Norwich bulletin., 1913-12-25
RESERVE BANK POWERS.
Principal Functions of the New Re-
 qionaI institutions.

Principal Functions of the New Re-
 gional institutions.
 Sec 13. Any federal reserve bank may receive from any of it's member banks and from the United States de- posits of current funds in lawful mon- ey, national bank notes, federal reserve notes or checks and drafts upon mem Der banks, payable upon presentation or solely for exchange purposes may. receive from other federal reserve banks deposits of current funds in lawful money, national bank notes or checks and drafts upon solvent mem Der or other federal reserve banks payable upon presentation.
 Upon the indorsement of any of it's member banks, with q waiver of de- mand notice and protest by such bank, any federal reserve bank may dis count notes, drafts and bills of ex- change arising out of actual conner cial transactions-that is, notes, drafts and bills of exchange issued or drawn for agricultural, industrial or commer- cial purposes or the proceeds of which have been used or are to be used for such purposes, the federal reserve board to have the right to determine or define the character of the paper thus eligible for discount within the meaning of this act. Nothing in this act contained shall be construed to prohibit such notes, drafts and bills of exchange secured by staple agricul- tural products or other goods, wares or merchandise from being eligible for such discount, but such definition shall not include notes, drafts or bills GOV ering merely investments or issued or drawn for the purpose of carrying or trading in stocks, bonds or other in- vestment securities except bonds and notes of the government of the United States. Notes, drafts and bills admit ted to discount under the terms of this paragraph must have a maturity at the time of discount of not more than ninety days, provided that notes, drafts and bills drawn or Issued for agricultural purposes or based on live stock and having maturity not ex- ceeding six months may be discounted in an amount to be limited to a per centage of the capital of the federal reserve bank. to be ascertained and fixed by the federal reserve board.
 Discounting Aceeptanoes.
 Any federal reserve bank may dis count acceptances which are based on the importation or exportation or do- mestic shipment of goods and which have a maturity at time of discount of not more than three months and in dorsed by at least one member bank. The amount of acceptances so dis counted shall at no time exceed one half the paid up capital stock and sur plus of the bank for which the re- discounts are made.
 The aggregate of such notes and bills bearing the signature or indOrse- ment of any one person, company or firm or corporation rediscounted for any one bank shall at no time exceed 10 per centum of the unimpaired capl- tai and surplus of said bank. but this restriction shall not apply to the dis count of bills of exchange drawn in good faith against actually existing values.
 Any member bank may accept drafts or bills of exchange drawn upon it ana growing out of transactions in volving the importation or exportation of goods having not more than six months sight to run, but no bank shall accept such bills to an amount equal at any time in the aggregate to more