Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-12-27
RESERVE BANK BRANCHES.

Regional Institutions Empowered u
9stabiish Sub. eanks.
No federal reserve bank shall COM
mence business with subscribed cap
ital less In amount than 100000.
Sec. 8. Each federal reserve hank
shall extablish branch banks within
the federal reserve district In which
it is located and may do % In the dis
trict Of any. federal reserve bank
which may have been suspended.
Such branches shall be operated By Q
board Of directors under the rules and
regulations approved by the federal
reserve board Directors OF branch
banks shall possess the same qpalih-
cations a. directors Of the federal re-
serve banks Four OF said directors
shall be selected by the reserve bank
and three by the federal reserve board.
and they shall hold office during the
pleasure. respectively. Of the parent
bank and the federal reserve board.
The reserve bank shall designate one
Of the directors as manager.
Sec. 4. 80 Upon the filing Of
certificate with the comptroller Of the
currency - the said federal re-
serve bank shall become body cor
pc.ate and as such and in the name
designated in such organization GER
tificate shall have power
First.-To adopt and use corporate
seal.
Second.-To have succession for Pc
Rod of twenty years from its organiza-
ton unless it is sooner dissolved by an
act of congress or unless its franchise
becomes forfeited by some violation Of
law.
Third.-To make contracts.
Fourth-To sue and be sued, COM
plain and defend, in any court Of law
or equity.
Fifth.-To appoint by its board Of
directors, elected as hereinafter pro-
v:ded, such officers as are not other
wise provided for in this act. to define
their duties, require bonds Of them and
fix the penalty thereof, to dismiss such
officers or any Of them as may be ap-
pointed By them G: pleasure and to ap-
point others to oil their places.
Sixth.-To prescribe by its board Of
directors bylaws not Inconsistent with
law regulating the manner IN which !.ss
general business may be conducted
and the privileges granted to it by law
may be exercised and enjoyed.
Seyenth.-To exercise by Its board Of
directors or duly authorized officers or
agents all powers specifically granted
by the provisions OF this act and such
Incidental powers as shall be necessary
to carry on the business of banking
within the limitations prescribed by
this act
Eighth.-Upon 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
national banks to receive from the
comptroller 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
so deposited, such notes to be issued
under the same conditions and provi-
sions of law which relate to the issue
Of circulating notes Of national banks
secured by bonds OF the United States
bearing the circulating privilege. ex-
cept that the issue Of such notes shall
not be limited to the amount Of the
capital stock Of such federal reserve
bank.
But no federal reserve bank shall
transact any business except such as
is incidental and necessarily prelimi-
nary to its organization until 1t has
been authorized by the comptroller Of
the currency to commence business un-
der the provisions Of this act