Page:United States Statutes at Large Volume 40 Part 1.djvu/258

 SIXTY-FIFTH CONGRESS. Sess. I. Ch. 32. 1917. 239 against outstanding Federal reserve notes, or as a part of the reserve it is required to maintain against deposits. "Nothing in this section shall be construed as amending section p,g‘{;dn°?f_§§c°,§af d°· six of the Act of March fourteenth, nineteen hundred, as amended b V¤¤.%p.41:Voi.34, the Acts of March fourth, nineteen hundred and seven, March secondl p`x}§i?sg,(flf§l’2°5,p° °°5' nineteen hundred and eleven, and June twelfth, nineteen hundred and sixteen, nor shall the provisions of this section be construed to apply to the deposits made or to the receipts or certificates issued ‘ under those Acts. " _ Sec. 9. That section seventeen be amended and reenacted so as to f}‘§1°?§‘8bf‘§,'$$h68, read as follows: ’*m°¤d*i*¥· "Sr:o. 17. So much of the rovisions of section fifty-one hundred b.,]§§§°§Q$,$§ '°§§§*f’°d and fift -nine of the Revised Statutes of the United States, and auf;h%édS°°-5Ile5°»v·997¢ section giur of the Act of Jime twentieth, eighteen hundred and sev- vox. ia p. m; va. enty-four, and section eight of the Act o July twelfth, eighteen 22<}",;}‘i45,8_ p_ 268, hundred and eighty-two, and of any other Bprovisions of existing °¤°¤d°°· statutes as require that before any nation banking association shall be authorized to commence banking business it shall transfer and deliver to the Treasurer of the Unite States a stated amount of _ United States registered bonds, and so much of those provisions or ,°,’;‘u‘},“{,d*‘f“““°° °‘» “°* of any other provisions of existipg statutes as require any national bankin association now or here ter organized to maintain a minimum geposit of such bonds with the Treasurer is hereby repealed." R { d _ Sec. 10. That section nineteen be further amended and reenacted vgillrféjlspgl §Sf%ti°; so as to read as follows: _ °m°“"°“· "Sec. 19. Demand deposits within the meaning of this Act shall p§,°,,g,"‘,},‘,,‘l,'{,,“‘,;,d‘·f”’°°° com rise all deposits payable within thirty days, and time deposits shall) comprise all deposits payable after th1r·ty days, all savings accounts and certificates of deposit which are subject to not less Pam] mw tihan thirty days` notice before payment, and all postal savings S°"”g° ‘ eposrts. _ _ _ _ _ Eve bank, banking association, or trust company wh1ch is or B‘“”“°°° *9 *’° "°P* which tgomes a member of any Federal reserve bank shall establish Hgamw m mem and maintain reserve balances with its Federal reserve bank as follows: " (a) If not in a reserve or central reserve city as now or hereafter °,},§,§{’f,,i§,v'§S,§g,° °' defined, it shall hold and maintain with the Federal reserve bank of ` its district an actual net balance eq_ual to not less than seven per centum of the_ aggregate amount of its demand deposits aud three per centum of its time deposits. " (b) If in a reserve city, as now or hereafter denned, it shall hold I,E‘,,'§’°‘;,"§,‘,§“’· and maintain with the Federal reserve bank of its district an actual i i ` net balance equal to not less than ten per centum of the aggregate amount of its demand deposits and three per centum of IES time deposits. I. "(c) If in a central reserve cit, as now or hereafter defined, it ar; me '°S°"° shall hold and maintain with the Federal reserve bank of its district PMP- °’°· an actual net balance e<}ual to not less than thirteen per centum of the aggregate amount o its demand deposits and three per centum of its time deposits. _ _ ‘No member bank shall keep on deposit with any State bank or ¤mA]':g;“,}et°b*},;,•Fkg_j*et*;§ trust company which is not a member bank a sum in excess of ten per centum of its own paid—up capital and surplus. No member Discounts for ¤¤¤- ank shll act as the medium or agent of a nonmember bank inlliilélabll b°°kS r°` ztrpplying for or receiving discounts from a Federal reserve bank under B5 pgovisions of this Act, except by permission of the Federal Reserve ar. "The rggrired balance carried by a member bank with a Federal ,e,E‘§,,‘§f,,,*;‘fl““°°i“'°’ reserve b may, under the regulations and subject to such penalties as may be prescribed by the Federal Reserve Board, be checked against and withdrawn y such mem_ber bank for the purpose of