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every claimant of any such mining claim in order to obtain the benefits of this resolution shall file or cause to be filed in the office where the location notice or certificate is recorded, on or before December 31, 1919, a notice of his desire to hold said mining claim under this resolution. [41 Stat. L. 279.]

For R. S. sec. 2324, mentioned in the text, see 6 Fed. Stat. Ann. (2d ed.) 533; 5 Fed. Stat. Ann. (1st ed.) 19.

SEC. 2. [Previous legislation how affected.] That this resolution shall not be construed to alter, modify, amend, or repeal the public resolution entitled "Joint resolution to relieve the owners of mining claims who have been mustered into the military or naval service of the United States as officers or enlisted men from performing assessment work during the term of such service," approved July 17, 1917. [41 Stat. L. 280.]

For Res. of July 17, 1917, mentioned in the text, see 1918 Supp. Fed. Stat. Ann. 461.

Joint Resolution To suspend the requirements of annual assessment work on mining claims during the year 1919.

[Res. of Nov. 13, 1919, No. 20, ch. 106, 41 Stat. L. 354.]

[Mining claims — annual assessment work-suspension.] That the provision of section 2324 of the Revised Statutes of the United States, which requires on each mining claim located and until a patent has been issued therefor, not less than $100 worth of labor to be performed, or improvements aggregating such amount to be made each year, be, and the same is hereby suspended as to all mining claims in the United States, including Alaska, during the calendar year 1919: Provided, That every claimant of any such mining claim in order to obtain the benefits of this resolution shall file or cause to be filed in the office where the location notice or certificate is recorded on or before December 31, 1919, a notice of his desire to hold said mining claim under this resolution. [41 Stat. L. 354.]

For R. S. sec. 2324, mentioned in the text, see 6 Fed. Stat. Ann. (2d ed.) 533; 5 Fed. Stat. Ann. (1st ed.) 19.

MINIMUM WAGE

See LABOR.

MORATORIUM

See SOLDIERS' AND SAILORS' CIVIL RELIEF.

MOTOR VEHICLES

See CRIMINAL LAW.

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2. Powers of Federal Reserve Board

Permit to National Banks to Act

as Trustees, etc.- Authority Granted Banks How Exercised - Sec. 11 (k) Amended, 257.

S. Note Issues-Regulations - Printing - Sec. 16 Amended, 258.

4. Reserves Required by Member Banks - Sec. 19 Amended, 259.

5. Bank Examiners, Officers, Directors and Employees - Fees and Gratuities - Dealings between Banks and Directors Sec. 22 Amended, 259. 7. Falsely Certifying Checks - Embezzlement, etc.-R. S. Secs. 5208, 5209 Amended, 261.

Act of Nov. 7, 1918, ch. 209, 262.

Sec. 1. Consolidation of National Banking Associations

tions Rights of Shareholders, 262.

2. Status of Consolidated Association
Franchises, and Interests, 263.

Act of March 1, 1919, ch. 86, 263.

Terms and Condi

Outstanding Circulation

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Sec. 1. Comptroller's Office - Chief of Examining Division - National Bank

Examiner, 263.

Act of March 3, 1919, ch. 101, 263.

Sec. 1. Federal Reserve Act Federal Reserve Banks

Disposition - Sec. 7 Amended, 263.

Net Earnings

2. Federal Reserve Board - Ineligibility for Service in Member Banks —

Sec. 10 Amended, 264.

3. Federal Reserve Banks

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Security -Sec. 11 Amended, 264.

4. Circulating Bank Notes Printing
R. S. Sec. 5172 Amended, 265.

Act of Sept. 17, 1919, ch. 60, 265.

Denominations

Sec. 1. Federal Reserve Act Amendment of Sec. 25

Contents

Investment by Banks in

Stock of Corporation Interested in Facilitating Exports, 265.
2. Application for Establishment of Foreign Branches, etc., 265.
3. Information Furnished of Condition of Foreign Branches, etc., 266.

Act of Oct. 22, 1919, ch. 79, 266.

