. § 27:1, 32 :p, 28. The Secretary of the Treasury to have, to sus- pend limitations of sections 1, 3, and 5 of Act of May 30, 1908. See also "Approval;" "Authorized;" "Du- ties;" "Duty;" "Empowered;" "Estab- Hshed;" "Federal reserve banks;" "Federal Eeserve Board, powers, etc.;" "Fix;" "Pre- scribe;" "Prescribed;" "Require." POWERS. See also "Consent." § 4:1. 6: p. 5. Board of directors to exercise all, specifically § 4:1. 7: p. 5. granted and all necessary incidental. § 4:1. 49: p. 5. Pending designation of chairman the Organi- zation Committee to exercise the, and duties appertaining to office of chairman, etc. § 4:1. 12: p. 7. Deputy Federal reserve agent to exercise the, of chairman and Federal reserve agent in case of absence or disability of his prmcipal. § 8:1. 39 :p. 9. Converted State bank, etc., to have same, etc., as a national bank, etc. § 10:1, 17:p, 12. Nothing in Act to take away any, heretofore vested by law in the Secretary of the Treasury. § 10:1. 21: p. 12. Any, appearing to conffict with, of the Secre- § 10:1. 22: p. 12. tary of the Treasury to be exercised subject to supervision and control of the Secretary. § 13:1. 31 :p. 14. Heading to section 13. § 21:1. 32: p. 24. No bank to be subject to visitatorial, other than such as are authorized by law, etc. PRACTICABIE. § 2:1. 17:p. 1. Organization Committee to designate Federal reserve cities, etc., as soon as. PRECEDING HALF YEAR. § 10:1. 47: p. 11. Deficit carried forward from, to be included in assessment levied by the Federal Reserve Board against the Federal reserve banks for expenses and salaries. INDEX-DIGEST. 357 PBEDECESSOBS. § 4:1. 40:p. Appointees to vacancies in office of director to nold office for unexpired terms of their. PEEFEREUTIAL BALLOT. § 4:1. 30: p. . 6. Every elector to certify his choices upon a. PRELIMINARY. § 4:1. 20:p. 5. PREPARED. § 16:1. 3:p. 19. PRESCRIBE. § 4:1. l:p. 5 § 9:1. l:p. 10 Federal reserve banks until authorized by Comptroller to commence business, to trans- act only busiaess incidental and necessarily, to its organization. Federal reserve notes when, to be deposited in Treasury, subtreasury, United States mint nearest the place of busiaess of each Federal reserve bank, etc. § 9:1. 30:p. 10 § 11:1. 18:p. 13 Directors to, by-laws not inconsistent with law. Organization Committee or the Federal Reserve Board may permit applying State bank, etc., to become a stockholder under such rules, etc., as it may, etc. Bank becoming member subject to such rules, etc., as the Federal Reserve Board may. The Federal Reserve Board may, rules, etc., as to delivery by Comptroller to Federal reserve banks of Federal reserve notes. § 11:1. 46:p. 13. The Federal Reserve Board to, rules, etc., as to granting to national banks right to act as trustee, executor, etc. § 18:1. 31 :p. 21. The Secretary of the Treasury authorized to issue United States Treasury notes, etc., in coupon or registered form as he may. § 27:1. 33 :p. 28. The Secretary of the Treasury may suspend hmitations of Act of May 30, 1908, which, etc. PRESCRIBED, § 2:1. l:p. 2. Every national bank required and every eligible bank authorized to accept Act under regular tions to be, by Organization Committee, etc. § 2:1. 2:p. 3. Organization Committee may offer stock in Federal reserve banks to public subscription under conations and regulations to be, by it, etc. Certificate of organization to be executed when minimum amount of capital stock, by this Act has been subscribed and allotted. § 4:1. 16:p. 4. § 4:1. 8:p. 5. Directors to exercise all express and imphed powers, etc., within limitations, by this Act. 358 INDEX-DIGEST. FBESCBIBED (Continued). § 4:1. 27: p. 5. Directors to perform, etc., all such duties as, by law. § 5:1. 21 :p. 8. Member banks to be paid for canceled shares under regulations to be, by the Federal Re- serve Board. § 7:1. l:p. 9. Net earnings of United States from Federal re- serve banks may be applied to reduction of outstanding bonded indebtedness of United States under regulations to be, by the Secre- tary of the Treasury. § 8 :1. 41 :p. 9. State banks, etc., converted into national banks to be subject to same duties, etc., as, by the Federal Reserve Act and by National Bank- ing Act for national banks. § 9:1. 15: p. 10. Converted State banks, etc., to comply with reserve and capital requirements and to sub- mit to examination and regulations, by Or- ganization Committee or by the Federal Re- serve Board. § 9:1. 32: p. 10. Converted State banks, etc., subject to provi- sions of and to penalties, by United States Revised Statutes, sections 5198, 5200, 5201, 5208, and 5209. § 9:1. 40:p. 10. Member banks subject to penalties, by United States Revised Statutes, section 5213, etc. § 14:1. 52 :p. 15. Federal reserve banks may under rules, etc., by the Federal Reserve Board purchase and sell in open market, etc. § 14:1. 19:p. 16. Purchases of bills, notes, warrants, etc., in open market by Federal reserve banks to be made in accordance with rules, etc., by the Federal Reserve Board. § 16:1. 44:p. 18. Substitution of collateral for Federal reserve notes to be under regulations to be, by the Federal Reserve Board. § 18:1. 2: p. 21. Federal reserve bank notes to be in form, by the Secretary of the Treasury. § 19:1. 20:p. 23. Reserve carried by member bank with the Fed- eral reserve bank may be checked against and withdrawn under regulations of and subject to such penalties as may be, by the Federal Reserve Board. § 25:1. 5: p. 26. AppUcations by national banks for foreign branches to be under such regulations as may be, by the Federal Reserve Board. INDEX-DIGEST. 359 PBESCBIBED (Continned). § 27:1. 3:p. 27. Certain specified sections of United States Ee- vised Statutes amended by Act of Maj 30, 1908, reenacted to read as they read prior to May 30, 1908, subject to amendments or modifications as, in this Act. See also "Approval;" "Authorized;" "Con- sent;" 'Empowered;" "Established;" "Fix;" "Fixed;" "Power;" "Powers." PRESENT STATUS. § 2:1. 32: p. 3. The, of reserve and central reserve cities not to be changed except as this Act changes re- serves that may be carried with approved reserve agents, etc. PRESENT STANDARD VALUE. § 18:1. 35: p. 21. United States Treasury notes authorized pay- able, etc., in gold coin of the, etc. PRESENTATION, UPON. See "Upon presentation." PRESENTED. § 16:1. 39:p. 17. Federal reserve notes, for redemption at Treas- ury to be paid out of redemption fund, etc. PRESERVE. § 4:1. 38; p. 4. Comptroller to file, record, and carefully, the organization certificate in his ofiice. PRESIDENT OF UNITED STATES. § 10:1. 9: p. 11. Five members of the Federal Reserve Board to be appointed by the. § 10:1. 13:p. 11. The, to have due regard to a fair representation of the different commercial, etc., divisions of the country. § 10:1. 16:p. 11. The five members appointed by, etc., to devote entire time to busmess of the Federal Reserve Board. § 10:1. 28:p. 11. At least two of the Federal Reserve Board ap- pointed by the, to be persons experienced in banking or finance. § 10:1. 30:p. 11. One to be designated by the, to serve for two § 10:1. 33: p. 11. years, etc., unless removed for cause by the. § 10:1. 34:p. 11. One to be designated by the, as governor, etc. § 10:1. 7: p. 12. Method of filling vacancies among the five § 10:1. 8: p. 12. members appointed by the. § 10:1. 12: p. 12. The, to have power to fiU all vacancies during recess of Senate. §11:1. 3: p. 14. Nothing in this Act to prevent the, from placing employees of the Federal Reserve Board in the classified service. 360 INDEX-DIGEST. PEEVENT. §11:1. 3: p. 14. Nothing in this Act to, the President of United States from placing employees, etc. , of the Fed- eral Eeserve Board in the classified service. PREVIOUSLY CALIED. § 5:1. 19: p. 8. Member bank voluntarily liquidating^ to sur- render stock and be released from its stock subscription not. § 9:1. 51: p. 10. The subscription liability not, to be canceled on surrendered stock. PREVIOUSLY INCURRED. § 2:1. 51: p. 2. Dissolution of national bank not to take away, etc., any remedy against such corporation, etc., for any liability or penalty. PRICE, AT SUCH. See "At such price." PRICE, PURCHASE. See "Purchase price." PRINCIPAL. § 4:1. 14: p. 7. Deputy chairman and deputy Federal reserve agent, etc., to exercise powers of chairman and Federal reserve agent in absence or disa- bility of his. § 18:1. 36:p. 21. The United States Treasury notes authorized to be issued to be exempt from taxes, etc., as to, and interest. PRINTED. § 10:1. 26: p. 12. Speaker of House of Representatives to cause the annual report of the Federal Reserve Board to be, etc. § 16:1. 50:p. 18. Comptroller, etc., to have Federal reserve notes, from plates, etc. PRINTING. § 16:1. 9:p. 19. Plates for, Federal reserve notes to remain un- der control and direction of Comptroller, etc. § 16:1. 24: p. 19. Any appropriation, etc., for, national bank notes, etc., may be used for purposes of this Act. § 16 :1. 35 :p. 19. Nothing in this Act to exempt national banks or Federal reserve banks from liability to reim- burse the United States for any expenses in, and issuing circulating notes. PRIOR. § 27:1. 2:p. 27. Certain. sections of United States Revised Stat- utes which were amended by Act of May 30, 1908, reenacted to read as they read, to May 30, 1908. INDEX-DIGEST, 361 PRIVATE. § 22:1. 10: p. 25. No examiner public or, to disclose names of borrowers, etc. PRIVIIEGE, CIRCULATING. See "Circulating privilege." PRIVILEGE, CIRCULATIOIT. See "Circulation privHege." PRIVILEGES. § 2:1. 34: p. 2. All, etc., forfeited for failure of national bank to become a member bank within one year, etc. § 4:1. 3: p. 5. Directors to prescribe by-laws, etc., regulating manner, etc., in which, the, granted by law may be exercised and enjoyed. § 8:1. 39:p. 9. Converted State bank, etc., to have same powers and, etc., as prescribed by Federal Reserve Act and National Banking Act for national banks originally organized as such. § 9:1. 64: p. 10. Federal reserve banks may be required by the Federal Reserve Board to suspend member banks from further, of membership, etc. PROCEDURE. § 12:1. 18: p. 14. Federal Advisory Council may adopt its own methods of. PROCEEDS. § 13:1. 45: p. 14. Federal reserve banks may discount notes, etc., the, of which have been used or are to be used for agricultural, industrial, or commer- cial purposes, etc. PROCURED. § 16:1. 8: p. 19. The plates and dies to be, by Comptroller to remain under his control, etc. PROCURING. § 16:1. 11 :p. 19. Expenses incurred in executing the laws relat- ing to, of Federal reserve notes, etc., to be paid by the Federal reserve banks, etc. § 18:1. l:p.. 21. Federal reserve bank notes to be the obligation of the Federal reserve bank, the same. PRODUCTS, AGRICULTURAL. See "Agricultural products." PROFIT. § 25:1. 27: p. 26. National banks at end of each fiscal period to transfer to general ledger the, or loss accru- ing at each foreign branch as a separate item. PROFITS, RESERVE. See " Reserve profits." PROHIBIT. § 13:1. 49: p. 14. Nothing in this Act to, notes, etc., secured by staple agricultural products, or other goods, wares, or merchandise from being eligible fo_r; discount, etc. 362 INDEX-DIGEST. PROHIBITING. § 16:1. 43:p. 19. Nothing herein to be construed as, member bank from charging its actual expense in- curred in collectmg and remitting lunds, or for exchange sold to its patrons. PROHIBITION. § 9:1. 26:p. 10. Converted State banks, etc., to conform to, against purchase of or loans on stock, etc., imposed on national banks, etc. PROMPTLY RETURNED. § 16:1. 35: p. 17. Federal reserve notes received by another Fed- eral reserve bank to be, for credit or redemp- tion, etc. PROMULGATE. § 2:1. 27: p. 3. The Federal Reserve Board to, rules, etc., as to transfers of stock in Federal reserve banks. § 16:1. 60: p. 19. The Federal Reserve Board to, regulations gov- erning transfer of funds and charges therefor among Federal reserve banks and their branches. PROOF. § 9:1. 3: p. 11. The Federal Reserve Board may restore sus- pended membership in a Federal reserve bank upon due, of compliance with the con- ditions imposed by this section. PROPER OFFICERS. § 22:1. 11: p. 25. No examiner to disclose names of borrowers, etc., to other than the, of such bank, etc. PROPERLY INDORSED. § 19:1. l:p. 23. Eligible paper, may be accepted from member banks as reserves not to exceed one-half of each installment, etc. PROPERTY. § 7:1. 5: p. 9. Surplus of dissolved or Hquidated Federal re- serve bank after payment of debts, dividend requirements, and par value of the stock, to be paid to and become the, of the United States, etc. § 11:1. 38: p. 13. The Federal Reserve Board to make regulations for safeguarding of collateral, etc., or, of any kind deposited with Federal reserve agent. § 24:1. 42 : p. 25. Banks not to loan on farm lands in excess of 50 per cent of actual value of the, offered as security. INDEX-DIGEST. 363 PROPORTION. § 10:1. 43: p. 11. The Federal Reserve Board to assess Federal reserve banks in, to capital and surplus, etc. § 18:1. 31: p. 20. The Federal Reserve Board to allot to each Federal reserve bank such, of United States bonds offered for sale by member banks as the capital and surplus of each bank shall bear to aggregate, etc., of aU the Federal reserve banks. § 21:1. 18: p. 24. Expense for examinations to be assessed by CfomptroUer upon banks examined in, to assets or resources, etc., upon dates of ex- aminations, etc. PROPORTIONATE. § 5:1. 15:p. 8. PROPOSED. § 25:1. 11 :p. 26. § 25:1. 51:p. 26. § 28:1. 24:p. 27. PROTECT. § 16:1. 24:p. 17. PROTECTION. § 16:1. 41:p. 18. PROTEST. § 13:1. 41:p. 14. PROVIDE. § 2:1. 54: p. 2 Member bank reducing capital stock to sur- render a, amoimt of its holdings in the capital of the Federal reserve bank. Applications by national banks for authority to establish foreign branches to specify place, etc., where banking operations, are to be car- ried on. The Federal Reserve Board may reject appli- cations if amount of capital, to be set aside for foreign branches is deemed inadequate. No reduction of capital stock of national bank until amount of, reduction reported to Comp- troller and approved by Comptroller and by the Federal Reserve Board. The Federal Reserve Board may call upon a Federal reserve bank for additional security to, Federal reserve notes issued to it. The Federal reserve bank may, at its discre- tion, withdraw collateral deposited, etc., for the, of Federal reserve notes, etc. The Federal reserve bank may discount notes, etc., arising out of actual commercial trans- actions, upon indorsement of any of its mem- ber banks with a waiver of demand, notice, and, by such bank, etc. If subscriptions by banks insufl&cient to, re- quired capital, Organization Committee may offer stock to public subscription. § 2:1. 15: p. 3. If subscription by banks and public insufficient to, required capital. Organization Committee shall allot stock to United States, etc. 364 INDEX-DIGEST. PROVIDE (Continued). § 16:1. 50: p. 17. Federal reserve banks to maintain in Treasury sufficient amount of gold to, for all redemp- tions of Federal reserve notes, etc. § 21:1. 24:p. 24. Federal reserve banks, etc., may, for special examination of member banks. PEOVIDED. § 2:1.25 p. 1. § 8:1.21 p. 9. § 11:1. 1 p. 13. § 11:1. 4 p. 13. ■ § 11:1. 2 p. 14. § 13:1.. 7 p. 15. § 15:1.51 p. 16. § 16:1.32 p. 19. § 18:1. 25 p. 20. § 18:1.30 p. 20. § 18:1. 16 p. 21. § 19:1.22 p. 23. §21:1. 2 p. 24. § 26:1.31 p. 26. §27:1. 4 p. 27. § 27:1.30 p. 28. ■§27:1. 4 p. 29. PEOVIDED, ABOVE. See "Above provided." PROVIDED, AS. See "As provided." PROVIDED, AS ABOVE. See "As above provided." PROVIDED, AS HEREINBEFORE. See "As hereinbefore vided." pro- PROVIDED BY EXISTING LAW. § 16:1. 30:p. 19. § 18:1. 49: p. 20. PROVIDED BY LAW. § 4:1. 13:p. 3. § 18:1. 51:p. 20. § 18:1. 4:p. 21. § 19:1. 32:p. 23. PROVIDED, EXCEPT AS THUS. § 19:1. ll:p. 23. PROVIDED FOR. § 4:1. 51:p. 4. § 7:1. 42:p. 8. INDEX-DIGEST. 365 PROVIDED FOR (Continued). § 12:1. 15:p. 14. § 16:1. 15:p. 19. § 16:1. 18:p. 19. § 16:1. 24:p. 19. § 16:1. 30:p. 19. PROVIDED, HEREIU. See "Herein provided." PROVIDED, HEREINAFTER. See "Hereinafter provided." PROVIDED, HEREINBEFORE. See "Hereinbefore provided." PROVIDED, IN THE MANNER. See "In the manner provided." PROVIDED, IN THIS ACT. § 15:1. 41:p. 16. PROVIDED, IN THIS ACT. See "In tMs Act provided." PROVIDED, MAY BE. See "May be provided." PROVIDED, OTHERWISE. See " Otherwise provided." PROVIDES. § 20:1. 42: p. 23. Repeal of so much of sections 2 and 3 of the Act of June 20, 1874, etc., as, that the national -bank redemption fund shall be counted as part of the lawful reserve. PROVIDING. § 20:1. 40: p. 23. Act of June 20, 1874, for redistribution of national currency, etc., repealed in part. PROVISION. § 22:1. 45: p. 24. Penalty for violating, of section 22. §22:1. 17:p. 25. § 22:1, 20: p. 25. The, of section 22 not to take effect until 60 days after passage of Act. § 23:1. 32: p. 25. The, as to liability on transfer of shares of insolvent national bank not to affect any recourse of stockholders, etc. § 26:1. 32: p. 26. Nothing in Act to repeal parity, or provisions of Act of March 14, 1900. j> PROVISION OR PROVISIONS, PARITY. See "Parity provision or provisions." PROVISIONS. Of Act of June 20, 1874. § 17:1. 3 :p. 20. Of Act of July 12, 1882. § 17:1. 3:p. 20. Of Act of January 16, 1883. § 11:1. 63 :p. 13. 366 INDEX-DIGEST. PEOVISIOITS (Continued). Of Act of May 30, 1908, § 27:1. 44 :p. 26. § 27:1. 2:p. 29. Of existing laws. § 8:1. 15 :p. 9. • Of existing statutes. § 17:1. 7:p. 20. Of Federal Reserve Act. § 13:1. 43 :p. 15. § 16:1. 19:p. 17. Of law. § 4:1. 14 :p. 5. § 4:1. 30:p. 5. § 9:1. 24 :p. 10. § 26:1. 29 :p. 26. Of National Banking Act. § 9:1. 20 :p. 10. Of Revised Statutes of United States. Section, 5159. §17:1. 3:p. 20. Section 5198. § 9:1. 32 :p. 10. Section 5200. § 9:1. 32:p. 10. Section 5201. § 9:1. 32: p. 10. Section 5208. § 9:1. 32: p. 10. Section 5209. § 9:1. 32 :p. 10. Of section 2 of this Act. § 4:1. 4:p. 4. Of section 4 of this Act. § 18:1. 28 :p. 20. Of section 13 of this Act. § 16:1. 19:p. 17. [Reference to section 14 changed to section 13 by Act of August 15, 1914. See § 19:1. 35 :p. 30.] Of section 14 of this Act. § 19:1. l:p. 23. Changed to section 13 by Act of August 15,1914. See § 19:1. 35 :p. 30. Of section 18 of this Act. § 16:1. 23:p. 18. Of section 20 of this Act. § 11:1. 23 :p. 13. INDEX-DIGEST. 367 PROVISIONS (Continued). Of Statutes of United States. § 8:1. 35:p. 9. Of this Act. § 2:1. 33:p. § 2:1. 36:p.- § 2:1. 44:p. § 2:1. 36:p. § 4:1. 14:p. § 4:1. 6:p. § 4:1. 22:p. § 8:1. 37:p. § 11:1. 32:p. 13. § 16:1. 54:p. 18. § 19:1. 16:p. § 19:1. 36:p. § 26:1. 30:p. 26. 2. 2. 2. 3. 4. 5. 5. 9. 23. 23. Of this section. § 9 § 9 § 9 §22 l:p. 10. 22: p. 10. 43 :p 17:p 10. 25. PROVISION'S, OTHER. See "Other provisions." PROVISIONS, PARITY. See "Parity." PXJBIIC. §22:1. 9:p. 25. PUBLIC, THE. See PUBLIC DEBT. § 26:1. 36:p. 26. PUBLIC DUES. § 16:1. 8:p. 17. PUBLIC FUNDS. § 15:1. 48:p. 16. PUBLIC, NOTARY. PUBLIC STOCK. § 2:1. 10:p. -3. 70820°— 15 24 No examiner, or private to disclose names of borrowers, etc. "The public." Nothing in Act to repeal parity provisions in Act of March 14, 1900, entitled "An Act, etc., to refund the, etc." Federal reserve notes to be receivable for all taxes, customs, and other. No, etc., to be deposited in the continental United States in any bank not belonging to system established by this Act. See "Notary public." Stock subscribed by individuals, etc., to be known as, etc. 368 INDEX-DIGEST. PUBLIC STJBSCEIPTION. § 2:1. 3: p. 3. Organization Committee may offer stock in Federal reserve banks to, etc. PUBLISH. § 11 :1. 41 :p. 12. The Federal Reserve Board to, statement once each week, showing con^dition of each Federal reserve bank, etc. PUNISHED. § 22:1. 18: p. 25. Any person violating any provision of this section shall be, by fine, imprisonment, or both, etc. PURCHASE AND SELL. § 14:1. 52: p. 15. Federal reserve banks, under regulations of the Federal Reserve Board, etc., may, in open market, etc., cable transfers and bankers' ac- ceptances 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. PURCHASE, DATE OF. See "Date of purchase." PURCHASE OF DISTINCTIVE PAPER. § 16:1. 22:p. 19. Any appropriation made for, may be used, etc., for purposes of this Act. PURCHASE AND SALE OF GOLD. § 12:1. 28: p. 14. Federal Advisory Council to have power to make recommendations as to, by Federal re- serve banks, etc. PURCHASE OF STOCK. § 9:1. 26: p. 10. Prohibition against, or loans on stock of na- tional banks by other national banks to be conformed to by State banks, etc., becoming member banks. PURCHASE OF UNITED STATES BONDS. See "United States bonds." PURCHASE OF UNITED STATES NOTES. See "United States notes ; " " United States one-year gold notes." PURCHASE, POWER TO. See "Power to purchase." PURCHASE PRICE. § 18:1. 38: p. 20. The Federal reserve bank purchasing such United States bonds from member banks to deposit lawful money with the Treasurer of United States for the, etc. PURCHASED. § 18:1, 47: p. 20. Upon deposit of bonds so, the Federal reserve bank may take out Fedeiral reserve-bank notes, etc. INDEX-DIGEST. 369 PURCHASES. § 14:1. 18: p. 16. Such, of bills, notes, etc., in open market to be made in accordance with rules and regula- tions of the Federal Reserve Board. PURCHASING. § 14:1. 32: p. 16. Federal reserve banks, with the consent of the Federal Reserve Board, may establish agen- cies in foreign countries, etc., for purpose of, etc., biUs of exchange, etc. § 18:1. 36: p. 20. Member bank shall duly assign, etc., its United States bonds to the Federal reserve bank, same. § 18:1. 43: p. 20. Federal reserve banks, such bonds may take out Federal reserve bank notes equal to par value of such bonds, etc. PURPOSE, EXCLUSIVE. See "Exclusive purpose." PURPOSE, FOR NO OTHER. See "Other purpose." PURPOSE, FOR THAT. See "For that purpose." . PURPOSE OF, FOR THE. See "For the purpose of." PURPOSE, FOR THE SAME. See "For the same purpose." PURPOSE, OTHER. See "Other purpose." PURPOSES, AGRICULTURAL. See "Agricultural purposes." PURPOSES, COMMERCIAL. See "Commercial purposes." PURPOSES', EXCHANGE. See "Exchange purposes." PURPOSES, FOR OTHER. See "Other purposes." PURPOSES, FOR SUCH. See "Such purposes." PURPOSES, INDUSTRIAL. See "Industrial purposes." PURPOSES OF THIS ACT. § 16:1. 27: p. 19. Any distinctive paper on hand, etc., may be used by the Secretary of the Treasury for the. PURPOSES, TO CARRY OUT THE. See "To carry out the pur- poses." PURSUANCE THEREOF, IN. See "In pursuance thereof." PURSUANT. § 16:1. 17: p. 17. Collateral for Federal reserve notes equal to sum of notes, etc., issued, to such applica- tion to be tendered to Federal reserve agent. PURSUIT, INDUSTRIAL. See "Industrial pursuit." Q- QTTAIIFICATIONS. § 3:1. 49: p. 3. Directors of branch banks to possess same, as directors of the Federal reserve banks. QUALIFIED. § 17:1. 6: p. 29. The Secretary of the Treasury may extend benefits of Act of August 4, 1914^ to all, State banks and trust companies which have joined or may contract to join the Federal reserve system within 15 days after passage of this Act. QUANTITIES. § 16:1. 51: p. 18. Comptroller to have printed therefrom such, of Federal reserve notes as may be required, etc. QUARTERLY, PAYABLE. See "Payable." QUARTERLY PERIOD. § 18:1. 19 :p. 20. United States Treasurer to furnish the Federal Reserve Board at end of each, with a list of apphcations of member banks for sale of United States bonds. § 18:1. 24: p. 20. The Federal Eeserve Board may require Fed- eral reserve banks to purchase such bonds from banks whose applications have been filed with the Treasurer of the United States at least 10 days before end of anv. etc. QUORUM. § 2:1. 32: p. 1. A majority of the Organization Committee to constitute a, with authority to act. § 12:1. 19: p. 14. A majority of the members of the Federal Ad- visory Council shall constitute a, for transac- tion of business. 370 R. RATABLY, EQUALLY, AND. See "Equally." RATE OF INTEREST. See "Interest." RATE OF TAX. See "Tax." RATES, DISCOUNT. See "Discount." RATES, TAX. See "Tax." REACHED. § 27:1. 13:p. 27. Additional tax prescribed on Aldrich-Vreeland notes after the first three months until 6 per centum is. READ. See "Amended." § 8:1. 11 :p. 9. Section 5154, United States Revised Statutes amended to, etc. § 10:1. 28: p. 12. Section 324, United States Revised Statutes amended to, etc. § 13:1. 32 :p. 15. Section 5202, United States Revised Statutes, amended to, etc. § 19:1. 5: p. 30. Section 19, subsections (b) and (c) of Federal Reserve Act amended and reenacted to, etc. § 21:1. 50: p. 23. Section 5240, United States Revised Statutes amended to, etc. § 27:1. l:p. 27. Sections 5153, 5172, 5191, and 5214 of United § 27:1. 2:p. 27. States Revised Statutes reenacted to, as such sections, prior to amendment by Act of May 30, 1908. § 27:1. 6: p. 27. Section 9 of Act of May 30, 1908, amended by making portion applicable to the tax rates, etc. § 28:1. 17 :p. 27. Section 5143 of United States Revised Statutes amended and reenacted to, etc. §28:1. 5: p. 28. Section 27 of Federal Reserve Act amended and reenacted to, etc. READJUSTED. § 2:1. 28 :p. 1. The Federal reserve districts may be, etc., by the Federal Reserve Board. REAL ESTATE. § 7:1. 9: p. 9. Federal reserve banks, including capital stock, surplus, and income therefrom to be exempt from Federal, State, and local taxation except taxes upon. 371 3V2 INDEX-DIGEST, REAL ESTATE (Continued). § 24:1. 49: p. 25. The Federal Reserve Board may add to the list of cities in which national banks may not make loans secured upon, etc. BEASON. § 29:1. 30: p. 27. If any clause, etc., of Act shall for any, be ad- judged invalid, etc., judgment not to affect, etc., remainder of Act, etc. BEASONS. § 25:1. 16:p. 26. REASOITABIE § 4:1. 16: SEASONABLE §22:1. 4: BEASONABLY. § 4:1.33: The Federal Reserve Board may reject appli- cations of national banks for authority to establish foreign branches, etc., if for other, the granting thereof is deemed inexpedient. ALLOWANCE. p. 7. Directors to receive in addition to compensa- FEE. tion, etc.^ a, for necessary expenses in attend- ing meetmgs, etc. p. 25. Other than a, for services no officer, etc., to receive, etc., any fee commission, etc. p. 5. Federal reserve banks to extend to member banks such discounts, advancements, and accommodations as may be safely and, made, etc. p. 6. Every elector to certify choices for director within 15 days after, of said list. § 14:1. 16: p. 16. Federal reserve banks may, under regulations of the Federal Reserve Board, buy and sell in open market bUls, notes, revenue bonds, etc., and warrants, etc., issued in anticipa- tion of the, of assured revenues by any State, county, etc. EECEIPT. § 4:1.28: BECEIVABLE. § 16:1. 6; p. 17. Federal reserve notes to be, by all national, member, and Federal reserve banks, etc. § 13:1. 45:p. 15. Rediscount by Federal reserve banks of any bills, etc., subject to restrictions, limitations, and regulations of the Federal Reserve Board. BECEIVE. § 4:1. 11 § 4:1. 7 I 4:1. 15 p. 5. Federal reserve banks to. Federal reserve bank notes from Comptroller, etc. :p. 7. Federal reserve agent to, annual compensation fixed by the Federal Reserve Board, etc. :p. 7. Directors of Federal reserve banks, in addition to any compensation provided, to, reasonable allowance for necessary expenses in attend- ing meetings, etc. INDEX-DIGEST. 373 RECEIVE (Continued). § 5:1. 20: p. 8. Member bank to, payment for surrendered shares. § 7:1. 43: p. 8. Stockholders of Federal reserve banks to, an- nual cumulative dividend of 6 per centum, etc. § 10:1. 18:p. 11. Members of the Federal Keserve Board each to, annual salary of $12,000. § 10:1. 22: p. 11. Comptroller to receive for services as a member of the Federal Eeserve Board $7,000 in addi- tion to salary as Comptroller. § 12:1. 10: p. 14. Members of the Federal Advisory Council to, such compensation and allowances as fixed by board of directors. § 13:1. 32: p. 14. Federal reserve banks may, from any of their member banks deposits, etc. § 13:1. 36: p. 14. May, solely for exchange purposes, etc., from other Federal reserve banlcs, etc. § 16:1. 37: p. 19. Every Federal reserve bank shall, on deposit at par, etc. § 18:1. 50: p. 20. Federal reserve banks to, from Comptroller Federal reserve bank notes, etc. § 19:1. 52:p. 22. Federal reserve banks may, as reserves eligible paper, etc. § 22 :1. 7 :p. 25. No ofiicer, etc., of member bank to, fee or com- mission, etc. § 24:1. 45: p. 25. National banks may, time deposits as hereto- fore, etc. § 25:1. 18: p. 26. National banks which, authority to establish foreign branches to furnish information at all times to Comptroller, etc. RECEIVED. § 4:1. 19: p. 4. Organization Committee to designate any five banks whose appHcations have been, to execute a certificate of organization, etc. § 16:1. 34:p. 17. Federal reserve notes, by another Federal re- serve bank to be promptly returned for credit or redemption, etc. § 16:1. 51: p. 17. Federal reserve notes, by Treasury otherwise than for redemption may be exchanged for gold out of redemption fund, etc. RECEIVER. § 6:1. 27: p. 8. If member bank declared insolvent and a, ap- pointed, stock to be canceled, etc. § 6:1. 33: p. 8. The balance, if any, after applying cash paid subscriptions, etc., to debts oi member bank to the Federal reserve bank, to be paid to. 374 INDEX-DIGEST. RECEIVING. § 19:1. 15: p. 23. No member bank to act as medium or agent of a nonmember bank in applying for or, dis- counts from a Federal reserve bank except by permission of the Federal Reserve Board. BECESS. § 10:1. 