The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
X-4595-a 304 ERRORS IN OODIFICATIOIT BILL RELATING TO THE FEDERAL RESERVE ACT. The following i s a l i s t of errors which have been found in that part of H. R. 10,000, a b i l l for .the codification of the Federal statutes, which corresponds to the various provisions of the Federal Reserve Act and to certain other statutes related to the Federal Reserve Act and published in the appendix of the edition of the Federal Reserve Act prepared by the Federal Reserve Board. OMISSIONS The sixth end seventh paragraphs of Section 2 of the Federal Reserve Act providing for the forfeiture of the franchises of national banks, have been omitted from the b i l l * This omission was made evidently because these provisions were considered obsolete. A careful examination, however, shows that they are not obsolete but are s t i l l in f u l l force and e f f e c t and applicable to national banks at the present time. The f i r s t sentence of the fourth paragraph of Section 10 providing that the f i r s t meeting of the Federal Reserve Board shall be held in Washington i s omitted. This was also omitted no doubt because considered obsolete but the provision i s one which m&y have a bearing upon the l o cation or s i t u s of the Federal Reserve Board for puxpoaoe of suit or otherwise and should be retained. In Section 25(a) three sentences at the end of the paragraph incorporated in the b i l l as Section 618 have been omitted. These sentences deal with the increase or decrease of the capital stock of foreign banking corporations organized under Federal charter, the withdrawal of the capital stock of such organizations and the investment in thu capital stock of -2- - . . J-A59S-& 305 such c o r p o r a t i o n s by n a t i o n a l b a n k s . The p r o v i s i o n s of S e c t i o n 26 of the F e d e r a l Reserve Act p r o v i d i n g t h a t the S e c r e t a r y of t h e Treasury may borrow g o l d f o r the p u r p o s e of m a i n t a i n i n g the p a r i t y of a l l forms of money has n o t been f o u n d . I t may be t h a t t h i s p r o v i s i o n i s i n c l u d e d i n some o t h e r t i t l e of the c o d i f i c a t i o n b i l l . S e c t i o n 29 of t h e F e d e r a l Reserve Act p r o v i d i n g t h a t i f any p a r t of the Act i s adjudged i n v a l i d such i n v a l i d i t y s h a l l not extend to o t h e r p a r t s of t h e Act, has been o m i t t e d . S e c t i o n 30 of the F e d e r a l Reserve Act p r o v i d i n g t h a t the Act may be a l t e r e d , amended, o r r e p e a l e d , has a l s o been o m i t t e d . There a r e c e r t a i n o t h e r p o r t i o n s of the F e d e r a l Reserve Act which have been o m i t t e d from the c o d i f i c a t i o n b u t the omissions mentioned above a r e t h e only ones found to be m a t e r i a l . A l l o t h e r p r o v i s i o n s which have been o m i t t e d a r e b e l i e v e d t o be e n t i r e l y o b s o l e t e . OTHER ERRORS. V S e c t i o n 82. Corresponds t o S e c t i o n 5202 of the Revised S t a t u t e s a s amended by S e c t i o n 13, F e d e r a l Reserve A c t . The r e f e r e n c e i n t h i s s e c t i o n t o Chapter 10 of T i t l e 15, Commerce and Trade, i t has been i m p o s s i b l e t o check because the r e f e r e n c e i s n o t found i n t i t l e 12 which i s the only t i t l e a v a i l a b l e . The 8 t h e x c e p t i o n made u n d e r t h i s s e c t i o n i s n o t now law. This e x c e p t i o n was i n t e n d e d to be made by S e c t i o n 504 of t h e A g r i c u l t u r a l C r e d i t s Act of 1923 b u t by m i s t a k e the amending p r o v i s i o n r e f e r r e d to S e c t i o n 502 of t h e Revised S t a t u t e s i n s t e a d of 5202 of the Revised S t a t u t e s . -3Section. 