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X-318 RESOLUTION OF THE FEDERAL RESERVE BOARD ADOPTED AT A MEETING HELD AUGUST 9, 1917. BE IT RESOLVED, that any member bank which has heretofore applied for and received permission of the Federal Reserve Board to accept drafts and bills of exchange in an amount not to exceed one hundred per centum of it3 capital and surplus, be, and it is heroby authorized and empowered under the authority of the Act of June 21, 1917, to accept up to one hundred per cent drafts or bills of exchange drawn upon it having not more than six months’ sight to run, exclusive of days of grace, which grow out of transactions involv ing the importation or exportation of goods or which grow out of transactions involving the domestic ship ment of goods, provided shipping documents conveying or securing title are attached at the tip© of accep tance; or which are secured at the time of acceptance by a warehouse receipt or other such document convoy ing or securing title covering readily rnarkotable staples. fective tion by notice, ject to The authority horein grantod shall be ef from this date, subject, however, to revoca the Board at any time, upon ninety days' as to any or all of the banks which are sub the provisions of this resolution. RESOLVED, further, that a copy of this resolution bo sent to oach bank vhlch has heretofore been grantod permission by the Board to accept such drafts and bills of exchange to an amount not to exceed ono hundred per centum of its capital and surplus.
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