Page:United States Statutes at Large Volume 48.pdf/28

 73d CONGRESS.

SESS. I.

CH. 1. MARCH 9, 1933.

FederalReserveAct,

for not more than ten years, or both; and any officer, director, or agent of any corporation who knowingly participates in such violation may be punished by a like fine, imprisonment, or both. As used in this subdivision the term 'person' means an individual, partnership, association, or corporation. SEc. 3. Section 11 of the Federal Reserve Act is amended by

752 aendd. Emergenyimpoundoe gold. ingEmg of gold. tary of Treasury.

adding at the end thereof the following new subsection: "(n) Whenever in the judgment of the Secretary of the Treasury such action is necessary to protect the currency system of the United States, the Secretary of the Treasury, in his discretion, may require

"Person" construed.

any or all individuals, partnerships, associations and corporations to pay and deliver to the Treasurer of the United States any or all gold coin, gold bullion, and gold certificates owned by such indiUpon receipt Exchange for any viduals, partnerships, associations and corporations. f such gold coin, gold bullion or gold certificates, the Secretary er formofurrency of the Treasury shall pay therefor an equivalent amount of any other form of coin or currency coined or issued under the laws of The Secretary of the Treasury shall pay all eioburing trans- the United States. costs of the transportation of such gold bullion, gold certificates, coin, or currency, including the cost of insurance, protection, and Hoarding, etc., such other incidental costs as may be reasonably necessary. Any deemed an

offense.

with any requirement of the Secretary of the Treasury made under this subsection shall be subject to a penalty equal to twice the value of the gold or gold certificates in respect of which such failure occurred, and such penalty may be collected by the Secretary of the Treasury by suit or otherwise."

Penalty.

OperationsoftheNa-

Federal

individual, partnership, association, or corporation failing to comply

Reserve sys-

SEa. 4. In order to provide for the safer and more effective operation of the National Banking System and the Federal Reserve

System, to preserve for the people the full benefits of the currency provided for by the Congress through the National Banking System and the Federal Reserve System, and to relieve interstate commerce of the burdens and obstructions resulting from the receipt on an unsound or unsafe basis of deposits subject to withdrawal by check, during such emergency period as the President of the United States Proclamation. by proclamation may prescribe, no member bank of the Federal Reserve System shall transact any banking business except to such extent and subject to such regulations, limitations and restrictions as may be prescribed by the Secretary of the Treasury, with the Penalty or violation, approval of the President. Any individual, partnership, corporation, or association, or any director, officer or employee thereof, violating any of the provisions of this section shall be deemed guilty of a misdemeanor and, upon conviction thereof, shall be fined not more than $10,000 or, if a natural person, may, in addition to such

temergency suspension, etc., provided for.

Each day a separate

fine, be imprisoned for a term not exceeding ten years.

Each day

that any such violation continues shall be deemed a separate offense. TITLE II "Bank

Conservation

Citation of title. Terms construed. ostp.72.

conservators.

201. This title may be cited as the " Bank Conservation Act." SEC. 202. As used in this title, the term " bank " means (1) any SE.

national banking association, and (2) any bank or trust company located in the District of Columbia and operating under the supervision of the Comptroller of the Currency; and the term State means any State, Territory, or possession of the United States, and the Canal Zone. SEC. 203. Whenever he shall deem it necessary in order to conserve

the assets of any bank for the benefit of the depositors and other