Proofread Revision of Sec. 7
Title
Proofread Revision of Sec. 7
Creator
Strong, Benjamin, 1872-1928
Identifier
WWP18874
Date
No date
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
FIRST REVISE.
Sec. 7. Upon receipt of such certificate, the Comptroller of the Currency shall issue a charter of incorporation to the persons who shall have been or may be appointed by the President and confirmed by the Senate as the directors of the Federal Reserve Bank, which charter shall contain a recital of the compliance with the provisions of this Act by the Organization Committee and the subscription to the full amount of the capital stock of $100,000,000 of the Federal Reserve Bank and the issuance of such charter by the Comptroller of the Currency, countersigned by the Secretary of the Treasury, shall complete the corporate organization of tThe Federal Reserve Bank of the United States. Upon such organization, the Federal Reserve Board and their successors and the stockholders of the Federal Reserve Bank as they may from time to time exist, shall be a body corporate, to be known as “The Federal Reserve Bank of the United States,” to have a term of existence of fifty years from the date of the issuing of the organization certificate by the Comptroller of the Currency, countersigned by the Secretary of the Treasury, to have the power to sue and be sued, to acquire, own lease and hold such real and personal property as may be necessary for its business, to buy, sell and deal in gold and silver bullion, promissory notes and other evidences of indebtedness, and warehouse certificates and bills of lading, and to discount notes bills, and acceptances to have a capital stock of $100,000,000, divided into 1,000,000 shares with a par value of $100 each, which stock shall have no voting power, and to have such further powers, privileges and functions as are hereinafter specified.in this Act. to have its principal place of business It shall The Bank shall be located in the City of Washington, D. C., and shall have twelve branches located in cities selected by the Federal Reserve Board and sub branches wherever designated by its the board of directors
Sec. 7. Upon receipt of such certificate, the Comptroller of the Currency shall issue a charter of incorporation to the persons who shall have been or may be appointed by the President and confirmed by the Senate as the directors of the Federal Reserve Bank, which charter shall contain a recital of the compliance with the provisions of this Act by the Organization Committee and the subscription to the full amount of the capital stock of $100,000,000 of the Federal Reserve Bank and the issuance of such charter by the Comptroller of the Currency, countersigned by the Secretary of the Treasury, shall complete the corporate organization of tThe Federal Reserve Bank of the United States. Upon such organization, the Federal Reserve Board and their successors and the stockholders of the Federal Reserve Bank as they may from time to time exist, shall be a body corporate, to be known as “The Federal Reserve Bank of the United States,” to have a term of existence of fifty years from the date of the issuing of the organization certificate by the Comptroller of the Currency, countersigned by the Secretary of the Treasury, to have the power to sue and be sued, to acquire, own lease and hold such real and personal property as may be necessary for its business, to buy, sell and deal in gold and silver bullion, promissory notes and other evidences of indebtedness, and warehouse certificates and bills of lading, and to discount notes bills, and acceptances to have a capital stock of $100,000,000, divided into 1,000,000 shares with a par value of $100 each, which stock shall have no voting power, and to have such further powers, privileges and functions as are hereinafter specified.in this Act. to have its principal place of business It shall The Bank shall be located in the City of Washington, D. C., and shall have twelve branches located in cities selected by the Federal Reserve Board and sub branches wherever designated by its the board of directors
Original Format
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Files
Collection
Citation
Strong, Benjamin, 1872-1928, “Proofread Revision of Sec. 7,” No date, WWP18874, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.