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Sec. 11

FEDERAL RESERVE ACT

National banks in such cases shall not be required to
2xecute the bond usually required of individuals if State
corporations under similar circumstances are exempt from
this requirement.
National banks shall have power to execute such bond
when so required by the laws of the State.
In any case in which the laws of a State require that a
corporation acting as trustee, executor, administrator, or
0 any capacity specified in this section, shall take an
dath or make an affidavit, the president, vice president,
cashier, or trust officer of such national bank may take
the necessary oath or execute the necessary affidavit.
_ It shall be unlawful for any national banking associafon
 to lend any officer, director, or employee any funds
held in trust under the powers conferred by this section.
Any officer, director, or employee making such loan, or to
whom such loan is made, may be fined not more than
$5,000, or imprisoned not more than five years, or may
be both fined and imprisoned, in the discretion of the
~ourt,.
In passing upon applications for permission to exercise
the powers enumerated in this subsection, the Federal
Reserve Board may take into consideration the amount
of capital and surplus of the applying bank, whether or
not such capital and surplus is sufficient under the cir-*umstances
 of the case, the needs of the community to be
served, and any other facts and circumstances that seem
to it proper, and may grant or refuse the application
accordingly: Provided, That no permit shall be issued to
Any national banking association having a capital and
surplus less than the capital and surplus required by
State law of State banks, trust companies, and corporations
 exercising such powers.
Any national banking association desiring to surrender
its right to exercise the powers granted under this subsection,
 in order to relieve itself from the necessity of complying
 with the requirements of this subsection, or to
have returned to it any securities which it may have
deposited with the State authorities for the protection of
private or court trusts, or for any other purpose, may file
with the Federal Reserve Board a certified copy of a resolution
 of its board of directors signifying such desire.
Upon receipt of such a resolution, the Federal Reserve
Board, after satisfying itself that such bank has been

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