To Amend the Par Value Modification Act of 1972: Hearings, Ninety-third Congress, First Session on H.R. 4546 ...

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Página 358 - A corporation is an artificial being, invisible, intangible, and existing only in contemplation of law. Being the mere creature of law, it possesses only those properties which the charter of its creation confers upon it, either expressly or as incidental to its very existence.
Página 359 - ... buy and sell, with or without its indorsement, through such correspondents or agencies, bills of exchange (or acceptances) arising out of actual commercial transactions which have not more than ninety days to run, exclusive of days of grace, and which bear the signature of two or more responsible parties, and, with the consent of the Federal Reserve Board, to open and maintain banking accounts for such foreign correspondents or agencies.
Página 194 - Certain lessons seem clear. For example, the free circulation of gold coins is unnecessary, leads to hoarding, and tends to a possible weakening of national financial structures in times of emergency. The practice of transferring gold from one individual to another or from the Government to an individual within a nation is not only unnecessary but is in every way undesirable. The transfer of gold in bulk is essential only for the payment of international trade balances. Therefore it is a prudent...
Página 14 - Official multilateral includes loans and credits extended by international, regional or subregional financial organizations, such as the World Bank, the International Development Association, the Inter-American Development Bank, and the Central American Bank for Economic Integration.
Página 368 - Section 14 (e) of the Federal Reserve Act. The bank shall consult with foreign central banks on coordination of exchange operations. Any agreements or understandings concerning the administration of the accounts maintained by the New York bank with the central banks designated by the Board of Governors under section 214.5 of regulation N (as amended) are to be referred for review and approval to the Committee, subject to the provision of section VIII, paragraph 1, below. V. AUTHORIZED CURRENCIES...
Página 354 - Board and under regulations to be prescribed by said board, to open and maintain accounts in foreign countries, appoint correspondents, and establish agencies in such countries wheresoever it may be deemed best for the purpose of purchasing, selling, and collecting bills of exchange, and to buy and sell, with or without its indorsement, through such correspondents or agencies, bills of exchange (or acceptances) arising out of actual commercial transactions...
Página 99 - ... President's proclamation of the 16th ultimo has been, in violation of law; but it is also to be understood that no permit of any collector, or other officer connected with this department, is of any validity as a sanction to such intercourse, except as expressly authorized by the license or permission of the President of the United States, through the Secretary of the Treasury. All goods and chattels, wares and merchandise, going to or coming from a State under insurrectionary control, and every...
Página 360 - Any Federal reserve bank may, under rules and regulations prescribed by the Federal Reserve Board, purchase and sell in the open market, at home or abroad, either from or to domestic or foreign banks, firms, corporations, or individuals, cable transfers and bankers...
Página 368 - SPECIFIC AIMS OF OPERATIONS Within the basic purposes set forth in section II, the transactions shall be conducted with a view to the following specific aims : (1) To offset or compensate, when appropriate, the effects on US gold reserves or dollar liabilities of those fluctuations in the international flow of payments to or from the United States that are deemed to reflect temporary disequilibrating forces or transitional market unsettlement...
Página 360 - No Federal Reserve bank shall engage in open-market operations under section 14 of this Act except in accordance with regulations adopted by the Federal Reserve Board.

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