§ 615 T1T1.12 1.2.4:,14 deiivne their Rllihm‘it_V and duties. require lmmls of them. an iix the pennlty tlxereuf. dismiss. such cflicevs or employees, any thereof. at pleasure and appoint others to till their plziee te preseribe. by its·beard of direetbrs, lpydnws not inconsiste with lngv or yvith the mgulattions of the l·`ede-ral »Res=erve Ben 1`t‘§‘,`l}l21liIl§.{ the marmer in which its stock shall be trzmsferre its dire<·t¢>rs eleeted or fi})[}(·)ll1t(‘{l, ite uffieers and employe appuinfed, its pr0perty trm1sferred, and the privileges grant fu it by law exercised and enjoyed. . (Dec. 24, 1919, c. 18, §Y$lt. 378.) · _ V 3 -' r 615: Powers of corp0i·ation.=-E:1eh em·p9ration organizedl provided in the preceding!sectinnsslmll have power, under su ruleszuul regulatimns as the Fedeml Reserve Board may p1 seribe: · » _ _ " · _, ‘ A {rz} 1Jea»Iiu{;.s inrdmit-s. cheeks, bills of cmhange, aeeeptdncl Mami other ez·idences· of i:zdebtednes.$,· purc·h.ase~and gale s:·¢·uritie.¢,· leltcrs of eredit,· pzzrclzase andealc of coin, beillic and <·.z·change,· borrowingwzlad waning m0uey;iiss.uc ofj deb: turns, bwz·ds,· and notes; dc·p0sit8`,· limitation of liabilit·ic.s·; 1 .s<·rz·e.¢,-—-—T0 pmwlzase, Sell, l discount, and negotiate, wifly without ics indqrsexueut OI‘_g1l&1'§ll1t§’, notes, dmfts,~cl1ecks;.bi of exchange, aceeptances, including ]l{l1lkO1‘S• aeeeptauces, eu! `tz·:msfers,- and other evidences of indebtedness; tg purchase aa sel1,·with or without its iudui·sement ·0r g`lll1l‘flI`lt'§'; secuiitia including the 0bligatim1s`0f the United States, or of any Stun tlxereuf but not including shm*es et stock in any .COI‘D01'8fi< except as herein provided; 10 accept bills or drafts drz€xw11 up itsulsjeet Ntd eueh limitations and 'reslrictionns aé the Feder Reserve Board fuzzy impose;-to iséaue letters of ..creedit; to pr ehaée and sell coin, bullimn', and ex<;·hange_; to horroiv and lend money; to issxie debentmes,blmuds, and pr¢»mis:~=e»ry not under such general conditions as to SL‘(.f\ll‘lY)’_Illl(l sueh limit tions us the Federal Reserve Board may prescribe, but.min°: event. having liabilities outstanding thereon at any one tix exceeding ten times its capital `stoek `and surplus; t0_, revel . d{·p¢»s~:it:s outside of the United States and to receive only su deposits within the United States as may be incidental t0· for the purpose of c:u·ryin·g out tran`sz{ctions_ in foreign cm} . tries or defseudeueies nr ineular possessions of the United State - ” and 'generully to exemise such powers `as are ineidentul to tj · power conferred by this chapter pr as may be usual, in the- 6 termination of the 1s"eder211.4.-Rese1*w·e ·B0ard."}.n cmrixectlmn wi I the transaction of the business of banking or ether imimeixal 0 eraltious in the countries, colonies, dependencies, or pgssessid in ivlxich it slnnlli_trm1811et.»'b11siness end not inconsistent wi xhe powers ·speeifleally" granted herein. Nothing containedtlais seetimn slmll be cumstrued to prohibit the Federal Reset lwmwl, under its power t0,i)1'(’SQ1fib‘B rules. and regulé,ti¢ms,_ fro limiting the aggregate amount of liabilities or auyjor dll class incurred by the corporation and outstanding of any one tm \\'henevex· a corporation organized undezj this section receiv xlegmeits in the United States nuthm·i_zed by this section if sh: curry reserves in gsueb amountg as ghe Federal Rezserve Boa] may prewribe, but in no event less than 10 per ceutum of i elepmits. ‘ 4 ° ‘ _ . _ 4. ¤» ~ · (bl ]h·a}z<·hr·g dr age»wic.~r.-·—·{I‘n es_t;1l»lish"and in:1intuln_f the t1·:msm·ti<m of its business brzmehes or ay: (ties inforeig eounntries, then: dependencies or c<»lpni_es, Illllfyjill the depen eueiesé or insular 'pnesessinxnsxof the United Sgates, atpsue p1`m·e<4 us nxzlf be- npfnruveel by the .l:`e(leml? Reserve Bpnrd an under saxell rules·and 1Ti·3l»;’llli1ll0l1t5'fiS_ it xmgy ])'I’(·§SC1'ibé, inclu ing cbuutx·fes er dependencies not speeitled in tliewriginul e iizmizetieu certiilente. · · - A · (el Purelzmec of sléek in other r·m·p0g*a¢.imzs.—~Witll the eo $·¢(*llt{0f~U1(‘ I<`edeml Reserve ·I;3Z»m·d to inurelmse hud holdstoa or other ('(*l'flli(‘£ltt‘:·i of mvnerslnip jn any utherfegrporatic U!‘§§’ll!liZ(‘(] umler’tl;e*prm·isiu1n;s of··tl1»is section, flr under tl laws ¤»£4:m3 fex·eigu`emu1try er a colony or depelndeney therec e. _ ‘ E) · · _, ··
