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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rther deny mber 7. ad tO safes y any ted WED oF 1930 CQ aks, ject 4 a8 wot nal ural any; edit ers, arn- eral any auch 1 or 3 or ive aeh res nk: tural APPENDIX (3) To make loans or advances direct to any cooper- ative association organized under the laws of any State and composed of persons engaged in producing, or pro- ducing and marketing, staple agricultural products, or live stock, if the notes or other such obligations repre- senting such loans are secured by warehouse receipts, ind /or shipping documents covering such products and/or mortgages on live stock: Provided, That no such loan or tdvance shall exceed 75 per centum of the market value of the products covered by said warehouse receipts and/or shipping documents, or of the live stock covered by said mortgages. (b) No paper shall be purchased from or discounted for any national bank, State bank, trust company, or savings ‘stitution under this section, if the amount of such paper added to the aggregate liabilities of such national bank, State bank, trust company or savings institution, whether direct or contingent (other than bona fide deposit lia- bilities), exceeds the amount of such liability permitted under the laws of the jurisdiction creating the same; or exceeds twice the paid in and unimpaired capital and surplus of such national bank, State bank, trust ‘ompany, or savings institution. No paper shall under this section be purchased from or discounted for any other ‘orporation engaged in making loans for agricultural Purposes or for the raising, breeding, fattening, or market- ing of live stock, if the amount of such paper added to the aggregate liabilities of such corporation exceeds the Amount of such liabilities permitted under the laws of the jurisdiction creating the same; or exceeds ten times the paid in and unimpaired capital and surplus of such corporation. It shall be unlawful for any national bank which is indebted to any Federal Intermediate Credit Bank upon paper discounted or purchased under this section, to incur any additional indebtedness, if by virtue of such additional indebtedness its aggregate liabilities, direct or contingent, will exceed the limitations herein *ontained.’ (¢) Loans, advances, or discounts made under this section shall have a maturity at the time they are made or discounted bv the Federal Intermediate Credit Bank "This provision in effect amends sec. 5202, Revised Statutes, and sec. 13, Federal Reserve Act. I

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