Page:United States Statutes at Large Volume 44 Part 1.djvu/298

 § 373 ', TITLE 12.-—-—BA.NL exeeed 50 per centum of suchcapital stock and surplus. (Mar. 3, 19i5,. c. 93, 38 Stat. 958-; Sept. 7,,1916, c. 461, 39 Start. 752: _Juoo 21, 1917,1:. 32, § 5,. 40 Stat. 233.) ‘ _ - l' 373. Acceptance of drafts or bills drawn by banks in foreign n Zcormtriw or dependencies of United States for purpose of dollar exchange.-—Ax1§*`xne1nber bank may accept drafts or bills o of exehsngedrswu upon it harllug not morethaix three, months? Sight to ru¤,·exr·1us1;=e of days of grace, drown under regulations to be prescribed by the Federal Reserve Board by btmksfor e bankers `in foreign countriesmr dependencies or_ir1suls;r possessions of the Uxiited States for the purfiose of fm‘nish·ing . dollar exchange as required by,.tl1e·11s:rges of trade in thé` re- ‘spectiv‘e couhtrios,Acpeudencies or iDSU}il.P_·i]}(JSSBSSi0I1S. Such tirsfts or bills. uiair be acquired by Federsl reserve banksfin such amounts and subject to such regulations, restrictions, and ‘ limitations as may be prescribedby the_Federe1'ReserYe Board: ·. Provided, hou·evé1·; That no member bank shall accept Such drafts or bills of exehzihge referred- to. in this paragraplrfor _ any. one bank to an amomit exceeding in.·tl1e aggregate 10 per pentum of the paid-‘up_ and uulmpaired 'cspital and surplus of the seeepting bank unless the drsft or hill' of exchange is _ _ se<·ompan_ie<l by documents- conveying or securing- title by some other adequate security: Provided further, That _ no mémbbr beokishall secept such. drafts 0·1‘ bllls. ih sn amount exeeeding at any tiIi1€`Ul€’ aggregate ofoi1e·—lm1f of .paidQup and un? impaired capital and su.rplus.° (Sept. 7, 1916, c.`461,_39'. Stat. ‘ 374. Acting `as agent for nionmember bank iu1 getting discounts fromfreserve bank.-—-——No_member hzihk shall acttas the medium or ageiat of a nomuexrxber bt1nk_ in applying for or receiving discounts from a Federal reserve bank under the provisions of this chepter, except by permission, of the Fede~ral`Reserve.BoarkL`_ (Dec. 23, 1913, `c. 6, S 19, 38 Stat. 270.)- 375.- Purchases ifrom directors; sales to directors.-——Any momber bzmk may contract foryor purchase` front,. anyof its directors or from any Erm of which hui of its directors iska member,_a11y securities or other property, when] (und-‘ not otthewérise) such purchase is made io the regular course oi husinessupon terms not less favorable to the bank than those offered to others, or when such pu`rchase_ is duthorued by *a majority of the board of directors not·· interested in the sale of such securities or property, such uuthority,'to-be evidenced by the ufhrrnstiveo vote orwritten assent of such directors; Provided, however, ffhat when any ‘di.reetor,° or tlrm of jwhich any director is ·a member, acting for or on behalf ot. others, sells secorities or other property to a member book, the Federal Reserve Board by. regulation muy, in shy or all csses, require s, hill disclosure, to be made, on forms to be prescribed - by ityof all comiriissious or other cousidérations_rec·eived, and whenever such director or Erm, acting in his or its} own behalf, sellssecurlties or· other property to the bank the'Fed; eral Reserve Board, by ‘regula1tion,_h:1uy require 'A full disclo- _, sure ot all protit reelized from such sale. ‘ ·L _.__ _` · Any member bank may sell securitim orother {property to any ofits directors, or toe Erm otiwhioh any of its directors is a member, in the regular course of business on terms not more -favoreble` to such, directoror drm than those offered to others, or when such sale is authorized by E majoritjt ot the boord of directors of 8; member bank to be evideuqed~by‘their adirmative vvoteior written 8,S8&I1tZ ‘Providcd," hotwover, That nothiaig lu this ~ subsection contained sjbsll be éoustrued as ejnthorizisg member banks to purchase or sell, securities or ot_ho—r* property which such banks are not otherwise authorized by law to purchase or sell. (Dec. 23, 1918, c., 6, S 22, 38 Btat. ” 272; Ju¤e_21,°1917, c._,32, § 11, 40 Stat. 240; Sept. %, 1918, c. 177, 5 5, 40 Stat. 970.) ·  [ - v 376. Rate of `interest paid to directors, etc,·~——-No niember bank shall psy to any director; o@eer, attorney, or; exxjployee

