Volume 42 · 1223
Public Law 67–60
To amend the last paragraph of section 10 of the Federal Reserve Act as amended by the Act of June 3, 1922.
Approved February 6, 1923
Statutory text
An Act
To amend the last paragraph of section 10 of the Federal Reserve Act as amended by the Act of June 3, 1922.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That the last
Federal reserve banks.
Ante, p. 622, amended.
paragraph of section 10 of the Federal Reserve Act as amended by the Act of June 3, 1922, is amended to read as follows:
“No Federal reserve bank shall have authority hereafter to enter
Limit on cost of buildings for branch banks
into any contract or contracts for the erection of any branch bank building of any kind or character, or to authorize the erection of any such building, if the cost of the building proper, exclusive of
Vaults, etc., not included.
the cost of the vaults, permanent equipment, furnishings, and fixtures, is in excess of $250,000: Provided, That nothing herein shall
Proviso.
Exception.
apply to any building under construction prior to June 3, 1922.”
Approved, February 6, 1923.