Page:United States Statutes at Large Volume 39 Part 1.djvu/773

 752 SIXTY-FOURTH CONGRESS. Sess. I. Ch. 461. 1916. $•Y¤mb¤¤‘ 7» 1916- CHAP. 461.-An Act To amend certain sections of the Act entitled f‘Federa.l H‘ R' midm reserve Act," approved December twenty-third, nineteen hundred and thuteen. [Public,No. 270.] Be it enacted by the Senate and House ry Representatives of the United §§,l§f,‘f{,,l,Y,§,“§°"°l°‘ States of America in Congress assembled, That the Act entitled “Federal reserve Act," approved December twenty-third, nineteen hun- Rmm Bam dred and thirteen, be, and is hereby, amended as follows: my allow mémw At the end of section eleven insert a new clause as follows: iZ?§.k?»Q°¥1¤'Y`“” " (m) Upon the affirmative vote of not less than live of its members a¤Y,;}M_38· P- ’“’· the Federa Reserve Board shall have power, from time to time, by general ruling, covering all districts alike, to permit member banks to carry in the Federal reserve banks of their respective districts any portion of their reserves now required by section nineteen of this Act Rw_,"b_,m_ to be held in their own vaults." nepesrmueweais. That section thirteen be, and is hereby, amended to read as follows: mY;&_d_”» P- “"“· "Any Federal reserve bank may receive from any of its member banks, and from the United States, dsposits of current funds in lawful sms for woman money, national—bank notes, Feder reserve notes, or checks, and °**1°d— drafts, payable upon presentation and also, for collection, maturing bills; or solegy folrapurpcses of exchange or of collection, may receive from other ede reserve banks deposits of current funds inlawful money, national—bank notes, or checks upon other Federal reserve banks, and checks and drafts, payable upon presentation within its mmm, ommmw district, and maturing bills payable withm its district. www- “Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice and protest by such bank as' to its own indorsement exclusively, any Federal reserve bank may D•°'*P**¤¤· discount notes, drafts, and bills of exchange arising out of actual commercial transactions; that is, notes, drafts, and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds of which have been used or are to be used, for such purposes, the Federal Reserve Board to have the right to determine Smmplpqn or etine the character of the aper thus eligible for discount, within the meaning of this Act. Nothing in this Act contained shall be conitrued pp prohiilbit splrch nptes, draftt% and bills of exchange, secured S mums y sta `c tur ro ucts, or o er ds wares or merchandise uciwiiia pw from liieiniggneligible foil such discount; liiigsdch definition shall not include notes, drafts, or bills covering merel investments or issued mmm, mm, or drawn for the pmpose of carryin or trading in stocks bonds, or ¤·,;,:_;¤m¤•;{· other investment securities, except bonds and notes of the Govern- ° ‘ ment of the United States. Notes, drafts, and bills admitted to discount under the terms of this paragraph must have a maturit at P, the time of discount of not more than ninet days, exclusive of days aiiiiixentn, {or of grace: Provided, That notes, drafts, and {mills drawn or issued for °€"‘°“““”‘ °°°°“· °"* agricultural purposes or based on live stock and having a maturity not exceeding six months exclusive of days of grace, may be discounted in an amount to be limited to a ercentage of the assets of gre Fedega.1 regerve bank, to be  and fixed by the Federal R i I I eserve oar. sem. mt "The aggregate of such notes, drafts, and bills bearing the signature or in orsement of any one borrower, whether a person, company, firm, or corporation, rediscounted for_an(y one bank shall at no time exceed ten per centum of the ummparre capital and surplus of said banlk; butihtllris restrictipp slriill not apply to the discount of bills of exc an e wn rn 0 ait ainst actuall exist', Fweisn =¤¤=¤v¢¤¤<>¤¤- HAD)? Federal resegfive bank riliiy discount ali:cepta11i1¢§esvglut(-Liss kinds hereinafter described, which have a maturity at the time of discount of not more than three months} sight, exclusive of days of grace and which are indorsed bi at least one member bank. I d_§,°{*¤b¤g°r§;$=,;';*,,{ "Any member ban ma accept drafts or bills of exchan e drawn mw. upon rt having not more than six months’ sight to run, exgusive of