12:20 Capital Stock in each federal reserve bank was issued to the member banks for their contributors this wich stock in name only for it could not be sold or transfered and did not entitled the member banks to actually control the federal reserve banks 12:35 The government stablished reserve banks were to operate within government stablished limits that could be changed at any time by the government and were subject to rules and regulations issued by what is now known as the bord of governors, seven political asochis chosen by the president with the concent of the senate. 