Page:United States Statutes at Large Volume 40 Part 1.djvu/1333

 SIXTY-FIFTH coNGREss. sm. III. os. 101. 1919. 1315 December thirty—5rst, nineteen hundred and eighteen, shall be paid S“'P,l“¤ md i¤· into a sur lus frmd until it shall amount to one hundred per centum ` of the suiiscribed capital stock of such bank, and that thereafter ten per centum of such net earnings shall be aid into the surplus." Sec. 2, That that part of section ten of tliie Federal reserve Act BF°§1°¤¤ Rasem which reads as follows: "The members of said board, the Secretary céidnnection of memof the Treasury, the Assistant Secretaries of the Treasury, and the §$§i,§§f§f’*h°' bmks Comptroller of the Currency, shall be ineligible during the time they SdY<>i·38»P-260»¤m¤¤d· are in office and for two years thereafter to hold any office, position, pruemployment in any member bank,” be amended to read as 0 ows: "The Secretary of the Treasury and the Comptroller of the Cnr- '1‘r¢¤S¤ry<>¤i<=i¤1s- rency shall be ineligible during the time they are in office and for two years thereafter to hold any office, osition, or emplo ent in any member bank. The appointive memlbers of the Federalylitleserve b°Ar>P¤i¤¢iv¤ mam- Board shall be ineligible during the time they are in office and for ts` two years thereafter to hold any office, position, or employment in any member bank, except that this restriction shall not apply to a E¤¤¤Pti¤¤· member who has served the full term for which he was appointed/’ Powers ofB0¤rd. Sec. 3. That section eleven of the Federal reserve Act as amended ,,.¥°l‘3°’P‘752’°”’°“°' by the Act of September seventh, nineteen hundred and sixteen, be further amended by striking out the whole of subsection (m) and by substituting therefor a subsection to read as follows: " (m) U on the affirmative vote of not less than five of its mem- R¤dg¤,_¤;•gs9¢;t;¤g’dB*g· bers, the lilhderal Reserve Board shall have power to permit Federal mw ° ' reserve banks to discount for any member bank notes, drafts, or bills of exchange bearing the signature or endorsement of any one borrower in excess of} the amount permitted by section nine and mmm section thirteen of this Act, but in no case to exceed twenty _ er centum of the member bank’s ca ital and smplus: Promkie, §_,g",§'§§ of mm, iimvevcr, That all such notes, drafts, orlbills of exchange discounted *’°“dS·°*°··'°¤“i'°d· for any member bank in excess of the amount permitted under such sections shall be secured by not less than a like face amoimt of bonds or notes of the United States issued since April twenty-fourth, nineteen hundred and seventeen, or certificates of indebtedness of the Permission to msc United States: Provided further, That the provisions of this subsec- December 31.1920. tion (m) shall not be operative after December thirty-first, nineteen hundred and twenty." mmm t Sec. 4. That section fifty-one hundred and seventy-two, Revised iz. s., igiuiiiij p. Statutes of the United States, be amended to read as follows: *°§’°s,g,u°j’§,§’,“,,}’,§¥}{,,,d_ "Ssc. 5172. That in order to furnish suitable notes for circulation, d1’¤\·¤5.p-¤¤¤.¤m¤¤d— the Comptroller of the Currency shall, under the direction of the Secretary otp the Treasury, cause plates and dies to be engraved, in the best manner to guard against counterfeiting and fraudulent alterations, and shall have printed therefrom and numbered such quantity of circulating notes in blank, or bearing engraved signatures of Dmcmmaf officers as herein provideld, of the denomnpations of gl, $2, 3%, $1;, mm $20, $50, $100, $5500, an $1,000, as may e re uire to su the _ associations entitled to receive the same. Sucfi notes shallpgxiryress etghm°°°'°"°°“"tY' upon their face th at they are secured bgv United States bonds deposited with the Treasurer of the United tates, by the written or engraved signatures of the Treasurer and Register, and by the im rint of the seal of the Treasury; and shall also express upon their flsice the Engraved www promise of the association receiving the same to pay on demand, allowed. attested b the written or engraved signatures of the president or vice presidient and cashier; and shall ear such devices and such other statements and shall be in such form as the Secretary of the Treasury shall, by regulation, direct/' Approved, March 3, 1919.