13: p. 12. The President may fill vacancies in the Federal Reserve Board during, of Senate, etc. RECIAMATION" DISTRICTS. § 14:1. 18: p. 16. Federal reserve banks may, under regulations of the Federal Reserve Board, buy and sell in open market bills, notes, revenue bonds, and warrants, etc., issued, etc., by, etc. RECLASSIFY. § 11:1. 24:p. 13. The Federal Reserve Board may add to or, ex- istiug reserve and central reserve cities. RECOMMENDATION. § 21:1. 14:p. 24. The Federal Reserve Board upon, of Comp- troller to fix salaries of all bank examiners, etc. RECOMMENDATIONS. § 12:1. 26: p. 14. Federal Advisory Council may make, to the Federal Reserve Board as to discount rates, etc. RECORD. § 4:1. 38: p. 4. Comptroller to file and, etc., the organization certificate. RECORD, COURT OF. See "Court." RECOURSE. § 23:1. 33: p. 25. Provision as to liability of stockholders of in- solvent national bank transferring shares with knowledge of impending failure of bank to meet its obligations not to affect any, which they might otherwise have against those in whose names such shares are regis- tered at time of such failure. REDEEM. § 18:1. 41: p. 20. United States Treasurer to pay member bank selling its United States bonds, etc., any bal- ance due after deducting sufficient sum to, its outstanding notes secured by such bonds, etc. REDEEMED. § 16:1. 8: p. 17. Federal reserve notes to be, in gold on demand at Treasury, etc. § 16:1. 44: p. 17. If such notes have been, by Treasurer in gold or gold certificates such funds to be reim- bursed to extent deemed necessary by the Secretary of the Treasury in gold or gold cer- tificates. INDEX-DIGEST. 375 REDEEMED (Continued). § 18:1. 42: p. 20. Notes secured by United States bonds bought by Federal reserve banks from member banks when paid by United States Treasurer to be canceled and permanently retired when. § 18:1. 4: p. 21. Federal reserve bank notes to be issued and, under same terms and conditions as national- bank notes except not to be hmited to amount of capital stock of Federal reserve bank issuing them. REDEMPTION. § 15:1. 40: p. 16. Moneys held in general fund of Treasury except § 15:1. 41 :p. 16. the 5 per centum fimd for, of outstanding national-bank notes and the funds, etc., for, of Federal reserve notes may, etc., be de- posited in Federal reserve banks. § 16:1. 35:p. 17. Federal reserve notes received by another Fed- eral reserve bank to be promptly returned for credit or, to bank through wmch originally issued. § 16:1. 39 :p. 17. Federal reserve notes presented for, at Treas- § 16:1. 40:p. 17. ury to be paid out of the, fund, etc. § 16:1. 43: p. 17. The Federal reserve bank to reimburse, fund in lawful money, etc. § 16:1. 45:p. 17. If redeemed by Treasury in gold or gold certi- ficates such, funds to be reimbursed to extent deemed necessary, etc., in gold or gold certi- ficates. § 16:1. 52: p. 17. Federal reserve notes received by Treasury otherwise than for, may be exchanged for gold out of, fimd, etc. §16:1. 9: p. 18. Federal reserve banks to be required by the Fed- eral Reserve Board to maintain on deposit in the Treasury a sum in gold sufficient in judg- ment of the Secretary of the Treasiu'y for the, of the Federal reserve notes but in no event less than 5 per centum. § 16:1. 38: p. 18. The Federal Eeserve Board on request of the Secretary of the Treasury shall order so much of said gold deposited with Federal reserve agent to reduce liability on outstanding Fed- eral reserve notes as may be required for ex- clusive purpose of, of such notes, to be trans- mitted to Treasury. § 20:1. 43: p. 23. Five per centum fund deposited by national banks with United States Treasurer for, of circulating notes no longer to be coimted as part of lawful reserve. 376 INDEX-DIGEST. BEDEMPTIOlf (Continued). § 27:1. 44: p. 28. Each bank and currency association to be re- quired by the Secretary of the Treasury to maintain on deposit in the Treasury a sum in gold sufficient in his judgment for the, of additional currency issued under Act of May 30, 1908. EEDEMPTIONS. § 16:1. 50:p. 17. Federal reserve banks to maintain with United States Treasurer in gold an amount suffi- cient, etc., for all, of Federal reserve notes. REDISCOUNT. § 11:1. 50: p. 12. The Federal Keserve Board may permit, or on affirmative vote of at least five members, may require Federal reserve banks to, the discount- ed paper of other Federal reserve banks, etc. § 12:1. 27: p. 14. Federal Advisory Council may make recom- mendations to the Federal Reserve Board as to, business^ etc. § 13:1. 45: p. 45. The, by any Federal reserve bank of any bills receivable and of domestic and foreign bills of exchange, and of acceptances authorized by Act to be subject to restrictions, limitations, and regulations imposed by the Federal Re- serve Board. § 14:1. 3: p. 16. Federal reserve banks may, under regulations of the Federal Reserve Board, purchase and sell in open market, etc., cable transfers and bankers acceptances and bUls of exchange of the kinds and maturities by this Act made eUgible for, with or without the indorsement of a member bank. § 16:1. 18: p. 17. Collateral security for Federal reserve notes to be notes and bills accepted for, under the provisions of section 13, etc. EEDISCOUNTED. § 13:1. 20:p. 15. REDISCOUNTS. § 13:1. 18:p. 15. REDISTRIBUTION. § 20:1. 40:p. 23. Aggregate of notes and biUs bearing signature or indorsement of any one person, etc., for any one bank, not to exceed 10 per cent of un- impaired capital and surplus of said bank, etc. Amount of acceptances so discounted by a Federal reserve bank not to exceed one-half of paid-up capital stock and surplus of bank for which the, are made. Repeal of so much of sections 2 and 3 of Act of June 20, 1874, etc., providing for a, of the national bank currency as provides that 5 Eer cent redemption fund may be counted y national banks as part of their lawful reserve. INDEX-DIGEST. 377 REDUCE. § 5:1. 46: p. 7. Stock of Federal reserve banks to be decreased as member banks, their capital stock or surplus. § 16:1. 26:p. 18. The Federal reserve bank may, its liability for outstanding Federal reserve notes by de- positing with the Federal reserve agent its Federal reserve notes, gold, gold certificates, or lawful money of the United States. § 28:1. 19:p. 27. National bank may, its capital, etc., with con- sent of Comptroller and of the Federal Re- serve Board, etc. § 28:1. 22: p. 27. No such reduction allowable as will, capital be- low amount required for its outstanding circulation. REDUCED. § 6:1. 34:p. 8. REDUCES. § 5:1. 14:p. 8. REDUCTION. § 6:1. 35:p. 8. § 6:1. 38 :p. 8. When capital stock of a Federal reserve bank is, the board of directors to execute a cer- tificate to Comptroller. When a member bank, its capital stock it shall surrender a proportionate amount of stock in the Federal reserve bank, etc. When capital stock of a Federal reserve bank is reduced either on account of, in capital stock of member, etc., the directors to execute certificate to Comptroller showing such, etc. § 7:1. 53: p. 8. Net earnings derived by United States from Federal reserve banks, etc., may be used to supplement gold reserve held against out- standing United States notes or may be applied to the, of outstanding bonded indebt- edness of United States, etc. § 28:1. 21 :p. 27. No, of capital stock of national bank allowable which will reduce capital below amount re- quired for outstanding circulation. § 28:1. 23: p. 27. No, to be made until amount of, reported to § 28:1. 24: p. 27. Comptroller and such, approved by Comp- § 28:1. 25: p. 27. troUer and by the Federal Reserve Board. REENACTED. See "Amended." § 19:1. 5: p. 30. Section 19, subsections (&) and (c) of Federal Reserve Act are amended and, to read, etc. § 27:1. l:p. 27. Certain specified sections of United States Re- vised Statutes, amended by Act of May 30, 1908, are, to read as such sections read prior to May 30, 1908. 378 INDEX-DIGEST. EEENACTED (Coatinued). § 27:1. 4: p. 28. Section, 27 of Federal Reserve Act is hereby- amended and, to read as follows, etc. § 28:1. 17 :p. 27. Section 5143 of United States Revised Statutes hereby amended and, to read, etc. REFERENCES TO OTHER PARTS OF FEDERAL RESERVE ACT AND TO OTHER ACTS. Above provided. § 10:1. 7:p. 12. § 12:1. 15:p. 14. Act of Congress. § 4:1. 45:p. 4. Act of June 20, 1874, sections 2 and 3. § 20:1. 38 :p. 23. Act of June 20, 1874, section 4. § 17:1. 5:p. 20. Act of July 12, 1882. § 17:1. 6:p. 20. Act of January 16, 1883. § 11:1. 53:p. 13. Act of March 14, 1900. § 26:1. 33:p. 26. Act of March 14, 1900, section 2. § 26:1. 39 :p. 26. Act of May 30, 1908. § 16:1. 24 :p. 19. § 27:1. 44 :p. 26. § 27:1. 48:p. 26. § 27:1. 53 :p. 26. § 27:1. 4:p. 27. § 27:1. 6:p. 27. §27:1. 6:p. 28. § 27:1. 19 :p. 28. § 27:1. 21:p. 28. § 27:1. 33:p. 28. § 27:1. 39 :p. 28. §27:1. 3:p. 29. Act of August 4, 1914. §27:1. l:p. 28. §27:1. 6: p. 29. §27:1. 8:p. 29. INDEX-DIGEST. 379 REFERENCES TO OTHER PARTS OF FEDERAL RESERVE ACT AND TO OTHER ACTS (Continued). Act of August 15, 1914. § 19:1. l:p. 30. Aforesaid three groups. § 4:1. 20:p. 6. All provisions of law. § 26:1. 29:p. 26. As above provided. § 10:1. 7:p. 12. As aforesaid. § 4:1. 40 :p. 4. § 10:1. 17:p. 11. As hereinafter set forth. § 16:1. 4:p. 17. As hereinbefore defined. § 14:1. 23:p. 16. As hereinbefore provided. § 4:1. 35:p. 7. § 7:1. 4:p. 9. As now defined by law. § 19:1. 17 :p. 22. § 19:1. 37:p. 22. As now or hereafter defined. § 19:1. 5:p. 22. § 19:1. 24:p. 22. § 19:1. 44:p. 22. As provided by law. § 4:1. 12:p. 5. § 18:1. 51 :p. 20. As provided by this Act. § 18:1. 37:p. 21. As provided in the Act aforesaid. § 20:1. 44: p. 23. As provided in existing laws. § 22:1. 2P:p. 25. As provided in section 2. § 4:1. 3:p. 4. As provided in sections 5211 and 5212, United States Revised Statutes. § 9:1. 37:p. 10. 380 INDEX-DIGEST. REFERENCES TO OTHER PARTS OF FEDERAL RESERVE ACT AND TO OTHER ACTS (Continued). As provided in this Act. § 16:1. 7:p. 19. Authorized by law. § 21:1. 33:p. 34. Authorized by this Act. § 13:1. 47:p. 15. Benefits of this Act. §27:1. 5:p. 29. By this Act made eligible for discount. § 14:1. 3:p. 16. Conditions imposed by this section. § 9:1. 3:p. 11. Conferred upon it by this Act. § 4:1. 6:p. 7. Congress. § 21:1. 34:p. 24. § 22:1. 15:p. 25. Congress, committee of. § 21:1. 35: p. 24. J 22:1. 16:p. 25. Described in this section. § 24:1. 49: p. 25. Established by this Act. § 15:1. 50:p. 16. Existing law. § 4:1. 10:p. 5. § 11:1. 22:p. 13. § 16:1. 30:p. 19. § 18:1. 49: p. 20. Existing laws. § 8:1. 16:p. 9. § 22:1. 20:p. 25. Existing statutes. § 17:1. 7:p. 20. Federal Reserve Act. See also, infra, "Sections, etc." § 1:1. 3:p. 1. § 8:1. 41:p. 9. § 13:1. 43:p. 15. § 19:1. 4:p. 30. § 28:1. 4:p. 28. INDEX-DIGEST. 381 REFERENCES TO OTHER PARTS OF FEDERAL RESERVE ACT AND TO OTHER ACTS (Continued). Federal Reserve System. § 15:1. 50:p. 16. § 27:1. 7:p. 29. General law of any State. § 8:1. 13:p. 9. § 9:1. 46:p. 9. General laws of United States. § 8:1. 13:p. 9. § 9:1. 46:p. 9. Herein provided. § 9:1. 2:p. 11. § 16:1. 15:p. 19. § 16:1. 20:p. 19. § 18:1. 29:p. 21. § 18:1. 47:p. 21. § 19:1. 29:p. 23. § 21:1. 17:p. 24. Hereinafter provided. § 16:1. l:p. 18. Hereinafter set forth. § 16:1. 4:p. 17. Hereinafter specified. § 4:1. 35:p. 5. § 11:1. 4:p. 13. Hereinbefore provided. § 4:1. 35:p. 7. § 5:1. l:p. 8. § 7:1. 4:p. 9. § 9:1. 23:p. 10. § 16:1. 14:p. 17. Hereinbefore required. § 16:1. 12:p. 18. § 19:1. 20:p. 22. § 19:1. 40:p. 22. In manner provided for original selection of directors. § 4:1. 38:p. 7. - In the manner described in this section. § 24:1. 49:p. 25. In the manner herein provided. § 9:1. l:p. 11. 382 INDEX-DIGEST. REFERENCES TO OTHER PARTS OF FEDERAI RESERVE ACT AND TO OTHER ACTS (Continued). In the manner hereinbefore provided. § 5:1. l:p. 8. In the manner provided by existing law. § 4:1. 10:p. 5. In this Act provided. § 9:1. 7:p. 10. In this section. § 27:1. 4:p. 27. limitations prescribed by this Act. § 4:1. 8:p. 5. Local law. § 11:1. 44:p. 13. National Bank Act. § 2:1. 35:p. 2. § 8:1. 42:p. 9. § 9:1. 20:p. 10. Not otherwise provided for in this Act. § 4:1. 51:p. 4. Passage of this Act. § 2:1. 5:p. 2. § 2:1. 32:p. 2. § 10:1. 49:p. 11. § 16:1. 26:p. 19. § 18:1. 13:p. 20. § 20:1. 45:p. 23. § 22:1. 21 :p. 25. §27:1. 8:p. 29. Penalties prescribed. § 9:1. 32:p. 10. § 9:1. 39: p. 10. Prescribed by law. § 4:1. 27:p. 5. Prescribed by this Act. § 4:1. 16:p. 4. § 4:1. 8:p. 5. Prescribed in this Act. §27:1. 3:p. 27. Provided by existing law. § 16:1. 30:p. 19. § 18:1. 49:p. 20. INDEX-DIGEST. 383 EEPERENCES TO OTHER PARTS OF FEDERAL RESERVE ACT AND TO OTHER ACTS (Continued). Provided by law. § 4:1. 10:p. 5. § 4:1. 13:p. 5. § 18:1. 51 :p. 20. § 18:1. 4:p. 21. § 19:1. 32:p. 23. Provided in this Act. § 4:1. 51:p. 4. § 9:1. 7:p. 10. § 15:1. 41 :p. 16. Provided for by Act of May 30, 1908. . § 16:1. 24:p. 19. Provided for by existing law. § 16:1. 30:p. 19. Provided for in section 6174, United States Revised Statutes. § 16:1. 18:p. 19. Provisions of Act of June 20, 1874. § 17:1. 3:p. 20. Provisions of Act of July 12, 1882. § 17:1. 3:p. 20. Provisions of Act of January 16, 1883. § 11:1. 53:p. 13. Provisions of Act of May 30, 1908. § 27:1. 44:p. 26. Provisions of existing law. § 8:1. 15:p. 9. Provisions of existing statutes. § 17:1. 7:p. 20. Provisions of Federal Reserve Act. § 13:1. 43 :p. 15. § 16:1. 19:p. 17. Provisions of law. § 4:1. 14: p. 5. § 4:1. 30: p. 5. § 9:1. 24: p. 10. § 26:1. 29:p. 26. Provisions of section 2 of this Act. § 4:1. 3:p. 4. Provisions of section 4 of this Act. § 18:1. 28: p. 20. § 18:1. 48: p. 20. 70820°— 15 — —25 384 INDEX-DIGEST. ' EEFERENCES TO OTHER PARTS OF FEDERAL RESERVE ACT AND TO OTHER ACTS (Continued). Provisions of section 13 of this Act. § 16:1. 19:p. 17. Provisions of section 14 of this Act. §19:1. l:p. 23. Provisions of section 18 of this Act. § 16:1. 23:p. 18. Provisions of section 20 of this Act. § 11:1. 23:p. 13. Provisions of section 5159, United States Revised Statutes. § 17:1. 3:p. 20. Provisions of section 5198, United States Revised Statutes. § 9:1. 32:p. 10. Provisions of section 5200, United States Revised Statutes. § 9:1. 32:p. 10. Provisions of section 5201, United States Revised Statutes. § 9:1. 32:p. 10. Provisions of section 5208, United States Revised Statutes. § 9:1. 32:p. 10. Provisions of section 5209, United States Revised Statutes. § 9:1. 32:p. 10. Provisions of the Statutes of the United States. § 8:1. 35:p. 9. Provisions of this Act. § 2:1. 33:p. 2. § 2:1. 36:p. 2. § 2:1. 44:p. 2. § 2:1. 36:p. 3. § 4:1. 14:p. 4. § 4:1. 6:p. 5. § 4:1. 22:p. 5. § 8:1. 37:p. 9. § 11:1. 32:p. 13. § 16:1. 54:p. 18. § 19:1. 16:p. 23. § 19:1. 36:p. 23. § 26:1. 30:p. 26. Provisions of this section. § 9:1. l:p. 10. § 9:1. 22:p. 10. § 9:1. 43:p. 10. § 22:1. 17 :p. 25. Required by law. § 19:1. 24:p. 23. INDEX-DIGEST. 385 EEFERENCES TO OTHER PARTS OF FEDERAL RESERVE ACT AND TO OTHER ACTS (Coatinued). Required by this Act. § 19:1. 25:p. 23. Sections of Federal Reserve Act referred to in other sections of Act. See supra "Provisions of section 2," etc. See also principal heading, "Sections of Federal Reserve Act referred to in other parts of Act." Special law of any State. § 8:1. 12:p. 9. § 9:1. 45:p. 9. Specified in this Act. §11:1. l:p. 13. § 11:1. 40:p. 13. State law. § 8:1. 22:p. 9. § 11:1. 44:p. 13. Tax rate fixed in said act. §27:1. 5:p. 27. The remainder of this Act. § 29:1. 32:p. 27. TJnder the terms of this paragraph. § 13:1. 6:p. 15. United States Revised Statutes, section 324. § 10:1. 27:p. 12. United States Revised Statutes, section 5143. § 28:1. 16:p. 27. United States Revised Statutes, section 5153. § 27:1. 50:p. 26. United States Revised Statutes, section 5154. J 8:1. 10:p. 9. United States Revised Statutes, section 5159. § 17:1. 3:p. 20. United States Revised Statutes, section 6172. § 27:1. 50:p. 26. United States Revised Statutes, section 6174. § 16:1. 19:p. 19. United States Revised Statutes, section 5191. § 27:1. 51:p. 26. United States Revised Statutes, section 5198. § 9:1. 33 :p. 10. United States Revised Statutes, section 5200. § 9:1. 33 :p. 10. United States Revised Statutes, section 6201. § 9:1. 34:p. 10. 386 INDEX-DIGEST. REFEREITCES TO OTHER PARTS OF FEDERAL RESERVE ACT AND TO OTHER ACTS (Contimied). United States Revised Statutes, section 5202. § 13:1. 31 :p. 15. United States Revised Statutes, section 5208. § 9:1. 34:p. 10. United States Revised Statutes, section 5209. § 9:1. 35:p. 10. United States Revised Statutes, section 5211. § 9:1. 38 :p. 10. United States Revised Statutes, section 5212. § 9:1. 38:p. 10. United States Revised Statutes, section 5213. § 9:1. 40 :p. 10. United States Revised Statutes, section 5214. § 27:1. 52:p. 26. United States Revised Statutes, section 5240. § 21:1. 49:p. 23. United States Statutes. § 8:1. 35:p. 9. United States Statutes at Large, volume 22, page 403. § 11:1. 54 :p. 13. Within the meaning of this Act. § 19:1. 50 :p. 21. Within the meaning of this section. § 19:1. 6:p. 23. REFERRED TO. § 1:1. 7: p. 1. Word "Bank" to include State bank, banking association, and trust company except where national banks or Federal reserve banks are specifically. § 26:1. 39: p. 26. The Secretary of the Treasury may borrow gold on security of United States bonds authorized by section 2 of the Act last. § 27:1. 4: p. 27. Section 9 of Act first, in this section is hereby amended, etc. § 27:1. 33: p. 28. The Secretary of the Treasury may suspend the limitations imposed by sections 1,3, and 5 of Act, in this section. § 27:1. 3: p. 29. The Secretary of the Treasury may permit na- tional banks, during period of suspension, to issue additional circulation under terms, etc., of Actj as herein amended. REFUND. § 26:1. 36: p. 26. Nothing in Act to repeal parity provisions of Act of March 14, 1900, entitled "An Act, etc., to, the public debt," etc. INDEX-DIGEST.^ 387 REFTJUDING BONDS. § 18:1. 12: p. 20. Heading to section 18.' REGARD, DUE. See "Due regard." REGARD TO, IN. See "In regard to." REGARD TO, WITHOUT. See "Without regard to." REGARDING. § 11:1. 45: p. 12. The weekly statement of the Federal Reserve Board to furnish full iaformation, the char- acter of money held as reserve, etc., by Federal reserve banks. REGISTERED. § 4:1. 12 :p. 5. Federal reserve banks on deposit of United States bonds, etc., to receive from Comp- troller circulating notes in blank, etc § 17:1. 11: p. 20. So much of existing Statutes as require dehvery of a stated amovmt of United States, bonds to United States Treasurer by a national bank before commencing banking business is here- by repealed. § 18:1. 51 : p. 20. Federal Reserve banks on deposit with United States Treasurer of United States bonds pur- chased under section 18 or section 4 of this Act to receive from comptroller circulating notes in blank, etc. § 18:1. 31:p. 21. The Secretary of the Treasury authorized to issue United States Treasiiry notes in coupon or, form, etc. § 23 : L 27 : p. 25. Liability of stockholders of national banks who have transferred their shares or, the transfer within 60 days, etc. § 23:1. 34 : p. 25. Provisions as to habihty of stockholders of national banks transferring stock with knowl- edge of impendiag failure of bank to meet its obugations, not to aflfect any recourse, etc., against those in whose names such shares are, at time of failure. REGISTRAR. § 11 :1. 45:p. 13. The Federal Reserve Board may grant by spe- cial permit, etc., to national banks right to act as, of stocks and bonds, etc., when not in contravention of State or local law. REGULAR REPORTS. § 4:1. 4: p. 7. Federal reserve agent to make, to the Federal Reserve Board. REGULARLY CALLED MEETING. § 4:1. 15: p. 6. Directors at a, etc., to elect by ballot a district reserve elector. 388 INDEX-DIGEST. EEGUIATE. § 11:1. 16:p. 13. The Federal Keserve Board to supervise and, through bureau in charge of Comptroller, the issue and retirement of Federal reserve notes, etc. EEGTJIATING. § 4:1. 2: p. 5. Directors to prescribe by-laws, etc., manner in which its general business may be conducted, etc. § 19:1. 33: p. 23. National banks in Alaska or outside conti- nental United States may remain nonmember banks and shall in that event maintain re- serves and comply with all conditions now provided by law, them. REGULATION; REGUIATIONS. 1. Comptroller of Currency. § 10:1. 31: p. 12. To have charge of Bureau in Treasury charged with execution of all laws relat- ing to issue and, of national currency. § 16:1. 17:p. 19. Examination of plates and dies and, re- lating to same in section 5174 United States Revised Statutes extended to in- clude Federal reserve notes. 2. Federal Reserve Board. See "Federal Eeserve Board, powers and duties." [All of the subjects enumerated thereunder au- thorize or expressly require regulations.] 3. Reserve Bank Organization Committee. § 2:1. l:p. 2. For acceptance of Act by eligible banks. § 2:1. 2: p. 3. For offering stock to pubUc subscription. § 2:1. 17: p. 3. For allotting stock to United States. § 9:1. 52: p. 9. For admission of State banks, etc., as member banks. § 9:1. 15: p. 10. By-laws for its conduct in passing on ap- plications of State banks. § 10:1. 50: p. 11. Call for first meeting of the Federal Re- serve Board. § 28:1. 27: p. 27. For approval of reduction of stock by na- tional banks. 4. Secretary of Treasury. § 7:1. l:p. 9. Regulations as to disposition of net earn- ings of Federal reserve banks received by United States. REIMBURSE. § 16:1. 43 :p. 17. Federal reserve banks to, redemption fimd in Treasury for Federal reserve notes redeemed, etc. ' INDEX-DIGEST. 889 REIMBURSE (Continued). § 16:1. 35: p. 19. Nothing in Act to exempt national banks or Federal reserve banks from liability to, United States for any expenses incurred in printing or issuing circulating notes. REIMBURSED. § 16:1. 45: p. 17. When Federal reserve notes have been re- deemed by Treasury ia gold or gold certifi- cates such funds shall be, etc., in gold or gold certificates, etc. REISSUED. § 16:1. 30: p. 18. Federal reserve notes deposited with the Fed- eral reserve agent by the Federal reserve bank to reduce UabUity, etc., shall not be, except upon compliance with conditions of an origiaal issue. REJECT. § 16:1. 14: p. 18. The Federal Reserve Board may grant in whole or ia part or, entirely the application of any Federal reserve bank for Federal re- serve notes. § 25:1. 14: p. 26. The Federal Reserve Board may, applica- tion of national banks to establish foreign branches. RELATE. § 4:1. 15: p. 5. Federal reserve bank notes to be issued under same conditions, etc., as, to national bank notes. § 10:1. 18: p. 12. Nothing in Act to take away any powers vested by law in Secretary of Treasury which, to the supervision, control, etc., of the Treasury Department, etc. RELATING TO. § 4:1. ll:p. 5. In the manner provided by existing laws, na- tional banks. § 10:1. 30: p. 12. Bureau charged with execution of all laws, etc., the issue and regulation of national currency. § 16:1. 11: p. 19. Laws, the procuring of Federal reserve notes. § 16:1. 17: p. 19. Regulations, the examination of plates, dies, etc. RELEASED. § 5:1. 18: p. 8. Member bank voluntarily liquidating to sur- render its stock and to be, from its stock subscription not previously called. REMAIN, § 16:1. 48 :p. 17. Federal reserve banks to maintain with United States Treasurer in gold an amount sufficient, etc., to provide for all redemptions so long as any of their Federal reserve notes, out- standmg. 390 INDEX-DIGEST. EEMAIN (Continued). §16:1. 9:p. 19. Plates and dies, etc., for Federal reserve notes to, imder control and direction of Comp- troller. § 19:1. 31 :p. 23. National banks in Alaska or outside continen- tal United States may, noEimember banks. REMAINDER. § 2:1. 16:p. 2. The, of subscription to capital stock of Federal reserve banks or any part thereof to be sub- ject to call by the Federal Reserve Board, etc. § 18:1. 15 :p. 21. The Secretary of the Treasury may issue United States 30-year 3 per centum gold bonds without the circulation privilege for the, of the 2 per centum bonds so tendered. § 29:1. 32: p. 27. Judgment of invahdity of any clause, etc., ia Act not to affect, impair, or invahdate the, etc. REMAIITING. § 7:1. 3: p. 9. Disposition of any surplus of a dissolved Federal reserve bank, after payment of debts, etc. § 13:1. 35 :p. 15. No national bank to be indebted, etc., to amount exceeding capital stock paid in and, tmdiminished by losses, etc., except, etc. REMEDY. § 2:1. 49:p. 2. REMITTED. § 16:1. 39:p. 19. REMITTING. § 16:1. 44:p. 19. REMOVAL. § 11:1. 27:p. 13. REMOVE. § 11:1. 26:p. 13. Dissolution of national bank not to take away or impair any, against such corporation, etc. Every Federal reserve bank shall receive on deposit at par, when, by a Federal reserve bank, checks and drafts drawn by any de- positor in any other Federal reserve bank or member bank upon funds to the credit of said depositor in said Federal reserve bank or member bank. Nothing herein to be construed as prohibiting a member bank from charging its actual ex- pense incurred in collecting and, funds or for exchange sold to its patrons. The Federal Reserve Board to state cause of, to removed officer or director of any Federal reserve bank. The Federal Reserve Board may suspend or, any officer or director of any Federal reserve bank. INDEX-DIGEST. 391 REMOVED. § 10:1. 33:p. 11. Thereafter each member of the Federal Reserve Board to serve for a term of 10 years unless sooner, for cause by the President of United States. § 11:1. 28 :p. 13. The Federal Reserve Board to communicate in writing cause of removal to, officer or di- rector and to said Federal reserve bank. BENDERED. § 26:1. 6:p. 25. No. officer, etc., to receive fee or commission, etc., other than a reasonable fee for services, etc. § 29:1. 34:p. 27. Judgment of invalidity of any clause, etc., of Act to be confined in its operation to clause, etc., directly involved in the controversy in which such judgment shall have been. RENEW. § 11:1. 54:p. 12. REORGANIZE. § 11:1. 35:p. 13. REPAID. § 6:1. 38:p. 8. REPEAL. § 26:1. 32:p. 26 The Federal Reserve Board may suspend any reserve requirement of Act for a period not exceeding 30 days and from time to time, such suspension for periods not exceeding 15 days. The Federal Reserve Board may liquidate or, a suspended reserve bank. When capital stock of any Federal reserve bank is reduced because of reduction in capital, liquidation, or insolvency of a member bank, the board of directors to execute a certifi- cate to Comptroller showing reduction and amount, to such bank. Nothing in Act to, parity provisions of Act of March 14, 1900. § 30:1. 36: p. 27. Right to amend, alter, or, this Act expressly reserved. REPEALED. See also "Amended;" "Reenacted." § 17:1. 11 :p. 20. So much of United States Revised Statutes, section 5159 and section 4 of Act of June 20, 1874, and section 8 of Act of July 12, 1882, and any other provisions of existing statutes requiring deposit of bonds by national banks before commencing banking business is hereby. § 20:1. 45: p. 23. So much of sections 2 and 3 of Act of June 20, 1874, as provides that 5 per centum redemp- tion fund of national banks may be counted as part of lawful reserve is hereby. 392 INDEX-DIGEST. REPEALED (Continued). § 26:1. 31:p. 26. 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 hereby, provided, etc. REPOET. § 4:1. 47:p. 6. An immediate, of election of directors shall be declared. § 9:1. 41 :p. 10. State banks, etc., becoming member banks subject to penalties prescribed by section 5213 of United States Revised Statutes for failure to make such. § 10:1. 24:p. 12. The Federal Reserve Board to make annually a full, to Speaker of House of Representatives. § 21:1. 12: p. 24. Examiner to make a full and detailed, of con- dition of member banks to Comptroller. § 21:1. 16 :p. 24. The Federal Reserve Board on recommenda- tion of Comptroller to fix salaries of all bank examiners and make, thereof to Congress. § 21:1. 40 :p. 24. The Federal Reserve Board upon joint appli- cation of 10 member banks to order special examination and, of condition of any Federal reserve bank. REPOETS. § 4:1. 5: p. 7. Federal reserve agent to make regular, to the Federal Reserve Board. § 9:1. 36: p. 10. Member banks to make, of conditions and of payment of dividends to Comptroller. § 11 :1. 40:p. 12. The Federal Reserve Board may require state- ments and, from each Federal reserve bank and member bank. EEPORTED. § 28:1. 24: p. 27. No reduction to be made of capital stock of national banks until amount thereof is, to Comptroller and approved by him and by Federal Reserve Board. REPRESENTATION. § 10:1. 14: p. 11. In appointing members of the Federal Reserve Board the President of the United States to have due regard to a fair, of the different com- mercial, industrial, and geographical divisions of the country. REPRESENTATIONS. § 12:1. 24: p. 14. Federal Advisory Council to have power to make oral or written, concerning matters within the jurisdiction of the Federal Reserve Board. INDEX-DIGEST. 393 REPRESENTATIVE. § 4:1. 6: p. 7. Federal reserve agent to act as the official, of the Federal Reserve Board, etc. § 4:1. 39: p. 5. Class A directors, etc., shall be, of the stock- holding banks. REPRESENTATIVE IN CONGRESS. § 4:1. 52:p. 5. No, etc., to be a member of the Federal Eeserve Board or an officer or director of a Federal reserve bank. REPRESENTATIVES, HOUSE OF. See " House of Representatives." REQUEST. § 16:1. 35 :p. 18. Upon, of Secretary of Treasury the Federal Reserve Board to require Federal reserve agent to transmit so much of said gold to the Treasury as may be required for exclusive purpose of redemption of such Federal reserve notes. REQUESTED. § 18:1. 