The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

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Monograph

Identifikator:: 1856431436

URN:: urn:nbn:de:zbw-retromon-262738

Document type:: Monograph

Title:: The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

Place of publication:: Washington

Publisher:: United States Government Printing Office

Year of publication:: 1931

Scope:: ii, 170 Seiten

Digitisation:: 2022

Collection:: Economics Books

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C8 APPENDIX bank, or the Federal Farm Loan Board or the Federa Reserve Board. Sec. 5. That if any clause, senten.e, paragraph, of part of this Act shall for any reason pe adjudged by any court of competent jurisdiction to be invalid, such judg ment shall not affect, impair, or invalidate the remainder of this Act, but shall be confined in its operation to the clause, sentence, paragraph or part thereof directly in- volved in the controversy in which such judgment shal have been rendered LOANS TO VETERANS ON SECURITY OF ADJUSTED SERVICE CERTIFICATES Sections 502 and 508 of the World War Adjusted Compensation Ac! of May 19, 1924, as amended by acts of July 3, 1926, March 3 1927, March 4, 1929, and February 27, 1931 Sec. 502. (a) A loan may be made to a veteran upor his adjusted service certificate only in accordance with the provisions of this section. (b) Any national bank, or any bank or trust company incorporated under the laws of any State, Territory, possession, or the District of Columbia (hereinafter in this section called “bank”), is authorized, after the expiration of two years after the date of the certificate. to loan to any veteran upon his promissory note secured by his adjusted service certificate (with or without the consent of the beneficiary thereof) any amount not in excess of the loan basis (as defined in subdivision (g) of this section) of the certificate. The rate of interest charged upon the loan by the bank shall not exceed, by more than 2 per centum per annum, the rate charged at the date of the loan for the discount of 90-day commercial paper under section 13 of the Federal Reserve Act by the Federal reserve bank for the Federal reserve district in which the bank is located. Any bank holding a note for a loan under this section secured by a certificate (whether the bank originally making the loan or a bank to which the note and certificate have been transferred) may sell the note to, or discount or rediscount it with, any bank authorized to make a loan to a veteran under this section and transfer the certificate to such bank. Upon the indorsement of any bank, which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, and subject to reculations to be

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