2 fi?.} TIi'I°LE 1.3.——-—B.lJ
- ,,.,,r·m~c¢·, That whenever $2,000,000 ot the capital stock or any
,.,,_·,,,;,·~p;iti;i is paid in the remainder of the corporations cap nal stock or any unpaid part of such remainder may, wit] iis; consent of the Federal Reserve Board and subject to sucl recniations and conditions as it may prescribe. be paid in upoi ish itrom the hoard of directors; such unpaid subscriptions
- ,.»n,_·x·t·1·, to be included in the maximum of 10 perrcentum o
tis- national bank`s capital and Surplus whiclra national ban] sc ;..·;·mit1etl under the provisions of this subdivision of chapte ,.; te; hold in stock of corporations engaesed in business of tht ro-? described in this chapter: 1’r0»ridcd further, That no suc] _ .-t.;·;.t~i·:1tit>1i shall have liabilities outstanding at any one timthai; its debentures, bonds, and promissory notes in excess o we times itspaid-in capital and surplus. i The capital stock of any such corporation may be increasec at any time, with the approval of the Federal Reserve Board eq. a vote of two—thirds-of its slnireholdcrs or by unanimou ii .-. ascnt in writing of the shareholders without a meeting ana & §— about a `formal vote, but any such increase of capital shal in- fully paid in within ninety days after such approval; ant ,, may be reduced lin like manner, provided that in no event shal . be less than $*2,000,00%).. ¤No·corporation, except as hereii _ ;i···vi¤lcd. shall during. thetime it shall continue its operations witlnlx·a·w,or permit to be withdrawn, either in the_ form o thvidcdcls or otherwise, any portion of its capital. Any`. na tional banking association may_invest in the Stock of an; S-~i·poration organized under the provisions of this subdivision ·~t__chapter ti,"`lmt the aggregate amount of stock. held iii al t-•?’[s•»l'?ll[lUll?·l engaged in ”business‘ of the kind described in thi; r·i.:.ptcr shall not e`xcecd”1‘t) per centuxn of the subscribin; .%·;:nk's capital and surplus; (l_)ec. 24, 1919. c. 18, 41 Stat. 378. Juno 14, 1921, c. 22, -12 Stat. 28.) I u ~ 619, Capitalstock; by whom held; holding office in or bein; employed by other c0rporation.—A majoritylof the shares o do capit:1_l stock of any such corporation shall at all times b· o .-sl and owned by citizensnot? the United ·States. by corpora
- ions the controlling.
- -intc°rest in which is owned by. citizens ‘o
·2.·- l_'nited States, [chartered under the laws of the Unitee szatos or of a State of the United States, or by iirms or· com yczncs. the controlling interest in whiclis owned by citiaens o ihcl l`nited States. The provision-s of section 19, title 15, Com n. rco and Trade, shall be construed to apply to tlieqdirectoigs _~¤ht·r. officers, agents, or employees ot corporations organizer nmlcr the-p_ror_is_ions of this ..s.uhdivisio11: Provided, lirurctfrr ·'l`ll:l.t nothing herein contained shall (11) prohibit an; ·lir•·ctor' or other ‘ officer, agent, , or employee of an; 1n•u1l•(·r bank, who has procured the approval of the Fedora lI•·scl'\'tt lloard from serving at the same time "as 1 ·iircctor·or other 'officer, stent, or employee of fany-corpora tion organized under the provisions, ot this section whos< ,·-.:pi“tal stock such member bank shall have invested ;_or (2) pro ';_ hibit any director or other officer,·a;,:ent, or employee of an; corporation organized under.the provisions of this subdivision wlro haslprocurcd the approval of the Federal Reserve Board from serving at the same time as ‘a director or other officer agent or employee of any other corporation in whose capita stock suc ln tirst-mentioned corporation shall have invested nude: ihcpizovisions of this section. (Dec. 24, 1919, c. 18; 41 Stat UTM.; i 2 · \_' ¤ ‘ . ` ` G20. Members of Federal Reserve Board without interes _ _ in corporation.--~No‘member ot the l·‘ed·eral Reserve Board shal 2 be an officcr or director of anycorporation organized under tht provisions of this subdivision, or° offany corporation engages r in similar business organized under the laws of any State, no hold stock in any such corporation, and before entering upoi his duties.-as a member of the Federal Reserve Board he sha] certify under oath to the Secretary of the Treasury that 114 has complied with this requirement. (Deer 24, 1919, C. 18 41 Stat. 378.) A ·
