26 
FEDERAL RESERVE ACT sec. 11 
relieved in accordance with State law of all duties as 
trustee, executor, administrator, registrar of stocks and 
bonds, guardian of estates, assignee, receiver, committee 
of estates of lunatics or other fiduciary, under court, 
private, or other appointments previously accepted under 
authority of this subsection, may, in its discretion, issue 
to such bank a certificate certifying that such bank is no 
longer authorized to exercise the powers granted by this 
subsection, Upon the issuance of such a certificate by 
the Federal Reserve Board, such bank (1) shall no longer 
be subject to the provisions of this subsection or the regu- 
lations of the Federal Reserve Board made pursuant 
thereto, (2) shall be entitled to have returned to it any 
securities which it may have deposited with the State 
authorities for the protection of private or court trusts, 
and (3) shall not exercise thereafter any of the powers 
sranted by this subsection without first applying for and 
>btaining a new permit to exercise such powers pursuant 
to the provisions of this subsection. The Federal Reserve 
Board is authorized and empowered to promulgate such 
regulations as it may deem necessary to enforce com- 
pliance with the provisions of this subsection and the 
proper exercise of the powers granted therein. 
(I) To employ such attorneys, experts, assistants, 
clerks, or other employees as may be deemed necessary 
to conduct the business of the board. All salaries and 
fees shall be fixed in advance by said board and shall be 
paid in the same manner as the salaries of the members 
of said board. All such attorneys, experts, assistants, 
clerks, and other employees shall be appointed without 
regard to the provisions of the Act of January sixteenth, 
eighteen hundred and eighty-three (volume twenty-two, 
United States Statutes at Large, page four hundred and 
three), and amendments thereto, or any rule or regula- 
tion made in pursuance thereof: Provided, That nothing 
herein shall prevent the President from placing said 
employees in the classified service. 
(m) Upon the affirmative vote of not less than five of 
its members, the Federal Reserve Board shall have 
power to permit Federal reserve banks to discount for 
any member bank notes, drafts, or bills of exchange 
bearing the signature or endorsement of any one borrower 
in excess of the amount permitted by section 9 and sec- 
tion 13 of this Act, but in no case to exceed 20 per centum