74TH CONGRESS . SESS . I. CH. 614. AUGUST 23, 1935 . proof that an adequate amount of capital stock in the new bank has been s ubscri bed an d paid for i n cash , the Comptr oller of the Cur- rency shall require the articles of association and the organization certificate to be amended to conform to the requirements for the organization of a national bank, and thereafter, when the require- ments of law with respect to the organization of a national bank have been complied with, he shall issue to the bank a . certificate of author- ity to commence business, and thereupon the bank shall cease to have the stat us of a new bank , shall be manag ed by di rectors elected by its own shareholders and may exercise all the powers granted by law, and it shall be subject to all the provisions of law relating to national banks . Such bank shall thereafter be an insured national bank, with- out certification to or approval by the Corporation . "(1 2) If the capital stock of the new bank is not offered for sale, or if an ade quate amount of ca pital for su ch new bank is not sub- scribed and paid for, th e board of direc tors may offer to trans fer its business to any insured bank in the same community which will take over its assets, assume its liabilities, and pay to the Corporation for such business such amount as the board of directors may deem ade- quate ; or the board of directors in its discretion may change the location of the new bank to the office of the Corporation or to some other place or may at any time wind up its affairs as herein provided . Unless the capital stock of the new bank is sold or its assets are taken over and its liabilities are assumed by an insured bank as above pro- vided within two years from the date of its organization, the Corpo- ration shall wind up the affairs of such bank, after giving such notice, if any, as the Comptroller of the Currency may require, and shall certif y to t he Com ptroll er of the Cu rrency the t ermina tion o f the new bank. Thereafter the Corporation shall be liable for the obli- gations of such bank and shall be the owner of its assets. The provi- sions of sections 5220 and 5221 of the Revised Statutes (U . S . C ., title 12, sees . 181 and 182) shall not apply to such new banks. "(m) (1) The Corporation as receiver of a closed national bank or District bank shall not be required to furnish bond and shall have the right to appoint an agent or agents to assist it in its duties as such rec eiver, a nd all f ees, com pensatio n, and e xpenses of liqu idation and administration thereof shall be fixed by the Corporation, subject to the approval of the Comptroller of the Currency, and may be paid by it out of funds coming into its possession as such receiver . The Comptroller of the Currency is authorized and empowered to waive and relieve the Corporation from complying with any regulations of the Comptroller of the Currency with respect to receiverships where in his discretion such action is deemed advisable to simplify admin- istration . "(2) Payment of an insured deposit to any person by the Corpora- tion shall discharge the Corporation, and payment of a transferred deposit to any person by the new bank or by an insured bank in which a tran sferre d depo sit ha s been made availa ble sh all di scharg e the Corporation and such new bank or other insured bank, to the same extent that payment to such person by the closed bank would have discharg ed it fr om liabi lity for the ins ured dep osit . "(3) Except as otherwise prescribed by the board of directors, neither the Corporation nor such new bank or other insured bank shall be required to recognize as the owner of any portion of a deposit appearing on the records of the closed bank under a name other than that of the claimant, any person whose name or interest as such owner is not disclosed on the records of such closed bank as part owner of said deposit, if such recognition would increase the aggregate amount of the insured deposits in such closed bank . 697 Whe n ca pit al stock subscrib ed for and paid in. Certificate of author . ity to commence busi- ness ; issue . Status as insure d na- tional bank . Whe n capital sto ck not offe red for s ale, etc . Ter min at ion of new ban k. Notice and certi fica- tion . Liability for ob liga- tions . R . S ., sacs. 5220, 5221, p.1010;U.S.C.,p .371. Administration o f re- ce iver shi p w hen Cor - poration is receiver. Dis cha rge of in sur er li abi lity when pay- ment of insured deposit made. Limitation on in surer liability .