21: p. 21. Federal reserve banks obtaining such 1-year gold notes to enter into obligation, etc., to piffchase at maturity of said notes an amount equal to those dehvered in exchange for such .bonds if so, by the Secretary of the Treas- ury, etc. REQUIRE. See also "Power": "Powers." § 4:1. 52: p. 4. Federal reserve banks may, bonds from officers and employees. § 9:1. 13: p. 10. By-laws of Organization Committee or of the Federal Reserve Board as to apphcations by State banks, etc., for stock ownership shall, applying banks not organized under Federal law to comply with reserve requirements, etc. § 9 :1. 45 :p. 10. The Federal Reserve Board may, member bank to surrender its stock for failure to comply with provisions of section 9 or with regula- tions of the Federal Reserve Board, etc. § 11:1. 39 :p. 12. The Federal Reserve Board may, such state- ments and reports from Federal reserve banks as it may deem necessary. § 11 :1. 50:p. 12. The Federal Reserve Board may, Federal reserve banks to rediscount the discounted paper of other Federal reserve banks on aflSrmative vote of at least five members. § 11 :1. 30 :p. 13. The Federal Reserve Board may, writing off of doubtful or worthless assets upon books or balance sheets of Federal reserve banks. §11:1. 36 :p. 13. The Federal Reserve Board may, bonds of Fed- eral reserve agents. 394 INDEX-DIGEST. BEQUIRE (Continued). § 16:1. 14 :p. 17. The Federal reserve bank may make applica- tion to local Federal reserve agent for such amount of Federal reserve notes, etc., as it may. § 16:1. 6:p. 18. The Federal Eeserve Board to, each Federal reserve bank to maintain in Treasury a gold redemption fund sufficient for redemption of Federal reserve notes but in no event less than 5 per centum. § 16:1. 36 :p. 18. The Federal Reserve Board on request of the Secretary of the Treasury to, Fed!eral reserve agent to transmit to Treasury so much of gold deposited to reduce outstanding liability fgr Federal reserve notes as may be required for exclusive purpose of redemption of such notes. § 16:1. 1 :p. 20. The Federal Reserve Board may, each Federal reserve bank to exercise clearing-house func- tions for its member banks. §17:1. 8:p. 20. Repeal of such portions of existing law as, national banks to dehver a stated amount of United States bonds to the Treasurer of the United States before commencing banking business. § 18:1. 21 :p. 20. The Federal Reserve Board may, Federal re- serve banks to purchase United States bonds, etc., from member banks desiring to retire, etc., their circulation. § 27:1. 42 :p. 28. The Secretary of the Treasury shall, each na- tional bank and currency association to maintain in Treasury a gold redemption fund of not less than 5 per centum for redemption of its Aldrich-Vreeland notes. REQUIRED : § 2:1. 3: p. 2. Every national bank, to accept Act within 60 days, etc. § 2:1. 10: p. 2. Every national bank in Federal reserve dis- trict, to subscribe to capital stock within 30 days after notice, etc. § 2:1. l:p. 3. If bank subscriptions insufficient to provide amount of capital, therefor stock may be offered to public subscription. § 2:1. 16: p. 3. If subscriptions by banks and public insuffi- cient to provide amount of capital, therefor stock to be allotted to United States. § 4:1. 2: p. 7. Federal reserve agent, to maintain a local office of the Federal Reserve Board on the premises of the Federal reserve bank. INDEX-DIGEST. 395 REQUIRED (Continued). § 8:1. 30: p. 9. Majority of directors to have power to do whatever may be, to make its organization perfect, etc. § 9:1. 2S:p, 10. State bank, etc., becoming a member bank, etc., to be, to conform to certain specified laws imposed on national banks, etc. § 9:1. 36: p. 10. Member banks to be, to make reports of con- ditions and of payments of dividends to the Comptroller. § 9:1. 63: p. 10. Federal reserve banks upon notice from the Federal Reserve Board, to suspend member banks for failure to comply with provisions of section 9 or with regulations of the Federal Reserve Board. § 15:1. 44: p. 16. Federal reserve banks to act as fiscal agents of the United States when, by the Secretary of the Treasury. § 16:1. 12: p. 18. Redemption fimd in Treasury for redemption of Federal reserve notes to be counted as part of legal reserve hereinbefore. § 16:1. 38: p. 18. The Federal Reserve Board on request of the Secretary of the Treasury to require Federal reserve agent to transmit to Treasury so much of gold (teposited to reduce Habihty on out- standing Federal reserve notes as may be, for exclusive purpose of redemption of such notes. § 16:1. 52: p. 18. Comptroller under direction of the Secretary of the Treasury to cause plates, etc., to be engraved, etc., and to have printed there- from such quantities of Federal reserve notes of the denominations of $5, $10, $20, $50, and $100 as may be, to supply the Federal reserve banks. § 19:1. 14: p. 22. Amount of reserves, to be held by member § 19 : 1. 20 : p. 22. banks in own vaults, in Federal reserve banks, § 19 :1. 34:p. 22. or in either at option of bank. § 19:1. 40:p. 22. § 19:1. 3: p. 23. If a State bank or trust company is, by law of its State to keep its reserves either in own vaults or with another State bank or trust company such reserve deposits, etc., to be construed for three years, etc., as if reserve deposits in a national bank in a reserve or central reserve city, etc. [Amended by Act of August 15, 1914. See § 19:1. 37:p. 30; § 19:1. 39:p. 30; § 19:1. 41: p. 30.] 396 INDEX-DIGEST. REQTJIRED (Continued). § 19:1. 24: p. 23. No bank to make new loans or pay any dm- dends unless and until total reserve, by law is fully restored. § 25:1. 8: p. 26. National banks having foreign branches to act as fiscal agents of United States if, to do so. § 2.5:1. 19: p. 26. Every national banlc receiving authority to establish foreign branches to be, to furnish information concerning the condition of such branches, etc. § 28:1. 20: p. 27. National banks, etc., may reduce capital stock to any sum not below amount, by this title to authorize the formation of associations. § 28:1. 22: p. 27. No reduction allowable reducing capital below amount, for its outstanding circulation, etc. EEQUIREMENT. § 10:1. 5: p. 12. Members of the Federal Keserve Board before entering upon their duties to certify under oath to the Secretary of the Treasury that they have complied with, forbidding them to be officers or directors of any bank, etc., or to hold stock in any bank, etc. § 11:1. l:p. 13. The Federal Reserve Board may suspend for a period not exceeding 30 days and renew such suspension for periods not exceeding 15 days any reserve, specified in this Act, etc. EEQTJIEEMENTS, DIVIDENDS. See "Dividend requirements." EEQUIREMENTS OF THIS ACT. § 16:1. 29: p. 19. If existing appropriations are insufficient to meet the, as to Federal reserve notes, etc., the Secretary of the Treasury may use, etc., a^y funds in Treasury not otherwise appro- priated. EEQUIREMENTS, RESERVE. See "Reserve requirements." RESERVE; RESERVES. § 2:1. 33: p. 3. Present status of reserve cities and central reserve cities not to be changed except in so far as this Act changes amount of, that may be carried with approved reserve agents located therein. § 7:1. 52: p. 8. Net earnings derived by United States from Federal reserve banks to be used in discre- tion of the Secretary of the Treasury to sup- plement the gold, held against outstanding United States notes or, etc. § 9:1. 14:p. 10. Applying State banks, etc., to be required, etc., to comply with the, and capital require- ments, etc., of Federal law. IKDEX-DIGEST. 397 RESERVE; RESERVES (Continued). § 11:1. 46:p. 12. Weekly statements of the Federal Reserve Board to furnish full information as to the character of the money held as, etc. § 11:1. l:p. 13. The Federal Reserve Board may suspend, etc., any, requirement specified in this Act. § 11:1. 3: p. 13. The Federal Reserve Board to establish a graduated tax upon the amounts by which the, requirements of this Act may be per- mitted to fall below level hereinafter speci- fied. § 11:1. 5:p. 13. Tax to be established by Reserve Board when § 11:1. 8: p. 13. the gold, held against Federal reserve notes § 11:1. 9:p. 13. falls to and below 322 per centum. § 11:1. 12 :p. 13. § 11 :1. 23 :p. 13. The Federal Reserve Board may add to number of reserve and central reserve cities in which national banks are subject to the, require- ments set forth in section 20 of this Act. § 13:1. 42 :p. 15. Liabilities for, profits, etc., not subject to limi- tation as to mdebtedness of national banks. § 16:1. 25:p. 17. Federal reserve banks to maintaia not less than 3.5 per centum, in gold or lawful money against deposits. § 16:1. 27: p. 17. And, in gold of not less than 40 per centum against Federal reserve notes, etc. § 16:1. 12 :p. 18. Gold redemption fund for Federal reserve notes to be included as part of the 40 per centum, hereinbefore required. § 19:1. 4:p. 22. After official announcement by the Secretary of the Treasury of establishment of a Federal reserve bank every member bank to estab- lish and maintain, as foUows, etc. § 19:1. 6: p. 22. Banks not in reserve or central reserve cities to maintain, of 12 per centum against demand deposits and 5 per centum against time deposits. § 19:1. 16:p. 22. For 36 months after said date the balance of the, may be held in own vaults, in Federal reserve bank, or in national banks in reserve or central reserve cities. § 19:1. 19: p. 22. After said 36 months period said, other than those required to be held in own vaults and in Federal reserve banks may be held in own vaults or in Federal reserve banks or in both at option of member bank. § 19:1. 25: p. 22. Reserve city banks to hold, etc., of 15 per cen- tum agamst demand • deposits and 5 per centum against time deposits. 398 INDEX-DIGEST. RESERVE; RESERVES (Continued). § 19:1. 36 :p. 22. For 36 months after said date the balance of the, may be held in its own vaults or in the Federal reserve bank or in national banks in reserve or central reserve cities as now defined by law. [Words "reserve or" stricken out by Act of August 15, 1914. See § 19:1. 19 :p. 30.] § 19:1. 39: p. 22. After said 36 months' period all of said, except those hereinbefore required to be held per- manently in vaults of the member bank and in the Federal reserve bank, to be held in own vaults or in the Federal reserve bank or in both at option of member bank. § 19:1. 45: p. 22. Banks in central reserve cities, etc., to hold, etc., a reserve of 18 per centvun for demand and 5 per centum for time deposits. § 19:1. 50: p. 22. The balance of said, to be held La own vaults or in the Federal reserve bank at its option. § 19:1. 53 :p. 22. Federal reserve banks may receive from mem- ber banks as, not exceeding one-half of each installment, eligible paper as described ia section 14, properly indorsed and acceptable to the Federal reserve bank. [Changed to section 13 by the Act of August 15, 1914. See § 19:1. 35 :p. 30.] § 19 :1. 4 :p. 23. If a State bank or trust company is required by the law of its State to keep its, in own vaults or with another State bank or trust com- pany such, deposits to be construed as if, deposits in a national bank in a reserve or central reserve city for three years, etc. [See amendments in Act of August 15, 1914. §19:1. 39:p. 30; § 19:1. 41 :p. 30; § 19:1.37: p. 30.] § 19:1. 18 :p. 23. The, carried by member banks with Federal reserve banks may be checked against and withdrawn for the purpose of meeting existing habihties, under regulations and subject to penalties prescribed by the Federal Reserve Board. § 19:1. 23: p. 23. No bank to make new loans or pay any dividends until total, required by law is fuUy restored. § 19 :1. 25 :p. 23. In estimating the, required by this Act, the net § 19:1. 27 :p. 23. balance of accounts due to and from other banks to be taken as basis for ascertaining the deposits against which, shall be determmed. § 19 :1. 29 :p. 23. Balances in Federal reserve banks due to mem- ber banks to be to extent herein provided counted as. INDEX-DIGEST. 399 RESERVE; RESERVES (Continued). § 19:1. 32:p. 23. National banks in Alaska or outside conti- nental United States may remain nonmember banks and shall in that event maintain, etc., now provided by law regulating them. § 19:1. 36: p. 23. Said banks, except in Phihppine Islands, may become member banks in any one of the Federal reserve districts and shall in that event maintain, etc., and be subject to all other provisions of this Act. § 20:1. 44 :p. 23. So much of sections 2 and 3 of Act of June 20, § 20:1. 47 :p. 23. 1874, etc., as provides that the 5 per centum redemption fund of a national bank shall be counted as part of its lawful, is hereby re- pealed and such fund^ etc., shall in no case be counted as a part of its lawful. § 26 :1. 38 :p, 26. The Secretary of the Treasury may borrow gold to strengthen the gold, on security of Umted States bonds, etc. RESERVE ACT, FEDERAL. See "Act;" "Federal Reserve Act;" "References, etc." RESERVE AGENT. § 2 :1. 28 : p. 2. Any national bank failing to signify its accept- ance of this Act within the 60 days afore- said shall cease to act as, upon 30 days notice, etc. RESERVE AGENT, FEDERAL. See "Federal reserve agent." RESERVE AGENTS, APPROVED. See "Approved reserve agents. " RESERVE BANK. § 1:1. 14: p. 1. The term, to mean Federal reserve bank. RESERVE BANK, FEDERAL. See "Federal reserve bank. " RESERVE BANK NOTES, FEDERAL. See "Circulating notes;" "Federal reserve bank notes;" "Federal Reserve notes." RESERVE BANK OF CHICAGO, FEDERAL. See "Federal Reserve Bank of Chicago." RESERVE BANK OPERATIONS. See "Operations." RESERVE BANK ORGANIZATION COMMITTEE. § 2:1. 19: p. 1. The Secretary of the Treasury, the Secretary of Agriculture, and the Comptroller of the Currency acting as the, shall designate not less than 8 nor more than 12 Federal reserve cities. 70820°— 15 26 400 INDEX-DIGEST. .RESERVE BAlfK ORGANIZATION COMMITTEE (Continued). § 2:1. 21: p. 1. Shall divide the continental United States, excluding Alaska, into districts, each dis- trict to include only one of such Federal reserve cities. § 2:1. 23: p. 1. The determination of the, shall not be subject to review except by the Federal Reserve Board when organized, etc. § 2:1. 32:p. 1. A majority of the, shall constitute a quorum with authority to act. § 2:1. 34: p. 1. Said, may employ counsel and expert aid, § 2:1. 37: p. 1. take testimony, send for persons and papers, and make such investigations as are deemed necessary by said, in determining the re- serve districts and in designating the Federal reserve cities, etc. § 2:1. 39: p. 1. The said, to supervise the organization in each of the cities designated of a Federal reserve bank. § 2:1. l:p. 2. Said, to prescribe regulations for acceptance of Act by national banks, eligible banks, etc. § 2:1. 6 : p. 2. When the, has designated the Federal reserve § 2:1. 11: p. 2. cities, etc., every national bank to subscribe to capital stock within 30 days after notice from the, etc. § 2:1. 14: p. 2. One-sixth of subscription to be payable on call of the, or of the Federal Reserve Board, one-sixth within three months and one-sixth within six months thereafter and remainder or any part thereof to be subject to call, etc., by the Federal Reserve Board, said pay- ments to be in gold or gold certificates. § 2:1. 30 :p. 2. Any national bank failing to accept Act within said 60 days to cease to act as reserve agent upon 30 days' notice to be mven withia the discretion of said, or of the Federal Reserve Board. § 2:1. 54: p. 2. If subscriptions by banks to stock of the Fed- § 2:1. 1 :p. 3. eral reserve banks is insuflB.cient in judgment § 2:1. 4:p. 3. of the, the said, may offer such amount of stock to pubMc subscription as said, shall determine. § 2:1. 15 :p. 3. If subscriptions by banks and by pubUcare § 2:1. 17 :p. 3. insufficient in the judgment of the, the said, § 2:1. 18: p. 3. shall allot such amount to the United States as said, shall determine. § 2:1. 35: p. 3. The, may appoint assistants and incur such expenses in carrying out provisions of this Act as it may deem necessary. INDEX-DIGEST, 401 EESERVE BANK ORGANIZATION COMMITTEE (Continued). § 4.1. 2: p. 4. The, to file certificate with Comptroller when it has established Federal reserve districts showing geographical limits of the districts and the Federal reserve cities designated. § 4:1. 9: p. 4. Comptroller to forward appUcation blank to each national bank and to such other banks declared to be eligible by the, etc. § 4:1. 10: p. 4. Form of application blank to be approved by the. § 4 :1. 18 :p. 4. When minimum amount of stock prescribed by this Act has been subscribed and allotted the, shall designate any five banks, etc., to execute certificate of organization. § 4:1. 49: p. 5. Pending designation of chairman the, to exer- cise powers and duties appertaining to office of chairman, etc. § 4:1. 9: p. 6. Pending the appointment of chairman the, shall classify the member banks of the dis- trict into three general groups or divisions, etc. § 4 :L 22 :p. 7. The, may call meetings of bank directors iq the several districts, etc. § 9:1. 47 :p. 9. State banks, etc., may apply to the, pending organization and thereafter to the Federal Eeserve Board for the right to subscribe to the stock of the Federal reserve bank, etc. § 9:1. 51 :p. 9. The, etc., under rules and regulations which it may prescribe may permit applying bank to become a stockholder, etc. § 9:1. 4:p. 10. Whenever the, shall permit applying bank to become a stockholder stocK to oe issued under rules and regulations in this Act pro- vided for national banks which become stockholders. § 9:1. 9: p. 10. The, or the Federal Keserve Board to establish by-laws for government of its conduct in acting upon said apphcations. § 9:1. 16 :p. 10. Such by-laws to require applying banks to comply with reserve and capital requirements and to submit to examination and regula- tions prescribed by the, etc. § 10:1. 50: p. 11. First meeting of the Federal Reserve Board, etc., to be at date fixed by the. § 28:1. 27 :p. 27. Reduction in capital stock of national banks to be approved, etc., by the, pending organi- zation of the Federal Reserve Board. 402 INDEX-DIGEST. RESEEVE BAITKIITG SYSTEM. § 12:1. 30: p. 14. Federal Advisory Council may make recom- mendations concerning general affairs, etc., of the. § 15:1. 50: p. 16. No public funds, etc., to be deposited in the continental United States in any bank not belonging to the, established by this Act. EESERVE BAM-KS, FEDERAL. See "Federal Keserve Bank." RESERVE BOARD, FEDERAL. See "Federal Eeserve Board." RESEEVE CITIES; CITY. § 2:1. 32: p. 3. Act not to change present status of, etc., except, etc. § 11:1. 21 :p. 13. The Federal Keserve Board may add to num- ber of cities classified as, etc. § 11:1. 24: p. 13. The Federal Reserve Board may reclassify existing, etc., or terminate their designation as such. § 19:1. 5:p. 22. Reserves which a bank not in a, etc., must § 19:1. 17: p. 22. hold. § 19:1. 24: p. 22. Reserves which banks in, must hold. § 19:1. 37:p. 22. § 19:1. 7: p. 23. Certain reserve deposits required by the law of the State to be kept in vaults of a State bank or trust company, for three years, etc., to be construed as if reserve deposits in a national bank in a, or central reserve city. [See amendments in Act of August 15, 1914; § 19:1. 37:p. 30; § 19:1. 39:p. 30; § 19:1. 41: p. 30.] RESERVE CITIES, CENTRAL. See "Central reserve cities." RESERVE CITIES, FEDERAL. See "Federal reserve cities." RESERVE CONDITIONS. § 12:1. 27: p. 14. Federal Advisory Council may make recom- mendations to the Federal Reserve Board as to, in the various districts, etc. RESERVE DEPOSITS. § 19:1. 5: p. 23. Certain reserves required by the law of its § 19:1. 7: p. 23. State to be kept by a State bank or trust company either in its own vaults or with another State bank or trust company to be construed for three years, etc., as if they were, in a national bank in a reserve or cen- tral reserve city, etc. [See amendments in act of August 15, 1914 § 19:1. 37:p. 30; § 19:1. 39:p. 30; § 19:L 41 :p. 30.] INDEX-DIGEST. 403 RESERVE DISTRICTS, FEDERAL. See "Federal reserve district." RESERVE ELECTOR, DISTRICT. See "District reserve elector." RESERVE, GOLD. See "Gold;" "Eeserve." RESERVE, LAWFUL. See "Eeserve." RESERVE BANK NOTES, FEDERAL. See "Federal reserve bank notes." RESERVE NOTES, FEDERAL. See "Federal reserve notes." RESERVE PROFITS. See "Reserve." RESERVE REQUIREMENTS. See "Reserve." RESERVE, TOTAL. See "Reserve." RESERVED, EXPRESSLY. See "Expressly reserved." RESERVES, BANK. See "Reserve." RESERVES, HOLD. See "Reserve." RESIDENTS. § 4:1. 50: p. 6. Class C directors shall have been for at least two years, of district for which appointed. RESOLUTION. § 4:1. 11: p. 4. Application blank to contain a, to be adopted Dy board of directors, etc., authorizing a subscription to the capital stock of the Fed- eral reserve bank, etc. RESOURCES. § 21:1. 19: p. 24. E^ense of examinations to be assessed by Comptroller upon the banks examined in proportion to assets or, held by the banks upon dates of examination. RESPECTING. § 9:1. 24:p. 10. RESPECTIVE. § 4:1. 17:p. 7. § 4:1. 18:p. 7. § 12:1. 20:p. 14. RESPECTIVELY. § 3:1. 52:p. 3. § 4:1. 30:p. 6. § 4:1. 30:p. 7. RESPECTS, IN ALL. See "In all respects." RESPONSIBLE, INDIVIDUALLY. See "Individually responsible." 404 INDEX-DIGEST. RESPONSIBLE PARTIES. § 14:1. 37: p. 16. Federal reserve banks may, under regulations of the Federal Keserve Board, buy and sell abroad in open market through foreign cor- respondents or agencies, bills of exchange arising out of actual commercial transactions having not more than 90 days to rim and which bear the signature of two or more. RESTORE. § 9:1. 2: p. 11. The Federal Reserve Board may, membership in a Federal reserve bank to a suspended member bank upon due proof, etc. RESTORED. § 19:1. 24: p. 23. No bank to make new loans or pay dividends imtil total reserve required by law is fully. RESTRICTION. § 13:1. 22 :p. 15. The, against rediscounts by Federal reserve banks for member banks of notes and bills bearing signature or indorsement of any one person, etc., not to apply to discoimt of bills of exchange drawn m good faith against actually existing values. RESTRICTIONS. § 9:1. 23 :p. 10. State bank, etc., becoming a member of a Fed- eral reserve bank in addition to regulations and, hereinbefore provided to conform to the Provisions of law imposed upon national anks, etc. § 13:1. 47: p. 15. Rediscounts by Federal reserve banks of bills receivable, domestic and foreign bills of ex- change, and of acceptances authorized by Act to be subject to such, limitations and regu- lations as may be imposed by the Federal Reserve Board. RETIRE. § 9:1. l:p. 11. The Federal Reserve Board may require a Federal reserve bank to suspend a member bank for failure to comply with this section or with regulations of the Federal Reserve Board and to, its stock, etc. § 18:1. 15: p. 20. Member bank desiring to, whole or any part of its circulating notes may file with Treasurer of United States an application to sell its United States bonds, etc, § 26 : 1. 43 : p. 26. The Secretary may purchase and, United States bonds and notes authorized by section 26 when Treasury funds on hand iustifv. RETIRED. § 18:1. 18:p. 20. Member bank, etc., may file application with the Treasurer of the United States to have sold its United States bonds securing circula- tion it desires to have. INDEX-DIGEST. 405 RETIRED (Coatinued). § 18:1. 42: p. 20. United States Treasurer to deduct from pro- ceeds of sale of such bonds a sufficient sum to redeem its outstanding notes, etc., which notes shall be canceled and permanently, when redeemed. RETIREMENT. § 11:1. 17:p 13. The Federal Reserve Board to supervise and regulate, through the Comptroller, the issue and, of Federal reserve notes. § 16:1. 12 :p. 19. Expenses incidental to the issue and of Federal reserve notes to be paid by the Federal reserve banks. RETTTRNED. « 16:1. 35 p. 15. Federal reserve notes received by another Fed- eral reserve bank to be promptly, for credit or redemption to the Federal reserve bank through which originally issued. § 16:1. 40:p. 17. Federal reserve notes redeemed by Treasury to be, to the Federal reserve banks through which originally issued. §16:1. l:p. 18. Federal reserve notes received by Treasury- otherwise than for redemption may be ex- changed for gold out of redemption fund, etc., and, to the Federal reserve bank through which originally issued. §16:1. 2 :p. 18. Or they may be, to such bank for the credit of the United States. § 16 :1. 4: p. 18. Federal reserve notes unfit for circulation to be, by Federal reserve agent to Comptroller for cancellation and destruction. REVENUE § 14:1. BONDS. 13:p. 16. REVENUES. § 14:1. 16:p Federal reserve banks, under regulations of the Federal Reserve Board, may buy and sell in open market bills, notes, revenue bonds, etc. 16. Federal reserve banks, under regulations of the Federal Reserve Board, may buy, etc., war- rants, etc., issued in anticipation of receipt of assured, by any State, county, etc. § 15:1. 45: p. 16. The, of United States Government or any part thereof may be deposited by the Secretary of the Treasury in the Federal reserve banks, etc. REVIEW. § 2:1 24: p. 1. The determination of the Organization Com- mittee shall not be subject to, except by the Federal Reserve Board when orgamzed. § 14:1. 24: p. 16. Federal reserve banks may establish from time to time, rates of discount, etc., subject to, and determination of the Federal Reserve Board. 406 INDEX-DIGEST. EEVISED STATUTES, UNITED STATES. See "United States Revised Statutes.' EIGHT. § 9:1. 49: p. 9. State banks, etc., may apply for, to subscribe to stock of Federal reserve banks, etc. § 11:1. 44: p. 13. The Federal Eeserve_ Board may by special permit grant to national banks, when not ia contravention of State or local law the, to act as trustee, executor, etc. § 13:1. 46: p. 14. The Federal Reserve Board to have, to deter- mine or define the character of the paper thus eligible for discount. § 15:1. 52: p. 16. Nothing in Act to be construed to deny the, of the Secretary of the Treasury to use member banks as depositories. § 16:1. 13 :p. 18. The Federal Reserve Board to have, through the Federal reserve agent to reject in whole or in part applications of Federal reserve banks for Federal reserve notes. § 30:1. 36: p. 27. The, to amend, alter, or repeal this Act is hereby expressly reserved. RIGHTS. § 2:1., 34: p. 2. National banks not becoming a member bank within one year, etc., to forfeit all, privileges, etc. EULE. § 16:1. 46 :p. 19. The Federal Reserve Board shall by, fix the charges to be collected by 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 Fed- eral reserve bank. EUIE OE EEGUIATION. See "Regulation." EUIES AND EEGULATIONS. See "Regulations." EUN, NINETY DAYS TO. See "Ninety days to run." EUN, SIX MONTHS SIGHT TO. See "Six months." s. SAFEGUARDING. § 11:1. 37:p. 13. The Federal Reserve Board to make regula- tions for the, of all collateral, bonds, etc., in hands of Federal reserve agent. SAFELY. § 4:1. 32: p. 5. Federal reserve banks to extend to each mem- ber bank such discounts advancements and accommodations as may be, and reasonably made, etc. SAIAEIES. See also "Compensation. " § 10:1. 45: p. 11. The Federal Reserve Board to levy semi- annually an assessment to pay, of members and employees, etc. § 11:1. 49: p. 13. All, and fees of appointees of the Federal Reserve Board. § 11 :1. 50 :p. 13. To be fixed in advance by said board and to be paid in same manner as the, of the members of said Federal Reserve Board. § 21:1. 15 :p. 24. The Federal Reserve Board, on recommenda- tion of the Comptroller, to fix the, of all bank examiners and make report thereof to Congress. SALARY. See also, "Compensation." § 10:1. 18: p. 11. Members of the Federal Reserve Board to receive an annual, of $12,000 each, etc. § 10:1. 21 :p. 11. Comptroller to receive $7,000 in addition to, paid him as Comptroller for services as a member of the Federal Reserve Board. § 22:1. 3:p. 25. Other than usual, etc., no ofiicer, etc., of a member bank to receive, etc., any fee or commission, etc. SALE OF GOLD. See "Gold." SAME AMOUNT. § 8:1. 32: p. 9. Shares of converted State banks, etc., may continue to be for, as before conversion. SAME CONDITIONS. § 2:1. 5: p. 3. Public stock in Federal reserve banks to be subject to, as to payment and stock liability as piovided for member banks. § 4:1. 14 :p. 6. Federal reserve bank notes to be issued under, etc., as national bank notes. 407 408 INDEX-DIGEST. SAME EXTENT. § 23:1. 30: p. 25. Transferors of national bank stock with knowl- edge of impending failure of bank to meet its obligations to be liable to, as if they had made no such transfer. SAME MANITEE, IN THE. See "In the same manner, " SAME QUAIIFICATIOKrS. § 3:1. 49: p. 3. Directors of branch banks to possess, as direc- tors of Federal reserve banks. SAME TENOE. § 18:1. 3: p. 21. Federal reserve bank notes to be of, and effect as national bank notes. SAME TIME, AT THE, See "At the same time." SAVINGS ACCOUNTS. § 19:1. 52: p. 21. Time deposits to comprise all, etc. SAVINGS, POSTAL See "Postal savings." SEAL § 4:1. 36: p. 4. Organization certificate to be authenticated by tne, of such court or notary. § 4:1. 43: p. 4. Upon filin g the organization certificate, said Federal reserve bank to have power to adopt and use a corporate, etc. SEALS. § 4 : 1. 21 : p. 4. The five banks so designated to make an organi- zation certificate under their, etc. SECOND, § 4:1. 