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Sec. 11 
FEDERAL RESERVE ACT 
National banks in such cases shall not be required to 
2xecute the bond usually required of individuals if State 
corporations under similar circumstances are exempt from 
this requirement. 
National banks shall have power to execute such bond 
when so required by the laws of the State. 
In any case in which the laws of a State require that a 
corporation acting as trustee, executor, administrator, or 
0 any capacity specified in this section, shall take an 
dath or make an affidavit, the president, vice president, 
cashier, or trust officer of such national bank may take 
the necessary oath or execute the necessary affidavit. 
_ It shall be unlawful for any national banking associa- 
fon to lend any officer, director, or employee any funds 
held in trust under the powers conferred by this section. 
Any officer, director, or employee making such loan, or to 
whom such loan is made, may be fined not more than 
$5,000, or imprisoned not more than five years, or may 
be both fined and imprisoned, in the discretion of the 
~ourt,. 
In passing upon applications for permission to exercise 
the powers enumerated in this subsection, the Federal 
Reserve Board may take into consideration the amount 
of capital and surplus of the applying bank, whether or 
not such capital and surplus is sufficient under the cir- 
*umstances of the case, the needs of the community to be 
served, and any other facts and circumstances that seem 
to it proper, and may grant or refuse the application 
accordingly: Provided, That no permit shall be issued to 
Any national banking association having a capital and 
surplus less than the capital and surplus required by 
State law of State banks, trust companies, and corpora- 
tions exercising such powers. 
Any national banking association desiring to surrender 
its right to exercise the powers granted under this sub- 
section, in order to relieve itself from the necessity of com- 
plying with the requirements of this subsection, or to 
have returned to it any securities which it may have 
deposited with the State authorities for the protection of 
private or court trusts, or for any other purpose, may file 
with the Federal Reserve Board a certified copy of a reso- 
lution of its board of directors signifying such desire. 
Upon receipt of such a resolution, the Federal Reserve 
Board, after satisfying itself that such bank has been 
25