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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c.9 1 nt a .d in aS LN a 1t IK e {] 1m 3 3EC. 9 FEDERAL RESERVE ACT t5 application shall be for the same amount of stock thatimw, chap. 175): the applying bank would be required to subscribe to as Jae national bank. The Federal Reserve Board, subject He Sint. 514 fo the provisions of this Act and to such conditions as ™™ B18. it may prescribe pursuant thereto may permit the apply- er bank to become a stockholder of such Federal reserve ank. Any such State bank which, at the date of the approval of this Act, has established and is operating a branch or branches in conformity with the State law, may retain and operate the same while remaining or upon becoming a stockholder of such Federal reserve bank; but no such State bank may retain or acquire stock in a Federal re- serve bank except upon relinquishment of any branch or branches established after the date of the approval of this Act beyond the limits of the city, town, or village in which the parent bank is situated. In acting upon such application the Federal Reserve Board shall consider the financial condition of the apply- Ing bank, the general character of its management, and whether or not the corporate powers exercised are con- Sstent with the purposes of this act. Whenever the Federal Reserve Board shall permit the applying bank to become a stockholder in the Federal reserve bank of the district its stock subscription shall be payable on call of the Federal Reserve Board, and stock issued to it shall be held subject to the provisions of this act. All banks admitted to membership under authority of this section shall be required to comply with the reserve and capital requirements of this act and to conform to those provisions of law imposed on national banks which prohibit such banks from lending on or purchasing their own stock, which relate to the withdrawal or impairment of their capital stock, and which relates to the payment of unearned dividends. Such banks and the officers, agents, and employees thereof shall also be subject to the provisions of and to the penalties prescribed by section fifty-two hundred and nine of the Revised Statutes,” and shall be required to make reports of condition and of the payment of dividends to the Federal reserve bank of which they become a member. Not less than three of 1 For the text of sec. 5200, Revised Statutes, see Appendix, p. 87. 416392°—31———2

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