The percentage of reserves henceforth required of all member banks (as above indicated) is a substantial reduction of the former requirement for national banks.

In some other respects the powers of national banks are enlarged.

One with a capital and surplus of $1,000,000 may with the approval of the Board establish foreign branches, and one not situated in a central reserve city may loan on farm lands for a term not longer than five years, but not to exceed one third of its time deposits or 25 per cent of its capital and surplus.

National banks may now be granted permission by the board to act as trustee, executor, administrator, or registrar of stocks and bonds, thus having the rights that have proved in many cases to be of advantage to trust companies organized under state laws.
Sec.10.

#Operation of the Act#.