Page:United States Statutes at Large Volume 40 Part 1.djvu/254

 SIXTY-FIFTH CONGRESS. Sess. I. Ch. 32. 1917. 235 "Any Federal reserve bank may receive from any of its member D°¤°S*'*¤ ¤“°‘”°d i¤· banks, and from the United States, deposits of current funds in lawful money, national-bank notes, Federal reserve notes, or checks, and drafts, payable u on presentation, and also, for collection, From other www maturing notes and bills; or, solely for purposes of exchange or of sans solely, at mi. collection, may receive from other Federal reserve banks de osits 1°°"°”·°t°· of current funds in lawful money, national-bank notes, or checks upon other Federal reserve banks, and checks and drafts, payable upon presentation within its district, and maturing notes and bills Frm mmmemw payab e within its district; or, solely for the puipeoses of exchange mm. or of collection, maty receive from  nonmem r bank or trust companyy deposits 0 current funds in awful money, national-bank notes, ederal reserve notes, checks and drafts edpagable upon pres- _ entation, or maturing notes and bills: Provid, uch nonmember §Q‘f§§f§§g, ,,0,,, ,,0,,, bank or trust company maintains with the Federal reserve bank of ¤¤m'¤·¤¤>¤¤kS- its district a. balance sufficient to offset the items in transit held for Collection dm as its account by the Federal reserve bank: Promded further, That notpmmbim. g nothing in this or any other section of this Act shall be construed as prohibiting a member or nonmember bank from making reasonable charges, to be determined and regulated by the Federal Reserve I., ti t Board, but in no case to exceed 10 cents per $100 or fraction thereof, °°’ ° °‘ based on the total of checks and drafts presented at any one time, for collection or payment of checks and drafts and remission therefor by exchapigle or otherwise; but no such charges shall be made against the Fede reserve banks." A Sec. 5. That the fifth paragraph of section thirteen be further vgi?pt§°°°i,_ 752, amended and reenacted so as to read as follows: °”;$3§,9gi me paw "Any member bank may accept drafts or bills of exchangle drawn ' upon it having not more than six months sight to run, exc usive of days of grace, which grow out of transactions involving the importa· coming domestic tion or exfrtation of gplods; or which grow out of transactions smpmms. involving the_domestic s `pment of goods provided shipping documents conveying or securing title are attached at the time of accept- Secured b wm ance;·or which are secured at the time of acceptance by a warehouse umm receiptay receipt or other such document conveying) or securing title covering umu to me mc read y marketable staples. No member ank shall accept, whether P n` m a foreign or domestic transaction, for any one person, company, _ Erm, or corporation to an amount equal at any time in the gate to more than ten per centum of its paid-up and tinimpa pital stock and surplus, unless the bank is secured either by attached documents or y some other actual security growing out of the same Mmmm by but transaction as the acceptance; and no bank shall accept such bills ` to an amount equal at any time in the agagregate to more than one- ,,,,,,,,0, half of its paid-up and unimpaired capit stock and surplus; Pm- 1;¤n;m'i¤¤¤m,‘¤¢ vided, however, That the Federal Reserve Board under such general °“ °°"”°° by Bm regulations as it may prescribe, which shall apply to all banks alike regardless of the amount of capital stock and surplus, may authorize any memberbaplk to accept suchhbillgrpg an amount npt exceesiling at any time in the gregate one un per centum o its ai -u t I me and unimpaired capital stock and surplus: Promkled, furtheii, Tha}; the aggregate of acceptances growing out of domestic transactions shallluippo event exceed fifty per centum of such capital stock and Om mmm DWF Su ·, tions. n- Slim. 6. That section fourteen, subsection (e), be amended and mYg};,“f°· P· ”"· reenacted so as to read as follows: R_m,_,m¤_ “ (o) To establish accounts with other Federal reserve banks for Amunpld rm- 5; exchange purposes and, with the consent or upon the order and ?;§ju»w,3‘m direction of the Federal Reserve Board and under regulations to be prescribed by said board, to open and maintain accounts in foreign countries, appomt correspondents, and establish agenciw in such