, § 346 TITLE 12.~··—BANK S A I <·erpo·ration, redis=eountegl fo any one bank shall at no time Qtio exceed 10 per ventura of theruuixmjmired capital and surplus de of said bank; but this restrictiogfshall not apply to the discount d me of bills of·eX¢}l1ange drawn in good faith against actually exist? ra lug values. (I}ec.‘·23, 1913, ct 6,. §· 13,"3SVSt:1t.·263; _Ma1·, ;3,·# li: 51915, e. 93, 38 Stat. 958; Sept. 7, 1916, ci 461, 39 Stat. 7521) is: 346. Discount of aoeept•n¢es.———A1iy` Federal reserre bard; J9 may tliecqpmt eoeeptaueee of the kiuds hereinafter fdescribed, _, which have a maturity at the time of diecou}1t,of not more than iss ninety d&ys’,sight, exclusive of days of grace,_ and which are Zbil imlorsed by at least ope member bank: Provided, That··such_ ma aeeeptanees if drawn for an agricultural purpose and secured pr v at the time of acceptance by warehouse fepelpts or other euelr ag diycuments coxiveying or securing title‘eov?eriug 1‘ea<lily` market- $e< able stapleél may be dis=eounte<l with Fa xizaturity at the time of tby discount ot’_not more than six mouths’ sight exclusive of days of .pu grace. (Dec. 23, 1913, cytl, 513; 38·Stat.263; Mar. 3, 1915, c. ·m:
- 93, 38 Stat. 958; Sept. 7,»»»1916, e. 461, 39 Stat. 752; Mah 4, cu
1923, c. 252{Title IV, ,§ 403, 42 Stat. 1479.) . ·_}., ,__j or _ 347.- Advaaees toiuember banks on their notes.--Ap; Fed! tic erahrwerve bank may make advances to its member banks so on their pnjemlssory notes for 'a _ period not exceeding ilfteen; pr dajslat rates to be established;~by.5uch_`Federal°fr¥;ve banks, »; ue subject tof the sevseweaaa determiuatiopl of thef Fed l Reserve Board, provided sueh proruissxlryilotes are secured by sueh ta: notes, drafts, bills of exchange; or baukers’ [acceptauees as are ° eli eligible for redisco1mf or. for purchase by Federal reserve banks n gil antler the provisions of this‘chapter,*or byjthe deposit orjpledge- ell ot, bonds or notes of the Uxfited States} (Dee. 23, 191§,, ,.c,_ 6, . 42 5 13, 38 Stat.- 2%;, Mar. 3, 1915, c.‘~93, 38 Stat, 958; Sept. 1, 1916, c. 461, 39 Stat. 'ZQ2; Mar. 4,.1923, c. 252, Title IV, §§ 402, ;ti¢ 4%,,42 Stat. 14'Z8, 1479;) _ ·’ _ · , · _· ° ·‘ R6 · 348. Discount of obligations givéii for agricultural purposes ‘ a or bowupoxr livestock'; collateral security for Federal reserve ac notes.--·Upo·n the indoreemeut of any o£·.its· member banks, m· whiclrshall-be deemedla waiver of demand, notice, and protest gr by suelxbank as to its own lndorsemeut exexueweny, any Fed-., bt eral .-reserve bank- may. subject to regulations and limitations ex to be prescribed by the Federal Reserve Board, dlseoxzmtnotes, qi: drafte, aud. bills of exchange isaued or drawn for an agricul·— IV tural purpose, or baeedmpo;1 ·liveStock,'_ and having a maturitil at the time ofdiscount, exclusive of days of graoenhot exceed- bi} lng aloe mouths, aud eueh riotes, drafts,. and bills of exchange tic may be offered`as"collateral security for the issuaqcé of Federal _ w reserve notes, uuder ‘·tbé·provisions `ot seetioua 411422 of this, do ehapter: Pr0rm2ded,.'That notes, drafts, and bills of exchange qa with maturities in excess of sir; mouths gshallinot be eligible as n· of basis for the issuance o£.Federal reserre notes unless secured by die warebwse receipts or other such uegotiable documents convey- · (I mg or'seeurlag title to readily marketable staple. ·agricultura_1 _ lroducts or by ehattel mortgage upou livestock which is being. ucd Fattened for market. i_(Mt11‘, 4, 1923, e, 252, {Title IV,"`3 404, 42 ill Stat. 1439;) 6- q _ ._` · - _ ’ · UM 349. Rediscount for iutermediate credit Bahks of obligations or gireu for agricultaral purpoeea.=-——·=A¤F Federal `reeerve· bank' bu gnay, subject to regulations aud `limitations to. be prescribed ine »y the Federal Reserve Board, rediacouut such notes, drafts, sec angle bills mentioned in theeprecediug section for any Federal e (I intermediate` tz-redit bank, except that no Federal reserve bank» · J =h:1ll·rediacQ1lnt for a Federal intermediate "credit bank any an meh note or·ob11gur_io¤ which bears the lndoraemeut of a mm- ha nexriber Stated bank or" truat company "whtch is eligible for of membership in the 1·*et1e`m1 reserve system, iniaecordanee with raw sections 321 to°331. *(Mar~. 4, 1923, c._V 252, Title IY, Q 404, 4,2 ei: Stat.1479.)· . ‘ ‘_ e · lin ' 350. Purehaqe and sale, of debentures sad like ohligatieni “eo¤ >f ixitermediate c1jedi.t_Mnks and agricultural ¤·edit_ .¢0l’}Ql‘8·· ‘oo1
