Chapter 274. To amend the proviso in paragraph 10 of section 9 of the Federal Reserve Act amended by the Act of June 21, 1917, amending the Federal Reserve Act
184 words·~1 min read·
/statutes-at-large/vol-42/chapter-274-3450215·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
CHAP. 274.— An Act To amend the proviso in paragraph 10 of section 9 of the Federal Reserve Act amended by the Act of June 21, 1917, amending the Federal Reserve Act. July 1, 1922. [[S. 831](/us/bill/67/s/831).] [[Public, No. 279](/us/pl/67/279).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That the proviso in paragraphFederal Reserve Act amendment. Vol. 40, p. 234, amended. 10 of section 9 of the Federal Reserve Act amended by section 3 of the Act of June 21, 1917, amending the Federal Reserve Act be amended to read as follows:
" “*Provided, however*, That no Federal reserve bank shall be permittedLimitation of discounts for State banks by reserve banks modified. to discount for any State bank or trust company notes, drafts, or bills of exchange of any one borrower who is liable for borrowed money to such State bank or trust company in an amount greater than that which could be borrowed lawfully from such State bank or trust company were it a national banking association.” " Approved, July 1, 1922.