44:p. 4, SECOND CHOICES, § 4:1. 29: p. 6. Each elector to certify to chairman his first and, etc. § 4:1. 33: p, 6. Each elector to make a cross opposite name of the first and, etc. § 4:1. 42: p. 6. Candidate having majority of electors voting by adding together-first and, to be declared elected. § 4:1. 44: p. 6. If no candidate have a majority of electors vot- ing when the first and, have been added, then the votes in the third column to be added, etc. SECOND COIUMN, § 4:1. 40: p. 6. If no candidate has majority of votes in first column, the votes in the, to be added, etc. SECRETARIES, ASSISTANT, See "Assistant Secretaries of the Treasury." SECRETARY OF AGRICULTURE. § 2:1. 18:p. 1. The, to be one of the Reserve Bank Organiza- tion Committee. INDEX-DIGEST. 409 SECRETARY OF THE TREASURY. § 2:1. 17: p. 1. The, to act as a member of the Reserve Bank Organization Committee, etc. § 2:1. 20: p. 3. United States stock in the Federal reserve § 2:1. 23 :p. 3. banks to be held by the, and disposed of for the benefit of the United States, etc., and at such price not less than par as the, shall determine. § 2:1. 38: p. 3. Expenses of the Organization Committee to be payable by the Treasurer of the United States upon voucher approved by the, etc. § 7:1. 51:p. 8. Net earnings derived by the United States from Federal reserve banks shall in the discretion of the, be used to supplement the gold reserve, etc. § 7:1. l:p. 9. Or shall be applied to reduction of outstanding bonded indebtedness of the United States under regulations to be prescribed by the. § 10:1. 7: p. 11. The, to be an ex officio member of the Federal Reserve Board. § 10 :1. 24 :p. 11. The members of the Federal Reserve Board and the, etc., ineligible while in ofiice and for two years thereafter to hold any office, etc., in any member bank. § 10:1. 37: p. 11. The, may assign offices in the Treasury for use of the Federal Reserve Board. §10:1. 51:p. 11. The, to be ex officio chairman of the Federal Reserve Board. § 10:1. 4:p. 12. Members of the Federal Reserve Board to certify under oath to the, that they have complied with the requirement of section 10. § 10:1. 17 :p. 12. Nothing in Act to be construed as taking away any powers heretofore vested by law m the, etc. § 10:1. 22:p. 12. Any power vested in the Federal Reserve § 10:1. 23 :p. 12. Board or the Federal reserve agent appearing to conffict with the powers of the, to be exer- cised subject to supervision and control of the. § 10:1. 35 :p. 12. The Comptroller to perform his duties under the general directions of the. § 15:1. 42: p. 16. Moneys held in the general fund of the Treas- ury, except the funds for redemption of national bank and Federal reserve notes, may, upon direction of the, be deposited in Federal reserve banks, etc. § 15:1. 44: p. 16. Federal reserve banks when required by the, shall act as fiscal agents of the United States. 410 INDEX-DIGEST. SECEETARY OF THE TREASTJEY (Continued). § 15:1. 52 :p. 16. Nothing in Act to be construed to deny right of the, to use member banks as depositories. § 16:1. 42 :p. 17. Federal reserve banks upon demand of the, to reimburse in lawful money the fund in Treasury for redemption of Federal reserve notes. § 16:1. 46 :p. 17. Or in gold or gold certificates to extent deemed necessary by the, if such notes have been redeemed by the Treasurer in gold or gold certificates. § 16:1. 50 :p. 17. Federal reserve banks to maintain with the United States Treasurer an amount in gold sufiicient in judgment of the, to provide for redemptions of Federal reserve notes. § 16:1. 8: p. 18. The Federal Keserve Board to require each Federal reserve bank to keep in the Treasury an amount of gold sufficient in the judgment of the, for the redemption of Federal reserve notes. § 16:1. 35:p. 18. Upon request of the, the Federal Reserve Board shall require the Federal reserve agent to transmit to the Treasury so much of the gold deposited for reduction of liabihty for outstanding Federal reserve notes as may be required for the exclusive purpose of re- demption of such notes. § 16:1. 48: p. 18. The Comptroller, under the direction of the, to cause plates, etc., to be engraved, etc., for Federal reserve notes. § 16:1. 53: p. 18. Such notes to be in form and tenor as directed by the, under the provisions of this Act, etc. § 16:1. 27: p. 19. Any appropriation heretofore made for en- graving plates, etc., purchase of distinctive paper, or to cover any other expense of prmting national bank notes under Act of May 30, 1908, and any distinctive paper on hand, etc., may be used in the discretion of the, for the purposes of this Act. § 16:1. 30 :p. 19. If appropriations heretofore made are insuffi- cient to meet the requirements of this Act, in addition to circulating notes provided for by existing law the, is hereby authorized to use so much of any funds in the Treasury not otherwise appropriated for the purpose of furnishiQg the Federal reserve notes. § 18:1. 2:p. 21. The Federal reserve bank notes to be in form prescribed by the. INDEX-DIGEST. 411 SECRETAEY OF THE TREASUEY (Continued). § 18:1. 9: p. 21. Upon application of any Federal reserve bank approved by the Federal Reserve Board the, may issue United States one-year gold notes etc., in exchange for United States 2 per centum gold bonds bearing the circulation privilege but against which no circulation is outstanding, to an amount not to exceed, etc. § 18:1. 18:p. 21. At the time of said exchange the Federal re- § 18:1. 21 : p. 21. serve bank to enter into obligation with the, binding itself to purchase, etc., at maturity of such notes an amount equal to those de- Hvered in exchange for such, bonds if so re- quested by the. § 18:1. 24:p. 21. Also to bind itself, at maturity of the notes so purchased, to purchase such amount of one- year notes as tne, may tender, not to exceed, etc. § 16:1. 30:p. 21. The, authorized to issue at par United States Treasury notes, etc., for purpose of making the exchange herein provided for. § 18:1. 39 :p. 21. For the same purpose the, is authorized, etc., to issue Umted States 3 per centum gold bonds at par, etc. § 18:1. 46: p. 21. Upon appUcation of any Federal reserve bank approved by the Federal Eeserve Board the, may issue at par such 3 per centum gold bonds in exchange for the 1-year gold notes herein provided for. § 19 :1. 1 :p. 22. When the, shall have officially announced, etc., the establishment of a Federal reserve bank in any district, every subscribing member bank shall establish and maintain reserves as follows, etc. § 19:1. 8:p. 23. Reserve deposits required by law of the State to be kept by a State bank or trust company either in own vaults or with another State bank or trust company, etc., shall be con- strued to be reserve deposits in a national bank in a reserve or central reserve city for a period of three years after the, has officially announced the establishment of a Federal reserve bank, etc. [Above amended by Act of August 15, 1914. See, § 19:1. 37:p. 30; § 19:1. 39:p. 30; § 19: 1. 41:p. 30.] § 21:1. 51: p. 23. The Comptroller to appoint examiners with approval of the. 412 INDEX-DIGEST. SECRETARY OF THE TREASURY (Continued). § 26:1. 36: p. 26. The, for purpose of maintaining the parity- provisions of Act of March 14, 1900, and to strengthen the gold reserve may borrow gold on security of United States bonds author- ized by section 2 of said Act or of 1-year gold notes, etc. § 27:1. 31: p. 28. The, given power to suspend the hmitations imposed by sections 1, 3, and 5 of Act of May 30, 1908. §27:1. l:p. 29. The, during period of such suspension may permit national banks to issue additional circulation under terms and conditions of Act of May 30, 1908, as herein amended. § 27:1. 4: p. 29. The, authorized to extend benefits of Act of August 4, 1914, to all quahfied State banks and trust companies which have joined the Federal reserve system or which may contract to join vsdthin 15 days after the passage of this Act. SECTION. § 9 § 9 § 9 § 9 §13 § 16 § 19 §22 §24 §27 §27 1. l:p. 10. Provisions of this. 1. 22: p. 10. Provisions of this. 1. 43: p. 10. Provisions of this. 3:p. 11. Conditions imposed by this. 47: p. 14. Within the meaning of this. 33: p. 19. Nothing in this, contained. 6 : p. 23. Within the meaning of this. 18: p. 25. Any provision of this. 50 : p. 25. Described in this. 5: p. 27. First referred to in this. 1. 33 :p. 28. Referred to in this. SECTION 2, ACT OF MARCH 14, 1900. See " SECTION, 2 AND 3, ACT OF JUNE 20, 1874, 1874." Act of March 14, 1890." , See "Act of June 20, SECTION 4, ACT OF JUNE 20, 1874. See "Act of June 20, 1874." SECTION 5, ACT OF MAY 30, 1908. See "Act of May 30, 1908." SECTION 8, ACT OF JULY 12, 1882. See "Act of July 12, 1882." SECTION 9, ACT OF MAY 30, 1908. See "Act of May 30, 1908." SECTIONS 1 AND 3, ACT OF MAY 30, 1908. See "Act of May 30, 1908." INDEX-DIGEST. 413 SECTIONS OF FEDERAL RESERVE ACT REFERRED TO IN OTHER PARTS OF ACT. Section 2. § 4:1. 3:p. 4. Section 4. § 18:1. 28 :p. 20. § 18:1. 48:p. 20. Section 13. § 16:1. 19:p. 17. § 19:1. l:p. 23. § 19:1. 35 :p. 30. Section 14. § 19:1. l:p. 23. Reference to section 14 changed to section 13 by Act of August 15, 1914. Section 18. § 16:1. 23 :p. 18. Section 19. § 11:1. 23 :p. 13. § 19:1. 2:p. 30, Section 20. § 11:1. 23 :p. 13. Section 27. §27:1. 2: p. 28. § 27:1. 20:p. 28. Amended by Act of August 15, 1914, to read "thirteen." See § 19:1. 35: p. 30. The citation in Act is section 20. An error. Should be section 19. An error in Act. section 19. Reference should be to SECTIONS OF TJ. S. SECURED. REVISED STATUTES. Revised Statutes. See United States § 4:1. 16: p. 5. Circulating notes of national banks, by bonds of the United States, etc. § 10:1. 31: p. 12. National currency, by United States bonds, etc. § 13:1. 49: p. 14. Nothing in Act to prohibit eligibility for dis- count of notes, etc., by staple agricultural products or other goods, wares, etc. § 18:1. 41: p. 20. Outstanding notes, by United States bonds, etc. § 24 : 1. 38 : p. 25. National banks not in central reserve cities may make loans, by improved and unencumbered farm lands, etc. § 24:1. 49: p. 25. The Federal Reserve Board may add to list of cities in which national banks may not make loans, upon real estate in manner described, etc. § 27 : 1. 7 : p. 27. Graduated tax to be levied upon national banks issuing additional circulation under Act of May 30,. 1908, as amended, otherwise than by bonds of United States. 414 INDEX-DIGEST. SECUEED (Continued). § 27:1. 34: p. 28. The Secretary of the Treasury may suspend § 27:1. 36: p. 28. limitation of sections 1 and 2 of Act of May 30, 1908, which limits priTilege of issuing addi- tional circulation, otherwise than by bonds of United States, to national banks having notes outstanding, by deposit of United States bonds to amount not less than 40 per centum of their capital stock, etc. SECURING. § 18:1. 17 : p. 20. Member b-anks, etc., may apply to United States Treasurer for sale, etc., of bonds, circulation to be retired. § 25:1. 5:p. 26. National banks, etc., may file application with the Federal Reserve Board for the purpose of, authority to estabhsh branches in foreign countries, etc. SECURITIES. § 12:1. 28: p. 14. Federal Advisory Council may make recom- mendations to the Federal Reserve Board as to purchase and sale of gold or, by reserve banlts, etc. §13:1. 4: p. 15. Definition bj^ Federal Reserve Board of charac- ter of paper eligible for discount not to include notes, etc., issued, etc., for purpose of carrying or trading in stocks, bonds, or other investment. § 14:1. 10: p. 16. Federal reserve banks may contract for loans of gold coin or bullion, giving therefor, etc., acceptable security including hypothecation of United States bonds or other, which Fed- eral reserve banks are authorized to hold. § 27:1. 11 :p. 27. Graduated tax imposed upon Aldrich-Vreeland notes based upon average amount of such notes in circulation as are based upon the deposit of such, etc. SECURITY. § 14:1. 9: p. 16. Federal reserve banks may give acceptable, for loans of gold coin or bullion. § 16:1. 18: p. 17. The collateral, for Federal reserve notes to be notes and bills accepted for rediscount under provisions of section 13 of Act. § 16:1. 24 :p. 17. The Federal Reserve Board may caU upon a Federal reserve bank for additional, to protect the Federal reserve notes issued to it. § 16:1. 23 :p. 18. Federal reserve notes and Federal reserve bank notes issued under section 18 of this Act upon, of United States 2 per centum Govern- ment bonds to become a first and paramount lien on all the assets of such bank. INDEX-DIGEST. 415 SECURITY (Continued). § 24:1. 42:p. 25. Loans authorized, etc., upon farm lands not to exceed 50 per centum of actual value of property offered as. § 26:1. 38: p. 26. The Secretary of the Treasury, to maintain such parity and to strengthen the gold reserve, may borrow gold on the, of United States bonds authorized by section 2 of Act of March 14, 1900, etc. SEEM, FITRTHER. See "Further seem." SELECT. § 12:1. 9:p. 14. Each Federal reserve bank shall annually, etc., one member of Federal Advisory Council. § 12:1. 17: p. 14. The Federal Advisory Council may, its own officers. SELECTED. § 3:1. 51: p. 3. Four of directors of branch banks to be, by the Federal reserve bank and three by the Federal Reserve Board. § 4:1. 35: p. 5. Such board of directors shall be, as hereinafter specified, etc. § 4:1. 48 :p. 5. The Federal Reserve Board, etc., to designate one of class C directors as chairman of the board to be. § 10:1. 12 : p. 11. Not more than one of the Federal Reserve Board shall be, from any one Federal reserve district. § 10:1. 11 :p. 12. Appointees on the Federal Reserve Board to fill vacancies to hold office for unexpired term of member whose place he is, to fill, § 12:1. 20: p. 14. Members, to fiU vacancies in Federal Advisory Council shall serve for unexpired term. SEIECTIITG. § 10:1. 11 :p. 11. In, the five appointive members of the Federal Reserve Board the President to have due regard to a fair representation of the differ- ent commercial, industrial, and geographical divisions of the country. SELECTION. § 4:1. 38: p. 7. Vacancies in directors to be filled in manner provided for the original, etc. SELL. § 14:1. 52: p. 15. Federal reserve banks may, under rules, etc., of the Federal Reserve Board, purchase and, in open market, at home or abroad, from or to domestic or foreign banks, firms, corpora- tions, or individual cable transfers and bankers' acceptances, and bills of exchange of the kinds and maturities made eligible for discount by the Act, with or without the indorsement of a member bank. 70820°— 15 27 416 INDEX-DIGEST. SEIL (Continued). § 14:1. 12: p. 16. Federal reserve banks may buy and, at home or abroad, bonds and notes of United States and bills, notes, revenue bonds, and warrants with a maturity of not exceeding six months from date of purchase, issued in anticipa- tion of the collection of taxes or of receipt of assured revenues by any State, County, etc., in accordance with rules, etc., prescribed by the Federal Reserve Board. § 14:1. 21: p. 16. Federal reserve banks may purchase from member banks and, with or without its indorsement, bUls of exchange arising out of commercial transactions as hereinbefore defined. § 14:1. 33: p. 16. Federal reserve banks may, with the consent of the Federal Reserve Board, establish agencies, etc., in foreign countries, etc., for purpose of purchasing, selling, and collecting bills of exchange and may buy and, with or without its indorsement, through such agencies, etc., bills of exchange arising out of actual commercial transactions having not more than 90 days to run and which bear the signature of two or more responsible parties. § 18:1. 16:p. 20. Member banks, etc., may file with the Treas- urer of the United States an application to, etc., their United States bonds securing cir- culation to be retired. § 26:1. 41: p. 26. The Secretary of the Treasury may. United States gold bonds and United States l-year gold notes if necessary to obtain gold. SEllING. § 14:1. 32:p. 16. Federal reserve banks may appoint corre- spondents and estabhsh agencies in foreign countries for purpose of purchasing, and collecting bills of exchange, with the consent of the Federal Reserve Board. § 18:1. 39: p. 20. The United States Treasurer to pay to mem- ber bank, such bonds any balance, etc. SEMIANNUAIIY. § 10:1. 42:p. 11. The Federal Reserve Board to have power to levy, an assessment upon the Federal reserve banks for its estimated expenses, salaries, etc. SENATE, UNITED STATES. See "United States Senate. INDEX-DIGEST. 417 SENATOR OF UNITED STATES. § 4:1. 52: p. 5. No, or Representative in Congress to be a member of the Federal Reserve Board or an officer or director of a Federal reserve bank. SEND. § 2:1. 35: p. 1. The Organization Committee may, for per- sons and papers. SENTENCE. § 29:1. 29: p. 27. If any, etc., of Act adjudged invalid, etc., § 29:1. 33: p. 27. such judgment to be confined in its opera- tion to the, etc., directly involved in the controversy, etc. SEPARATE ITEM. § 25:1. 28: p. 26. National bank to transfer to its general ledger the profit or loss accruing at each foreign branch as a. SERIAL NTJMBER. § 16:1. 31 : p. 17. Federal reserve notes so paid out to bear upon their faces a distinctive letter and. SERVE. § 10:1. 30: p. 11. Members of the Federal Reserve Board to be designated by the President to, for two, four, etc., years, etc. § 10:1. 32: p. 11. Thereafter each member so appointed to, for a term of 10 years unless sooner removed for cause by the President. § 12:1. 21: p. 14. Members elected to fill vacancies in the Fed- eral Advisory Council shall, for unexpired term. SERVICE, SERVICES. § 22:1. l:p. 25. No national -bank examiner to perform anv other, for compensation while holding sucn office for any bank officer, etc. § 10:1. 23: p. 11. The Comptroller, in addition to salary as Comptroller, to receive $7,000 annually for his, as a member of the Federal Reserve Board. § 11:1. 39: p. 13. The Federal Reserve Board to perform the duties, fimctions, or, specified m this Act, etc. § 22:1. 5: p. 25. No officer, director, etc., of a member bank to be a beneficiary of or receive directly or iadirectly any fee, commission, etc., for or in connection with any transaction or busi- ness of the bank other than the usual salary or director's fee, etc., and other than a rea- sonable fee paid by said bank to such officer, etc., for, rendered to such bank. 418 INDEX-DIGEST. SERVICE, CLASSIFIED. See "Classified service." SERVICE lAW, CIVIL. See "Civil-service law." SESSION OF UNITED STATES SENATE, NEXT. See "United States Senate." SET ASIDE. § 25:1. 12: p. 26. Application for foreign branches of national Danks to specify amount of capital, for the conduct of the foreign busiaess. § 2.5:1. 15: p. 26. The Federal Reserve Board may reject appli- cation if amount of capital proposed to oe, is inadequate. SET FORTH. § 11:1. 23:p. 13. § 16:1. 4:p. 17. SEVEN EIGHTEENTHS. § 19:1. 49: p. 22. Bank in central reserve cities to keep, of its reserve in the Federal reserve barik. SEVEN MEMBERS. § 10:1. 7:p. 11. The Federal Reserve Board to consist of, etc. SEVEN THOUSAND DOLLARS. § 10:1. 22: p. 11. The Comptroller to receive, annually for serv- ices as a member of the Federal Reserve Board in addition to his salary as Comp- troller. SEVENTH. § 4:1. 5:p. 5. SEVERAL CANDIDATES. § 4:1. 40: p. 6. If no candidate for director has majority of votes ia first column there shall be added together the votes cast, etc., in second column and the votes cast for the, in the first column. SEVERAL CLASSES. § 4:1. 37: p. 7. Vacancies occurring in the, of directors to be filled as provided for original selection, etc. SEVERAL DISTRICTS. § 4:1. 23: p. 7. Organization Committee may call meetings of bank directors in the, etc. SEVERAL FEDERAL RESERVE BANKS. See "Federal reserve bank." SEVERALLY. § 2 : 1. 39 : p. 1 . Organization Committee may make such inves- tigation as deemed necessary in designating the cities withia such districts where such Federal reserve banks shall be, located. INDEX-DIGEST. 419 SHAREHOLDERS. See also "Stockholders." § 2:1. 20: p. 2. The, of any Federal reserve bank to be indi- vidually responsible, etc., for all contracts, debts, etc., of such bank to extent of amount of their subscriptions at par value in addi- tion to amount subscribed whether paid up in whole or in part, etc. § 2 : 1. 46 : p. 2. Every director participating in or assenting to any violation of Act, etc., to be held liable, etc., for all damages which said bank, its, or any other person shall have sustained by such violation. § 8:1. 16:p. 9. State bank, etc., may be converted into a national bank by vote of the, owning not less than 51 per centum of the capital stock of such bank, etc. § 23 :1. 33 : p. 25. Provision as to liability of transferor of national bank stock with knowledge of impending failure, etc., of bank to meet its obligations not to affect recourse of such, against those in whose names such shares are registered at time of failure. § 28:1. 18: p. 27. National bank may reduce capital stock by vote of, owning two-thirds of its capital stock, etc. SHARES. See also "Capital stock." § 4:1. 26: p. 4. Organization certificate to state number of, into which capital stock is divided. § 4:1. 29: p. 4. Also number of, subscribed by each bank. § 5:1. 43: p. 7. Capital stock of each Federal reserve bank to be divided into, of $100 each. § 5:1. 47: p. 7. The, of capital stock of Federal reserve banks owned by member banks not to be trans- ferred or hypothecated. § 5:1. 19: p. 8. Surrendered, to be canceled, etc. § 5:1. 23 :p. 8. Sum equal to cash paid subscription on the, surrendered, plus one-half of 1 per centum per month, etc., to be paid to member banks, etc. § 8:1. 31 : p. 9. The, of a converted State, etc., bank may con- tinue to be for same amount as before con- version. § 23:1. 27: p. 25. Liability of stockholders of national banks who have transferred their, etc., within 60 days before date of failure of such bank to ineet its obligations, etc. § 23:1. 34: p. 25. This provision not to affect any recourse which stockholders might otherwise have against those in whose names such, are registered at time of failure. 420 INDEX-DIGEST. SHEETS, BAIANCE. See "Balance sheets." SHOET TITLE OF THIS ACT. § 1:1. 2:p. 1. The, shall be the "Federal Reserve Act." SHOW IN DETAIL. § 11 :i. 43: p. 12. The weekly statements of the Federal Reserve Board to, assets and liabilities of the Federal reserve banks single and combined, etc. SHOWING. § 4:1. 4: p. 4. Reserve Bank Organization Committee to file certificate with Comptroller, etc. § 5:1. 13 :p. 8. Board of directors to execute certificate to Comptroller, increase in capital stock. § 6:1. 38: p. 8. Board of directors to execute certificate to Comptroller, decrease of capital stock. § 11:1. 41 :p. 12. Federal Reserve Board to publish each week a statement, etc. SIGHT, SIX MONTHS. See "Six months sight." SIGNATURE. § 13:1. 19: p. 15. Aggregate amount of rediscounts by a Federal reserve bank for any one bank bearing the, etc., of any one person, etc., not to exceed 10 per centum of the unimpaired capital and surplus of said bank. § 14:1. 36 :p. 16. Federal reserve banks may, with the consent of the Federal Reserve Board, buy and sell, etc., through foreign correspondents or agencies, bills of exchange arising out of actual com- mercial transactions which have not more than 90 days to run and which bear the, of two or more responsible parties. SIGNIFY. § 2:1. 5: p. 2. Each national bank required and every eligible bank in the United States and every trust company in District of Columbia authorized to, acceptance of Act in writing within 60 days after passage. § 2:1. 27: p. 2. Any national bank failing to, acceptance of Act within 60 days, etc., to cease to act as reserve agent upon 30 days' notice, etc. SIMILAR CAPITALIZATION. § 4:1. 13: p. 6. Member banks to be classified into three gen- eral groups, etc., to consist as nearly as may be of banlks of. SIMILARLY. § 7:1. 6: p. 9. Any surplus of dissolved or liquidated Federal reserve bank, after payment of debts, divi- dend requirements, etc., and par value of stock to be .paid to and become the property of the United States and shall be, applied. INDEX-DIGEST. 421 SINGLE. § 11:1. 44:p. SITUATE. 12. The weekly statement of the Federal Reserve Board to show in detail the assets and lia- bilities of the Federal reserve banks, and combined, etc. § 19:1. 11 :p. 23. Certain reserve deposits required by law of the State to be kept by a State bank, etc., in its own vaiilts or with another State bank, etc., to be construed as reserve deposits in a na- tional bank in a reserve or central reserve city for three years after the Secretary of the Treasury has officially announced the estab- lishment of a Federal reserve bank in the district in which such State bank or trust SITUATED. § 2:1. 42:p. company is, etc. [Amended by Act of August 15, 1914. § 19:1. 37:p. 30; § 19:1. 39:p. 30; § 1.41: p. 30.] See 19: Federal reserve bank to include in its title the name of the city in which it is. § 4:1. 8: p. 6. Chairman of board of the Federal reserve bank of district in which the bank is, to classify member banks, etc. § 9:1. 20: p. 10. Applying State bank, etc., not to be admitted to membership in a Federal reserve bank unless it possesses a paid-up unimpaired capital sufficient to entitle it to become a national bank in the place where it is, etc. § 24:1. 37: p. 25. Any national bank not, in a central reserve § 24 : 1. 39 : p. 25. city may make loans on improved and unim- cumbered farm land, within its Federal reserve district, etc. SIX-EIGHTEENTHS. § 19:1. 48: p. 22. Banks in central reserve cities to hold, of their reserves in their own vaults. SIX-FIFTEENTHS. § 19 : 1. 29 : p. 22. Banks in reserve cities for period of 36 months, etc., to hold, of their reserves in own vaults, etc. § 19:1. 32: p. 22. Banks in reserve cities to hold reserves in Federal reserve banks at increasing rate until, have been so deposited, which shall be the amount permanently required. SIX MONTHS. § 2:1. 16:p. One-sixth of the subscription to the capital stock of Federal reserve banks to be payable on call of the Organization Committee or of the Federal Eeserve Board, and one-sixth within three months, and one-sixth within, thereafter. 422 INDEX-DIGEST. SIX MONTHS (Continued). § 13:1. 9: p. 15. Provided, that notes, etc., drawn or issued for agricultural purposes or based on live stock and having a maturity of not exceeding, may be discounted in an amoimt limited to a percentage of the capital of the Federal reserve bams; to be ascertained and fixed by the Federal Reserve Board. § 13:1. 27: p. 15. Member bank may accept drafts and bUls drawn upon it and growiag out of impor- tation or exportation of goods having not more than, sight to run, etc. § 14:1. 14: p. 16. Federal reserve banks may, under rules and regulations of the Federal Reserve Board, buy and sell, at home or abroad, bonds, and notes of United States and bills, notes, reve- nue bonds, and warrants with a maturity, etc., of not exceeding, issued ia anticipation of the collection of taxes, etc., by any State, county, etc. § 19:1. 12:p. 22. Banks not in reserve or central reserve cities to keep for 12 months two-twelfths of its reserve and for each succeeding, an addi- tional one-twelfth iu the Federal reserve bank of its district until five-twelfths, have been deposited, which shall be amount per- manently required. § 19:1. 32 :p. 22. Banks iu reserve cities to keep for 12 months at least three-fifteenths and for each suc- ceeding, an additional one-fiifteenth of its reserves in the Federal reserve bank until six-fifteenths have been so deposited, which shall be the amount permanently required. SIX PER CENTUM. § 2:1. 12: p. 2. Every national bank to subscribe to capital stock of the Federal reserve bank in a sum equal to, of its paid-up capital stock and surplus, etc. § 5:1. 52: p. 7. When a member bank increases its capital stock or surplus it shall thereupon subscribe for additional stock of the Federal reserve bank, etc., equal to, of said increase, etc. § 5:1. 5: p. 8. A bank applying for stock in a Federal reserve bank after its organization must subscribe for an amount equal to, of its paid-up capital stock and surplus. § 7:1. 43: p. 8. Stockholders of Federal reserve banks to be entitled to receive annual dividend of, on Eaid-tu capital stock after all expenses have een paid or provided for, which dividend shall be cumulative. INDEX-DIGEST. 423 SIX PER CENTUM (Continued). § 27:1. 13: p. 27. Graduated tax prescribed on Aldrich-Vreeland § 27:1. 14: p. 27. notes until a tax of, per annum is reached and thereafter such tax of, upon the average amount of such notes. SIX YEARS. § 10:1. 31: p. 11. The President to designate one member of the Federal Reserve Board to serve for, etc. SIXTH. § 4:1. l:p. 5. SIXTH, ONE-. See " One-sixth." SIXTY DAYS. § 2:1. 5: p. 2. Acceptance of Act in writing by every national bank required within, after passage, etc. § 2:1. 28: p. 2. National bank failing to accept Act within, etc., to cease to act as reserve agent upon 30 days' notice, etc. § 22:1. 21 : p. 25. Provisions of section 22, except as provided in existing laws, not to take effect imtil, after passage of Act. § 23:1. 28: p. 25. Liability of stockholders of national bank who have transferred their shares or registered the transfer within, next before date of fail- ure of bank to meet its obligations. SO FAR, IN. See "In so far." SO FORTH, AND. See "And so forth." SO lONQ AS. § 16:1. 