The Lemmon herald. (Lemmon, Perkins County, S.D.) 1912-1917, 1914-01-02
RESERVE BANK BRANCHES.
REGIONAL Institutions Empowered Il
Establish Sub Banks.

Regional institutions Empowered to
Establish Sub Banks.
No federai reserve bank shall com
mence business with II subscribed cap
Ital less In amount than S3,oo0.O0O
Sec. 3 Each federal reserve bank
shall extablish branch banks WITHIN
the federal reserve district In which
Il is located and may do So in the dis
trict OF any federal reserve bank
which may have been suspended
Such branches shall be operated by
board Of directors under the rlles and
regulations approved hy the federal
| reserve board Directors of branch
| bank shall possess the same uuaiih
| cations as directors OF the federal re
| serve banks Four Of said directors
s,,ali 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 sinli designate one
Of the dire, tors as MANAGER
Sec - pom the tiliu@ Of
| certiticHte with tn" "amitr"ll"l ~ the
| currency the SAID frd"rni re
| serve hauk shall become a body cor
/ porate and rs such aud III III" uame
designated III such organization Ger
| thcate shali have power
First TO adopt and use corporate
| seal
Second. To have succession for pc
Rod OF twenty years from It's organiza
ton unless it is sooner dissolved by an
act Of congress or unless its franchise
becomes forfeited by some violation OF
law.
Third Ito make contracts
Fourth To sue and he sued, com
plain aud defend. in any court OF law
or equity
Fifth-To appoint by its board OF
directors. elected as hereinafter pro
vided. such officers as are not other
wise provided for In this act, to define
their duties require bonds OF them and
Ak the penalty thereof, to dismiss such
officers or any Of them as may be ap'
pointed by them at pleasure and to ap
! Dliut OLUtIS VI VI t'i'ip F'd' '''
Sixth.-To prescribe by its board OF
directors bylaws not Inconsistent with
law regulating the manner In which its
general business may be conducted
md the privileges granted to 1t by law
may be exercised and enjoyed
Seventh To exercise by Its board OF
directors or duly authorized officers ol
agents all powers specifically granted
by the provisions of this act and sucf
incidental powers as shall be necessary
to carry on the business Of banking
within the limitations prescribed bl
this act
Eighth Upon deposit with the treas
urer OF the United States Of any bonds
of the United States In the manne
provided by existing law relating t
national banks 10 receive from tn
comptroller Of the currency circnlatin;
notes In blank registered and counter
signed as provided by law. equal II
amount to the par value Of the bond
so deposited. such notes to be issuet
under the same conditions and provi
sions Of law which relate to the issu
Of circulating notes OF national bank
secured by bonds OF the Cnited State
bearing the circulating privilege. e1
cept that the issue of such notes shal
not be limited to the amount " ID
, capital stock Of snch federal reserv
bank
But no fedora, reserve bank sha
transact any business except surh
, is incidental and necessarily prelim
, nary to its organization until II ha
been authorized 10y the comptroller Q
the currency tn commence business M
der the prov ,sions of TINS act
CLASSES OF DIRECTORS.