93. X-4595-a t Corresponds to t h e t e n t h p a r a g r a p h of S e c t i o n 13 of the F e d e r a l Reserve Act, In t h e l a s t l i n e of t h i s s e c t i o n the word " f i l i n g " h a s been omitted between t h e words " i n " and "his". S e c t i o n 321. Corresponds to S e c t i o n 1 of the F e d e r a l Reserve A c t . The d e f i n i t i o n of a "member banld1 r e a d s , i n p a r t , " * * a member of one of t h e r e s e r v e banks c r e a t e d by t h i s c h a p t e r I n a s much a s F e d e r a l r e s e r v e banks were c r e a t e d u n d e r the F e d e r a l R e s e r v e Act of December 33, 1913 and t h e p r o v i s i o n s f o r t h e i r c r e a t i o n a r e o m i t t e d from the code, i t would be b e t t e r to say " a member of one of the F e d e r a l r e s e r v e b a n k s . " S e c t i o n 333. Corresponds t o f i r s t p a r a g r a p h of S e c t i o n 2 of the F e d e r a l Reserve Act. Leaves out p r o v i s i o n s r e g a r d i n g r e s e r v e bank o r g a n i z a t i o n committee b u t r e t a i n s p r o v i s i o n t h a t new d i s t r i c t s may be from time t o time c r e a t e d by the F e d e r a l Reserve Board n o t to exceed twelve i n a l l . Inasmuch a s twelve d i s t r i c t s have a l r e a d y been c r e a t e d , t h i s p r o v i s i o n i s o b s o l e t e and s h o u l d be o m i t t e d u n l e s s i t i s d e s i r e d t o p r e s e r v e a l l of t h e p r o v i s i o n s r e l a t i n g to t h e o r i g i n a l c r e a t i o n of the Federal reserve districts. The a u t h o r i t y to r e a d j u s t d i s t r i c t s , however, should be p r e s e r v e d . S e c t i o n 333. P r o v i d e s t h a t , "The F e d e r a l r e s e r v e c i t i e s now i n e x i s t e n c e a r e continued." This i s new and might be c o n s t r u e d t o f o r b i d the changing of any F e d e r a l r e s e r v e c i t y . The p r e s e n t law does not f o r b i d t h e changing of a F e d e r a l r e s e r v e c i t y ; b u t t h e A t t o r n e y General has r u l e d t h a t t h e p r e s e n t law does not 301 -4- X-4595-a a u t h o r i z e the F e d e r a l Reserve Bo-.rd to change a F e d e r a l r e s e r v e c i t y once e s t a b l i s h e d . S e c t i o n 225. T h i s c o n t a i n s a new p r o v i s i o n t o the e f f e c t t h a t , ''The F e d e r a l r e s e r v e banks now i n e x i s t e n c e i n the v a r i o u s F e d e r a l r e s e r v e c i t i e s are continued". This a l s o might be c o n s t r u e d to p r o - h i b i t t h e d i s c o n t i n u a n c e of any F e d e r a l r e s e r v e bank but the A t t o r n e y General has r u l e d t h a t the p r e s e n t law does not aut h o r i z e the F e d e r a l Reserve Board to d i s c o n t i n u e any F e d e r a l r e s e r v e bank once e s t a b l i s h e d . S e c t i o n 248 (el- This corresponds to S e c t i o n l l ( e ) of the F e d e r a l Reserve Act and r e f e r s t o t h e r e s e r v e r e q u i r e m e n t s s e t f o r t h i n " S e c t i o n 20 of t h i s c h a p t e r " . There i s no S e c t i o n 20 i n t h e same c h a p t e r of the Code, and t h e p r o p e r s e c t i o n number should be substituted. S e c t i o n 11(e) of the F e d e r a l Reserve Act r e f e r s t o S e c t i o n 20 of t h e F e d e r a l Reserve Act; b u t t h i s o b v i o u s l y i s a c l e r i c a l e r r o r , and Congress o b v i o u s l y i n t e n d e d to r e f e r to S e c t i o n 13 of the F e d e r a l I t f s e r v e A c t , which i s covered by S e c t i o n s 461-466 of the Code. S e c t i o n 248 ill- Corresponds t o S e c t i o n 11(1) of the F e d e r a l R e s e r v e A c t . The r e f e r e n c e to s e c t i o n 632 of T i t l e 5 i t has been i m p o s s i b l e t o check because t h i s t i t l e i s n o t a v a i l a b l e . S e c t i o n 282. Corresponds t o a p o r t i o n of S e c t i o n 2 of t h e F e d e r a l Reserve Act. While t h i s makes c e r t a i n changes i n t h e t e x t of the law i t i s not o b j e c t i o n a b l e . X-4595-a -o- S e c t i o n 284. 