{IIS ANI} 13.1.) 1t'!;\`G Qftj y 62l._Liability of shareholders on unpaid subscriptions; 1- membership of corporation in Federal reserve bank prol1 Dhibited.--Sltareht1lders in any ¢·orpt>ration orgzanizced under the l1 provisions of this subdivision shall he liable for the amount o of their unpaid stock sul>scriptions: No such corporation shall =, l)O¥‘{llll€ a intemher of any Federal reserve bank. (Dec. 24. f 1919, c. 18, 41 Stat. 378.) { It 622. Forfeitizre of rights and privileges; dissolution; liarh bility of directors and officers.——Sl1ot1L·i any c·»rporation organe ized under this subdivision violate or fail to coinpiy with any n of its provisions,` all of its rights, privile;:e·<. and franchises e derived liercfrom may thereby be forfeited. llefore_a11y such f C(>I'})0I'1_ltlUl1 shall be t1c·t·iin·é<1 dissolved, or its rights, privileges. " and ·franchises forfeited, any noncompliance with or violation d of such laws shall, however, heidetermined and adjndgzed by a l, court of the United States of competent jurisdictioxt, in a suit s l1rou;.·;-ht for that purpose i11 the district or Territory in which 1 the home office of such- corporation located. ·\\'lll(‘ll_Sllll shall l he broutzht by tJ1e.United States at the. instance of the l"“t’tit‘l'2ll
- l` Reserve Board or the. Attorney General. l'pon adjudication
l of such 1lQl’lL‘0I1l[lll§11l(‘€ or violation, each director and oitieer
- 1 who participated in, or asscnted to. the illegal act or acts shall
=, be liable in`l1is personal or individual capacity for all dama;zes f which the said corporation shall have sustained in conseque1n·e_ .— thereof. W No dissolutionishall take a-way or impair any remedy v' against the corporation, its stockholders, or odieers for anya n liability or penalty previously incurred. (Dec. 24, 1919, c. 18, l 41 Stat. 378.) i · i · ·. s 623L Voluntary liquidation.g—Any corporation organized under z l‘l1is_sul1division- of chapter 6 may go into voluntary liquidation ·;‘ and he closed by a vote of its slmreholdcrs owning two-thirds of its stock. (Dec,-24, 1919, c.` 18,41 Stat. 378.) _ . r 624. ·Receivers.—\¥'hcnev‘er the Federal Reserve Board shall t’ become satisfied of the insolvency of any corporation ()l`§.ftlll`lZt’(l e under this subdivision of chapter, G, it may appoint a receiver .- who shall take possession of all jof the property and assets of f the.co1•poratio11_andcxercise the same rights, privileges, powers; .l` and authority with respect thereto as are now exercised by { receivers of nati_onal»lianl;s appointed by the Comptroller ot f the Currency. of the United States: PI?Ul7i(l€'tl,·hOlliC1?C`T, That .5 the assets of the corporation ksithject to thelaws of. other =, `countries or ju`risdiction_ shall he dealt with in Il*('Ctll’(ltlll<"tl Jl with the terms ofsuch laws. (Dec. 24, 1919, c. 1.3, 41 stat. ‘, `, 378.) '_ ‘ -- _ ‘ V · 625Q_Stockholders’ meetings; books! and records; reports; l' eXa’mination.——l·]very lcorporatioii organlzezl nneler theprovisioiis I of- this subdivision shall l1old_·a lllt‘l‘illl§I‘ of its Sl'U(°l{llUlllt‘l'$ I annually upon sta date lixed nr its by-laws, such meeting to he Y- held a-tits home office in the ifnited States, Every such .<·•»_rpo— 9 ration shallukeep at its home office hooks eo11ta'in_ing the iianns ·- of all. stockholders llk‘l`(hlf,·&ill(l the names and addresses of V the tneitthers of its board of directors, togetlter with copies of l. all reports made l1y it·to the [~`edt·ral"Reserve Iioard. ,l·lrery li, such corporation shall inake_reports to the -Fl‘ti€"l‘tll Reserve '· Board at such times and i11 such 1'orm as it may require; and 1 shallibe sul»}ee·t to ’t‘·Xll.lllllltll§l0ll once a year and at such other f times as may be deemed necessary by the 1°`t‘(lPl'tll `Reserre
- . Board by examiners appointed by the Federal Reservei lloard,
the cost of such cxantinations, including the t'Olll[}(‘ll§<2l_l`_lUll lot t the examiners,. to he fixed by the {Federal t-nist»t·vt— lioalrtl and l to he paid by the C‘tll’[lt)l'£lll0ll·t~'X2lllllllt‘(l.. `(Dcc. 24, 1919, ci 18. e —t1 Stat. 378.) `· i — — __ _ ~ 1 ’ l 026. Dividends; ‘s`urplyus flllld.j*—Tll(-3 directors of any corporarl tion organized under the provisions of this snl1divisio11 of ,1 i chapter ti may, SCllll£Ul.ll\1tl·ll_Y, declare at dividend of so much l of the 1lQt profits of the corporation as they shall judge ~expedi; e I ent; but each l(.'()l’[·)¢lT8lLlOI1 shall, l1cfore the declaration of a I, dividend, Carry one-tenth of its net prolits of the precediiig half year to its surplus fund until the samef shall amount to
