Page:United States Statutes at Large Volume 42 Part 1.djvu/1505

 1478 SIXTYZSEVENTH CONGRESS. Sess. IV. Ch. 252. 1923. substitution of an equal amount of Federal farm loan bonds, with all _ unmatured coupons attached." _ $f;SgL¤3°3g;g%lmd_ Sec. 311. That section 29 of the Federal Farm Loan Act 1S ea. ’ ' amended by adding at the end thereof a new paragraph to read as follows: S°°°k .°’l“¤d "°§k “U n liquidation of any national farm loan association the iiiglggniliivqglcdxtigelagdl stock ih) the Federal land bank held byusuizlh association shall lbel canceled and the Federal land bank sha thereu on issue to the bor- I¤su¤¤r¤¤¤¤1¤m¤¤¤t rowers through such association an amount ofp stock in the Federal §°§ °°b°h°m land bank equal to the amount of stock held by such borrowers in the liquidated association, such stock to be held by the bank as collateral to the loans of such borrowers and to be paid off and retired at par in the same manner as stock held by borrowers in farm loan associations, and the Federal land bank shall pay to the borrowers holding Li bmw of www such stock the same dividends as are lpaid to national farm loan asso- ,,m‘§,,mk,,,,mm_ ciations by such bank._ The persona l1ab1l1ty of the stockholders in such liquidated association to the association shall survive such liquidation and shall be vested in the bank in that district, which may eqforce the same as fully as the association could if in ex- _ istence. $?° ·*°‘ TITLE IV,—All[ENDMENT§A THE FEDERAL RESERVE ,,,;§{'f‘“‘°“ °’ S*“‘° R Sec.  That the} niinth paéragrqpfli of section 9 of the Federal V¤¤-4°»P-z*4·¤¤¤¤¤¤- eserve ct is amen e to rea as o ows: déagmreqmm. “No applying bank shall be admitted to membership in a Federal ,f’,,m‘Q?,‘{°b§§{’_°°”“° reserve bank unless (a) It possesses a paid—up, unim aired ca ital sufficient to entitle it to become a national banking assgciation  the place where it is situated under the provisions of the National Bank °, $31  Act, or (b) it possesses a paid-up, unimpaired capital of at least 60 pgtepmmea mmm per centum of the amount sufficient to entitle it to become a national ' banking association m the place where it is situated under the prolgsiqlns of the llfatiomil Bank Act and, under penalty of loss of memrs i comp `es wit rules and regulations h` h th F d 1 R - seryle %q’ard puhalll prescribe fixinig the time irvitiliin vshiclli liliild tlile me o yw c theummpaire capitalofschb k hllbe° - creaseddoug of nletlgncgmligosequal tlhepzipgtal wlliiclgivldlpld liage beldln require 1 suc an n a m1 e to mem rs ip un er th mgekimmto provisions of clause (a) of this paragraph; Provided, That ever; beset aside. such rule or regulation shall require the applying bank to set aside annually not less than 20 per centum of its net mcome of the precedmgnyear as a fund exclusively applicable to uch capital increase. vR“°‘,,,_39'j,l’;’g‘2f”,;,,E,,d_ Sec. 402. That the second paragraph of section 13 of the Federal ai- Reqexiye Act IS amended and divide mto two parapraphs to read as o ows: _Dlscou¤t otcummep ¢¢U ·. . cm b _, pon the mdorsement of any of t me be b ks h h h ll www Y mm be deemed a waiver of demand, noticie Sand Iplrotiestably suldhlltiask aes to its own mdorsement exclusively, any Federal reserve bank may Daum d1scount_not•s, drafts, and bills of excha arising out of actual °"· coi;1?1erc1allt.1;ansa?ions; thi}: is, qoteshdraIi§% and bills of exchange lss or wn or agric tura in ustria, or commercial purposes, or the proceeds of which have been used, or are to be used, for such purposes, the Federal Reserve Board to have the right to mm gglgiimisazlpr dtehfine the charaptgiqofghte pgpeiil thus eligliblegor dis- _ , in emeaningo is c. otingintis ctcotained shall be construed to prohibit such notes, drafts, and bills of exchange, secured by staple agricultural products, or other goods,