SEVENTIETH CONGRESS . SEss. I . Cas . 884-886 . 1928 .
975 May 29, 1928 . [S. 1989.) [Public, No . 594 .1 CHAP. 884.-An Act To amend the third paragraph of section 13 of the Fede ral Rese rve Act . Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the third r ederalreserve paragraph of setion 13 of the Federal Reserve Act (Title 12, b Vol 42, p. 1478, section 344, United States Code), be amended and reenacted to read aUenSeCode, p . 281. as follows : "Upon the indorsement of any of its member banks, Discount of commer- which shall be deemed a waiver of demand, notice, and protest by cial paper for member such bank as to its own indorsement exclusively, and subject to banks, authorized. regulations and limitations to be prescribed by the Federal Reserve Board, any Federal reserve bank may discount or purchase bills of exchange payable at sight or on demand which grow out of the secured by bills of domestic shipment or the exportation of nonperishable, readily staples, nonperishable ples, etc . marketable agricultural and other staples and are secured by bills of lading or other shipping documents conveying or securing title to such staples : Provided, That all such bills of exchange shall be Provisos. forwarded promptly for collection, and demand for payment m Collection and pay- shall be made with reasonable promptness after the arrival of such staples at their destination : Provided further, That no such bill shall in any event be held by or for the account of a Federal reserve bank for a period in excess of ninety days . In discounting Computation of in- such bills Federal reserve banks may compute the interest to be terest d deducted on the basis of the estimated life of each bill and adjust the discount after payment of such bills to conform to the actual life thereof ." Approved, May 29, 1928 . Time limit for hold- ing . May 2D, 1928. [S . 1825.1 CHAP . 885 .-An Act To amend section 12 of the Act approved June 10, 1922, entitled "An Act to readjust the pay and allowances of commissioned and [Public, No. 595.1 enlisted personnel of the Army, Navy, Marine Corps, Coast Guard, Coast and Geodetic Survey, and Public Health Service," as amended by the Act of June 1, 1926 (Forty-fourth Statutes at Large, page 680), so as to authorize an allowance of 3 cents per mile, in lieu of transportation in kind, for persons using privately owned conveyances while traveling under competent orders . Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 12 of the Joint Service Pay Act of June 10, 1922, as amended, be further amended by inserting between the first and second paragraphs the following " Individuals belonging to any of the services mentioned in the title of this Act, including the National Guard and the reserves of such services, traveling under competent orders which entitle them to tr anspor tation or tr anspor tation and su bsiste nce as disti nguish ed from mileage, who, under regulations prescribed by the head of the depa rtme nt co ncern ed, trave l by priva tely owne d con veya nce s hall be entitled, in lieu of transportation by the shortest usually traveled route now authorized by law to be furnished in kind, to a money allowance at the rate of 3 cents per mile for the same distance Provided, That this provision shall not apply to any person entitled to traveling expenses under the `Subsistence Expense Act of 1926 ."' Approved, May 29, 1928 . Pay rea djustment, Army, etc. Vol . 44, p. 680, amend- ed. U.S. Code, p.1188 . Allowance for travel by pr ivat ely-o wned conveyances, while un- der orders. Proviso . Not applicable to ex- penses under Subsist- ence tet of 1926. Vol. 44, p. 688 . May 29, 1928 . CHAP. 886.-An Act Granting the consent of Congress to the board of [H . R . 13996.] supervisors of Leake County, Mississippi, to construct, maintain, and operate [Public, No. 596.] a free highway bridge across the Pearl River at or near Edinburg, Leake County, Mississippi . Be it enacted by the Senate and House of Representatives of the Pearl River . United States o f America in Congress assembled, That the consent Leake County, Miss., of Congress is hereby granted to the board of supervisors of Leake may bridge, at Edin«
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