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State banks—Continued.
Membership in Federal Reserve System-
Capital requirements...

p. 180, sec. 9
Conditions of membership.

pp. 178, 179, 180, sec. 9
Forfeiture of membership.

p. 179, sec. 9
Insolvency.

p. 176, sec. 6
Liquidation...

p. 175, sec. 5; p. 176, sec. 6
Qualifications for.

pp. 178, 180, sec. 9
Withdrawal from membership....

p. 179, sec.
Reorganization of, into national banks.

p. 177, sec. 8
Reports of condition of....

p. 178, sec. 9
Retention of powers under State charters.

pp. 180, 181, sec. 9
State examinations may be accepted..

p. 179, sec. 9; p. 209, sec. 21
Subject to provisions and penalties of Revised Statutes, sec. 5209,
upon becoming members......

p. 178, sec. 9
Subject to reserve requirements on becoming members...

p. 178, sec. 9
Subject to sections of Federal Reserve Act applicable to member
banks; but not subject to section 21......

p. 180, sec. 9
Subscription to stock in Federal reserve banks.

p. 178, sec. 9
Withdrawal from membership, condition of..

p. 179, sec. 9
Stock:
Federal reserve banks—
Allotment of, to United States.....

p. 168, sec. 2
Application by new members for stock of, subsequent to or-
ganization of system..

p. 175, sec. 5; p. 178, sec. 9
Calls on subscriptions..

p. 166, sec, 2
Cancellations, limitation on, in any one year.

p. 179, sec. 9
General provisions concerning..

p. 175, sec. 5
Increase and decrease of..

p. 175, sec. 5; p. 176, sec. 6
Insolvency of member bank, cancellation of stock held by... p. 176, sec. 6
Liquidation of member bank, cancellation of stock held
by.....

p. 175, sec. 5; p. 176, sec. 6
National banks must subscribe...

p. 166, sec. 2
New members, subscription to stock of, required.

p. 175, sec. 5
Public stock-
Limitations on holding.....

p. 168, sec. 2
Subscription to.....

pp. 167, 168, sec. 2
Reduction in....

p. 175, sec. 5; p. 176, sec. 6
Shares owned by member banks not to be transferred... p. 175, sec. 5
Subscription to-
By national banks...

p. 166, sec. 2; p. 169, sec. 4
By public....

pp. 167, 168, sec. 2
By State banks.

p. 178, sec. 9
Payment on.....

p. 166, sec, 2; p. 175, sec. 5; p. 178, sec. y
Surrender of, upon reduction of capital, liquidation or insolv-
ency of member banks....

p. 175, sec. 5; p. 176, sec. 6
Transfer of, restriction upon..

p. 168, sec. 2; p. 175, sec. 5
United States stock.

p. 168, sec. 2
Voting power...

p. 168, sec. 2
Foreign banking corporations. (See Foreign banking corporations.)
Member banks--
Amount required as condition to membership...

p. 180, sec. 9
Increase..

p. 175, sec. 5
Reduction..

p. 175, sec. 5

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P. 250
p. 250

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P. 248

Stock-Continued.
National banks—
Amount required for trust powers.

p. 187, sec. 11 (k)
Reduction.....

p. 228, sec. 28
Transfer of, before failure..

p. 213, soc. 23
Stockholders. (See Shareholders.)
Subtreasuries:

Abolishment of, under Appropriation Act of 1920...

Certain functions transferred to Federal reserve banks.
Suspension of officers and directors of Federal reserve banks. p. 185, sec. 11 (f)
Suspension of operations of Federal reserve banks.....

p. 185, sec. 11 (h)
Surplus fund:
Federal reserve banks....

p. 176, sec. 7
Foreign banking corporations...

p. 223, sec. 25 (a)
National banks, amount required for trust powers.

p. 187, sec. 11 (k)

T.
Tax, stamp..
Tax upon deficiencies in reserve..

p. 184, sec. 11 (c)
Taxation:
Federal reserve banks exempt from.

p. 177, sec. 7
Foreign banking corporations subject to.

p. 224, sec. 25 (a)
Time deposits, definition of...

p. 207, sec. 19
Trading-with-the-Enemy Act..
Transportation Act of 1920, advice and assistance of Federal Reserve

Board with respect to loans to railroads..
Trust powers of national banks.....

p. 186, sec. 11 (k)
Two per cent gold bonds exchangeable for one-year gold notes and 30-
year 3 per cent gold bonds..

p. 206, sec. 18

U.
United States bonds and notes:
Loans to member banks on security of....

p. 192, sec. 13
Purchase of, by Federal reserve banks..

p. 196, sec. 14 (b)
Rediscounts of paper secured by.....

p. 190, sec. 13
United States stock in Federal reserve banks..

p. 168, sec. 2

P. 240

P. 251

V.

Validity of certified checks drawn against insufficient funds.....

P. 246

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War Finance Corporation:

Bonds, purchase and discount by Federal reserve banks of obli-

gations secured by.....
Deposits of funds with Federal reserve banks and member banks..

Fiscal agents, Federal reserve banks as, for..
War Finance Corporation Act...
War-stamp taxes..

p. 235
p. 236

P. 236
pp. 235, 236

p. 248

A NONTECHNICAL SUMMARY OF ALL AMENDMENTS
TO THE FEDERAL RESERVE ACT THROUGH
MARCH 4, 1923, SHOWING THE PURPOSE
AND EFFECT OF THE CHANGES MADE

SUMMARY OF ALL AMENDMENTS TO THE FEDERAL

RESERVE ACT.

The following is a brief explanation of the various amendments to the Federal reserve act. It consists of two parts: Part I, which contains a discussion of the various acts which specifically amended the text of the Federal reserve act; and Part II, which contains a discussion of those acts which did not change the text of the Federal reserve act, but which in effect amended the substance of the act.

Part I. Acts SPECIFICALLY AMENDING THE FEDERAL RESERVE Act.

The following acts specifically amended the Federal reserve act:

ACT OF AUGUST 4, 1914.

Section 27 of the Federal reserve act as originally enacted amended section 9 of the Aldrich-Vreeland Act of May 30, 1908, by reenacting that part relating to the tax rates on national-bank notes secured otherwise than by bonds of the United States. The act of August 4, 1914, amended section 27 of the Federal reserve act so as to add to the above-named section of the Aldrich-Vreeland Act a proviso authorizing the Secretary of the Treasury to suspend the limitations imposed by sections 1, 3, and 5 of the Aldrich-Vreeland Act on the issue of such additional national-bank notes and to extend the privileges of the Aldrich-Vreeland Act to all qualified State banks and trust companies which had joined the Federal reserve system or might contract to do so within a limited time. This amendment has become inoperative by reason of the expiration by limitation on June 30, 1915, of the Aldrich-Vreeland Act.

ACT OF AUGUST 15, 1914.

Reserves. This act amended section 19 of the Federal reserve act so as to permit State banks or trust companies which were then coming into the system to continue to keep their reserves with other State banks or trust companies during three years within which the change was to be made from the old system to the Federal reserve system.

ACT OF MARCH 3, 1915. Acceptances. This act amended section 13 (paragraphs 3, 4, and 5) so as to authorize the Federal Reserve Board, in its discretion, to increase the amount of acceptances based on the importation or exportation of goods which a member bank of the system may make and which a Federal reserve bank may discount.

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