THE ACT OF MARCH 3, 1915.

[PUBLIC-No. 281-63D CONGRESS.]

[H. R. 15038.]

AN ACT Proposing an amendment to the Federal reserve Act relative to acceptances, and for other purposes.

1 Be it enacted by the Senate and House of Representatives of the United 2 States of America in Congress assembled, That section thirteen, para3 graphs three, four, and five, of the Act approved December twenty4 third, nineteen hundred and thirteen, known as the Federal reserve 5 Act, be amended and reenacted so as to read as follows:

6 "Any Federal reserve bank may discount acceptances which are 7 based on the importation or exportation of goods and which have a 8 maturity at time of discount of not more than three months and 9 indorsed by at least one member bank. The amount of acceptances 10 so discounted shall at no time exceed one-half the paid up [and 11 unimpaired] capital stock and surplus of the bank for which the 12 rediscounts are made, [except by authority of the Federal Reserve 13 Board, under such general regulations as said board may prescribe, 14 but not to exceed the capital stock and surplus of such bank.] 15 "The aggregate of such notes and bills bearing the signature or 16 indorsement of any one person, company, firm, or corporation redis17 counted for any one bank shall at no time exceed ten per centum of 18 the unimpaired capital and surplus of said bank; but this restriction 19 shall not apply to the discount of bills of exchange drawn in good 20 faith against actually existing values.

21 "Any member bank may accept drafts or bills of exchange drawn 22 upon it and growing out of transactions involving the importation 23 or exportation of goods having not more than six months' sight to 24 run; but no bank shall accept such bills to an amount equal at any 25 time in the aggregate to more than one-half of its paid-up [and un26 impaired] capital stock and surplus, [except by authority of the Fed27 eral Reserve Board, under such general regulations as said board may 28 prescribe, but not to exceed the capital stock and surplus of such 29 bank, and such regulations shall apply to all banks alike regardless 30 of the amount of capital stock and surplus."]

31 Approved, March 3, 1915.

New matter in [].

NOTE. This act was enacted into law after this index digest had gone to press and is not digested in this compilation.

INDEX-DIGEST.

[Citations refer to section, line, and page of text.]

[This Index-Digest was prepared primarily to show, in concise form, the various
uses of the principal words and phrases employed in the Act and its amendments.
It should be remembered that the references to the Act printed under the headings
are necessarily condensed and the text of the Act itself should in each case be ex-
amined in the interest of accuracy.]

A.

A DIRECTORS, CLASS. See "Class A directors."

A, B, C DIRECTORS, CLASSES. See "Classes A, B, and C directors."
ABOVE PROVIDED, AS. See "As above provided."

ABOVE PROVIDED FOR.

§ 12:1. 15: p. 14.

ABROAD.

§ 14:1.53: p. 15. Any Federal reserve bank may, under rules and
regulations prescribed by the Federal Reserve
Board, purchase and sell in the open market,
at home or, etc., cable transfers and bankers'
acceptances and bills of exchange of the kinds
and maturities by this Act made eligible for
rediscount, with or without the indorsement
of a member bank.

§ 14:1. 6: p. 16. Federal reserve banks may deal in gold coin or
bullion at home or, etc.

§ 14:1. 12: p. 16. Federal reserve banks, in accordance with rules

ABSENCE.

and regulations prescribed by the Federal Re-
serve Board, may buy and sell, at home or,
bonds and notes of the U. S., and bills, notes,
revenue bonds, and warrants, etc.

§ 4:1.14: p. 7. Deputy chairman of board of directors, etc., to
act in case of, or disability of his principal.

ACCEPT.

§ 13:1.25: p. 15. Any member bank may, drafts or bills of ex-
change drawn upon it and growing out of
transactions involving the importation or
exportation of goods, etc.

§ 13:1.28: p. 15. A member bank limited as to power to, to one-
half of its paid-up capital stock and surplus.

ACCEPTABLE.

§ 14:1. 9: p. 16. Federal reserve banks may give, security for
loans of gold coin or bullion.

§ 19:1. 1: p. 23. Any Federal reserve bank may receive from
the member banks as reserves, not exceeding
one-half of each installment, eligible paper as
described in section 14, properly indorsed and,
to the said Federal reserve bank.

ACCEPTANCE.

(Changed to section 13 by the Act of August
15, 1914. See § 19:1. 35: p. 30.)

§ 2:1. 6: p. 2. Every national bank required and every eligible
bank within the United States and every
trust company within the District of Colum-
bia authorized to signify its, of Act within 60
days after its passage.

§ 2:1.27: p. 2. Any national bank failing to signify its, of Act
within 60 days, etc., to cease to act as a reserve
agent, etc., upon 30 days' notice, etc.

ACCEPTANCES.

§ 13:1. 13: p. 15. Any Federal reserve bank may discount, based
on the importation or exportation of goods,
and which have a maturity at time of dis-
count of not more than three months, and
indorsed by at least one member bank.

§ 13:1. 16: p. 15. Limitation as to amount of, so discounted to one-
half the paid-up capital stock and surplus of

the bank for which the rediscounts are made.

