Page:United States Statutes at Large Volume 40 Part 1.djvu/985

SIXTY·FIFTH CONGRESS. Sess. II. Cns. 176, 177. 1918. 967 tincates of indebtedness of the United States; and he ma require m§:mP¤'¤°*Y °°¤**· any person enlgaged in any transaction referred to in this subdivision y' to furnish, un er oath, complete information relative thereto, including the production of an books of account, contracts, letters or other papers, in connection therewith in the custody or control of such person, either before or after such transaction is completed." N Sec. 6. That section 5200 of the Revised Statutes, as amended, be, Rl`tgl:8lsel:¤?2l0, p. and hereby is, amended to read as follows: ’°°°· °'“°“d°d· "Sec. 5200. The total liabilities to any association, of ang person, ,,,{,‘,,,l“§‘,f*,,‘{Q}°°“·’*°°“’ or of any company, corporation, or firm for money borrowe , mclud- V¤1-MM. p- 451, ing in the liabilities of a company or firm the liabilities of the several °m°°° ’ members thereof, shall at no time exceed 10 per centum of the amount of the capital stock of such association, actually paid m and ummmmd, and 10 per centum of its surplus fund: Provided, {,°{,°{,’,}‘Q,’,;,,,,,,,, ,,,,_ ever, That (1) the discount of bills o exchange drawn in faith ¤¤¤¤¤ mf i¤~·-¤¤<1¤<1· against actually oxisuting vagdueg, (Q the discount of commencizli or usiness paper actu y own y the rson, compan _, corpora on, or firm, negotiating the same, and (3) txlxurchase or ehscount of any m};°i¤lZ£T¤£`Zl$li¤I7·i»liZ note or notes secured b not less than a e face amount of bonds. of ‘*“'**· the United States issued since April 24, 1917, or certificates of mdebtedness of the United States, shall not be considered as money bor- Hamm pump rowed within the meaning of this section; but the total habilities to W- any association, of any person or of any company, corporation, or firm, upon any note or notes purchased or discounted by such association and secured by such bonds or certificates of indebtedness, not exceed (except to the extent permitted by rules and regulatiom prescribed by the Comptroller of the Currency, with the approval of the Secretar&:.>fdthe 'l‘i·)easm·y) 10 per centum of such capital stock and surplm of such amociation." . Tm M Sec. . That the short title of this Act shall be "Supplement to °""‘*°‘· Second Liberty Bond Act." Approved, September 24, 1918. CHAP. 177.-An Act To amend and reenact sections four, eleven, sixteen, nine- {H. lgillaglml teen, and twenty-two of the Act approved December twenty-third, nineteen hundred and thirteen, and known as the eden! reserve Act, and sections nltrtwohundred ' and eight and fifty-two hundred and nine, Revised Statutes. Be·it enactedby{7ieSenateand House of oft7•e United Federalksssrveluit States of America m Congress assembled, That section four of the Act ”¤°°°¤‘°°'·°· approved December twenty-third, nineteen hundred and thirteen, known as the Federal reserve Act, be amended and reenacted by striking out that Hart of such section which reads as follows: hmmm m_ "Direct0rs of A and Class B shall be chosen in the following manner: "'l`he chairman of the board of directors_ of the Federal reserve bank of the district in which the bank is situated or, pending the a pointment of such chairman, the organization committee shall cliaasify the member banks of the district into three general groups or divisions. Each group shall contain as nearly as may be onethird of the aggregate number of the member banks of the district, and shall consist, as nearlyeas may be of banks of similar capitalization. The oups shall designated by number by the chairman. "At a regulelrly called meeting of the board of directors of each member bank in the district it shall elect by ballot a district reserve elector and shall his name to the chauman of the board of directors of the Feder reserve bank of the district. The chairman shall make lists of the district reserve electors thus named by banks in each of the aforwaid three groups and shall transmit one list to each elector in each group.