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board of governors of the federal reserve system
Aug i
9 1946

Vt.
VOLUME 11

1934

O ftlT tO

,
NUMBER 161

,
Washington Saturday A u gu st 17, 1946
Regulations TITLE 12BANKS AND BANKING
Chapter I I Board of Governors of the Federal Reserve System P art
203 A c c e p t a n c e of
Sec.
203.0
203.1
203.2

D

rafts or
by
B il l s
M ember B an k s E xchange
of
In trod uction.
Acceptance o f com m ercial d rafts or bills.
Acceptance o f d ra fts or bills to fu rn ish dollar exchange.

A u t h o r it y : Sec. 11 I 38 Stat. 262, 39 Stat.
752, 754, Sec. fi, 40 Stat. 235, 12 U S C 248 <4
372, 373.

N o te : Th e n u m bers to th e righ t decim al p oin t correspond w ith the n u m bers in R egu lation O, B oard o f nors o f th e F ederal Reserve System, effective A u gu st 31, 1946.

of the section G over revised
203.0 Introduction. This part is based upon and issued pursuant to vari ous provisions of the Federal Reserve Act, particularly the provisions of the seventh and twelfth paragraphs of section 13 of such act. This part relates to the ac ceptance by member banks of drafts or bills of exchange. Provisions governing the eligibility of bankers acceptances of member banks for discount by the Fed eral Reserve Banks are contained in Part 201; and provisions governing the pur chase of bankers acceptances by the Federal Reserve Banks are contained in Part 202.
203.1 Acceptance of commercial drafts or bills a Authority. Any member bank may accept drafts or bills of exchange drawn upon it which grow out of any of the following transactions hereinafter referred to as commercial drafts,or bills :
1 The importation or exportation goods, that is, the shipment of goods be tween the United States and any foreign country, or between the United States and any of its dependencies or insular possessions, or between dependencies or
insular possessions and foreign countries, or between foreign countries;1
2 The shipment of goods within the United States, provided shipping docu ments conveying or securing title are at tached or are in the physical possession of the accepting bank or its agent at the time of acceptance;
3 The storage in the United States or in any foreign country of readily mar ketable staples,1Provided, That the draft or bill of exchange is secured at the time of acceptance by a warehouse receipt or other such document conveying or securing title covering such readily mar ketable staples.
b Maturity. No member bank shall accept any commercial draft or bill un less at the date of its acceptance such draft or bill has not more than six months to run, exclusive of days of grace.
c Acceptances for one person. No member bank shall accept commercial drafts or bills, whether in a foreign or domestic transaction, for any one person, company, firm, or corporation in an amount equal at any time in the aggre gate to more than 10 per cent of its paidup and unimpaired capital stock and surplus, unless the bank be and remain secured as to the amount in excess of such 10 per cent limitation by either at tached documents or some other actual 1A m em ber b a n k accepting any com m ercial d ra ft or b ill grow in g out o f a transaction of the kinds described in 203.1 a 1 w ill be expected to o b ta in before acceptance and re
ta in in its files satisfactory evidence, docu m entary or otherwise, show ing the n atu re o f th e transactions u n d erly in g th e credit ex tended.
3 A readily m arketable staple w ith in the m ean in g o f this p art m eans a n article of com m erce, agriculture, or industry, o f such uses as to m ake it the su b ject o f constant d ea lin gs in ready m arkets w ith such frequent, qu otations of price as to m ake a the price easily an d definitely ascertainable, a n d b
the staple itself easy to realize u p o n by sale a t any tim e.
of 3 I t sh ou ld be noted th at pu rsu an t to P arts 201 a n d 202 F ederal Reserve B a n k s m ay n e i th er discount n or purchase bills arising ou t o f the storage o f readily m arketable staples un less the acceptor rem ains secured th ro u g h
o u t the life o f the bill.
C o n tin u e d on p. 8903

CONTENTS
REGULATIONS AND NOTICES
A l ie n P r o per ty C u s t o d ia n :

Vesting orders, etc.:
Meyer George________________
Takaki, Sadakazu___________
C iv il ia n
P r o d u c t io n
t io n
A d m in is t r a

:

Delegation of authority to Hous ing Expediter with respect to surplus property Direc tive 44____________________
Priorities system operation PR
33, Sch. A ________________
HH ratings for hardwall plas ter in veterans emer gency housing program PR 33, Dir. 12_________
Suspension orders : M o r r i s S kilken ___________________
C oal M

Pa 9001
9000

in e s
8936
8936

8936
8935

A d m in is t r a t io n :

Workmens compensation and occupational disease laws 3 documents_______ 8978,8979
C ustom s B

ureau:

Articles conditionally free, sub ject to reduced rate, etc.;
entry requirements of do mestic products exported and returned_____________
D

T

efense
r a n s p o r t a t io n ,
8935

O f f ic e
of:

Rail equipment, conservation:
Exception_____ _____________
Onions, new fresh harvested;
shipments _____________

8977
8977

F a r m S e c u r it y A d m in is t r a t io n :

Farm ownership loan limita tions:
Arkansas, Louisiana, Missis sippi ______
O re g o n _____________ ._______

8979
8979

F ederal P o w e r C o m m is s io n :

Hearings, etc.:
Arkansas Louisiana Gas Co__
Natural Gas Pipeline Co. of A m erica _______________
F

ederal
G

R

eserve
System , B

8981
8980

oard o f
overnors:

Drafts or bills of exchange, ac ceptance by member banks.
8901

8901