Chapter 612. To amend the Federal Reserve Act so as to enable national banks voluntarily to surrender the right to exercise trust powers and to relieve themselves of the necessity of complying with the laws governing banks exercising such powers, and for other purposes
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CHAP. 612.— An Act To amend the Federal Reserve Act so as to enable national banks voluntarily to surrender the right to exercise trust powers and to relieve themselves of the necessity of complying with the laws governing banks exercising such powers, and for other purposes. June 26, 1930.[[S. 3627](/us/bill/71/s/3627).][[Public, No. 435](/us/pl/71/435).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Federal Reserve Act, amendments. That subsection
(k)of section 11 of the Federal Reserve Act (subsection Vol. 40, p. 968, amended.[U. S. C., p. 276](/us/usc/p276), amended.(k) of section 248, United States Code, title 12), as amended, be further amended by adding at the end thereof a new paragraph reading as follows: " National Banks.Surrender of fiduciary permits.“Any national banking association desiring to surrender its right to exercise the powers granted under this subsection, in order to relieve itself from the necessity of complying with the requirements of this subsection, or to have returned to it any securities which it may have deposited with the State authorities for the protection of Resolution to be forwarded to Board.private or court trusts, or for any other purpose, may file with the Federal Reserve Board a certified copy of a resolution of its board Action of Board.of directors signifying such desire. Upon receipt of such a resolution, the Federal Reserve Board, after satisfying itself that such bank has been relieved in accordance With State law of all duties as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics or other fiduciary, under court, private, or other appointments previously accepted under authority of this subsection, may, in its 815discretion, issue to such bank a certificate certifying that such bankIssue of certificate of cancellation authorized. is no longer authorized to exercise the powers granted by this subsection. Upon the issuance of such a certificate by the Federal ReserveThereafter, not subject to provisions here. Board, such bank
(1)shall no longer be subject to the provisions of this subsection or the regulations of the Federal Reserve Board made pursuant thereto,
(2)shall be entitled to have returnedSecurities deposited to be returned to. to it any securities which it may have deposited with the State authorities for the protection of private or court trusts, and (3)Exercise of powers herein, prohibited. shall not exercise thereafter any of the powers granted by this subsection without first applying for and obtaining a new permit to exercise such powers pursuant to the provisions of this subsection. The Federal Reserve Board is authorized and empowered to promulgateRegulations to enforce compliance. such regulations as it may deem necessary to enforce compliance with the provisions of this subsection and the proper exercise of the powers granted therein.” " Approved, June 26, 1930.