Page:United States Statutes at Large Volume 47 Part 1.djvu/81

 72d CONGRESS. SESS. I. CHS. 58, 59. FEBRUARY 27, 29,1932 . 57 ra te not l ess than 1 per c entum pe r annum higher t han the highest discount rate in effect at such Federal reserve bank on the date of such note ; (2) the Federal Reserve Board may by regulation limit asCts ssification of and define the classes of assets which may be accepted as security for advances made under authority of this section ; and (3) no note roE lidleralsrserve accepted for any such advance shall be eligible as collateral security notes. for Federal rese rve notes. "No obligati ons of a ny forei gn gover nment, in dividual, partne r- etc o bigg jo went, ship, association, or corporation organized under the laws thereof shall be eligible as collateral security for advances under this section ." Federal reserve notes. SEC. 3. The second paragraph of section 16 of the Federal Reserve o vpi.~p. W;u. S. Act, as amended, is amended to read as follows : fit , p.794. " Any Federal reserve ban k may m ake application to the lo cal Applicationfor. Federal reserve agent for such amount of the Federal reserve notes hereinbefore provided for as it may require . Such application shall Collateral to be accompanied with a tender to the local Federal reserve agent of pang' collateral in amount equal to the sum of the Federal reserve notes thus applied for and issued pursuant to such application . The col- Nature of. lateral security thus offered shall be notes, drafts, bills of exchange, or acceptances acquired under the provisions of section 13 of this Vol. 38, pp.263,264. Act, or bills of exchange indorsed by a member bank of any Federal reserve district and pur chased u nder the provisio ns of se ction 14 of this Act, or bankers' acceptances purchased under the provisions of said section 14, or gold or gold certificates : Provided, however, Obligations oof United That until March 3, 1933, should the Federal Reserve Board deem states as securit y sn- it in the public interest, it may, upon the affirmative vote of not less u'Psip, 795. than a majority of its members, authorize the Federal reserve banks to offer, and the Federal reserve agents to accept, as such collateral Vol. 40, p. 236. security, direct obligations of the United States. On March 3, 1933, n' tn ea autborizationto or sooner should the Federal Reserve Board so decide, such authori- zation shall terminate and such obligations of the United States be retired as security for Federal reserve notes. In no event shall such security" of collateral collateral security be less than the amount of Federal reserve notes applied for. The Federal reserve agent shall each day notify the drawsscetc n of with . Federal Reserve Board of all issues and withdrawals of Federal reserve notes to and by the Federal reserve bank to which he is accredited . The said ederal Reserve Board may at any time call Additi onal security . upon a Federal reserve bank for additional security to protect the Federal reserve notes issued to it ." Approved, February 27, 1932. [CHAPTER 59.] AN ACT Granting the consent of Congress to the State of Illinois to construct, maintain, and operate a free highway bridge agross the Pecatonica River at Harrison, in Winnebago Cou nty , State of Illinois. Be it enact ed by th e Senate and Hou se of Re presenta tives of the United States of America in Congrass 1 assembled, That the consent of Congress is hereby granted to the State of Illinois, to con struct, maintain, and operate a free highway bridge and approaches thereto across the Pecatonica River, at a point suitable to the interests of navigation at Harrison, Illinois, in section 14, township 28 north, range 11 east, fourth principal meridian, in accordance with the provisions of an Act entitled "An Act to regulate the construction of bridges over navigable waters," approved March 23, 1906. SEC. 2. That the right to alter, amend, or repeal this Act is hereby expressly reserved. Approved, February 29, 1932. ' So In original. February 29, 1932. [II .R.8163.] [Public, No. 45.] Pecatonica River. Illino is ma y bri dge, at narrison. Construction. Vol.34,p.84. Amendment.