47: p. 17. Federal reserve banks to maintain a gold re- demption fund with United States Treasurer, etc., any of its Federal reserve notes remain outstanding. SO MUCH OF. § 16:1. 37:p. 18. Federal reserve agent, etc., to transmit, said gold to Treasury as required for exclusive purpose of redemption of the Federal reserve notes. § 16:1. 31: p. 19. Secretary of the Treasury may use, any funds in Treasury not otherwise appropriated for the Federal reserve notes. § 17:1. 3: p. 20. So much of certain enumerated statutes as require deposit of United States bonds with Treasurer of United States before commenc- ing business, repealed. SO MUCH THEREOF. § 2:1. 39:p. 3. Sum of $100,000 or, as may be necessary ap- propriated for expenses of Reserve Bank Organization Committee. 424 INDEX-DIGEST. SOLD. § 16:1. 45:p. 19. Nothing herein to be construed as prohibiting a member bank from charging its actual ex- pense incurred in collecting and remitting funds or for exchange, to its patrons. § 18:1. 34: p. 20. Upon notice from the Treasurer of United States of amount of bonds so, for its account each member bank to duly transfer and assign in writing such bonds, etc. SOLELY FOE EXCHANGE PURPOSES. § 13:1. 36:p. 14. Federal reserve banks may receive from other Federal reserve banks, deposits of current funds in lawful money, national-bank notes, or checks and drafts upon solvent member or other Federal reserve banks, payable upon presentation. SOLVENT. § 13:1. 35: p. 14. Federal reserve banks may receive from their member banks and from the United States deposits of current funds in lawful money, national-bank notes. Federal reserve notes, or checks or drafts upon, member banks pay- able upon presentation. § 13:1. 38: p. 14. Federal reserve banks, solely for exchange pur- Eoses, may receive from other Federal reserve anks deposits of current fxmds in lawful money, national-bank notes, or checks and drafts upon, member or other Federal reserve banks payable upon presentation. SOON AS, AS. See "As soon as." SOONER DISSOLVED. § 4:1. 45: p. 4. Federal reserve banks to have succession for 20 years unless, by Act of Congress, etc. SOONER REMOVED. § 10:1. 33:p. 11. Thereafter each member of the Federal Reserve Board shall serve for a term of 10 years unless, for cause by the President. SPEAKER OF HOUSE OF REPRESENTATIVES. § 10:1. 25:p. 12. Federal Eeserve Board shall annually make a full report of its operations to the, etc. SPECIAL EXAMINATION. See "Examination." SPECIAL LAW. § 8:1. 12: p. 9. Any bank incorporated by, of any State or of the United States, etc., may be converted into a national bank, etc. § 9:1. 45 :p. 9. Any bank incorporated by, of any State, etc., may apply, etc., for right to subscribe to stock of the Federal reserve bank, etc. INDEX-DIGEST. 425 SPECIAL PERMIT. § 11:1. 43 :p. 13. The Federal Reserve Board may grant by, to national banks, etc., when not m contra- vention of State or local law, the right to act as trustee, executor, etc. SPECIFICAIIY GEANTED. § 4:1. 6: p. 5. Federal reserve banks by their board of direc- tors to exercise all powers, by provision of Act, etc. SPECIFICALLY EEFERRED TO. § 1:1. 6:p. 1. Word "Bank" to include State bank, banking association, and trust company except where national banks or Federal reserve banks are. SPECIFICALLY STATE. § 4:1. 22: p. 4. Organization certificate to, the name of such Federal reserve bank, etc. SPECIFIED. § 4:1. 35: p. 5. Board of directors to be elected as hereinafter. § 11 :1. 1 :p. 13. The Federal Reserve Board may suspend, etc., any reserve requirements, in this Act. § 11:1. 4: p. 13. Graduated tax to be established by the Federal Reserve Board upon amounts by which the reserve requirements may be permitted to faU below the level hereinafter. § 11:1. 40: p. 13. The Federal Reserve Board to perform the duties, functions, or services, in this Act. SPECIFY. § 25:1. 9: p. 26. Application of national banks for authority to establish foreign branches to, etc., the place or places where the banking operations pro- posed are to be carried on, etc. STANDARD, GOLD. See "Act of March 14, 1900"; "Gold." STANDARD OF VALUE. § 26:1. 34: p. 26. Nothing in Act to be construed to repeal the parity provisions in Act of March 14, 1900, entitled "An Act to define and fix the," etc. STANDARD VALUE. § 18:1. 35: p. 21. The Secretary of the Treasm-y, etc., may issue United States Treasm-y notes at par, etc., payable in gold coin of the present, etc. STAPLE AGRICULTURAL PRODUCTS. § 13:1. 50: p. 14. Nothing in Act to be construed to prohibit such notes, etc., secured by, or other goods, wares, or merchandise from being eligible for dis- count. 426 INDEX-DIGEST. STATE, STATES. § 2:1. 27: p. 1. Federal reserve districts shall not be neces- sarily coterminous with any. § 4:1. 24: p. 4. Organization certificate to specifically state the city and, in which said Federal reserve bank is to be located. § 8:1. 12: p. 9. Any bank incorporated by special law of any, § 8:1. 13: p. 9. etc., or organized under general laws of any, etc., may be converted into a national bank, etc. § 9:1. 45: p. 9. Any bank incorporated by special law of any, § 9:1. 46: p. 9. etc., or organized under general laws of any, etc., may apply, etc., for right to subscribe to stock of the Federal reserve bank, etc. § 14:1. 16:p. 16. Federal reserve banks may, in accordance with rules and regulations of the Federal Reserve Board, buy and sell, etc., bills, notes, revenue bonds, and warrants, etc., issued in anticipa- tion of the collection of taxes, etc., by any, etc. § 18:1. 38:p. 21. Issue of United States Treasury notes author- ized to be exempt as to principal and interest from payment of all taxes, etc., in any form by or under, etc., authorities. § 19:1. 3:p. 23. Certain reserve deposits required by law of the, to be kept by a State bank or trust company either in own vaults or with another State bank or trust company to be construed for three years, etc., as if reserve deposits in a national bank in a reserve or central reserve city, etc. [Amended by Act of August 15, 1914. See § 19:1. 37:p. 30; § 19:1. 39:p. 30; § 19:1.] 41 :p. 30.] STATE AUTHORITIES. §21:1. 3:p. 24. The Federal Reserve Board may authorize examination by the, to be accepted in the case of State banks and trust companies. STATE BANK; STATE BANKS. § 1:1. 5:p. 1. Wherever the word "Bank" is used in this Act it shall be held to include, etc. § 1:1. ll:p. 1. Term "Member bank" held to mean any, etc. § 8:1. 12:p. 9. Any, etc., may be converted into a national bank, etc. § 8:1. 24: p. 9. Articles of association and organization cer- tificate to be executed by majority of direc- tors of the, etc. INDEX-DIGEST. 427 STATE BANK; STATE BANKS (Continued). § 8:1. 27: p. 9. Certificate to declare that owners of 51 per centum of the capital stock have authorized the directors to make certificate and to convert, etc., the, etc. § 8:1. 32 :p. 9. The shares of such, etc., may continue to be of same amount as before the conversion. § 8:1. 36 :p. 9. When the Comptroller has given to such, etc., § 8:1. 38: p. 9. a certificate, etc., such, etc., to have all powers and privileges and to be subject to same duties, etc., as prescribed by the Fed- eral Reserve Act and National Banking Act for associations originally organized as national banks. § 9:1. 44: p. 9. Heading of section 9. § 9:1. 45 :p. 9. Any, etc., may apply for right to subscribe to stock of the Federal reserve bank, etc. § 9:1. 11 :p. 10. The Organization Committee or the Federal Re- serve Board to establish by-laws for govern- ment of its conduct in acting on applications made by, etc., for stock ownership in Federal reserve banks. § 9:1. 13: p. 10. Such by-laws shall require applying, to comply with reserve and capital reqmrements and to submit to examination and regulations pre- scribed by the Organization Conunittee or by the Federal Reserve Board. § 9:1. 17 :p. 10. No applying, etc., to be admitted to member- ship in a Federal reserve bank imless it possesses a paid-up vmimpaired capital suffi- cient to entitle it to become a national bank in place where situated, etc. § 9:1. 21 :p. 10. Any, etc., becoming a member bank to con- form to laws as to national banks respecting limitation of habihty to be incurred Ijy any person, etc., to such banks, the prohibition against purchasing or loaning on stock of such banks, withdrawal or impairment of capital, payment of unearned dividends, and to such rules and regulations as the Federal Reserve Board may in pursuance thereof prescribe. § 9:1. 31 :p. 10. Such, and officers, agents, and employees to be subject to the provisions of and penalties prescribed by Umted States Revised Stat- utes, sections 5198, 5200, 5201, and 5208. 428 INDEX-DIGEST. STATE BANK; STATE BANKS (Continued). § 19:1. 3: p. 23. Certain reserve deposits required by law of § 19:1. 4: p. 23. State to be kept by, etc., in own vaults or § 19:1. 5: p. 23. with another, or trust company to be con- § 19:1. 10: p. 23. strued for three years, etc.,_ as if reserve deposits in a national bank in a reserve or central reserve city, etc. [Amended by Act of August 15, 1914. See § 19:1. 37:p. 30; § 19:1. 39:p. 30; § 19:1. 41:p. 30.] §21:1. 4:p. 24. The Federal Reserve Board may authorize examination by State authorities to be ac- cepted in the case of. § 21:1. 5:p. 24. The Federal Reserve Board may at any time direct the holding of a special examination of, etc. § 27:1. 6: p. 29. The Secretary of the Treasury may extend the benefits of the Act of August 4, 1914, to all qualified, etc., which have joinea the Federal reserve system or which may contract to joia within fifteen days after passage of this Act. STATE lAW. § 8:1. 22: p. 9. State bank, etc., may be converted into a national bank if not ia contravention of the. § 11:1. 44: p. 13. The Federal Reserve Board may grant by spe- cial permit to national banks when not ia con- travention of, or local law, etc., the right to act as trustee, executor, etc. STATE OR LOCAL LAW. See "State law." STATE, SPECIFICALLY. See "Specifically state." STATE TAXATION. § 7:1. 9: p. 9. Federal reserve banks, including the capital stock and surplus thereiu, and the income derived therefrom to be exempt from, etc., except taxes upon real estate. STATED AMOUNT. § 17:1. 10: p. 20. So much of section 5159 of United States Revised Statutes and section 4 of Act of June 20, 1874, and section 8 of Act of July 12, 1882, and any other provisions of existing statutes as require transfer and delivery to Treasurer of United States of a, of United States registered bonds by a national bank before commencing banking business is hereby repealed. STATEMENT. § 11:1. 41: p. 12. The Federal Reserve Board to publish once each week a, showing condition of each Federal reserve bank. § 11:1. 42: p. 12. Also to publish a consolidated, for all Federal reserve banks. INDEX-DIGEST. 429 STATEMENTS. § 11 ;1. 40:p. 12. The Federal Eeserve Board may require such, and reports from Federal reserve banks as it may deem necessary. § 11:1. 43 : p. 12. Such, to show in detail the assets and liabilities of the Federal reserve banks single and com- bined, etc. STATUS, PRESENT. See "Present status." STATUTES. § 17:1. 8: p. 20. Any other provisions of existing, as require national banks before commencing banking business to transfer and deliver to United States Treasurer a stated amount of United States registered bonds are hereby repealed. STATUTES OF THE UNITED STATES. § 8:1. 35: p. 9. Directors of converted State bank, etc., may continue until others are elected or ap- pointed in accordance with the provisions of the. STATUTES, UNITED STATES. See "United States Statutes at Large." STATUTES, UNITED STATES EEVISED. See "United States Revised Statutes." STOCK, CAPITAL See "Capital"; "Capital stock": "Shares": "Stock.^' STOCK, HOID. See "Hold stock." STOCK HOLDINGS. § 5:1. 15:p. 8. Member bank reducing its capital stock to sur- render proportionate amount of its, in the Federal reserve bank. § 5:1. 17: p. 8. Member bank voluntarily liquidating to sur- render all of its, in the Federal reserve bank. STOCK ISSUES. § 5:1. 41: p. 7. Heading of section 5. STOCK IIABILITY. § 2:1. 6: p. 3. Subscription to Federal reserve bank stock offered to public to be subject to same con- ditions as to payment and, as provided for member banks. STOCK, IIVE. See "Live stock." STOCK, LOANS ON. See "Loans;" "National Bank Stock." 430 IKDEX-DIGEST. STOCK OWNERSHIP. § 9:1. 12:p. 10. The Organization Committee or the Federal Eeserve Board to establish by-laws, etc., as to its conduct in acting upon applications by State banks, etc., for, in Federal reserve banks. STOCK, PAID IN. See "Paid in stock." STOCK, PUBLIC. See "Public stock." STOCK, PURCHASE OF. See "Purchase of stock." STOCK SUBSCRIPTION. See "Subscription." STOCKS. § 11:1. 45: p. 13. The Federal Reserve Board may grant by special permit, when not in contravention of State or local law, to national banks the right to act as Registrar of, and bonds, etc. § 13:1. 3:p. 15. Definition of eligible commercial paper not to include notes, etc., issued, etc., for carrying or trading in, etc. STOCKHOLDER, STOCKHOLDERS. See also "Shareholders." 1. Federal reserve banks. § 7:1. 42: p. 8. Entitled to annual cumulative dividend of 6 j)er centum after all necessary expenses paid. § 9:1. 2: p. 10. The Organization Committee or the Fed- eral Reserve Board may permit apply- ing State bank, etc., to become a, in the Federal reserve bank, etc. § 9:1. 5: p. 10. If they permit applying bank to become a, stock to be issued, etc. § 9:1. 8:p. 10. Issue to be subject to rules, etc., in this Act provided for national banks which become, etc. 2. Member banks. § 4:1. 4:p. 6. No director of class C to be a, etc., of any bank. 3. National banks. § 2:1. 50 :p. 2. Dissolution not to impair any remedy against its, etc., for any liability, etc. § 13:1. 41 :p. 15. Liabihties to, for dividends and reserve profits not subject to limitation of sec- tion 5202 of United States Revised Statutes as to amount of indebtedness. § 23:1. 22 :p. 25. Liability of, for contracts, debts, etc., of national banks. § 23:1. 26: p. 25. Liabihty of, transferring shares within 60 days of failure of bank to meet its obligations. INDEXrDIGEST. 431 STOCKHOIDER, STOCKHOIDERS (Continued). 3. National banks (continued). § 23:1. 33 :p. 25. This provision not to affect any recourse which such, might otherwise have against those in vfhose name such shares are registered at time of such failure. 4. State banks, etc., and trust companies. § 4:1. 4:p. 6. No director of class C to Be a, etc., of any bank, etc. § 8:1. 38: p. 9. When Comptroller issues a certificate, etc., such converted State bank, etc., and all its, etc., to have same powers and be subject to same duties, etc., as pre- scribed by the Federal Reserve Act and by the National Bank Act for associa- tions originally organized as national banks. §21:1. 6:p. 24. The Federal Reserve Board may order special examination of State bariks, etc., that are, in any Federal reserve bank. STOCKHOLDING BANKS. § 4:1. 39: p. 5. Class A directors to be chosen by and be repre- sentative of the. STRENGTHEN. § 26:1. 38: p. 26. The Secretary of the Treasury may borrow gold, etc., to, the gold reserve. SUBDIVISION, POLITICAL See "Political subdivision." SUBJECT TO. Amendments. §27:1. 2:p. 27. Approval. § 4:1. 20:p. 7. § 12:1. ll:p. 14. Call. § 2:1. 17:p. 2. § 5:1. 2:p. 8. Control. § 10:1. 23:p. 12. Notice, etc. § 19:1. 53:p. 21. Order of Comptroller. § 16:1. 6:p. 19. Penalties. § 9:1. 32 :p. 10. § 19:1. 19:p. 23. 70820°— 16 28 432 INDEX-DIGEST. SUBJECT TO (Continued). Provisions of Act. § 19:1. 36:p. 23. Provisions of this section. § 9:1. l:p. 10. Provisions of United States Revised Statutes. § 9:1. 32:p. 10. Reserve requirements. § 11:1. 23:p. 13. Review. § 2:1. 24:p. 1. § 14:1. 24:p. 16. Same conditions. § 2:1. 5:p. 3. Same duties. § 8:1. 40:p. 9. Same liabilities. § 8:1. 40:p. 9. Same regulations. § 8:1. 40:p. 9. Supervision. § 10:1. 36:p. 11. § 10:1. 22:p. 12. Visitatorial powers. § 21:1. 32 :p. 24. SUBMIT. § 9:1. 15: p. 10. By-laws to require applying banks not organ- ized under Federal law to, to examination and regulations of the Organization Commit- tee or the Federal Reserve Board, etc. SUBSCRIBE. See also "Subscription." § 2:1. ll:p. 2. Every national bank required within 30 days after notice from the Organization Committee to, to capital stock of the Federal reserve bank, etc. § 2:1. 8: p. 3. No individual, copartnership, or corporation other than a member bank, to be per- mitted to, for or to hold more than $25,000 Ear value of stock ia any Federal reserve ank. § 4:1. 31 :p. 4. The organization certificate to state that it is made to enable, etc., all banks which have subscribed or may thereafter, etc., to avail themselves of the advantages of the Act. INDEX-DIGEST. 433 SUBSCRIBE (Continued). § 5:1. 50: p. 7. Member bank increasing its capital stock or surplus to, for additional amount of stock of the Federal reserve bank. § 5:1. 4: p. 8. Bank applying for stock in a Federal reserve bank after organization thereof must, for an amount of stock of the Federal reserve bank equal to 6 per centum of its paid-up capital and surplus, etc. § 9:1. 49: p. 9. State bank, etc., may apply for right to, to stock of the Federal reserve bank, etc. § 10:1. 40:p. 11. Each member of the Federal Eeserve Board to make and, to the oath of office within 15 days after notice of appointment. SUBSCRIBED. § 2:1. 24: p. 2. Shareholders liable for debts, etc., of the Federal reserve bank, etc., to amount of subscriptions at par value in addition to amount, etc. § 2:1. 29: p. 3. No Federal reserve bank to commence business with a, capital less than $4,000,000. § 4:1. 18:p. 4. When minimum amount of stock, etc., shall have been, and allotted, the Organization Committee to designate any five banks, etc. § 4:1. 28: p. 4. The organization certificate to contain names of all banks which have, etc. § 4:1. 29: p. 4. Also the number of shares, by each bank. § 4:1. 31: p. 4. The certificate of organization to state that it is made to enable, etc., all banks which have, etc., to avail themselves of advantages of the Act. SUBSCRIBING BANK. See "Member bank." SUBSCRIPTION. § 2:1. 14: p. 2. One-sixth of, payable on call of the Organiza- tion Committee or of the Federal Reserve Board, one-sixth within three months, and one-sixth within six months thereafter and the remainder subject to call of the Federal Reserve Board. § 2:1. 3: p. 3. The Organization Committee under conditions stated may offer stock to public. § 4:1. 13: p. 4. The application blank to contain a resolution, etc., authorizing a, to the stock of the Fed- eral reserve bank. 434 INDEX-DIGEST. SUBSCRIPTIOH" (Continued). § 5:1. 52: p. 7. When a member bank increases its capital § 5:1. 2: p. 8. stock or surplus it shall subscribe for addi- tional amount of stock of the Federal reserve bank, etc., one-half of said, to be paid as provided tor original, and one-half subject to call of the Federal Reserve Board. § 5:1. 19: p. 8. Member bank voluntarily liquidating to be released from its stock, not previously called. § 9:1. 51: p. 10. Member bank surrendering its stock in a Fed- eral reserve bank for violation of this section or of regulations of the Federal Reserve Board to be paid, etc., less any liability to the Federal reserve bank except the, liability not previously called. SUBSCRIPTIONS. § 2:1. 23: p. 2. Shareholders of Federal reserve banks liable § 2:1. 24: p. 2. for debts, etc., of such banks to amount of their, to such stock at par value in addition to amount subscribed whether such, have been paid up in whole or in part, etc. § 2:1. 52: p. 2. If, by banks insufficient, etc., the Organiza- tion Committee may offer stock to public subscription, etc. § 2:1. 13:p. 3. Should total, by banks and public be insuffi- cient, etc., the Organization Committee may allot stocK to the United States, etc. § 4:1. 44: p. 5. When the necessary, have been obtained, etc., the Federal Reserve Board to appoint the class C directors, etc. § 5:1. 22: p. 8. Federal reserve banks to pay on surrendered shares a sum equal to cash paid, etc. § 6:1. 29: p. 8. Receiver of insolvent member bank to pay all cash paid, on said stock, etc. § 9:1. 47: p. 10. The Federal reserve bank to pay cash paid, etc., upon stock surrendered tor violation of this section or of regulations of the Federal Reserve Board. SUBSEQUENT TRANSFEREE. § 23:1. 31: p. 25. Shareholders transferring stock in a national bank within 60 days of its failure to meet its obligations, etc., to be liable, etc., to extent that the, fails to meet such liability. INDEX-DIGEST. 435 SUBSTITUTE. § 16:1. 43: p. 18. Any Federal reserve bank may, etc., withdraw collateral deposited with the Federal reserve agent for the protection of its Federal reserve notes, and shall at the same time, therefor other like collateral of equal amount, with the approval of the Federal reserve agent and under regulations to be prescribed by the Federal Reserve Board. SUBTEEASURY, SUCCEEDING. § 10:1. 45:p. UNITED STATES, treasury." See "United States Sub- 11. The Federal Reserve Board to levy semi- annually, etc., an assessment, etc., for half year, the leving, etc. § 19:1. 12: p. 22. Banks not ia reserve or central reserve cities for 12 months after said date to carry two- twelfths and for each, six months an addi- tional one-twelfth of its reserves in the Fed- eral reserve bank of their district imtil five- twelfths have been so deposited, which shall be the amoimt permanently required. § 19:1. 32: p. 22. Reserve city banks to carry for 12 months after the date aforesaid at least three-fifteenths and for each, six months an additional one- fifteenth of its reserve in the Federal reserve bank until six-fifteenths have been so de- posited, which shall be the amount perma- nently required. SUCCESSION. § 4:1. 44:p. SUCCESSOR. § 10:1. 8:p. 4. Federal reserve banks to have, for 20 years from organization unless sooner dissolved by Act of Congress, etc. 12. When a vacancy occurs in the Federal Reserve Board other than by expiration of term a, shall be appointed by the President. SUCH, AS. See "As such." SUCH CASE, IN. See "In such case." SUCH MANNER, IN. See "In such manner." SUCH PRICE, AT. See "At such price." SUCH TIMES, AT. See "At such times." SUE. § 4:1. 48: p. 4. Federal reserve banks to have power to, and be sued, etc. SUED. See "Sue." 436 INDEX-DIGEST. SUFFICIENT. § 8:1. 14:p. 9. § 9:1. 18:p. 10. § 10:1. 44:p. 11. § 16:1. 49:p. 17. Unimpaired capital, etc. Unimpaired capital, etc. The Federal Reserve Board to levy semiannu- ally, etc., an assessment, to pay estimated expenses, etc. Federal reserve banks to maintain with the United States Treasurer ia gold an amount, IQ the judgment of the Secretary of the Treas- ury, for the redemption of Federal reserve notes. The Federal Reserve Board to require each Federal reserve bank to maintain on deposit in the Treasury a sum in gold, ia the judg- ment of the Secretary of the Treasury, for the redemption of Federal reserve notes. The Federal Reserve Board to include m. its estimate of expenses levied against Federal reserve banks a, amount to cover expenses of Federal reserve notes. § 18:1. 40 :p. 20. The Treasurer of the United States to pay to member bank for which its United States bonds have been sold any balance due after deducting a, sum to redeem its outstanding notes, etc. § 27:1. 43: p. 28. The Secretary of the Treasury shall require each bank and ctirrency association to main- tain in the Treasury a sum in gold, in his judgment for the redemption of Aldrich- Vreeland notes issued tmder the Act of May 30, 1908, as amended. § 16:1. 8:p. 18. § 16:1. 15:p. 19. SUIT. § 2:1. 39:p. 2. SUITABLE. § 16:1. 46:p. 18. SUM. § 2:1. 12 :p. 2. § 2:1. 39:p. 3. § 5:1. 22:p. 8, Any noncompliance with or violation of this Act to be determined, etc., by any court of United States of competent jurisdiction in a, brought for that purpose in the district or territory in which such bank is located, etc. In order to furnish, notes for circulation as Federal reserve notes the Comptroller, etc., to cause plates and dies to be engraved, etc. Banks to subscribe to stock of Federal reserve banks in a, equal to, etc. The, of $100,000 appropriated for expenses of the Organization Committee. Federal reserve banks to pay for surrendered shares a, equal to, etc. INDEX-DIGEST. 437 SUM (Coatinued). § 10:1. 22: p. 11. The Comptroller to receive the, of $7,000 for services as a member of the Federal Ileserve Board, etc. § 16:1. 16 :p. 17. Application for Federal reserve notes to be accompanied with a tender to the local Federal reserve agent of collateral in amoimt * equal to the, of such notes applied for and issued, etc. § 16:1. 7: p. 18. The Federal Reserve Board to require Federal reserve banks to maintain in the Treasury a, in gold sufficient in the judgment of the Secretary of the Treasury for the redemption of Federal reserve notes, etc. § 18:1. 40: p. 20. The United States Treasurer to pay member bank selling its United States bonds^ etc., any balance due after deducting a sufficient, to redeem its outstanding notes, etc. § 19:1. 12: p. 23. Except as provided no member bank to keep on deposit with a nonmember bank a, in excess of 10 per centum of its own paid-up capital and surplus. § 22:1. 47 :p. 24. Bank officer, etc., making loan to examiner to be imprisoned, etc., and may be fined a further, etc. § 22 :1. 52 : p. 24. Examiner accepting loan to be imprisoned, etc., and may be fined a further, etc. § 24:1. 43: p. 25. National banks, etc., may loan on farm lands in aggregate, equal to 25 per centiun of their capital and surplus, etc. § 28:1. 19: p. 27. National bank may reduce its capital to any, not below amount required by this title to authorize formation of a national-bank asso- ciation. § 27:1. 43: p. 28. The Secretary of the Treasury to require each bank and currency association to maintain in the Treasm-y a, in gold sufficient La his judgment for the redemption of Aldrich- Vreeland notes. SUPERSEDED. § 26:1. 29: p. 26. All provisions of law inconsistent with or, by any of the provisions of this Act are to that extent and to that extent only hereby re- pealed. SUPEEVISE. § 2:1. 40: p. 1. The Organization Committee to, the organiza- tion of a Federal reserve bank in each of the cities designated. 438 INDEX-DIGEST. STJPEEVISE (Continued). § 11:1. 16 :p. 13. The Federal Eeserve Board 'to, etc., the issue and retirement of Federal reserve notes through the bureau under charge of the Comp- troller, etc. SUPERVISION. § 4:1. 23: p. 5. Federal reserve banks to be conducted under the, and control of a board of directors. § 10:1. 36 :p. 11. The governor of the Federal Reserve Board subject to its, to be the active executive officer. § 10 :1. 18 : p. 12. Nothing in Act to take away any powers vested by law in the Secretary of the Treasury which relate to the, management, and control, etc., of the Treasury Department, etc. § 10:1. 23 :p. 12. Any power, etc., appearing to conflict with the powers of the Secretary of the Treasury to be exercised subject to the, and control of the Secretary. § 10:1. 32: p. 12. The Comptroller, under the general, of the Fed- eral Eeserve Board charged with the execu- tion of all laws relating to Federal reserve notes, etc. § 11:1. 42 : p. 13. The Federal Reserve Board to exercise general, over the Federal reserve banks. SUPPLEMENT. § 7:1. 51: p. 8. The net earnings of the United States from Federal reserve banks to be used, etc., to, the gold reserve against outstanding United States notes, etc. SUPPLY. § 16:1. 17: p. 18. The Federal Reserve Board to. Federal reserve notes to banks applying therefor. § 16:1. 52: p. 18. The Comptroller, under direction of the Secre- tary of the Treasury, to have Federal reserve notes printed of such denominations, etc., as may be required to, the Federal reserve banks. SURPLUS. § 2 :1. 13 :p. 2. Each banlc to subscribe in a sum equal to 6 per centum of its capital and. § 5:1. 45: p. 7. Stock of Federal reserve banks to be increased as member banks increase their capital stock and. § 5:1. 47: p. 7. To be reduced as member banks reduce their capital stock and. § 5:1. 50:p. 7. When member bank increases its capital or, it shall subscribe for additional stock, etc. INDEX-DIGEST. 439 STJRPlirS (Continued). § 5:1. 6: p. 8. Bank applying for stock after organization of the Federal reserve bank to subscribe for amount, etc., equal to 6 per centum of its capital and, etc. § 7:1. 3: p. 9. Distribution of, of a dissolved or liquidated Federal reserve bank. § 7:1. 7: p. 9. Federal reserve banks, including capital stock, and, etc., to be exempt from Federal, State, and local taxation except taxes upon real estate. § 10:1. 44: p. 11. The Federal Eeserve Board to levy assessment on Federal reserve banlvs, etc., in proportion to their capital stock and, etc. § 13:1. 18: p. 16. Acceptances discounted by a Federal reserve bank not to exceed one-half the paid-up capital and, of the bank for which the redis- counts are made. § 13:1. 22: p. 15. The aggregate of notes, etc., rediscounted for any one bank, bearing signature or indorse- ment of any one person, etc., not to exceed 10 per centum of the unimpaired capital and, of said bank, etc. § 13:1. 30: p. 15. Member banks not to accept such bills to amount exceeding one-half its paid-up cap- ital and. § 18:1. 32:p. 20. The Federal Reserve Board to allot such pro- § 18:1. 33; p. 20. portion of the United States bonds offered for sale by member banks to each Federal reserve bank as the capital and, of such bank shall bear to the capital and, of all the Federal reserve banks. § 19:1. 