(d) No associate bank will play the role of brand new average otherwise representative regarding one nonbanking corporation, partnership, connection, organization faith, or individual for making loans to your safeguards regarding stocks, ties, or other funding securities so you can brokers or people for the carries, bonds, and other money ties. All citation of this provision from the people associate bank will be punishable of the a superb out of not more than $100 a-day in the continuance of such solution; and you will particularly fine tends to be gathered, by suit or otherwise, from the Federal reserve lender of one’s region in which such as user financial is positioned.
[twelve USC 374a. Just like the added by the work away from ended by the operate out of finished from the acts of Sept. 21, 1967 (81 Stat. 226) and Sept. 21, 1968 (82 Stat. 856)).]
Places that have, and you will reduced prices for, nonmember banking institutions
(e) Zero user financial shall carry on put with people depository institution that is not registered for access to Federal Put aside enhances lower than area 10(b) regarding the Act an amount over 10 for each and every centum of the very own paid down-up financial support and you will surplus. No representative financial should try to be the new typical otherwise representative of a beneficial nonmember lender in the obtaining or finding discounts of an excellent Government reserve bank underneath the provisions of Operate, but by consent of your own Board from Governors of Federal Set-aside System.
[twelve USC 463, 374. Due to the fact reenacted instead of change of the operate out-of concluded by serves regarding Summer 21, 1917 (40 Stat. 239) (and that completely changed so it part) and concluded because of the acts away from Sept. 21, 1967 (81 Stat. 226); Sept. 21, 1968 (82 Stat. 856); and you will February 30, 1980 (94 Stat. 140).]