308 Corresponds t o c. p o r t i o n of S o c t i o n 2 of the F e d e r a l 6 s s e r v e Act. T h i s c o n t a i n s p a r t but n o t a l l of the c o r r e s p o n d i n g paragraph of the F e d e r a l Reserve A c t , a l l of which i s p r a c t i c a l l y o b s o l e t e because no s t o c k has e v e r been a l l o t t e d to t h e U n i t e d S t a t e s and none ever w i l l be a l l o t t e d t o t h e U n i t e d S t a t e s u n d e r the p r e s e n t law. I t would seen t h a t the c o r r e s p o n d i n g p a r a g r a p h of t h e F e d e r a l Reserve Act should e i t h e r be o m i t t e d e n t i r e l y or a l l of i t should be covered i n the c o d i f i c a t i o n b i l l * S e c t i o n 324. Corresponds to a p a r t of S e c t i o n 9 of t h e F e d e r a l Reserve Act. The r e f e r e n c e to " t h i s s e c t i o n " s h o u l d be changed to r e a d " S e c t i o n s 321 to 331." S e c t i o n 330. Corresponds to a p a r t of S e c t i o n 9 of the F e d e r a l Reserve Act. The r e f e r e n c e t o " t h i s s e c t i o n " should bo changed to read " S e c t i o n s 321 t o 331." S e c t i o n 331. Corresponds to a p a r t of S e c t i o n 9 of the F e d e r a l Reserve A c t . The r e f e r e n c e t o " t h i s s e c t i o n " should be changed to read " S e c t i o n s 321 to 331." S e c t i o n 341. Corresponds to a p a r t of S e c t i o n 4 of t h e F e d e r a l Res e r v e Act. I n t h e t h i r d l i n e of t h i s s e c t i o n , the words " t h e o r g a n i z a t i o n of" a r e s u p e r f l u o u s and s h o u l d be omitted. The p r e c e d i n g p a r a g r a p h s of the o r i g i n a l Fed- e r a l Reserve Act p r o v i d i n g f o r the o r g a n i z a t i o n of F e d e r a l r e s e r v e banks was o m i t t e d a p p a r e n t l y because they a r e obsolete. E i t h e r t h e s e p r o v i s i o n s should be -6- X-4595-a 309 r e s t o r e d o r , i f the p o l i c y of t h e c o d i f i c a t i o n i s to omit e v e r y t h i n g which i s o b s o l e t e , the f i r s t p a r a g r a p h of t h i s s e c t i o n should merely p r o v i d e t h a t , "Every F e d e r a l r e s e r v e bank s h a l l be deemed a body c o r p o r a t e and as such and in the name d e s i g n a t e d i n i t s o r g a n i z a t i o n c e r t i f i c a t e s h a l l have power". The l a s t p a r a g r a p h of t h i s s e c t i o n p r o v i d e s t h a t no Fede r a l r e s e r v e bank s h a l l t r a n s a c t any b u s i n e s s except such as i s i n c i d e n t a l and n e c e s s a r i l y p r e l i m i n a r y t o i t s o r g a n i z a t i o n u n t i l a u t h o r i z e d by t h e Comptroller of the Currency to commence b u s i n e s s . I f i t i s the p o l i c y of the c o d i f i c a t i o n to omit a l l o b s o l e t e m a t t e r i t would seem t h a t t h i s p a r a g r a p h should be omitted.The r e f e r e n c e i n the p a r e n t h e s e s f o l l o w i n g t h i s s e c t i o n i s to "December 23, 1913, c.. 6, s e c t i o n 1 , 38 S t a t . 254". This should be changed t o r e a d "December 23, 1913 c. 6, s e c t i o n 4, 38 S t a t . 251"* Corresponds t o a p a r t of S e c t i o n 13 of the F e d e r a l Res e r v e Act. The comma a f t e r t h e word "checks" i n the f i r s t l i n e of t h e second column on page 281 s h o u l d be o m i t t e d a s i t was not i n t h e o r i g i n a l a c t and i t s i n s e r t i o n a t t h i s p l a c e might be c o n s t r u e d to change t h e meaning of the law. Corresponds t o a p a r t of S e c t i o n 13 of the F e d e r a l Reserve Act. There i s a t y p o g r a p h i c a l e r r o r i n the middle of t h i s s e c t i o n ; t h e word "or" s h o u l d be i n s e r t e d a f t e r t h e word "wares". -7~ X-4595-a 310 S e c t i o n 345. Corresponds