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SECTIONS 5220, 5221, R. S.

Liquidation of a National Bank.

5220, 5221 R. S., 100. Where two-thirds of the stockholders of a national bank ratify a sale of its assets to another corporation, such a vote is not a vote to go into liquidation in accordance with the methods prescribed in section 5220 and section 5221 of the Revised Statutes, and a Federal reserve bank can not, under such facts, cancel the shares of stock held by such member bank, nor can it refund to the member bank the amount of its cash paid subscription, since the bank legally still exists as a corporation and as a member bank. 1916 Bulletin, p. 119. (See XVIII, 300. See also sec. 5, Federal reserve act.)

NATIONAL BANK ACT-MISCELLANEOUS PROVISIONS.

Consolidation of Two or More National Banks-Right to Operate Branches.

N. B. A., 100. A national bank may purchase the assets of other liquidating national banks, but it can not, through such consolidation, operate the liquidating banks as branches, for a national bank has no power under the law to establish a branch in the United States. (See, however, 5190 R. S. 101.) 1916 Bulletin, p. 74. Pennsylvania Escheat Law.

N. B. A., 101. The act of June 7, 1915, of the Pennsylvania State Legislature, providing for the escheat to the State of all deposits which have not been increased or decreased for a period of 14 years, does not, on account of its phraseology, apply to such deposits in national banks. As the act was not intended to apply to national banks, the question whether Pennsylvania could constitutionally make it applicable to national banks is not involved. 1916 Bulletin,

p. 115.

Holding Political Office.

N. B. A., 102. Officers of a national bank which is a member of the Federal reserve system may hold political office provided they are not directors of a Federal reserve bank. Officers and directors of a Federal reserve bank can not hold active political offices. 1916 Bulletin, p. 168. Usurious Charges by National Bank.

N. B. A., 103. Where a national bank, in addition to charging interest at the highest legal rate, requires a borrower to give the bank an additional note, accept a certificate of deposit for the amount thereof, and put up such certificate as additional collateral to his entire loan, the transaction appears to be usurious. 1917 Bulletin,

p. 292.

Duty of National Banks to Assist in Financing the Government-National Banks as

Fiscal Agents.

N. B. A., 104. National banks were created to assist the Government in the conduct of its fiscal affairs, and in performing the various services incident to the marketing of Liberty bonds, warsavings stamps, thrift stamps, and any other obligations of the Government, they are carrying out one of the fundamental purposes for which they were created. 1918 Bulletin, p. 313.

REVENUE ACT, 1917.

Revenue Stamps on Drafts Drawn to Finance Sales of Goods to Allied Purchasing

Commission.

1917 R. A., 100. Drafts drawn for the purpose of financing the shipment of goods, sold to the Allied Purchasing Commission, from the interior point to the seaboard, where the goods are taken on board ship for export, are not subject to the stamp tax, since the draft may be said to constitute an inherent and integral part of an export transaction. It is immaterial whether the draft will mature before or after the sea voyage begins, that is, the life of the draft is immaterial so far as its exemption is concerned. 1918 Bulletin. p. 972; ruling of Commissioner of Internal Revenue; 1918 Bulletin,

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Drafts Drawn Against Shipments from the United States to Foreign countries.

1918 R. A., 100. Such drafts are not subject to stamp tax, even though accepted or delivered or both accepted and delivered within the United States. 1919 Bulletin, p. 467. (For a fuller discussion of this question, see 1921 Bulletin, p. 310.)

TABLE OF RULINGS IN THE ORDER PUBLISHED IN THE FEDERAL RESERVE BULLETIN, WITH THEIR RESPECTIVE DIGEST NUMBERS.

