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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J APPENDIX (1) and (2) of subdivision (a) of such section, sucl corporations shall have powers,— (1) Upon the indorsement of any National Agricultura Credit Corporation, or of any bank or trust compan) which is a member of the Federal Reserve System, t¢ rediscount for such corporation, bank, or trust company notes, drafts, bills of exchange, and acceptances, which conform to the requirements of paragraphs (1) and (2 of subdivision (a) of section 203. Such indorsement shall be deemed to be a waiver of demand notice and protest by such corporation as to its own indorsemen’ exclusively, (2) To discount or purchase notes, drafts, or bills of exchange issued or drawn by cooperative associations of producers of agricultural products, provided such notes, drafts, or bills of exchange are secured at the time of discount or purchase by warehouse receipts or other like documents conveying or securing title to nonperishable and readily marketable agricultural products, and have a maturity at the time of discount or purchase not ex- ceeding nine months. (3) To sell or necotiate with or without recourse any note, draft, or bill of exchange discounted or purchased hereunder. (b} National Agricultural Credit Corporations organ- ized under the provisions of this section, shall not be sub- ject to the limitations contained in section 204, but the Comptroller of the Currency may, by general regulations. from time to time prescribe the amount of indebtedness. direct or contingent, which such corporations may incur, and the aggregate amount of paper of different types which such corporations may rediscount for any one corporation. (¢) Corporations with powers limited, as provided in this section, shall not be subject to the requirements as to deposit of bonds or other obligations of the United States, as provided in section 208 of this title, PERMIT TO BEGIN BUSINESS Sec. 208. (a) That no National Agricultural Credit Corporation, except corporations with powers limited as provided in section 207, shall commence business until it has deposited with the Federal reserve bank of the district wherein it has its place of business, bonds or

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