penalties for failure to make or publish such reports as are therein provided; which penalty may be collected by suit before any court of the United States in the district in which said savings banks or savings and trust companies may be located and all savings or other banks now organized, or which shall hereafter be organized, in the District of Columbia, under any act of Congress, which shall have capital stock paid up in whole or in part, shall be subject to all the provisions of the Revised Statutes, and of all acts of Congress applicable to national banking associations, so far as the same may be applicable to such savings or other banks: Provided, That such savings banks now established shall not be required to have a paid-in capital exceeding one hundred thousand dollars. (19 Stat. 64.) This section was part of an act authorizing the appointment of receivers of national banks, etc., cited above. See notes to section 1 of this act, post, § 9826. § 9779. (R. S. § 5214, as amended, Act May 30, 1908, c. 229, § 9, and Act Dec. 23, 1913, c. 6, § 27.) Taxes on circulating notes, deposits and capital stock. In lieu of all existing taxes, every association shall pay to the Treasurer of the United States, in the months of January and July, a duty of one-half of one per centum each half-year upon the average amount of its notes in circulation, and a duty of onequarter of one per centum each half-year upon the average amount of its deposits, and a duty of one-quarter of one per centum each half-year on the average amount of its capital stock, beyond the amount invested in United States bonds. National banking associations having circulating notes secured otherwise than by bonds of the United States, shall pay for the first three months a tax at the rate of three per centum per annum upon the average amount of such of their notes in circulation as are based upon the deposit of such securities, and afterwards an additional tax rate of one-half of one per centum per annum for each month until a tax of six per centum per annum is reached, and thereafter such tax of six per centum per annum upon the average amount of such notes. Act June 3, 1864, c. 106, 41, 13 Stat. 111. Act May 30, 1908, c. 229, § 9, 35 Stat. 550. Act Dec. 23, 1913, c. 6, § 27, 38 Stat. This section, as enacted in the Revised Statutes, read as set forth here. It was amended by the Aldrich-Vreeland Act of May 30, 1908, c. 229, § 9, to read as follows: "National banking associations having on deposit bonds of the United States, bearing interest at the rate of two per centum per annum, including the bonds issued for the construction of the Panama Canal, under the provisions of section eight of 'An Act to provide for the construction of a canal connecting the waters of the Atlantic and Pacific oceans,' approved June twentyeighth, nineteen hundred and two, to secure its circulating notes, shall pay to the Treasurer of the United States, in the months of January and July, a tax of one-fourth of one per centum each half year upon the average amount of such of its notes in circulation as are based upon the deposit of such bonds; and such associations having on deposit bonds of the United States bearing interest at a rate higher than two per centum per annum shall pay a tax of one-half of one per centum each half year upon the average amount of such of its notes in circulation as are based upon the deposit of such bonds. Na tional banking associations having circulating notes secured otherwise than by bonds of the United States shall pay for the first month a tax at the rate of five per centum per annum upon the average amount of such of their notes in circulation as are based upon the deposit of such securities, and afterwards an additional tax of one per centum per annum for each month until a tax of ten per centum per annum is reached, and thereafter such tax of ten per centum per annum, upon the average amount of such notes. Every national banking association having outstanding circulating notes secured by a deposit of other securities than United States bonds shall make monthly returns, under oath of its president or cashier, to the Treasurer of the United States, in such form as the Treasurer may prescribe, of the average monthly amount of its notes so secured in circulation; and it shall be the duty of the Comptroller of the Currency to cause such reports of notes in circulation to be verified by examination of the banks' records. The taxes received on circulating notes secured otherwise than by bonds of the United States shall be paid into the Division of Redemption of the Treasury and credited and added to the reserve fund held for the redemption of United States and other notes." As so amended, it superseded the Parity Act of March 14, 1900, c. 