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XIII-E, 203
XIII-C, 304

IV, 200

V, 101
II, 100

II, 100
5200 R. S., 202
5200 R. S., 200

IV, 200

IX, 202
XIII-E, 102

XIV, 102
XIII-C, 305
XXIV, 200
XIII-C, 204

XVI, 106
XVIII, 400
5136 R. S., 101

65/2) 65(3) 66(1) 66(2) 67 71 72 73 74 112(1) 112(3) 112(4) 113 114 115(1) 115/2)

120
153(2)
168(3)
170(1)
170(2)
171
172
207
224(1)
224(3)
226(1)
226(2)
227(1)
227(2)
272(2)
273(1)
273(3)
274
310
312
317
329(1)
329(1)

15221)

XXIV, 201

VII, 202
N. B. A., 102
XVIII, 300

XIV, 201
XXIV, 202
VII, 203

II, 201
C. A., 600
XVIII, 301
XIII-C, 702

XXIV, 203
5200 R. S., 301

XIII-C, 703
XXIV, 204
XVI, 107

329(2)
330
331
332
373(2)
393
394(1)
394(2)
395(1)
395(2)
396
397
449
457(2)
458
459
459
462
463
511(1)
515
523(1)
523(2)
523(3)
524(1)
524(3)

C. A., 601
XVIII, 200

XV, 101
5207 R. S., 100

IX, 101
XI(i), 100
XIII-C, 704

C. A., 201
C. A., 202
XXIV, 205

C. A., 400
XIII-E, 800
XIII-C, 306

XVI, 303
XIII-E, 204

XVI, 201
XVI, 304

526(1)
526(2)
587
588
602
606(3)
606
607
608(1)
608(1)
608(2)
609(1)
609(2)
610
611
665
678(1)
678(2)
678(3)
679(1)
679(3)
680
681
685
686

XIII-C, 206

C.A., 203 XIII-C, 308

C.A., 204 XXIV, 400

C.A., 500 XXIV, 101

IV, 101 XIII-C, 802 XIII-D, 200

XXIV, 300 XXIV, 301 XIII-F, 100 XIII-C, 309

XIX, 101 XIII-H, 100

V, 101 XI(k), 200 5200 R.S., 400

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N. B. A.,100 5202 R. S., 100

XIII-C, 801

XIII-C, 205
5200 R. S.,

300
IX, 401
XIII-A, 100
N. B. A., 101

IV, 300
XIII-D), 300

XVI, 300
XVI, 301
XVI, 302
XIII-E, 103
5200 R. S., 500

XIV, 103
5200 R. S., 201

VII, 101
XIII-E, 300

XI(k), 200
XIII-E, 461
C.A., 602

200
XIII-C, 307

C.A., 603 XIII-C, 207 5200 R.S., 202

XIV, 104 XIII-F, 101

XIX, 102

XIV,

1917 FEDERAL RESERVE BULLETIN, VOLUME III.

5(2) 28(2) 28(5) 29(1) 29(2) 29(3 30(1) 30(2) 30(2) 30(3) 31 31 32(1) 80(3)

XIV, 400
5200 R.S., 202

XIII-E, 205
XIII-E, 207
XIII-E, 206

XIV, 202
XXII, 100
XIII-E, 208
XIII-E, 400

XI(k), 201
XIII-C, 803
5200 R.S., 501

XIV, 203
XVIII, 100

82(2)
84
114(1)
114(3)
116
117
117
118
158
164
175
193(1)
194(2)
195

XVI, 108

IX, 203
XVI, 305
XIII-C, 1000
XIII-C, 1000

V, 102
VII, 100
C.A., 604
XIII-C, 310
XIII-G, 100

XIV, 400
XIV, 204

XVI, 109
XIII-D, 201

197
198
199
200
243
255
286
287(1)
2872)

XIII-C, 310
XXV, 102

V, 102
XIII-C, 705
XIII-C, 1001

XI(k), 100
XIII-E, 700
5200 R.S., 302
XIII-D, 202

IX, 204
XIII-C, 706

IV, 102
XIII-C, 707
N.B.A., 103

378(1)
378(1)
378(2)
378(3)
379(2)
379(3)
380
456(1)
456(2)
457(3)
4574)
458(1)
458(2)

XIII-C, 315
XIII-C, 1008
XIII-E, 209
XIII-C, 208
XIII-A, 101
XIII-C, 311
XIII-E, 301
XIII-C, 312
XXIV, 302
XIII-C, 708
XIII-F, 102

XIX, 501 XIII-C, 313

XVI, 110

287(3)

289 290 291 292

459 (1)

Table of rulings in the order published in the Federal Reserve Bulletin, with their respec Table of rulings in the order published in the Federal Reserve Bulletin, with their respec

Digest number.

