Page:United States Statutes at Large Volume 44 Part 1.djvu/297

 ¤ gig TlTLE Is?.-—-·-BAN4 nll-mmatiou districts, sl1cll][>11r<;hoses’ to be made in aeeordanee V,-gw ;~`u1es_aud’ xrcgulatilms prescribed by the Federal Reserve lioszrd. (Dec. %, 1913, c. 6, § 14, 38 Stot. *274.) ° , Pm°ch8Sé of ¢0mm¢1‘ci’aI fpapc! from membent banks md 5314; of same.j—Ever$* Federal reserve bank shall have §,,_m— iu`pl1l‘Cllf{S0 from xncmbet banks and to sell, with or l·.il;h·»ut its indorsemerrt, bills of exchange orieing out of coin- ’ ml»;·¤·§ol fl’§ll3iéfliiftl{lI}S, as hercixébcfore dcllned. (Dec. 23, 1913,* il l;.·§ 34. 33 Stat. 264.) l ~ _ _ _ -¤. . 357, Establishment "oi" rates _ of discount.·-—·Every Federal-
 * ¤·—l~rve ba;nk·’sl1all_ Have poxverqto csétalgliéh from time to time,

§¥1§=j(!€}t-ton review and determiuotfone of the,·Fg-gdeml Rewrwfe Q l:.»;:rd, rates of discount to be charged bi the Federal xjcservc N. lomk fm·_·each"class ot-papenj which shall be fixed with a view_ Ur meommodating comtnefce and business; (Dec. 23,1913, e. 6, js 34; 38¢Sfat. 264; A 13, 1920, c._ 128, Q1 Stat.’556;“Mar. 4,` 2;l2J%,e. 2.*72, § 40?,· 42 xxi 407..) _ _‘ .  r - _ ~  —· 358. Establishment of accounts fort purpose of opénduarket ~ opefetions; corregponderlté and _ agei1,g:ies.5—Every Federal re- >l·i·ve` bank shéli hojrc power to estillilish agbouuts withpther r1·{lorol~ reserve books for exchange-' purposes aud, with the (-1 mkcnlt op uhm: the order and directioxi of the Federal. Ilesefve. lzgvmd and under regulations to be prescribed by sold board,. to · ¢»;»¤·é1 and, maintain 'QCQOUDTS iri foreign countries, jamioiut corremmllezats, and cstziblish ageng·ies_i1i `such- counitties wl1efes0· {wx- itumay loc doomed best for the -piu·p0se` of purchasixxgg sell- ing, am! collecting billsof exchange, `uud to buytmd sell, with or without its indorscmentj through such correstiopdeuts or
 * <·uc·ios, bills of exchange (`or acceptauceé) arising out of

' actual commercial transactions which have got more than ninety days to ·run, exclusive of days of .gmce, and Mnlcli bear the sigzzatxxrc of tivo. or more responsible parties, and, with the L t*4>li>¥P!lt-·Of Ulf! F€d'€l‘Hl` R(éSQP¥’€`_B(lRfd  (lp€!I Bild I.llZiiI]t$liI1· l»m_1ki1xg`t1cc0lints for such foreign°c0r1*e5pontlents ozj lagcncies. l\’lwm·vex· any such accoqpt laaswbeeg 0[)QIl0d·Q1‘ agency or corz·.·.l;»mzdent hos been appointed by a`Fedeml reserve bmik, with the coxzsolzt of or lindcir the otdénj and direction of the, Federal ltrscry.e B0ardQ any otheg Federal reserve bank may, with the -··<m<eal( auéapproval of the Federal {R€S€ifV€ Bohrd, be perayizted to carry on or conduct, through the Federal reserve - book opéuixig such accougit or appointing `such agency or correosptmdeiat, any transaction autlmrized` by this pection undo: miles ‘ and regulations to be prescribed bk the-·boai·d. (Dec. 23, 1`013,__ <;. G, § 14, 3S_Stz1;; 264; Slept. 7, 1916, c. 461;* 39 Stat.754; J uué 21, 1917. c. 32,16, 49'Stat, 235.); _ · U ‘ ’ t ~. . · 359. Purdue and sale of 'uoemunges. o£_ intcrmedidte credit banks. and agrlcultunl ctédit eorwrationa;-—-Every lwyileral reserve bmalgshall have powcc to purchase and sell ln ` the open maiket, either from or to domestic banks, Qrms, cor- ‘ gtmlit books ahtl ot national ,&gl’iCllltllKl‘&l’ credit corporations; xilaelaever the Federal Rmcve Board sholl declare that the _ public lrgterut-65 requires. ‘ (Mai. 4,.1923,.c. 252, Title. IV, §I · 405,407, 42 Stat. l4@.) ~ .. Q "·‘·° . »- - I R@viag checks and dxjqfts on deoosit at par; chirges . for   exchange, and cluraécq.-#·—Every Fedemlj reserve bank ohéll receive oo deposit at mr from member books or from Eedcml reqervcj4stuks.chmks and drafts drawn upon ~ any ot its °clepmltors,_ aud, when remitted by a Fedorhl rmerve Hank, daecké &11d'@f5.ft$~df§Wll by may deposltor ln adj other Federal rwerse Mol: or membelybank upon funds to the credit I ot said·depositor ld gold resepve bank or member bank. bloth Ing lletein contained shallcbe couotimed as prohibiting A member _ book {rom charging its actual expcw incurred.- in collecting. ond remlttiazg funds, or for exckoge sold to- it; patrons; Thee ` Federal Reserve Board shqll, by‘ rulo,_£i: the charges to be - collected by the membe; bank; from its pattons whose checlm
 * »g_y_z*:itiozxs, or lnglix€ld,ua!s; acceptonces of Federal intermediate

