An Act to continue until the close of June 30, 1960, the suspension of duties on metal scrap, and for other purposes
PL 86-115 (H.R.6054), enacted 07/28/1959

38 Stat. 262. 
38 Stat. 270. 
264 
PUBUC LAW 86-115-JULY 28, 1959 
[73 STAT. 
(5) the last paragraph of section 2 of the Federal Reserve Act 
38 Stat. 251. 
^ 2 U.S.C, scc. 224) is amended by striking out "and central 
reserve cities"; 
(6) section 11(e) of the Federal Reserve Act (12 U.S.C, sec. 
248e) is amended by striking out "and central reserve" each place 
it appears; 
(7) the third paragraph (lettered (a)) of section 19 of the 
Federal Reserve Act (12 U.S.C, sec. 462) is amended by striking 
out "or central reserve"; 
38 Stat. 270. 
^g^ ^j^^ ^f|.j^ paragraph (lettered (c)) of such section 19 is 
repealed; 
(9) subparagraph (2) of the sixth paragraph of such section 19 
(as added by the first section of this Act) is amended by striking 
out "and a member bank in a central reserve city may hold and 
maintain the reserve balances which are in effect under this section 
for member banks described in paragraph (a) or (b),"; 
It vie 46^. 
(10) ^^^ seventh paragraph of such section 19 is amended by 
striking out clauses (1), (2), (3), and (4) and inserting in lieu 
thereof the following: "(1) by member banks in reserve cities, 
(2) by member banks not in reserve cities, or (3) by all member 
banks"; and 
(11) the seventh paragraph of such section is further amended 
by striking out "and central reserve cities". 
iJ°Lmultes!""' 
^^^- ^- Paragraph (c) of section 5144 of the Revised Statutes (12 
48 Stat. 186.' 
U.S.C. 61 (c)) is amended by inserting before the semicolon at the en'd. 
thereof a period and the following: "In any case in which there is more 
than one holding company affiliate with respect to the same bank or 
group of banks the establishment and maintenance of the reserve of 
readily marketable assets required by this paragraph by only one of 
such holding company affiliates, designated by the Board under such 
conditions as the Board may prescribe, shall constitute compliance 
with such reserve requirement: Provided, That all of the stock of the 
banks affiliated with such holding company affiliates which is directly 
or indirectly owned or controlled by them shall be owned or controlled, 
directly or indirectly, by the one so designated by the Board. This pro-
viso shall not be interpreted as authorizing the Board to require any 
such designated company to own such stock directly". 
Approved July 28, 1959. 
Public Law 86-115 
July 28, 1959 
•'^^ ACT 
[H. R. 6054] 
rj,^ continue until the close of .Tune 30, 1960, the suspension of duties on metal 
scrap, and for other purposes. 
Be it enacted by the Senate and House of Representatives 
of the 
Metal scrap. 
United Statcs of America in Congress assembled, That the first sen-
tence of section 2 of the Act of September 30, 1950 (Public Law 869, 
i9^u^sc^%oi Eighty-first Congress), is hereby amended by striking out "June 30, 
par. 301 note. 
' 1959" and inserting in lieu thereof "June 30, 1960": Provided, 
That 
this Act shall not apply to lead scrap, lead alloy scrap, antimonial lead 
scrap, scrap battery lead or plates, zinc scrap, or zinc alloy scrap, or to 
any form of tungsten scrap, tungsten carbide scrap, or tungsten alloy 
scrap; or to articles of lead, lead alloy, antimonial lead, zinc, or zinc 
alloy, or to articles of tungsten, tungsten carbide, or tungsten alloy, 
imported for remanufacture by melting. 
Nonappiica- 
SEC. 2. This Act shall not apply to any article provided for in section 
68A Stat. 541. 
4541 of the Internal Revenue Code of 1954. 
26 use 4541. 
Approved July 28, 1969.