Chapter 93. Proposing an amendment to the Federal reserve Act relative to acceptances, and for other purposes
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CHAP. 93.— An Act Proposing an amendment to the Federal reserve Act relative to acceptances, and for other purposes. March 3, 1915.[[H. R. 15038](/us/bill/63/hr/15038).][[Public, No. 281](/us/63/pl/281).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,Federal Reserve Act.*Ante*, p. 264, amended. That section thirteen, paragraphs three, four, and five, of the Act approved December twenty-third, nineteen hundred and thirteen, known as the Federal reserve Act, be amended and reenacted so as to read as follows:
" Rediscounting foreign trade acceptances.“Any Federal reserve bank may discount acceptances which are based on the importation or exportation of goods and which have a maturity at time of discount of not more than three months and Limit.indorsed by at least one member bank. The amount of acceptances so discounted shall at no time exceed one-half the paid up and unimpaired capital stock and surplus of the bank for which the Extension by Federal Reserve Board.rediscounts are made, except by authority of the Federal Reserve Board, under such general regulations as said board may prescribe, but not to exceed the capital stock and surplus of such bank.
Restriction on rediscounts for one bank.“The aggregate of such notes and bills bearing the signature or indorsement of any one person, company, firm, or corporation rediscounted for any one bank shall at no time exceed ten per centum of the unimpaired capital and surplus of said bank; but this restriction shall not apply to the discount of bills of exchange drawn in good faith against actually existing values. Dealing in foreign trade paper by member banks.Limit.“Any member bank may accept drafts or bills of exchange drawn upon it and growing out of transactions involving the importation or exportation of goods having not more than six months’ sight to run; but no bank shall accept such bills to an amount equal at any time in the aggregate to more than one-half of its paid-up and unimpaired Extension by Federal Reserve Board.capital stock and surplus, except by authority of the Federal Reserve Board, under such general regulations as said board may prescribe, but not to exceed the capital stock and surplus of such bank, and such regulations shall apply to all banks alike regardless of the amount of capital stock and surplus.
” " Approved, March 3, 1915.