PUBLIC LAWS-CHS. 214, 215 -JUNE 20, 1939
June 20,1939
IS. 1886]
[Public, No. 135]
Federal Reserve
Act, amendments.
49 Stat. 716.
12 U. . C., Supp.
IV, § 375a.
Loans to executive
officers of member
banks prohibited.
Provsoa.
Loans made prior
to June 16, 1933; re-
newal or extension.
Extension of credit
on approval of board
of directors.
State banks, mem-
bership requirement.
Subsection repealed.
49 Stat. 703 .
12 U. S. C., Supp.
IV, § 264(y).
Textual amend-
ment.
June 20, 1939
[H. R. 543]
[Public, No. 136]
Fort Niagara Mill-
tary Reservation,
N.Y.
Orant
of
sewer
right-of-way, etc to
Youngstown, N. Y.
Condition.
Legislation re-
pealed.
52 Stat. 592.
[CHAPTER 214]
AN ACT
To extend to June 16 1942, the period within which certain loans to executive
officers of member banks of the Federal Reserve System may be renewed or
extended.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, That the first
sentence of subsection (g) of section 22 of the Federal Reserve Act,
as amended (U. S . C ., title 12, sec. 375a), is amended to read as
follows:
"(g) No executive officer of any member bank shall borrow from
or otherwise become indebted to any member bank of which he is
an executive officer, and no member bank shall make any loan or
extend credit in any other manner to any of its own executive officers:
Provided, That loans made to any such officer prior to June 16, 1933,
may be renewed or extended for periods expiring not more than five
years from June 16,1939, where the board of directors of the member
bank shall have satisfied themselves that such extension or renewal
is in the best interest of the bank, and that the officer indebted has
made reasonable effort to reduce his obligation, these findings to be
evidenced by resolution of the board of directors spread upon the
minute book of the bank: Provided further, That with the prior
approval of a majority of the entire board of directors, any member
bank may extend credit to any executive officer thereof, and such
officer may become indebted thereto, in an amount not exceeding
$2,500."
SEC. 2 . Paragraph (1) of subsection (y) of section 12B of the
Federal Reserve Act, as amended, is hereby repealed and paragraph
(2) of said subsection is amended by striking out "(2)" at the
beginning of said paragraph.
Approved, June 20, 1939.
[CHAPTER 215]
AN ACT
To authorize the grant of a sewer right-of-way and operation of sewage-treatment
plant on the Fort Niagara Military Reservation, New York, by the village of
Youngstown, New York.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, That the Secretary
of War be, and he is hereby, authorized to grant to the village of
Youngstown, Niagara County, New York, a municipal corporation,
for a term of fifty years, an easement for right-of-way for a sewer
line to be constructed by said village on theFort Niagara Military
Reservation, New York, from said village to a sewage-treatment plant
to be constructed by the Secretary of War on said reservation, and
to contract from time to time for the operating and maintenance of
said plant by the village for the treatment of sewage of said post
and the village, upon such terms and conditions as the Secretary of
War deems advisable.
SEC. 2 . That said easement shall not be granted until the Legislature
of the State of New York shall have first provided by appropriate
legislation that the granting of the easement shall not impair or
invalidate any of the rights, title, or privileges granted to the United
States pursuant to the act of the Legislature of New York passed
April21, 1840 (N. Y. Laws, 1840, ch. 155, p. 113).
Sin. . That the Act of May 31, 1938 (52 Stat. 592), to authorize
the Secretary of War to lease to the village of Youngstown, New
York, a portion of the Fort Niagara Military Reservation, New York,
be, and the same is hereby repealed.
842
[53 ST&T.
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