41, § 13, which was as follows: "That every national banking association having on deposit, as provided by law, bonds of the United States bearing interest at the rate of two per centum per annum, issued under the provisions of this Act, to secure its circulating notes, shall pay to the Treasurer of the United States, in the months of January and July, a tax of one-fourth of one per centum each half year upon the average amount of such of its notes in circulation as are based upon the deposit of said two per centum bonds; and such taxes shall be in lieu of existing taxes on its notes in circulation imposed by section fifty-two hundred and fourteen of the Revised Statutes." This section, and R. S. §§ 5153, 5172, 5191, amended by said Aldrich-Vreeland Act of May 30, 1908, c. 229, were re-enacted, to read as such sections read prior to May 30, 1808, by a provision of the Federal Reserve Act of Dec. 23, 1913, c. 6, § 27, ante, § 9743, subject to such amendments or modifications as were prescribed in that act. A proviso annexed to said re-enacting provision of section 27 of the Federal Reserve Act was as follows: "Provided, however, That section nine of the act first referred to in this section" (being section 9 of said Aldrich-Vreeland Act of May 30, 1908, c. 229, 9, 35 Stat. 550) "is hereby amended so as to change the tax rates fixed in said Act by making the portion applicable thereto read as follows: National banking associations having circulating notes," etc. Said amendment of the Aldrich-Vreeland Act of May 30, 1908, c. 229, § 9, which section amended R. S. § 5214, is incorporated into said last-mentioned section as a part thereof, so as to make the section read as set forth here. Act Dec. 21, 1905, c. 3, § 1, post, § 6827, provided that every national banking association having on deposit, as provided by law, Panama Canal bonds, issued under Act June 28, 1902, c. 1302, § 8, ante, § 6826, to secure its circulating notes, should pay to the Treasurer of the United States, in the months of January and July, a tax of one-fourth of one per cent. each half year upon the average amount of such of its notes in circulation as were based upon the deposit of such bonds, such tax to be in lieu of existing taxes on its notes in circulation imposed by R. S. § 5214. This provision was superseded by the amendment of this section by said Aldrich-Vreeland Act of May 30, 1908, c. 229, § 9. Every national banking association was required to pay a tax of ten per centum on the amount of notes of any person, firm, association other than a national banking association, or of any corporation, State bank, or State banking association, or of any town, city, or municipal corporation, used for circulation and paid out by them, by Act Feb. 8, 1875, c. 36, § 20, ante, § 6290. Provisions relating to the taxation of banks other than national banks are contained in Rev. St. §§ 3407-3417, and subsequent provisions, ante, §§ 62886299. § 9780. (R. S. § 5215.) and capital stock. Half-yearly return of circulation, deposits, In order to enable the Treasurer to assess the duties imposed by the preceding section, each association shall, within ten days from the first days of January and July of each year, make a return, under the oath of its president or cashier, to the Treasurer of the United States, in such form as the Treasurer may prescribe, of the average amount of its notes in circulation, and of the average amount of its deposits, and of the average amount of its capital stock, beyond the amount invested in United States bonds, for the six months next preceding the most recent first day of January or July. Every association which fails so to make such return shall be liable to a penalty of two hundred dollars, to be collected either out of the interest as it may become due such association on the bonds deposited with the Treasurer, or, at his option, in the manner in which penalties are to be collected of other corporations under the laws of the United States. Act June 3, 1864, c. 106, § 41, 13 Stat. 111. § 9781. (R. S. § 5216.) Penalty for failure to make return. Whenever any association fails to make the half-yearly return required by the preceding section, the duties to be paid by such association shall be assessed upon the amount of notes delivered to such association, by the Comptroller of the Currency, and upon the highest amount of its deposits and capital stock, to be ascertained in such manner as the Treasurer may deem best. Act June 3, 1864, c. 106, § 41, 13 Stat. 111. § 9782. (R. S. § 5217.) Penalty for failure to pay duties. Whenever an association fails to pay the duties imposed by the three preceding sections, the sums due may be collected in the manner provided for the collection of United States taxes from other corporations; or