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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‘gc. 19 1 10 wee oro- 1 to orm ired the rly, one sent and the | as . oT cre- ates res y be ned the l= ap- ! wy | for | this rty ya- 1tes Lys’ ‘s, i2 Any ral ces sther First erty {and 3Ec. 19 FEDERAL RESERVE ACT (8) If not in a reserve or central reserve city, as now or hereafter defined, it shall hold and maintain with the Rederal reserve bank of its district an actual net balance squal to not less than seven per centum of the aggregate amount of its demand deposits and three per centum of 'ts time deposits. (b) If in a reserve city, as now or hereafter defined, it shall hold and maintain with the Federal reserve bank of its district an actual net balance equal to not less than ten per centum of the aggregate amount of its demand leposits and three per centum of its time deposits: Pro- vided, however, That if located in the outlying districts of 2 reserve city or in territory added to such a city by the sxtension of its corporate charter, it may, upon the affirmative vote of five members of the Federal Reserve Board, hold and maintain the reserve balances specified n paragraph (a) hereof. (¢) If in a central reserve city, as now or hereafter lefined, it shall hold and maintain with the Federal ‘eserve bank of its district an actual net balance equal to 20t less than thirteen per centum of the aggregate amount of its demand deposits and three per centum of its time deposits: Provided, however, That if located in the out- lying districts of a central reserve city or in territory added to such city by the extension of its corporate *harter, it may, upon the affirmative vote of five members 5f the Federal Reserve Board, hold and maintain the reserve balances specified in paragraphs (a) or (b) thereof. No member bank shall keep on deposit with any State bank or trust company which is not a member bank a sum in excess of ten per centum of its own paid-up capi- tal and surplus. No member bank shall act as the me- lium or agent of a nonmember bank in applying for or receiving discounts from a Federal reserve bank under the provisions of this Act, except by permission of the Federal Reserve Board. The required balance carried by a member bank with a Federal reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Federal Reserve Board, be checked against and with- drawn by such member bank for the purpose of meeting existing liabilities: Provided, however, That no bank shall at any time make new loans or shall pay any divi- 1163903 Led 47

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