Chapter 884. To amend the third paragraph of section 13 of the Federal Reserve Act
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Chap. 884: To amend the third paragraph of section 13 of the Federal Reserve Act. Chapter 884 45 Stat. 975 1928-05-29 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2025-01-24 70 1 public 975 Chapter 884.— An Act To amend the third paragraph of section 13 of the Federal Reserve Act. May 29, 1928.[[S. 1989](/us/bill/70/s/1989).][[Public, No. 594](/us/pl/70/594).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * Federal reserve banks.Vol. 42, p. 1478, amended.U.
S. Code, p. 281. That the third paragraph of section 13 of the Federal Reserve Act (Title 12, section 344, United States Code), be amended and reenacted to read as follows: “Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice, and protest byDiscount of commercial paper for member banks, authorized. such bank as to its own indorsement exclusively, and subject to regulations and limitations to be prescribed by the Federal Reserve Board, any Federal reserve bank may discount or purchase bills of exchange payable at sight or on demand which grow out of the domestic shipment or the exportation of nonperishable, readilySecured by bills of lading of nonperishable staples, etc. marketable agricultural and other staples and are secured by bills of lading or other shipping documents conveying or securing title to such staples: *Provided*, That all such bills of exchange shall be*Provisos.* Collection and payment. forwarded promptly for collection, and demand for payment shall be made with reasonable promptness after the arrival of such staples at their destination: *Provided further*, That no suchTime limit for holding. bill shall in any event be held by or for the account of a Federal reserve bank for a period in excess of ninety days.
In discountingComputation of interest. such bills Federal reserve banks may compute the interest to be deducted on the basis of the estimated life of each bill and adjust the discount after payment of such bills to conform to the actual life thereof.” Approved, May 29, 1928.
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Chapter 884
To amend the third paragraph of section 13 of the Federal Reserve Act
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