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Sample page of the Index-Digest of the Federal Reserve Act (Third Edi t ion)

i n s u r a n c e By s o l i c i t i n g and s e l l i n g insurance, etc. (Sec. 13 , l ine 24, p. 29»)

The bank shall not guarantee the truth of any statement made by an assumed in f i l i n g his application for insurance.

(Sec. 13 , l ine 40, p« 29»)

When such property i s fu l ly covered by insurance, (United Skates Revised Statutes, sec* 5200, l i n e 19,P* SO*)

Any bond of indemnity required to be f i l e d by any person to secure payment of any . . . insurance by the United States , e t c .

(Revenue Act, sec- 1101, l i n e 8 ,p . S5»)

INSURANCE COljPANT May act as the agent for any i i r e , l i f e , or other insurance company, etc*

(Sec. 13, l ine 22, p . 29')

By s o l i c i t i n g and s e l l i n g insurance and co l l e c t ing premiums on po l i c i e s issued by such company. (Sec. 13, l i n e 2$, p*29«)

May receive for services ss. rendered such f ees or commissions as may be agreed upon by the said associat ion and the insurance company for which i t may act a.s agent. (Sec* 13", l ine 28, p« 29-)

INSURANCE POLICIES No such bank shall in any case ...assume @r guarantee the payment of any

premium on insurance po l i c i e s issued through i t s agency by i t s principal . (Sec. 13, l i n e 3&, ]?* 29-)

INTENDING TO PARTICIPATE, Such ar t i c l e s of associat ion shall be signed by alls of the persons

intending to participate in the organization eg&he corporation. (Sec. 25a, l i n e 40, p. 52.)

INTENT With in tent , in either case, to injure or defraud such corporation, e tc .

(Sec. 25a, l ine 26, p . 6 l . )

With intent to injure or defraud any person, e tc . (Sec. 25a, l i n e 39 > P* °1<)

Who with l i k e intent aids or abets any o f f i c e r . . . i n any v i o l a t i o n of this sect ion, etc- (Sec* 253> liziB 4^, p* 61*)

With intent in any case to injure or defraud such Federal reserve "bank or member bank- (United States Revised Statutes , sec . 5209>

l ine 19, p. S3*)

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Who, w i th l i k e i n t e n t t o defraud or in jure , embezzles, e t c , (United S t a t e s Revised S t a t u t e s , s e c . 5209, l i n e 27, p. 8 3 . )

Every person who, with l i k e i n t e n t , a i d s or abe t s any o f f i c e r , e t c . , in any v i o l a t i o n of t h i s s e c t i o n , e t c .

(United S t a t e s Revised S t a t u t e s , sec . 5209, l i n e 30, p. 8 3 . )

INTERCHANGEABLE The terms "nat ional bank." and "national banking a s s o c i a t i o n " used i n

t h i s Act s h a l l "be held, t o "be synonymous and interchangeable , (Sec. 1 , l i n e 15, p« 1 . )

INTEREST, CONTROLLING- (Sec. 25a, l i n e 35, p . 57; s e c . 25a, l i n e 38, p „ 5 7 . )

(See C o n t r o l l i n g i n t e r e s t )

INTEREST, PUBLIC ( sec . 14, l i n e 24, p . 3 5 . )

(See Publ ic i n t e r e s t )

INTEREST, RATE, RATES (See a l s o Disccunt r a t e s ) Shal l be e n t i t l e d t o a refund of i t s cash-pa id s u b s c r i p t i o n w i t h

i n t e r e s t a t the rate of one-half of one per centum per month fror., d a t e of l a s t d iv idend, i f earned, e t c .

(Sec. 9, l i n e 8, p . 1 6 . )

To red i scount the d iscounted paper of other Federal r e s e r v e "banks at r a t e s of i n t e r e s t to be f i x e d by the Federal Reserve Board.

(Sec. 11, l i n e 35, p. 2 0 . )

The r e s e r v e bank s h a l l add an amount eq.ua! t o sa id tax to the r a t e s of i n t e r e s t and d iscount f i x e d by the Federal Reserve Board.

(Sec. 11, l i n e 11, p. 2 1 . )

Federal r e s e r v e banks may compute the i n t e r e s t t o be deducted on the b a s i s of the est imated l i f e o f each b i l l , e t c .

(Sec. 13, l i n e 6, p. 2 7 . )

No such bank s h a l l i n any case guarantee e i t h e r the p r i n c i p a l or i n t e r e s t of any such loans . (Sec. 13, l i n e 35, p. 2 9 . )

Such bank . . . s h a l l pay such r a t e of i n t e r e s t as may be e s t a b l i s h e d by the Federal Reserve Board on only that amount of such notes which equals the t o t a l amount of i t s outstanding Federal Reserve n o t e s l e s s the amount of gold or gold c e r t i f i c a t e s held by the Federal r e s e r v e agent a s c o l l a t e r a l s e c u r i t y .

(Sec. 16, l i n e 27, p. 3 6 . ) May f i l e w i th the Treasurer of the United S t a t e s an a p p l i c a t i o n to s e l l

f o r i t s account, a t par and accrued i n t e r e s t , United S t a t e s bonds secur ing c i r c u l a t i o n t o be r e t i r e d .

