Page:United States Statutes at Large Volume 48 Part 1.djvu/28

 2 73d CONGRESS. SESS. I. CH.1. MAR CH 9, 1933 . 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' mean s an individu al, partnership, association, or corporation ." SEC . 3 . Section 11 of the Federal Reserve Act is amended by adding at the end thereof the following new subsection "( n) Wheneve r in the judg ment of the Se cretary of th e Treasury such action is necessary to protect the currency system of the United States, the Secretary of the Treasury, in his discretion, may require an y or all ind ivid uals, pa rtne rshi ps, asso ciat ions and cor pora tion s to pay and deliver to the Treasurer of the United States any or all gold coin, gold bullion, and gold certificates owned by such indi- viduals, partnerships, associations and corporations. Upon receipt of such gold coin, gold bullion or gold certificates, the Secretary 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 United States. The Secretary of the Treasury shall pay all costs of the transportation of such gold bullion, gold certificates, coin, or currency, including the cost of insurance, protection, and such othe r incidental c osts as may b e reasonably necessary. Any individual, partnership, association, or corporation failing to comply 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 ." Operations of the Na- SEC. 4. In order to provide for the safer and more effective oper- tional Banking and Federal Rese rve sys- ation of the National Banking System and the Federal Reserve te Emergency s uspen- System, to preserve for the people the full benefits of the currency sion, etc ., provided for . 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 by proclamation may prescribe, no member bank of the Federal Reserve System shall transa ct any bankin g business exc ept to such extent and subject to such regulations, limitations and restrictions as may be prescribed by the Secretary of the Treasury, with the app rov al of the Pr esi de nt. Any individual, partnership, c orpora- tion, 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 fine, be imprisoned for a term not exceeding ten years. Each day that any such violation continues shall be deemed a separate offense. "Person" construed. Federal Reserve Act, amended. Vol .39"p.752. Emergency impound- ing of gold . Authority of Secre . tary of Treasury. Exc ha nge for any other form of currency, etc . Reim burs ing t rans - portation costs . Hoarding, etc ., deem ed an off ense . Penal ty . Proclamation . Pen alty for viol ation . Each day a separate offense . Conse rvators . TITLE II Ac tBank Conser vation SEC . 201 . This title may be cited as the " Bank Conser vation Act ." Citation of title . SEC . 202 . As used in this title, the term " bank " means (1) any Post, p . national banking association, and (2) any bank or trust company located in the District of Columbia and operating under the super- vision of the Comptroller o f the Currenc y ; 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