Business Loans by Federal Reserve Banks: Hearings Before a Subcommittee of the Committee on Banking and Currency, United States Senate, Seventy-sixth Congress, Third Session, on S. 2998, a Bill to Establish a Permanent Industrial Loan Corporation to Assist Financing Institutions in Making Credit Available to Commercial and Industrial Enterprises; and S. 3839, a Bill to Amend Section 13b of the Federal Reserve Act, as Amended. June 12 and 14, 1940 ...

Front Cover

From inside the book

What people are saying - Write a review

We haven't found any reviews in the usual places.

Selected pages

Other editions - View all

Common terms and phrases

Popular passages

Page 3 - The corporation, including its franchise, its capital, reserves and surplus, and its income shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency or possession thereof, or by any State, county, municipality or local taxing authority ; except that any real property of the corporation shall be subject to State, Territorial, county, municipal or local taxation to the same extent, according to its value, as other real property is taxed.
Page 4 - ... no attachment, injunction, or execution, shall be issued against such association or its property before final judgment in any suit, action, or proceeding, in any State, county, or municipal court.
Page 3 - (p) All notes, debentures, bonds, or other such obligations issued by the Corporation shall be exempt, both as to principal and interest, from all taxation (except estate and inheritance taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority.
Page 5 - The Corporation shall be entitled to the free use of the United States mails in the same manner as the executive departments of the Government.
Page 4 - The board of directors of the Corporation shall determine and prescribe the manner in which its obligations shall be incurred and its expenses allowed and paid.
Page 3 - ... transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under that Act, as amended, are extended to include any purchases of such notes and obligations.
Page 3 - Act, as amended, are extended to include any purchases of such notes and obligations. The Secretary of the Treasury may at any time sell any of the notes or other obligations acquired by him under this section. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes or other obligations shall be treated as public debt transactions of the United States.
Page 5 - When designated for that purpose by the Secretary of the Treasury, the Corporation shall be a depositary of public...
Page 3 - ... in the Treasury not otherwise appropriated, and thereupon to the extent of the amount so paid the Secretary of the Treasury shall succeed to all the rights of the holders of such bonds.
Page 8 - Should a Federal reserve bank be dissolved or go into liquidation, any surplus remaining, after the payment of all debts, dividend requirements as hereinbefore provided, and the par value of the stock, shall be paid to and become the property of the United States and shall be similarly applied.

Bibliographic information