XIII-B, 300

II, 101 XIII-E, 302

V. 103 XIII-C, 210 XIII-E, 104 5200 R.S., 202 XXIV, 102 XIX, 302 IX, 302

I, 100 XXII, 101 5200 R.S., 203 5200 R.S., 202

IX, 600

XIII-E, 105 XIII-E, 463 XIII-C, 211 XIII-C, 212 XIII-C, 1005 XIII-E, 502 XIII-E, 107 XIII-C, 213 N. B. A., 104

IX, 200 XVI, 306

XVI, 307 XIU-C, 1006 XIII-É, 212 XIII-A, 103 XIII-B, 201 XIII-E, 106 XIII-C, 1007 XIII-E, 213 XIII-E, 214 XIII-D, 301 XIII-E, 402

XIV, 105
VII, 101
IX, 100

IX, 206
XI(k), 101
XIII-E, 404

XIII-E, 704
XIII-E, 110
XI(m), 100
XXV, 105

C. A., 605
XI(k), 400
XIII-E, 705

XI(k), 801 XIII-B, 202 1918 R. A., 100

XIII-E, 706 XIII-E, 307 XIII-C, 714 XIII-C, 1010

tive digest numbers--Continued.

1917 FEDERAL RESERVE BULLETIN, VOLUME III-Continued.

Page.

Digest number.

Page.

Page. Digest number.

Page, Digest number.

Y(1)

(2)

127(4) 11 S2) 534

XIII-C, 316

C.A., 205
XIII-C, 314
XIII-E, 210
XII-H, 300

XI(k), 200
XI(k), 100

III, 100
XIX, 301
XIII-C, 317
XIII-E, 462
XIX, 401

IX, 100
XIII-C, 209
XIII-A, 102
XXIV, 206

661
668
690(1)
690(2)
690(3)
690(3)
691(1)
691(2)
692
693
693
694
696(1)
696(1)
696(2)

697
744
763(1)
763(1)
765(1
765(2)
767(1)
768
878(1)
878(2)
879(1)
879(1)
879(2)
879(3)
880

XI(k), 200
C.A., 100
XVI, 301

XVI, 303
XIII-F, 200
XIII-E, 303
XI(k), 200

XIX, 200
XIII-E, 211

C.A., 300

IX, 500
5200 R.S., 100

XIII-F, 200
XIII-B, 100
XIII-C, 709

881(1)
881(2)
931(1)
935
949(1)
949(2)
949(3)
950(3)
950(3)
951(1)
951(2)
952
953
954
055

XIII-E, 701
XIII-A, 103

VII, 204

III, 100 XIII-C, 710 XIII-C, 319 XIII-C, 318

I, 100

IX, 303 XIII-C, 601

XIX, 601 XXIV, 501

IX, 205 XIII-C, 320

VII, 205

614(1) 6143) 614(3) 615(1) 615(3) 616 617 618

1918 FEDERAL RESERVE BULLETIN, VOLUME IV.

12(2) 30(1) 302) 30(3) 31(1) 31(2)

31(3)

32
33(1)
33(2)
34
IOS(1)
IOS(2)
101
109(2)
109(3)
110
166(1)
197(1)
197(2)
197(2)
197(2)
198
199
200
201
257
309(1)

XI(k), 201
XIII-C, 1002
XIII-C, 321

XXIV, 303
XIII-E, 401
XIII-C, 804

III, 101
5200 R. S., 303
XIII-C, 1003

XIII-F, 103
5200 R. S., 502

XIII-C, 805
XIII-C, 322
XIII-C, 806

XI(b), 100
XIII-C, 323
XIII-C, 711

IX, 200
XIII-C, 324
5200 R. S., 200
5200 R. S., 202
5200 R. S., 204
XIII-E, 304

XIX, 103
XIII-C, 712

V, 104
XIII-E, 501
XIII-C, 1004

309(2)
309(2)
309(3)
310(3)
310(4)
311(1)
311(2)
312
313
315
367
370
435(1)
435(2)
435(3)
436(1)
437(1)
437(2)
438
439
520(1)
520(2)
520(3)
521(2)
521(3)
522(1)
522(2)
634(1)

