NATIONAL BANKING UNDER THE FEDERAL ResERVE SysTEM 
such functions, and may also require each such bank to exercise the functions of a 
clearing house for its member banks. 
That the Secretary of the Treasury is hereby authorized and directed to receive 
deposits of gold coin or of gold certificates with the Treasurer or any assistant treasurer 
of the United States when tendered by any Federal reserve bank or Federal reserve 
agent for credit to its or his account with the Federal Reserve Board. The Secretary 
shall prescribe by regulation the form of receipt to be issued by the Treasurer or Assist- 
ant Treasurer to the Federal reserve bank or Federal reserve agent making the deposit, 
and a duplicate of such receipt shall be delivered to the Federal Reserve Board by the 
Treasurer at Washington upon proper advices from any assistant treasurer that such 
deposit has been made. Deposits so made shall be held subject to the orders of the 
Federal Reserve Board and shall be payable in gold coin or gold certificates on the 
order of the Federal Reserve Board to any Federal reserve bank or Federal reserve 
agent at the Treasury or at the Subtreasury of the United States nearest the place of 
business of such Federal reserve bank or such Federal reserve agent: Provided, however, 
That any expense incurred in shipping gold to or from the Treasury or subtreasuries 
in order to make such payments, or as a result of making such payments, shall be paid 
by the Federal Reserve Board and assessed against the Federal reserve banks. The 
order used by the Federal Reserve Board in making such payments shall be signed by 
the governor or vice governor, or such other officers or members as the board may by 
regulation prescribe. The form of such order shall be approved by the Secretary of 
the Treasury. 
The expenses necessarily incurred in carrying out these provisions, including the 
cost of the certificates or receipts issued for deposits received, and all expenses incident 
to the handling of such deposits shall be paid by the Federal Reserve Board and in- 
cluded in its assessments against the several Federal reserve banks. 
Gold deposits standing to the credit of any Federal reserve bank with the Federal 
Reserve Board shall, at the option of said bank, be counted as part of the lawful 
reserve which it is required to maintain against outstanding Federal reserve notes, or 
as a part of the reserve it is required to maintain against deposits. 
Nothing in this section shall be construed as amending section six of the act of March 
fourteenth, nineteen hundred, as amended by the acts of March fourth, nineteen 
hundred and seven, March second, nineteen hundred and eleven, and June twelfth, 
nineteen hundred and sixteen, nor shall the provisions of this section be construed to 
apply to the deposits made or to the receipts or certificates issued under those acts. 
ds amended by act approved June 21, 1917 (40 Stat., 232, chap. 32). 
Sec. 17. So much of the provisions of section fifty-one hundred and fif y-nine of 
the Revised Statutes of the United States, and section four of the act of June twentieth, 
eighteen hundred and seventy-four, and section eight of the act of July twelfth, eighteen 
hundred and eighty-two, and of any other provisions of existing statutes as require 
that before any national banking association shall be authorized to commence banking 
business it shall transfer and deliver to the Treasurer of the United States a stated 
amount of United States registered bonds, and so much of those provisions or of any 
other provisions of existing statutes as require any national banking association now 
or hereafter organized to maintain a minimum deposit of such bonds with the Treasurer 
is hereby repealed. 
[ tirana 
12% |