ProvidedProvided furtherUpon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, and subject to regulations and limitations to be prescribed by the Board of Governors of the Federal Reserve System, any Federal reserve bank may discount or purchase bills of exchange payable at sight or on demand which grow out of the domestic shipment or the exportation of nonperishable, readily marketable agricultural and other staples and are secured by bills of lading or other shipping documents conveying or securing title to such staples: , That all such bills of exchange shall be forwarded promptly for collection, and demand for payment shall be made with reasonable promptness after the arrival of such staples at their destination: , That no such bill shall in any event be held by or for the account of a Federal reserve bank for a period in excess of ninety days. In discounting such bills Federal reserve banks may compute the interest to be deducted on the basis of the estimated life of each bill and adjust the discount after payment of such bills to conform to the actual life thereof.
Dec. 23, 1913, ch. 6, § 13Mar. 4, 1923, ch. 25242 Stat. 1479May 29, 1928, ch. 88445 Stat. 975Aug. 23, 1935, ch. 61449 Stat. 704( (par.), as added , title IV, § 402, ; amended , ; , title II, § 203(a), .)
Editorial Notes
Codification
39 Stat. 752section 343 of this titlesection 343 of this titlesection 342 of this titleSection is comprised of the fourth par. of section 13 of act , as amended. The act of , split the second par. of section 13, as amended in 1916 (), into two pars., the first of which constitutes the first par. of and the second as this section, making it the third par. of section 13. However, the third par. became the fourth par. when act , added a new par. to follow the second par. For further details, see Codification note set out under . For classification to this title of other pars. of section 13, see Codification note set out under .
Amendments
1928—Act , amended part of first sentence preceding proviso.
Statutory Notes and Related Subsidiaries
Change of Name
Section 203(a) of act , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.