Page:United States Statutes at Large Volume 38 Part 1.djvu/289

 270 SIXTYJISHIRD CONGRESS. Sess. II. Ch. 6. 1913. E¤¤¤¤¤•=¢¤ ¤¤ wd U n a lication of an Federal reserve bank, approved by the www b°°d°` Federriil Rlgerve Board, tile Secretary may issue at par such three per centum bonds in exchange for the one-year gold notes herem provided for. Bankreserves. BANK RESERVES. D°'¤°¤,d °’*, dl “m° Sec. 19. Demand de 'ts within the meani of this Act shall mmm °d` com rise all deposits papyglble within thirty dayggand time deposits shall) comprise all deposits payable after thirty days, and all savings accoimts and certificates of deposit which are subject to not less than thiéz da ’ notice before palvinent. _ ,wRg°°”{,; *°•1°**°d en £ Secretary of the eeasury shall have officially announced, ms in such manner as he may elect, the establishment of a Federal reserve bank in any district, every subscribing member bank shall establish and maintain reserves as ollows: .,,£",$:.L';,'?q?‘Z,_° (a) A bank not in a reserve or central reserve city as now or hereafter deiined shall hold and maintain reserves equal to twelve per centum of the aggegate amount of its demand deposits and five per centum of its time deposits, as follows: _ In its vaults for a period of thirty-six months after said date five—twelfths thereof and permanently thereafter fo1u··twelfths. In the Federal reserve ank of its district for a period of twelve months after said date, two-twelfths, and for each succeeding six months an additional one-twelfth, until five-twelfths have been so de `ted, which shall be the amountgpermanently required. Eiga period of thirty-six months ter said date the balance of the reserves 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. After said thirty-six months’ period said reserves other than those hereinbefore required to be eld in the vaults of, the member bank and in the Federal reserve bank, shall be held in the vaults of the member bank or in the Federal reserve bank, or in both, at the option of the member bank. i¤ t···¤· ¤¤¤¤¤- (b)  bank in a reserve city, as now or hereafter donned, shall hold and maintain reserves eqlual to fifteen Iper centum of the aggregate amount of its demand eposits and ve per centum of its time depgsits, as follows: _ its vaults for a period of thirty-six months after said date six-fifteenths thereof, and permanently thereafter five-fifteenths. In the Federal reserve bank of its district for a period of twelve monthsafter the date aforesaid at least three-fifteentbs, and for each succeeding six months an additional one-Efteenth, until six-fifteenths have bgen so deposited, which shall be the amount permanently uire. rmlior a period of thirty-six months after said date the balance of M p_ M the reserves may be held  its own vaults, or in the Federal reserve ' bank, or m national banks m reserve or central reserve cities as now dedied by l3w.hm ths ter  t y-six_mon 'od all of said reserves, except those herembefore  to belliadlld permanently in the vaults bf the member bank an m the Federal reserve bank, shall be held in its vaults or in the Federal reserve bank, or in both, at the option of €l;e Anember bank. ru wma mem c in a central reserve cit, as now or hereafter defined, °m°'“ shall hold and maintain a reserve eqlial to eighteen per centum of the aggregate amount of its demand deposits and live per centum of its time deposits, as follows: In its vaults six-eighteenths thereof. In the F cdcral reserve bank seven-eighteenths.