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7‘*
o
568.

AMENDMENT TO SECTION 22.

BE IT ENACTED BY THE SENATE AND HOUSE OF REPRESENTATIVES
OF THE UNITED STATES OF AMERICA IN CONGRESS ASSEMBLED.
That that part of Section 22 of the Act approved December 23, 1913,
and known as "The Federal Reserve Act”, which reads as follows:
"Other than the usual salary or director's fees
paid to any officer, director, or employee of a mem­
ber bank and other than a reasonable fee paid by
said bank to such officer, director, or employee for
services rendered to such bank, no officer, director,
employee, or attorney of a member bank shall be a
beneficiary of or receive, directly or indirectly, any
fee, commission, gift, or other consideration for or
in connection with any transaction or business of the
bank",
be amended and re-enacted so as to read as follows:
"Other than the usual salary or director's fee
paid to any officer, director, or employee of a mem­
ber bank and other than a reasonable fee paid by said
bank to such officer, director, or employee for ser­
vices rendered to such bank, no officer, director
employee, or attorney of a member bank shall be-a
beneficiary of or receive, directly or indirectly,
any fee, commission, gift, or other consideration for
or in connection with any transaction or business of
the bank, PROVIDED, HCWEVER, that nothing in this Act
contained shall be construed to prohibit the. payment
of reasonable fees for services rendered by an attorney
to a member bank who is a director of said bank, or
prohibit a director, officer, or employee from receiv­
ing the same rats of interest paid to other depositors
for deposits made with such bank, and, PROVIDED, FUR­
THER, that notes, drafts, bills o ' exchange or other
i
evidences of debt executed or endorsed by directors
of a member bank may be discounted with such member
bank on the same terms and conditions as other notes,
drafts, bills of exchange or evidences of debt upon
the affirmative tote of three-fourths the members of
the board of directors of such member bank".

3/8/16.