the banks examined in proportion to assets or resources held by the banks upon the dates of examination of the various banks.

Special Examination. In addition to the examinations made and conducted by the Comptroller of the Currency, every federal reserve bank may, with the approval of the federal reserve agent or the Federal Reserve Board, provide for special examination of member banks within its district. The expense of such examinations shall be borne by the bank examined. Such examinations shall be so conducted as to inform the federal reserve bank of the condition of its member banks and of the lines of credit which are being extended by them. Every federal reserve bank shall at all times furnish to the Federal Reserve Board such information as may be demanded concerning the condition of any member bank within the district of the said federal reserve bank.

No Bank Subject to Visitatorial Powers.-No bank shall be subject to any visitatorial powers other than such as are authorized by law, or vested in the courts of justice or such as shall be or shall have been exercised or directed by Congress, or by either House thereof or by any committee of Congress or of either House duly authorized.

Examination of Federal Reserve Bank.-The Federal Reserve Board shall, at least once each year, order an examination of each federal reserve bank, and upon joint application of ten member banks the Federal Reserve Board shall order a special examination and report of the condition of any federal reserve bank.

§ 22. Loan or Gratuity to Bank Examiner.-No member bank or any officer, director, or employee thereof shall hereafter make any loan or grant any gratuity to any bank examiner. Any bank officer, director, or employee violating this provision shall be deemed guilty of a misdemeanor and shall be imprisoned not exceeding one year or fined not more than $5,000, or both; and may be fined a further sum equal to the money so loaned or gratuity given. Any examiner accepting a loan or gratuity from any bank examined by him or from an officer, director, or employee thereof shall be deemed guilty of a misdemeanor and shall be imprisoned not exceeding one year or fined not more than $5,000, or both; and may be fined a further sum equal to the money so loaned or gratuity given; and shall forever thereafter be disqualified from holding office as a national bank examiner.

No Examiner shall Perform Other Service for Compensation.-No national bank examiner shall perform any other service for compensation while holding such office for any bank or officer, director, or employee thereof.

Fee, Commission, Gift, in Connection With Transaction of Bank.Other than the usual salary or director's fee paid to any officer, director, or employee of a member bank and other than a reasonable fee paid by said bank to such officer, director, or employee for services rendered to such bank, no officer, director, employee, or attorney of

a member bank shall be a beneficiary of or receive, directly or indirectly, any fee, commission, gift, or other consideration for or in connection with any transaction or business of the bank.

No examiner, public or private, shall disclose the names of borrowers or the collateral for loans of a member bank to other than the proper officers of such bank without first having obtained the express permission in writing from the Comptroller of the Currency, or from the board of directors of such bank, except when ordered to do so by a court of competent jurisdiction, or by direction of the Congress of the United States, or of either House thereof, or any committee of Congress or of either House duly authorized. Any person violating any provision of this section shall be punished by a fine of not exceeding $5,000 or by imprisonment not exceeding one year, or both. Except as provided in existing laws, this provision shall not take effect until sixty days after the passage of this act.

§ 23. Stockholders' Liability.-The stockholders of every national banking association shall be held individually responsible for all contracts, debts, and engagements of such association, each to the amount of his stock therein, at the par value thereof in addition to the amount invested in such stock. The stockholders in any national banking association who shall have transferred their shares or registered the transfer thereof within sixty days next before the date of the failure of such association to meet its obligations, or with knowledge of such impending failure, shall be liable to the same extent as if they had made no such transfer, to the extent that the subsequent transferee fails to meet such liability; but this provision shall not be construed to affect in any way any recourse which such shareholders might otherwise have against those in whose names such shares are registered at the time of such failure.

LOANS ON FARM LANDS.

§ 24. Conditions.-Any national banking association not situated. in a central reserve city may make loans secured by improved and unencumbered farm land, situated within its federal reserve district, but no such loan shall be made for a longer time than five years, nor for an amount exceeding fifty per centum of the actual value of the property offered as security. Any such bank may make such loans. in an aggregate sum equal to twenty-five per centum of its capital and surplus or to one-third of its time deposits and such banks may continue hereafter as heretofore to receive time deposits and to pay interest on the same.

Board may Add to List of Cities in Which Banks not Permitted to Make Farm Loans.-The Federal Reserve Board shall have power from time to time to add to the list of cities in which national banks shall not be permitted to make loans secured upon real estate in the manner described in this section.

