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FEDERAL RESERVE ACT BEC. 15 
5200 of the Revised Statutes, as amended: Provided 
however, That nothing in this paragraph shall be con- 
strued to change the character or class of paper now 
eligible for rediscount by Federal reserve banks. 
Any Federal reserve bank may discount acceptances 
of the kinds hereinafter described, which have a maturity 
at the time of discount of not more than 90 days’ sight, 
exclusive of days of grace, and which are indorsed by at 
least one member bank: Provided, That such acceptances 
if drawn for an agricultural purpose and secured at the 
time of acceptance by warehouse receipts or other such 
documents conveying or securing title covering readily 
marketable staples may be discounted with a maturity 
at the time of discount of not more than six months 
sight exclusive of days of grace. 
Any member bank may accept drafts or bills of 
exchange drawn upon it having not more than six 
months’ sight to run, exclusive of days of grace, which 
grow out of transactions involving the importation or 
exportation of goods; or which grow out of transactions 
involving the domestic shipment of goods provided 
shipping documents conveying or securing title are at- 
tached at the time of acceptance; or which are secured 
at the time of acceptance by a warehouse receipt or other 
such document conveying or securing title covering 
readily marketable staples. No member bank shall 
accept, whether in a foreign or domestic transaction, for 
any one person, company, firm, or corporation to an 
amount equal at any time in the aggregate to more than 
ten per centum of its paid-up and unimpaired capital 
stock and surplus, unless the bank is secured either by 
attached documents or by some other actual security 
growing out of the same transaction as the acceptance: 
and no bank shall accept such bills to an amount equal 
at any time in the aggregate to more than one-half of 
its paid-up and unimpaired capital stock and surplus: 
Provided, however, That the Federal Reserve Board, 
under such general regulations as it may prescribe, which 
shall apply to all banks alike regardless of the amount 
of capital stock and surplus, may authorize any member 
bank to accept such bills to an amount not exceeding 
at any time in the aggregate one hundred per centum of 
its paid-up and unimpaired capital stock and surplus: 
Provided further, That the aggregate of acceptances