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SE. 13 FEDERAL RESERVE ACT 
roducts, or other goods, wares, or merchandise from 
»eing eligible for such discount, and the notes, drafts, 
nd bills of exchange of factors issued as such making 
idvances exclusively to producers of staple agricultural 
roducts in their raw state shall be eligible for such dis- 
ount; but such definition shall not include notes, drafts, 
or bills covering merely investments or issued or drawn 
or the purpose of carrying or trading in stocks, bonds, 
or other investment securities, except bonds and notes of 
‘he Government of the United States. Notes, drafts, 
nd bills admitted to discount under the terms of this 
>aragraph must have a maturity at the time of discount 
f not more than 90 days, exclusive of grace. 
Upon the indorsement of any of its member banks, 
which shall be deemed a waiver of demand, notice, and 
drotest by such bank as to its own indorsement exclu- 
sively, and subject to regulations and limitations to be 
drescribed by the Federal Reserve Board, any Federal 
‘eserve bank may discount or purchase bills of exchange 
>ayable at sight or on demand which grow out of the 
lomestic shipment or the exportation of nonperishable, 
readily marketable agricultural and other staples and are 
secured by bills of lading or other shipping documents 
onveying or securing title to such staples: Provided, 
That all such bills of exchange shall be forwarded 
sromptly for collection, and demand for payment shall 
> made with reasonable promptness after the arrival of 
such staples at their destination: Provided further, That 
10 such bill shall in any event be held by or for the account 
f a Federal reserve bank for a period. in excess of ninety 
lays. In discounting such bills Federal reserve banks 
nay compute the interest to be deducted on the basis of 
the estimated life of each bill and adjust: the discount 
ter payment of such bills to conform to the actual life 
‘hereof. 
The aggregate of notes, drafts, and bills upon which 
ny person, copartnership, association, or corporation is 
iable as maker, acceptor, indorser, drawer, or guarantor, 
rediscounted for any member bank, shall at no time 
»xceed the amount for which such person, copartnership, 
association, or corporation may lawfully become liable to 
1 national banking association under the terms of section 
# Or Treasury bills or certificates of indebtedness. See act approved June 17 1929, 
Appendix, p. 75. 
29