Page:United States Statutes at Large Volume 38 Part 1.djvu/282

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SIXTY-THIRD CONGRESS. Sess. II. C11. 6. 1913. 263 members of said board. All such attorne , e rts assistants, APP°i“"m°“**’ withelerks, and other employees shall be appointellswitlrldilrt rbgard to the iii-i¢1¢ie°i:t»$1s,ef€. mu provisions of the Act of January sixteenth, eighteen hundred and V°"22*P"°°‘· eighty-three (volume twenty-two, United States Statutes at Large, page four hundred and three), and amendments thereto, or any rule or regulation made in ursuance thereof: Provided, That nothing {{,'@‘{,*;§,?’;,y 0, ,,,8 herein shall prevent the Fresident from placing said employees in the P¢¤¤id¤¤*· classified service. FEDERAL Anvrsonr oormcrn. *`—d*'“°’Y Sec. 12. There is hereby created a Federal Advisory Council, C’°°t°d° which shall consist of as many members as there are Federal reserve asserts. Each Federal mem bank by as board of ummm sian .,.§:}°;.F*,¢{*:,..:’ mm annually select from its own Federal reserve district one member of said cormcil, who shall receive such comjgensation and allowances as mag be fixed by his board of directors su ject to the approval of the H , Om Fe eral Reserve Board. The meetings of said advisory council shall ac. ’ °°”’ be held at Washington, District of Co umbia, at least four times each year, and oftener if called by the Federal Reserve Board. The council may in addition to the mmtings above provided for hold such other meetings in Washington, District of Columbia, or elsewhere, as it may deem necessary, may select its own officers and adopt its own methods of procedure, and a mspority of its members shall constitute a uorum forsthe transaction o business. Vacancies in the council shiill be filled by the respective reserve banks and members selected to fill vacancies, shall serve for the unexpired, term. A,,,_,,,,,,,,, md du, The Federal Advéisjcgxiy Coimcil shall have power, b§ itself or through M its officers, (1) to er directly with the ederal eserve Board on general business conditions; (2) to make oral or written representations concerning matters within the jurisdiction of said board; (3) to call for information and to make recommendations in regard to discount rates, rediscorunt business, note issues reserve conditions in the various districts, the purchase and sale of, gold or securities by reserve banks, open-market operations by said banks, and the general affairs of the reserve banking system. rownas or rmnmur. mrsmnvn nmxs. b_};;_$•*‘•* '°¤°"° Sec. 13. Any Federal reserve bank may receive from any of its D°"°°""‘“°"°"‘ member banks, and from the United States deposits of current fimds in lawful money, national—bank notes, Federal reserve notes, or checks and drafts ufpon solvent member banks, payable upiccn presentation; or, solely or exchange purposes, may receive m other Federal reserve banks delposits of current funds m lawful money, national·bank notes, or c ecks and drafts upon solvent member or other Federal reserve banks, payable upon presentation. Upon the indorsement of any of its member banks, with a waiver of m§'§{‘§,"§,’Q§§ °°"" demand, notice and glrioftest by such bank, any Federal reserve bank may dbcormt notes, ts, and bills of exchange arisinlgsout of actual commercial transactions; that is, notes, drafts, and b` of exchange °°“°'*"“°'“ — issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds of which have been used or are to be used for such pu oses, the Federal Reserve Board to have the right to deternmge or ldbiine the character of the paper thus eligible for discount, wrthm mm t the meaning of this Act. Nothing in this Act contained shall be ,,;?,§i”“1 ’ °°" gonstrupd to prlplhibit sulcgl notes, draghtg, and bills of exchange, sta e c p ucts, oro rgoods, wares, or merc an e fryom lieinlgglelligible for auch discoimt; but such definition not ,;ZiA°$k,d°,°°i”‘ "°°°” include notes, drafts, or bills covering merely investments or issued