The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

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Monograph

Identifikator:: 1856431436

URN:: urn:nbn:de:zbw-retromon-262738

Document type:: Monograph

Title:: The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

Place of publication:: Washington

Publisher:: United States Government Printing Office

Year of publication:: 1931

Scope:: ii, 170 Seiten

Digitisation:: 2022

Collection:: Economics Books

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72 APPENDIX DEPOSIT OF FUNDS OF FEDERAL LAND BANKS IN MEMBER BANKS—FEDERAL RESERVE BANKS AND MEMBER BANKS AUTHORIZED TO BUY AND SELL FARM LOAN BONDS Sections 5, 8, 13. and 27 of the Farm Loan Act, approved July 17, 1916 Spo. 5.— At least twenty-five per centum of that part of the capital of any Federal land bank for which stock is out- standing in the name of national farm loan associations shall be held in quick assets, and may consist of cash in the vaults of said land bank, or in deposits in member banks of the Federal reserve system, or in readily market- able securities which are approved under rules and regu- lations of the Federal Farm Loan Board: Provided, That not less than five per centum of such capital shall be nvested in United States Government bonds. GOVERNMENT DEPOSITARIES Sec. 6. That all Federal land banks and joint stock land banks organized under this Act, when designated for that purpose by the Secretary of the Treasury, shall be depositaries of public money, except receipts from cus- toms, under such regulations as may be prescribed by said Secretary; and they may also be employed as financial agents of the Government; and they shall perform all such reasonable duties, as depositaries of public money and financial agents of the Government, as may be required of them. And the Secretary of the Treasury shall require of the Federal land banks and joint stock land banks thus designated satisfactory security, by the deposit of United States bonds or other- wise, for the safekeeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial agents of the Government. No Government funds deposited under the provisions of this section shall be invested in mort- race loans or farm loan bonds.

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