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Bre, 95

FEDERAL RESERVE ACT

33

Bmount of such obligation or obligations is made or is
sold to such association. The amount of any such loan
shall not exceed 50 per centum of the actual value of the
teal estate offered for security, but no such loan upon
Such security shall be made for a longer term than five
years. Any such bank may make such loans in an ag-Bregate
 sum including in such aggregate any such loans
on which it is liable as indorser or guarantor or other-Wise
 equal to 25 per centum of the amount of the capital
stock of such association actually paid in and unimpaired
and 25 per centum of its unimpaired surplus fund, or to
One-half of its savings deposits, at the election of the
8ssociation, subject to the general limitation contained
In section 5200 of the Revised Statutes of the United
States. Such banks may continue hereafter as heretofore
 to receive time and savings deposits and to pay
interest on the same, but the rate of interest which such
banks may pay upon such time deposits or upon savings
Or other deposits shall not exceed the maximum rate
authorized by law to be paid upon such deposits by State
banks or trust companies organized under the laws of
the State wherein such national banking association is
located -

FOREIGN BRANCHES

Sec, 25. Any national banking association possessing ,Asemendedby
& capital and surplus of $1,000,000 or more may file appli- Sos. Tas, 8
cation with the Federal Reserve Board for permission to {81 Sept i
exercise, upon such conditions and under such regulations 5 chap. 60).
88 may be prescribed by the said board. either or both of
the following powers:
First. To establish branches in foreign countries or
dependencies or insular possessions of the United States
for the furtherance of the foreign commerce of the United
States, and to act if required to do so as fiscal agents of
the United States.
Second. To invest an amount not exceeding in the
Aggregate ten per centum of its paid-in capital stock and
Surplus in the stock of one or more banks or corporations
chartered or incorporated under the laws of the United
States or of any State thereof, and principally engaged in
International or foreign banking, or banking in a dependency
 or insular possession of the United States either
directly or throuch the agency, ownership, or control of