Page:United States Statutes at Large Volume 49 Part 1.djvu/748

 74TH CONGRESS. SESS. I. CH. 614 . AUGUST 23, 1935 . 703 " (w) The p rovis ions of sec tions 112, 113, 114, 115, 116, and 11 7 of the Criminal Code of the United States (U . S . C ., title 18, ch . 5, sees. 202 to 207, inclusive), insofar as appli cable, are extended to apply to contracts or agreements with the Corporation under this section, which for the purposes hereof shall be h eld to include loans, advances, extensions, and renewals thereof, and acceptances, releases, and sub- stit ution s of secur ity th erefo r, pu rchase s or sales of as sets, and all contracts and agreements pertaining to the same . "(x) The Secret Service Division of the Treasury Department is authorized to detect, arrest, and delive r into the custody of the United States marshal having jurisdiction any person committing any of the offenses punishable under this section. "(y) (1) No State bank which during the calendar year 1941 or any succeeding calendar year sh all have average deposits of $1,00 0,000 or more shall be an insured bank or continue to have any part of its deposits insured after July 1 of the year following any such calendar year during which it shall have had such amount of average deposits, unless such bank shall be a member of the Federal Reserve System Provided, That for the purp oses of t his para graph the ter m `St ate Proviso bank'shallnotinclude asavingsbank,amutualsavingsbank,a Strum bank eon- Morris Plan bank or oth er incorporated b anking institutio n engaged only in a business similar to that transacted by Morris Plan banks, a State trust company doing no commercial banking business, or a bank located in Hawaii, Alaska, Puerto Rico, or the Virgin Islands . "(2) It is not the purpose of this section to discriminate, in any Purpose of section. mann er, again st State n onmember, and in fa vor of, na tional or mem ber banks ; but the purpose is to provide all banks with the same o pportunity to obt ain and enjoy the benefits of this section. No bank shall be discriminated against because its capital stock is less than the amount required for eligibility for admission into the Federal Reserve System. "( z) The provisions of this section limiting the insurance of the deposits of any depositor to a maximum less than the full amount shall be independent and separable from each and all of the provisions of this section ." C rimi nal Co de of United States. Vol. 35, p. 1108 ; U.S.C.,p . 735. Applicable to porate contracts agreements. cor- and Secret Service Divi- sion, Treasury Depart- men t. De tection, etc ., of persons violating. State banks ; require- me nt of me mbe rsh ip. Discriminations pr o- hibited. Sepa rabil ity pro - vision. TITLE 11- AME ND MEN TS TO THE FEDERAL RESERVE Re- serve lefIcFed amend- ACT menu. Section 201 . Paragraph " Fifth " of section 4of the Federal Corporate powers of Federal Reserve banks. Reserve Act, as amended, is amended, effective March 1, 1936, to read Vol. 3s, p. 254 as follows : u.S.C ., p.392. " Fifth . To appoint by its board of directors a president, vice a Boa rd of directo rs a p p o i n t m e n t o f o f f i c e r s . presidents, and such officers and employees as are not otherwise pro- vided for in this Act, to define their duties, require bonds for them and fix the penalty thereof, and to dismiss at pleasure such officers or employees . The president shall be the chief executive officer of the ba nk and shall be appointed by the board of directors, wi th the approval of the Board of Governors of the Federal Reserve System, for a term of five years ; and all other executive officers and all employees of the bank shall be directly responsible to him . The first vice president of the bank shall be appointed in the same manner and for the same term as the president, and shall, in the absence or dis- ability of the president or during a vacancy in the office of president, serve as chief executive officer of the bank. Whenever a vacancy shall occur in the office of the president or the first vice president, it shall be filled in the manner provided for original appointments ; and the person so appointed shall hold office until the expiration of the term of his predecessor ." Pr eside nt ; office . term of First vice president . Vacancies.