FED...page 4, there is an absolute time limitation, as before...
Currency as aforesaid, the said Federal reserve bank shall become a
body corporate and as such, and in the name designated in such
organization certificate, shall have power—
First. To adopt and use a corporate seal.
Second. To have succession for a period of twenty years from its
organization unless it is sooner dissolved by an Act of Congress, or
unless its franchise becomes forfeited by some violation of law.
Third. To make contracts.
Fourth. To sue and be sued, complain and defend, in any court of
law or equity.
Fifth. To appoint by its board of directors, such officers and em
ployees as are not otherwise provided for in this Act, to define their
duties, require bonds of them and fix the penalty thereof, and to dis
miss at pleasure such officers or employees.
Approved, December 23, 1913.
The common law rule may be stated, "No interest is good unless it must vest, if at all, not later than twenty-one years after some life in being at the date of the creation of the interest."
The rule against perpetuities is closely related to another doctrine in the common law of property, the rule against unreasonable restraints on alienation. Both stem from an underlying principle or reference in the common law against restraints on property rights.
A federal bank was thus created in 1791, the “Bank of the United States”, with a 20 years' charter. Although it was termed “Bank of the United States”, it was actually the “bank of the bankers”, since it was not owned by the nation, but by individuals holding the bank's stocks, the private bankers. This name of “Bank of the United States” was purposely chosen to deceive the American population and to make them believe that they were the owners of the bank, which was not the case. The charter for the Bank of the United States ran out in 1811, and Congress voted against its renewal, thanks to the influence of Thomas Jefferson and Andrew Jackson: