Page:United States Statutes at Large Volume 42 Part 1.djvu/1507

 1480 SIXTYSEVENTH CONGRESS. Sess. IV. Ch. 252. 1923. . R¢e¤* P¤P°Y€<¤ “That any Federal reserve bank may, subject to regulations and ii$iii{m°dm° cmmr limitations to be prescribed by the Federal Reserve Board, rediscount such notes, drafts, and bills for anyr Federal Intermediate Credit Bank, except that no Federal reserve bank shall rediscount for a Federal Intermediate Credit Bank any such note or obligation bagy{g¤;(j;*¤m¤{9e’gb“ which bears the indorsement of a nonmember State bank or trust v<>1. ss, E company which is ehgible for_ membership in the Federal reserve system, in accordance with section 9 of this Act. Dgggeggggegmmgf “Any Federal reserve bank may also buy and sell debentures and iiciraucm. other such obligations issued by a Federal ntermedmte Credit Bank or by a National A icultural Credit Corporation, but only to the ri¤¤i'¤¤¤¤¤· sa me extent as and sidii act to the same limitations as those upon which V°]` 39’ p' m` it may buy and sell bonds issued under Title I of the Federal Farm Loan Act. · . €¤¤¤¤*e$g¤sm¤*k°*# “Notes, drafts, bills of exchange or acceptances issued or drawn by m5<§i1i§i¤¤¤ reriderins cooperative marketin associations composed of producers of agri- &°ii°¤l$i’iif1ir$d¤i€°§,°iiné cultural products shall be deemed to haye been issued or  for an °°P°°b'° ” “°°°*’“Y· agricultural urpose, within the meaning of this section, if the pro- ‘ ceeds thereofp have been or are to be advanced by such association to an members thereof for an agricultural purpose, or have been or are tolie used by such association in making payments to any members thereof on account of agricultural products delivered by such members to the association, or if such proceeds have been or are to be used by such association to meet expenditures incurred or to be incurred by the association in connection with the grading, processing, pack- _ ing, preparation for market, or marketing of any agricultural product {-,°{,‘§'§,_,'·‘,';,,,,,,,,, not ,x_ handled by such asociation for any of its members: Provided, That }=10¤;Sg;, ¤¤s¤¤1¤ the express enumeration in this paragraph of certain classes pf ` paper of cooperative marketing associations as ehg1ble for rediscount shall not be construed as rendering ineligible any other class L, mmm 0 of paper of such associations which is now eligible for rediscount. unzculfiit oipermissiblg “The Federal Reserve Board may, by regulation, limit to a per- 2§"",u‘;;f‘“ *****1 "°‘”" centage of the assets of a Federal reserve bank the amount of notes, drafts, acceptances, or bills having a maturity in excess of three months, but not exceeding six months, exclusive of days of grace, which may be discounted by such bank, and the amount of notes, drafts, bills, or acceptances having a maturity in excess of six months, but not exceeding nine months, which may be rediscounted by such bank." ,,§,g’f’” "”"k"* °¥“`“* Src. 405. That section 14 of the Federal Reserve Act is amended cdV¤1·3*,v-¤¤5,¤¤¤¤d· by adding at the end thereof a new paragraph to read as follows: i~ape¤,meaabmks "(f) To purchase and sell in the open market, either from or to °'°"'¥’°’““°°"· domestic banks, firms, corporations, or individuals, acceptances of . Federal Intermediate Credit Banks and of National Agricultural Credit Corporations, whenever the Federal Reserve Board shall declare that the public interest so requires." ,,,(§§,Y°”'°°“‘ °°"°“' Sec. 406. That section 15 of the Federal Reserve Act is amended by edY°*·3’%P·”>5y¤m¢¤d- adding at the end thereof a new paragraph to read as follows: fuagreiéletdepuamns “The Federal reserve banks are here y authorized to act as de- ZTi*mk_ °°”°°"°“'° positories for and fiscal agents of any National Agricultural Credit Corporation or Federal Intermediate Credit Bank." m‘f,Q*r‘Q,gs°,E€*;,',§8{,,°$$· Src. 407. That the Act entitled “An act to amend the act approved VN- 41. p. 550, re- December 23, 191, known as the Federal reserve act,” approved °°°l°°‘ April 13, 1920, is repealed. TITLE V.—MISCELLANEOUS PROVISIONS. ,,,,,‘.‘Q§,,,, j Auzannunirrs ro wan rmarzcn CORPORATION Aer. ,__,§§§;,_,,"*',;,*;§,',,,,,‘,;’;_, _ Sec. 501. That the time durin which the War Finanm Corporamwum mw- tion may make advances and purgiase notes, drafts, bills of exchange,