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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ch [tural pany m, to pany, which d (2) ment > and ment 1s of ns of wotes, ae of r like hable have IL exX- any ased gan- sub- the ons, ness, leur, ypes ne 1 in 3 as ‘ted edit { as ntil the or APPENDIX other obligations of the United States in an aggregate face amount at least 25 per centum of its paid-in capital stock. Each such corporation shall at all times keep On deposit with such Federal reserve bank an amount of Such bonds or other obligations of the United States at least equal in face value to 714 per centum of the aggre- 3ate indebtedness of such corporation, direct or contin- Zent, said amount to include the 25 per centum deposited 38 hereinbefore by this section provided. Except as hereinafter provided, such bonds or other obligations shall be held by such Federal reserve bank, subject to the direction and control of the Comptroller of the Cur- ‘ency, in trust for the equal and pro rata protection and benefit of all holders of notes, debentures, drafts, bills of *xchange, or acceptances upon which such corporation May be directly or contingently liable. Upon receipt of Proper evidence that the amount of such bonds or other obligations of the United States so deposited exceeds 714 per centum of such aggregate indebtedness, the Comp- troller of the Currency may release such excess, pro- "ided that the amount remaining on deposit shall in no vent be reduced below 25 per centum of the paid-in *apital stock of such corporation. Under such regulations 88 the Comptroller of the Currency may prescribe, a Fed- ral reserve bank may, upon request of the corporation which deposited the same, sell any such bonds or obli- Zations for account of such corporation, and permit such *Orporation to use the proceeds thereof for the protec- tion or preservation of any property pledged or mort- aged as security for obligations owned or indorsed by ‘he corporation. If by reason of such sale the face Amount of such bonds or other obligations of the United States remaining on deposit with such Federal reserve bank shall be less than 714 per centum of such aggregate indebtedness of the corporation, no further advances shall be made, or notes, drafts, or bills of exchange discounted, rediscounted, accepted, or purchased, by such corpora- tion until sufficient additional bonds or other obligations of the United States have been deposited to make good the deficiency. 41632°—31——7 05

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