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[ P U B L I C R E S O L U T I O N — N o . 2 5 — 7 4 T H CONGRESS]
[H. J. Res. 320]


T o extend from June 16, 1935, to June 16, 1938, the period within which loans
made prior to June 16, 1933, to executive officers of member banks of the
Federal Reserve System may be renewed or extended.

Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, That subsection (g j of section 22 of the Federal Reserve A c t is hereby amended by strildng out :
That loans heretofore made to any such officer may be
renewed or extended not more than two years from the date this paragraph takes effect, i f i n accord w i t h sound banking practice." and
inserting i n lieu thereof: " Provided, That loans made to any such
officer prior to June 1(5, 1933, may be renewed or extended f o r periods
expiring not more than five years f r o m such date where the board
of directors of the member bank shall have satisfied themselves that
such extension or renewal is i n the best interest of the bank and that
the officer indebted has made reasonable effort to reduce his obligation, these findings to be evidenced by resolution of the board of
directors spread upon the minute book of the bank*"
Approved, June 14, 1935.