ES AND BANK·IlVG QS; ‘ ap greater rate ot interest oe tfie deposits of such director. otllcerz attorney, or employee than that paid to other deptleaitmyg tm similar deposite with such member. bank, (Dec`. 2:%,.1%; ci 6{5 22, 38~S`tat. 272; June 21, 1917, iz. 32, 5 11, 40 Stat. zest? Sept. 26, 1918, c. 177, § 5, 40 Stetf 970.)_ ’ , DI{}POSI'1lA.RIES"AND IQSGAL AGENTS ' I 39}. Federal reserve banks as Government dfepoeitex-ies endl "iiscal gsgcnts.·—·‘lhe HlOl”l€)"‘ held in; the general fund of tim T—r'ea,eury:, except the 5·_per cerltum fund for the redemption ei optemngiing petionel-bank notee and the funds p¤’bv;ldod»·i¤ me ehapter for_the retlemption _0I Federal $%€l"ll€F¤QI€‘d may tlggeeyk “ the direction ot the Secretary oi-the Treasury, be depeeitod in Federal reserYe`·banks,, which banks, Ywheii required by··°‘m;;· Secretary of me _ ’1‘reeeury,_ shall act as Emi agents of me United-States; alqd the revenues of the Qovemment or gmy part, thereof may be tdepoSited__i¤"_si1cb banks, 8I1d;.diSbHl‘SQlIl€lllS _ _` may-be made by checks drawntageinet such deboelts. (Dec. 2:%, _ 1923, c. 6, 5 Stet. 265.) ‘ .` _ .· — .  — 392. Depeeitdries of Government fwka w¤§néed to banks l C in Federzlxreserve system; etemba banks as é tariee;·—— l No ptzblic furids"of the Plilllppipe Islands, or of the postal sayings,. or any Governmentiunds, 'shall be deposited in the i corrtinental ‘United;.Stetee,lp may benkfnot belonging to the- ° system established by this. chapter :`· Pfov~idéd,_ liouyeoer. Tlmt the Secretary oflfthe Treespxry to use member banks as de;io>:i· toriee. (Dec,23. 1913.,0;,6. I 15. 38 Stef.,  · ° Z 3 I _ __ 393. Federal reserve haake as depdtxries for ind Emi _ agents of agricultural credit cerpentiena er jintmtmediete " credit b¢mk§.+·—¥'1ihe Federal reserve betiks are hereby authorized, ` ` to acf ae depositories for and §s%;·el`—age·nts·,ef any uetiemll eégriy cultural credit corporation ~ or Federal llsztemiediate credit ‘ bupk. (Mar. 4, 1923,·(:.`252, Title,IV,  406, 42 Stat, 1480.) · _ FHDERALQ RESERVE NOTES r. 411. Iésudnce to regei·ve° banlie; nttizre of  rey- , dempti0¤.e—I•`ederz1l reserve uetee, te be iseeed at tee diecretion l _ ot. the Federal Reserve Board efor the purpose ot melting edi , vnixcee to Federal reserve banks thrtmgh the Federelfreserre ` _ agents as hereinafter set forth and for nefotber  ere " hereby authorized. The Sdld notes shall be obligations of the _ United States and shall be receivable by all rietlorml and mem-_, ber bs11iks’m1•;l Federal reserve banks and for hllntefee, customs, . iénd other publio dixes] They shalfbe redemed ih gdd on ‘de;_ ,· mend et the Trweury. Department ot thellnited Statw, ln the-l 5 city of Waehingrtuue District of Celutnbia, or in gold or liiwful u lmouey at any Federal reserve bank  (-Dec. ‘23, c. 6,r§ 16, 38  .·s¤it._ 265.) "· ._ _. * . . U ., _ 412. Applicetiee fer notes;, collatenl nq¤s¤·ed.--.4r’x»y;1·*.»tx- S ere1;1$eeer¥·efbiink mei xqekeferiwlcation —to,the  Fed· _· eral reserve agent for such amount of tbe_1•‘etleral rmve notes » fhereixnbefore provided for les it may require;. Such epplicetiou g A shell be accdmpenietl o,·itbV-.a tender to the local Federal rc- » Fedeml reserve netee time applied for and issued pursuant to ¤_ 'eueh uppllcutioti. '1‘l1e`collatér§l security thus oHered shall be · notes,} drafte, bills of exchange, or; eceeptu1xcee~e.cqulretl under · the provisions of `mctions SM2 to 347 reed 3’{2_ ot thfs°‘-title, a or bills or exchange indoreed by Sl member behk of eny Federal- · reserve district and pqrcl1u@ umler—·the provisions of sections l L `353 to 858 of tliis·· title, or b=&I1k€l;S°` eccepterzeee"- purchased .· under the provieloxmlot said sections, or gold ev gold certifi· Q l crates; but in no event ehsll `euch gcolleterel eecurity,. whether t gold, gold certiécetee, or eliglblepeper, be leés than the arxrount ` of Federal r@e·ve mtu `epplied for,. The Federal. reserve » iagent 'shalleacb dey notify the Federal Reserve Board of all
 * W nothing in this cl1aptc1·‘sl1all}be coxistrued te deny the right ot.
 * ·‘ serve agent of colleterel in amount equal to the sum of the