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1807

910

BE

OF

IT

ENACTED

THE U N I T E D S T a T E S

OF

BY THE
AMERICA

L&NaTE AND HOUSE OF

I^PID^NTATIVES

IN CONGRESS .ubSEMB-bED, T h a t t h e f i f t &

p a r a g r a p h of S e c t i o n 1'j of t h e . ^ c t approved. December 2 3 , 1 9 1 3 , known
a s t h e F e d e r a l R e s e r v e a c t , a s amended by t h e

A

c t s a p p r o v e d March 1 5 , 1915,

and September 7 , 1 9 1 6 , be and i s h e r e b y amended so a s t o r e a d a s f o l l o w s :
iuiy member b a n k may a c c e p t d r a f t s or b i l l s o f e x c h a n g e
drawn upon i t h a v i n g n o t more t h a n s i x m o n t h s 8 s i g h t t o r u n , e x c l u s i v e of days of g r a c e , which grow o u t of t r a n s a c t i o n s i n v o l v i n g t h e i m p o r t a t i o n o r e x p o r t a t i o n o f g o o d s ; or svhich grow o u t
of t r a n s a c t i o n s i n v o l v i n g t h e d o m e s t i c s h i p m e n t o f goods p r o v i d e d
s h i p p i n g documents c o n v e y i n g or s e c u r i n g t i t l e a r e a t t a c h e d a t
t h e t i m e of a c c e p t a n c e ; or w h i c h a r e s e c u r e d a t t h e t i m e o f a c c e p t a n c e by a w a r e h o u s e r e c e i p t o r o t h e r s u c h document c o n v e y i n g
o r s e c u r i n g t i t l e c o v e r i n g r e a d i l y m a r k e t a b l e s t a p l e s . No Memb e r b a n k s h a l l a c c e p t , w h e t h e r i n a f o r e i g n or d o m e s t i c t r a n s a c t i o n , f o r a n y one p e r s o n , company, f i r m , o r c c o r p o r a t i o n t o a n
fca amount e q u a l a t a n y t i m e i n t h e a g g r e g a t e t o more t h a n t e n p e r
c e n t u m of i t s p a i d - u p a n d u n i m p a i r e d c a p i t a l s t o c k and s u r p l u s
u n l e s s t h e bank i s s e c u r e d e i t h e r by a t t a c h e d documents o r by
some o t h e r a c t u a l s e c u r i t y g r o w i n g o u t o f t h e same t r a n s a c t i o n
a s t h e a c c e p t a n c e and no b a n k s h a l l a c c e p t s u c h b i l l s t o a n
amount e q u a l a t any time, i n t h e a g g r e g a t e t o more t h a n o n e - h a ^ f
of i t s p a i d - u p and u n i m p a i r e d c a p i t a l s t o c k a n d s u r p l u s ! pxstx

.

P R O V I D E D , HOWEVER, T H A I THE FEDERAL R E S E R V E BOARD, UNDER SUCH GLIJERA L R E G U L A T I O N S A S I T MAY P R E S C R I B E , WHICH SHALL A P P L Y TO A L L BANKS
A L I K E R E G A R D L E S S O F THE AMOUNT O F C A P I T A L STOCK AND S U R P L U S , MAY
A U T H O R I Z E ANY MEMBER BANK TO ACCEPT SUCH B I L L S TO AN AMOUNT NOT
E X C E E D I N G A T ANY T I 1 E I N THE AGGREGATE ONE HUNDRED PER CENTUM O F
I T S P A I D - U P AND U N I M P A I R E D C a P I T A L STOCK AND S U R P L U S , P R O V I D E D ,
HOY,'EVER, THAT T I E AGGREGATE OF ACCEPTANCES G O ING OUT OF DOILJOTIC
RW
TRANSACTIONS SHALL I N NO EVENT EXCEED F I F T Y PER CENTUM O F SLTCII

CAPITAL STOCK P D

12-ia-ie




SURPLUS.