Regulations of the Federal Reserve Board

Evidence of eligibility; exception of bills accepted by national banks. A Federal Reserve bank must be satisfied either by reference to the acceptance itself, or otherwise, that it is eligible for purchase. Satisfactory evidence of eligibility may consist of a stamp or certificate affixed by the acceptor in form satisfactory to the Federal Reserve bank. No evidence of eligibility is required with respect to a bill accepted by a national bank.

Requirement Of Statements

Bankers' acceptances, other than those accepted or indorsed by member banks, shall be eligible for purchase only after the acceptor has furnished a satisfactory statement of financial condition in form to be approved by the Federal Reserve Board, and has agreed in writing with a Federal Reserve bank to inform it upon request concerning the transactions underlying such acceptances.

Opinions Of Counsel And Rulings

Relating to Evidence of Eligibility and Requirement of Statements

Responsibility for eligibility; statement required to be satisfactory in form. - Ultimate responsibility in purchasing acceptances is held to rest with Federal Reserve banks. The announcement that the Federal Reserve Board will require statements satisfactory to it in connection with acceptances is held to mean that the statement shall be satisfactory in form.