PUBLIC LAWS-CH. 322-JULY 18, 1939 [CHAPTER 322] July 18, 193 AN ACT [H. R. 5288] To amend section 691-a of the Code of Law of the District of Columbia, approved [Public, No. 193] March 3, 1901, and of any Act or Acts amendatory thereof relating to foreign building and loan associations doing business in the District of Columbia. Be it enacted by the Senate and House of Representatives of the District of olunm- United States of America in Congress assembled, That section 691-a bia Code amendments. 31 Stat. 1189; 35 of the code entitled "An Act to establish a Code of Law for the Dat. OC5Code, §45. District of Columbia", approved March 3, 1901, and of any Act or Acts amendatory thereof (D. C. Code, title 5, sec. 45), is amended to read as follows: Foreign building, "SEC. 691-a. No foreign association shall make loans of any kind etc., associations do- ing business within or transact any building and loan business within the District the District. Certificate of au- of Columbia or maintain an office in the District of Columbia for thority required. the purpose of transacting such business until it procures from the Comptroller of the Currency a certificate of authority to do such business in said District, after complying with the following provisions: Deposit as security "(a) It shall deposit with the Treasurer of the United States forams $50,000 in cash or bonds of the United States or bonds which the United States guarantees the payment of both principal and interest. Collectionanduseof A foreign association may collect and use the interest on securities interest on securities deposited. deposited with the Treasurer of the United States, as hereinabove provided, so long as it fulfills its obligations and complies with the Exchange for other laws of the District of Columbia. It may also exchange them for securities. other securities of the United States or for cash. The deposit made by a foreign association with the Treasury of the United States shall be held as security for all claims of residents of the District of Columbia against such association, and be liable for all judgments or decrees thereon, and subjected to the payment thereof in the same Release upon cessa- manner as the property of other nonresidents. Should an associa- tion of business; out- o standing liabilities. tion cease to do business in said District, the Treasurer of the United States, upon a certificate from the Comptroller of the Currency may release securities in his discretion, retaining sufficient to satisfy all outstanding liabilities; Cmeorporate docu- "(b) It shall file with the Comptroller of the Currency a certified ments to he filed with Comptroller. copy of its charter, constitution, and bylaws, and other rules and regulations showing its manner of conducting business, together with a statement such as is required semiannually from all associa- tions; Powver of attorney, (C) It shall file with the Comptroller of the Currency a power of attorney appointing a citizen of the District of Columbia, resident within said District, the agent or attorney for such foreign associa- tion upon whom process of law can be served. There must also be filed a certified copy of the vote or resolution of the directors appoint- ing such agent or attorney, which appointment shall continue until Service ofproces. another agent or attorney is substituted, and said writing or power of attorney shall stipulate and agree on the part of such foreign association making the same that any lawful process against said association, which is served on such agent or attorney, shall be of the same legal force and validity as if served on such association Serviceuponcomp- within the District of Columbia; and, also, that in the case of the troller if agent dead, absent, etc. dead death or absence of the agent or attorney so appointed, service or process may be made upon the Comptroller of the Currency, and such power of attorney cannot be revoked or modified (except that a new one may be substituted) so long as any liability remains out- standing against such foreign association in the District of Columbia. Term defined. The term Cprocess', used above, shall be held and deemed to include any writ, summons, or order whereby any action, suit, or proceeding 1060 [53 STAT.
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