38 
FEDERAL RESERVE ACT 
Qc. If 
POWERS OF FEDERAL RESERVE BANKS 
As amended by 
us approved Sec. 13. Any Federal reserve bank may receive from 
nal any of its member banks, and from the United States, 
3 Sat” 732 deposits of current funds in lawful money, national-bank 
2, 1617 (4S Stat. notes, Federal reserve notes, or checks, and drafts, pay- 
Wo 4 i) = able upon presentation, and also, for collection, maturing 
252) Maw ta, 008 notes and bills; or, solely for purposes of exchange or of 
a Apr collection, may receive from other Federal reserve banks 
\62, chap. 140). * deposits of current funds in lawful money, national-bank 
notes, or checks upon other Federal reserve banks, and 
checks and drafts, payable upon presentation within its 
district, and maturing notes and bills payable within its 
district; or, solely for the purposes of exchange or of 
collection, may receive from any nonmember bank or 
trust company deposits of current funds in lawful money, 
national-bank notes, Federal reserve notes, checks and 
drafts payable upon presentation, or maturing notes and 
bills: Provided, Such nonmember bank or trust company 
maintains with the Federal reserve bank of its district a 
balance sufficient to offset the items in transit held for its 
account by the Federal reserve bank: Provided, further, 
That nothing in this or any other section of this act shall 
be construed as prohibiting a member or nonmember 
bank from making reasonable charges, to be determined 
and regulated by the Federal Reserve Board, but in no 
case to exceed 10 cents per $100 or fraction thereof, based 
on the total of checks and drafts presented at any one 
time, for collection or payment of checks and drafts and 
remission therefor by exchange or otherwise; but no such 
charges shall be made against the Federal reserve banks. 
Upon the indorsement of any of its member banks, 
which shall be deemed a waiver of demand, notice and 
protest by such bank as to its own indorsement exclu- 
sively, any Federal reserve bank may discount notes, 
drafts, and bills of exchange arising out of actual com- 
mercial transactions; that is, notes, drafts, and bills of 
exchange issued or drawn for agricultural, industrial, 
or commercial purposes, or the proceeds of which have 
been used, or are to be used, for such purposes, the 
Federal Reserve Board to have the right to determine or 
define the character of the paper thus eligible for discount, 
within the meaning of this Act. Nothing in this Act 
contained shall be construed to prohibit such notes, 
drafts, and bills of exchange, secured by staple agricultural