510 SIXTY-FIFTH CONGRESS. Sess. II. Cir. 45. 1918. or rates of interest shall be subject to the approval of the Secretary
°“ C°‘P°‘°“°“ of the ’l`reasury. Such bonds shall have a first and dparamount float-
1 ax tc mg charge on all the assets of the Corporation, an the Corporation ss°°’s °’° shall not at any time mortgage or pledge any of its assets. Such bonds may be issued at not less than émr m {payment of any advances authorized by this title, or may be o ered or sale publicly or to any individual, firm, corporation, or association, at such price or prices $1 the board ofddirectors, with the approval of the Secretary of the _ reasury, may etermine. ,,:,°§‘,‘l,s¤§§§‘§’{§_f“,§§§ Upon such terms not inconsistent herewith as may be determined b¤§;t¤¢g· 845 from time to time by the board of directors, with the approval of the ’ ` Secretary of the Treasury, at or before the issue thereof, any of such bonds may be issued payable in anylforeign money or foreign moneys, or issued payable at the option of the respective holders thereof either in dollars or in any foreign mone or foreign moneys at such fixed d,,]E§,if,'Z“,°,f,’°,,,§’,§,,{f"°l“° rate of exchange as may e statedy in any such bonds. For the purpose of determining the amount of bonds issued payable in any oreign money or foreign moneys the dollar equivalent shall be determined b the par of exchange at the date of issue thereof, as estimated , by the for of the Mint and proclaimed by the Secretary of the ‘°"”*p‘5”" reasury in pursuance of the provisions of section twenty-five of the Act entitled "An Act to reduce taxation, to provide revenue for the Government, and for other oses," a roved A t twenty- _ PP ugus Y seventh, eighteen hundred an mnety-four. ,,·'§,,°°u$,p,§°,},‘f?0$§§’s°g‘§,“§ Sec. 13. That the Federal reserve banks shall be authorize
- ¤¤¤¤*5¤·>¤¤*¤· subject to the maturity limitations of the Federal reserve Act andd
tglirggulationp of thibcFl¢:dera1‘Reser:r1ebBoardl; to dégcoprglt tlée direct ; o ations 0 mem r anks secure y suc on o e o oratioii and to rediseount elgigble pap]; secured bg such bond? and l I"°°’°“°“"°‘ indorsed bil a member ba. No ount or re `scount under this ! section sh be granted at a._less interest charge than one per centum s pgr annum me the prevailing rates for eligible commercial paper s m_ o corres on maturity. 1 serIir?1l)a)i1k;`%taiuch Any Fldderal reserve bank may, with the approval of the Federal q P"*’°’· Reserve Board, use any obhgation or gaper so acquired for any ur- pose for which it IS aut onzed to use 0 hgations or paper secured) by Q Pwtm ends or notes of the United States not bearing the circulation privr- ,
- pe%i2;l0t£r;t$71;;2ls;tsu¢;§ lege; Provided, hoguever That whenever Federal reserve notes are issued ;
%zy. against the security of, such obligations or paper the Federal Iteserve ·, Board may make a special interest charge on such notes, which, in { the discretion of the `ederal Reserve Board, need not be a plicable 1 to other Federal reserve notes which may from time to time be issued . L“"’°¥’P““b‘°· and outstanding. All provisions of law, not inconsistent herewith, j in respect to the acquisition by any Federal reserve bank of obliga· tions or paper secured by such bonds or notes of the United States, gpd 1I{.1I’8§H€ClG·lZO Federal reserve notes issued against security s_ suc o _ gatrons or_paper, shall extend, in so far as apphcable, to · the acquisition of obh ations or paper secured by the bonds of the ii Corporatiqn arlid gpg the Federal reserve notes issued against the `$ security 0 suc o ations or paper. *1 M-$Y,’§’fiiT.i,k€`§°r?,ZY;§‘§ Sec. 14. That the Corporation shall not exercise any of the powers ’* ‘**° Y'°“"°“‘· granted by this title or perform any business except such as rs inci- * dental and necessarily preliminary to its organization until it has * been authorgzedilby the _ resrdept lp; this United States to commence a usmess nm er e rovrsions o t ti e.
"""‘ "°“‘ Sec. 15. That allpnet earnings of the Corporation not required for
Use of designated its operations shall be accumulated as a reserve fund until such time P0_,,,£,_ mh ‘ as the Cor·poration l1qu1dates_ under the terms of this title. Such e reserve fund shall, ugrgn the direction of the board of directors, with the approval of the cretary of the Treasury, be invested in bonds . and o ligations of the United States, issued or converted after ,
