Page:United States Statutes at Large Volume 38 Part 1.djvu/710

 SIXTY-THIRD CONGRESS. Sess. II. Ch. 252. 1914. 691 CHAP. 252.-An Act Pro ¤ an amendm nt to sec nnin noi theF ml A 15, 1914- reserve Act relating to reservggsiiliiil for other pnilrposes. no elm ade ulgit*96°‘] [Public, No. 171.] Be it enacted by the Senate and House (pf Representatives of the United States of Amerika in Congress assemble, That section ninet n, sub- l}’,‘}‘}'§1R°,§{"°,·‘;°,§~ sections (b) and (c) of the Act approved December twenllgethird, ¤¤¤¤¤d¤<i- ' nineteen hundred and thirteen, known as the Federal reserve Act, be ,0,¥‘_§§;",,‘g$fS_ ’°q“"°“ amended and reenacted so as to read as follows: " (b) A bank in a reserve city, as now or hereafter defned, shall hold I” ’°°°"° °‘“°°· and maintain reserves equal to Efteen per centum of the egate amount of its demand deposits and five per centum of its timenggplosits, as follows: " In its vaults for a dperiod of thirty-six months after said date, sixfifteenths thereof, an permanently thereafter five—fifteenths. "In the Federal reserve bank 0 its district for a eriod of twelve months after the date aforesaid, at least three-fifteentllis, and for each succeeding six months an additional one—fifteenth, until six-fifteenths have bgen so deposited, which shall be the amoimt permanently r U11`6. 8% For a period of thirty-six months after said date the balance of the reserves may be held in its own vaults, or in the Federal reserve bank, mmm, to mm, or in national banks in central reserve cities, as now defined by law. rescnecwcs- "After said thirty-six months’ period all of said reserves, except those hereinbefore re uired to be eld permanently 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. “ (c) A bank in a central reserve cw, as now or hereafter defined, c,{{,_°“‘““ ‘°°'"‘ shall hold and maintain a. reserve equ to eighteen per centum of the · aggregate amount of its demand deposits and live per centum of its time eposits, as follows: " In its vaults, six—eighteenths thereof. "In the Federal reserve bank, seven-ei€l1teenths. "The balance of said reserves shall be eld in its own vaults or in the Federal reserve bank, at its option. Ampmm 0, o,,g,_ "Any Federal reserve bank may receive from the member banks as bw paper ¤¤ wr ¤f reserves not exceeding one·half of each installment, eligible paper as “’S°"’°‘ described in section thirteen properly indorsed and acceptab e to the “°‘°’°“°° °°"°°‘°d~ said reserve bank. _ "If a State bank or trust company is reqgured or permitted by the ,,,,§f.§°"§§‘,,§§, '2f,‘},';°; law of its State to keep its reserves either m its own vaults or with P¤¤*¤¤· mother State bank or trust complang or with a national bank, such reserve deposits so kept in suc _ tate bank, trust company, or Dmmm mmm, national bank shall be construed within the meaning of this section mn acute. as if they were reserve deposits m a national bank in a reserve or central reserve cit * for a. period of three years after the Secretary of the Treasury shall have officially announced the establishment of a Federal reserve bank in the district in which such State bank or trust Resmcmm on d__ company is situate. Except as thus provided, no member bank shall ggsits, em, by memkeep on deposit with any nonmember bank a sum in excess of ten "’°““‘ er centum of its own paid-up capital and surplus. No member liank shall act as the medium or agent of a nonmember bank in applying for or receiviuglsdiscounts from a Federal reserve bank under the provisions of t Act except by permission of the Federal Reserve Board. "The reserve carried by a member bank with a Federal reserve U‘° °"°°°"°°- bank may, under the regulations and sulgect to such enalties as me be rescribed by the Federal Reserve oard, be chegred against witllidrawn by such member bank for the purpose of meeting