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Sec. 22 FEDERAL RESERVE ACT

for or receives or consents or agrees to receive any fee,
commission, gift, or thing of value from any person, firm,
Or corporation, for procuring or endeavoring to procure
for such person, firm, or corporation, or for any other
Person, firm, or corporation, any loan from or the purchase
 or discount of any paper, note, draft, check, or
bill of exchange by such member bank shall be deemed
guilty of a misdemeanor and shall be imprisoned not
more than one year or fined not more than $5,000, or
both,
(d) Any member bank may contract for, or purchase
from, any of its directors or from any firm of which any
of its directors is a member, any securities or other
Property when (and not otherwise) such purchase is
made in the regular course of business upon terms
not less favorable to the bank than those offered to
others, or when such purchase is authorized by a majority
of the board of directors not interested in the sale of such
securities or property, such authority to be evidenced by
the affirmative vote or written assent of such directors:
Provided, however, That when any director, or firm of
which any director is a member, acting for or on behalf
of others, sells securities or other property to a member
bank, the Federal Reserve Board by regulation may,
In any or all cases, require a full disclosure to be made,
on forms to be prescribed by it, of all commissions or
other considerations received, and whenever such director
or firm, acting in his or its own behalf, sells securities or
other property to the bank the Federal Reserve Board
by regulation, may require a full disclosure of all profit
realized from such sale.
Any member bank may sell securities or other property
to any of its directors, or to a firm of which any of its
directors is a member, in the regular course of business
on terms not more favorable to such director or firm
than those offered to others, or when such sale is authorized
 by a majority of the board of directors of a member
bank to be evidenced by their affirmative vote or written
assent: Provided, however, That nothing in this subsection
 contained shall be construed as authorizing
member banks to purchase or sell securities or other
property which such banks are not otherwise authorized
by law to purchase or sell.

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