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3Ec. 19

FEDERAL RESERVE ACT

(8) If not in a reserve or central reserve city, as now
or hereafter defined, it shall hold and maintain with the
Rederal reserve bank of its district an actual net balance
squal to not less than seven per centum of the aggregate
amount of its demand deposits and three per centum of
'ts time deposits.
(b) If in a reserve city, as now or hereafter defined, it
shall hold and maintain with the Federal reserve bank of
its district an actual net balance equal to not less than ten
per centum of the aggregate amount of its demand
leposits and three per centum of its time deposits: Provided,
 however, That if located in the outlying districts of
2 reserve city or in territory added to such a city by the
sxtension of its corporate charter, it may, upon the
affirmative vote of five members of the Federal Reserve
Board, hold and maintain the reserve balances specified
n paragraph (a) hereof.
(¢) If in a central reserve city, as now or hereafter
lefined, it shall hold and maintain with the Federal
‘eserve bank of its district an actual net balance equal to
20t less than thirteen per centum of the aggregate amount
of its demand deposits and three per centum of its time
deposits: Provided, however, That if located in the outlying
 districts of a central reserve city or in territory
added to such city by the extension of its corporate
*harter, it may, upon the affirmative vote of five members
5f the Federal Reserve Board, hold and maintain the
reserve balances specified in paragraphs (a) or (b)
thereof.
No member bank shall keep on deposit with any State
bank or trust company which is not a member bank a
sum in excess of ten per centum of its own paid-up capital
 and surplus. No member bank shall act as the melium
 or agent of a nonmember bank in applying for or
receiving discounts from a Federal reserve bank under
the provisions of this Act, except by permission of the
Federal Reserve Board.
The required balance carried by a member bank with
a Federal reserve bank may, under the regulations and
subject to such penalties as may be prescribed by the
Federal Reserve Board, be checked against and withdrawn
 by such member bank for the purpose of meeting
existing liabilities: Provided, however, That no bank
shall at any time make new loans or shall pay any divi-1163903
 Led

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