Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1913-12-27
Naming Reserve Banks.

70 COHLalh ohiy one "a sun 4tNtAeA ~
serve cities.
Naming Reserve Banks.
The said committee shall supervise
the orSn nization In each 81 the cities
designated Of a federal reserve bank.
which shall include in its title tie
name OF the city in which Il IS situat-
cd. as Federal Reserve Bank Of Chi
caEo."
Under regulations 70 be prescribed by
the organization committee every IA
tiOnal banking association In the Unit
cd States IS hereby required and every
eligible bank in the United States and
every trust company within the DIS
trict OF Columbia Is hereby authorized
10 signify in writing within sixty days
after the passage OF this act ifs ac-
ccptnnce OF the terms and provisions
hereof
When the organization committee
shall have designated the cities IN
which federal reserve banks are 10 be
organized and fixed the geographical
limits OF the federal reserve districts
every national banking association
within that district shall be required
within thirty days after notice from
the organization committee TO sub
scribe 20 the capital stock OF such fed
eraI reserve bank in q sum equal 90 6
per cent o: the paid up capital stock
and surplus OF such bank.
Any national bank failing 70 signify
its acceptance Of the terms OF this act
within the sixty days aforesaid shall
cease 10 act rs a reserve agent upon
thirty days notice 10 he given within
the discretion OF the said organization
committee or OF the federal reserve
board
Should any national banking associa-
ton In the United States now organ
ized fail within one year after the pas
sage OF this act 10 become 4 member
bank under the provisions hereinbefore
stated or fail to comply with any OF
THE provisions OF this act applicable
thereto all OF the rights. privileges and
franchises Of such association granted
10 IL under the national bank act or IN
der the provisions OF this act shall be
thereby forfeited
NJ individual. copartnerShip or cor
poratiOn other than a member bank
os lis district shall be permitted 10
subscribe for or 10 hold at any time
more than $4,000 par value OF stock
in any federal reserve bank. Such
stock shall be known as public stock
and may be transferred on the books
~ the federal reserve bank by the
chairman OF the board OF directors OF
Ench bank.
Should the subscription OF stocS ny
banks and the public be inadequate
the government itself may subscribe
for stock Stock not held by member
banks shall be voted by Glass c dlrec-
tors only.
Reserve Bank Branches.
No federal reserve hank shall COM
mence business with a suhscrI bed cap
itnl less in amount than 5000 900
Sec. 3. Each federal reserve bank
shall extabIIsh branch banks within
the federal reserve district in which |
IL Is located and may DO 80 IN the dis |
tict OF any federal reserve bank |
which may have been suspended !
Such branches shall be operated by . /
board OF directors under the rules and Z
regulations approved by the federHi 1
reserve board Directors OF branch /
banks shall possess the same quallh /
cations as directors OF the federal re-
serve D1uAs- FNuI u Ha4N SA SStSiS
shall be selected BY the reserve bank 4
and three by the federal reserve board. I
and they shall hold ONCE during the /
pleasure. respectively, OF the parent 4
hank and the federal reserve board 4
The reserve bank shall designate one
Of the directors As manager.
Sec. 4 80 Upon the Cling OF
certificate with the comptroller OF the
currency - the said federal re-
serve bank shall become q body cor
PORTE and a. such and IN the name
designated in such organization Ger
tiscate shall have power
First-To adopt and use . corporate
seal