III
DEPOSITS IN THE GOLD SETTLEMENT FUND
(a) Each federal reserve bank shall, not later than May 24, 1915, forward to the Treasury or the nearest Sub-Treasury, for credit to the account of the gold settlement fund $1,000,000 in gold, gold certificates or gold order certificates, and, in addition, an amount at least equal to its net indebtedness due to all federal reserve banks.
(b) The Treasurer of the United States or Assistant Treasurer will, in accordance with arrangements made with the Treasury Department, advise the Federal Reserve Board, by mail or telegraph, of the receipt of all funds deposited on account of the gold settlement fund, and the Treasurer will issue and deliver to the Federal Reserve Board gold order certificates made "payable to the order of the Federal Reserve Board" covering the sum so deposited.
(c) Each federal reserve bank shall maintain a balance in the gold settlement fund of not less than $1,000,000.
(d) Excess balances may, at the convenience of each federal reserve bank, remain deposited with the gold settlement fund.