$ ‘ ‘*Q .` .,ND BANKING Qc? ` ills,-··-A.I}y F€{lCl`£ll .l»°€$€l°V$ m$y . al-SQ blly Qlld Spill bentures and other such obligotloue l$$\i€€l‘ by it Federal imo,-- mlate credit bank or by o notional agrlctlltura.l·eredit como} mm, but only to the eame egterlt/oe ood Subject to the sump nitotions as those upon xrhich it `may buy ond sell bowls jufgd l}I1(l€I‘ Tlllétl of l'l1€‘ Farm I-Klan (Max, 23, c. 252, Title ·IV,.§ 404, 42 Stat. -1479.) ‘ · I , e. ‘ ’ l 351. Obligations of cooperotire marketing association- as ’ sued or < drawn for agricultural pdrpeses.~——Notes, dr us or erchange or acceptohceo iwuod or drown by coo aut-; slrketing associations composed ot. produowe of , icultural oducts shall- be deemed to .hovel.bee1i’ issoedor · S ra for unl rlcjulturel purpose- voitbih tlie_.me§¤iBg of the ree precediog _ ctions, if the proceeds thereof have been or or to`bee,dr:mceal · such ~assoclatlo11_to onymenrbers for on agricultural zrpose, or have men or; are to be need by le e xmcletioe in cking poynientx to- any members thereof on w l or agrilmrol products delivered by sttcb=membu·¤° to the owociotion, · if such proceeds have been or are to be · by such assoclo,. m to meet expenditures incurred or-tobe # _, » by the asciatio;1 in 00I1I1€QtlQ!l'§l[ll`.th8 grading, r »» te e;. peeking, epargltioulfor·m:1rket,'0r 'morketirlg of/any ;» celturul prodthondled by`_ such associktion for any · i to Pmded, 'phet the eigpress ‘·enumeratio¤ in this paragraph ot cerin classes of paper of eooperative marketing awoclitiebsn os lgible for rediscournt shell not be as rerxdering ioctlble any other class of paper ot such‘ eseoclotions which is new lgible Ior·redlscount.f (Mor. 4,~I923§"_c. 252, IV, $*.404, r‘Stat.Q14'?9.) e · _. _ _ - T 352.. Limiife tion on nponnt of obligations olfpecrtain mnturi; zs`,which nxay, be id re&•@tcd.-The Federal ._·_ zserwze Board lnoy, by %lstio¤, limit to ipercmtagc of the, Seto of a Federal reeervqbaolr tbonmomzstot drafts, ceptancw, or bills lmvihg a in ottbree — onths, but not eiceedlni sl; mootm, exclusive of days of dce,-which may be dlscounted by oooh and the amount notes, drafts, _ blllsf or occwtonces having • mnturity in cess of slr mouths, but not exceedingnlae months, which . oy be redlscounted by ouchbonk. (Mer. 4, 1.9%,1:. 252, Title 3 5 404,42- Stat;`1479.) · _ ' { ° 353. Purchase nod sale of cnble transfers, and llc;-·—··A¤y-Federol_reserx·e bunk méy, coder rules `andregolomstpreocrlbed by the Federal Rwervo ‘ond° ll'lo the open market; at home or;.hbroed,· either from or to, mestlc or Ztorelgn bonlis, Brme,.`cor;>or1rtlo;1a,· or lndividtmls, ble trhosfere ind bo¤kers’ occeptaucu and bills ot u&in¤ ge the kinds and maturities by this chapter mode,elkible;tor re— ~ sconnt, with or Without the indorsement of}. member bank, leo; 23, 1913,-c. 6,‘§“14, 38 Stat. 264.) J r` l 354. Transactions, inrolvinz EQU coin, bullion, and certib-· - tes.-——Every `Federsil reserve boob! oboll here power to - deal 'gold coirrand bullion at borne or obrood, to make locus ereon, . exchonge»·Federol·‘ reserve notes. for- gold, gold coin., gold ccrtidcotes, and to contract for mono ot gold coin or llion, giving therefor, when e•ry,‘ acceptable security. _"" cludlug the thypothecetloo of United States book orouther curltiw which Federal rmerre banks are outhorlz@ `to. hold. loc. %, 1913, 6, [14, 38 Stat. 284.) · __ ‘ · `· 355. Purchase rnd solo of obllggtions of National; Staley A municipal govcrnmen.t•.+~E very Federal merre bank shall ve pewx buy and sell, at home or obrood, bonds and notee the United Stntm, Rand bills, notee, revenue bonds, ;a:od warg nts with at ·metm·ity`_£rom dote of purchase or not exceeding rmouths, issued lxfantlclpation ot the collection ottnxeo. 01} · anticipation; or the receipt of aesoredrevenueoby zmy_Stote, ‘ onty, district, political subdivision, or `rminlcipellty in the otlnental United States, lncltidfng irrlgetloi1,‘drainage·nnd, , ' 9
