Studies in securities

Bibliographic data

Monograph

Identifikator:: 1757542078

URN:: urn:nbn:de:zbw-retromon-134903

Document type:: Monograph

Title:: Studies in securities

Edition:: Revised

Place of publication:: New York

Publisher:: Jas. J. Oliphant & Co.

Year of publication:: 1927

Scope:: 81 S.

Digitisation:: 2021

Collection:: Economics Books

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1d FEDERAL RESERVE ACT Sec. 1 ents or agencies. Whenever any such account has been opened or agency or correspondent has been appointed by a Federal reserve bank, with the consent of or under the order and direction of the Federal Reserve Board, any other Federal reserve bank may, with the consent and approval of the Federal Reserve Board, be permitted to carry on or conduct, through the Federal reserve bank opening such account or appointing such agency or correspondent, any transaction authorized by this section under rules and regulations to be prescribed by the board; () To purchase and sell in the open market, either from or to domestic banks, firms, corporations, or indi- viduals, acceptances of Federal Intermediate Credit Banks and of National Agricultural Credit Corporations, whenever the Federal Reserve Board shall declare that the public interest so requires. GOVERNMENT DEPOSITS JSsemended by Sec, 15.° The moneys held in the general fund of the Mer. 4, 19% (Treasury, except the five per centum fund for the re- 2). demption of outstanding national-bank notes and the funds provided in this Act for the redemption of Federal reserve notes may, upon the direction of the Secretary of the Treasury, be deposited in Federal reserve banks, which banks, when required by the Secretary of the Treasury, shall act as fiscal agents of the United States, and the revenues of the Government or any part thereof may be deposited in such banks, and disbursements may be made by checks drawn against such deposits. No public funds of the Philippine Islands, or of the postal savings, or any Government funds, shall be depos- ited in the continental United States in any bank not belonging to the system established by this Act: '® Pro- vided, however, That nothing in this Act shall be construed to deny the right of the Secretary of the Treasury to use member banks as depositories.!* » This section in effect amended by Appropriation Act of 1920, approved May 29, 1920, Appendix, p. 89. 10 Under sec. 7 of the act approved Apr. 24, 1017, sec. 8 of the act approved Sept. 24, 1917, and sec. 8 of the act approved Apr. 4, 1918, the proceeds of sale of Liberty bonds of the first, second, and third issues may be deposited in nonmember banks, See Appen- iix, pp. 73, 74, 75. The act of May 18, 1916, amending the Postal Savings Act, authorizes the deposit of postal savings funds in nonmember banks. See Appendix, p. 71, 11 Under the last paragraph of sec, 8 hereof, State member banks may be designated as depositaries of public money and under sec. 5153 of the Revised Statutes as amended (see Appendix, p. 79) national banking associations way be designated as depositaries of public monayv

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