Section 65. That any national bank having a paid-up capital and surplus of at least two million dollars may establish a branch in any foreign country with the consent and approval of the board of directors of the American Reserve Bank.
Comment:—If we hope for our share of profit upon our foreign trade and if we hope to secure for the American merchant an equal opportunity in securing that foreign trade, we must prepare here two aids: one is banking facilities and the other is shipping facilities. Is it not perfectly clear that a foreign banker would do anything in his power to divert all the traffic he could over the shipping lines of his country? We shall find in the end then that our foreign trade will be aided not by our foreign bank alone but by American shipping as well.
Section 66. That any national bank that has a paid-up capital of at least fifty thousand dollars, and the surplus required by law, may act as a guardian, administrator, executor, or trustee and in such capacity in any State, by whatever name known, in accordance with the laws of the State or Territory where situated or located, and the reserves required against trust funds shall be as follows:
First: Seven per centum thereof shall be deposited with the American Reserve Bank.
Second: Six per centum cash shall be carried against all trust funds up to six million dollars and one-half of 1 per centum for each additional five hundred thousand dollars up to ten million dollars, and upon this amount and all additional amounts, 10 per centum in cash shall be carried, but any national bank accepting trust accounts shall keep the same separate and apart from all other accounts in said bank, and shall establish a trust account department; and all such deposits shall be invested in such securities as are prescribed by the laws of the State where such bank is located.
Section 67. That if the laws of the State where any national bank accepting trust accounts is located do not prescribe how trust funds shall be invested, then the board of the American Reserve Bank shall fix rules and regulations for the investment of such funds.
Section 68. That any national bank may accept savings accounts, as distinguished from commercial accounts, but any national bank accepting savings accounts shall keep the same separate and apart from all other accounts in said bank, and shall establish a savings account department; and all such savings deposits shall be invested in such securities as are prescribed by the laws of the State where such bank is located.
Section 69. That if the laws of the State where any national bank accepting savings accounts is located do not prescribe how savings funds shall be invested, then the board of the American Reserve Bank shall fix laws and regulations for the investment of such funds.
Section 70. That all investments made for the benefit of the savings depositors of any national bank shall be held primarily and exclusively for the benefit of the depositors in the savings department; and in case of a bank failure, if the investments made for the benefit of the depositors in the savings department do not satisfy their claims in full, then the depositors of the savings bank shall be entitled to such a part of the capital, surplus, and capital liability as the savings deposits bear to all other deposits up to and until the savings accounts are paid in full.
Section 71. That any national bank accepting savings accounts shall, on the tenth days of January and July of each year, have with the American Reserve Bank an amount in gold coin equal to 5 per centum of the average deposit in such department during the preceding six months, and such national bank shall be required to carry cash reserves amounting to 5 per centum against such savings account.