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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ders 1, or any udg- nder y the vy in- shall TED n Act ch 8, pon 1th any ory, rin the ate, red the Lin 1 of rest by | at cial the in for her ach sell ank ion the ver Wn a APPENDIX Prescribed by the Federal Reserve Board, any such note cured by a certificate and held by a bank shall be eligible for discount or rediscount by the Federal reserve bank for the Federal reserve district in which the bank is Ocated, Such note shall be eligible for discount or "ediscount, whether or not the bank offering the note for liscount, or rediscount is a member of the Federal Reserve >Ystem and whether or not it acquired the note in the first instance from the veteran or acquired it by transfer pon the indorsement of any other bank. Such note shall not be eligible for discount or rediscount unless it 188 at the time of discount or rediscount a maturity not 1 excess of nine months exclusive of days of grace. The ‘ate of interest charged by the Federal reserve bank shall ’® the same as that charged by it for the discount or "ediscount of 90-day notes drawn for commercial pur- 0ses. The Federal Reserve Board is authorized to 2ermit, or on the affirmative vote of at least five members f the Federal Reserve Board to require, a Federal "serve bank to rediscount, for any other Federal reserve sank, notes secured by a certificate. The rate of interest for such rediscounts shall be fixed by the Federal Reserve Board, In case the note is sold, discounted, or redis- ‘ounted the bank making the transfer shall promptly tify the veteran by mail at his last known post-office Address, (¢) If the veteran does not pay the principal and inter- *t of the loan upon its maturity, the bank holding the 10te and certificate may, at any time after maturity of the Joan but not before the expiration of six months after the loan was made, present them to the Director. The Director may, in his discretion, accept the certificate and Note, cancel the note (but not the certificate), and pay the bank, in full satisfaction of its claim, the amount of ‘he unpaid principal due it, and the unpaid interest iccrued, at the rate fixed in the note, up to the date of "he check issued to the bank. The Director shall restore lo the veteran, at any time prior to its maturity, any “ertificate so accepted, upon receipt from him of an Mount, equal to the sum of (1) the amount paid by the Uniteq States to the bank in cancellation of his note, lug (2) interest on such amount from the time of such "8yment to the date of such receipt, at 6 per centum per Anum. compounded annually. ~q

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