, \ as ANDLBANKING .§ .372 are cleared through the Federal reserve bank and the charge which may be imposed for the sexjice of clearing or e0l@ti<>11 rendered by the-Federal reserve bank. (pee. 23, 1913, e.fG, §"` 16, 38"Stat. 265.). — - Y ’ a. 361. Bills receivable, bills ,bf  exchange, discounts, etc.; regulations by Reaerve B0ard.—Tl1e—dlsc0unt and_1·Zdis<;·ount and the purchase and sale by any Federal reserve bank of any ` bills.re<·eivab1e and of domestieangtl foreign, bills of exehange, and of acéeptances authorized by this chapter, shall be sub}oct to `sueh reS_trictY011s, limitations, and regulations as may {be Qimposed by the Fetletal Renerve Board. (Sept. 7, 1916, c. 461,b as Stat. 153.) e · .. ‘ - e ·_ POWERS AND DUTIES OF MEMBER TBANKS ‘ 371. Loans on farm lands and improved real eatate.·}——Any national Banking aséociation not.-situated in a central resetva city may malioloans securedby iinproved and unencumbefed farm land situated jwithin its Federal reserve dis ricter? within “a radius: of one hundred iniles'·of the `plaee in w&chasuéh’l$ank ' is .10cated,' irrespective of district lines,-and Nm yl also make loans nswured by iiuproyedn ant? uneneudxbered oreal estate- located within one"l1un¢l1*ed'1nilesl0f the place Yin which aueh bank is located, irrespective of district 1mes;__b¤t no loan made upon `_the` seeurity ofsuch fazimlapd shall made-for a longer } timeqthan five years, and no` loanfmade upon the security ot · _ aueltreal- estate as distinguished from farm land ahallbe made  for ·a longer time than oneyear norehall the tasopat ot any  auch loan, whethen upon such {ann lander-upon such real,  estate, enceetl ·50‘ [l€f’_€éI1tllIl1.0f the actual value of the peoperty 0Rered as security. Any such banknmay make such leans, whether seeured by. such farm land or auch real estate, in au aggregate sum equal to 25 per eentuxn of ifs capital and surplus OIT to 0ne$third.0f"its`tin1e deposits ands such banks may_continue hereafter as heretofore torecelve time deposits and to pay intereeton the same. -— _ · ·. * ~_ ‘ . The Federal Reserve Board shall lmye power frouftime to` time to add to. the list `of cities in which national banks Qshall not be permitted to ugake loans aeéuréd Brien real estate in the manner deacrlbedsin thlalaection. (Dec. 23, 1913, e. 6, § 24, 38 Stat; 273; .sept, 7, °1916,,c.·461, 39 Stat. 754°.)_. 372.° Acceptance ofdrafta ag bills xelating to ahipments.-e Any member: bank may accept drafts or bllla of exchange drawn ` `upon it having not ·more_ than ei; months aight to nun, exclusive at days of graee, which grow out or transactions inéolving the __ importation or__ exportation of goods; or which grow om at " _tran·aactiona involving the domwtic shipment at gopda pe I shipping documents conveying or amuring title are attoony _at the time of `acceptance; or which are secured vat the time of acceptance by a warehouse receipt or other suéh document conyeylng_0r“ securing title eoverlngf readily marketable staples. No member bank shall acceptfwhether in a foreign or domestic. transaction, for any one pe1·§onQ "éompany, mgm, ordcorporation to an amount equallat any time in the aggmgaté to more than 10 per centum of its paid-up and unimpaired capital stock and autjplus, unless the bank is secured elther by attached documents or byaonne other actual security giowing out of the same transaction as the aeeeptance; and nobarrk shall accept such bllls to an- amount equallat any time ln the_aggr:egate` to more than bneghalf of its paid·up and unlmbalred capital atoclx and surplus: Ifrovldedn however, 'Ifhat the‘Faderal"Reserve_; Boar·l,;' undef such genegal regulations as itrgnay prescribe, which shall applyf to all. banks `aHke regardless of the amount of capital étock and aurplua, uiayauthoiize any member bank to accept such- bills to han axneunt not exceeding at_any time in the aggne gate 100 "per centum of its paid—up and_unlmpalred capital- stock and surplus: Provided further; _'1’llnt the agaregafe of acee{»t· auCes—"'g¢·Owing out at domestic ttansaetions ehall lr;_ no event