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3Ec. 19 
FEDERAL RESERVE ACT 
(8) If not in a reserve or central reserve city, as now 
or hereafter defined, it shall hold and maintain with the 
Rederal reserve bank of its district an actual net balance 
squal to not less than seven per centum of the aggregate 
amount of its demand deposits and three per centum of 
'ts time deposits. 
(b) If in a reserve city, as now or hereafter defined, it 
shall hold and maintain with the Federal reserve bank of 
its district an actual net balance equal to not less than ten 
per centum of the aggregate amount of its demand 
leposits and three per centum of its time deposits: Pro- 
vided, however, That if located in the outlying districts of 
2 reserve city or in territory added to such a city by the 
sxtension of its corporate charter, it may, upon the 
affirmative vote of five members of the Federal Reserve 
Board, hold and maintain the reserve balances specified 
n paragraph (a) hereof. 
(¢) If in a central reserve city, as now or hereafter 
lefined, it shall hold and maintain with the Federal 
‘eserve bank of its district an actual net balance equal to 
20t less than thirteen per centum of the aggregate amount 
of its demand deposits and three per centum of its time 
deposits: Provided, however, That if located in the out- 
lying districts of a central reserve city or in territory 
added to such city by the extension of its corporate 
*harter, it may, upon the affirmative vote of five members 
5f the Federal Reserve Board, hold and maintain the 
reserve balances specified in paragraphs (a) or (b) 
thereof. 
No member bank shall keep on deposit with any State 
bank or trust company which is not a member bank a 
sum in excess of ten per centum of its own paid-up capi- 
tal and surplus. No member bank shall act as the me- 
lium or agent of a nonmember bank in applying for or 
receiving discounts from a Federal reserve bank under 
the provisions of this Act, except by permission of the 
Federal Reserve Board. 
The required balance carried by a member bank with 
a Federal reserve bank may, under the regulations and 
subject to such penalties as may be prescribed by the 
Federal Reserve Board, be checked against and with- 
drawn by such member bank for the purpose of meeting 
existing liabilities: Provided, however, That no bank 
shall at any time make new loans or shall pay any divi- 
1163903 Led 
47