Page:United States Statutes at Large Volume 48 Part 1.djvu/424

 398 73d CONGRESS. SESS. II. CHS. 47, 48 . MARCH 6, 8, 1934 . [CHAPTER 47 .1 March 6, 1934. AN ACT [S. 2766 .]	 To extend the period during which direct obligations of the United States may b e us ed as collateral sec urity for Federal Reserve notes. Be it enacted by the Senate and House of Representatives of the Fede ral Reser ve United States of America in Congress assembled, That the second notes. Vol. 38, p. 265; Vol. paragraph of section 16 of the Federal Reserve Act, as amended, is 5°; 7s4 u.s c., p. 2844; amended to read as follows : Supp .VII,p.175. "Any Federal Reserve bank may make application to the local issue t o Federal Re - 3r 5 serve bank . Federal Reserve agent for such amount of the Federal Reserve notes Col late al37req uired, hereinbef ore provided for as it may require . Such application shall nature of . be accompanied with a tender to the local Federal Reserve agent of collateral in amount equal to the sum of the Federal Reserve notes thus applied for and issued pursuant to such application . The collateral security thus offered shall be notes, drafts, bills of exchange, or acceptances acquired under the provisions of section 13 of this Act, or bills of exchange indorsed by a member bank of any Federal Reserve district and purchased under the provisions of sec tion 1 4 of t his Ac t, or banker s' acc eptance s purc hased under the provisions of said section 14, or gold certificates : Provided, however, That until March 3, 19 35, or until the ex pirati on of such a dditio nal period not exceeding two years as the President may prescribe, the Fede ral Re serve Board may, s hould it deem it in the p ublic intere st, upon the affirmative vote of not less than a majority of its members, authorize the Federal Reserve banks to offer, and the Federal Reserve agent s to acce pt, as su ch collat eral secu rity, di rect obli gations of the United States. On such date or upon the expiration of such period so pr escrib ed by the Pr esiden t, or sooner should the F ederal Reser ve Board so decide, such authorization shall terminate and such obli- gations of the United States be retired as security for Federal Reserve notes. In no event shall such collateral security be less than the amount of Federal Reserve notes applied for. The Federal Reserve agent shall each day notify the 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 Federal Reserve Board may at any time call upon a Federal Reserve bank for a dditio nal se curity to pr otect the Fed eral R eserve notes issue d to it." Approved, March 6, 1934 . [Publ ic, No . 115.] Vol. 38, pp. 263, 264. Proviso. U.S . direct obliga- tion s as coll atera l se cu- rity for Reserve notes until March 3, 1935 . Ret ir eme nt of, on expiration of authoriza- tion . Sec uri ty to equ al notes . Daily notices of with- drawals, etc. Additional security . [CHAPTER 48 .1 March 8, 1934 . AN ACT 	 [s .1759.1	 To revive and reenact the Act entitled "An Act granting the consent of Congress [Public, No. 116.] t o th e Mi ll Four Drainage District in Linc oln County, Oreg on, to construct, maintain, and operate dams and dikes to prevent the flow of waters of Yaquina Bay and Rive r into Nu tes Sloug h, Boones Slough, and sloug hs connec ted therewith", approved June 17, 1930 . Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, Th at the Act approved Jtuife 17, 1930, granting the consent of Congress to the Mill Four Drainage District, in Lincoln County, Oregon, to con- struct, maintain, and operate dams and dikes to prevent the flow of waters of Yaquina Bay and River into Nutes Slough, Boones Slough, and slough s conn ected therew ith, be, and the sa me is hereby, revived and reenacted : Provided, That this Act shall be null and void unles s the act ual c onstr ucti on of the dams and dikes here in referred to be commenced within one year and completed within three years from the date of approval hereof . Ya qaina Bay and River . Ti me extended for constructing dams and dikes on. Vol . 46, p. 767. Pvoviso . Commencement, etc.