74TH CONGRESS . SESS.I. CH. 614 . AUGUST 23, 1935 .
715 Repeal of inconsist- ent laws . Vol . 39, pp. 121,159 . Time and saving de- posits; regulations re- specting rates of inter- est . of trus t funds is requir ed by State law . So much of existing law as requires the payment of interest with respect to any funds depos- ited by the United States, by any Territory, District, or possession thereof (including the Philippine Islands), or by any public instru- mentality, agency, or office r of the foregoing, as is inconsistent with the provisions of this section as amended, is hereby repealed . "The Boa rd of Gov ernors of the Federa l Reserve System sh all from time to time limit by regulation the rate of interest which may be paid by member ba nks on ti me and sav ings depo sits, and shall prescribe different rates for such payment on time and savings deposits having different maturities, or subject to different condi- tions respecting withdrawal or repayment, or subject to different con ditio ns by reaso n of diffe rent locati ons, or ac cordin g to the v ary- ing discount rates of member banks in the several Federal Reserve districts. No member bank shall
aany time deposit before its Pa yment of time maturity ; pay
Y
posit before maturity : maturity except upon such conditions and in accordance with such restriction . rules and regulations as may be prescribed by the said Board, or waive a ny requir ement of n otice bef ore paymen t of any s avings deposit exc ept as to all sav ings deposits hav ing the same requ ire- ment : Provided, That the provisions of this paragraph shall not apply to any deposit which is payable only at an office of a mem- ber bank located outside of the States of the United States and the Distric t of Columbia . " (d) Such section 19 is amended by adding at the end thereof the fo llow ing new pa ragr aph "Notwithstanding the provisions of the First Liberty Bond Act, as amended, the Second Liberty Bond Act, as amended, and the Third Liberty Bond Act, as amended, member banks shall be required to maintain the same reserves against deposits of public moneys by the United States as they are required by this section to maintain against other deposits ." Se -c. 325 . Section 21 of the Federal Reserve Act, as amended, is amended by adding at the end thereof the following paragra ph "Whenever member banks are re quir ed to obtain reports from affiliates, or whenever affiliates of member banks are required to sub- mi t to exam inat ion, the Boar d of Gov ernor s of the Fede ral Rese rve System or t he Comptroller of the Currency, as the case may be, may waive such requirements with respect to any such report or examina- tion of any affiliate if in the judgment of the said Board or Comptroller, respectively, such report or examination is not necessary to disclose fully the relations between such affiliate and such bank and the effect thereof upon the affairs of such bank ." SEC . 326 . (a) Subsection (a) of section 22 of the Federal Reserve Act, as amended, is amended by inserting in the first paragraph thereof after " No member bank " the following : " and no insured bank as defined in subsection (c) of section 12B of this Act" ; by inserting before the period at the end of the first sentence of such paragraph " or assistant examiner, who examines or has authority to examine such bank"; and by inser ting after " any memb er bank " in the second paragraph thereof " or insured bank " ; by inserting before the period at the end thereof " or Federal Deposit Insurance Corporation examiner " ; and by adding at the end of such subsection anew paragraph, as follows " The provisions of this subsection shall apply to all public exami- si Application of provi° ne rs and assistant examiners who examine member ban ks of the Federal Reserve System or insured banks, whether appointed by the Comptro ller of t he Currenc y, by the Board of Governors of the Federal Reserve System, by a Federal Reserve agent, by a Federal Provi so . Deposits payabl e for- eign . Vol. 38, p .271. Reserves against de- posits of public moneys . Vol.38,p.271; U. S. C.,p.403. Bank examinations and reports . Reports of affiliate of member bank . Vol . 40, p. 970; Vol. 44, p . 1232; U.S.C., p.409 . Loans or gratuities to b ank examiners prohib- ited .