(Sec. 18, l i n e 18, p. 4 1 . )

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To i s s u e a t par Treasury n o t e s . . . b e a r i n g i n t e r e s t a t the r a t e of 3 per centum per annum . . . a n d t o t e exefa.pt as to p r i n c i p a l and i n t e r e s t from the payment of a l l t axes , e t c .

(Sec. 18 , l i n e 12, p . 43; sec . 1 8 , 1 i n e 1 7 , p . 4 3 . )

To i s s u e United S t a t e s gold bonds at par , bear ing 5 per centum i n t e r e s t , e t c - (Sec . 18, l i n e 22, p . 4 3 . )

No member bank s h a l l pay t o any d i r e c t o r , e t c . , a greater r a t e of i n t e r e s t on the d e p o s i t s of such d i r e c t o r , e t c . than that paid to other d e p o s i t o r s , e t c . (Sec . 22, l i n e 35, p. 4 8 . )

Such banks may cont inue h e r e a f t e r as h e r e t o f o r e to r e c e i v e t i n e d e p o s i t s and to pay i n t e r e s t on the same* (Sec . 24, l i n e 4 4 , p . 4 9 . )

Whoever . . . represents i n any v ; a y that the United S t a t e s i s l i a b l e f o r the payment of any bond or other o b l i g a t i o n , or the i n t e r e s t thereon . . . s h a l l be punished, e t c . (Sec. 25a, l i n e 11, p . 6 2 . )

Or for one-year gold n o t e s b e a r i n g i n t e r e s t a t a r a t e o f not to exceed 3 per centum, e t c . (Sec . 26, l i n e 30, p . 6 2 . )

To d e p o s i t i t s s e c u r i t i e s and i t s current funds subject t o check w i t h any member bank of the. Federal Reserve System and to r e c e i v e i n t e r e s t on the same as may be agreed.

(Federal Farm Loan Act, s e c . 13, l i n e 36, p . 6 8 . )

Such d e p o s i t s may bear such r a t e of i n t e r e s t . . . a s the S e c r e t a r y of the Treasury may p r e s c r i b e .

( F i r s t L iberty Bond Act, s ec . 7 , l i n e 23, p . 69; Second L iber ty Bond Act, sec , 8, l i n e 9 , p . 70; Third L iber ty Bond Act,, s ec . 8 , l i n e 1, p . 7 1 . )

No d i s c o u n t or red iscount under t h i s s e c t i o n s h a l l be granted at a l e s s i n t e r e s t charge than one per centum p e r annum above the p r e v a i l i n g r a t e f o r e l i g i b l e conmercial paper of corresponding m a t u r i t y .

(War Finance Corporation Act, sec . 13, l i n e 37, p. 7 1 . )

Discounts or r e d i s c o u n t s under t h i s s e c t i o n s h a l l be at an i n t e r e s t r a t e equal to the p r e v a i l i n g r a t e for e l i g i b l e commercial paper of corresponding m a t u r i t i e s .

("ar Finance Corporation Act, s e c . 13, l i n e 11, p . 9 6 . )

Whenever Federal Reserve n o t e s a r e i s sued a g a i n s t the s e c u r i t y o f such o b l i g a t i o n s or paper, the Federal Reserve Board may make a s p e c i a l i n t e r e s t charge on such n o t e s , w h i c h , i n the d i s c r e t i o n of the Federal Reserve Board, need not be a p p l i c a b l e to other Federal r e s e r v e n o t e s which may from time to time be i s sued and out s tand ing .

(War Finance Corporation Act , s e c . 13, l i n e 5 , p. 72; Sec. 13, l i n e 2 1 , p . 96)

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Including principal and interest to maturity. (War Finance Corporation Act, sac, 15, l ine 23, p. 97,)

Moneys so deposited shall constitute a special fund for the payment of principal and interest of such bonds or notes, or f or the purchase or rademption of such bonus or notes at not mora than par and accrued interest , e tc ,

(War Finance Corporation Act, sec. 15, l i n e 25, p. 97; Sec. 15, l i n e 27, p. 97.)

Including principal and interest to maturity. (War Finance Corporation Act, sec. 15, l i n e 32, p. 97.)

Any such advance shall bear interest at a rate not exceeding 1 | per centrum in excess of the rate of discount for SO-day commercial paper prevail ing at the Federal Reserve bank, e tc .

(War Finance Corporation Act, sec, 22, l i n e 8, p. 98.)

All such loans shall bear inter3st at the rate of s ix per centum, etc , (Transportation Act, sec. 210, l ine 18, p. 88.)

Rates of interest or disc cant charged by the Federal intermediate credit banks upon such loans and discounts shall be subject to the approval of the Farm Loan Board,

(Agricultural Credits Act, sec. 202, l ine 29, p. 90.)

On the majority vote of the members of the Federal Farm Loan Board any Federal intermediate credit bank shall be required to rediscount ^ the discounted paper of any other Federal intermediate credit bank at rates of in teres t to be f ixed by the Federal Farm Loan Board.

(Agricultural Credits Act, sec, 202, l i n e 36, p» 90#)

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