634(2)
634(3)
634(3)
634(3)
635
636(1)
636(2)
637
638
743(1)
743(2)
744(1)
744(3)
744(3)
745(1)
745(2)
862(1)
862(2)
863(1)
863(2)
867
870
871(1)
871(2)
871(2)
871(2)
938
971(1)

XIII-E, 305

I, 100

IX, 304
XIII-E, 108

XXIV, 502
XIII-E, 403
XIII-C, 1008
XIII-C, 325

IX, 601
XIII-C, 326
XIII-C, 214
XIII-E, 109
XI(b), 101
XIII-C, 601
XIII-C, 327
XIII-C, 713
XIII-E, 405

XIII-E, 406
5200 R. S., 401

XIII-C, 328
5200 R. S., 503

XIII-C, 807
XIII-C, 808
XIII-E, 104
XIII-E, 105
XIII-E, 407
XIII-H, 100
XIII-C, 500

971(2)
971(3)
971(4)
972
974(1)
974(2)
976(1)
976(2)
977(1)
977(2)
1056(1)
1095
1118(1)
111872)
1118(4)
1119(1)
1119(2)
1119(3)
1119(3)
1119(4)
1120(2)
1123
1124
1215(2)
1215(3)
1216(1)
1216(2)
1218(2)

IX, 207
XIII-C, 809
XIII-E, 306
1917 R. A., 100

XIII-C, 329 XIII-D, 203 XIII-E, 408 XIII-E, 215 XIII-C, 810 XIII-C, 811

XIX, 303 XIII-E, 409 XIII-C, 215 XIII-C, 812

XI(k), 500 XIII-E, 801 XIII-H, 101

XIII-C, 803 5200 R.S., 501 XIII-B, 101

XIV, 106 XXV, 103 XIX, 303 VII, 204

IV, 103 XIII-B, 101

XIV, 205 1917 R. A., 100

1919 FEDERAL RESERVE BULLETIN, VOLUME V.

!!

53(1)
53(1)
53(2)
53(3)
53(4)
54
142
143(1)
143(2)
143(3)
143(4)
243
253(3)
254(1)

I, 100
IV, 104

V, 105
XI(k), 500
XIII-E, 503

XXV, 104
XIII-C, 1009

1
XIII-E, 702
XIII-E, 802

XI(k), 800
XIII-E, 703

XVI, 308
XXII, 102
XIII-E, 216

254(2)
254(2)
361
362(3)
362(4)
363
364
366(1)
467(1)
467(2)
468(1)
471
472(1)
565(1)

566(1)
652(3) 1
652(3)
654
655(1)
655(2)
740
740
858(1)
$55(2)
963
963
964(1)
964(2)

XIII-C, 813 1051(1)
XIII-E, 465 1051(2)
XIII-E, 464 1054(3)

XIX, 502 1055
XIX, 104 1055

XI(k), 102 1055
XII-E, 410 1059

XIV, 107 1113
XIII-E, 601 1156(1)
XIII-E, 411 1156(2)
XIX, 304 | 1157 (1)

I, 101 1157(1)
XIII-B, 301 1157(2)
XIII-C, 1011

XIII-C, 400

XIX, 602

XIX, 503 5200 R. S., 101

XI(m), 100 XIII-D, 100 XI(k), 103

XVI, 309 XIX, 603 XI(k), 700

ix, 602 XIII-D, 101 XIII-C, 715 IX, 103 XIII-C, 218

tive digest numbersContinued.

[blocks in formation]

19 20(1) 20(2) 22 155 300(1) 300(2) 303

316
316
428
429

XIV, 110
XVI, 312
XI(k), 106
XIII-B, 206

XIII-E, 315
5136 R. S.. 102

XIII-E, 111

XIV, 111
XIX, 604

IX, 208
XIII-C, 219
XIII-C, 105

560 677 788 789 891(1) 8912) 910

XI(k), 107
XIX, 107
XVI, 311
XVI, 312
XIX, 702
XXIV, 304
XIII-C, 220

999 1089 1194(1) 1194(2) 1194(3) 1195 1196

XIII-C, 106

XIV, 500

XVI, 314 XIII-I, 100 XIII-E, 418

429

XIX, 508

IX, 209 5190 R.S., 101

559(1)
559(2)

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