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    CRAP. 6.-An.Act to provide lor the establishment of Federal reserve banks. CRAP. 7.-An Act to authorize the erection of fireproof laboratories for the tiC:ct:' of addlBureau of Mines in the city of Pittsburgh,.pennsylvania.

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    CRAP. 6.-An.Act to provide lor the establishment of Federal reserve banks. CRAP. 7.-An Act to authorize the erection of fireproof laboratories for the tiC:ct:' of addlBureau of Mines in the city of Pittsburgh,.pennsylvania.

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    625 views24 pages

    Federal Reserve Act, 1913

    Uploaded by

    crazybuttful
    CRAP. 6.-An.Act to provide lor the establishment of Federal reserve banks. CRAP. 7.-An Act to authorize the erection of fireproof laboratories for the tiC:ct:' of addlBureau of Mines in the city of Pittsburgh,.pennsylvania.

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    SERTY-THIRD CONGRESS. Snes, II. Cus, 4-8. 1012, or other uses, er any vested right acquired thereunder, and the Seere- tary of the Interior, in earrying out tho provisions of this Act, shall proceed in eonformity with tha laws of said State, Approved, December 19, 1913. CHAP. 5—An hot Amending an Act ent “An Act fo ine th Unio cod cin Mahe ata rn te aed teen remus Sram as MARR Nein, ae Sr oe as eaaR MgNen aa Ser eat ee i ark far atsloen hvodca an ices Be it enacted bythe Senate and Hous of Representatives of the United States of America in Cor ¢ assembled, That section twenty-six of the Act approved March fourth, nineteen hundred and thirteen, which authorizes the Secretary of the Treasury to enter into a eon- zact or contracts for the erection of firproof laboratories for the Bureau of Mines in the city of Pittsburgh, Pennsylvania, and so forth, is hereby amended so as to authorize the Secretary of the -, in his discretion, to accept and expend, in addition to the limit of cost therein fixed, such funds as may be received by con- tribution from the State of Penagyiranis, or from other sources, for the purpose of enlarging, by purchase, condemnation, or otherwise, and improying the site authorized to be sequired for said Bureau of Mines, or for other work contemplated by said legislation: Provided, ‘That the acceptance of such contributions and tho improvemonts made therowith shall involve the United States in no expenditure in excess of tho limit of cost herotofore fixed. Approved, Decomber 22, 1913. ‘OHAP. 6.—An Act To provide jor the establishment of Fedoral resorye banks, to frish an elastic cunedcy, {0 afford moans of rediseounting commercial paper, 40 eslablidh a inore effective supervision of banking in tho United States, abd for ‘other purposes Be it enacted by the Senate and House of Representatives of the Trited States of America in Congress assembled, ‘That the short title of this Act shall be the “Federal Reserve Act.” ‘Wherever the word “bank” is used in this Act, the word shall be held Uo ied State bank, banking asociation dd trust company, excopt whore national ‘banks or Federal resorvo banks are specieally referred Wo. ‘The terms “national bank” and “national banking association” used in this Act shall be held to be aa and interchangeable. ‘The term “member bank’ shall be held fo mean any national bank, State bank, or bank or trust company which has become a member ‘of one of the reserve banks created by this Aet. The term “board” shall be held to mean Federal Reserve Board; the term “district” shall be held to mean Federal reserve district; the term “reserve bank” shall be held to mean Federal reserve bank. FEDERAL RESERVE DISTRICTS. Sxo, 2, As soon as practicable, the Secretary of the Treasury, the Secretary of Agriculture and thé Comptroller of the Currency, act ing as "the Reserve Bank Organization Committee,” shall designate not less than eight nor more than twelve cities to be known as Federal reserve cities, ‘nd shall divide the continental United States, ex- Gludiug Alaska, into distziets, each disuriet wo coutaby ouly ene gt'ouch Federal reserve cities. ‘The determination of said organization 251 wae Bre Ro amlobanang qqece “rho, igre tau We we pants, aT ‘yee ensue, ager reve is conalearvecia, Distt 252 SIXTY-THTRD CONGRFSS, Sus, IT Cx. 6. 1919, committee shall not be subject to review except by the Federal Reserve Board when organized: Provided, ‘That ihe districts shall be apportioned wit due regard to tho gonvenienco and customary couse of business and shall not necessarily be coterminous with any State or States. The districts thus created may be readjusted and new districts may from time to time be created by the Federal Reserve Deviemtionste. Board, not to exceed twelve in all. Such distficts shall be known as, Federal reserve districts and may be designated. by number. A ma- Josity of the organization commits shall conti a quorum with duthority to act, Zewre une, or Said otganization committeo shall bo authorized to employ counsel ‘"Puliwasdautzoats. and expert aid, to take testimony, to send for persons and papers, to administer oaths, and to make such investigation as may be deem ‘necessary by the said committee in determining the reserve districts and in desis ating the cities within such districts where such Federal reserve banks shall be severally located. ‘Tho said committos shall supervise the orgenization in each of ‘the cities designated of ‘Federal reserve bank, which shall include in its title the name of the ‘ity in which it is situated, as “Federal Reserve Bank of Chicago.” Under regulations to be prescribed by the organization committee, national banking association in’ the United States is heroby roquired, and every eligible bank in the United States and ever ‘trust company within the District of Columbia, is hereby authorize 0 signify in Writing, within sixty days after the passago of this Act, its accoptancg of the terms and provisions hereol," When the organi zation committee shall have de ited the cities in which Federal reserve banks are to be o1 f, and fixed the geozraphical limits of the Federal reservo districts, every national banking association within that district shall be roquired within thirty days after notice from the orgunization committe, to subseriba td the eaptal stock of such Rederal reserve bank in a sum equal to six per centum vasmmetwrnne. of the paid-up capital stock and surplus of such banks, ono-sixth of the gubscription to be payable on eal of the organization committee or of the Federal Reserve Board, one-sixth within three months and ‘one-sixth within six months thereafter, and the remainder of the sub- scription, gr any par heret, shall Bb subject fo eall when, deeined necessary by ‘Federal Reserve Board, said payments to be in gold or gold cerlitiontes. alspgioaty ot” ‘The shareholders of every Federal reserve bank shall be held indi- vidually responsible, equally and ratebly, and not one for another, for all contracts, debts, and engagements of such bank to the extent of the smount of thelr subseriptions to such stock at the par value ‘theroof in addition {o the amount oubseribed, whotbar euch euboerip- Hons shave ‘boon paid up in whole or in part, under the provisions of this Act. Nowcspting wis Any national bank failing to signify its aeceptance of the terms of Sood” *"" this Act within thesixty days afore sid call eonon to aces a ronerve agent, upon thirty days’ notice, to be given within the discretion of the stig ganization coment of the Federal Ienarve Board Should any national banking association in the United States now ‘organized fail within one year after the passage of this Act to become 4 member bank or fal 4 comply with any of the provisions of this ‘Act applicable thereto, all of the rights, privileges, end franchises of sich association granted to ie under the hational-bank Act, or under

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