Every National Bank must within 30 days after notification from Organization Committee, and eligible State Institutions may, at any time join the Federal Reserve Bank in their District, by subscribing to stock a sum equal to 6 per cent of their paid-up capital and surplus, one-sixth to be payable on call, one-sixth within three months, and one-sixth within six months thereafter, the remainder on call.

Any National Bank failing to accept terms of this Act within sixty days after its passage shall cease to act as reserve agent, and failing to comply with the Act within one year after its passage shall forfeit its franchise under the National Bank Act.

National Banks having capital and surplus of $1,000,000 or more may, with permission of Federal Reserve Board, establish foreign branches.

May accept drafts or bills of exchange having not more than six months to run, drawn upon them for exportation or importation of goods, up to one-half of capital and surplus.

National Banks, if not in a Central Reserve City, may make loans maturing in not to exceed five years on farm lands within District at not to exceed 50 per cent of value of property, up to an aggregate of 25 per cent of capital and surplus, or to one-third of time deposits.

National banks permitted to receive time deposits and to pay interest thereon.

No bank subject to visitorial powers except such as authorized by law.

No officer, director, employee or attorney shall receive directly or indirectly, under penalty of fine and imprisonment, any fee, commission, gift, or other consideration in connection with the business of the bank, except the usual salary or director's fee.

Comptroller of Currency, with approval of Secretary of Treasury, shall appoint examiners who shall examine each Member Bank at least twice in each calendar year. Examination of State Institutions by State authorities may be accepted.

Requirement that National Banks shall deposit U. S. bonds with Treasurer repealed.

State Banks may become National Banks.

State Banks upon becoming Member Banks must conform to National Bank Act as follows: Limitation of liability to such banks; prohibition against purchase of or loans on stock of such banks; impairment of capital; payment of unearned dividends; and to rules of Federal Reserve Board, and shall also be liable to certain penalties under said Act.

May charge customers actual expense of collections and of exchange, rate of charge for collections to be fixed by Federal Reserve Board.

Except by permission of Federal Reserve Board, no Member Bank shall act as agent for non-member banks in obtaining discounts.

National Banks in Alaska or insular possessions may remain non-member banks under National Bank Act, or, except those in Philippines, may with consent of Federal Reserve Board become members.

National Banks may, by special permission of Federal Reserve Board, act as trustee, executor, administrator, and registrar.

Provisions of Aldrich-Vreeland Act extended to June 30th, 1915, with changes in tax rates on circulation, and R. S. Sections 5153, 5172, 5191, and 5214 re-enacted to read as prior to May 30th, 1908.

*By Amendment No. 1 to this Act, Secretary of Treasury may permit national banks to issue circulating' notes not to exceed 125 per centum of capital and surplus, against which redemption fund in gold of not less than 5 per centum must be maintained in the United States Treasury.