Polk County observer. (Monmouth, Polk County, Or.) 1888-1927, 1913-12-30
Eight to Twelve
Reserve Banks
to Be Establish
ed IN Various
Parts Of the
Land - fnsGts
Mnes Reforms.
Particularly
With Regard to
farmers.

shall eItzblLsh bzznch banks within
the federal reserve district in Ehies
il is located and may do 20 il the dis
Z rict Of any fe1eEzI reserve bank
which may have been suspended
such branches shah be operated BY a
. bard Of directors gzter the rules and
regulations sppr0Te9 bE the federal
rsserve board Directors Of branch
banks shall possess TIE saD= Gzzll9
czti0ns ss directors 0f tie federal ~
serve bcakz FO1r Of said directors
shall Be selected By TIE reserve tank
and three By the federal reseTTe hs0ari-
and they shall hold O1ce during TIE
pleasure, respectively. q the parvzt
bank and the federal reserve board
The reserve hank shall designate o1e
Of the directors zs manager.
See T. ''' Upoa tie fling q -
eeEtihczts with the c,9uperoIIeE q th=
eErrency d. TIE said federal re
serTe bank shall besD1e b1dy cog
poEzts and as sgch and II tie nzEe
designated IN such o-zzniEtioa Ger
tihcate shall have power
FIrxt-To sdopt and 1s= = corporate
xeaL
Seco1d--To have s1cceszs0n tor pe-
riod Of twenty years from its oz-z uiIz-
ton unIeSs It Is sooner dissolved By an
act Of eouzTsss Or Unless It's FRANCHISE
becomes forfeited By some Violztio1 Of
Law
Third-TO make eontrzctz
Foarth--To sue and be sued. CON
plain and defend. in any court Of law
or e,.uity.
Ftfth--TO appoint By its board q
directors. eses.te5 as hereinafrer PRO
T.ded. such ot5eers zs are pot other-
wise prsrifed for in this act. u define
their duties. require bonds of them and
IL the penalty thereof, 10 dismiss s1eh
officers or any Of them IS may be zp-
pointed By them al pleasure and 70 sp-
paint others 10 I'll their places
slxth--TO prescribe By its board Of
directors bylaws not Inconsistent with
law regulating the manner In vhich its
general business may be conducted
and the privileges granted 10 il By Law
may Be exercised and enjoyed
seventh--To exercise By its board Of
directors OF duly authorized officers or
agents all powers specifically granted
By the provisions Of this act and such
incidental powers as shall b Necessary
TO carry on the business Of banking
within the limitations prescribed By
this act
Eighth--Cpon deposit with the treas
urer Of the United States Of any bonds
Of the United States In the manner
provided by existing law relating to
banks 10 receive from the
Of the currency circulating
notes in blank. registered and counter
signed as provided by law. equal in
amount TO the par value Of the bonds
50 deposited. such notes To be issued
under the same conditions and proyi-
sions Of law which relate TO the issue
u circulating notes Of national banks [
secured by bOnds Of the United States |
bearing the circulating privilege. ex-
,egt that the issue Of such notes shall 1
bot be limited TO the amount Of the /
,apital stock Of such federal reserve /
bank
But no federal reserve bank shall 4
any business except such as /
> incidental and necessarily prelimi I
nary to its orgs nizatiOn until il has /
zen authorized by the comptroller Of
he currency to commence business IN
Ter the provisions Of this act