Loans
5. Fees to Bank Officers or Employees—No officer, director, employee,
or attorney of a national bank may receive or consent to receive any
fee, commission, gift or thing of value from any person or firm for
procuring or endeavoring to procure a loan from the bank.
6. Balance at Federal Reserve Bank—The balance which an individ-
ual bank is required to carry with the Federal Reserve Bank of its
district may be checked against and withdrawn by the member bank
for the purpose of meeting an existing liability, but no bank shall at
any time make new loans (or pay any dividends) until the total
balance required by law is fully restored. (See “Reserve Require-
ments,” page 76.)
7. United States Notes as Collateral—No national bank may offer
or receive United States notes, or national bank notes, as security
for any loan.
B.—GRANTED TO A NATIONAL BANK .
I. By Federal Reserve Bank—A Federal Reserve Bank may make
loans to its members, on their promissory notes, for a period not
exceeding 15 days, provided the promissory notes so given are secured
by paper eligible for rediscount or purchase by the Federal Reserve
Bank, or by bonds or notes of the United States, or bonds of the
War Finance Corporation. (See page 68 .)
2 Limitation of Indebtedness—No national bank can at any time
awfully be indebted to an amount exceeding its capital stock actually
Paid in and remaining undiminished by losses or otherwise, except
On account of demands of the nature following:
(a) Notes of circulation.
(b) Money deposited with or collected by the association.
(c) Bills of exchange or drafts drawn against money actually on deposit to the
credit of the association, or due thereto.
(d) Liabilities to the stockholders of the association for dividends and reserve
profits.
(¢) Liabilities incurred under the provisions of the Federal Reserve Act.
(f) Liabilities incurred under the provisions of the War Finance Corporation
Act.
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