Page:United States Statutes at Large Volume 39 Part 1.djvu/776

 SIXT1-FOURTH CONGRESS. Sess. I. Ch. 461. 1916. 755 is located, irrespective of district lines, and may also make loans °*·**°"•*'·¤*¤*•· secured by improved and imencumbered real estate located within one hundred_m1lw of the place m which such bank is located irrespective of district lines; but no loan made upon the securit of such i¤li%_°°°"‘l°°u"' farm land shall be made for a longer time than Eve years, and no loan made upon the security of such real estate as distinguished from farm land shall be made for a longer time than one year nor shall the amount of any such loan, w ether upon such farm land or upon such real estate exceed fifty per centum of the actual value of the P 1 property offered, as seciuity. Any such bank may make such loans, amoiinism S S 1 b I ° whether secured by such farm land or such real estate, in an aggregate sum eqlililal to twenty-five per centum of its ca ital and s1u·p1us or to one—t d of its time deposits and such banks may continue hereafter as heretofore to receive time deposits and to pay interest on the same. \ "The Federal Reserve Board shall have ower from time to time u.g,¤°°°*°“ °"°“"*°' to add to the list of cities in which national banks shall not be permitted to make loans secured upon real estate in the manner described in this section." _ f hfhat section twenty—five be, and is hereby, amended to read as  °‘ O OWS: ‘ 0. 38, P. Z3, "Sec. 25. Any national banking association a ca ital m¤inpi€.i1ire·i¤rw. and surplus of $1,000,000 or more may file application wiéi the ged- "m’“°““`°”S‘ eral Reserve Board for permission to exercise, ucpon such conditions and under such regulations as may be prescribe by the said board, either or both of the following powers: Ob " First. To establish branc es in foreign countries or dependencies j°°° °"'“°*’“ or insular possessions of the United States for the furtherance of the foreign commerce of the United States, and to act if required to do so as figcgal agen'? of the United States. ding h M y in at in me " con . o invest an amount not excee in the a egate ten 1,,,,,;, ,,,‘[,,m ° _ per centum of its paid-in capital stock and surplus in gg stock of ¤*¢¤*>¤¤i¤¤¤¤ in M one or more banks or corporations chartered or incorporated under the laws of the United States or of any State thereof, and principally engaged in international or foreign banking, or banking in a dependency or insular possession of the United States either directly or through the agency, ownership, or control of local institutions in foreign countries, or in such dependencies or insular possessions. " Such application shall spec' y the name and capital of the banking &_"‘“'·’ ‘“ “¥’*’“°‘” association filing it, the powers applied for, and the place or places where the banking operations proposed are to be carried on. The Big',} °“"‘°‘"’ °' Federal Reserve Board shall have power to approve or to reject such application in whole or in part if for ang reason the granting of such application is deemed inexpedient, an shall also have power from time to time to increase or decrease the number of p aces where such banking operations may be carried on. _ "Every national banking association operating foreign branches m_I:{gb?g°§_9gpg_•;u:f shall be re uired to furnish information concerning the condition of _ such branches to the Comptroller of the Currency upon demand, and T°R°”"°B°“‘*· every member bank investing) in the capital stock of banks or corporations described imder su paragraph two_ of the first paragraph of this section shall be required to furnish information concerning the condition of such banks or corporations to the Federal Reserve Board upon demand, and the Federal Reserve Board may order special examinations of the said branches, banks, or corporations at such time or times as it may deem best. Hamm on m__ "Before any national bank shall be permitted to purchase stock chasm; gmk in elim in any such corporation the said corporation shall enter into an agree- *"“*“· ment or undertaking with the Federal Reserve Board to restrict its operations or conduct its business  such manner or under such limitations and restrictions as the said board may prescribe for the