13: p. 23. No member bank, except as thus provided, to keep on deposit with any nonmember bank a sum in excess of 10 per centum of own paid- up capital and. § 24:1. 44: p. 25. National banks limited as to farm loans to 25 per centum of capital and. § 25:1. 3:p. 26. National banks having capital and, of $1,000,- 000 or more may apply for authority to estabhsh foreign branches, etc. § 27:1. 41: p. 28. No bank to issue circulating notes in excess of 125 per centum of its unimpaired capital and. SUEPIFS FUND. § 7:1. 47: p. 8. One-half of net earnings from Federal reserve banks shall be paid into a, etc. 440 INDEX-DIGEST. SUERENDER. § 5:1. 15: p. 8. Member bank reducing capital stock to, a pro- portionate amount of its stock in the Federal reserve bank. § 5:1. 17: p. 8. Member bank volimtarHy liquidating to, all its holdings of stock in the Federal reserve bank. § 9:1. 45: p. 10. The Federal Eeserve Board may require mem- ber bank to, its stock for failure to comply with this section or with regulations of the Federal Reserve Board. § 9:1. 46:p. 10. Upon such, the Federal reserve bank to pay cash paid subscriptions, etc. SURRENDERED, § 5:1. 19:p. 8. § 5:1. 23:p. 8. SUSPEND. § 9:1. In either case the shares, shall be cancelled. Member bank to receive a sum equal to its cash paid subscription on the shares, etc. 53: p. 10. A Federal reserve bank upon notice from the Federal Reserve Board required to, member bank from further privileges of membership, etc. § 11:1. 53: p. 12. The Federal Reserve Board may, for not ex- ceeding 30 days, etc., any reserve require- ment of Act. § 11:1. 26: p. 13. The Federal Reserve Board may, or remove any officer or director of any Federal reserve bank. § 11:1. 32 :p. 13. The Federal Reserve Board, for violation of any provision of this Act, may, the operations of any Federal reserve bank, etc. § 27:1. 32: p. 28. The Secretary of the Treasm-y may, the limita- § 27:1. 38: p. 28. tions imposed in sections 1, 3, and 5 of the Act of May 30, 1908, except, etc. SUSPENDED. § 3:1. 47: p. 3. A Federal reserve bank may establish branch banks in the district of any Federal reserve bank which may have been. § 27:1. 2: p. 29. The Secretary of the Treasury may permit national banks, during the period tor which such provisions are, to issue additional cir- culation under said Act of May 30, 1908, as amended. SUSPENSION. § 11:1. 64: p. 12. The Federal Reserve Board may suspend for not exceeding 30 days ^nd from time to time renew such, for periods not exceeding 15 days, any reserve requirement specified in this Actj etc. INDEX-DIGEST. 441 SUSPENSION (Continued). § 11:1. 34: p. 13. The Federal Eeserve Board may administer any Federal reserve bank dm-ing the period of. SXTSTAIITED. 8 2:1.47 p. 2. SYNOHYMOTIS. § 1:1. 9:p Every director participating in or assenting to any noncompliance with or violation of this Act, except failure to become a member bank, to be liable in his personal or individual capacity, for all damages which said bank, its shareholders, or any other person shall have, in consequence of such violation. 1. The terms "National bank" and "National banking association" shall be held to be, and interchangeable. SYSTEM, FEDERAL EESERVE. See "Federal reserve system." SYSTEM, RESERVE BANKING. See "Reserve banking system," TAKE AWAY. § 2:1. 49: p. 2. Dissolution of a national bank not to, etc., any remedy against such corporation, etc. TAKE EFFECT. § 22:1. 20: p. 25. The provision of section 22 as to receipt of fees or commissions by officers, directors, etc., not to, until 60 days after passage of this Act, except as provided in existing laws. TAKE OUT. § 18:1. 44: p. 20. Federal reserve banks purchasing United States bonds from member banks may, cir- culating notes equal to the par value of such bonds deposited, etc. TAKE POSSESSION. § 11:1. 33 :p. 13. The Federal Reserve Board may suspend, etc., and, of any Federal reserve bank for violation of any provisions of this Act. TAKE STOCK. § 19:1. 35: p. 23. National banks in Alaska, or outside the conti- nental United States, except in PhUippine Islands, which, with consent of the Federal Reserve Board, become member banks shall, maintain reserves, and be subject to all other provisions of this Act. TAKE TESTIMONY. § 2:1. 35: p. 1. The Organization Committee may, etc. TAKEN AS THE BASIS. § 19:1. 26:p. 23. The net balance of amounts due to and from other banks to be, for ascertaining deposits against which reserves shall be determined. TAKING AWAY. § 10:1. 16: p. 12. Nothing in this Act to be construed as, any powers heretofore vested by law in the Sec- retary of the Treasury, etc. TAX. 1. Act of May 30, 1908. Aldrich-Vreeland notes. § 27:1. 5: p. 27. The, rates changed as follows, etc. § 27:1. 9:p. 27. For first three months a, at rate of 3 per centum per annum, etc. § 27:1. 11: p. 27. Afterwards an additional, rate of one-half § 27:1. 13:p. 27. of 1 per centum per annum for each month until a, of 6 per centum per an- num is reached. § 27:1. 13: p. 27. Thereafter such, of 6 per centum per an- num, etc. 442 INDEX-DIGEST. 443 TAX (Continued). 2. Federal reserve banks. § 7 : 1. 46 : p. 8. After expenses and dividends fully met all net earnings to be paid to United States as a franchise, except, etc. § 11:1. 2: p. 13. The Federal Reserve Board to establish a graduated, upon amounts by which re- serve requirements are permitted to fall below the level hereinafter specified. 3. Federal reserve notes. §11:1. 6: p. 13. When the gold reserve against Federal re- serve notes falls below 40 per centum, the Federal Reserve Board to establish a graduated, of not more than 1 per centum per annum, etc. § 11:1. 9: p. 13. When said reserve falls below 32^ per centum a,< prescribed at rate increas- ingly of not less than 1^ per centum per annum upon each 2 J per centum or frac- tion thereof that such reserve falls below 32i^ per centum, etc. § 11:1. 13 :p. 13. The, to be paid by the Federal reserve § 11:1. 14: p. 13. bank, which shall add an amount equal to the, to the rates of interest and discount fixed by the Federal Reserve Board. § 16:1. 38: p. 17. No Federal reserve bank to pay out Federal reserve notes issued through another under penalty of a, of 10 per centum upon the face Value of notes so paid out. TAX, FRANCHISE. See "Franchise, etc." TAX, GRADUATED. See "Graduated, etc." TAX, RATE OF. See "Rate, etc." TAX RATES. § 27:1. 5: p. 27. The, fixed in the Act of May 30, 1908, upon additional circulating notes amended, etc. TAXATION. § 7:1. 9: p. 9. Federal reserve banks, including capital stock, surplus, and income therefrom, to be exempt from Federal, State, and local, except taxes upon real estate. TAXES. Anticipation of. § 14:1. 15:p. 16. Collection of. § 14:1. 15:p. 16. 444 INDEX-DIGEST. TAXES (Continued). Exempt from. § 18:1. 36:p. 21. § 18:1. 38:p. 21. Seal estate. § 7:1. 9:p. 9. Receivable for Government. § 16:1. 8:p. 17. TEN DAYS. § 18:1. 23: p. 20. Applications by member banks for sale of their United States bonds securing circulation to be retired to be filed at least, before the end of any quarterly period at which the Federal Keserve Board may direct the purchase to be made. TEN DOLLARS. § 16:1. 51: p. 18. Federal reserve notes to be of denominations of $5, $10, $20, $50, and $100. TEN MEMBER BANKS. § 21:1. 39: p. 24. Upon joint appHcation of, the Federal Reserve Board shall order a special examination and report of the condition of any Federal reserve bank. TEN PER CENTUM. § 13:1. 21:p. 15. The aggregate of such notes and bills bearing the signature or indorsement of any one person, etc., rediscounted for any one bank at no time to exceed, of the unimpaired capital and surplus of said bank, etc. § 16:1. 38:p. 17. No Federal reserve bank to pay out Federal reserve notes issued through another under penalty of a tax of, upon the face value of the notes so paid out. § 19:1. 13:p. 23. Except as thus provided; no member bank shall keep on deposit with any nonmember bank a sum in excess of, of its own paid up capital and surplus. TEN YEARS. § 10:1. 31:p.ll. One member of the Federal Reserve Board to be designated by the President to serve for, etc. § 10:1. 32: p. 11. Thereafter each member to serve for a term of. TENDER. § 16:1. 15:p. 17. Application for Federal reserve notes to be accompanied with a, to local Federal reserve agent of collateral, etc. INDEX-DIGEST. 445 TENDER (Continued). § 18:1. 24:p. 21. At each maturity of the notes so purchased the Federal reserve bank to agree to pur- chase from the United States such an amount of 1-year notes as the Secretary of the Treas- ury may, to such bank, etc. TENDERED. § 18:1. 14:p. 21. Upon appHcation of any Federal reserve bank, § 18:1. 16 :p. 21. approved by the Federal Keserve Board, the Secretary of the Treasury may issue one- year gold notes of the United States, etc., to an amount not to exceed one-half of the 2 per centum bonds so, for exchange and 30- year 3 per centum gold bonds for the remain- der of the 2 per centum bonds so. TENOR. § 16:1. 53: p. 18. Federal reserve bank notes shall be in form and, as directed by the Secretary of the Treasury, etc. § 18:1. 3:p. 21. Federal reserve bank notes shall be of same, and effect as national bank notes now pro- vided by law. § 18:1. 42 :p. 21. The Secretary of the Treasury authorized, etc., to issue United States 3 per centum 30-year gold bonds at par, etc., such bonds to be of same general, and effect, etc., as the United States 3 per centum gold bonds without the circulation privilege, now isued and out- standing. TERM; TERMS. See also "Construction." Acceptance of. § 2:1. 27:p. 2. And conditions. § 18:1. 5:p. 21. §27:1. 3:p. 29. And provisions. § 2:1. 6:p. 2. Construction of, "board." § 1:1. 12:p. 1. Construction of, "district." § 1:1. 13:p. 1. Construction of, "member bank." § 1:1. 10:p. 1. Construction of, "national bank." § 1:1. 8:p. 1. Construction of, "national banking association." § 1:1. 8:p. 1. 446 INDEX-DIGEST. TERM ; TERMS (Continued). Construction of, " reserve bank." § 1:1. 14:p. 1. Construction of, " State bank." • § 1:1. ll:p. 1. Construction of, " trust company." § 1:1. ll:p. 1. Expiration of. § 10:1. 6:p. 12. General. § 18:1. 43:p. 21. Of Aldrich-Vreeland Act. §27:1. 47 :p. 26. Of office. § 4:1. 31:p. 7. § 4:1. 32:p. 7. § 4:1. 33 :p. 7. Of this paragraph § 13:1. 6:p. 15. Ten year. § 10:1. 32:p. 11. Three year. § 4:1. 36:p. 7. Under the. § 13:1. 6:p. 15. Unexpired. § 4:1. 39: p. 7. § 10:1. 10:p. 12. § 12:1. 21 :p. 14. TERMINATE. § 11:1. 25:] p. 13. The Federal Reserve Board may reclassify existing reserve and central : reserve cities or, their designation as such. TERRITORIAL EXTENT. § 4:1. 23:p. 4. The organization certificate to state the, of the district over which the operations of such Federal reserve bank are to be carried on. TERRITORY. § 2:1. 39: p. 2. Suits for violation, etc., of Act to be brought in United States court, etc., in district or, in which such bank is located, etc. TESTED BANKING EXPERIENCE. § 4:1. 54: p. 6. Federal reserve agent to be a person of. § 4:1. 10: p. 7. Deputy Federal reserve agent to be a person of. INDEX-DIGEST. 447 TESTIMONY. § 2:1. 35 '.p. 1. Organization Committee may take, etc. THAT EVENT, IN. See " In that event." THE AGGREGATE, IN. See "In the aggregate." THE AVERAGE AMOUNT, UPON. See "Upon the average amount." THE CASE OF, IN. See " In the case of." THE CONGRESS. § 10:1. 26: p. 12. The Speaker of the House of Representatives to cause annual report of the Federal Reserve Board to be printed for the information of. THE FIRST INSTANCE, IN. See "In the first instance." THE HANDS OF, IN. See " In the hands of." THE MANNER, IN. See " In the manner." THE NAME, IN. See "In the name." THE OPEN MARKET, IN. See "In the open market." THE PUBLIC. § 2:1. 13: p. 3. Should the total subscriptions by banks and, be insufficient, etc., stock may be allotted to the United States, etc. THE RESERVE BANK ORGANIZATION COMMITTEE. See "Re- serve Bank Organization Committee." THE SAME MANNER, IN. See "In the same manner." THE VARIOUS DISTRICTS, IN. See "In the various districts." THEREAFTER. § 2:1. 16 :p. 2. § 4:1. 34:p. 7. § 9:1. 48 :p. 9. § 10:1. 27:p. 11. § 10:1. 31:p. 11. § 18:1. 14:p. 20. § 19:1. 10:p. 22. § 19:1. 29 :p. 22. § 22:1. 53 :p. 24. § 27:1. 13 :p. 27. THEREIN. § 23:1. 25:p. 25. THEREOF. § 9:1. 30 :p. 10. § 11:1. 2:p; 14. §'21:1. 11 :p. 24. 70820°— 15 29 448 INDEX-DIGEST. THEREOF (Continued). § 21:1. 16:p. 24. § 23:1. 25 rp. 25. § 23:1. 28 :p. 25. § 29:1. 33 :p. 27. THEREON. § 14:1. 7:p. 16. THERETO. §27:1. 6:p. 27. THIRD. § 4:1. 47:p. 4. THIRD COLUMN. § 4:1. 45: p. 6. If no candidate for director have a majority when first and second choices have been added, then the votes cast in the, etc., to be added. THIRD, ONE. See "One-third." THIRDS, TWO. See "Two-thirds." THIRTY DAYS. § 2:1. 10: p. 2. Every national bank within the district re- quired within, after notice from Organiza- tion Committee to subscribe to stock of Federal reserve bank. § 2:1. 29: p. 2. Any national bank failing to signify accept- ance within 60 days, etc., to cease to act as reserve agent upon, notice, etc. § 9 :1. 54 :p. 10. The Federal reserve bank, upon notice from the Federal Reserve Board, required to suspend a member bank from further privileges, etc., and shall within, of such notice cancel and retire its stock, etc. § 10:1. 14 :p. 12. The President may fill vacancies on the Fed- eral Reserve Board happening during a re- cess of Senate by granting comnaissions to expire, after the next session of the Senate convenes. § 11:1. 53: p. 12. The Federal Reserve Board may suspend any reserve requirement in the Act for a period not exceedmg, etc. § 19:1. 51: p. 21. Demand deposits to comprise all deposits pay- able within. § 19:1. 52 :p. 21. Time deposits to comprise all deposits payable after. § 19:1. 54 :p. 21. Time deposits also to comprise all savings accounts and certificates of deposit subject to not less than, notice before payment. INDEX-DIGEST. 449 THIRTY-SIX MONTHS. § 19:1. 9: p. 22. Disposition of bank reserves as between own § 19:1. 15: p. 22. vaults, Federal reserve bant, or national § 19:1. 19: p. 22. banks in reserve or central reserve cities for § 19:1. 28: p. 22. a period of, after the oflScial announcement § 19:1. 35: p. 22. by the Secretary of the Treasury of the § 19:1. 39: p. 22. establishment of a Federal reserve bank. [Amended by Act of August 15, 1914. See § 19:1. 19 :p. 30.] THIRTY-TWO AND ONE-HAIF PER CENTUM. § 11:1. 8: p. 13. Graduated tax prescribed on Federal reserve § 11:1. 9: p. 13. notes when gold reserve falls to and below. § 11:1. 12:p. 13. THIRTY-FIVE PER CENTUM. § 16:1. 26 :p. 17. Federal reserve banks to maintain reserves in gold or lawful money of not less than, against deposits. THIRTY- YEAR GOLD BONDS, UNITED STATES. See "United States 3 per centum 30-year gold bonds." THIRTY YEARS. § 18:1. 28 :p. 21. Obligation of Federal reserve banks to pur- chase at maturity the 1-year gold notes to continue in force for a period not to exceed. § 18:1. 41 :p. 21. The Secretary of the Treasury authorized to issue United States gold bonds at par bear- ing 3 per centum interest payable, from date of issue for purpose of making the exchange herein provided for. THOROUGH EXAMINATION. § 21:1. 8: p. 24. Examiner to have power to make a, of all affairs of any national bank. THOUSAND DOIIARS, FIVE. See "Five thousand doUars." THOUSAND DOLLARS, SEVEN. See "Seven thousand dollars." THOUSAND DOLLARS, TWELVE. See "Twelve thousand doUars." THOUSAND DOLLARS, TWENTY-FIVE. See "Twenty-five thou- sand dollars." THOUSAND DOLLARS, ONE HUNDRED. See "One hundred thou- sand doUars." THREE CLASSES. § 4 : 1. 37 : p. 5. The board of directors to be divided into, desig- nated as classes A, B, and C. THREE DIRECTORS. § 3:1. 51: p. 3. The Federal Eeserve Board to select, of every branch bank. 450 INDEX-DIGEST. THEEE-FIFTEEITTHS. § 19:1. 31 : p. 22. Banks in reserve cities for 12 months after said date to keep at least, of their reserves in the Federal reserve bank, etc. THEEE GENEEAL GEOUPS. § 4:1. 10: p. 6. Chairman of board to classify the member banks of the district into, or divisions. § 4:1. 13: p. 6. The, to be designated by number by the chair- man. § 4:1. 20: p. 6. Chairman to make lists of the district reserve electors thus named, etc., in each of the afore- said, etc. THEEE MEMBEES. § 4:1. 38: p. 5. Each class of directors to consist of, etc. § 4:1. 40:p. 5. § 4:1. 43:p. 5. THEEE MONTHS. § 2:1. 15: p. 2. Second subscription to capital stock of Federal reserve banks — one-sixth — payable within, after date fixed in call for first subscription. § 13:1. 15: p. 15. Federal reserve banks may discount accep- tances based on importation or exportation of goods which have a maturity at time of discount of not more than, and indorsed by at least one member bank. § 27:1. 8: p. 27. Tax imposed upon Aldrich-Vreeland notes of 3 per centum for the first, etc. THEEE PEE CENTUM. 1. Aldrich-Vreeland notes. § 27:1. 9: p. 27. Tax imposed of, upon Aldrich-Vreeland notes for the first three months. 2. United States bonds. See "United States 3 per centum gold bonds." 3. United States one-year gold notes. § 26:1. 41: p. 26. To maintain the parity and to strengthen the gold reserve Secretary of the Treas- ury may issue 1-year gold notes bearing interest at a rate not exceeding, etc. 4. United States Treasury notes. § 18:1. 33:p. 21. The Secretary of the Treastiry may issue 1-year gold Treasury notes, etc. for exchange for United States 2 per centum bonds exchanged, etc., bearing interest at the rate of, etc. INBEX-DIGEST. 451 THREE YEARS. § 4:1. 36: p. 5. Board of directors of Federal reserve banks to consist of nine members holding office for, etc. § 4:1. 34: p. 7. Directors of each class to designate one whose term shall expire in one, two, and, from the first of January nearest to date of meeting, etc. § 4:1. 36:p. 7. § 19:1. 8:p. 23. THROUGH. § 14:1. 34:p. 16, § 16:1. 4:p. 17, § 16:1. 33:p. 17, § 16:1. 36:p. 17, § 16:1. 37:p. 17, § 16:1. 41:p. 17, § 16:1. l:p, 18, § 16:1. 13:p. 18. § 16:1. 16:p. 18, TIME; TIMES. At all. § 21:1. 29:p. § 25:1. 19:p. At any. § 2:1. 9:p. § 5:1. 4:p. § 9:1. 42:p. § 13:1. 29:p. § 13:1. 33:p. § 16:1. 23 :p. § 16:1. 26:p. § 18:1. 14:p. § 19:1. 22:p. §21:1. 5:p. Thereafter every director, etc., to hold office for term of. Certain reserve deposits of State banks or trust companies required by State law to be kept in own vaults or with another State bank or trust company to be construed as if reserve deposits m a national bank in a reserve or central reserve city for a period of, after the Secretary of the Treasury has officially announced the establishment of a Federal reserve bank in the district in which such State bank or trust company is situate. [Amended by Act of August 15, 1914. See § 19:1. 37 : p. 30; § 19:1. 39 : p. 30; § 19:1. 41:p. 30.] 24, 26. 3. 8. 10. 15. 15. 17. 18. 20. 23. 24. 452 INDEX-DIGEST. TIME; TIMES (Continued). At no. § 13:1. 17:p. 15. § 13:1. 21 :p, 15. At such. § 2:1. 22:p. 3. § 13:1. 35:p. 15. § 25:1. 23:p, 26. At tlie. § 4:1. 40:p. 5. § 13:1. 7:p. 15. § 16:1. 26 :p. 19. § 18:1. 16:p. 21. § 23:1. 35:p. 25. At the same. § 16:1. 42 :p. 18. Four. § 12:1. 13:p. 14. longer. § 24:1, 40:p. 25. TIME DEPOSITS. § 19:1. 51: p. 21. The words, to comprise all deposits payable after 30 days and aU savings accounts and certificates of deposit which are subject to not less than 30 days' notice before payment. § 19:1. 8: p. 22. All member banks to hold reserves equal to § 19:1. 26: p. 22. 5 per centum of their. § 19:1. 47:p. 22. § 24:1. 44: p. 25. Any national bank not situated in a central reserve city may loan on farm lands, etc., in an aggregate sum equal to 25 per centum of its capital and surplus or to one- third of its, etc. § 24:1. 45:p. 22. Such banks may continue, etc., to receive, and pay interest on the same. TIME, DURING THE. See "During the time." TIME, ENTIRE. See "Entire time." TIME, LONGER. See "Longer time." TIME OF DISCOUNT. § 13:1. 15: p. 15. Federal reserve banks may discount accept- ances based upon importation or exporta- tion of goods and which have a matmity at, of not more than three months, and indorsed by at least one member bank. INDEX-DIGEST. 453 TIME OR TIMES. § 25:1. 23: p. 26. The Federal Reserve Board may order special examinations of foreign branches of national banks at such, as it may deem best. TIME TO TIME, FEOM. See "From time to time." TITIE. § 1:1. 2: p. 1. The short, of this Act shall be the "Federal Reserve Act." § 2:1. 41: p. 1. The Federal reserve bank to include in its, the name of the city in which it is situated. § 28:1. 18: p. 27. Any association formed under this, may, etc., § 28:1. 20:p. 27. reduce its capital, etc., to any sum not below the amount required by this, to authorize the formation of associations. TO CARRY OUT. § 4:1. 24: p. 7. The Organization Committee may call such meetings of directors, etc., as may be neces- sary, the purposes of this Act. TO RUN, SIX MONTHS SIGHT. See "Six months sight to run." TO THAT EXTENT. § 26:1. 30: p. 26. All provisions of law inconsistent with or super- seded by any of the provisions of this Act are, and, only, hereby repealed. TO THE EXTENT. § 2:1. 22:p. 2. § 16:1. 46:p. 17. § 16:1. 15:p. 18. § 19:1. 28:p. 23. § 23:1. 31 :p. 25. TO THE SAME EXTENT. § 23:1. 30 :p. 25. TOGETHER, ADDED. See "Added together." TOGETHER, ADDING. See "Adding together." TOGETHER WITH. § 10:1. 46:p. 11. TOTAL RESERVE. See "Reserve." TOTAL SUBSCRIPTIONS. See "Subscriptions." TRADING. § 13:1. 3: p. 15. Definition of commercial paper not to include notes, etc., covering merely investments or issued or drawn for the purpose of carrying or, in stocks, bonds, or other investment se- curities, except bonds and notes of United States. 454 INDEX-DIGEST. TRANSACT. § 4:1. 19:p. 5. No Federal reserve bank to, any except inci- dental, etc., business until authorized by the Comptroller, etc. TRANSACTION OF BUSINESS. § 12:1. 19: p. 14. A majority of the members of the Federal Ad- Tisory Council to constitute a quorum for the_ TRANSACTION; TRANSACTIONS. § 13:1. 43 :p. 14. Federal reserve banks may discount notes, etc., arising out of actual commercial. § 13:1. 26 :p. 15. Any member bank may accept drafts or bills of exchange drawn upon it and growing out of, involving importation qx exportation of goods, etc. § 14:1. 22: p. 16. Federal reserve banks may purchase from mem- ber banks and sell, etc., bills of exchange arising out of commercial, etc. § 14:1. 35: p. 16. Federal reserve banks may, with the consent of the Federal Keserve Board, buy and sell, etc., through its foreign correspondents or agen- cies biUs of exchange arising out of actual commercial, etc. § 22:1. 9: p. 25. Other than usual salary or director's fee, etc., no officer, director, etc., to receive directly or indirectly any fee, commission, etc., for or in connection with any, or business of the bank. TRANSFER. § 16 :1. 51 :p. 19. The Federal Reserve Board to make, etc., regu- lations governing the, of funds and charges therefor among Federal reserve . banks and their branches. §17:1. 9: p. 20. So much of provisions of existing laws as require national banks before being author- ized to commence banking business to, to the United States Treasurer a stated amount of United States registered bonds is hereby repealed. § 18:1. 35: p. 20. Each member bank to duly assign and, in writing such bonds to the Federal reserve bank purchasing same, etc. § 23:1. 27: p. 25. Stockholders who have transferred their shares § 23:1. 31: p. 25. or registered the, within 60 days next before date of failure of bank to meet its obliga- tions, etc., to be liable to same extent as if they had made no such, etc. § 25:1. 27 :p. 26. National banks at end of each fiscal period to, to general ledger the profit or loss accruing at each foreign branch as a separate item. INDEX-DIGEST. 455 TRANSFEBS. § 2:1. 27: p. 3. The Federal Reserve Board empowered to adopt, etc., rules and regulations, governing the, of stock of Federal reserve banks. § 14:1. l:p. 16. Federal reserve banks, under regulations, etc., of thte Federal Reserve Board may purchase and sell in open market at home or abroad, etc., cable, etc. TRANSFERRED. § 2:1. 10: p. 3. Public stock in the Federal reserve banks may be, on the books by the chairman of board of directors. « § 5 :1. 48 : p. 7. Shares of stock of Federal reserve banks owned by member banks shall not be, or hypothe- cated. § 23 :1. 27 : p. 25. Liability of stockholders of national banks who have, their shares, etc., within 60 days before date of failure of such association to meet its obligations, etc. TRANSFEREE, SUBSEQUENT. See "Subsequent transferee." TRANSMIT. § 4:1. 20: p. 6. Chairman to, list of district reserve electors to each elector in each group. § 16:1. 37 :p. 18. Upon request of the Secretary of the Treasury the Federal Reserve Board to require the Federal reserve agent to, to the Treasury so much of the gold deposited to reduce lia- biUty on outstanding Federal reserve notes as may be required for exclusive purpose of redemption of such notes. TRANSMITTED. § 4:1. 37: p. 4. Organization certificate to be, etc., to Comp- troller. TRAVELING EXPENSES. § 10:1. 19;p. 11. Members of the Federal Reserve Board to re- ceive an annual salary of $12,000, together with actual necessary. TREASURER OF UNITED STATES. . § 2:1. 38: p. 3. Expenses of Organization Committee to be paid by, upon voucher approved by the Sec- retary of ttxe Treasury. § 4:1. 9:p. > 6. Federal reserve banks, upon deposit with the, of any bonds of United States, etc., to receive from the Comptroller Federal reserve bank notes, etc. 456 INDEX-DIGEST. TREASURER OF UMITED STATES (Continued). § 16:1. 44: p. 17. If Federal reserve notes have been redeemed by the, in gold or gold certificates, then such funds shall be reimbursed iu gold or gold certificates to extent deemed necessary by the Secretary of the Treasury. § 16:1. 49: p. 17. Federal reserve banks to maintain with the, in § 16:1. 50:p. 17. gold an amount sufiicient, etc., to provide for all redemptions to be made by the. § 17:1. 10: p. 20. Repeal of existing laws requiring transfer, etc., of a stated amount of United States regis- tered bonds to the, before commencing bank- ing business. § 18:1. 16: p. 20. After two years, etc.^ member bank may file with the, an application to sell, etc., its United States bonds securing circulation to be retired. § 18:1. 19:p. 20. The, at end of each quarterly period to furnish the Federal Reserve Board with a list of such applications. § 18:1. 23: p. 20. The Federal Reserve Board may require the Federal reserve banks to purchase such bonds from the banks whose appHcations have been filed with the, at least 10 days before end of any quarterly period, etc. § 18:1. 34: p. 20. Upon notice from the, of amount of bonds sold for its accoimt each member bank shall duly assign, etc., such bonds to the Federal reserve bank purchasing the same. § 18:1. 38: p. 20. Such Federal reserve bank shall thereupon deposit lawful money with the, for the pur- chase price, etc. § 18:1. 39: p. 20. The, shall pay to the member bank selling such bonds any balance due after deducting a sufiicient sum to redeem its outstanding notes secured by such bonds, etc. § 18:1. 46: p. 20. Upon deposit with the, of bonds so purchased or any bonds with the circulating privilege acquired under section 4 of this Act, any Federal reserve bank shall be entitled to receive from the Comptroller Federal reserve bank notes, etc. § 20 :1. 43 : p. 23. The 5 per centum redemption fund for national- bank notes deposited with the, no longer to be counted as part of lawful reserve. TREASURY, ASSISTANT SECRETARIES OF THE. See "Assistant Secretaries of the Treasury." TREASURY NOTES. See "United States Treasury notes." INDEX-DIGEST. 457 TREASURY, OFFICES IN THE. See "Offices." TREASURY, OUT OF ANY MONEYS IN THE. See "Out of any moneys in the Treasury." TREASURY, SECRETARY OF THE. See "Secretary of the Treasury." TREASURY, UNITED STATES. See "United States Treasury; United States Subtreasury." TRUST COMPANIES; COMPANY. § 1:1. 5: p. 1. Word "bank" when used in this Act to in- clude, etc. § 1:1. 11 :p. 1. The term "member bank" to be held to mean any, etc., which has become a member of one of the Federal reserve banks, etc. § 2:1. 4: p. 2. Every, in District of Columbia authorized, etc., to accept Act within 60 days after § 9:1. 12: p. 10. The Organization Committee or the Federal Reserve Board to establish by-laws for gov- ernment of its conduct in actmg upon appli- cations by, etc., for stock ownership in the Federal reserve banks. § 10:1. l:p. 12. No member of the Federal Eeserve Board shall be an officer or director of any, etc. §10:1. 2:p. 12. Nor hold stock in any, etc. § 19:1. 3: p. 23. Certain reserve deposits required by law of § 19:1. 5: p. 23. State to be kept by a, etc., in own vaults § 19:1. 6: p. 23. or with another, to be construed for three years, etc., as if reserve deposits in a na- tional bank in a reserve or central reserve city, etc. [Amended by Act of August 15, 1914. See § 19:1. 37:p. 30; § 19:1. 39:p. 30; § 19:1. 41 :p. 30.] §21:1. 4: p. 24. The Federal Reserve Board may authorize examination by State authorities to be ac- cepted in the case of, etc. § 21:1. 6: p. 24. The Federal Reserve Board may direct the holding of a special examination of, etc., that are stockholders in any Federal reserve bank. § 27:1. 6: p. 29. The Secretary of the Treasury may extend benefits of Act of August 4, 1914, to all qualified, etc., which have joined the Fed- eral reserve system or which may contract to join within 15 days after passage of said Act. 458 INDEX-DIGEST. TRUSTEE. § 11:1. 