Digest of the Federal Reserve Act: Including Amendments to April 13, 1920

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Guaranty Trust Company of New York, 1920 - 35 páginas

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Página 14 - ... (b) Maturity. No member bank shall accept any commercial draft or bill unless at the date of its acceptance such draft or bill has not more than six months to run, exclusive of days of grace. (c) Acceptances for one person. No member bank shall accept commercial drafts or bills, whether in a foreign or...
Página 19 - In estimating the reserves required by this Act, the net balance of amounts due to and from other banks shall be taken as the basis for ascertaining the deposits against which reserves shall be determined. Balances in reserve banks due to member banks shall, to the extent herein provided, be counted as reserves.
Página 18 - Funds deposited or held in trust by the bank awaiting investment shall be carried in a separate account and shall not be used by the bank in the conduct of its business unless it shall first set aside in the trust department United States bonds or other securities approved by the Federal Reserve Board.
Página 17 - State or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located.
Página 23 - ... in each district. The districts are distinguished by numbers, the following being a list of the districts and their respective central reserve cities: 1, Boston; 2, New York; 3, Philadelphia; 4, Cleveland ; 5, Richmond ; 6, Atlanta ; 7, Chicago ; 8, St, Louis ; 9, Minneapolis ; 10, Kansas City ; 11, Dallas; 12, San Francisco.
Página 19 - Any member bank may accept drafts or bills of exchange drawn upon it having not more, than three months' sight to run, exclusive of days of grace, drawn under regulations to be prescribed by the Federal Reserve Board by...
Página 8 - ... 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...
Página 9 - But the discount of bills of exchange drawn in good faith against actually existing values, and the discount of commercial or business paper actually owned by the person negotiating the same, shall not be considered as money borrowed.
Página 10 - ... make a special interest charge on such notes, which, in the discretion of the Federal Reserve Board, need not be applicable to other Federal reserve notes which may from time to time be issued and outstanding. All provisions of law, not inconsistent herewith, in respect to the acquisition by any Federal reserve bank of obligations or paper secured by such bonds or notes of the United States, and in respect to Federal reserve notes issued against the security of such obligations or paper...
Página 11 - All Federal reserve notes and all gold, gold certificates and lawful money issued to or deposited with any Federal reserve agent under the provisions of the Federal reserve act shall hereafter be held for such agent, under such rules and regulations as the Federal Reserve Board may prescribe, in the joint custody of himself and the Federal reserve bank to which he is accredited. Such agent and such Federal reserve...

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