Sec. 1. Limit to Liabilities Which May Be Incurred by Any One Person, etc.—

R. S. Sec. 5200 Amended, 266.

2. Limit upon Indebtedness to Be Incurred R. S. Sec. 5202 Amended, 267.

Act of Dec. 24, 1919, ch. -, 268.

Federal Reserve Act - New Section-Corporations to Do Foreign Banking Business Creation Powers Rights and Liabilities of Officers and Stock

- ·

holders, 268.

An Act To amend and reenact sections four, eleven, sixteen, nineteen, and

twenty-two of the Act approved December twenty-third, nineteen hundred and thirteen, and known as the Federal reserve Act, and sections fifty-two hundred and eight and fifty-two hundred and nine, Revised Statutes.1

[Act of Sept. 26, 1918, ch. 177, 40 Stat. L. 967.]

[SEC. 1.] [Federal Reserve Act-directors of Class A and Class B-how chosen sec. 4 amended.] That section four of the Act approved December twenty-third, nineteen hundred, and thirteen, known as the Federal reserve Act. be amended and reenacted by striking out that part of such section which reads as follows:

"Directors of Class A and Class B shall be chosen in the following manner: "The chairman of the board of directors of the Federal reserve bank of the district in which the bank is situated or, pending the appointment of such chairman, the organization committee shall classify the member banks of the district into three general groups or divisions. Each group shall contain as nearly as may be one-third of the aggregate number of the member banks of the district, and shall consist, as nearly as may be, of banks of similar capitalization. The groups shall be designated by number by the chairman.

"At a regularly called meeting of the board of directors of each member bank in the district it shall elect by ballot a district reserve elector and shall certify his name to the chairman of the board of directors of the Federal reserve bank of the district. The chairman shall make lists of the district reserve electors thus named by banks in each of the aforesaid three groups and shall transmit one list to each elector in each group.

"Each member bank shall be permitted to nominate to the chairman one candidate for director of Class A and one candidate for director of Class B. The candidates so nominated shall be listed by the chairman, indicating by whom nominated, and a copy of said list shall, within fifteen days after its completion, be furnished by the chairman to each elector.

"Every director shall, within fifteen days after the receipt of the said list. certify to the chairman his first, second, and other choices of a director of Class A and Class B, respectively, upon a preferential ballot, on a form furnished by the chairman of the board of directors of the Federal reserve bank of the district. Each elector shall make a cross opposite the name of the first, second, and other choices for a director of Class A and for a director of Class B, but shall not vote more than one choice for any one candidate," and by substituting therefor the following:

"Directors of Class A and Class B shall be chosen in the following manner : "The Federal Reserve Board shall classify the member banks of the district. into three general groups or divisions, designating each group by number. Each group shall consist as nearly as may be of banks of similar capitalization. Each member bank shall be permitted to nominate to the chairman of the board of directors of the Federal reserve bank of the district one candidate for director of Class A and one candidate for director of Class B. The candidates so nominated shall be listed by the chairman, indicating by whom nominated, and a copy of said list shall, within fifteen days after its completion, be furnished 1 For Act of Dec. 23, 1913, see 6 Fed. Stat. Ann. (2d ed.) 817; 1914 Supp. Fed. Stat. Ann. 260.

For R. S. secs. 5208, 5209, here amended, see 6 Fed. Stat. Ann. (2d ed.) 769, 779; 5 Fed. Stat. Ann. (1st ed.) 144, 145.

by the chairman to each member bank. Each member bank by a resolution of the board or by an amendment to its by-laws shall authorize its president, cashier, or some other officer to cast the vote of the member bank in the elections of Class A and Class B directors.

"Within fifteen days after receipt of the list of candidates the duly authorized officer of a member bank shall certify to the chairman his first, second, and other choices for director of Class A and Class B, respectively, upon a preferential ballot upon a form furnished by the chairman of the board of directors of the Federal reserve bank of the district. Each such officer shall make a cross opposite the name of the first, second, and other choices for a director of Class A and for a director of Class B, but shall not vote more than one choice for any one candidate. No officer or director of a member bank shall be eligible to serve as a Class A director unless nominated and elected by banks which are members of the same group as the member bank of which he is an officer or director.

