Page:United States Statutes at Large Volume 49 Part 1.djvu/758

 74TH CONGRESS. SESS. I. CH. 614. AUGUST 23, 1935 . " SeC. 5243 . The use of the word `national', the word `Federal' or the words ` United States', separately, in any combination thereof, or in combination with other words or syllables, as part of the name or title used by any person, corporation, firm, partnership, business trust, ass ociation or other business entity, doing the busine ss of bankers, brokers, or trust or savings in stitutions is prohibited except where such institution is organized under the laws of the United States, or is otherwise permitted by the laws of the United States to use such name or title, or is lawfully using such name or title on the date When this section, as amended, takes effect SEC . 319 . (a) Section 5 of the Federal Reserve Act, as amended, is amended by striking out the last three sentences thereof and inserting in lieu thereof the following : " When a member bank reduces its capital stock or surplus it shall surrender a proportionate amount of its holdings in the capital stock of said Federal Reserve bank. Any membe r bank wh ich holds capital s tock of a Federal Reserve bank in excess of the amount required on the basis of 6 per centum of its paid-up capital stock and surplus shall surrender such excess stock. When a member bank voluntarily liquidates it shall surrender all of its holdin gs of the capital stock of said Fe deral Res erve bank and be rele ased from its stoc k su bscr ipti on no t pr e- viously called. In any such case the shares surrendered shall be canceled and the member bank shall receive in payment therefor, under regulations to be prescribed by the Board of Governors of the Federal Re serve System, a s um equal to its c ash-paid subscrip tions on the shares surrendered and one-half of 1 per centum a month from the p eriod of the last dividend, not to exceed the book value ther eof, less any l iabili ty of such membe r ban k to the Fe deral Rese rve bank ." (b) Section 6 of the Federal Reserve Act, as amended, is amended by striking out the last paragraph thereof . SEC . 320. The fifth paragraph of section 9 of the Federal Reserve Act, as amended, is amended by adding at the end thereof the fol- low ing sente nce : " Such report s of condition s hall be in such f orm and shall contain such information as the Board of Governors of the Federal Reserve System may require and shall be published by the reporting banks in such manner and in accordance with such regulations as the said Board may prescribe ." SEC . 3 21 . (a) T he first sentence of paragraph (m) of section 11 of the Federal Reserve Act, as amended, is amended by inserting before the period at the end thereof a colon and the following : "Provided, That with respect to loans represented by obligations in the form of notes secured by not less than a like amount of bonds or notes of the United States issued sin ce April 24, 1917, certificates of indebte dness of the Unit ed States, Treasu ry bills of the U nited States, or obligations fully guaranteed both as to principal and interest b y the United Stat es, such limitati on of 10 per cent um on loans to any person shall not apply, but State member banks shall be subject to the same limitations and conditions as are applicable in the case of national banks under paragraph (8) of section 5200 of the Revised Statutes, as amended (U . S . C ., Supp . VII, title 12, sec. 84 ' )'. (b) Paragraph (8) of section 5200 of the Revised Statutes, as amended (U. S. C., Supp. VII, title 12, sec. 84), is amended by insert- ing after the comma following the words " certificates of indebtedness of the United States ", the wor ds " Treasury bills of the United States, or obligations fully guaranteed both as to principal and interest by the United States ". 713 Exclusive use of terms. Federal Res er ve Act , amen dment s. Vol. 3S, p. 257; U. S. C.,p .38,. Capital stock and surp lus of member bank ; proportionate re- duction. When member bank volu ntari ly li quida tes . Cancelation of sur- rendered shares. Vol. 38, p. 258; Vol. 46,p.250; U.S.C.,p . 387 . Vol. 38, p. 259 ; Vol . 40,p.233; U.S.C.,p. 389 . Reports of condi tion. Vol.39,p. 752; Vol . 48,p.167. Loans by State mem- ber banks to borrowers on Government securi- ties ; limitations. R. S.,sec.5200,p. 1005;U.S.C.,p.360. R. S., sec. 5200, p. 1005 ; Vol.44,p.1231; U. S. C.,p. 360. Limit of liability of any person to bank.