Page:United States Statutes at Large Volume 40 Part 1.djvu/253

 234 SIXTY-FIFTH CONGRESS. Sess. I. Ch. 32. 1917. twenty-Eve per centum of its capital stock for the puwose of effect. ing voluntary withdrawals during that ylear. All suc _ applications Maud f shall be dealt with in the order m which they are filed with t_ e board, tam on srlnigiiiirigi Whenever a member bank shall surrender 1ts stock holdings in a "°°"#°'°· Federal reserve bank, or shall be ordered to do so_by the ederal Reserve Board, under authority of law, all of its rights and privileges as a member bank shall thereupon cease and determine, and after due provision has been made for any indebtedness due or to mn., _]_ become due to the Federal reserve bank_1t shall be entitled to a renwea. ’ °t°" fund of its cash paid subscription with mterest at the rate of onehalf of one per oentum per month from date of last dividend, if earned, the amount refunded in no event to exceed the book value of the stock at that time, and shall likewise be entitled to re ay- ment oitdteposits and of any other balance due from the Fedlzral reserve . °”*"*°"°“""°°· "No  bank shall be admitted to membership in a Federal reserve b  it possesses a paid-up; unimpaire capital sufficient to entitle 1t_to become a national anking association in the place where it IS situated under the provisions of the national-bank c. mfmw ”‘*“"°’ "Banks  members of the Federal Reserve System under authority of this section shall be sub`ect to the provisions of this section an to those of this Act which relate specifically to member agen °x` banks, but shall not be subject to examination under the provisions ms; "·· ’°°- W- P- of the first twoparagraphs of section fifty-two hundred and forty of V¤!:38.p. m ghi tgetatutes as amezntdgsd gy sectiion tvtaenty-one of thisfAct. ui eprovmonso ctan to er ationso the ¢.r,.°lL‘Q;_"" "‘°°" '° board made pursuant thereto, any bank becoming liigiiiember of the Federal Reserve System shall retain its full charter and statutory rights as a State bank or trust company, and may continue to exercise all corporate powers granted it by the State in which it was PMN created, and shall be entitled to all privileges of member banks: nannies nr sm. Provided, Mwewr, That no Federal reserve bank shall be permitted §·,§§,'§g,§_’ "“"° to discount for any State bank or trust company notes, drafts, or bills of exchange of any one borrower who is liable for borrowed money to such State bank or trust company in an amount greater than ten per centum of the capital and surplus of such State bank or trust company, but the discount of bills of exchange drawn against actually existing value and the discount of commercial or business pgper actually owned by the person negotiating the same shall not awww- twat., considered as borrowed money within the meaning of this section. The Federal reserve bank, as a condition of the discount of notes, drafts,  bills of exchange for such State bank or trust company, shall reguire a certificate or guaranty to the effect that the borrower is not liable to such bank in excess of the amount provided by this section, and will not be permitted to become liable in Excess of this amount wh1le such notes, drafts, or bills of exchange are under dis- °·"*‘****¤ ¤**··¤*·· °°l*`ii"ili1ti}° iiEid€$fl1’i°°"° b'“i{° anne? Squalsd by do _ s e a _ or any officer, clerk or ent of an bank "°“" *‘“"""“‘· admitted to membership under authority of, thisagection to ycertify any check drawn upon such bank unless the erson or com an gfgglagcghpucgciilr htas ion deposit tlilerewgth at tihe time such check .. unomone u tot eamo " ' mgmt? °! mm check. Any check so certiiiedylilyl duly authorizelirlnbgiribcibiigliidlll lilac? good and vahd obligation against such bank, but the act of any such officer, clerk, or agent  violation of this section ma subject such bank to a forfeiture of its membeiship in the Federal Rleserve System Hmm bun Upggchzafipg bzytghe géderal Raeryle Ii_0ard." ven, as, p, 152, - · 8 6 pamgra 0 section thik n f her “"°”"°"— amended and reenacted so as to nizlad as follows: be un