Page:United States Statutes at Large Volume 44 Part 1.djvu/300

, 4 u. l _ F § 418 TITLE 12.——¥BAHKi reserve' hunk shall be jointly liatble for the safeékeeping ot _ _ such Federal reserve note gold, gold cértihcates, and lawful { money; rlothing herein £`tnined, however, shall be construed to prohibit  Federal reserve agent "trom depositing gold or gold certidcetes vvitlx the Federal Reserve 'Boerd, to   held by such board subject, to his order, or with the Treasurer of the United States for the rpm-poses authorized by law. ‘(_Sept. e2}. 1917,»¢.‘32,'§,7, 40_Stut. 236.) _ i   · _ ._ - · 418. Printing of notee; denogninntion ond form}-—In order to fH1'i1i§h¤,Sliit§bI€ notes, for circulation las Federal reserve no’tes‘,`, the Comptroller of the Currency shall, under the direction ·of.· the Secretary of the Treasury, cause plates und dies to be en- Q grnved in the best manner to guard nguinst·,counterIeits and ` - fraudulent alterations, rand `-shell have printed therefrom und numbered such Zqunntities of suclllnotes loft the deuopinutions ` of $5,a$19,"$20. $50. $100. $500. $1.000;  $10,000 as may, he required to supply the Fedérutoreserre banks. Such notes shall be in form und tenor es directed _.by the Secretary ·of° the" Treasury under the _-provisions of this chapter undlshall hear the distinctive numbers of the several Federal reserve hunk through which they pareissued. (Dec, 23,.1923, c. 6,·§ _16, ,3B°`Stut. @3 ; Sept. 26,.1918, c. 177, $ 3, 40 Stag 969.) ‘ I, 419. Pihce 'of depositof notes prior to delivery to banks.--; _f When such notes have been prepared, they shell be deposited or the ‘1‘rmsury,or.in the subtrensury or° mint of the United. States nearest the pleee of business of ·l each _, Federal reserve. · thank andshall beheld for the use of such bank subject to the order of the Comptroller of the Currency for their-delivery, `as provided. by this chapter. (peo. 23, 1923, cr 6, l 16,- 38 Stht.267.ji,       _~ I I 1 420. Control and direétion of plates and diesby comptroller;  oi-issue amretiremeiit of note  paid by. hunks}-»The _. platesrnnd dies to be procured by u18!CQlI1DiZ1‘0uB1.‘ of the-~Cur· Mrency for the printing of such circulating notes shall remain underihis oontrol nnddirection, end the expenses necessarily. ·inourred” in executing jthe luvvs relating to me procuring of such notes, und all other expenses incidental to their iséue und retirement, shall be paid by the Federal reserve banks, and the Federal Reserve Board slm11, inelude·, in_,its estimate of expenses _ levied egelnst the Federal reserve banks n sumcient anxount to scorer-the expenses herein provided for., (Dec. 23, 1923, .c. 6, §16,38iStnt.26{Z.) ~ -, ~ “J · ,421;. Eiaminatioir of plates and dies.-—The exsniination or plates, dim bed pieces, and so forth, and regulations. relating to such exnminution ot plutes,`_dies, and so forth, of national- ` benk notes provided for in section -108,v is hereby extended to indude notes herein provided .for, ,(Dec. 23,}.913, c. 6, § 16,. 38Btut.267.)—*  ·`, `, r 422. Apvropriations and paper, for printing. notes; reim- ° hursement of United States for printing notes.-—-Any eppx‘o~ " prletiou heretofore made out ’0I the ·géneral funds of i the `" 'Preaeury for engraving plates and dies, the purchase of distinctive  or to cover any other expense ln connection with the printing ot ,nationel·hank mtu or notes- provided tor by Act otuuy 80, 1908, and any dietinetive peper_‘thet‘nmy be on head ut the time ot the passage of this chapter xney be used , in the diecretion ot the Secretary for the purposes of this chapter, _ and should the eppropriations heretofore made be iinsumeient to meet the requirements of this » chapter in. dddition to circulating notes provided for hy existing law, the Secretdry is hereby authorized to nee so much ot any funds in the Trasury not otherwise appropriated for the purpose of furnishing the notes aforesaid: Provided, however, That nothing in this section contained shell be construed as exempting national malts or ,Federnl reserve `benks from their ·_ liability to reimburse the United Stntes for l any expenses incurred in printing and issuing circulating notes. (Dec. 1%, 1913, c. 6, I 16, 38 Stat. 267.) ” — " v ·

