FEDERAL RESERVE ACT Sec. 2

and in that event the said organization committee may,
under conditions and regulations to be prescribed by it,
offer to public subscription at par such an amount of
stock in ssid Federal reserve banks, or any one or more
of them, as said committee shall determine; subject to
the same conditions as to payment and stock liability
as provided for member banks.
No individual, copartnership, or corporation other
than a member bank of its district shall be permitted to
subscribe for or to hold at any time more than $25,000
par value of stock in any Federal reserve bank. Such
stock shall be known as public stock and may be transferred
 on the books of the Federal reserve bank by the
chairman of the board of directors of such bank.
Should the total subscriptions by banks and the public
bo the stock of said Federal reserve banks, or any one or
more of them, be, in the judgment of the organization
rommittee, insufficient to provide the amount of capital
required therefor, then and in that event the said organization
 committee shall allot to the United States such an
amount of said stock as said committee shall determine.
Said United States stock shall be paid for at par out of
any money in the Treasury not otherwise appropriated,
and shall be held by the Secretary of the Treasury and
disposed of for the benefit of the United States in such
manner, at such times, and at such price, not less than
par, as the Secretary of the Treasury shall determine.
Stock not held by member banks shall not be entitled
to voting power.
The Federal Reserve Board is hereby empowered to
adopt and promulgate rules and regulations governing
she transfers of said stock.
No Federal reserve bank shall commence business with
a subscribed capital less than $4,000,000. The organiza~
tion of reserve districts and Federal reserve cities shall
not be construed as changing the present status of reserve
cities and central reserve cities, except in so far as this
Act changes the amount of reserves that may be carried
with approved reserve agents located therein. The organization
 committee shall have power to appoint such
assistants and incur such expenses in carrying out the
provisions of this Act as it shall deem necessary, and such
expenses shall be payable by the Treasurer of the United
States upon voucher approved by the Secretary of the
Treasury, and the sum of $100,000, or so much thereof as