t 281 _ TIZLE 12.-——BA2VB gvmngd by duly authorized `omécrs shall bé a godd and valid Mggmtion against; such bank, but the act of any such omggr, (.,9,.;% for agent in violation of this setztiop may subject suelt r hwg; mn foITf€itUl`9` Gf its membership jtxthe Federal- rgserve Q·>z§·x¤n‘ upon hearing by the Federal Resersye Board. (Dec. _‘ , 1913, e, 6, § 9, 38 Stat. 259; Jum->’21; 1917, c. 32, § 3, 40 ` .S[fit. 232* I * t Q.:-·`;~ ,- I “J, g 1*uWl£RS AND DUTIES QE FEDERAL RESERVE`- BANKS
311. General_·ci1uézé;ati9¤{ of boyvérsy-Uponé the tiling of the
VW msuzlizaitioxx lgértiiicate with the Gcisuptrollér of the Currency me urganizzitloh ofiu Fedexjal reserve bank shall bécome a body i-·»mm·ate’af11d ·as_su€rh, and in the name -desigi1i1ted’ in such. Lmwmizlztioxn certificate, shall havg power-F-‘ .. 1·‘f¤·ét. To adopt-‘and.us¢ é corporate seal. T k 4 >¤.,w¤d._To; have successicnwfcr a period of twenty years " z`:-una itSv0i'glil'li3&u0I1 tmless it is sponér dissolved by an··Kct nr mugpcss, or uplesg its franchise-becomes-·forfeited by sbmg ·§·M::ti•+n of law; _ ` · I I · W ‘ Tlrird; T0 muke_cc»ntrz1gts. , - _ · t
mirth; To sue and be sued, complain- and defend, in kmy l
Cuufl; at lsmfor equity; ‘ l ‘ ’ ‘ · Fifth. T0 appoint -by its bdard. ofdirectors, such 0mC€1‘S`
- md’ vmplcyees as ére hirct otherwise -px·0vid<;·d—’.for, in ‘this_
(»;mpterg to demic their duties, lreqinlré. béndé bf. themmrd ik
till: penalty thereof, and to dismiss at pleasure sxtpll ctheérs or cmpltvyécs. { _ - _ _ -· `_ _ _* _ _ Sixth. `T0 prescribe jby tlts bgard ozhdirebtogg —by·laws not' iztmjsistent with tmw, regulating the mqxmer in jwhigh- its
- em·
- *al businws may bs? cuuductgdgqud tha privileges gmutqd
’-w it bylaw maybe cxergéiscd audknjcycd. _‘ · `. i seyexnth. To cxei*clsb' by its bcardq" of directors, or a duly mnrhcrized officers 0;; agents, all pcxveréwpgeciiicsllly gmntedj by 41m provislénsl of thig chapter aug! sqcl1i~-Jincidental powers hs shall bé necessary tc curry 0:; the business of banking within ' the limitations HféaiéfibéElYl"BY*th`iélféh§@>tér.` " ““ll`t“"‘“’“““‘l” ‘ · Eighth. Upon dégoslt with; the Treasurer -0t th; United smtoé of any bonds of the United Statesjxx the manner prof » vidpd by existing 1aw_ relating tqnhtloual banks, to receive fritnu the Comptroller of the Cui·1.·e11cy’clrculatiug n0té§ t-lh` ‘ 1.1lmk,‘_¤.·g1m:·¤¤. Bud €0l1l'lt€1‘8igllé(f usjimvlded bylaw, équal in amount to the pm- value ·0£ the bonds so depositéd, `-suchu{·tg:s_ to be, issued under ‘ the same conditions and provisions of law §3A1‘€{8t£·I6 the issue bl ciféulating nom ct national bzimks/secure;} by bonds ut the Uniwd States beayiné the circuming privilege., except that the issiné nf such mite; shalltnot bct limited tqthe Eiiiiltsl stock og such Federal resarve bank, ‘ But xm Federal reserve bank shall frzmsact any buginesk · <*>i<·<{pt such as is ineigleutal and uéceasurlly preliminary to its wiémnimtlou, until it hwbme authoéizcd by the Comptroller
<=f the Currency to cotinménce business ¤11d@1i·th&° proviaioné of
"tl1is°(:h21pt@r.; (Bac. 23, 1913, ¢..6, § 4,`3‘8`.St¤.t§_254.) , · ° t 342. Depmts; cxchanfe and cnllectipn; dumber ind non! _ member, banks; ch•x*g¢s.——·4¤y _Federal reserve bank may xje-‘ wwe {mm any` of its member baimlgs, hud from the` United t Riixtes, diepcuits ot current funds- in lawful m0uay,_ tmtioualy ligmzk nmw, Federal; geserve notes, 01.* checks;. 8Ild.d1‘3f‘C8. phy:. 'nhlc upon. px-ewnmtloxi, gud alspf _!01·,·cclle<;t1du, métuiing nmms and bills; ur, sglely for purpcées ofexch4ng¤* 0: ,0t cob lm-limn, may récejvé tgcm ether Federal rmrve }.m.¤ks,dep0slt¤‘ vfx éurrgmt {unda; in *1awf\1l money, -unti<m&1—·bal1k ROWS, 011
<*}l¢8CkS·\1@B other Federal xesqrira bankvi and chqéks md
limits. Myabié umn presentation within its ·dktrlcl:, and ma-·~ .l\1x‘il1g notes a¤drbil1s.P¤F¤blajivithi¤ lté district ;’ br, mich for the purpcaes"¢1!_ exchange for ot collagtlcg, may reéelve Imam _¤!13’ mmmcmbcr bank dx trux cqmpzmy. deposits ct ’cm·mpt .f¤i1ds‘in lawtul monch ¤¤ti<>ual»banli"¤otes,- Federal resgtve Mics.; checks, uud’cl»ru_fts payable upon preaeutationgor m.atux·—.
