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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APPENDIX CU" oved . for 1der use r fo ons, uch en- the 300, ons ress ates tes, wer the the on res hall I be by ved nk- rad OT in he | ON nal [QO ation, or corporation shall at no time exceed 10 per entum of the amount of the capital stock of such associa- bon actually paid in and unimpaired and 10 per centum of its unimpaired surplus fund. The term “obligations” shall mean the direct lability of the maker or acceptor of Paper discounted with or sold to such association and the lability of the indorser, drawer, or guarantor who obtains 2 loan from or discounts paper with or sells paper under his guaranty to such association and shall include in the tase of obligations of a copartnership or association the bligations of the several members thereof. Such itation of 10 per centum shall be subject to the fol- OWing exceptions: (1) Obligations in the form of drafts or bills of exchange Irawn in good faith against actually existing values shall 10t be subject under this section to any limitation based pon such capital and surplus. (2) Obligations arising out of the discount of commer- “lal or business paper actually owned by the person, “Opartnership, association, or corporation negotiating the same shall not be subject under this section to any Imitation based upon such capital and surplus. ®) Obligations drawn in good faith against actually *Xisting values and secured by goods or commodities in Process of shipment shall not be subject under this section 'o any limitation based upon such capital and surplus. (4) Obligations as indorser or guarantor of notes, other than commercial or business paper excepted under (2) hereof, having a maturity of not more than six months, and owned by the person, corporation, association, or *opartnership indorsing and negotiating the same, shall % subject under this section to a limitation of 15 per tentum of such capital and surplus in addition to such 10 per centum of such capital and surplus. (5) Obligations in the form of banker’s acceptances of dther banks of the kind described in section 13 of the Federal Reserve Act shall not be subject under this section to any limitation based upon such capital and surplus. _ (6) Obligations of any person, copartnership, associa- lion or corporation, in the form of notes or drafts secured by shipping documents, warehouse receipts or other such documents transferring or securing title covering readily marketable nonperishable staples when such property is

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