Page:United States Statutes at Large Volume 41 Part 1.djvu/401

 380 SIXTY-SIXTH CONGRESS. Sess. II. Ch. 18. 1919. °¤i¤· buum •"‘*°x‘ chase and sell coin, bullion, and exchange; to borrow and to lend °h*rs?1:`b¤¤ds,m. money· to issue debentures, bonds, and plromrssorjy notes under S110}1 eneral conditions as to security and suc hmrtatrons as the Federal Reserve Board may prescribe, ut in no event having habrlities outstanding thereon at any one time exceeding ten times its capital stock R°°°"°d°’°°l°’°“°` and s lus· to receive de osits outside o the United States and tp me or Umm sum, \11'P, P. ae. receive only such deposits within the_United States as may be 11lCldental_to or for the pu1pose_of carrying out transactions m foreign countries or dependencies or msular possessions of the United States, ,,,g?;°' £fQ'°'°;,¤Z°§§§ and generally to exercise such powers as are incidental  the powers °¤¤¤<=*¤“’“"”'”°· conferred by this Act or as may be usual, in the determination of the Federal Reserve Board, in connection with the transaction of the business of banking or other financial operations m the countries, colonies, dependencies, or possessions in which rt shall transact business and not inconsistent with the  specifically  liegeghn. L*’¤*“·**”'* Nothm° g contained in this section a e construe to pro 1 e Pm p` ml Federa Reserve Roard, under its power to prescribe rules and regulations, from limit the aggregate amount of habrlrtres of any or- all _ classes incurred byilislie corporation and outstanding at any one tmie. m1i1°¤iigu°hiir¢2:p“`“ Whenever a corporation organized under this section receives deposits in the United States authorized by this section rt shall carrg reserves in such amounts as the Federal Reserve Board may prescm e, but m no event less than 10 per centum of its deposits. _ _ _ •;a§r°Z°i§i‘ b"'°°°°° °” " (b) To establish and mamtarn for the transaction of its busmess branches or ncies in foreign countries, their- dependencies or celo— nies, and insiglie dependencies or insular possessions of the United $2*3 “ld°“°”dP1“°Zt”nfi°’¤`£%“%’e‘§’¤iZ€§l,J’;’ £"itF§fa?”§£S°§§'&° BH UD B1' Bu BS 1 including co Meg· dependencies not specified in the original organiza ion c . ,,,,I§,"$*  ‘ (c) yithehe colpsent cfs the Federal Resherve Board Ito purchase mucmmaing in the dh l toc other cert' cates owners 'pm any other corpora- Umm Bmw aibn oligahized glider the provision; of this section, or under the laws of any foreign country or a colony or dependency thereof, or under the laws of any State, dependency, or insular possession_of the United States but not engaged rn the general business of buying or selling goods, warm, merchandise or commodrtiqs in the United tates, an P af lm not transacting any business m the United States except such as I ° jp' ‘ rn the judgmerg of pho Fedleral Reserlge Board lpray be rinleidental to "°"‘”'· its intemation or oreign usiness: romded' mower at, except liisimllmmisthwem with the approval of the Federal Reserve lioard, nb corporation organized hereunder shall invest in any one corporation an amount in excess of 10 per centum of its own capital and surplus, except in a co ration en ed in the business of ankin, when 15 er centum “‘ °"“‘}’°‘“"'° °°" of lipts) capital axirildgsmplus may be so invested ·gPro»v·idedf1i)¢·ther That mlm Orbmmi no corporation organized hereunder shall purchase, own, oi hold stock or certificates of ownership in ang other co?oration organized hereunder or under the laws o an tate whic is in substantial competition therewith, or which hol s stock of certificates or ownership eorporations which are in substantial competition with the purc asrng corporation. _ _ _ m'_f,f§‘}’°';g§',w‘g,‘j,'“"{§ "Nothi.ng contained herem shall prevent corporations organized p¤·v¤¤=1<>¤¤¤¤- heilreunderh rom pmchalsiinlgband holding stock m any lcorporation w ere suc purc asc s e necessary to rcvent a oss u on a debt previously contracted in good faith; and) stock so purohaged or acquired in corporations organized under this section shall within six months from such purchase be sold or disposed of at public or rivate sale unless the time to so dispose of same is extended b the {Q Y ederal Reserve Board.