Page:United States Statutes at Large Volume 39 Part 1.djvu/774

 SIXTY—FOURTH CONGRESS. Sess. I. C11. 461. 1916. 753 days of grace, which grow out of transactions involving the importation_or exportation of goods; or which grow out of transactions involving the domestic shipment of goods rovided shippin documents conveiyling or securmgi title are attaclied at the time 0% accejipance; or_w ch are secure at the time of acceptance by a ware ouse receipt or other such document conveying or securing title cover1ng_read1ly marketable staples. No member bank shall accept, L*m“°‘°°°°P*°”°“· whether in a foreign or domestic transaction, for any one person, com-. pany, firm, or corporation to an amount equal at any time in the aggreglate to more than ten per cent of its paid-up and unimpaired capita stock and surplus unless the bank is secured either b attached w"1iif?·§ii°°i’ if rm documents or by some other actual securit growing out oiy the same transaction as the acceptance and no bank shall accept such bills to an amount equal at any time in the aggregate to more than one-half of its paid-up and unimpaired capital stool: and surplus. "Any Fe eral reserve bank ma make advances to its member :¤‘i¤iii:il1i°·i»°°tiiHs°?°'v° banks on their pzomissory notes fhr a period not exceeding fifteen days at rates to established by such Federal reserve banks, subject mmm UML to the review and determination of the Federal Reserve Board, ro- uq vided such promissory notes are secured by such notes, drafts, of exchange, or bankers’ acceptances as are eligible for rediscount or for purchase by Federal reserve banks under the {revisions of this Act, or by the deposit or pledge of bonds ornotes of theUnited States? Nmcmlbmks Section fifty-two hun ed and two of the Revised Statutes of the _ ruasmaimss 1'1 m- United States is hereby amended so as to read as follows: "No ‘“§j S_, M ml ,,_ national banking association shall at any time be indebted, or in any 1°°°··¤¤¤>¤·¤- way liable, to an amoxmt exceeding the amount of its cgpital stoc at such time actually paid in and remaining undiminish b losses _ or otherwise, except on account of demands of the nature following: E‘°°P“°“’* ~F1st. Notes O camiauos. °**¤¤*¤°*¤¤¤¤**¤· “ Second. Mone deposited with or collected by the association. g'1j$*’;’,_;“;c "Third. Bills oiyixchange or drafts drawn against money actually ' on deposit to the credit of the association, or dlue thereto. DMdmd,,,,,,_ “ Fourth. Liabilities to the stockholders of the association for divi- ` dends and reserve rofits. "Fifth. Liabilitigs incurred under the provisions of the Federal buigiiu r°°°"° u°` reserve Act. _ ,, "The discount and rediscount and the purchase and sale by any ¤sI§:»§`miT`Sm:$w'r¤¥ Federal reserve bank of any bills receivable and of domestic and °°izl»i. `ss, p. zu, foreign bills of exchange, and of acceptances authorized by this Act, °'¤°¤"°d· shall be subject to such restrictions, limitations, and regulations as may be imposed by the Federal Reserve Board. _ _ nassaui mms. ‘ That in addition to the powers now vested by law in national a, °;, ,;’°;*;;‘,§ banking associations organized under_the laws of the United States imnsu. any such association located and doing busmess m_any place the population of which does not exceed five thousand mhabitants, as shown by the last preceding decenmal census, may, under such rules and regulations as may be prescr1bed_ by the Comptroller of the Currency, act as the agent for any fire, life, or other insurance company authorized by the authorities of the State m which said bank IS located to do business in said State, by_sohc1ting and selhng msurance and collectinfg premiums on policies issued by such company; and may receive or services so rendered such fees or commissions as may Acuugmmoud be agreed upon between the said association and the insurance com- ,Sm,;,,,,,s_ pany for which it may act as agent; and may also act as the broker or agent for others in making or procuring loans on real estate located within one hundred miles of the place m which said bank may be located, receiving for such services a reasonable fee or commission: mm Povided, however, That no such bank shall m any case guarantee dewamhs mumeither the principal or interest of any such loans or assume or_guar- °¤· antee the payment of any prem1um on insurance policies issued 91890°—vor. 39-rr 1-48