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any other service for compensation while holding such office for any bank or officer, director, or employee thereof.

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Other than the usual salary or director's fee paid to any officer, director, or employee of a member bank and other than a reasonable 4 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, 7 any fee, commission, gift, or other consideration for or in connection 8 with any transaction or business of the bank. No examiner, public 9 or private, shall disclose the names of borrowers or the collateral for 10 loans of a member bank to other than the proper officers of such 11 bank without first having obtained the express permission in writing 12 from the Comptroller of the Currency, or from the board of directors 18 of such bank, except when ordered to do so by a court of competent 14 jurisdiction, or by direction of the Congress of the United States, or 15 of either House thereof, or any committee of Congress or of either 16 House duly authorized. Any person violating any provision of this 17 section shall be punished by a fine not exceeding $5,000 or by 18 imprisonment not exceeding one year, or both.

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Except as provided in existing laws, this provision shall not take 20 effect until sixty days after the passage of this Act.

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SEC. 23. The stockholders of every national banking association 22 shall be held individually responsible for all contracts, debts, and 23 engagements of such association, each to the amount of his stock 24 therein, at the par value thereof in addition to the amount invested 25 in such stock. The stockholders in any national banking association 26 who shall have transferred their shares or registered the transfer 27 thereof within sixty days next before the date of the failure of such 28 association to meet its obligations, or with knowledge of such im- 29 pending failure, shall be liable to the same extent as if they had made 30 no such transfer, to the extent that the subsequent transferee fails to 31 meet such liability; but this provision shall not be construed to 32 affect in any way any recourse which such shareholders might other- 33 wise have against those in whose names such shares are registered at 34 the time of such failure.

LOANS ON FARM LANDS

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SEC. 24. Any national banking association not situated in a central 37 reserve city may make loans secured by improved and unencum- 38 bered farm land, situated within its Federal reserve district, but 39 no such loan shall be made for a longer time than five years, nor 40 for an amount exceeding fifty per centum of the actual value of the 41 property offered as security. Any such bank may make such loans 42 in an aggregate sum equal to twenty-five per centum of its capital 43 and surplus or to one-third of its time deposits and such banks may 44 continue hereafter as heretofore to receive time deposits and to pay 45 interest on the same.

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The Federal Reserve Board shall have power from time to time to 47 add to the list of cities in which national banks shall not be permitted 48 to make loans secured upon real estate in the manner described in 49 this section.

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2 SEC. 25. Any national banking association possessing a capital and 3 surplus of $1,000,000 or more may file application with the Federal 4 Reserve Board, upon such conditions and under such regulations as 5 may be prescribed by the said board, for the purpose of securing 6 authority to establish branches in foreign countries or dependencies 7 of the United States for the furtherance of the foreign commerce of 8 the United States, and to act, if required to do so, as fiscal agents of 9 the United States. Such application shall specify, in addition to the 10 name and capital of the banking association filing it, the place or 11 places where the banking operations proposed are to be carried on, 12 and the amount of capital set aside for the conduct of its foreign 13 business. The Federal Reserve Board shall have power to approve 14 or to reject such application if, in its judgment, the amount of cap15 ital proposed to be set aside for the conduct of foreign business is 16 inadequate, or if for other reasons the granting of such application 17 is deemed inexpedient.

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Every national banking association which shall receive authority 19 to establish foreign branches shall be required at all times to furnish 20 information concerning the condition of such branches to the Comp21 troller of the Currency upon demand, and the Federal Reserve Board 22 may order special examinations of the said foreign branches at such 23 time or times as it may deem best. Every such national banking 24 association shall conduct the accounts of each foreign branch 25 independently of the accounts of other foreign branches established 26 by it and of its home office, and shall at the end of each fiscal period 27 transfer to its general ledger the profit or loss accruing at each branch 28 as a separate item.