to a p a r t of S e c t i o n 13 of t h e F e d e r a l Reserve A c t , The c a t c h - l i n e of t h i s s e c t i o n i s i n c o r r e c t and m i s l e a d i n g . The l i m i t a t i o n c o n t a i n e d i n t h i s s e c t i o n a p p l i e s to t h e r e d i s c o u n t of any and a l l p a p e r b u t t h e c a t c h l i n e would i n d i c a t e t h a t i t a p p l i e s o n l y t o a g r i cultural paper. In view of t h e s u b d i v i s i o n i n t o s e p a r a t e s e c t i o n s i t would seem t h a t t h e word " such" i n t h e t h i r d l i n e of t h i s s e c t i o n could w e l l b e o m i t t e d . S e c t i o n 346. Corresponds to a p a r t of S e c t i o n 13 of t h e F e d e r a l Reserve Act. In view of t h e rearrangement of t h e p r o v i s i o n s of t h e F e d e r a l Reserve Act r e l a t i n g to a c c e p t a n c e s of member banks i t would seem t h a t t h e p h r a s e "of t h e k i n d s h e r e i n a f t e r d e s c r i b e d " should b e changed t o r e a d "of t h e k i n d s d e s c r i b e d i n s e c t i o n s 372 and 373." S e c t i o n 350. Corresponds t o a p a r t of t h e A g r i c u l t u r a l C r e d i t s Act of 1923. R e f e r e n c e t o T i t l e I of t h e F e d e r a l Farm Loan Act should be changed so a s to r e f e r t o t h e p r o p e r c h a p t e r and t i t l e of t h e c o d i f i c a t i o n . S e c t i o n 351. Corresponds t o a p a r t of t h e A g r i c u l t u r a l C r e d i t s Act of 1923. The p h r a s e " w i t h i n t h e meaning of t h e t h r e e p r e c e d - i n g s e c t i o n s " should be changed to r e a d " w i t h i n t h e meani n g of S e c t i o n 348." S e c t i o n 373. Corresponds to a p a r t of S e c t i o n 13 of t h e F e d e r a l Reserve Act. The word "or" s h o u l d b e i n s e r t e d a f t e r t h e word " t i t l e " i n t h e 19th l i n o . -8- S e c t i o n 375. X-4595-a 311 Corresponds to a p a r t of S e c t i o n 22 of t h e F e d e r a l Reserve Act. The word " s u b s e c t i o n " i n tho second p a r a g r a p h i t would seem should be changed to " s e c t i o n " . S e c t i o n 391. Corresponds to a p a r t of S e c t i o n 15 of t h e F e d e r a l Reserve Act. The word "money" should be changed t o "moneys". This s e c t i o n i s i n e f f e c t amended by t h e A p p r o p r i a t i o n Act of 1920 approved May 2 9 , 1920, b u t t h e amendment i s n o t n o t e d in the c o d i f i c a t i o n . Section 412. Corresponds to a p a r t of S e c t i o n 16 of t h e F e d e r a l Reserve Act. The r e f e r e n c e to S e c t i o n 342 i s wrong; b e c a u s e , u n d e r t h a t s e c t i o n , n o t e s , d r a f t s and b i l l s of exchange may b e r e c e i v e d o n l y f o r p u r p o s e s of c o l l e c t i o n and t h e F e d e r a l r e s e r v e bank h o l d s them merely a s agent and t h e r e f o r e could n o t pledge them w i t h t h e F e d e r a l Reserve Agent a s c o l l a t e r a l security. The r e f e r e n c e to S e c t i o n 372 i s i n c o r r e c t because t h a t s e c t i o n merely r e f e r s to t h e power of member banks to a c c e p t t h e d r a f t s and b i l l s of exchange drawn upon them. R e f e r e n c e t o S e c t i o n s 343-347 would b e c o r r e c t . Where r e - f e r e n c e i s made to s e c t i o n s 353 t o 358 i t s h o u l d r e f e r to S e c t i o n s 353 to 359 so a s t o i n c l u d e a c c e p t a n c e s of F e d e r a l I n t e r m e d i a t e C r e d i t Banks and N a t i o n a l A g r i c u l t u r a l C r e d i t C o r p o r a t i o n s endorsed by member banks and p u r c h a s e d by F e d e r a l r e s e r v e banks (under S e c t i o n 1 4 ( f ) of F e d e r a l Reserve Act), I t would a l s o seem t h a t a r e f e r e n c e should be made t o S e c t i o n 348; b u t t h i s i s n o t e s s e n t i a l , i n view of X-4595-a t h e f a c t t h a t S e c t