§ 13:1. 46: p. 15. The rediscount by Federal reserve banks of any
bills receivable and of domestic and foreign
bills of exchange, and of, authorized by this
Act, to be subject to such restrictions, limita-
tions, and regulations as may be imposed by
the Federal Reserve Board.

§ 14:1. 2: p. 16. Federal reserve banks may, under rules and
regulations prescribed by the Federal Reserve
Board, purchase and sell in the open market,
etc., cable transfers and bankers, and bills of
exchange of the kinds and maturities by this
Act made eligible for rediscount, with or
without the indorsement of a member bank.

ACCEPTED.

§ 16:1. 18:p. 17. Notes and bills, for rediscount under section 13
to be the collateral security for Federal reserve
notes.

§ 21:1. 4: p. 24. Examination of State banks and trust com-
panies by the State authorities may be, by
the Federal Reserve Board.

ACCEPTING.

§ 22:1. 48: p. 24. Penalty for examiner, a loan or gratuity.

ACCOMMODATING.

§ 14:1. 27:p. 16. Federal reserve banks to establish from time to
time, subject to review and determination of
the Federal Reserve Board, rates of discount
to be charged by the Federal reserve bank
for each class of paper, which shall be fixed
with a view of, commerce and business.

ACCOMMODATIONS.

§ 4:1. 32: p. 5. The Federal reserve bank directors, subject to
the provisions of law and the orders of the
Federal Reserve Board, to extend to each
member bank such discounts, advancements
and, as may be safely and reasonably made
with due regard for the claims and demands
of other member banks.

ACCOMPANIED.
§ 16:1. 15: p. 17.

Application for Federal reserve notes to be,
with a tender of collateral, etc.

ACCORDANCE WITH, IN. See "In accordance with."

ACCOUNT.

§ 18:1. 17: p. 20. Any member bank, after two years, etc., may
file an application with the United States
Treasurer to sell for its, United States bonds,
etc., securing circulation to be retired, etc.

§ 18:1. 35:p. 20. The member bank to assign and transfer, in
writing, such bonds sold for its, to the Federal
reserve bank purchasing the same, etc.

ACCOUNT OF, ON. See "On account of."

ACCOUNTS.

§ 11:1. 38: p. 12. The Federal Reserve Board given power to ex-
amine, etc., the, etc., of each Federal reserve
bank and of each member bank.

14:1. 28: p. 16. Federal reserve banks may establish, with other
Federal reserve banks for exchange purposes.

§ 14:1. 30:p. 16. Federal reserve banks, with the consent of the
Federal Reserve Board, may open and main-
tain banking, in foreign countries, etc.

§ 19:1. 53:p. 21. Time deposits to comprise, etc., all savings, etc.,
subject to not less than 30 days' notice before
payment.

§ 25:1. 24: p. 26.
25:1. 25:p. 26.

ACCREDITED.

Every National bank to conduct the, of each

foreign branch independently of the, of other
foreign branches established by it, and of its
home office.

§ 16:1. 22: p. 17. The Federal reserve agent to notify each day the

Federal Reserve Board of all issues and with-
drawals of Federal reserve notes to and by
the Federal reserve bank to which he is.

ACCRUED INTEREST.

§ 18:1. 17: p. 20. Any member bank, after two years, etc., may
file, etc., an application to sell for its account
United States bonds securing circulation, etc.,
at par and, etc.

ACCRUING.

§ 25:1. 27:p. 26. The profit or loss, at each foreign branch of a
national bank to be transferred at the end of
each fiscal period to its general ledger as a
separate item.

ACKNOWLEDGED.
§ 4:1. 34: p. 4.

Certificate of organization to be, before a judge,
etc., or notary public.

ACKNOWLEDGMENT.

§ 4:1. 36: p. 4. The organization certificate, together with the,
thereof, to be authenticated by the seal of
such court or notary, etc.

ACQUIRED.

ACT.

§ 18:1. 28: p. 20. The limitation upon the purchase of United
States bonds from member banks by Federal
reserve banks to include those, under section
4 of this Act.

§ 18:1. 47: p. 20. Federal reserve bank may receive, etc., circulat-
ing notes against any United States bonds
with the circulation privilege, under section
4 of this Act, and deposited, etc.

§ 2:1. 33:p. 1. A majority of the organization committee to
constitute a quorum with authority to.

§ 2:1. 28: p. 2. Any national bank failing to accept Act within
60 days, etc., to cease to, as a reserve agent,
upon 30 days' notice, etc.

§ 4:1. 5:p. 7. Federal reserve agent to, as official representa-
tive of the Federal Reserve Board.

§ 14:1. 44:p. 13. The Federal Reserve Board may grant, by
special permit, to national banks, etc., the
right to, as trustee, etc.

§ 15:1. 44: p. 16. Federal reserve banks to, as fiscal agents of the
United States when required by the Secre-
tary of the Treasury.

§ 19:1. 14: p. 23. No member bank to, as the medium or agent of a
nonmember bank in applying for or receiving
discounts from Federal reserve banks, etc.,
except by permission of the Federal Reserve
Board.

§ 25:1. 8:p. 26. Foreign branches of national banks to, as fis-
cal agents of the United States if required to

do so.

See also "Federal Reserve Act."