FEDERAL RESERVE BANK; FEDERAL RESERVE BANKS (Contd.).
§ 15:1. 46:p. 16. The revenues of the Government or any part
thereof may be deposited in such, and dis-
bursements may be made by check against
such deposits.
§ 16:1. 3:p. 17. Federal reserve notes, authorized to be issued
at the discretion of the Federal Reserve
Board, for the purpose of making advances
to, through the Federal reserve agents, etc.,
and for no other purpose.
§ 17:1. 7:p. 17. To be receivable by all national and member
banks and, etc.
§ 16:1. 11:p. 17.
§ 16:1. 12:p. 17.
Redeemable in gold or lawful money at any.
Any, may make application to the local Federal
reserve agent for such, etc., notes.
§ 16:1. 21:p. 17. The Federal reserve agent to each day notify
the Federal Reserve Board of all issues and
withdrawals of such notes to and by the, to
which he is accredited.
§ 16:1. 23:p. 17. The Federal Reserve Board may at any time
call upon a, for additional security to protect
the Federal reserve notes issued to it.
§ 16:1. 25:p. 17. Every, to maintain reserves in gold or lawful
money of not less than thirty-five per centum
against its deposits and reserves in gold of
not less than forty per centum against its
Federal reserve notes in actual circulation,
and not offset by gold or lawful money de-
posited with the Federal reserve agent.
§ 16:1. 32:p. 17. The Federal Reserve Board to assign a distinc-
tive letter and serial number to each.
§ 16:1. 33:p. 17.
16:1. 34: p. 17.
§ 16:1. 35:p. 17.
Federal reserve notes issued through one, when
received by another, to be promptly returned
for credit or redemption to the, through origi-
nally issued.
§ 16:1. 36: p. 17. No, to pay out Federal reserve notes issued
through another, under penalty of a tax of
10 per centum, etc.
§ 16:1. 40:p. 17.
§ 16:1. 42:p. 17.
Federal reserve notes redeemed by the United
States Treasury, etc., to be returned to the,
through which originally issued and such,
thereupon shall reimburse such redemption
fund in lawful money upon demand of the
Secretary of the Treasury.
16:1. 47:p. 17. Such, to maintain with the United States
Treasurer in gold an amount sufficient, etc.,
to provide for all redemptions, etc.
FEDERAL RESERVE BANK; FEDERAL RESERVE BANKS (Contd.).
§ 16:1. 1:p. 18. Such notes received by the Treasury otherwise
than for redemption may be exchanged for
gold out of the redemption fund., etc., and
returned to the, through which originally
issued, etc.
§ 16:1. 2:p. 18. Or they may be returned to such, for the
credit of the United States.
§ 16:1. 6:p. 18.
§ 16:1. 10:p. 18.
The Federal Reserve Board shall require each,
to maintain on deposit in the Treasury of the
United States a sum in gold sufficient in the
judgment of the Secretary of the Treasury
for the redemption of the Federal reserve
notes issued to such bank, but in no event
less than 5 per centum
§ 16:1. 14: p. 18. The Federal Reserve Board, acting through
the Federal reserve agent, may grant in
whole or in part, or reject entirely the appli-
cation of any, for Federal reserve notes.
§ 16:1. 18:p. 18. The Federal Reserve Board shall through its
local Federal reserve agent supply reserve
notes to the, so applying.
§ 16:1. 18: p. 18. Such, to be charged with the amount of such
notes and to pay such rate of interest on said
amount as may be established by the Fed-
eral Reserve Board.
§ 16:1. 21:p. 18.
16:1. 22:p. 18.
16:1. 25:p. 18.
The amount of such Federal reserve notes so
issued to any such, to be, upon delivery,
together with such notes of such, as may be
issued under section 18, etc., to become a
first and paramount lien on all the assets of
such.
§ 16:1. 26:p. 18. Any, may at any time reduce its liability for
outstanding Federal reserve notes by de-
positing with the Federal reserve agent, its
Federal reserve notes, gold, gold certificates,
or lawful money of the United States.
§ 16:1. 34:p. 18. The Federal reserve agent to hold such gold,
etc., available exclusively for exchange for
the outstanding Federal reserve notes when
offered by the, of which he is a director.
§ 16:1. 40:p. 18. Any, may at its discretion withdraw collateral
deposited, etc., for Federal reserve notes and
shall, etc., substitute other like collateral, etc.
§ 16:1. 52:p. 18. The Comptroller to have Federal reserve notes
printed, etc., to supply the.
§ 16:1. 1:p. 19. Such notes to bear the distinctive numbers of
the several, through which issued.
§ 16:1. 5:p. 19.
§ 16:1. 6:p. 19.
FEDERAL RESERVE BANK; FEDERAL RESERVE BANKS (Contd.).
Such notes, etc., to be deposited in the Treas-
ury, or in the Subtreasury, or Mint of
United States nearest the place of business of
each, and shall be held for the use of such,
subject to the order of the Comptroller for
their delivery, etc.
§ 16:1. 13:p. 19.
16:1. 14: p. 19.
The expenses necessarily incurred in executing
the laws relating to the procuring of Federal
reserve notes and all other expenses inci-
dental to the issue and retirement of such
notes to be paid by the, and such expenses
to be included by the Federal Reserve Board
in its estimate of expenses levied against the.
§ 16:1. 34: p. 19. Nothing in this section to be construed as
exempting, etc., from their liability to reim-
burse the United States for expenses in
printing and issuing such notes.
Deposits which, must receive at par.
