FEDERAL RESERVE ACT Sec. 2 
and in that event the said organization committee may, 
under conditions and regulations to be prescribed by it, 
offer to public subscription at par such an amount of 
stock in ssid Federal reserve banks, or any one or more 
of them, as said committee shall determine; subject to 
the same conditions as to payment and stock liability 
as provided for member banks. 
No individual, copartnership, or corporation other 
than a member bank of its district shall be permitted to 
subscribe for or to hold at any time more than $25,000 
par value of stock in any Federal reserve bank. Such 
stock shall be known as public stock and may be trans- 
ferred on the books of the Federal reserve bank by the 
chairman of the board of directors of such bank. 
Should the total subscriptions by banks and the public 
bo the stock of said Federal reserve banks, or any one or 
more of them, be, in the judgment of the organization 
rommittee, insufficient to provide the amount of capital 
required therefor, then and in that event the said organi- 
zation committee shall allot to the United States such an 
amount of said stock as said committee shall determine. 
Said United States stock shall be paid for at par out of 
any money in the Treasury not otherwise appropriated, 
and shall be held by the Secretary of the Treasury and 
disposed of for the benefit of the United States in such 
manner, at such times, and at such price, not less than 
par, as the Secretary of the Treasury shall determine. 
Stock not held by member banks shall not be entitled 
to voting power. 
The Federal Reserve Board is hereby empowered to 
adopt and promulgate rules and regulations governing 
she transfers of said stock. 
No Federal reserve bank shall commence business with 
a subscribed capital less than $4,000,000. The organiza~ 
tion of reserve districts and Federal reserve cities shall 
not be construed as changing the present status of reserve 
cities and central reserve cities, except in so far as this 
Act changes the amount of reserves that may be carried 
with approved reserve agents located therein. The or- 
ganization committee shall have power to appoint such 
assistants and incur such expenses in carrying out the 
provisions of this Act as it shall deem necessary, and such 
expenses shall be payable by the Treasurer of the United 
States upon voucher approved by the Secretary of the 
Treasury, and the sum of $100,000, or so much thereof as