i o n 348 i t s o l f makes a g r i c u l t u r a l p a p e r acquired thereunder e l i g i b l e as c o l l a t e r a l s e c u r i t y f o r Federal reserve notes. Section 422. Corresponds to a p a r t of S e c t i o n 16 of t h e F e d e r a l Reserve Act. 1908". This r e f e r s to " n o t e s p r o v i d e d f o r by Act of May 30, R e f e r e n c e should be made to t h a t s e c t i o n of t h e Code which c o r r e s p o n d s to t h e Act of May 30, 1908. This s e c t i o n of t h e c o d i f i c a t i o n a l s o c o n t a i n s a p h r a s e " a t t h e time of t h e p a s s a g e of t h i s c h a p t e r " , "chapter" being s u b s t i t u t e d f o r t h e word " a c t " a s c o n t a i n e d i n t h e F e d e r a l Reserve A c t . I t would seem t h a t t h i s p h r a s e should be changed to r e a d " a t t h e time of t h e p a s s a g e of t h e F e d e r a l Reserve A c t . " S e c t i o n 448. Corresponds to a p a r t of S e c t i o n 18 of t h e F e d e r a l Reserve Act. The word " h e r e i n " i n t h e l a s t l i n e should be s t r i c k e n o u t and t h e words " i n S e c t i o n s 441 to 448 of t h i s c h a p t e r " added a t t h e end of t h e s e c t i o n . S e c t i o n 467. Corresponds t o a p a r t of S e c t i o n 16 of t h e F e d e r a l Reserve Act. The words " o r any A s s i s t a n t T r e a s u r e r " which a r e now f o u n d i n t h e t h i r d l i n e of t h e p r e s e n t law a f t e r t h e word " T r e a s u r e r " a r e o m i t t e d from t h e c o d i f i c a t i o n . The words " o r A s s i s t a n t T r e a s u r e r " now found i n t h e e i g h t h l i n e of t h e p r e s e n t law af t e r t h e word " T r e a s u r e r " a r e a l a o o m i t - 3 1 2 -10- ted. X-4595-a <*-8 «} Inasmuch a s t h e S u b t r e a s u r i e s and t h e o f f i c e of A s s i s t a n t T r e a s u r e r were a b o l i s h e d by t h e A p p r o p r i a t i o n Act of May 29, 1920, t h e omission of r e f e r e n c e s t o t h e Assistant Treasurers i s probably c o r r e c t . The word " s e c t i o n " found i n t h e f i r s t and second l i n e s of t h e l a s t p a r a g r a p h of t h i s s e c t i o n should be changed to r e a d " c h a p t e r . " Section 482. Corresponds to a p a r t of S e c t i o n 5240 of t h e R e v i s e d S t a t u t e s a s amended by S e c t i o n 21 of t h e F e d e r a l Reserve A c t . The word " h e r e i n " in t h e f i f t h l i n e should b e s t r i c k e n out and t h e words " i n S e c t i o n 481" i n s e r t e d a f t e r t h e words " p r o v i d e d for". S e c t i o n 605. Corresponds to a p a r t of S e c t i o n 25 of t h e F e d e r a l Reserve Act. The r e f e r e n c e to " S e c t i o n 197, T i t l e 15, Commerce and Trade" i t h a s been i m p o s s i b l e to check b e c a u s e t h i s t i t l e i s not a v a i l a b l e . S e c t i o n 611, Corresponds to a p a r t of S e c t i o n 2 5 ( a ) of t h e F e d e r a l Reserve Act. * The word " s e c t i o n " i n t h e n i n t h and t w e l f t h l i n e s • should be changed to r e a d " s u b d i v i s i o n of Chapter 6 " . •* S e c t i o n 613, Corresponds to a p a r t of S e c t i o n 2 5 ( a ) of t h e F e d e r a l Reserve Act, The word " s e c t i o n " i n t h e l a s t l i n e should be changed to r e a d " s u b d i v i s i o n of c h a p t e r 6 " , S e c t i o n 614, Corresponds to a p a r t of S e c t i o n 2 5 ( a ) of t h e F e d e r a l Reserve Act., The second word of t h e t e x t of t h i s s e c t i o n , "person" s h o u l d b e made p l u r a l , " p e r s o n s . " -11- S e c t i o n 615. X-4595-a Corresponds to a p a r t of S e c t i o n 2 5 ( a ) of t h e F e d e r a l Reserve Act. The word " c h a p t e r " i n t h a f o u r t e e n t h l i n e f r o m t h e end of p a r a g r a p h ( a ) should he " s u b d i v i s i o n of Chapter 6 " . The word " s e c t i o n " i n t