Mckinney's Consolidated Laws of New York Annotated Vol. 4 With Annotations from State and Federal Courts and State Agencies - new book

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: Federal Reserve Act Be it enacted andy the Senate and House of RepresemtvUtm / the United States of America in Congress assembled, Title of Act. Sec. 1. That the short title of this Act shall be the " Federal Reserve Act." Definition of Terms. Wherever the word " bank " is used in this Act, the word shall be held to include State bank, banking association, and trust company, except where national banks or Federal reserve banks are specifically referred to. The terms " national bank " and " national banking association " used in this Act shall be held to be synonymous and interchangeable. The term " member bank " shall be held to mean any national bank, State bank, or bank or trust company which has become a member of one of the reserve banks created by this Act. The term " board " shall be held to mean Federal Reserve Board; the term " district" shall be held to mean Federal reserve district; the term " reserve bank " shall be held to mean Federal reserve bank. Federal Reserve Districts ? Organization Committee. Sbc. 2. As soon as practicable, the Secretary of the Treasury, the Secretary of Agriculture and the Comptroller of the Currency, acting as " The Reserve Bank Organization Committee," shall designate not less than eight nor more than twelve cities to be known as Federal reserve cities, and shall divide the continental United States, excluding Alaska, into districts, each district to contain only one of such Federal reserve cities. The determination of said organization committee shall not be subject to review except by the Federal Reserve Board when organized: Provided, That the districts shall be apportioned with due regard to the convenience and customary course of business and shall not necessarily be coterminous with any State or States. The dist...