Representative finance companies while making shelter money for others
(d) Zero associate financial will play the role of the average or broker out of people nonbanking business, partnership, organization, organization faith, otherwise individual to make funds to the coverage off carries, bonds, or any other resource ties so you can brokers otherwise dealers during the holds, ties, or other financing ties. All of the solution of supply by people representative lender are going to be punishable from the a fine from not more than $100 each day when you look at the continuance of these pass; and particularly great is generally amassed, by the fit or else, by Federal set aside financial of your section where for example user bank is situated.
[12 USC 374a. Because the added by work away from ended because of the act out-of finished from the acts off Sept. 21, 1967 (81 Stat. 226) and you will Sept. 21, 1968 (82 Stat. 856)).]
Places with, and you will discounts for, nonmember banking companies
(e) No affiliate financial should carry on deposit having any depository business which is not licensed for access to Government Reserve advances not as much as point ten(b) for the Operate an amount over ten each centum of the very own paid off-right up investment and excessive. Zero affiliate bank will play the role of the newest average otherwise representative regarding an effective nonmember lender in the trying to get or finding deals of a beneficial Government set-aside financial in terms of the Operate, except of the consent of your own Panel from Governors of your Federal Put aside System.
[several USC 463, 374. Just like the reenacted in place of alter by work off finished of the serves out of June 21, 1917 (40 Stat. 239) (and that entirely revised it section) and you can ended of the acts off Sept. 21, 1967 (81 Stat. 226); Sept. 21, 1968 (82 Stat. 856); and you may February 29, 1980 (94 Stat. 140).]
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