h e n i n t h l i n e f r o u t h e end of p a r a g r a p h ( a ) , i n t h e f i f t h l i n e from t h e end of p a r a g r a p h ( a ) , i n t h e f o u r t h l i n e from the end of p a r a g r a p h ( a ) , i n t h e f o u r t h l i n e from t h e b e g i n n i n g of p a r a g r a p h ( c ) and i n t h e s i x t h l i n e of t h e l a s t p a r a g r a p h , should "be changed to " s u b d i v i s i o n of Chapter 6." S e c t i o n 616. Corresponds to a p a r t of S e c t i o n 25 ( a ) of t h e F e d e r a l Reserve Act. The word " s e c t i o n " i n t h e t e n t h l i n e s h o u l d b e changed to " s u b d i v i s i o n of c h a p t e r 6" and the same change s h o u l d b e made i n t h e l a s t word of t h i s s e c t i o n . S e c t i o n 617. Corresponds t o a p a r t of S e c t i o n 2 o ( a ) of t h e F e d e r a l Reserve Act. The word " s e c t i o n " i n t h e f i f t h l i n e should b e changed to r e a d " s u b d i v i s i o n of c h a p t e r 6"» The word " s e c t i o n " i n t h e second s e n t e n c e should a l s o b e so changed. S e c t i o n 618. Corresponds to a p a r t of S e c t i o n 2 5 ( a ) of t h e F e d e r a l Reserve Act. 4 The word " s e c t i o n " i n t h e f i f t h l i n e from t h e end of t h i s s e c t i o n s h o u l d be changed to 11 s u b d i v i s i o n of c h a p t e r 6 . " The r e f e r e n c e to s e c t i o n 25 of t h e F e d e r a l R e s e r v e Act a s amended, a p p e a r i n g i n t h e f i f t h l i n e from t h e end of t h i s s e c t i o n should be changed so a s to r e f e r to S e c t i o n s 6 0 1 t o 605 of t h i s c h a p t e r . S e c t i o n 619. 4 Corresponds to a p a r t of S e c t i o n 25 ( a ) of t h e F e d e r a l Reserve Act. The word " s e c t i o n " a p p e a r i n g i n t h e 9 t h l i n e from t h e end of t h i s s e c t i b n and a l s o a s t h e l a s t word of t h i s s e c t i o n X-4595-a -12- should, "be changed to " s u b d i v i s i o n of c h a p t e r 6 . " word 11 115 After the s e c t i o n " i n t h e n i n t h l i n e from t h e end of t h i s s e c t i o n t h e word " i n " which i n the p r e s e n t law p r e c e d e s t h e words "whose c a p i t a l stock" has been o m i t t e d . meaning of t h e s e n t e n c e e n t i r e l y . This changes t h e The r e f e r e n c e t o S e c t i o n 19 of T i t l e 15 Commerce and Trade, found i n t h i s s e c t i o n i t h a s been i m p o s s i b l e to check because t h i s t i t l e i s n o t a v a i l a b l e . S e c t i o n 629. Corresponds to a p a r t of S e c t i o n 2 5 ( a ) of t h e F e d e r a l Reserve Act . In t h e e i g h t h l i n e from t h e end of t h e s e c t i o n , t h e word " s e c t i o n " should be changed to " s u b d i v i s i o n of c h a p t e r 6 . " S e c t i o n 630. Correspohds to a p a r t of S e c t i o n 2 5 ( a ) of t h e F e d e r a l Reserve Act. The word " s e c t i o n " i n t h e f o u r t h l i n e f r o m t h e end should be changed to " s u b d i v i s i o n of c h a p t e r 6 . " S e c t i o n 631. Corresponds to a p a r t of S e c t i o n 2 5 ( a ) of t h e F e d e r a l , R e s e r v e Act. In t h e s e v e n t h l i n e of t h i s s e c t i o n t h e word "hereunder" should be changed to r e a d "under t h i s s u b d i v i s i o n of c h a p t e r 6". S e c t i o n 943. Corresponds to a p a r t of t h e Farm l o a n A c t . The words " s u b d i v i s i o n (b) of" I n t h e 5 t h and 6 t h l i n e s should be o m i t t e d . S e c t i o n 1222. Corresponds to a p a r t of t h e A g r i c u l t u r a l C r e d i t s Act of 1923, The word " s e c t i o n " i n t h e second l i n e s h o u l d b e changed to r e a d " c h a p t e r " , S e c t i o n 1223 Corresponds to a p a r t of t h e A g r i c u l t u r a l C r e d i t s Act of 1923. The word " s e c t i o n " i n the second l i n e should be changed t o r e a d "chapter".
@FedFRASER