Baugenossenschaften und der Berliner Spar- und Bauverein

The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

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Monograph

Identifikator:: 880288361

URN:: urn:nbn:de:zbw-retromon-2459

Document type:: Monograph

Author:: Kromrey, Max

Title:: Baugenossenschaften und der Berliner Spar- und Bauverein

Place of publication:: Berlin

Publisher:: Verlag von R. L. Prager

Year of publication:: 1904

Scope:: 1 Online-Ressource (95 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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kh FEDERAL RESERVE ACT sec. 9 been admitted to membership under the provisions of clause (a) of this paragraph: Provided, That every such rule or regulation shall require the applying bank to set aside annually not less than 20 per centum of its net in- come of the preceding year as a fund exclusively appli- sable to such capital increase. Banks becoming members of the Federal Reserve Sys- tem under authority of this section shall be subject to the provisions of this section and to those of this act which relate specifically to member banks, but shall not be subject to examination under the provisions of the first two paragraphs of section fifty-two hundred and forty of the Revised Statutes as amended by section twenty-one of this act.> Subject to the provisions of this act and to the regulations of the board made pursuant thereto, any bank becoming a member of the Federal Reserve System shall retain its full charter and statutory rights as a State bank or trust company, and may con- tinue to exercise all corporate powers granted it by the State in which it was created, and shall be entitled to all privileges of member banks: Provided, however, That no Federal reserve bank shall be permitted to discount for any State bank or trust company notes, drafts, or bills of exchange of any one borrower who is liable for borrowed money to such State bank or trust company in an amount sreater than that which could be borrowed lawfully from such State bank or trust company were it a national banking association. The Federal reserve bank, as a condition of the discount of notes, drafts, and bills of exchange for such State bank or trust company, shall require a certificate or guaranty to the effect that the borrower is not liable to such bank in excess of the amount provided by this section, and will not be per- mitted to become liable in excess of this amount while such notes, drafts, or bills of exchange are under discount with the Federal reserve bank, It shall be unlawful for any officer, clerk, or agent of any bank admitted to membership under authority of this section to certify any check drawn upon such bank unless the person or company drawing the check has on deposit therewith at the time such check is certified an amount of money equal to the amount specified in such check. Any check so certified by duly authorized officers ¥ Amending sec. 21 of this act.

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