\ {AND BANKINQ F °\ 286\ CIRCUL§'1fING_ N OTES AND ,_BONDS_ SECURING {SAME ‘ - 441, Retirement of cjrculatinz hotel! by hexuber linnksi ab plication ·for— sale of bonds securing circulatlom—·——At any lktixge l dm·i,ng‘ n periogt ot twenty ye&r¤·f1‘<>m’ D€¢e¤Sber ·23,-1915; mw 1nember,bank`d€SIIl,Hg_ to retire the whole *01* any-.pm·t·-or QQ cilgenlating notes, may 'ille wi,th“tb€ "I‘1‘€8S¤1‘¢1‘ of the Unite;] Qtntesu an noplication to, sell a for ._its wiccount, nt°·pm· » new ·accrued‘ interest, Unitedo States bonds   ‘ circulation "be_ retired. _(Dec.  1Q13, c. 6,} 18, 38 Stat. 288.). ‘ " *442. Purchase ofq bonds `by reserve banks.-Q-The Treasurer sbgll, utztbeoeud of each qunrterly pefivd. fdmish the Follm,1 . Iteserve Board with nlist oi such applications, andthe Fo<lc=:·al Reserve Board ’may,_ ju its —diSc;•etioh,. require the ·Fed•·m[ reserve banks =to purchase, such bonds from the banks ·e·ln»tQ `applibxionn have been §led" with the Ireasmerlét least my dnys. tore the end "of any quarterly period at which the Federal Reserve Board gnayrdlrect the purchase to’·be` mode: Provided, That Federal reserve Ebooks shall not be permitml to purchase an ninount- to exceed $25,000,0QU- of such home in any one year, nnd.wblcl;?amount shall iDCI€tiE¢b6DdS'&Cf]Ulx‘x*d under section 341'of this chapter by the Federal reserve bunk, Q J 'Prooidcd .further,· That the Federal Reserve, Board shall allot to each Federal reserve bank such proportion ot such hmm; ns- the capital and surplus of ouch bénkdshall bear ito the aggregate capital and surplus of all the Federal reserve hooks. · _ (Dec, 23, 1913, c. 6, { 18, 38'Stnt. 2§8.) » . ,_ R i· o __443. Transfer of bonds, purchosd; pgyment; cancellation of circulating notes of member banks,-·——Upon notice from the Treasurer of the amount of bonds so sold for lto account, eoolx member bank shall duly assign and transfer, in writing, soon bonds to·' the Federal reserve bank; pnrchnslng the same; end, such Federal rwerve bank shall, thereupon, deposit lawful gooey with the Treasurer of the United States for the pnrchzxse prlce··of_ such bonds, and the*Ti·easurcr,shéll payto the monumban_lg;,eelling such bonds any bolnnce due after deducting :1 s,u@clent~sum` to redeem- its Qutstauding notea wcured by suoh bonds, which notes shell be canceled and permanently retired · _when redeemed. (Dec. 23,`1913, c. 6, { 18, 38—Stut. 268.) -- 444: Issuance of circuliting notes to rcoerve bdnks purchasing bonds,-—-:The Federal reserve banks purchasing nucl: home snail be permitted to tnkc oution amount of circulating, non·q_ equal to. the par vuluewof such bonds. » (Doc. 23, 1913, c. 6, 5 18, 38 Stat. 268.). »  a _». , _7 ._ {M5. Fornfof circulating noteslseued to reserve bnnks; conditions of »is.sunnce.;·—-Ution the deposit with _·tl1e Treasurer ·~r` the United States of bonds ABQ purchased, or any bonds with the circulating privilege acquired under Section 341 of this chapter. any Federalreserve bank making such deposit in the nnennor provided by existing law, shell be entitled to receive from ’tl»o p Comptroller of the Currency circulolting notes in blank, 1-ogié; tered and counwrslgned as provided by law, equal in amount, to the oper value ot the bonds so deposited. Snclrnotes shall » be the obligations ot the Federal reserve bank procuring the same, and shall be in form presulbed by the Secretaryoi the Treesury, and to the same tenor and effect no national-book notes now provided by law. They sbolltbe Lesoed ond redeemed under the same terms and conditions as netionnlebnnk notes except thet they shall not béllmited to the amount of the capitol stock of the Federal rwcrve bank lneuing them; (Dec. 23, 1913, c. 8, I 18,,38 Stat. 268.) _ ‘ _ 446. Exchange by reéerve banks of bonds bearing circulatlni privilege for thou without such privilege--—Upon nppllontioncot onylederol reserve bankgupprovod by the Federal Rwve Board, the Secretary ot the Treasury may issue, in exchange for UnitedStates 2 per celitunn gold bonds bearing the circulation prlvllme, but nguinet which no circulation is outstanding, one-year gold notes ot the; United States without