National banking under the Federal Reserve System

Bibliographic data

Monograph

Identifikator:: 1757542345

URN:: urn:nbn:de:zbw-retromon-135097

Document type:: Monograph

Title:: National banking under the Federal Reserve System

Place of publication:: New York

Publisher:: The National City Bank of New York

Year of publication:: 1927

Scope:: 154 S.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Federal reserve act (approved Dec.23,1913)

Collection:: Economics Books

National BANKING UNDER THE FEDERAL RESERVE SysTEM change, or bankers’ acceptances as are eligible for rediscount or for purchase by Federal reserve banks under the provisions of this Act, or by the deposit or pledge of bonds or notes of the United States.! Section fifty-two hundred and two of the Revised Statutes of the United States is hereby amended so as to read as follows:2 “No national banking association shall at any time be indebted, or in any way liable, to an amount exceeding the amount of its capital stock at such time actually paid in and remaining undiminished by losses or otherwise, except on account of demands of the nature following: First. Notes of circulation. Second. Moneys deposited with or collected by the association. Third. Bills of exchange or drafts drawn against money actually on deposit to the credit of the association, or due thereto. Fourth. Liabilities to the stockholders of the association for dividends and reserve profits. Fifth. Liabilities incurred under the provisions of the Federal Reserve Act. Sixth. Liabilities incurred under the provisions of the War Finance Corporation Act.3 Seventh. Liabilities created by the indorsement of accepted bills of exchange pay- able abroad actually owned by the indorsing bank and discounted at home or abroad.’ The discount and rediscount and the purchase and sale by any Federal reserve bank of any bills receivable and of domestic and foreign bills of exchange, and of acceptances authorized by this Act, shall be subject to such restrictions, limitations, and regula- tions as may be imposed by the Federal Reserve Board. That in addition to the powers now vested by law in national banking associations organized under the laws of the United States any such association located and doing business in any place the population of which does not exceed five thousand inhabitants, as shown by the last preceding decennial census, may, under such rules and regulations as may be prescribed by the Comptroller of the Currency, act as the agent for any fire, life, or other insurance company authorized by the authorities of the State in which said bank is located to do business in said State, by soliciting and selling insurance and col- lecting premiums on policies issued by such company; and may receive for services so rendered such fees or commissions as may be agreed upon between the said association and the insurance company for which it may act as agent; and may also act as the broker or agent for others in making or procuring loans on real estate located within one A 10x iy DoRds of War Finance Corporation. See sec. 13, War Finance Corporation Act, approved pr. 5, s Section 504 of the Agricultural Credits Act of 1923 provides “That section 502 of the Revised Statutes, as amended, is amended by adding at the end thereof a new paragraph to read as follows: ‘Eighth. Liabilities incurred under the provisions of section 202 of the Federal Farm Loan Act, approved July 17, 1916, as amended.” This section was obviously intended to amend section 5202 of the Revised Statutes. "These two paragraphs were added to sec. 5202, Revised Statutes, by the War Finance Corpora~ tion Act, approved Apr. 5, 1918, and by the act of Oct. 22. 1919, respectively. [1141

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