II
STATUTORY REQUIREMENTS UNDER SECTIONS 13 AND 14
Section 13 of the Federal Reserve Act as amended provides that:
(a) Any federal reserve bank may discount acceptances:
(1) Which are based on the importation or exportation of goods;
(2) Which have a maturity at time of discount of not more than three months; and
(3) Which are indorsed by at least one member bank.
(b) The amount of acceptances so discounted shall at no time exceed one-half the paid-up capital stock and surplus of the bank for which the rediscounts are made, except by authority of the Federal Reserve Board and of such general regulations as said board may prescribe, but not to exceed the capital stock and surplus of such bank.
(c) The aggregate of notes and bills bearing the signature or indorsement of any one person, company, firm, or corporation rediscounted for any one bank shall at no time exceed 10 per centum of the unimpaired capital and surplus of said bank; but this restriction shall not apply to the discount of bills of exchange drawn in good faith against actually existing values.
Section 14 of the Federal Reserve Act permits federal reserve banks, under regulations to be prescribed by the Federal Reserve Board, to purchase and sell in the open market bankers' acceptances, with or without the indorsement of member bank.