Page:United States Statutes at Large Volume 44 Part 1.djvu/290

 § 247 rzrm e1;2.xTarmstroBot (talk)l%,»lZVlKA the Seéretary of the Treasury, surh powers shall be exercised subject tv the supervisien and control of the Secretary. {Dec. 2:%. 1913, c. 6, § 10, 38 Stat. 260t) _ y 247. Reports to"C0ngress.—,-»-The Federal Reserve Board shall rimamxiy make a full report of its operations to the Speaker of the House of Representatives, who shall cause the same to be printed for the information of the Congress. ’“ _(I)ec·. 23, 1913, c. fi. § 10, 38 Stat. 260.) ·  _ _ 248. Enumerated powers.——-The Ferleralileserre Board shall be authorized and empowered: _ ‘_ _ F b I ` (a) Examination of accounts qnd affairs of banks; publica- Hea of weekly étatezmmts.-——-To examine, at its diseretion the accounts; books, and a§airs_ of each Federal reserve bank and of each member bank hd to/require such statements and reports as it may deem necessary. The said board shall publish once each week a statement showing the condition of each Federal reserre bank and a consolidated statement forall Fed; eral reserve banks. Such~ statements shall show -in' detail the assets and liabilities of the°Federal` reserve banks, single and combined, and 'shall furnish full information l'€g!H'dH1'g.»Yh€ character of the money held as reserve and the amount, nature, and maturities-of the paper and Lother investments owned or held by _Federal» reserve banks. (Dec. *23, _1913, e. 6, 5.-11, 38 Stat, 2611) N i ```» · l, _. · ’ . (6) Permittingyor regI5sc0unting.of paper at specijled rates-- To f»ermit,`.or, on the atlirmative vote of at least five members of the Reserve Board .to require Federal reserve banks to rediseeunt the discountegl paper of other Federal reserve banks at rates of interest to be iixédo by the Federal Reserve Board. (Dec. 23, 1913, c. 6, § 11, 38 Stat. 262.) I _ · ~ (c) Suspenzitng reserve rcquirements,· .e.s·f¢1;blish£ng graduy afcd {ar on defiqieacy in ‘g0ld reserve.-—To suspend for a period not exceeding thirty "daysg and froin time to time t-to renew . such suspension for periods not exceeding ilfteen days, any rc·serx·e.requireme¤t specified lnthie chapter: Prmiidedj That it »slmll establish :1 graduated tax upon the amounts-by which the reserve requirements of this chapter maybe permitted to fall belowtherlevel hereinafter speeliied: And proevided farther, That when the gold reserve held against Federal-·reserve" notes falls below 40 foer centum,_the Federal Reserve Board shalldestablish a graduated tax of not `morethan 1 per centum per annum upon , such deiieieney untilthe reserves fall to 32% per centunin, and véhen said reserve falls below 32% per centum, a tax at the rate increasingly ofnot less than 11,5 per centum {>e1·"annu·m upon each 2% per eentum o1=`fraction`there0f that such reserve J falls below 32% Pifr rentum. 'The tax shall be paid by· the reserve bank, hut the reserve bank shalladd an amount equal to said tax to therates of interest aud cllseountlfixed by the Federal Rieserye Beard. (Deef·23;~—1»913,r.e.o6, Q 11; 38 Stat. 262.)r gd) $'u;serzrIsz'»;g _-and regulating {awe and Yrctircngent of notes.-———'1‘o supervise and regulate throughthe bureau under the charge ot the Compti·oller`ot’.the Qurreney. the issue and `retirement of Federal. reserve notes, and to`, prescribe rules and regznlatlens under whieh such notes may be delivered by tlneeacomptroller to the Federal reserve agents applying therefor. (Det-. 23, 1913, c. li,} 11, 38 Stat, 262L) . ·?T » J - (e) Adding to or rmlassifying reaerveand central reserve ciiirée-;—To` addvto the number of cities elassliled as reserve and ventral reserve cities under existing lair in which national lmfalriing a'ssu<·latl<ms areesuldect to the reserve requirements set forth in ae<·tion‘ 26 ot thie"chapterQ or to reclasaify existing reserve and eent ral remrve cities or to terminate their designa- 'tionas sueh. ·(I)ec. 23, 1913,gc. 6,,} ll, 38 Stat; v · ( 1*) Suapeadiwag orremgviag omcers or director! of reaeeve bar2ks.i--To· suspend or remove 'ariy emcer or director of any . I·‘e¤l i~ral reserve bankQ the cause of sueh removal to be iortlv withecommunlcated in writingyby the Federal Reserve Qoard