45:p. 13. The Federal Reserve Board may grant to national banks by special permit, when not in contravention of State or local law, the right to act as, etc. TWELFTH, ONE. See "One-twelfth." TWELFTHS, TWO. See "Two-twelfths." TWELFTHS, FOUR. See "Four-twelfths." TWELFTHS, FIVE. See "Five-twelfths." TWELVE FEDERAL RESERVE CITIES. See "Federal reserve cities." TWELVE FEDERAL RESERVE DISTRICTS. See "Federal re- serve districts." TWELVE MONTHS. § 19:1. 11: p. 22. Reserves to be held by member banks in Fed- § 19:1. 30: p. 22. eral reserve bank for a period of, after said date. TWELVE PER CENTUM. § 19:1. 6: p. 22. Banks not in reserve or central reserve cities to hold, etc., reserves equal to, of aggregate amount of demand deposits, etc. TWELVE THOUSAND DOLLARS. § 10:1. 19: p. 11. Members of the Federal Reserve Board to receive an annual salary of, payable monthly, etc. TWENTY DOLLARS. § 16:1. 51: p. 18. Federal reserve notes to be of denominations of $5, $10, $20, $50, and $100. TWENTY-FIVE MILLION DOLLARS. § 18:1. 27: p. 20. Federal reserve banks' purchase of United States bonds from member banks to retire circulation Mmited to, in any one year, etc. TWENTY-FIVE PER CENTUM. § 24:1. 43: p. 25. National banks which are permitted to make loans on farm lands limited to a sxnn equal to, of capital and surplus, etc. TWENTY-FIVE THOUSAND DOLLARS. § 2:1. 9: p. 3. No individual, copartnership, or corporation, other than a member bank of its district, permitted to subscribe for or hold at any time more than, par value of stock in any Federal reserve bank. TWENTY, SECTION. See "Sections. Federal Reserve Act. " INDEX-DIGEST. 459 TWENTY-TWO, VOLUME. See ' ' United States Statutes at Large. ' ' TWENTY YEARS. § 4:1. 44: p. 4. Federal reserve banks to have succession for a period of, unless sooner dissolved by Act of Congress or miless their franchise becomes forfeited by some violation of law. § 18:1. 14:p. 20. Member banks may file applications for sale of their United States bonds securing circula- tion to be retired after two years from_ pass- age of Act and at any time during a period of, thereafter. TWICE. § 21:1. l:p. 24. Examiners to examine every member bank at least, in each calendar year. TWO AND ONE-HALF PER CENTUM. § 11:1. ll:p. 13. Graduated tax prescribed at a rate increasingly of not less than 1^ per centum per annum upon each, or fraction thereof that the gold reserve against Federal reserve notes falls below 32 J per centum. TWO, AT LEAST. See "At least two." TWO OR MORE. § 14:1. 36:p. 16. A Federal reserve bank may, with the consent of the Federal Reserve Board, buy and sell, with or without its indorsement, through such correspondents or agencies, bills of exchange arising out of actual commercial transactions, wmch bear the signature of, re- sponsible parties. TWO PER CENTUM. See ' 'United States 2 per centum gold bonds. " TWO-THIRDS. § 28:1. 19:p. 27. TWO-TWELFTHS. A national bank may reduce its capital stock by a vote of shareholders owning, of its capi- tal stock, etc. § 19:1. 12:p. 22. Banks not in reserve or central reserve cities for 12 months after said date to keep, of reserves ta the Federal reserve banks. TWO YEARS. 4:1. 50:p. 6. Class C directors shall have been for at least, residents of the district for which appointed. § 4:1. 33: p. 7. Directors at first meeting to designate one of each class whose term shall expure at end of one year, two years, and three years from said date, etc. 460 INDEX-DIGEBT. TWO YEAES (Continued). § 10:1. 26: p. 11. The members of the Federal Eeserve Board, the Secretary of the Treasury, the Assistant Secretaries of the Treasury, and the Comp- troller of the Currency ineligible while m office and for, thereafter to hold any office etc., in any member bank. § 10:1. 30: p. 11. One member of the Federal Reserve Board to be designated by the President to serve for, etc. § 18:1. 13:p. 20. After, from the passage of Act, etc., member banks may file applications for sale of United States bonds, etc., securing circulation to be retired. u. UNDER EXISTING LAW. § 1:§1. 22: p. 13. The Federal Keserve Board may add to the number of cities classified as reserve and cen- tral reserve cities. UNDER GENERAL DIRECTIONS. § 10:1. 35:p. 12. The Comptroller to perform his duties, of the Secretary of the Treasury. UNDER OATH. § 10:1. 4: p. 12. Members of the Federal Eeserve Board, before entering upon their duties, etc., to certify, that they nave complied with requirements of section 10. § 21:1. 11 :p. 24. Examiner may examine any of the officers of member banks. UNDER SAME CONDITIONS. § 4:1. 14: p. 5. Federal reserve bank notes to be issued, etc., as national bank notes. UNDER THE CHARGE OF. § 11:1. 16: p. 13. The Federal Eeserve Board to supervise and regulate the issue and retirement of Federal reserve notes, etc., through the bureau, the Comptroller. UNDER THE NATIONAL BANK ACT. § 2:1. 35: p. 2. Forfeiture of all rights, privileges, and fran- chises granted, for failure within one year, etc., to become a member bank, etc. UNDER THE TERMS OF. § 13:1. 6:p. 15. Notes, etc., admitted to discount, this para- graph to have maturity at time oi discount of not more than 90 days. UNDER THE TERMS AND CONDITIONS OF. § 27:1. 3: p. 29. The Secretary of the Treasury may permit na- tional banks during the period for which these provisions are suspended to issue additional circulation, the Act of May 30, 1908, as amended. UNDER THE TREASURY DEPARTMENT. § 10:1. 19: p. 12. Nothing in this Act to be construed as taking away any powers heretofore vested by law in the Secretary of the Treasury relating to the supervision, management, and control of the Treasury Department and the bureaus, etc. 461 462 INDEX-DIGEST. UNDIMINISHED. § 13 : 1. 35 : p. 15. No national bank to be indebted or in any way- liable to an amount exceeding its capital stock at such time actually paid in and re- maining, by losses or otherwise, except, etc. UNEAENED DIVIDENDS. § 9 : 1. 28 : p. 10. A State bank, etc., becoming a member bank to conform to national bank laws prohibiting payment of, etc. UNENCUMBERED. § 24:1. 38:p. 25. National banks, etc., not in central reserve cities may make loans secured by improved and, farm land, etc. UNEXPIRED TERM. § 10:1. 10: p. 12. Members of the Federal Reserve Board ap- pointed to fill vacancies to hold office for the, of members whose places they are selected to fill. § 12:1. 21: p. 14. Members selected to fill vacancies in the Federal Advisory Council to serve for. UNEXPIRED TERMS. § 4:1. 39: p. 7. Appointees to vacancies in office of director of Federal reserve banks to hold office for the, of their predecessors. UNFIT FOR CIRCUIATION. § 16:1. 3:p. 18. Federal reserve notes, to be returned by the Federal reserve agents to the Comptroller for cancellation and destruction. UNIMPAIRED CAPITA!, § 8:1. 14 :p. 9. State bank, etc., having an, sufficient to entitle it to become a national bank, etc., may be converted into a national bank, etc. § 9:1. 18: p. 10. No applying bank to be admitted to member- ship in a Federal reserve bank unless it pos- sesses a paid u_p, sufficient to entitle it to become a national bank in place where situated, etc. § 13:1. 22 :p. 16. Aggregate of notes, etc., bearing signature or mdorsement of any one person, etc., dis- counted by a Federal reserve bank for any one bank not to exceed 10 per centum of unimpaired capital and surplus of said bank. § 28:1. 41 :p. 28. No bank to issue circulating notes in excess of 125 per centum of its, and surplus. INDEX-DIGEST. 463 UNITED STATES. § 2:1. 2: p. 2. Eyery national bank in, required to accept Act within 60 days, etc. § 2:1. 3: p. 2. Every eligible bank in, authorized to accept Act within 60 days, etc. § 2:1. 31: p. 2. Any national banking association in the, to forfeit its charter for failure to become a mem- ber bank within one year, etc. § 2:1. 38: p. 2. Noncompliance with or violation of the Act to be determined and adjudged by any court of the, etc. § 2:1. 17 :p. 3. Organization committee may allot stock in Federal reserve banks to the, etc. § 2:1. 21 : p. 3. Such stock to be disposed of for benefit of the, etc. § 7 : 1. 46 : p. 8. After dividend claims fuUy met all net earniogs of Federal reserve banks to be paid to, as a franchise tax, etc. § 7:1. 50: p. 8. Net earnings derived by the, may be used to supplement the gold reserve held against out- standing United States notes, etc. § 7:1. l:p. 9. Or may be applied to reduction of outstanding bonded indebtedness of, etc. § 7:1. 6: p. 9. Surplus from dissolved or liquidated Federal reserve bank after payment of dividends, debts, and par value of stock, to be paid to and become the property of the, etc. § 8:1. 13: p. 9. Any bank incorporated by special law or general § 8:1. 14 :p. 9. laws of, etc., may be converted into a na- tional bank, etc. § 8:1. 35: p. 9. Directors of a converted bank majr continue until others elected or appointed in accord- ance with the statutes of the. § 8:1. 46: p. 9. Any bank incorporated by special law or imder general laws of, may apply to the Federal Reserve Board for the right to subscribe to the stock of the Federal reserve bank, etc., within its district, etc. § 13:1. 33: p. 14. Federal reserve banks mav receive from, etc., deposits of current funas in lawful money, national-bank notes, Federal reserve notes, etc. § 15:1. 45: p. 16. Federal reserve banks, when required by the Secretary of the Treasury, shall act as fiscal agents of the. §16:1. 9 : p. 17. Federal reserve notes to be redeemed in gold on demand at the Treasury Department of the, etc. 70820° — 15 30 464 INDEX-DIGEST. UNITED STATES (Continued). § 16:1. 3: p. 18. Federal reserve notes received by the Treas- ury otherwise than for redemption may be exchanged for gold out of redemption fund and returned to the Federal reserve bank through which originally issued or they may be returned to such bank for the credit of the. § 16:1. 29 :p. 18. A Federal reserve bank may reduce its Hability for outstanding Federal reserve notes by depositing lawful money of the, etc., with the Federal reserve agent. § 16:1. 35 :p. 19. Nothing in this Act to be construed as exempt- ing national banks or Federal reserve banks from liability to reimburse the, for expense of printing and issuing circulating notes. § 18:1. 19 : p. 21. National banks exchanging their United States' 2 per centum bonds for 1 year gold notes to enter into obligations to purchase from the, at maturity of such notes an amount equal to those delivered in exchange for such bonds, etc. § 18:1. 23 :p. 21. Also at maturity of the one-year notes so pur- chased, etc., to purchase from the, such an amount of one-year notes as the Secretary of the Treasury may tender, etc. § 18:1. 37: p. 21. Such notes to be exempt as to principal and interest from payment of all taxes and dues of the, etc. § 25:1. 8:p. 26. National banks, etc., may apply for authority §25:1. 9: p. 26. to establish foreign branches in foreign coun- tries or dependencies of the, for the further- ance of the foreign commerce of the, etc. § 26:1. 35 :p. 26. Nothing in Act to be construed to repeal the parity provisions of Act of March 14, 1900, entitled "An Act to define and fix the stand- ard of value, to maintain the parity of all forms of money issued or coined by the, etc." UNITED STATES BONDS. See also "United States 2 per centum gold bonds;" "United States 3 per centum gold bonds;" "United States 1 year gold notes;" "United States Treasury notes." § 4:1. 10: p. 5. Upon deposit with the Treasurer of United States of any, in the maimer provided by existing law relating to national banks, Fed- eral reserve banks may receive from the Comptroller Federal reserve bank notes, etc. § 4:1. 13 :p. 5. Such notes to be equal in amount to the par value of the, so deposited. INDEX-DIGEST. 465 UNITED STATES BONDS (Contirraed). § 4:1. 16: p. 5. To be issued under same conditions as circu- lating notes of national banks secured by, etc. § 10:1. 31:p. 12. A bureau in Treasury charged with execution of laws .of Congress relating to issue and regulation of national currency secured by, etc. § 13:1. 5:p. 15. Definition of eligible commercial paper not to include notes, etc., covering merely invest- ments or issued or drawn for the purpose of carrying or trading in stocks, bond!s, or other investment securities except, and notes. § 14:1. 10 :p. 16. Federal reserve banks may hypothecate, etc., for loans of gold coin or bullion. § 14:1. 13:p. 16. Federal reserve banks may under regulations of the Federal Reserve Board buy and sell at home or abroad, and notes. § 17:1. 11 :p. 20. Repeal of laws requiring national banks to transfer to the United States Treasurer a stated amount of, before commencing bank- ing business. § 18:1. 17 :p. 20. Member banks may file applications with the United States Treasurer for the sale of their, securing circulation to be retired. § 18:1. 22 :p. 20. The Federal Reserve Board may require Fed- eral reserve banks to purchase such, etc. § 18:1. 27 :p. 20. Federal reserve banks not permitted to pur- chase more than twenty-five millions of such, in any one year. § 18:1. 28: p. 20. Which amount shall include, purchased under section 4 of this Act. § 18:1. 31 :p. 20. The Federal Reserve Board to allot to each Federal reserve bank such proportion of such, as, etc. § 18:1. 34 :p. 20. Upon notice from the Treaurer of the United § 18:1. 36 :p. 20. States of the amount of, so sold each member bank to assign and transfer, in writing, such, to the Federal reserve bank purchasing them, etc. § 18:1. 39: p. 20. The Federal reserve bank to deposit lawful money with United States Treasurer for the purchase price of such. § 18:1. 40: p. 20. The United States Treasurer to pay to the § 18:1. 41 :p. 20. member bank selling the, any balance due after deducting a sufficient sum to redeem its notes secured by such. 466 INDEX-DIGEST. TJinTED STATES BONDS (Continued). § 18:1. 43^ p. 20. Federal reserve banks purchasing said, may § 18 :1. 45 :p. 20. take out Federal reserve bank notes equal to the par value of said, etc. § 18:1. 46: p. 20. Upon desposit with United States Treasurer of, § 18:1. 47 :p. 20. so purcnased or any, with circulating privi- § 18:1. 52 :p. 20. lege acquired under section 4 any Federal reserve bank may take out Federal reserve bank notes to the par value of the, so de- posited. § 26:1. 43: p. 26. The Secretary of the Treasury may purchase and retire outstanding, etc., issued to main- tain the parity or to strengthen the gold re- serve. § 27:1. 8: p. 27. The tax imposed by section 9 of Act of May 30, 1908, upon national banks having circu- lating notes outstanding secured otherwise than by, modified. § 27:1. 34: p. 28. The Secretary of the Treasury may suspend § 27:1. 36 :p. 28. the provisions of Act of May 30, 1908, limits ing the right to issue circulating notes se- cured otherwise than by, to national banks having circulating notes outstanding secured by, to an amount not less than 40 per centum of the capital stock of said banks. UNITED STATES, CONGRESS OF. See"Congressof United States." UNITED STATES, CONTINENTAL See "Contmental United States." UNITED STATES, COUET OF. See "Court of United States." UNITED STATES, DEPENDENCIES OF. See "Dependencies of United States." UNITED STATES, GOVERNMENT OF. See "Government of United States." UNITED STATES MINT. § 16:1. 4: p. 19. Federal reserve notes, when prepared, shaU. be deposited in the Treasury, subtreasury, or, nearest the place of business of each Federal reserve bank, etc. UNITED STATES NOTES. See also "United States Treasurv Notes." ^ I 7:1. 62 :p. 8. Net earnings derived by the United States from Federal reserve banks shall, in the dis- cretion of the Secretary of the Treasury, be used to supplement the gold reserve held against outstanding, etc. INDEX-DIGEST. 467 UNITED STATES NOTES (Continued). § 13:1. 5:p. 15. Definition of eligible commercial paper not to include notes, etc., issued or drawn for the Eurpose of carrying or trading in stocks, onds, etc., except United States bonds and, etc. § 14:1. 13 :p. 16. Federal reserve banks may, under regulations of the Federal Eeserve Board, buy and sell at home or abroad, and United States bonds, etc. § 20:1. 40: p. 23. Repeal of the portions of sections 2 and 3 of the Act of June 20, 1874, entitled "An Act fixing the amount of, etc.," which proYide that the national bank 5 per centum redemp- tion fund shall be counted as part of the law- ful reserve of a national bank. UNITED STATES 1-YEAR GOLD NOTES. See "United States Treasury Notes." § 18:1. 12 :p. 21. The Secretary of the Treasury may issue, in exchange for United States 2 per centum gold bonds bearing the circulation privilege but against which no circulation is out- standing, etc. § 18:1. 18 :p. 21. At the time of such exchange, the Federal § 18:1. 20:p. 21. reserve bank obtaining such, to enter into an obligation, etc., to purchase from the United States for gold at the maturity of such, an amount equal to those delivered, etc. § 18:1. 22 :p, 21. And at each maturity of, so purchased to pur- § 18 :1. 23 :p. 21. chase from the United States such an amount of, as the Secretary of the Treasury may tender to such bank. § 18:1. 27 :p. 21. Said obligation to purchase at maturity such, to continue in force for a period not to exceed 30 years. § 18:1. 47: p. 21. The Secretary of the Treasury may issue at Ear, on application of any Federal reserve ank, approved by the Federal Reserve Board, such 3 per centum bonds in exchange for the, herein provided for. § 26:1. 40: p. 26. The Secretary of the Treasury, to maintain the parity and to strengthen the gold reserve, may borrow gold on security of United States 2 per centum bonds, etc., or for, bearing interest at a rate of not to exceed 3 per centum, etc. § 26:1. 43 :p. 26. When the funds of the Treasury on hand justify, the Secretary of the Treasury may purchase and retire such outstanding Unitea States bonds and. 468 INDEX-DIGEST. TJNITED STATES, OBLIGATIONS OF. See "Obligations of United States." UNITED STATES, PRESIDENT OF. See "President of United States." UNITED STATES REVISED STATUTES. Section 324. § 10:1. 27:p. 12. Section 5143. § 28:1. 16:p. 27. Section 5153. § 27:1. 50:p. 26. § 27:1. 53 :p. 26. Section 5154. § 8:1. 10:p. Section 5159. § 17:1. 3:p. 20. Section 5172. § 27:1. 50:p. 26. § 27:1. 53:p. 26. The bureau in the Department of the Treasury, the chief officer of which is called the Comptroller of the Currency, is given the duty of the execution of all laws passed by Congress relating to the issue and regulation, under the general supervision of the Federal Reserve Board, of all Federal reserve notes. Amended by providiag that reduction of the capital stock of national banks shall not be made until approved by the Comptroller of the Currency and by the Federal Reserve Board, or by the Organization Committee pending the organization of the Federal Reserve Board. Amended to read «.s the section read prior to its amendment by the Act of May 30, 1908. See "Amended." Amendment as to conversion into a national bank of any bank incorporated by special law of any State or of the United States or of any bank organized under the general laws of any State or of the United States. See "Amended." Repeal of so much of, etc., as requires that national banks before being author- ized to commence banking business shall transfer and deliver to the Treasurer of the United States a stated amount of United States registered bonds. Amended to read as the section read prior to its amendment by the Act of May 30, 1908. See "Amended." INDEX-DIGEST. 469 UlTITED STATES REVISED STATUTES (Continued). Section 6174. § 16:1. 18:p. 19. § 16:1. 19:p. 19. Section 5191. § 27:1. 51 :p. 26. § 27:1. 53:p. 26. Section 5198. S 9:1.33; Section 5200. p. 10. The provisions in, relating to the examina- tion of plates, dies, bed pieces, etc., of national bank notes, and the regulations relating to such examination, are hereby extended to include the Federal reserve notes. Amended to read as the section read prior to its amendment by the Act of May 30, 1908. See "Amended." State banks, etc., becoming member banks to be subject to the provisions of and the penalties prescribed in, as to the taking of usurious interest by national banks. § 9:1. 33: p. 10. State banks, etc., becoming member banks to be subject to the provisions of and penalties prescribed in, as to the limita- tion of the total liabilities of any person, etc., to a national bank, for money bor- rowed, to one-tenth of the capital stock of such association actually paid in, etc., with the exceptions that the discount of bills of exchange drawn in good faith, against actually existing values and the discount of commercial or business paper actually owned by the person negotiating the same shall not be considered as money borrowed. Section 5201. § 9 : 1. 34 : p. 10. State banks, etc., becoming member banks, to be subject to the provisions of and penalties prescribed by, as to the pro- hibition ot loans or discounts upon the security of the shares of its own capital stock and the prohibition as to the pur- chase or holding of its own shares unless necessary to prevent loss upon a debt previously contracted in good faith, etc. Section 5202. § 13:1. 31:p. 15. § 13:1. 32:p. 15. Amendment to, by adding to the demands against a national bank which shall not be included in the hmitation of its in- debtedness or liability to the amount of the paid in and undiminished, etc., capital stock, all Uabihties incurred under the provisions of the Federal Reserve Act. 470 INDEX-DIGEST. UNITED STATES REVISED STATUTES (Continued). Section 5208. § 9:1. 34:p. 10. Section 6209. § 9:1. 35:p. 10. Section 5211. § 9:1. 38:p. 10. § 9:1. 39: p. 10. Section 5212. § 9:1. 38:p. 10. § 9:1. 39:p. 10. Section 5213. § 9:1. 39:p. 10. § 9:1. 40:p. 10. Section 5214. § 27:1. 52: p. 26. § 27:1. 53: p. 26. Section 5240. State banks, etc., becoming member banks, to be subject to the provisions of and the penalties prescribed by, as to false certifi- cation of checks by any officer, etc., of a national bank. State banks, etc., becoming member banks, to be subject- to the provisions of and the penalties prescribed by, as to embezzle- ment, willful misapplication, false entries, etc., by any president, director, cashier, teller, clerk, or agent of any national bank. State banks, etc., becoming member banks, to be subject to the provisions of and the penalties prescribed by, as to reports to the Comptroller of the Currency. State banks, etc., becoming member banks, to be subject to the provisions of and the penalties prescribed by, as to reports by national banks to the Comptroller of the Currency of any dividend declared, the amount of such dividend, and the amount of net earnings in excess of such divi- dend. State banks, etc., becoming member banks, to be subject to the provisions of and the penalties prescribed by, as to failure of national banks to make the prescribed reports. Amended to read as the section read before its amendment by the Act of May 30, 1908. See "Amended." § 21:1. 49: p. 23. Amended as to examinations of member banks and assessment of expense thereof by the Comptroller, and power given to the Federal Reserve Board to authorize examination by the State authorities of State banks and trust companies apply- ing for admission as member banks, to fix salaries of aU bank examiners upon recommendation of the Comptroller, to permit special examinations of member INDEX-DIGEST. 471 UmTED STATES EEVISED STATUTES (Contimied). Section 6240 (continued). banks by Federal reserve banks with the approval of the Federal reserve agent or the Federal Reserve Board, to order examinations of Federal reserve banks, to obtain information from Federal reserve banks, etc. See "Amended." UNITED STATES SENATE. § 10:1. 10: p. 11. Five members of the Federal Reserve Board to be appointed by the President, by and with the advice and consent of the. § 10:1. 9: p. 12. A successor to be appointed by the President to fill any vacancy in the Federal Reserve Board, with the advice and consent of the. § 10:1. 13: p. 12. President t6 fill vacancies that may happen on the Federal Reserve Board during the recess of, etc. § 10:1. 15: p. 12. By granting commissions to expire 30 days after the next session of the, convenes. UNITED STATES STATUTES. § 8:1. 35: p. 9. Directors of a converted State bank, etc., may continue, etc., imtil others are elected or appointed in accordance with the provisions of the. UNITED STATES STATUTES AT lAEGE. § 11:1. 54:p. 13. Ail attorneys, experts, assistants, and other employees of the Federal Reserve Board to be appointed without regard to the provi- sions of the Act of January 16, 1883 (vol. 22). UNITED STATES STOCK. § 2 : 1. 18 : p. 3. Said, to be paid for at par out of any inoney in the Treasury not otherwise appropriated. UNITED STATES SUBTEEASURY. § 16:1. 4: p. 19. Federal reserve notes, when prepared, to be deposited in the Treasury or m the, or United States mint nearest the place of business of each Federal reserve bank, etc. UNITED STATES 3 PER CENTUM ONE-YEAR GOLD BONDS. Act March 14, 1900, section 2. § 26:1. 39: p. 26. To preserve the parity and to strengthen the gold reserve, the Secretary of the Treasury may borrow gold on the security of, authorized by section 2 of Act of March 14, 1900. [These bonds are payable at the pleasure of the United States after one year from the date of issue.] 472 IKDEX-DIGEST. UNITED STATES 3 PEE CENTUM ONE-YEAR GOLD BONDS (Con.). § 26:1. 43: p. 26. When the funds of Treasury on hand justify, the Secretary of the Treasury may purchase and retire such outstanding, etc. UNITED STATES 3 PER CENTUM SO-YEAR GOID Section 18, Federal Reserve Act. BONDS. § 18:1. 15: p. 21. The Secretary of the Treasury may exchange United States 2 per centum gold bonds bear- ing the circulation privilege but against which no circiilation is outstanding for, without the circulation privilege, to an amoimt not ex- ceeding one-half of the United States 2 per centum bonds so tendered for exchange. § 18:1. 40:p. 21. § 18:1. 41:p. 21. For the same purpose the Secretary of the Treasury is authorized to issue, to be of the same tenor and effect and to be issued under the same general terms and conditions as the United States 3 per centum bonds without the circulation privilege now issued and out- standing. § 18:1. 46: p. 21. Upon appUcation of any Federal reserve bank, approved by the Federal Reserve Board, the Secretary of the Treasury may issue at par such, in exchange for the one-year gold notes herein provided for. 3 PER CENTUM 60-YEAR GOLD BONDS UNITED STATES (PANAMA). § 18:1. 43:p. 21. UNITED STATES § 16:1. 24:p. 18. § 18:1. 10:p. 21. § 18:1. 13:p. 21. § 18:1. 16:p. 21. The United States 3 per centimi 30-year gold bonds authorized by this section, to be of the same general tenor and effect and to be issued imder the same general terms and conditions as the, without the circulation privilege, now issued and outstanding. 2 PER CENTUM 30-YEAR GOLD BONDS. Section 11 of Act of March 14, 1900. The Federal reserve bank notes issued imder section 18 of this Act upon security of, to be a first and paramount Men on aU the assets of such bank. Upon application of any Federal reserve bank, approved by the Federal Reserve Board, the Secretary of the Treasury may issue United States one-year gold notes in exchange for, bearing the circulation privilege but against which no circulation is outstanding to an amoimt not exceeding one-half of the, so tendered for exchange and United States 3 per centum 30-year gold bonds without the circulation privilege for the remainder of the, so tendered. INDEX-DIGEST. 473 UNITED STATES 2 PER CENTITM 30- YEAR GOID BONDS (Contd.). § 18:1. 21: p. 21. The Federal reserve bank obtaining such one- year gold notes to bind itself to purchase for gold at the maturity of such one-year gold notes, an amount equal to those delivered in exchange for such. § 18:1. 26:p. 21. And at each maturity of one-year notes so pur- chased by such Federal reserve bank, to purchase from the United States such an amount of one-year notes as the Secretary of the Treasury may tender to such bank, not to exceed the amount issued to such bank in the first instance in exchange for the, etc. UNITED STATES, TREASURER OF. See "Treasurer of United States." UNITED STATES TREASURY. § 2:1. 19: p. 3. United States stock to be paid for at par out of any money in the, not otherwise appro- priated. § 10:1. 38: p. 11. The Secretary of the Treasury may assign offices ia the Department of the, for the use of the Federal Reserve Board. § 10:1. 19: p. 12. Nothing in this Act to be construed to take away any powers vested by law in the Secretary of the Treasury relating to the supervision, management, and control of the. Department. § 10:1. 29: p. 12. There shall be in the Department of the, a bureau charged with the execution of all laws relating to issue, etc., of national cur- rency, etc. § 15:1. 39: p. 16. Moneys in the general fund of the, except the national bani 5 per centum redemption fund and the redemption funds for Federal reserve notes, may be deposited by the Sec- retary of the Treasury in the Federal reserve banks. § 16:1. 9: p. 17. Federal reserve notes to be redeemed in gold on demand at the, Department. § 16:1. 39: p. 17. Federal reserve notes presented for redemp- tion at the, shall be paid out of the redemp- tion fund, etc. § 16:1. 51 : p. 17. Such notes received by the, otherwise than for redemption may be exchanged for gold, etc. § 16:1. 7:p. 18. The Federal Reserve Board to require each Federal reserve bank to maintain on deposit in the, a sum in gold sufficient, etc., for redemption of the Federal reserve notes. 474 INDEX-DIGEST. lOrrTED STATES TEEASTJEY (Continued). 