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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spe. 4 hed TVe ni 086 ~ar- |es- lon ch ret nk nk m- me ich the m- the ne, ter re of ed ic; of. TQ le. [ar nk he all 1a To i TR TY IX o 1 = rc. 4 FEDERAL RESERVE ACT Sixth. To prescribe by its board of directors, by-laws 20t inconsistent with law, regulating the manner in which ts general business may be conducted, and the privileges granted to it by law may be exercised and enjoyed. Seventh. To exercise by its board of directors, or luly authorized officers or agents, all powers specifically sranted by the provisions of this Act and such incidental yowers as shall be necessary to carry on the business of sanking within the limitations prescribed by this Act. Eighth! Upon deposit with the Treasurer of the United States of any bonds of the United States in the manner provided by existing law relating to national »anks, to receive from the Comptroller of the Currency irculating notes in blank, registered and countersigned as provided by law, equal in amount to the par value of ‘he bonds so deposited, such notes to be issued under the same conditions and provisions of law as relate to the ssue of circulating notes of national banks secured by bonds of the United States bearing the circulating priv- lege, except that the issue of such notes shall not be Imited to the capital stock of such Federal reserve bank. But no Federal reserve bank shall transact any busi- ness except such as is incidental and necessarily prelimi- dary to its organization until it has been authorized by the Comptroller of the Currency to commence business inder the provisions of this Act. Every Federal reserve bank shall be conducted under she supervision and control of a board of directors. The board of directors shall perform the duties usually Appertaining to the office of directors of banking associa~ flons and all such duties as are prescribed by law. Said board shall administer the affairs of said bank fairly and impartially and without discrimination in favor of or against any member bank or banks and shall, subject to the provisions of law and the orders of the Federal Reserve Board, extend to each member bank such discounts, advancements and accommodations as may be safely and reasonably made with due regard for ‘he claims and demands of other member banks. Such board of directors shall be selected as hereinafter specified and shall consist of nine members, holding office for three years, and divided into three classes, designated as classes A, B. and C. 1 See also sec. 18, p. 44.

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