S ANI) BANKING QTG to the removed otlioer or director and to said bank. (Dec,_23, 1923, e. 6, § 11, 38 Stat. 262.) ' (g) Requiring; usri-fin§ offvnof doubtful, 0,1* worthless aseeze (fg; banks.-~—To require the writing od of doubtfnl or worthlese assets upon the books and balance sheets oi Federal reserve banks. - ( Dec. 23, 1913, c. 6, § 11, 38 Stat. 262.) “ (h) Suspending operatimee of or liquidating or reorgenizéng bank.s.-—-To suapend, for the violation of any of the provisions of this chapter, the operations of any Federal reserve bank, to take possession thereof, administer the same during the period of suspension, and, when deemed advisable, to 1it;ui» date or reorganize such bank. (Dec; 23, 1913, c. 6, § 11, 38 · Stat.'262.)` »· _ · ‘ _ (i)- Requiring bonds of agents; aafeimardivw property in hands ·of agegzts.-+-To.require. bonds oi Federal reserveragents, nto make regulations for the safeguarding `of all collateral,. `bonds, Federal reserve notes, money or properti ot, any kiwi deposited in. the hands of `such agents, and mid board shall _ perform the duties, functions, or serrlcemwecifled ln this chapte1·,' and make all rules and regulations necemry to enable said board eiectlrzely to perform the same. ;(Dee. 23, 1913, c. 6, § 1l,‘38 Stat;262.) Y V · ._ ‘_, _ °  _ _` —(j)" Ercroieing supervision oper reserve ba•ik.a.—~—To ‘erercise general supervision oyer said Federal reserve flanks. (Dee. -23, 1913, c. 6, § 11, 38 Stat. 262.) ~  · n · · n i (Ic) .Pcr;nitt·ing notional bdnlce toooact as tr1¢stees,‘e(tc,~To grant by special permit to national; banks applying therefor, Whéll not in contravention of State or local lawgl the right to art as trustee; executor; administrator, registrar of stocks and bonds; guardian of estates, &SSigI1€é,_·!€0€iV€¥,.`¢0ml]1itl`€€_,f estates or lunatics, or in ani other tlduclarj capacity in which ‘State banks, trust companies, or other corporations which comeinto competition with `national banks are permitted to act under the laws of the State»in" which the national bank is ·locate_d.·   1 me p Q   W »   A- ‘, Whenever the laws oi such State authorize or permit the ererclserof any or all of the foregoing powers by Stnte`banks,_ ` trust companies, or other corporations which compete igith _ national banks, the granting to and the exercise of such poners bynational banks shall not be deemed to be in contravention ` .of State or 10<:alYlaw within the rneanlng of this chapter. _ ‘—National banks exercising any or all of the mwere enumerated in thlé Subsection (k) shalI'segregate_all aesets held in any- lltluclark- capacity from the general assets of the bank and shalt ·keep` a separate set of books and records ehowlng in proper detail all transactiong engaged inunder authority of this >;nl>· { section. Such hooks and records shall he open to irrspe_S§_:»¤1 by the State autlioritleeto the same extent as the books em! records of corporations organized under State `vlaw which exercise fiduciary powers, but nothing in this chapter ahallnbe con- p etrued as authorizing the State euthoritiee to examine the books, rec0rde;<ar1d”_asseta ot the national bank which are not .lield_ in trust under authorltyiof this subsection. A A ·. · - W No nhlonal bank shall ”recelve_ in its tru§t departnxent -de-. t posits ot "current funds subject to `ehecknorrtlne clepoeite ot .che<:"ks,“ draftsybille of exchange, `or other items for `collection or exchange purposes. Funds deposited or_held in rust by the ' bank awaiting investment shall be carried in a .%@rLate aé· ‘ count and shall not beeuaed by the bank an the co act of its ` business unless it éhall first set aside in the trustde _ rtment- United States bonds or other Securities approved by the Fedy eral Reserve Board. _ ; .. . . { r In the event of the failure of auch bank the owners of the > · Yfunda held in trust, for investment shall have __a_ lien on the °` bonds or other securities so set apart in addition td their claim against the estate of the bank. K `.`· J