Page:United States Statutes at Large Volume 38 Part 1.djvu/290

 SIXTY·THIRD CONGRESS. Sess. II. Ch. 6. 1913. 271 The balance of said reserves shall be held in its own vaults or in the Federal reserve bank, at its option. _ Any Federal reserve bank may receive from the member banks as b;3°‘°§l’,,l,$“‘§ reserves, not exceeding one-half of each installment, eligible pa r as '°°,*Zgj,°·p 6,,, described in section fourteen properly indorsed and acceptaga to ’ ` the said reserve bank. Muna by Sm, If a State bank or trust company is required by the law of its State mm or- mm compato keep its reserves either in its own vaults or wit another State bank m°§,;,,, ,,,691, or trust company, such reserve deposits so kept in such State bank or trust company shall be construed, within the meaning of this section, as if they were reserve deposits in a national bank in a reserve or central reserve cityufor a {period of three years after the Secretary of the Treasury shall ve o cially announced the establishment of a Federal reserve bank in the district in which such State bank or ,,,,,,,,,,,,,,,, ,,,, dg trust comnpany is situate. Except as thus provided, no member ms, em., by mmbank sha keep on deposit with any nonmember bank a sum in b““”‘ excess of ten per centum of its own paid-up capital and surplus. No member bank shall act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal reserve bank under the Epvisions of this Act except by permission of the Federal Reserve ard. Us, ,,,,,_m,,_ The reserve carried by a member bank with a Federal reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Federal Reserve Board, be c ecked against and withdrawn by such member bank for the purpose of meeting existing ,,,0,,,, liabilities: Prmnkied, however, That no bank shall at any time make Restriction. new loans or shall pag any dividends unless and until the total reserve rei}-gired by law is fu y restored. ,3,,,,,,, ,,,,,,,,,m,,_ estimating the reserves required by this Act the net balance of Poa¢,P·692· amounts due to and from other banks shall be taken as the basis for ascertaining the deposits against which reserves shall be determined. Balances in reserve banks due to member banks shall, to the extent herein provided, be coimted as reserves. ,,,,,,,,,,,,,_,,,,,,,,,,,,,, National banks located in Alaska or outside the continental United Mm- States may remain nonmember banks and shall in that event maintain reserves and comply with all the conditions now provided 3,,,,,,,,, ,,,,,,,,,,,,,,,, by law regulatinlg them; or said banks, except in the P ilippine 1¤1¤¤d¤ Islands, may, wit the consent of the Reserve Board, become member banks of any one of the reserve districts, and shall in that event, take stock, maintain reserves, and be subject to all the other provisions of this Act. N,,,,,,,,,,, bm ,,_ Sec. 20. So much of sections two and three of the Act of June d¤mpu¤¤ fundsnvtto twentieth, eighteen hundred and seventy-four,_ entitled "An Act b°,§’,,YQ§';,"f”§Y‘ fixing the amount of United States notes, providing for a redistribu- ' tion of the national-bank currency, and for other purposes," as provides that the fund deposited lgy any national banking association with the Treasurer of the United tates for the redemption of its notes shall be counted as a part of its lawful reserve as aprovided in the Act aforesaid, is hereby re ealed. And from and ter the passage of this Act such fund of dlve per centum shall in no case be counted by any national banking association as a part of its lawful reserve. naxx nxanuuarroxs. B¤¤k ¤¤¤¤¤¤¤¤¤¤· Sec. 21. Section fifty-two hundred and forty, United States Ro-  5,,,,, ,, vised Statutes, is amended to read as follows: 101% ¤¤¤¤¤¤¤<1- The Comptroller of the Currency, with the approval of the   ·‘PP°*"‘*m°"*·°‘°· tary of the Treasury, shall appomt examiners who shall examine every member bank at least twice in each calendar year and oftener if considered necessary: Prozpkled, however, That the   Reserve ampziaa or sm Board may authorize examination by the State authorities to be °‘°'°‘“'“°”*