Full text of Mimeograph Letters and Statements of the Board : Act Authorizing Banks or Trust Companies Incorporated Under Laws of the Commonwealth to Become Members of Federal Reserve Banks, Number X-670, Volume 7, Page 49

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x~>G;lo

An act authorizing any bank or trust company incorporated
under the laws of this Commonwealth to becone a.mamber of a

Fede~l

Reserve Bank, and in such event to be subject to all the provisions
of the act o:f Congress known as the Federal Re-serve Act; allC\'ning
any such bank or. trust

co~pany

to comply with the reserve requirements

of such act in lieu of those established by the laws of this Comaonwealth;
and per-mitting the commissioner of banking to accept the examinations
and audits made pursuant to such act in lieu of those required by the
laws of this Coomonwealth.
SECTION l.
Be i t enactei by the

I

senate

n
t ives of
and House of nepresenta

the Commonwealth of - - - - - - - - - - - i n General Assembly n:et,
and it is hereby enacted by the authority of the sana,

That any bank

. or trust company incorporated under the laws of this Com:r.onweal th shail
have the power to subscribe to the capital stock and become a

~mber

of

a Federal Reserve Bank created and organized under an act of Congress of
the United

~tates

approved the twenty-third day of December anno Domini

one thousand nine hundfed and thirteen, and knPWU as the Feder.al Reserve
Act.
SECTION 2.
Any bank or trust company,.. incorporated under the laws of

this Commonwealth, whic:P. shall becorr.$ a member of a Federal Reserve Bank,
shall be subject to all the provisiQns of the Federal Reserve Act




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50

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and its amencbDents, ·and to

~he

regulatiOnS of the Federal

Reserve~

Beard applicable .to sucll bank or trilst company, and shall have all
as~

the po-Rers and

all the liabilities conhrrali !l.nd imposed by

said act ..
SECTION

a.
~Y

such bank or trust company shall comply with the reserve

requirements of the Federal f\eserve Act and its

a.n-.en~nts,

and the

COlllpliance of such bank or trust con:pa.ny therewith shall be in lieu of,
and shall relieve such bank or trust company from, compliance with the
provisions of the laws of this Cor;.monwea.lth relating to the xraintenance
of reserves.
SECTION 4.

Any such bank or trust corr.pany shall be subject to the examinations required under the
missioner

o~

te~~

of the Federal Reserve Act, and the com-

banking may, in his discretion, accept such examinations
e~ations

in lieu of the

required under the laws of this

C~onwealth.

Section 5.
All acts and parts of aQts inconsistent herewith are llereby
.fepealecl ..

l/2a/la

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