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 ral ve YS d- it ed 1S he hy ve nk J he irs (Y= rd FT he Se he KS ne n- ve 1 re ve ne al tO 1 t= 1n 1k tO d- 10 18 AW 0, ‘h JC, 9 FEDERAL RESERVE ACT the Federal Reserve Board, upon the surrender and can- cellation of all of its holdings of capital stock in the Fed- ’ral reserve bank: Provided, That the Federal Reserve Board, in its discretion and subject to such conditions as it may prescribe, may waive such six months’ notice in indi- vidual cases and may permit any such State bank or trust company to withdraw from membership in a Federal re- serve bank prior to the expiration of six months from the late of the written notice of its intention to withdraw: Provided, however, That no Federal reserve bank shall, 3xcept under express authority of the Federal Reserve Board, cancel within the same calendar year more than iwenty-five per centum of its capital stock for the purpose of effecting voluntary withdrawals during that year. All such applications shall be dealt with in the order in which they are filed with the board. Whenever a member bank shall surrender its stock holdings in a Federal reserve bank, or shall be ordered to do so by the Federal Reserve Board, inder authority of law, all of its rights and privileges as a member bank shall thereupon cease and determine, and after due provision has been made for any indebtedness due or to become due to the Federal reserve bank it shall be entitled to a refund of its cash paid subscription with Interest at the rate of one-half of one per centum per month from date of last dividend, if earned, the amount refunded in no event to exceed the book value of the stock at that time, and shall likewise be entitled to repayment of deposits and of any other balance due from the Federal feserve bank. No applying bank shall be admitted to membership in 2 Federal reserve bank unless (a) it possesses a paid-up unimpaired capital sufficient to entitle it to become a national banking association in the place where it is situ- ated under the provisions of the National Bank Act, or (b) it possesses a paid-up, unimpaired capital of at least 850 per centum of the amount sufficient to entitle it to become a national banking association in the place where it is situated under the provisions of the National Bank Act and, under penalty of loss of membership complies with rules and regulations ‘which the Federal Reserve Board shall prescribe fixing the time within which and the method by which the unimpaired capital of such bank shall be increased ‘out-of net income to equal the capital which would have been required if such bank had 17

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