"Any person who is an officer or director of more than one member bank shall not be eligible for nomination as a Class A director except by banks in the same group as the bank having the largest aggregate resources of any of those of which such person is an officer or director. [40 Stat. L. 967.]

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For Federal Reserve Act, sec. 4, as originally enacted, see 6 Fed. Stat. Ann. (2d ed.) 820; 1914 Supp. Fed. Stat. Ann. 263.

SEC. 2. [Powers of Federal Reserve Board - permit to national banks to act as trustees, etc.-authority granted banks how exercised-sec. 11 (k) amended.] That section eleven (k) of the Federal reserve Act be amended and reenacted to read as follows:

"(k) To grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committeee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located.

"Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powers by State banks, trust companies, or other corporations which compete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed to be in contravention of State or local law within the meaning of this Act.

"National banks exercising any or all of the powers enumerated in this subsection shall segregate all assets held in any fiduciary capacity from the general assets of the bank and shall keep a separate set of books and records showing in proper detail all transactions engaged in under authority of this subsection. Such books and records shall be open to inspection by the State authorities to the same extent as the books and records of corporations organized under State law which exercise fiduciary powers, but nothing in this Act shall be construed as authorizing the State authorities to examine the books, records, and assets of the national bank which are not held in trust under authority of this subsection.

"No national bank shall receive in its trust department deposits of current funds subject to check or the deposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes. Funds deposited or held in trust by

the bank awaiting investment shall be carried in a separate account and shall not be used by the bank in the conduct of its business unless shall first set aside in the trust department United States bonds or other securities approved by the Federal Reserve Board.

"In the event of the failure of such bank the owners of the funds held in trust for investment shall have a lien on the bonds or other securities so set apart in addition to their claim against the estate of the bank.

"Whenever the laws of a State require corporations acting in a fiduciary capacity, to deposit securities with the State authorities for the protection of private or court trust, national banks so acting shall be required to make similar deposits and securities so deposited shall be held for the protection of private or court trusts, as provided by the State law.

"National banks in such cases shall not be required to execute the bond usually required of individuals if State corporations under similar circumstances are exempt from this requirement.

"National banks shall have power to execute such bond when so required by the laws of the State.

"In any case in which the laws of a State require that a corporation acting as trustee, executor, administrator, or in any capacity specified in this section, shall take an oath or make an affidavit, the president, vice president, cashier, or trust officer of such national bank may take the necessary oath or execute the necessary affidavit.

"It shall be unlawful for any national banking association to lend any officer, director, or employee any funds held in trust under the powers conferred by this section. Any officer, director, or employee making such loan, or to whom such loan is made, may be fined not more than $5,000, or imprisoned not more than five years, or may be both fined and imprisoned, in the discretion of the court.

"In passing upon applications for permission to exercise the powers enumerated in this subsection, the Federal Reserve Board may take into consideration the amount of capital and surplus of the applying bank, whether or not such capital and surplus is sufficient under the circumstances of the case, the needs of the community to be served, and any other facts and circumstances that seem to it proper, and may grant or refuse the application accordingly: Provided, That no permit shall be issued to any national banking association having a capital and surplus less than the capital and surplus required by State law of State banks, trust companies, and corporations exercising such powers. [40 Stat. L. 968.]

For Federal Reserve Act, sec. 11 (k), as originally enacted, see 6 Fed. Stat. Ann. (2d ed.) 828; 1914 Supp. Fed. Stat. Ann. 272.

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SEC. 3. [Note issues regulations — printing-sec. 16 amended.] That the ninth paragraph of section sixteen of the Federal reserve Act, as amended by the Acts approved September seventh, nineteen hundred and sixteen, and June twenty-first, nineteen hundred and seventeen, be further amended and reenacted so as to read as follows:

"In order to furnish suitable notes for circulation as Federal reserve notes, the Comptroller of the Currency shall, under the direction of the Secretary of the Treasury, cause plates and dies to be engraved in the best manner to guard against counterfeits and fraudulent alterations, and shall have printed therefrom and numbered such quantities of such notes of the denominations

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