the Treasurer may reserve the amount out of the interest, as it may become due, on the bonds deposited with him by such defaulting association. Act June 3, 1864, c. 106, § 41, 13 Stat. 111. § 9783. (R. S. § 5218.) Refunding excessive duties. In all cases where an association has paid or may pay in excess of what may be or has been found due from it, on account of the duty required to be paid to the Treasurer of the United States, the association may state an account therefor, which, on being certified by the Treasurer of the United States, and found correct by the First Comptroller of the Treasury, shall be refunded in the ordinary manner by warrant on the Treasury. Res. March 2, 1867, No. 49, 14 Stat. 572. § 9784. (R. S. § 5219.) State taxation. Nothing herein shall prevent all the shares in any association from being included in the valuation of the personal property of the owner or holder of such shares, in assessing taxes imposed by authority of the State within which the association is located; but the legislature of each State may determine and direct the manner and place of taxing all the shares of national banking associations located with in the State, subject only to the two restrictions, that the taxation shall not be at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of such State, and that the shares of any national banking association owned by non-residents of any State shall be taxed in the city or town where the bank is located, and not elsewhere. Nothing herein shall be construed to exempt the real property of associations from either State, county, or municipal taxes, to the same extent, according to its value, as other real property is taxed. Act June 3, 1864, c. 106, § 41, 13 Stat. 111. Act Feb. 10, 1868, c. 7, 15 Stat. 34. Sec. CHAPTER THREE A Federal Reserve Banks This chapter, inserted here as additional to the original chapters of this Title of the Revised Statutes, includes the provisions for the establishment of Federal reserve banks of the Federal Reserve Act of Dec. 23, 1913, c. 6. 9785. Short title of act; "bank," "na tional bank," "national banking association," "member bank," "board," "district," and "reserve bank," defined. FEDERAL RESERVE DISTRICTS 9786. (1) Federal reserve cities and Federal reserve districts; designation by Reserve Bank Organization Committee; readjustment. super (2) Powers of Reserve Bank Or- (4) Liability of shareholders of (5) Banks failing to accept act to (6) Banks failing to become mem- (7) Effect of dissolution of banks. Sec. (2) Certificate of organization of (3) Acknowledgment and trans- (4) Corporate capacity and pow- reserve banks; classifica- STOCK ISSUES; INCREASE AND DECREASE OF CAPITAL 9789. Capital stock of Federal reserve banks; value of shares; increase or decrease; certificate of increase; transfer or hypothecation of shares owned by member banks prohibited; subscriptions to stock of reserve bank on increase of capital by member bank amount of subscription to stock of reserve bank required of member banks after organization of reserve bank; surrender of shares of stock in reserve bank by member bank on decrease of capital or liquidation. 9790. Cancellation of stock held by member bank on insolvency; certificate of reduction of capital of reserve bank. DIVISION OF EARNINGS (2) Disposition of net earnings Sec. STATE BANKS AS MEMBERS 9792. (1) State banks as members of Federal reserve banks; application, etc., stock, how paid for. (2) By-laws regulating admission of state banks, etc.; to membership in Federal reserve banks; capital stock required of state banks as condition precedent to membership in Federal reserve bank. (3) Laws, etc., applicable to state banks on becoming members of Federal reserve banks. (4) Cancellation of membership of state banks in Federal reserve banks. FEDERAL RESERVE BOARD 9793. (1) Federal Reserve Board; number of members; appointment; ex officio members; salaries. (2) Members of board, Secretary of the Treasury, Assistant Secretaries of the Treasury and Comptroller of Currency ineligible during terms of office and for two years thereafter to hold office, etc., in member banks; qualifications and terms of office of members of board; governor and vice governor of board; office for board; oath of office of members of board. (3) Assessments on Federal reserve banks to pay expenses of Federal Reserve Board. (4) First meeting of Federal Reserve Board; Secretary of the Treasury ex officio chairman of Federal Reserve Board; members not to hold stock in banks, etc.; vacancies in board, how filled. (5) Filling vacancies on Federal Reserve Board. (6) Powers of Secretary of the Treasury not impaired. (7) Reports of Federal Reserve Board to Congress. 9794. Enumerated powers of Federal (a) Examination of accounts, etc., |