29 SEC. 26. All provisions of law inconsistent with or superseded by any 30 of the provisions of this Act are to that extent and to that extent only 31 hereby repealed: Provided, Nothing in this Act contained shall be con32 strued to repeal the parity provision or provisions contained in an 33 Act approved March fourteenth, nineteen hundred entitled "An 34 Act to define and fix the standard of value, to maintain the parity 35 of all forms of money issued or coined by the United States, to 36 refund the public debt, and for other purposes," and the Secretary of 37 the Treasury may for the purpose of maintaining such parity and to 38 strengthen the gold reserve, borrow gold on the security of United 39 States bonds authorized by section two of the Act last referred to 40 or for one-year gold notes bearing interest at a rate of not to exceed 41 three per centum per annum, or sell the same if necessary to obtain 42 gold. When the funds of the Treasury on hand justify, he may 43 purchase and retire such outstanding bonds and notes. 44 SEC. 2710. The provisions of the Act11 of May thirtieth, nineteen 45 hundred and eight, authorizing national currency associations, the 46 issue of additional national-bank circulation, and creating a National 47 Monetary Commission, which expires by limitation under the terms 48 of such Act on the thirtieth day of June, nineteen hundred and four49 teen, are hereby extended to June thirtieth, nineteen hundred and 50 fifteen, and sections fifty-one hundred and fifty-three, fifty-one 51 hundred and seventy-two, fifty-one hundred and ninety-one, and 52 fifty-two hundred and fourteen of the Revised Statutes of the United 53 States, which were amended by the Act of May thirtieth, nineteen

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hundred and eight, are hereby reenacted to read as such sections read prior to May thirtieth, nineteen hundred and eight, subject to such amendments or modifications as are prescribed in this Act: 8 Provided, however, That section nine of the Act first referred to in 4 this section is hereby amended so as to change the tax rates fixed 5 in said Act by making the portion applicable thereto read as follows:

National banking associations having circulating notes secured 7 otherwise than by bonds of the United States, shall pay for the first 8 three months a tax at the rate of three per centum per annum upon 9 the average amount of such of their notes in circulation as are based 10 upon the deposit of such securities, and afterwards an additional tax 11 rate of one-half of one per centum per annum for each month until a 12 tax of six per centum per annum is reached, and thereafter such tax 18 of six per centum per annum upon the average amount of such 14

notes.

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SEC. 28. Section fifty-one hundred and forty-three of the Revised 16 Statutes is hereby amended and reenacted to read as follows: Any 17 association formed under this title may, by the vote of shareholders 18 owning two-thirds of its capital stock, reduce its capital to any sum 19 not below the amount required by this title to authorize the forma- 20 tion of associations; but no such reduction shall be allowable which 21 will reduce the capital of the association below the amount required 22 for its outstanding circulation, nor shall any reduction be made until 23 the amount of the proposed reduction has been reported to the Comp- 24 troller of the Currency and such reduction has been approved by the 25 said Comptroller of the Currency and by the Federal Reserve Board, 26 or by the organization committee pending the organization of the 27 Federal Reserve Board.

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SEC. 29. If any clause, sentence, paragraph, or part of this Act 29 shall for any reason be adjudged by any court of competent juris- 30 diction to be invalid, such judgment shall not affect, impair, or 31 invalidate the remainder of this Act, but shall be confined in its 32 operation to the clause, sentence, paragraph, or part thereof directly 88 involved in the controversy in which such judgment shall have been 34 rendered.

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SEC. 30. The right to amend, alter, or repeal this Act is hereby 36 expressly reserved.

Approved, December 23, 1913.

1So in original; no prior number.

2So in original.

The reference to section 20 is evidently an error; it should be section 19. 4This section is amended by the Act of March 3, 1915.

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The words "reserve or" were stricken out by the Act of August 15, 1914. See line 19, section 19.

6The word “fourteen” was changed to "thirteen" by Act of August 15, 1914. See line 35, section 19.

