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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26, 27 d by aper- that nded, epeal Act titled nain- »d by other yr the sthen nited uv last Lata ir sell «ds of ratire tieth, rency >ircu- ssion, 1 Act four- sateen and ffty- i and tates, eteen such {and 18 are ction ereby 1 Act lows: notes tates, ite of 1ount SEC. 28 FEDERAL RESERVE ACT of such of their notes in circulation as are based upon the deposit of such securities, and afterwards an addi- ional tax rate of one-half of one per centum per annum for each month until a tax of six per centum per annum 's reached, and thereafter such tax of six per centum per Annum upon the average amount of such notes: Provided further, That whenever in his judgment he may deem it desirable, the Secretary of the Treasury shall have power 0 suspend the limitations imposed by section one and section three of the Act referred to in this section, which Prescribe that such additional circulation secured other- Vise than by bonds of the United States shall be issued only to National banks having circulating notes outstand- ng secured by the deposit of bonds of the United States 0 an amount not less than forty per centum of the capi- a] stock of such banks, and to suspend also the condi- lons and limitations of section five of said Act except that no bank shall be permitted to issue circulating notes Mn excess of one hundred and twenty-five per centum of its impaired capital and surplus. He shall require each dank and currency association to maintain on deposit in ‘he Treasury of the United States a sum in gold sufficient 0 his judgment for the redemption of such notes, but in no event less than five per centum. He may permit National banks, during the period for which such pro- 7isions are suspended, to issue additional circulation under the terms and conditions of the Act referred to as herein amended: Provided further, That the Secretary of ‘he Treasury, in his discretion, is further authorized to extend the benefits of this Act to all qualified State banks and trust companies, which have joined the Federal re- serve system, or which may contract to join within fif- een days after the passage of this Act. Sec. 28. Section fifty-one hundred and forty-three of the Revised Statutes is hereby amended and reenacted to read as follows: Any association formed under this iitle may, by the vote of shareholders owning two-thirds of its capital stock, reduce its capital to any sum not below the amount required by this title to authorize the ‘ormation of associations; but no such reduction shall be allowable which will reduce the capital of the association below the amount required for its outstanding circulation, aor shall any reduction be made until the amount of the proposed reduction has been reported to the Comptroller 37 Jeg AD

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