cs. arm nazvzczno § A345 ing notes and bills: Provided, Such nomnember bank orltrust company malntalnswith the Federal reserve bank of its dis- _tri_ct_ a balance sumclent td otset the items in transit held for lts account by the Federal reserve bank: Provided further, That. nothing- in this or any other section oithis chapter shall baconstrlled as prohibiting a' member or nonmembexy bank from mak} ing reasonable charges, to be determined and regulated by the . Federal Reserve Board, but in no case to exceed 10 cents per·
- $100 or’ fraction thereof, based on the total of checksatnd drafts
presented at_at1y_ one time, for collection or payment. ot checks and drafts and remission therefor by exchange or otherwise; but no such charges shall be made against the Féderhl reserve banks.~ (Dec. 23, 1913,1:. _6,.§‘13, 38 Stat. 263; Jane 21, 1917, c. .32,§4,'d0Stat;234.) _ » .. “ ·] l. _; t 343. Discount of obligations arising out ‘ of- utaal commer· ‘ cial tlT8llS8Qti0HS.··r·<U[)0Il the ludorsement of any of its member »banks, which shall he deemed a téalver of demand, noticeand protest lu such bank as ,to its own indorsement exclusively, any.Federa1 reserve bank may discount- notes, drafts, and bills of exchange arising out of actual commercial transactions; that is, notes, drafts, and bills of exchange issued or drawn foragri, ~cultural, _ industrial, 'or commercial purposes, or the proceeds of which have'. been used, or are to be used, for such purposes, the Federal Reserve V-Board to have the right to determine or cease the character ot the paper thas eligible for discount, within the meaning of this chapter. ~Nothing' in this chapter contained shall be construedto prohiblt such`riotes,'drafts, and Vbills of exchange, secured by staplenagricultural ” products, or other rgoods, aiares, :me1"ch andise from heing eligible for such y discount, and thenotes, jdrafts,. and bills. of exchange of factors M ] issued. as. such- making aoyéaaces exclusively to producers of ` dstaple agricultural products in their raw state shall-be eligible . . for such discount; but such dehnition shall not include [notes, ”dratts, or bills covering merely investments orissued or drawn. l for the purpom of carrying or trading in stocks, bonds, or other investment securities, except bonds andlnotes of the Govern- _ ment of the United States. Nota, drafts, and.·bllls admitted to ` dlscount_under_the terms of this paragraph must haven. maturity at the·tlme_ of discounbot not more than ninety days;.ex- . elusive of grace: (Dec. 23, 1913, .c, 6, 5 18, 38 Stat.263; Sept. 7, 1916, c. 461, 39.Stat. 752; Mar, 4, 1923, 252, Title IV,_-§ ; 402,242 Stat. 1479.) · a __ .. .. ‘ 344{ Discount ar purchase of hills to Enance agricultural. shipments.·—·—-Upon the lndorsement ot any ot its inemher banks, ` which shalljbe deemed a waiver of demand, `notlce, and protest `by sxich. bank as to its own lndoirsement exclusively, and `subject .to regulations and limitations to — be prescribed by the Federal] Rmerre Board, any Federal reserve Ima}: may die· . counter purchase hllls of exchange payable at sig}; or on demand which are drawn to distance the domestic .. shipment of nonperlshahle, readily marketable · staple agriculttiral.`product·s * and are securé’d.by bills of lading or "other shipping documents conveying or seciirlng title to such staples: Provided, Thatnll such bills of exchange shall he forwarded promptly for eollec-_ tion, and demand for payment shall be made with reasonable promptness after the arrival oi such staples as their destination: .Pr_o~zfidcd further, That no such bill shall in a event be held by or for the account ot a Eederal reserve nkl for a period ur excess ¤r~>m¤e¢5» days. _In discounting. suc billslifcd- . -— eral reseryej banks may compute the_"ln_terest to be deducted on thellmsls ot the estimated life ot each hill and adjust the discount after payment. of such hills to conform to the actual llfe;thereo1’. (Mar. 4, `1923,_ cr 252, ‘1‘ltleQIV, § =402, 42- Stat. 147.8.) · ‘ ~ .. '. ° “ . · . 345. Limitation oniamount of obligation given for agric1il—· turd WYPNN which may be redi_ecou1tted.-—'I’he aggregate of such notes, drafts, and bills-bearing the signature *01•.lmlorsement of any one borrower, whether 'a person, company, firm, Br
