National BANKING UNDER THE FEDERAL RESERVE SysTEM 
change, or bankers’ acceptances as are eligible for rediscount or for purchase by Federal 
reserve banks under the provisions of this Act, or by the deposit or pledge of bonds or 
notes of the United States.! 
Section fifty-two hundred and two of the Revised Statutes of the United States is 
hereby amended so as to read as follows:2 “No national banking association shall at 
any time be indebted, or in any way liable, to an amount exceeding the amount of its 
capital stock at such time actually paid in and remaining undiminished by losses or 
otherwise, except on account of demands of the nature following: 
First. Notes of circulation. 
Second. Moneys deposited with or collected by the association. 
Third. Bills of exchange or drafts drawn against money actually on deposit to the 
credit of the association, or due thereto. 
Fourth. Liabilities to the stockholders of the association for dividends and reserve 
profits. 
Fifth. Liabilities incurred under the provisions of the Federal Reserve Act. 
Sixth. Liabilities incurred under the provisions of the War Finance Corporation 
Act.3 
Seventh. Liabilities created by the indorsement of accepted bills of exchange pay- 
able abroad actually owned by the indorsing bank and discounted at home or abroad.’ 
The discount and rediscount and the purchase and sale by any Federal reserve bank 
of any bills receivable and of domestic and foreign bills of exchange, and of acceptances 
authorized by this Act, shall be subject to such restrictions, limitations, and regula- 
tions as may be imposed by the Federal Reserve Board. 
That in addition to the powers now vested by law in national banking associations 
organized under the laws of the United States any such association located and doing 
business in any place the population of which does not exceed five thousand inhabitants, 
as shown by the last preceding decennial census, may, under such rules and regulations 
as may be prescribed by the Comptroller of the Currency, act as the agent for any fire, 
life, or other insurance company authorized by the authorities of the State in which said 
bank is located to do business in said State, by soliciting and selling insurance and col- 
lecting premiums on policies issued by such company; and may receive for services so 
rendered such fees or commissions as may be agreed upon between the said association 
and the insurance company for which it may act as agent; and may also act as the 
broker or agent for others in making or procuring loans on real estate located within one 
A 10x iy DoRds of War Finance Corporation. See sec. 13, War Finance Corporation Act, approved 
pr. 5, s 
Section 504 of the Agricultural Credits Act of 1923 provides “That section 502 of the Revised 
Statutes, as amended, is amended by adding at the end thereof a new paragraph to read as follows: 
‘Eighth. Liabilities incurred under the provisions of section 202 of the Federal Farm Loan Act, 
approved July 17, 1916, as amended.” This section was obviously intended to amend section 5202 
of the Revised Statutes. 
"These two paragraphs were added to sec. 5202, Revised Statutes, by the War Finance Corpora~ 
tion Act, approved Apr. 5, 1918, and by the act of Oct. 22. 1919, respectively. 
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