AccerTANCE BY MEMBER BANKS OF DRAFTS AND BILLS OF EXCHANGE 
SOCEPIAN BALLS AL Vas OF XCHANGE 
exchange drawn for the purposes described above, up to an amount 
not exceeding at any time one hundred per cent. of its paid-up and 
unimpaired capital stock and surplus, may file an application for that 
purpose with the Federal Reserve Board. Such application must be 
forwarded through the Federal Reserve Bank of the district in which 
the applying bank is located. 
The approval of any such application may be rescinded upon 90 
days’ notice to the bank affected. 
The Reserve Bank requires certain evidences of eligibility, and 
although the member banks may accept paper having six months to 
rum, it is not eligible for rediscount at the Federal Reserve Bank until 
such time as it has a maturity of not more than 90 days, or in case of 
an agricultural acceptance six months, exclusive of days of grace. 
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