23, 24 
cer, 
the 
yee 
ya1ts 
hall 
ers, 
the 
~ard 
ficer 
| be 
r all 
or 
ANCEC 
ging 
~ all 
iion, 
alue 
ock. 
tion 
ered 
the 
)bli- 
lure, 
1ade 
ent 
sion 
urse 
inst 
the 
ake 
rate, 
eral 
niles 
tive 
thin 
” an 
eed, 
1Hre 
Bre, 95 
FEDERAL RESERVE ACT 
33 
Bmount of such obligation or obligations is made or is 
sold to such association. The amount of any such loan 
shall not exceed 50 per centum of the actual value of the 
teal estate offered for security, but no such loan upon 
Such security shall be made for a longer term than five 
years. Any such bank may make such loans in an ag- 
Bregate sum including in such aggregate any such loans 
on which it is liable as indorser or guarantor or other- 
Wise equal to 25 per centum of the amount of the capital 
stock of such association actually paid in and unimpaired 
and 25 per centum of its unimpaired surplus fund, or to 
One-half of its savings deposits, at the election of the 
8ssociation, subject to the general limitation contained 
In section 5200 of the Revised Statutes of the United 
States. Such banks may continue hereafter as here- 
tofore to receive time and savings deposits and to pay 
interest on the same, but the rate of interest which such 
banks may pay upon such time deposits or upon savings 
Or other deposits shall not exceed the maximum rate 
authorized by law to be paid upon such deposits by State 
banks or trust companies organized under the laws of 
the State wherein such national banking association is 
located - 
FOREIGN BRANCHES 
Sec, 25. Any national banking association possessing ,Asemendedby 
& capital and surplus of $1,000,000 or more may file appli- Sos. Tas, 8 
cation with the Federal Reserve Board for permission to {81 Sept i 
exercise, upon such conditions and under such regulations 5 chap. 60). 
88 may be prescribed by the said board. either or both of 
the following powers: 
First. To establish branches in foreign countries or 
dependencies or insular possessions of the United States 
for the furtherance of the foreign commerce of the United 
States, and to act if required to do so as fiscal agents of 
the United States. 
Second. To invest an amount not exceeding in the 
Aggregate ten per centum of its paid-in capital stock and 
Surplus in the stock of one or more banks or corporations 
chartered or incorporated under the laws of the United 
States or of any State thereof, and principally engaged in 
International or foreign banking, or banking in a depend- 
ency or insular possession of the United States either 
directly or throuch the agency, ownership, or control of