k SEVENTY-FIRST CONGRESS . SESS. II. Cns . 612-614 . 1930 .
815 discretion, issue to such bank a certificate certifying that such bank Iss ue of c ertific ate of is no longer authorized to exercise the powers granted by this sub- e ance lla tion aut hori zed section . Upon the issuance of such a certificate by the Federal Thereafter, not sub- Reserve Board, such bank (1) shall no longer be subject to the iu t to provisions he-,- provisions of this subsection or the regulations of the Federal Reserve Board made pursuan t thereto, (2) shall be entitled to have returned Securities deposited to be returned to. to it any securities which it may have deposited with the State authorities for the protection of private or court trusts, and (3) shall not exercise thereafter any of th e powers granted by this sub- secti on without fi rst applying for and obta ining a new p ermit to exercise such powers pursuant to the provisions of this subsection . The Federal Reserve Board is authori zed and e mpowered to pro- mulgate such regulations as it may deem necessary to enforce com- pliance with the provisions of this subsection and the proper exercise of the pow ers granted therein ." Approved, Jun e 26, 1930 . CHAP. 813 .-An Act To amend the Federal Farm Lo an Act as amended . Be it enacted by the Senate and House of Representatives of the United States o f Am eri ca in Congress assembled, That the Federal Farm Loan Act, as amended (U . S . C ., title 12), be, and it is hereby, amended so that effective as to appropriations for and expenditures of the Federal Farm Loan Board for the fisc al year beginning July 1, 1930, and thereafter, the assessments t o be made under section 3 of said Act (U . S . C., title 12, ch . 7, sec. 657) by said board against the Federal land b anks, joint-stock land banks, and Federal intermediate credit banks s hall be the amount of the exp enses and salaries of the employe es engaged i n the work of the division of examinati ons of the Federal Farm Loan Bureau as estimated by the said board, such expenses and s alaries, together with all ot her expenses and salaries of the said board, to be disbursed oil appropriations duly made by the Congress . Approved, June 26, 1930 . CHAP. 614 .-An Act To a mend section 4 of the Federal Reserve Act . Be it enacted by the Senate and House of Representatives of the United States of Amer ica in Congress assembled, That section 4 of the Federal Reserve Act, as amended (U . S . C ., title 12, sec . 304), be further amended by striking out that paragraph thereof which reads as follows "Any candidate having a majority of all votes cast in the column of first choice shall be declared elected . If no candidate have a majority of all the votes in the first column, then there shall be added together the votes cast by the electors for such candidates in the second column and the votes cast for the several candidates in the first column . If any candidate then have a majority of the elec- tors voting, by adding together the first and second choices, he shall be declared elected . If no candidate have a majority of electors voting when the first and second choices shall have been added, then the votes cast in the third column for other choices shall be added together in like manner, and the candidate then having the highest number of votes shall be declared elected . An immediate report of election shall be declared ." Exercise of powers herein, prohibited . Regulations to force compliance . [Public, No . 430.1 F arm Loa n Ac t, amendment . Vol. 39, p. 3 60, amended . U .S. C., p. 298, amended . Federal Farm Loan Board . Vol. 43, p . 1262. U.S. C.,p.299. Salaries, etc., of divi- sion of examinations of, limited to amount of assessments made by hoard aga inst la nd banks, etc . Disbursement, on ap- propriations by Con- gress . June 26, 1930 . [S . 4096.] [Public, No . 437.] Federal Reserve Act, amendment . Vol . 38, p. 2 56, amended. LT. S. C., p. 278, amended . Matter stricken out . e]3- June 20, 1930 . [S . 4028 . 1
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