7 Words "or permitted" were added after the word "required" by Act of August 15, 1914. See line 37, section 19.

8The words "or with a national bank” were added by Act of August 15, 1914. See line 39, section 19.

"The words "or national bank” were added by Act of August 15, 1914. See line 41, section 19.

10 Amended August 4, 1914.

11This is the Aldrich-Vreeland Act.

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THE ACT OF AUGUST 4, 19141

[PUBLIC-No. 163-63D CONGRESS]

[S. 6192]

AN ACT To amend section twenty-seven of an act approved December twenty-third, nineteen hundred and thirteen, and known as the Federal Reserve Act.

Be it enacted by the Senate and House of Representatives of the 2 United States of America in Congress assembled, That section twen3 ty-seven of the Act approved December twenty-third, nineteen hun4 dred and thirteen, known as the Federal Reserve Act, is hereby 5 amended and reenacted to read as follows:

6 "SEC. 27. The provisions of the Act of May thirtieth, nineteen 7 hundred and eight, authorizing national currency associations, the 8 issue of additional national-bank_circulation, and creating a National 9 Monetary Commission, which expires by limitation under the terms 10 of such Act on the thirtieth day of June, nineteen hundred and 11 fourteen, are hereby extended to June thirtieth, nineteen hundred 12 and fifteen, and sections fifty-one hundred and fifty-three, fifty-one 13 hundred and seventy-two, fifty-one hundred and ninety-one, and 14 fifty-two hundred and fourteen of the Revised Statutes of the United 15 States, which were amended by the Act of May thirtieth, nineteen 16 hundred and eight, are hereby reenacted to read as such sections 17 read prior to May thirtieth, nineteen hundred and eight, subject to 18 such amendments or modifications as are prescribed in this Act: 19 Provided, however, That section nine of the Act first referred to in 20 this section is hereby amended so as to change the tax rates fixed in 21 said Act by making the portion applicable thereto read as follows:

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"National banking associations having circulating notes secured 23 otherwise than by bonds of the United States, shall pay for the first 24 three months a tax at the rate of three per centum per annum upon 25 the average amount of such of their notes in circulation as are based 26 upon the deposit of such securities, and afterwards an additional 27 tax rate of one-half of one per centum per annum for each month 28 until a tax of six per centum per annum is reached, and thereafter 29 such tax of six per centum per annum upon the average amount of 30 such notes: [Provided, further, That whenever in his judgment he 31 may deem it desirable, the Secretary of the Treasury shall have 32 Power to suspend the limitations imposed by section one and section 33 three of the Act referred to in this section, which prescribe that such 84 additional circulation secured otherwise than by bonds of the United 35 States shall be issued only to National banks having circulating 36 notes outstanding secured by the deposit of bonds of the United 37 States to an amount not less than forty per centum of the capital 38 stock of such banks, and to suspend also the conditions and limita39 tions of section five of said Act except that no bank shall be per40 mitted to issue circulating notes in excess of one hundred and twenty41 five per centum of its unimpaired capital and surplus. He shall 42 require each bank and currency association to maintain on deposit 43 in the Treasury of the United States a sum in gold sufficient in his 44 judgment for the redemption of such notes, but in no event less than

five per centum. He may permit National banks, during the period 1 for which such provisions are suspended, to issue additional circula- 2 tion under the terms and conditions of the Act referred to as herein 8 amended: Provided, further, That the Secretary of the Treasury, in 4 his discretion, is further authorized to extend the benefits of this Act to all qualified State banks and trust companies, which have 6 joined the Federal reserve system, or which may contract to join 7 within fifteen days after the passage of this Act."]

Approved, August 4, 1914.

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This measure was known as the "Glass bill." It amends the Federal Reserve Act so as to permit the issuing of emergency currency to the amount of about $1,000,000,000 in excess of that now in circulation. The Aldrich-Vreeland Act (adopted May 30, 1908) and which expired June 30, 1914, is extended by this amendment to June 30, 1915. The new matter is to be found in brackets.

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