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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ave vate o of any this ng a {and {eral h do That ank- ther kk or ited ne is ‘ther, a di- 1 the r, or And iibit em- ons, em- om- ank, nore rrust the is in erve d to tible rmit .pOT- 1 1s r be een anlk r or her APPENDIX corporation subject to the provisions of this Act is 2ligible at the time of his election or selection to act for such bank or other corporation in such capacity his ligibility to act in such capacity shall not be affected ind he shall not become or be deemed amenable to any )f the provisions hereof by reason of any change in the affairs of such bank or other corporation from whatso- ver cause, whether specifically excepted by any of the Provisions hereof or not, until the expiration of one year from the date of his election or emplovment. DEPOSIT OF POSTAL SAVINGS FUNDS IN MEMBER OR NONMEMBER BANKS Section 2 of the Postal Savings Act, approved June 25, 1910, as amended bv the act approved May 18, 1916 Sec. 2. That postal savings funds received under the Provisions of this Act shall be deposited in solvent banks, whether organized under National or State laws, and Whether member banks or not of the Federal Reserve System established by the Act approved December iwenty-third, nineteen hundred and thirteen, being sub- lect to National or State supervision and examination * * * The funds received at the postal savings depository offices in each city, town, village, and other locality shall be deposited in banks located therein substantially in proportion to the capital and surplus of ach such bank) willing to receive such deposits under the terms of this Act and the regulations made by authority thereof: Provided, however, If one or more member banks of the Federal Reserve System established by the Act approved December twenty-third, nineteen hundred and thirteen, exists in the city, town, village, or locality where the postal savings deposits are made, such leposits shall be placed in such qualified member banks substantially in proportion to the capital and surplus of each such bank, but if such member banks fail to qualify t0 receive such deposits, then any other bank located therein may, as hereinbefore provided, qualify and receive the same. If no such member bank and no other qualified bank exists in any city, town, village, or locality, or if none where such deposits are made will receive such deposits on the terms prescribed, then such funds shall be deposited under the terms of this Act in the bank most convenient, to such locality, * * * 71

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