Charges by member banks from its patrons
whose checks are cleared through the, to be
fixed by the Federal Reserve Board.
§ 16:1. 49: p. 19. Charges by the, for service of clearing or col-
lection rendered by the Federal reserve bank
to be fixed by the Federal Reserve Board.
§ 16:1. 52:p. 19. Charges for transfer of funds among, to be fixed
under regulations of the Federal Reserve
Board.
§ 16:1. 54: p. 19. The Federal Reserve Board may clear for, or
designate a, to exercise such functions.
§ 16:1. 1: p. 20. The Federal Reserve Board may require each,
to clear for its member banks.
§ 18:1. 21:p. 20. The Federal Reserve Board may require, to
purchase United States bonds from member
banks desiring to retire circulation.
Limit to such purchases by.
Method of alloting such bonds to be purchased
by.
Such bonds to be assigned, etc., to the, purchas-
ing same.
FEDERAL RESERVE
§ 18:1. 37: p. 20.
BANK; FEDERAL RESERVE BANKS (Contd).
Such, to deposit lawful money with the Treas-
urer of the United States for the purchase
price of such bonds."
§ 18:1. 43:p. 20. The, so purchasing such bonds may take out
circulating notes up to par value of such
bonds deposited, etc.
§ 18:1. 48: p. 20. Any, depositing such bonds entitled to receive
from Comptroller circulating notes, etc.
§ 18:1. 1:p. 21. Such notes shall be the obligations of the, pro-
curing the same.
18:1. 6:p. 21. Not to be limited to amount of capital stock of,
issuing them.
§ 18:1. 6:p. 21. The Secretary of the Treasury may issue United
States one-year gold notes in exchange for
United States 2 per centum gold bonds
against which no circulation is outstanding,
upon application of any, to an amount not
exceeding one-half of the bonds so tendered
for exchange.
§ 18:1. 17: p. 21. The, to enter into obligation to buy at matu-
rity an amount of such one-year notes equal
to those delivered in exchange for such bonds.
And at each maturity of one-year notes so pur-
chased by such, to purchase such an amount
of one-year notes as the Secretary of the
Treasury may tender, not to exceed amount
issued to such, in the first instance, etc.
§ 18:1. 22: p. 21.
18:1. 24: p. 21.
§ 18:1. 25:p. 21.
§ 18:1. 45:p. 21. The Secretary of the Treasury may issue at
United States 3 per centum bonds in exchange
for such one year notes, etc., upon application
by any, approved by the Federal Reserve
Board.
§ 19:1. 2: p. 22.
19:1. 11:p. 22.
§ 19:1. 16:p. 22.
19:1. 21:p. 22.
§ 19:1. 22:p. 22.
§ 19:1. 30: p. 22.
19:1. 36: p. 22.
19:1. 41:p. 22.
§ 19:1. 42: p. 22.
19:1. 49:p. 22.
§ 19:1. 51: p. 22.
§ 19:1. 52: p. 22.
§ 19:1. 2:p. 23.
Reserves to be established and maintained by
member banks when the Secretary of the
Treasury shall have announced, etc., the es-
tablishment of a, in any district.
Any, may receive from the member banks as
reserves, not exceeding one-half of each in-
stallment, eligible paper described in section
14 properly indorsed and acceptable to said.
[Words "section 14" changed to "section 13"
by Act of Aug. 15, 1914. See § 19:1. 35:p.
30.]
FEDERAL RESERVE BANK; FEDERAL RESERVE BANKS (Contd).
§ 19:1. 10:p. 23. Reserve deposits by a State bank or trust
company required by law of the State to
be kept in another State bank, etc., shall
be construed as if reserve deposits in a na-
tional bank in a reserve or central reserve
city, for three years after the Secretary of
the Treasury has officially announced the
establishment of a, etc.
[Amended by Act of August 15, 1914. See
§ 19:1. 37: p. 30; § 19:1. 39: p. 30; § 19:1.
41: p. 30.]
19:1. 15: p. 23. No member bank to act as the medium or
agent of a nonmember bank in applying for
or receiving discounts from a, etc., except by
permission of the Federal Reserve Board.
§ 19:1. 18: p. 23. The reserve carried by a member bank with
a, may, under the regulations and subject to
such penalties as may be prescribed by the
Federal Reserve Board, be checked against
and withdrawn for the purpose of meeting
existing liabilities, etc.
§ 19:1. 28: p. 23. Balances in, due to member banks shall, to the
extent provided herein, be counted as re-
§ 21:1. 6:p. 24. The Federal Reserve Board may at any time
direct the holding of a special examination
of State banks and trust companies that are
stockholders in any.
§ 21:1. 22:p. 24. Every, etc., may provide for special examina-
tion of its member banks.
§ 21:1. 27:p. 24. Such examinations to inform the, of the con-
dition of its member banks and the lines of
credit extended by them.
§ 21:1. 28: p. 24.
§ 21:1. 31: p. 24.
Every, to inform the Federal Reserve Board
as to the condition of any member bank
within the district of said.
§ 21:1. 38: p. 24. The Federal Reserve Board, at least once each
year, to order an examination of each.
§ 21:1. 40: p. 24. On joint application of 10 member banks the
Federal Reserve Board shall order a special
examination and report of the condition of
FEDERAL RESERVE BANK BRANCHES. See "Branch bank."
FEDERAL RESERVE BANK NOTES.
§ 4:1. 12:p. 5. To be issued by the Comptroller to Federal
reserve banks.
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