73d CONGRESS . SESS. I. CFI. 89. JUNE 16, 1933. Bank Act may be forfeited in the manner prescribed in section 2 of the Federal Reserve Act, as amended (U.S.C ., title 12, sets . 141, 222- 225, 281-286 and 502), or, (b) in the case of a State member bank, all of its rig ~its an d priv ileges of memb ership in the Federa l Rese rve' System may be forfeited in the manner prescribed in section 9 of the Fed eral Reserve Act, as amend ed (U .S .C ., title 12, sees . 321-332) . S EC. 21 . (a) After the expiration of one year after the date of enactment of this Act it shall be unlawful- (1) For any person, firm, corporation, association, business trust, or other similar organization, engaged in the business of issuing, underwriting, selling, or distributing, at wholesale or retail, or through syndicate participation, stocks, bonds, debentures, notes, or other securities, to engage at the same time to any extent whatever in the business of receiving deposits subject to check or to repayment upon presentation of a passbook, certificate of deposit, or other evidence of debt, or upon request of the depositor
- or
(2) For any person, firm, corporation, association, business trust, or other similar organization, other than a financial institution or private banker subject to examination and regulation under State or Federal law, to engage to any extent whatever in the business of receiving deposits subject to check or to repayment upon presentation of a passbook, certificate of deposit, or other evidence of debt, or upon request of the depositor, unless such person, firm, corporation, asso- ciation, business trust, or other similar organization shall submit to periodic examination by the Comptroller of the Currency or by the Federal reserve bank of the district and shall make and publish periodic reports of its condition, exhibiting in detail its resources and liabilities, such examination and reports to be made and pub- lished at the same times and in the same manner and with like effect and penalties as are now provided by law in respect of national bank ing asso ciat ions tra nsac ting bus ines s in the sam e lo cali ty . (b) Whoever shall willfully violate any of the provisions of this section shall upon conviction be fined not more than $5,000 or impris- oned not more than five years, or both, and any officer, director, employee, or agent of any person, firm, corporation, association, business trust, or other similar organization who knowingly par- ticipates in any such violation shall be punished by a like fine or imprisonment or both . SEc . 22 . T he additional liability im posed upon sha reholders in national banking associations by the provisions of section 5151 of the Revised Statutes, as amended, and section 23 of the Federal Reserve Act, as amended (U .S .C ., title 12, sees . 63 and 64), shall not apply with respect to shares in any such association issued after the date of enactment of this Act . SEC. 23 . Paragraph (c) of section 5155 of the Revised Statutes, as amende d (U .S .C ., title 12, sec . 36), is amended to read as follows : "(c) A national banking association may, with the approval of the Comptroller of the Currency, establish and operate new branches (1) W ithin the lim its of the cit y, town or vi llage in whic h said assoc iation is sit uated, if such estab lishmen t and o perati on are at the time expressly authorized to State banks by the law of the State in question ; and (2) at any point within the State in which said associa- tion is situated, if such establishment and operation are at the time authorized to State banks by the statute law of the State in question by language specifically granting such authority affirmatively and not merely by implication or recognition, and subject to the restric- tions as to location imposed by the law of the State on State banks . 189 Vol. 38,J) . 251 . U.S .C ., pp . 268, 275, 277,288 . State member banks . Forfeiture of mem . ber ship rights . Vol. 38, p. 259. U.S.C., p. 279; Supp. Vi, p. 135. Unl awful acts . Receiving de pos its subject to rep aymen t by stock sel lin g, etc ., organization . Rec eiv ing de pos its wi,hnut submitting to nation, Reports required . Penalty provisions. Addi tiona l li abili ty, not applicable to shares hereafter issued . R.S.,sec.5151, p.995. Vol.38,p.273. U.S.C.,p.263. R.S ., see. 5155, p . 996. U.S.C., p.261. Branches. Establishment by association, upon ap proval .