NHS AND B.lE\'I{ING *04 nd or under the lzwixvs of any Stnto, dopendoncy, or insular pmor scssion of the United Stntos but not ongogzoezl in the gxonoml gr; 1ms.;i¤o>;s of buying or Selling :30008, Warcg, nxxorclnnnmgg U,. ~nt; *C0!lllll0(llll8S`lll the United States, and not trnnsnctixag zmv rd lmsinxess in the Fnitcd States except such as in tho jlI(lgIllt‘ll‘l edy of the Federal Roscrve Board may be incideu»tal· to its imor- ·cs notxonnl ortoroigxnt business: Providcd, gozco,vor, Thzit, excopt od wtth the approval of the Federal Reserve Board, no corpora- 41 tion organized hereunder shall invest in guy one corporation an. nmontnt tx excess; of 10 per centum of its oyvn capital mm as surplus, exc pt in a corporation engaged in the businoss ot ch _ Ibnnking, when 15»por cent_uxn‘ of its capital and surplus nmre- be so im·es=ted:,Providcd iurilwr, That no c0rporation—org¤t"¤t- ized hereunder shall- purchase, own; or hold stock or certiit<·:m·s cs, of ownership in any other corpoi·ation_ organized hereunder or of under the lhxvs ofauy State which is in substantial competition nz, therewith, or ·`\Vlll(’ll holdé stock or certitlcnte§ of ownership in m- corporations which are "in substantial competition with tht-
- 0-- purchasing corporation. · " · _
or . Nothing contained herein shall prevent corporations or;::m- lls ized ll`QI°éllll(l€l" from purchnjsing und. holdylng stock in any ne corporation where such purchase shall he necessary to -;m»- nd vent. n loss upon n `dcbt previously contracted in good faith; os. :1-ml stock so purchased ot··m,w1¤·eo in corporations ominotte ized ·llll(l0`l.‘ this section shall within six months from sum on pn1·<·1msc be sold or disposed oi' at public or private sale unlosy on .'the time to so. dispose of same is extended by the .»le`ede:·o1 ·al Reserve Board. (Dec. 24, 1919, c. 18, 41 Stat. 378.)- . u·-· 616. Place of carrying on business} when business may be to Rbegum-—Xo corporation orgnnined under this -suhdivision ot vos chnptor 6Q shall carry on any part of its business ln the Fnitcd
- a-_ States czkccpt such ns, in the judgment ot the Federal Rest-rve
no Bohrd, shall ile incidental to its tntornationil or foreign busi! no ness: And proz·ide·d` further, That excépt such as is incidental, vc $lll(l’])l‘€lllIllll$‘Y to its organization no Such corporation shall ch exercise any of the powers conferred byhthis-mtton, untit it ol" has boon duly authorized by the Fcdcrl·Rcscrve Board to gn- commence business us n corporation orgnnizedunder the pro- ·s; visions of this section. (Dec. 24, 1919, c. 18, 41.Stn_t.`378.) bc 617. Engaging in' commerce or trade in commodities; price t le— tlxing; forfeiture of charter; acts forbidden to directors, onlth -ccrs, agents, or cmploycos,—-—No corporation organized undor »p-_ this subdivision of chapter 6 shall onltugo in commerce or trade no lI1Q(!()1ilIll(>£llllQ8 cxcept ns specifically providedtn this section. th nor Shall it either directly or indirectly control or fix or ntin tempt to control or_tlx· the price ofgnny such commodities, The V0 charter of nnylacorporntion ’violotlng this provision shall bc gm subject to forfeiture in, the manner hereinafter provided in »0=·¤i t$l1lS.section_. _It shall be unlawful for any director, oilicwx. le. ngontf or employee of any `such corporation to uso or to con- ’ BS 'igspire to, use the crcdlt, tho fundsyor tlte power. of the cov ill poration to fix or control thovprico of nny ouch commodities, and rd nn.? such person violating this provision shall be liable to n Eno to of mot loss than $1,000 und not exceeding $5,000 `or inzprisow ` Il1f3IflC~ uotllcss `thnn ono your and not oxcceding Evo years. GV O1', both, in the gliscrction ofl the court. (Doc. 24, 19}}), c. 18. rtl
- 11 Stat; 378.) _ · _'
.d·· 618. Capitalstock; amount; when paid.in_; outstanding liar:l1 bilitics.—-5No corporation shall! he organized under the pm- .1d_ visions of this subdivision of chapter 6 with a capital stock ut d·· less than $2,000,000, ono·qunhrt,er of,vs;l1ich must be [mid in »r·· before tho corporation nm-y be authorized to"bcgin bnxsimxess, and ~ the romnindor of the capitol stock of such corporntionjshanll u? be paid in installments of nt len&=t 10 por contum on the \¥'ll0l·—' ck amount to which the corporation shot! he limitod ns frequently m as ono inwtnllmont ntthe end of ouch succoodin}: two months rio from thetime of tho commencement of its lmsaincezs operations __ vf, until the whole of the capitol stock gshnll be paid in: 1’ro5·iql¤·d, *
