756 SIXTY-FOURTH CONGRESS. Sess. I. Cns. 461, 463. 1916. !¤¤·¤is=¤¤¤w*=¤*¤¤* la wherein such business is to be conducted. If at any §t2E‘¥i‘Z?%? “'° °“’“* iigiiihiiiipreiiesin Reserve Board Sian ascertain that the mguisaons prescribed by it are not being complied with, said_board 13 hereby " authorized and empowered tomstitute an investigation of the matter and to send for persons and papers, subpoena witnesses, and admm1s— ter oaths in order to satisf itself as to t as actual nature of the transpapmi or mum: actions referred to. Should such investigation result in establishing
- °"*°°°°‘“P"’”°°· the failure of the corporation in guestion, or of the national ban
or banks which may be stockhol ers therein, to compily, with the regulations laid down by the said Federal Reserve ard,_ such national banks may be required to of stock holdmgs m the said corporation upon reasonable notice. . ¤•¤¤¤¤¤¤ ¤f ¤°· "Eve such national bankin association shall conduct the ac- °°°m°' counts SY each foreign branch inniapendently of the accounts of other foreign branches established by it and of its home office, and shall at the end of each fiscal period transfer to its general ledger the proiit ordl§s accrued at eagih branch as a sepairate iteém. ¤¤¤¥>¤· b¤¤*= ¤m· "An ctor or other 0 cer, ent, or em 0 ee 0 any memg`:i¤°i»ii¤kI§·fy me ber bafik may, with the approval 0% the.Feder2fl lgeserve Board, be a director or other officer, agent, or employee of any such bank or ' corporation above mentioned in the capital stock of which such member bank shall have inv ted as hereinbefore provided, without V¤1·¤8.1>-B1 bein sub`cct to the provisions of section eight of the Act appitpved Octoier fifteenth, nineteen hundred and fourteen, entitled Act to supplement existing laws against unlawful restraints and monopolies, and for other purposes " Approved, September 7, 1916. s’Huf:•f6gl5d§16` CHAP. 463.-—An Act To increase the revenue, and for other purposes. · [P°bu°’ Nm M`] Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, Revenue Act, 1916. !¤¤<>¤¤¤¤¤= _ TITLE I.——INOOME TAX. <>¤*¤<¤v¤¤¤·¤ Pam- I.—ON Ixmrvmuars. Tvgg; mr MM Sec. 1. (a) That there shall be levied, assessed, collected, and paid mix;. ss, {lit. annually upon the entire net income received in the preceding calendar {ear from all sources by every individual, a citizen or resident of the hywgggé gg; lnited States a tax of two per centum upon such income- and a mm. like tax shall be levied, assessed, collected, and paid annually upon the entire net income received in the preceding calendar year from all sources within the United States by every individual, a nonresident alien, including interest on bonds, notes, or other interest-bearing obligations of residents corporate or otherwise. °__dA<!,g¤;:¤gg¤,}0*0·*j¤i*¤¤· (b) In addition to the income tax imposed by subdivision (a) of ’ this section (herein referred to as the normal tax) there shall be levied, assessed, collected, and paid upon the total net income of every individual, or, in the case of a nonresident alien, the total net income Rates. received from all_sources within the United States, an additional mcome tax (herein referred to as the additional tax) of one per centum per annum upon the amount by which such total net income exceeds $20,000 and does not exceed $40,000, two per centum per annum upon the amount by which such total net income exceeds $40,000 and does not exceed $60,000, three per centum per annum upon the amount lay which such total net income exceeds $60,000 and does not excee $80,000, four per centum per annum upon the amount by which such total net income exceeds $80,000 and does
