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rc. 4 
FEDERAL RESERVE ACT 
Sixth. To prescribe by its board of directors, by-laws 
20t inconsistent with law, regulating the manner in which 
ts general business may be conducted, and the privileges 
granted to it by law may be exercised and enjoyed. 
Seventh. To exercise by its board of directors, or 
luly authorized officers or agents, all powers specifically 
sranted by the provisions of this Act and such incidental 
yowers as shall be necessary to carry on the business of 
sanking within the limitations prescribed by this Act. 
Eighth! Upon deposit with the Treasurer of the 
United States of any bonds of the United States in the 
manner provided by existing law relating to national 
»anks, to receive from the Comptroller of the Currency 
irculating notes in blank, registered and countersigned 
as provided by law, equal in amount to the par value of 
‘he bonds so deposited, such notes to be issued under the 
same conditions and provisions of law as relate to the 
ssue of circulating notes of national banks secured by 
bonds of the United States bearing the circulating priv- 
lege, except that the issue of such notes shall not be 
Imited to the capital stock of such Federal reserve bank. 
But no Federal reserve bank shall transact any busi- 
ness except such as is incidental and necessarily prelimi- 
dary to its organization until it has been authorized by 
the Comptroller of the Currency to commence business 
inder the provisions of this Act. 
Every Federal reserve bank shall be conducted under 
she supervision and control of a board of directors. 
The board of directors shall perform the duties usually 
Appertaining to the office of directors of banking associa~ 
flons and all such duties as are prescribed by law. 
Said board shall administer the affairs of said bank 
fairly and impartially and without discrimination in 
favor of or against any member bank or banks and shall, 
subject to the provisions of law and the orders of the 
Federal Reserve Board, extend to each member bank 
such discounts, advancements and accommodations as 
may be safely and reasonably made with due regard for 
‘he claims and demands of other member banks. 
Such board of directors shall be selected as hereinafter 
specified and shall consist of nine members, holding office 
for three years, and divided into three classes, designated 
as classes A, B. and C. 
1 See also sec. 18, p. 44.