§ 25. Application to Establish Branches in Foreign Countries.— Any national banking association possessing a capital and surplus of

$1,000,000 or more may file application with the Federal Reserve Board, upon such conditions and under such regulations as may be prescribed by the said board, for the purpose of securing authority to establish branches in foreign countries or dependencies of the United States for the furtherance of the foreign commerce of the United States, and to act, if required to do so, as fiscal agents of the United States. Such application shall specify, in addition to the name and capital of the banking association filing it, the place or places where the banking operations proposed are to be carried on, and the amount of capital set aside for the conduct of its foreign business. The Federal Reserve Board shall have power to approve or to reject such application if, in its judgment, the amount of capital proposed to be set aside for the conduct of foreign business is inadequate, or if for other reasons the granting of such application is deemed inexpedient.

Information Concerning the Condition of Branches.-Every national banking association which shall receive authority to establish foreign branches shall be required at all times to furnish information concerning the condition of such branches to the Comptroller of the Currency upon demand, and the Federal Reserve Board may order special examinations of the said foreign branches at such time or times as it may deem best.

Accounts of Foreign Branch.-Every such national banking association shall conduct the accounts of each foreign branch independently of the accounts of other foreign branches established by it and of its home office, and shall at the end of each fiscal period transfer to its general ledger the profit or loss accruing at each branch as a separate item.

§ 26. Parity Provision.-All provisions of law inconsistent with or superseded by any of the provisions of this act are to that extent and to that extent only hereby repealed: Provided, Nothing in this act contained shall be construed to repeal the parity provision or provisions contained in an act approved March 14, 1900 entitled "An act to define and fix the standard of value, to maintain the parity of all forms of money issued or coined by the United States, to refund the public debt, and for other purposes," and the Secretary of the Treasury may for the purpose of maintaining such parity and to strengthen the gold reserve, borrow gold on the security of United States bonds authorized by section 2 of the act last referred to or for one-year gold notes bearing interest at a rate of not to exceed three per centum per annum, or sell the same if necessary to obtain gold. When the funds of the Treasury on hand justify, he may purchase and retire such outstanding bonds and notes.

§ 27. National Currency Associations, Additional National Bank Circulation, and National Monetary Commission. The provisions of the act of May 30, 1908, authorizing national currency associations, the issue of additional national bank circulation, and creating a National Monetary Commission, which expires by limitation under the

terms of such act on the 30th day of June 1914, are hereby extended to June 30, 1915, and sections 5153, 5172, 5191, and 5214, of the Revised Statutes of the United States, which were amended by the act of May 30, 1908, are hereby re-enacted to read as such sections read prior to May 30, 1908, subject to such amendments or modifications as are prescribed in this act:

Tax Rates.-Provided, however, That section 9 of the act first referred to in this section 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 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 afterward 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.

§ 28. Reduction of Capital Stock.-Section 5143 of the Revised Statutes is hereby amended and re-enacted to read as follows: Any association formed under this title may, by the vote of shareholders owning two-thirds of its capital stock, reduce its capital to any sum not below the amount required by this title to authorize the formation of associations; but no such reduction shall be allowable which will reduce the capital of the association below the amount required for its outstanding circulation, nor shall any reduction be made until the amount of the proposed reduction has been reported to the Comptroller of the Currency and such reduction has been approved by the said Comptroller of the Currency and by the Federal Reserve Board, or by the organization committee pending the organization of the Federal Reserve Board.

$ 29. If Part of Act Adjudged Invalid.-If any clause, sentence, paragraph, or part of this act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this act, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered.

§ 30. Right to Amend, Alter, or Repeal. The right to amend, alter, or repeal this act is hereby expressly reserved.

Approved, December 23, 1913.

Alameda-90.

BANKS IN CALIFORNIA.

98 Alameda National.

99-Alameda Savings.

100-Citizens' National.

101-Citizens' Savings.

Alhambra-90.

242-Alhambra Savings.

241-First National.

244-Alhambra National Bank.

Alturas-90.

501-First National.

Alvarado 90.

540-Bank of Alameda County.

Anaheim-90.

370-American Savings.

751-Anaheim National.

368-First National.

369-German American.
763-Southern County.

Anderson-90.

541-Bank of Anderson.

Angels Camp 90.

542 Calaveras County Bank.

Antioch-90.

485-Antioch Bank of Savings.
483-Bank of Antioch.
484 First National.

Arbuckle-90.

543-Bank of Arbuckle.

Arcata 90.

544 Bank of Arcata.

782-Arcata Savings Bank.
793-First National.

Arlington-90.

545-Citizens'.

Arroyo Grande—90.

546-Bank of Arroyo Grande.

Artesia.

547-First National.

Atwater-90.

721-Merced Security Savings.