Page:United States Statutes at Large Volume 44 Part 1.djvu/291

 at YU TITLE 12.--——.BA‘NKS , B\'he·ncver the laws of n State require corporations acting in m it litluciery capacity, to deposit seeuritieewith the State nu— r thorities for the protection of private or court trusts, national I 3 emlks se noting shall be required to make similar deposits and c lnzzrities so deposited shall be held for the protection of pri- 11 sm- or court trusts, as provided by the State law. ‘ ; National banks in such cases shall not be required to execute e the bond usually required of individuals if State corporations 1 exeter similar circumstances are exempt from this require- t z:2··11I. , . · ·· * ~ _ t National banks shall have power to execute such bond when i ek acquired by the lnws of the Statei ”. n - d lu any case in which the laws of a State require thet acer- 1 (-,¤;»s;·ity specified in this section, shall take an oath or make, il su eziidevit, the bresideixt, vice president, cushler,`_ or 'trnst ,8 ·t¥}:iL°(°i° of such national bank may take the. izecesary oath or 6 t·».t·¤-me the necessary ntlidavlt. -· · . _ _ · ’ - lz shall be nnlawful fer any notional banking association to -1 lt»;sl' any officer, director, or employee unyffunds held in trust- 1 XIl2l*fll’,’ may be lined not more than $5,000,/or,lmpris0ned·not t more than nve years, or may be both Hned and imprisoned, in the discretion of the court.-, M. __ - ‘ Q ‘ In passing upon applications for permission to exercise the b powers enumerated in this spbsection, the Federa1._Reserve t l:o;u·d_may take into consideration the amount ot capitalrand 1 surplus ot the applying bank, whether or. not such 'capltal and ( surplus is snQcient under the circumstances oi the case, thé." _ .noeds ot the community to be served, and shy other facts and circmnstnnces that smm to it proper, and may grant or refuse the appllcetion accordingly: P1°01`£d(.’d,.Th&t no permit shall be ’ mood to any nationnl banking association having ai capital and 1 surplus lm than the chpltnl nndsggrplus required by State law of State · banker"` trust companies, and corpor§tlo’us exer· ‘ rising such powers. ‘ (Dec. 23, _195,_c.' 6, S 11, 38 Stat._26·§; —* Sept. 26, 1918, . 177, { 2, e10‘Stnt.:,988.) _. .. A  - ' (1) EmpIoy£Eg__et¢orncys, e.:vpcrta,_aas£stan¢,s dhdsclcrkn; wl- `1 . aries avid fees; cioibscrvioe rules as applicable.-l-—'.l‘o employ -' touch attorneys,. experts, nssistnntg, clerks, or other employees .I eas may he deemed necessary, to_ conduct the business of they * board. All salaries and tees shall ·be nxed "hf~advs,nce by sold ' hoard- and shall be- paid in the same. manner as the salaries of I the- members of said board. All such attorneys, experts, ns! ’ slstents, clerks, nndsother employees shall w appointed withi ._` out regard to the provisions ot section 632 oi Qbltle 5,, or · any l‘_l,ll§.%/*01} regulation xnade in pursuance ythereof : Provided, _° That nothing liereinshall prevent the__Presldent_.f}·on1 placing 55 said employees in theéclassided service. (Dee. —23, 1913, c. 6, t § 11, 38 Stat. %2.)_ ‘ j ‘ _ - .__» ··' I? {te) Rulegeasd real:-lotions fo7'4¢1’G?\·8f€'7" of funds and charges _ t tlwrefor among? banks · clearing hozisesg-·-—Tl{e Federal Reserve C Board shell make end"pronjul*gnte_from time to time I'§‘g'l1]3· 1 » tions §o=vcrning the! trsnsfer ot funds and charges therefor a among Federal reserve banks end their branches, snd.may»"st its discretion exercise the functions of a `cleerlng house for ` such Federal reserve banks, or may designate a Federal reserve t bank' to exercise suchfunctions, and may also require eeelrsuch bank to exerclseythe functions of A clearing house (or its mem- ° ber banks. (Dec, 23, 1913, ee. 6, 5 16, 38 Stat. 265.) S FEDERAL ADVISORY QOUNCIL I E 261. Creation; membership; mmpenution; meetings; o£·“ e cars; procdnre; quoniu; v»taZ¢anciés.¢-—-There` is hereby created. fg A Federal Advisory Council, whlch shell consist of as many s
 * ,.»s·;lzio11 acting as trustee, executor, administrator, or- in any C
 * s;»;o;· the powers conferred, by this section. _Any‘ officer, di-` t
 * ·a_=Gm;·, or employee making such loan, or towhom such loan iss l

