The Federal Reserve Act (approved December 23, 1913) as Amended August 4, 1914: August 15, 1914; March 3, 1915; September 7, 1916; June 21, 1917; September 26, 1918; March 3, 1919; September 17, 1919; December 24, 1919; April 13, 1920; February 27, 1921; June 14, 1921; June 3, 1922; July 1, 1922; February 6, 1923; March 4, 1923; with an Appendix Containing Various Provisions of Certain Acts of Congress which Affect, Directly Or Indirectly, the Operations of Federal Reserve Banks and Banks which are Members of the Federal Reserve System |
From inside the book
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Page 2
... capital stock of such Federal reserve bank in a sum equal to six per centum of the paid - up capital stock and surplus of such bank , one - sixth of the subscription to be payable on call of the organization committee or of the Federal ...
... capital stock of such Federal reserve bank in a sum equal to six per centum of the paid - up capital stock and surplus of such bank , one - sixth of the subscription to be payable on call of the organization committee or of the Federal ...
Page 11
... capital stock or surplus or cease to be members . Shares of the capital stock of Federal reserve banks owned by member banks shall not be transferred or hypothecated . When a member bank increases its capital stock or surplus , it shall ...
... capital stock or surplus or cease to be members . Shares of the capital stock of Federal reserve banks owned by member banks shall not be transferred or hypothecated . When a member bank increases its capital stock or surplus , it shall ...
Page 12
... capital stock of a Federal reserve bank is reduced , either on account of a reduction in capital stock of any member ... surplus fund until it shall amount to one hundred per centum of the subscribed capital stock of such bank , and that ...
... capital stock of a Federal reserve bank is reduced , either on account of a reduction in capital stock of any member ... surplus fund until it shall amount to one hundred per centum of the subscribed capital stock of such bank , and that ...
Page 13
... capital stock and surplus therein , and the income derived therefrom shall be exempt from Federal , State , and local taxation , except taxes upon real estate . Sec . 8. Section fifty - one hundred and fifty - four , United States ...
... capital stock and surplus therein , and the income derived therefrom shall be exempt from Federal , State , and local taxation , except taxes upon real estate . Sec . 8. Section fifty - one hundred and fifty - four , United States ...
Page 18
... capital stock and surplus , an assessment sufficient to pay its estimated expenses and the salaries of its members and employees for the half year succeeding 18 SEC . 10 . THE FEDERAL RESERVE ACT .
... capital stock and surplus , an assessment sufficient to pay its estimated expenses and the salaries of its members and employees for the half year succeeding 18 SEC . 10 . THE FEDERAL RESERVE ACT .
Common terms and phrases
40 Stat acceptances aggregate amended by act amount application appointed bank or banking bank or member bank or trust bills of exchange board of directors bonds bullion capital and surplus capital stock centum certificates of indebtedness chap circulating notes collateral Comptroller corporation organized Currency deemed deposits director of class discount drafts eligible employee eral reserve exceed exceeding Federal Intermediate Credit Federal Reserve Act Federal reserve agent Federal reserve bank Federal Reserve Board Federal reserve notes Federal Reserve System Finance Corporation foreign funds gold certificates held hereby authorized indorsement Intermediate Credit Bank liabilities Liberty Bond maturity member bank national banking association nineteen hundred organization certificate organization committee paid person powers prescribe Provided further purchase receive rediscount reserve bank notes reserve cities Revised Statutes Secretary sell shareholders standard silver dollars stock and surplus stockholders thereof tion transactions Treasury trust company unimpaired capital United violation vote War Finance Corporation
Popular passages
Page 52 - Corporations to be organized for the purpose of engaging in international or foreign banking or other international or foreign financial operations, or in banking or other financial operations in a dependency or insular possession of the United States, either directly or through the agency, ownership, or control of local institutions in foreign countries, or in such dependencies or insular possessions...
Page 78 - Such as shall be conveyed to it in satisfaction of debts previously contracted in the course of its dealings.
Page 64 - If any clause, sentence, paragraph, or part of this Act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered.
Page 26 - ... notes, drafts, and bills of exchange of factors issued as such making advances exclusively to producers of staple agricultural products in their raw state shall be eligible for such discount; but such definition shall not include notes, drafts, or bills covering merely investments or* issued or drawn for the purpose of carrying or trading in stocks, bonds, or other investment securities...
Page 50 - State thereof, and principally engaged in international or foreign banking, or banking in a dependency or insular possession of the United States either directly or through the agency, ownership, or control of local institutions in foreign countries, or in such dependencies or insular possessions.
Page 3 - ... shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such association to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such shares...
Page 29 - Fourth. Liabilities to the stockholders of the association for dividends and reserve profits. Fifth. Liabilities incurred under the provisions of the Federal Reserve Act. The rediscount by any Federal reserve bank of any bills receivable and of domestic and foreign bills of exchange, and of acceptances authorized by this Act, shall be subject to such restrictions, limitations, and regulations as may be imposed by the Federal Reserve Board.
Page 76 - An Act to punish acts of interference with the foreign relations, the neutrality, and the foreign commerce of the United States, to punish espionage, and better to enforce the criminal laws of the United States, and for other purposes...
Page 25 - ... may receive from any of its member banks, and from the United States, deposits of current funds in lawful money, national-bank notes, Federal reserve notes, or checks, and drafts, payable upon presentation, and also, for collection, maturing notes and bills; or, solely for purposes of exchange or of collection...
Page 34 - States and shall be receivable by all national and member banks and Federal Reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in...