5 16-1 37 -p 18. Upon request of the Secretary of the Treas- ury, the Federal Keserve Board shall require the Federal reserve agent to transmit to the, so much of the gold deposited to reduce habihty against outstanding Federal reserve notes as may be required for the exclusive purpose of the redemption of such notes. § 16:1. 4: p. 19. Federal reserve notes, when prepared, to be deposited in the, subtreasury, or mint near- est the place of business of each Federal reserve bank. § 16:1. 22 :p. 19. The Secretary of the Treasury may use for the purposes of this Act any appropriation heretofore made out of the general funds in the, for engraving plates, etc. § 16:1. 31 :p. 19. If appropriations heretofore made are insufl&- cient, etc., the Secretary of the Treasury may use so much of any funds in the, not otherwise appropriated for the purpose of furnishing the Federal reserve notes. § 26:1. 42: p. 26. When the funds of the, on hand justify the Secretary of the Treasury may purchase and retire such outstanding notes and bonds. § 27:1. 43: p. 28. The Secretary of the Treasury shall require each bank and currency association to main- tain in the, a sum in .gold sufficient, inhis judgment, for the redemption of the Aldrich- Vreeland note^, but in no event less than 5 per centum. UNITED STATES TREASURY NOTES. See also "United States one-year gold notes." § 18:1. 30: p. 21. To make the exchange herein provided for, § 18:1. 34: p. 21. the Secretary of the Treasury may issue at par, etc., bearing interest at the rate of 3 per centum payable in gold coin, etc. UNLESS AND UNTIL. § 19:1. 23: p. 23. No bank at any time to make new loans or to pay any dividends, the total reserve required by law is fully restored. UNLESS SOONER DISSOLVED. § 4:1. 45: p. 4. Federal reserve banks to have succession for 20 years, by Act of Congress, etc. UNLESS SOONER REMOVED. § 10:1. 32: p. 11. Thereafter each member of the Federal Eeserve Board so appointed shall serve for a term of 10 years, for cause by the President. INDEX-DIGEST. 475 UlTTII. § 4:1. 20:p. 5. § 19:1. 23: p. 23. §22:1. 21 :p. 25. §27:1. 12: p. 27. § 28:1. 23: p. 27. UP, PAID. See "Paid in capital stock." UPON. Assessed. § 21:1. 18:p. 24. § 27:1. 11 :p. .27. Compliance . § 9:1. 3 :p. 11. § 16:1. 30 :p. 18. Demand. § 25:1. 21 :p. 26. Entering. § 10:1. 3 :p. 12. levy. § 10:1. 43 :p. 11. Ifotice. § 9:1. 52 :p. 10. § 18:1. 34: :p. 20. Presentation. § 13:1. 35: p. 14. § 13:1. 39: p. 14. The average > amount. § 27:1. 9: P- 27. § 27:1. 14: P- 27. Thirty days ' notice. § 2:1. 29: P- 2. § 19:1. 54: P- 21. USE. § 4:1. 43:p i. ': 1. ; Fed( 4. Federal reserve banks may adopt and, a cor- porate seal. § 10:1. 38: p. 11. The Secretary of the Treasury may assign offices in the Treasury for the, of the Federal Keserve Board. § 15:1. 52: p. 16. Nothing in this Act to be construed to deny the right of the Secretary of the Treasury to, member banks as depositories. 476 INDEX-DIGEST. USE (Continued). § 16:1. 6:p. 19. Federal reserve notes when prepared to be deposited, etc., and held for the, of such bank, etc. § 16:1. 31: p. 19. The Secretary of the Treasury authorized to, so much of any funds in the Treasury not otherwise appropriated for furnishing Federal reserve notes. USED. § 1:1. 4:p. 1. Wherever the word "bank" is, in this Act it shall be held to include State bank, banking association, and trust company except where national banks or Federal reserve banks are specifically referred to. § 1:1. 9:p. 1. The terms "national bank" and "national banking association," in this Act shall be held to be synonymous, etc. § 7:1. 51: p. 8. Net earnings derived by the United States from Federal reserve banks may be, etc., to supplement the gold reserve held against outstanding United States notes, etc. § 13:1. 45: p. 14. Federal reserve banks, etc., may discount, etc., notes, drafts, and bills arising out of actual commercial transactions — that is, notes, etc. — issued, etc., for agricultural, industrial, or commercial purposes, or the proceeds of which have been, or are to be, for such pur- poses. § 16:1. 27: p. 19. Any distinctive paper on hand at the passage of this Act may be, etc., for the purposes of this Act. USUAL. §22:1. 3: p. 25. Other than the, salary or directors' fee, etc., no ofiicer, etc., to receive any fee, commis- sion, etc., for, or in connection with any transaction or business of the bank. USUALLY APPERTAINING. § 4:1. 25: p. 5. The board of directors to perform the duties, to the office of directors, etc. VACANCIES. § 4:1. 36: p. 7. When, occur in the board of directors of Federal reserve banks they are to be filled in manner provided for the original selection, etc. § 10:1. 12: p. 12. The President to fill aU, m the Federal Reserve Board. § 12:1. 19: p. 14. The respective Federal reserve banks to fill, in the Federal Advisory Council. § 12:1. 21 :p. 14. Members selected to fill, in the Federal Advi- sory Council to serve for unexpired term. VACANCy. § 10:1. 5: p. 12. Whenever a, occurs in the Federal Reserve I 10:1. 9: p. 12. Board the President shall appoint a successor to fill such, with the advice and consent of Senate. VAIXJE. Actual. § 24:1. 41 :p. 25. National banks, etc., not to loan on farm lands for an amount exceeding 50 per centum of the actual, of the property offered as security. Book. § 5:1. 24: p. 8. Federal reserve banks, imder regulations of the Federal Reserve Board, to pay for surrendered shares a sum equal to the cash paid subscriptions, not to exceed the book, etc. § 6:1. 31 :p. 8. All cash paid subscriptions, etc., on stock canceled because of insolvency of mem- ber bank, with one-half of 1 per centum per month from the period of the last dividend, not to exceed the book, thereof to be first applied to all debts of the in- solvent member bank to the Federal re-" serve bank, etc. § 9:1. 50:p. 10. Federal reserve banks to pay the cash paid subscriptions on stock surrendered for violation of this section or the regula- tions of the Federal Reserve Board with interest at the rate of one-half of 1 per oentmn per month computed from the last dividend, if earned, not to exceed the book, thereof, etc. 477 478 INDEX-DIGEST. VAITJE (Continued). Face. § 16:1. 38:p. 17. No Federal reserve bank to pay out Fed- eral reserve notes issued through an- other under penalty of a tax of 10 per centtun upon the face, of notes so paid out. Par. § 2:1. 23: p. 2. Shareholders of Federal reserve banks liable, etc., for all contracts, debts, etc., of the bank to amount of subscriptions at the pa.r, thereof in addition to amount subscribed. § 2:1. 9: p. 3. No individual, copartnership, or corpora- tion other than a member bank of its district to be permitted to subscribe for or to hold at any time more than $25,000 par, of stock in any Federal reserve bank. § 4:1. 13: p. 5. Federal reserve banks, upon deposit of any United States bonds, etc., may take out Federal reserve bank notes equal in amount to the par, of the bonds depos- ited. § 5:1. 7: p. 8, Any bank applying for stock in a Federal reserve bans at any time after the or- ganization thereof to pay therefor its par, plus, etc. § 7:1. 5: p. 9. The smplus of a dissolved or liquidated Federal reserve bank, after payment of debts, dividend requirements, and the par, of the stock, to be paid to and be- come the property of the United States. § 18:1. 45: p. 20. Federal reserve banks purchasing United States bonds from member banks, etc., may take out Federal reserve bank notes equal to the par, of such bonds, etc. § 18:1. 62: p. 20. Upon deposit with the United States Treasurer of bonds so purchased or any bonds with the circulating privilege ac- quired under section 4 any Federal re- serve bank may take out Federal reserve bank notes equal in amount to the par, of the bonds so deposited. § 23:1. 25: p. 25. Stockholders of national banks individu- ally responsible for all contracts, debts, etc., of the bank, each to the amount of his stock at the par, thereof in addition to the amount invested in such stock. INDEX-DIGEST. 479 VAIUE (Continued). Present standard. § 18:1. 35: p. 21. The Secretary of the Treasury may issue United States Treasury notes for ex- change for United States 2 per centum bonds, etc., said notes to be payable, etc., in gold coin of the present standard, etc. Standard of. § 26:1. 34: p. 26. Nothing in this Act to be construed to repeal the parity provisions, etc., in the Act of March 14, 1900, entitled "An Act to fix the standard of," etc. VALUES, ACTUALLY EXISTING. See "Actually existing values." VAEIOUS. § 12:1. 28: p. 14. The Federal Advisory Council to have power to call for information and to make recom- mendations in regard to discount rates, etc., in the, districts. § 21 :1. 20: p. 24. The expense of examinations to be assessed by the Comptroller upon the banks examined in proportion to assets or resources held, etc., upon the dates of examination of the, banks. VAULTS. 1. Banks not in reserve or central reserve cities. § 19:1. 9: p. 22. To keep in its, for 36 months after said date five-tweliths of its reserves, and per- manently thereafter four-twelfths. § 19:1. 16: p. 22. For 36 months after said date the balance of its reserves may be held in its own, or in the Federal reserve bank, or in na- tional banks in reserve or central reserve cities as now defined by law. § 19:1. 20: p. 22. After said 36 months' period said reserves § 19:1. 21 :p. 22. other than those hereinbefore required to be held in the, of the member bank and in the Federal reserve bank shall be held in the, of the member bank or in the Federal reserve bank, or in both, at option of the member bank. 2. Banks in reserve cities. § 19:1. 28: p. 22. For 36 months after said date to keep six- fifteenths of its reserves in its, and per- manently thereafter five-fifteenths. § 19:1. 36 :p, 22. For 36 months after said date to keep the balance of its reserves in its own, or in the Federal reserve bank or in national banks in reserve or central reserve cities as now defined by law. [Words "reserve or" struck out by Act of August 15, 1914. See § 19:1. 19: p. 30.] 70820°— 15 81 480 INDEX-DIGEST. VATJITS (Continued). 2. Banks in reserve cities (continued). § 19:1. 40: p. 22. After said 36 months' period all of said § 19:1. 42: p. 22. reserves, except those hereinbefore re- quired to be held permanently in the, of the member banx and in the Federal reserve bank, shall be held in its, or in the Federal reserve bank, or in both, at the option of the member bank. 3. Banks in central reserve cities. •§ 19:1. 48 :p. 22. To hold in its, six-eighteenths of its re- serves and in the Federal reserve bank seven-eighteenths. § 19:1. 50: p. 22. The balance of said reserves to be held in its own, or in the Federal reserve bank, at its option. §19:1. 4 : p. 23. Certain reserve deposits which State banks or trust companies by State law must keep in own, etc., for three years, etc., to be construed as reserve deposits in a national bank in a reserve or central reserve city, etc. [Amended by Act of August 15, 1914. See § 19:1. 37:p. 30; § 19:1. 39:p. 30; § 19:1. 41: p. 30.] VESTED. § 10:1. 17: p. 12. Nothing in this Act to be construed as taking away any powers heretofore, by law in the Secretary oi the Treasury. § 10:1. 20:p. 12. Whenever any power, by this Act in the Federal Reserve Board or the Federal reserve agent appears to conflict with the powers of the Secretary of the Treasury, such powers to be exercised subject to the supervision and con- trol of the Secretary. § 21:1. 33: p. 24. No bank to be subject to any visitatorial powers other than such as are authorized by law or, in the courts of justice, or such as shall be or shall have been exercised or directed by Con- gress, etc. VICE GOVERNOR. § 10:1. 35: p. 11. One member of the Federal Reserve Board to be designated by the President as, of the Federal Reserve Board. VIEW, WITH A. See "With a view." VIOLATING. § 22:1. 44: p. 24. Any bank officer, etc., the provisions of section 22 prohibiting loans, etc., to examiners, to be held guilty of a misdemeanor, etc. INDEX-DIGEST. 481 VIOIATING (Continued). § 22:1. 17: p. 25. Any person, any provision of this section shall be punishjBd oy fine not exceeding $5,000 or by unprisonment not exceeding one year, or both. VIOIATIOW. § 2:1. 37: p. 2. Any noncompliance with or, of this Act to be determined and adjudged by any court of the United States of competent jurisdiction in a suit brought, etc., in district or territory in which such bank is located under direction of the Federal Reserve Board by the Comp- troller in his own name, etc. § 2:1. 43: p. 2. In cases of such noncompliance or, other than § 2:1. 48: p. 2. failure to become a member bank, every director who participated in or assented to the same to be held liable, etc., for aU dam- ages which said bank, its shareholders, or any other person shall have sustained in consequence of such. § 4:1. 46: p. 4. The Federal reserve bank to have succession for a period of 20 years from its organization unless it is sooner dissolved by an Act of Confess, or tmless its francmse becomes forfeited by some, of law. § 11:1. 32 :p. 13. The Federal Reserve Board may suspend the operations of any Federal reserve bank for the, of any of the provisions of this Act. VISITATORIAL POWERS. § 21 :1. 32: p. 24. No bank to be subject to any, other than such as are authorized by law, . or vested in the courts of justice or such as shall be or shall have been exercised or directed by Congress, etc. VOLUME 22, UITITED STATES STATUTES AT LARGE. § 11:1. 54: p. 13. All attorneys, experts, assistants, clerks, and other employees of the Federal Reserve Board to be appointed without regard to the provisions of the Act of January 16, 1883 (vol. 22, United States Statutes at Large). VOLUNTARILY. § 5:1. 16: p. 8. A member bank, liquidating shall surrender all of its holdings of the stock of said Federal reserve bank. VOTE; VOTES, § 4:1. 34: p. 6. Electors not to^ for more than one choice for any one candidate for director. § 4:1. 36: p. 6. Candidate having a majority of all, cast in column of first choice to be declared elected. 482 INDBX-DIGBST. VOTE; VOTES (Continued). § 4:1. 38: p. 6. If no candidate have majority of all the, in § 4:1. 39: p. 6. first column then there shall be added to- § 4:1. 40:p. 6. gether the, cast, etc., in second colmnn and the, cast for the several candidates in the first column. 4:1. 45:p. 4:1. 47 :p. § 8:1. 16:p. 6. If no candidate have majority when first and 6. second choices have been added, then the, cast in third column, etc., shall be added, etc., and the candidate having highest num- ber of, shall be declared elected. 9. A State bank, etc., may be converted into a national bank by, of shareholders owning not less than 51 per centum of the capitd stock of such bank. § 11:1. 49: p. 12. The Federal Reserve Board may permit, or on the affirmative, of at least five members of the Federal Reserve Board, may require Federal reserve banks to rediscount the dis- counted paper of other Federal reserve banks at rates of mterest to be fixed by the Federal Reserve Board. § 28:1. 18 :p. 27. A natignal bank may reduce its capital stock by, of shareholders owning two-thirds of its capital stock, etc. VOTING. § 4:1. 41: p. 6. If any candidate have a majority of electors, by adding fij-st and second choices, he shall be declared elected. § 4:1. 43: p. 6. If no candidate have a majority of electors, when the first and second choices have been added, then the votes cast in third column, etc., to be added, etc. VOTING POWER. § 2:1. 24: p. 3. Stock in Federal reserve banks not held by member banks shaU not be entitled to. VOUCHER. § 2:1. 38: p. 3. The expenses of the Organization Committee to be payable by the United States Treasurer upon, approved by the Secretary of the Treasury. VREELAND ACT, AIDRICH. See "Act May 30, 1908;" "Aldrich- Vreeland Act." w. WAIVER. § 13:1. 40: p. 14. Federal reserve bank may discount notes, etc., arising out of actual commercial transac- tions, upon the indorsement of any of its member banks with a, of demand, notice, and protest, etc. WARES. § 13:1. 50: p. 14. Nothing in this Act to be construed to pro- hibit such notes, etc., secured by staple agri- cultural products, or other goods, or mer- chandise from being eligible for such dis- count, etc. WARRANTS. § 14:1. 13: p. 16. Federal reserve banks, under regulations of the Federal Reserve Board, may buy and sell, at home or abroad, bills, notes, revenue bonds, and, with a maturity from date of purchase not exceeding six months issued in anticipa- tion of the collection of taxes or of the receipt of assured revenues by any State, county, etc. WASHINGTON, D. C. § 10:1. 49: p. 11. The first meeting of the Federal Reserve Board to be held in, as soon as may be after the passage of this Act, etc. § 12:1. 13: p. 14. The meetings of the Federal Advisory Council to be held in, at least four times each year. § 12:1. 16: p. 14. The Federal Advisory Council may hold such other meetings in, or elsewhere as it may deem necessary. § 16:1. 10:p. 17. Federal reserve notes to be redeemed in gold on demand at the Treasury Department of the United States in the city of, etc. WAY, IN ANY. See "In any way." WEEK. § 11:1. 41: p. 12. The Federal Reserve Board to publish once each, a statement showing the condition of each Federal reserve bank and a consolidated statement for aU Federal reserve banks. WELI AS, AS. See "As well as." WHEN DEEMED ADVISABLE. See "Deemed advisable." WHENEVER. § 10:1. 19:p. 12. 488 484 INDEX-DIGEST. WHERESOEVER. § 14:1. 32:p. 16. WHOLE OR ANY PART. § 18:1. 15: p. 20. 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^ of its circulating notes may file an appli- cation with the Treasurer of the United States, etc. WHOLE OR IN PART. See "In whole or in part." WITH A VIEW. § 14:1. 27: p. 16. Federal reserve banks, subject to review and determination of the Federal Reserve Board may establish from time to time, rates of discoimt, etc., to be fixed, of accommodating commerce and business. WITH DFE REGARD. § 4:1. 33: p. 5. Federal reserve banks, subject to the provi- sions of law and the orders of the Federal Reserve Board, extend to each member bank such discounts, advancements, and accomo- dations, etc., as may be safely and reason- ably made, for the claims and demands of other member banks. WITH OR WITHOUT ITS INDORSEMENT. § 14:1. 21:p. 16. Federal reserve banks may purchase from member banks and sell, bills of exchange arising out of commercial transactions as hereinbefore defined. § 14:1. 33: p. 16. Federal reserve banks may, with the consent of the Federal Reserve Board, through for- eign correspondents or agencies, buy and sell, bills of exchange arising out of actual com- mercial transactions which have not more than 90 days to run and which bear the signature of two or more responsible parties. WITH OR WITHOUT THE INDORSEMENT. § 14:1. 3:p. 16. Federal reserve banks may, under regulations prescribed by the Federal Reserve Board, purchase and sell, in the open market, at home or abroad, etc., cable transfers and bankers' acceptances and bills of exchange of the kinds and maturities by this Act made eligible for rediscount, of a member bank. WITH THE APPROVAL OF. See "Approval." WITH THE CONSENT OF. See "Consent." INDEX-DIGEST. 485 WITHDRAW. § 16:1. 40: p. 18. Federal reserve banks may, at their discretion, collateral deposited witn the local Federal reserve agent substituting other like collateral, etc. WITHDRAWAL § 9:1. 27: p. 10. Any baak becoming a member bank to con- formi to the law imposed on national banks as to, or impairment of capital, etc. WITHDRAWALS. § 16:1. 21 :p. 17. The Federal reserve agent to notify the Fed- eral Reserve Board each day of aJl issues and, of Federal reserve notes, etc. WITHDRAWN. § 19:1. 21: p. 23. The reserve carried by a member bank with a Federal reserve bank may, under regula- tions and subject to such penalties as may be prescribed by the Federal Eeserve Board, be checked against and, by such member bank for the purpose of meeting existing liabilities, etc. WITHIN FIFTEEN DAYS. See "Fifteen days." WITHIN ITS DISTRICT. See "Federal reserve district." WITHIN ONE YEAR. § 2:1. 32: p. 2. A national bank failing to become a member bank, after passage of this Act, to forfeit all rights, privileges, etc. WITHIN SIXTY DAYS. See "Sixty days." WITHIN THE DISCRETION. See "Discretion." WITHIN THE DISTRICT. See "Federal reserve district." WITHIN THE FEDERAL RESERVE DISTRICT. See "Federal re- serve district." WITHIN THE JURISDICTION. 5 12:1. 25 :p. 14. The Federal Advisory Council to have power to make oral or written representations to the Federal Reserve Board concerning matters, of said board. WITHIN THE MEANING OF THIS ACT. 8 13-1 47: p. 14. The Federal Reserve Board to have the right to ' ■ ■ determine or define the character of the paper thus eligible for discount. 486 INDEX-DIGEST. WITHIN THE MEANING OF THIS SECTION. § 19:1. 6:p. 23. Certaia reserve deposits required by the law of its State to be kept by a State bank or trust company either in its own vaults or with another State bank or trust company, to be construed, as if they were reserve deposits in a national bank in a reserve or central reserve city for three years, etc. [Amended by Act of August 15, 1914. See § 19:1. 37:p. 30; § 19:1. 89:p. 30; § 19:1. 41:p. 30.] WITHIN THE POWER. § 9:1. 44: p. 10. It shall be, of the Federal Reserve Board to require a member bank to surrender its stock in the Federal reserve bank for failure to comply with the provisions of this section or with the regulations of the Fiederal Reserve Board. WITHIN THIRTY DAYS. See "Thirty days." WITHIN THREE MONTHS. See "Three months." WITHOUT DISCRIMINATION. § 4:1. 29: p. 5. The board of directors to manage the affairs of the Federal reserve bank fairly and impar- tially and, in favor of or against any member bank or banks, etc. WITHOUT IMPAIRMENT. § 6:1. 28: p. 8. The stock of an insolvent member bank in the Federal reserve bank to be canceled, of its liability, etc. WITHOUT REGARD TO. § 11:1. 52: p. 13. All attorneys, experts, assistants, clerks, and other employees of the Federal Reserve Board shall be appointed, the Act of Jan- ary 16, 1883. (Civil-Service Act.) WITHOUT THE CIRCULATION PRIVILEGE. § 18:1. 12 :p. 21. The Secretary of the Treasury may issue 1- year gold notes of the United States, in ex- change for United States 2 per centum gold bonds bearing the circulating privilege but agaiust which no circulation is outstanding to an amount not exceeding one-half of the 2 per centum bonds so tendered for exchange. § 18:1. 15 :p. 21. The Secretary of the Treasury may issue 30- year 3 per centum gold bonds, for the re- mainder of the 2 per centum bonds so ten- dered, etc. INDEX-DIGEST. 487 WITHOUT THE CIRCTJIATION PEIVILEGE (Continued). § 18:1. 44: p. 21. Such bonds to be issued under same general terms and conditions as the United States 3 per centum bonds, now issued and outstand- ing. WITHOUT, WITH OR. See "With or without." WORD. § 1:1. 4:p. 1. WhereTer the, "Bank" is used in this Act the, shall beheld to include State bank, banking association, and trust company, except where national banks or Federal reserve banks are specifically referred to. WORTHLESS ASSETS. § 11:1. 30: p. 13. The Federal Reserve Board may require the writing oS of doubtful or, upon the books and balance sheets of Federal reserve banks. WRITING. § 2:1. 6: p. 2. Every national bank in the United States 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 in, within 60 days after the passage of this Act its acceptance of the terms and provisions hereof. § 11:1. 28:p. 13. The Federal Reserve Board to communicate in, the cause of removal to the removed officer or director and to said bank. § 18:1. 36: p. 20. Upon notice from the United States Treasurer of the amount of United States bonds sold for its account, each member bank to duly assign and transfer in, such bonds to the Federal reserve bank purchasing the same. § 22:1. 12:p. 25. No examiner to disclose the names of borrowers or the collateral for loans of a member bank to other than the proper officers of such bank without first having ootained the express per- mission in, from the Comptroller or from the board of directors except, etc. The Federal Reserve Board may require the, of doubtful or worthless assets upon the books and balance sheets of Federal reserve banks. WRITTEN REPRESENTATIONS. S 12-1 24 -p 14 The Federal Advisory Council may make oral * ■ ■ '^ or, to the Federal Reserve Board concermng matters within the jurisdiction of said board; WRITING § 11:1. OFF. 30 :p. 13. YEAR. Calendar. § 21:1. l:p. 24. Examiners to examine each member bank at least twice each calendar. Each. § 12:1. 14: p. 14. Meetings of the Federal Advisory Council shall be held in Washington, D. C, at least four times each, etc. § 21:1. 37:p. 24. The Federal Reserve Board shall at least once each, order an examination of each Federal reserve bank. Half. § 10:1. 45: p. 11. The Federal Reserve Board to levy an § 10:1. 47: p. 11. assessment semiannually upon the Fed- eral reserve banks sufl&cient to pay its estimated expenses and the salaries of its members and employees for the, succeed- ing the levying of such assessment, to- gether with any deficit carried forward from the preceding half. In any one. § 18:1. 27: p. 20. Federal reserve banks not permitted to purchase an amount to exceed $25,000,- 000 of United States bonds, etc., from member banks in any one. One. 488 § 2:1. 32: p. 2. Any national bank falling to become a member bank within one, after the pas- sage of this Act, etc., to forfeit all rights, privileges, etc. § 4:1. 31 :p. 7. Directors of each class to designate one of the members of each class whose term of office shall expire in one, from the 1st of January nearest to date of such meet- ing, etc. § 18:1. 27: p. 20. Federal reserve banks not to purchase more than $25,000,000 of such bonds in any one. § 18:1. 34: p. 21. The Secretary of the Treasury may issue United States Treasury notes to be pay- able not more than one, from date of issue, etc. § 22:1. 46: p. 24. Any bank officer, etc., violating the pro- visions of section 22 to be imprisoned not exceeding one, etc. INDEX-DIGEST. 489 YEAR (Continued). One (continued). § 22:1. 51 :p. 24. Any examiner accepting a loan, etc., from any bank or from an officer, etc., of any bank examined by him, etc., shall be imprisoned not exceeding one, etc. §22:1. 19: p. 25. Any person violating any provision of this section to be punished by a fine, etc., or by imprisonment not exceeding one, etc. One, gold bonds. See One, gold notes. See Thirty, gold bonds. Within one. § 2:1. 32:p. 2. TEARS. Two. "United States 3 per centum 1-year gold bonds." "United States 1-year gold notes"; "United States Treasury notes." See "United States 2 per centum 30-year gold bonds"; "United States 3 per centum 30-year gold bonds." Forfeiture of the rights, privileges, and franchises granted to any national bank under the national bank Act for failure to become a member bank within one, after the passage of this Act. § 4:1. 33: p. 7. Directors of each class to designate one of the members of each class whose term shall expire in one year from the 1st of January nearest to date of such meeting, one whose term of office shall expire at the end of two, from said date, etc. § 10:1. 27 :p. 11. Members of the Federal Reserve Board, etc., ineligible while in office and for two, thereafter to hold any office, etc., in any member bank. § 10:1. 30:p. 11. § 18:1. 13:p. 20. Three. § 4:1. 36:p. 5. One member of the Federal Reserve Board to be designated for a term of two, etc. Member banks may apply to the Treas- urer of the United States to have their bonds securing circulation sold, etc., after two, from passage of this Act and at any time during a period of 20 years thereafter. The board of directors of Federal reserve banks to consist of nine members hold- ing office for three. § 4:1. 34: p. 7. Directors of each class to designate one whose term shall expire at end of three, from said date. 490 INDEX-DIGEST. YEARS (Continued). Three (continued). § 4:1. 36: p. 7. Thereafter every director to hold office for a term of three. § 19:1. 8:p. 23. Certain reserve deposits required by the law of its State to be kept by a State bank or trust company in its own vaults or with another State bank or trust company to be construed as reserve deposits in national banks in reserve and central reserve cities for three, after the official announcement, of the estab- hshment of a reserve bank, etc. [Amended by Act of August 15, 1914. See § 19:1. 37:p. 30; § 19:1. 39:p. 30; § 19:1. 41 :p. 30.] Four. § 10:1. 30: p. 11. The President to designate one member of the Federal Reserve Board to serve for four, etc. Five. § 24:1. 40 :p. 25. National banks, etc., to make no loans on farm lands for a longer time than five, etc. Six. § 10:1. 31 :p. 11. The President to designate one member of the Federal Eeserve Board to serve for six, etc. Eight. § 10:1. 31: p. 11. Also one member to serve for eight. Ten. § 10:1. 31 :p. 11. Also one member to serve for 10. § 10:1. 32: p. 11. Thereafter each member, etc., to serve for 10. Twenty. § 4:1. 44: p. 4. Federal reserve banks to have succession for a period of 20, etc. § 18:1. 14: p. 20. After two years from the passage of the Act and at any time during a period of 20, thereafter any member bank, etc., may file with United States Treasurer an application for sale of its United States bonds securing circulation to be retired. Thirty. § 18:1. 28: p. 21. The obligation of Federal reserve banks to purchase at maturity such 1-year gold notes to continue in force for a period of not to exceed 30. o i