AND Bswzwm § 286 nembers as there are Federal reserve districts. Each Fetleml eserve bank. by its board of direeters shall annually seleet ’r0m its own Federal reserve district eee member of sum council, who shall recelvesuch compensation sind allowances ts may be fixed by his board of directors subject to the apxroval of the Federal ZReserve"B0:1rd. The meetings of said tdvisory councilshall be held at Washington, District of Ce·— umbia,·:1t least four times rescue year, and eftener if culled xy the Federal Reserve Board. _The council may in edalitinn nl Washingt0n,_District of Columbia, or elsewhere, as it may netheds of procedure, and a -maj0rity of its members shall bnstitute it quorum for the transaction ot business. Vacancies n. the council shall be Hlled by the respective reserve banks, md members selected to illl vaczméies, shall serve for the un- »xpired term.- (Dec. 23, 1913, c. [6, § 12, 38 Stat. 263.) 262., P0wers.—The'B`ederal Advisory Council shall have power, Jy itself or through its ofiicers, (lg) to eonfer directly with the Federal Reserve Board on general business conditions; (2)
 * o the meetings abeve provided for held such ether meetings
 * eem necessary, may select its own oilzicers sud adept its erm
 * 0 mske eral 0i·· written representations concerning matters

within the jurisdiction of said board; (3) to eall tex; informazion and to make recommendations in regard t0’discpunt'rstes, rediscuunt businessy note iss;ues,` reserve condltiens in the Various taimictg-, ther purchaseyand sale of gold oxgsecurlties aylreserve banks, 0penjmarket·'0pemtions by said banks, and he general affairs `of the reserve banking `system. (Dec,? 23, .913, g, 6, 5 12, 38 Stat. .263.)  '_ ; {. JAPITAL AND. STOCK OF FEDERAL·RESERVE_ BANKS; _, - DIYIDENDS AND BARNIUGS _ I 281. _ C¤pital.—No Federal reserve bs_nk· shall commence busiaess with a subscribed capital less than $$1,000,000. (Dec. 23,, .913, c. 6,5*2, 38 Stat. %1.) ‘. . .  _ J 282. _Sub¤cripti9n tqcapital stcéi by natienal §a¤Ring ucscziation.-»-—·Every` nati¤1;sI“bs¤kt¤r iutiens*·wtmin·wchaFed~— _ _ eral reserve district shall be required te Mtsuwcribe to the capital stock of the Federal reserve bank for that district ln s sum equal te 6 per centum of the paid-up »‘capits1·"st0ck and surplus of such bank, one-slith bt the subscripitien to be myable on call of the Federal Reserve: Board, one-sixth within three months and 0ne—slxth within sifhuut/l;s°_theresfter, snd_ the remainder of the subscription, or `sny psrt.there0t», shall ‘ be subject to cell when deegned necessary by the Federal Reserve B0urd, said,`pay1nents te be injgold or geld eertincstes. (Dec. 23, 1913, e. 6, } 2, 38 Stat. 251.) ” ". — 1 » 283. Public subscrijticn to cspitnl st¤ék.——¢~No individual,
 * 0($s.rtuership,` or corporation other than amember bank of its

listrictshall be permitted to subscribe for or to hold atany tinge, nore than $25,000 par value of stqck iirsny Federal reserve gsfik. . Such stock shall be knewn as public stock end may be rhairihan of the board of directors of such bank. (Decf 23, l913, c.` 6, $2,  Stst§·251.)   q     ‘ 284. Stock allotted to United States.--—Stock et a Federal reserve bank allotted to the United States`, shall ébe·he`ld by·tl1e Secretary of the Treasury and disposed or fer. therbeneflt of he United States in such mannerfat such times, and tit such lricefenqt lesstlmn par, as the Secretary of the·Treasnry shall; letermlne. (Dec. %, 1913; c. 6,.5 2,*38 Stst. 251.) » 285. `Ncnvbtinx st0¢k.—--·St0ck me heldstby member banks shall not be entitled to voting power. (Dec. 23, 1913, c. 6, §' 2, _ — rssmr»251L)· -. '  »   ·, - _ V 286. Transfers of stock: rules and regulations.-.:'1‘he Federal Reserve Bosrd isdn hereby empowered t0_.sdopt and pmmule rate rules and regulutieus governing the transfers ut said stock. (Dee. 23,1913, c. 6, § 2,  StH§._251;Q,)   '
 * ran,3ferred on the books .0t the Federal reserve haul; by the