Page:United States Statutes at Large Volume 34 Part 1.djvu/1313

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FIFTY—NINTH CONGRESS. Sess. II. CHS. 2908, 2909. 1907. 1283 the net income actually received on said capital so invested, and shall provide for supervision by said Philippine government, through the auditing and other appropriate bureaus thereof, of the conduct of the business of the bank. The bank shall make such reports from time to time as to its Reports. receipts and expenditures .in such form and substance and sworn to by such officials as may be prescribed by the Philippine government, and its books and accounts s all be at all times open to inspection by any authorized agent of the Philippine government. Sec. 2. That money paid by the Philip ine overnment pursuant to , §§‘f‘Q,“,{‘;,’],,*{,'}.,*Q},“,§f‘“ the aforementioned guaranty shall be a lliabiity of the bank to the Philippine government, an , as such, shall constitute a lien upon and be pai out of the annual net profits of the bank, subject only to the rig t of the stockholders to receive therefrom four per centum dividends per annum upon the bank’s cash paid-up capital stock. No d°*;j,*;m°¤* °* dmdividends above four per centum shall be paid, and no profits credited ` to the surplus fund, either during the period of the government’s guaranty or subsequent thereto, until the Philippine government shall ave been repaid in full all sums advanced to the bank under said guaranty. Obligations of the bank to the Philippine government arising from $.‘f,',£l.f‘,[l{,’f,'g,,,,v,_,,_ advances made pursuant to the aforementioned guaranty and existing ¤~·¤¤ lim ¤¤ ¤¤¤*=~ at the time when the bank shall go into li uidation shall constitute a lien on the bank’s assets, Subject only to die payment of the bank’s ` legitimate debts and the repayment to the stock o ders of the r value * of the bank’s dul authorized cash paid-up ca ital stock: Ewided, §,",§§’{§']·,,,0ck_ That nothin in this section shall be interpreted) as a guaranty on the part of the Phili ine government to the stockholders of the bank of the value ofptlne bank’s cash paid—up capital stock when the bank shallxglo into liquidation. Sec. 3. That the bank shall not be permitted to hold real estate ,,,§§;},'f"‘°""“**"°" beyond that required for business premises: Provided, That the tem- gw- _ _ .w. . . H1 lll'] 8.l5q¥IlHl— porary acquisition of land as the result of foreclosure, or otherwise, mms aiitwea. on account of a debt, shall be permitted on condition that land so acquired shall be sold within ten years from the date of acquisition, and all said land not so alienated in good faith shall be forfeited to the Fvrfeilurr- Philippine government. Approved, March -1, 1907, 10 a. m. CHAP. 2909.-An Act Grantingto the Saint Louis, Iron Mountain and Sontlwm *"‘f§lLf,;_}*;"7· Railway Company, a corporation, the right to construct, maintain, and operate ii V single track railway across the lands of the United States in the southeast quarter of i""**ii<'· NM!44-l the northeast quarter of section twenty-onc, township fourteen north, range six west of the fifth principal meridian, in the county of Independence and State of Arkansas, reserved for use in connection with the construction of Lock Numbered One, Upper Wliite River, Arkansas. Be it enacted by the Senate and House ofR?>resentatives of the United _ _ _ _ States of America in (/hwg/was tlsxerzzblerd,hat the Saint Louis, Iron A,lfp°’“h‘°° R""' Mountain and Southern Railway Company, a corporation, created M';{*g'émf{"gj§·g_{1*€,y and existing under and by Virtue of the laws of the State of Arkansas, ém nimwaycmtplmy its successors and assigns, be, and they are hereby, authorized to con- §',§*},‘§§§§l,Q,'§,§‘§,,‘§Q§$§,’{ struct, maintain, and operate a single track railway over and across f¤¤¤>¢k NM- the lands of the United States in the southeast quarter of the northeast quarter of section twenty-one, township fourteen north, range six west of the fifth principal meridian, in the county of Independence and State of Arkansas, reserved for use in connection with the construction of Lock Numbered One, Upper White River, Arkansas, subject to such conditions as may be prescribed by the Secretary of War