Page:United States Statutes at Large Volume 50 Part 1.djvu/48

 75TH CONGRESS, 1ST SESSION-CHS. 18 -20-February 25, 27. 1937. March 1, 1937 property purchased in such manner as the Secretary of State may direct in the best interests of the Government, and account therefor. Approved, February 25, 1937. [CHAPTER 191 JOIN T RESOL UTION 23 February 27, 1937 To amend the Act entitled "An Act to levy an excise tax upon carriers and an 	[11 . J. Res. 212] income tax upon their employees, and for other purposes", approved August 29, [Pub. Res., No.9] 1935. Resolved by the Senate and Hou se of Representatives of the United States of Americ a in, Con gress ass embled, That section 12 of the Act entitled "An Act to levy an excise tax upon carriers and an income tax upon their employees, and for other purposes", approved August 29, 1935, is amended by striking out "February 28, 1937" and inserting in lieu thereof "June 30, 1938". Appr oved, Februar y 27, 1937, 12 noon. [CHAPTER 20] Certain tax levies upon earr iers and t hcir employee s ex- tended. 49 Stat. 976 . 45 U.S.C., Supp. II, 4 252. AN ACT March 1, 1937 To extend the period during whi ch direct o bligations of the Uni ted States may he 15 .417] used as collateral security for Federal Reserve notes. [Public, No. 91 Be it e nact ed by the Sena te and Ho use o f R epres enta tives o f the United States of Ame ric a in Congress a sse mbl ed, That the second paragraph of section 16 of the Federal Reserve Act, as amended, is amended to read as follows "Any Federal Reserve bank may make ap plicatio n to the local Federal Reserve agent for such amount of the Federal Reserve notes hereinbefore provided f or as it may require . Su ch appl ica tio n sh all be accompanied with a tender to the local Federal Reserve agent of collater al in amount equal to the suns of the Federal Reser ve 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 endorsed by a member bank of any Federal Reserve district and purchased under the provisions of section 14 of this Act, or bankers' acceptances purchased under the provisions of said section 14, or gold certificates : Pro vided, however, That until June 30, 1939, the Board of Governors of the Federal Reserve System may, should it deem it in the public interest, upon the affirmative vote of not less than a majority of its members, authori ze the F ederal Re serve ba nks to o ffer, an d the Fed eral Reserve agents to accept, as such collateral security, direct obliga- tions of the United States. At the close of business on such date, or sooner should the Board of Governors of the Federal Reserve System 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 Fed- eral Reserve agent shall each day notify the Board of Governors of the Federal Reserve System of all issues and withdrawals of Federal Reserve notes to and by the Federal Reserve bank to which he is accredited. The said Board of Governors of the Federal Reserve System may at any time call upon a Federal Reserve bank for additional security to protect the Federal Reserve notes issued to it." Approved, March 1, 1937 . Federal Reserve Act, amendment . 48 Stat. 398. 12U.S.C.§412. Federal Reserve notes ; issue to Federal Reserve bank . 38 Stat. 263, 264 . 12U.S.C.§g82, 342-347,372;353-359. Provisos . T ime e xtcn ded dur- ing which direct obli- gations may be used as collateral security . Ret irement of, o n expiration . Security . Daily notices of withdrawals, etc . Additional security.