194
73d CONGRESS . SESS. I. CH. 89. JUNE 16, 1933 . Proviso .
shall cease to be a director or officer of such bank : Provided, That Con fid ent ial nature of order . such order and the findings of fact upon which it is based shall not be made publi c or d isclos ed to anyone except the d irecto r or o fficer involved and the directors of the bank involved, otherwise than in pa Ren~oved officer, pen- connection with proceedings for a violation of this section . Any yl for further n man age . Such director or officer removed from office as herein provided who p2t~on in bank manage- ment . thereafter participates in any manner in the management of such bank shall be fined not more than $5,000, or imprisoned for not more than five years, or both, in the discretion of the court . Board of directors, SEC . 31 . After one year from the date of enactment of this Act, etc . notwithstanding any other provision of law, the board of directors, board of tru stees, or ot her si milar governi ng bod y of e very n ationa l banking association and of every State bank or trust company which Number of members. is a member of the Federal Reserve System shall consist of not less than five nor more than twenty-five members ; and every director, stock ownership re- trustee, or other member of such governing body shall be the bona quirement .
fide owner in his own right of shares of stock of such banking asso- Porr, p. sit . ciation, State bank or trust company having a par value in the aggregate of not less than $2,500, unless the capital of the bank shall not e xceed $50,00 0, in which case he must own in his o wn rig ht shares having a par value in the aggregate of not less than $1,500, or unless the capital of the bank shall not exceed $25,000, in which case he must own in his own right shares having a par value in the Appointment of re- aggregate of not less than $1,000 . If any national banking associa- eeiver, when violation lion violates the provisions of this section and continues such viola- by national bank.
tion after thirty days' notic e from the Co mptrol ler of the C urrenc y, the s aid Co mptrol ler ma y appo int a receive r or c onserv ator t herefo r, Forf eitu re of mem - in accordance with the provisions of existing law . If any State bank barship, State member or trust company which is a member of the Federal Reserve System b `t" viola tes th e prov isions of th is sec tion an d cont inues such v iolati on after thirty days' notice from the Federal Reserve Board, it shall be subject to the forfeiture of its membership in the Federal Reserve System in accordance with the provisions of section 9 of the Federal Reserve Act, as amended . Member bank ofi r- SEC . 32. From and after January 1, 1934, no officer or director errs, directors, etc .
of any member bank shall be an officer, director, or manager of any Engaging in securi- ties transactions pro- corpo ration , part nershi p, or uninco rporate d asso ciatio n enga ged pr i- iroiredy marily in the business of purchasing, selling, or negotiating securi- ties, and no member bank shall perform the' functions of a corre- ntember bank not to s ondent bank on behalf of any suc h individual partner ship, act as correspondent p
y bark . corporation, or unincorporated association and no such individual, partnership, corporation, or unincorporated association shall perform the functions of a correspondent for any member bank or hold on Permit iss ued by deposit any funds on behalf of any member bank, unless in any Board . such case there is a permit therefor i ssued . b y the Federal Reserve Board ; and the Board is authorized to issue such permit if in its judgment it is not incompatible with the public interest, and to Rev ocati on . revo ke a ny su ch pe rmit when ever it fi nds after reas onab le no tice and opportunity to be heard, that the public interest requires such revocation . asVPl. 2 8, oi.4i;1 i;l. SEC. 33 . The Act entitled "An Act to supplement existing laws U.S.C.,p.1,,3. again st unl awful restra ints a nd mon opolies , and for ot her pu rposes ", approved October 15, 1914, as amended (U.S .C ., title 15, sec . 19), is hereby amended by adding after section 8 thereof the following new section me llay tonAc t, , amend - " SEC . 8A. That from and after the 1st day of January 193 4, no inte rlock ing diree to- director, officer, or employee of any bank, banking association, or rates and officers .
trust company, organized or operating under the laws of the United States shall- be at the same time a director, officer, or employee of a
