Page:United States Statutes at Large Volume 41 Part 1.djvu/400

 SIXTY-SIXTH CONGRESS. Sess. II. Ch. 18. 1919. 379 " Such articles of association shall be s_igned by all of the persons S*€’“""°’·"°· intending to particppate m the organization of the corporation and. thereafter, shall be orwarded to the Federal Reserve Board and shall be filed and preserved in its office. The ppisons signing the said mggwutm °°'*“*· articles of association shall, under their han, make an organization ` certificate which shall specifically state: N " First. The name assumed by such corporation, which shall be °m°' sublject to the approval of the Federal Reserve Board. Pm { tb ‘ Second. The place or places where its operations are to be carried ° °"°'° °‘ on. "Third. The place in the United States where its home office is to H°m° °m°°‘ be located. _ ca im "Fourth. The amount of its capital stock and the number of shares P ` into which the same shall be divi ed. Subscribers, mm "Fifth. The names and places of business or residence of the per- ac. °°’ sons executénxgi the certificate and the number of shares to which each 118% Sllbscn . . Declaration of pum- ‘ Sixth. The fact that the certificate is made to enable the persons pose. subscribing the same, and all other permns, firms, companies, and corporations, who or which may thereafter subscribe to or purchase shares of the capital stock of such corporation, to avail themselves of the advantages of this section. _ - -1-,,,,,,,,,,,,,,,,,,, Fd, " The persons signing the organization certificate shall duly acknowl- ml R¤¤¤v• B¤¤¤~ edge the execution thereof before a judge of some court o record or notary public, who shall certify thereto under the seal of such court or no thereafter the certificate shall be forwarded to the ,,,,,,,,,c,,,,,,.,_ Federal e Board to be filed and preserved in its office. Upon duly making and  articles of association and an organization certihcate, and after e Federal Reserve Board has approved the same and issued axpermit to begin business, the association shall G,,,,,,,,,,,,,,,,,,,,, become and be a y corporate, and as such and in the name desg- wwwnated therein shall have power to adopt and use a co rate se , which may be changed at the pleasure of its board of giiectors; to have succession for a period of twenty years unless sooner dissolved by the act of the shareholders o o-thirds of the stock or by an Act of Congress or unlew its franc become forfeited by some violation of law; to make contracts; to sue and be sued, complain, and defend in any court of law or equity; to elect or appoint directors, all of whom shall be citizens of the nited States; and, by its board of directors, to appoint such officers and employees as may be deemed pioper, dehne eir authority and duties, require bonds of them, and the penalty thereof, dismiss such officers or employees, or any thereof at pleasure and appoint others to fill their places; to prescribe, by its board of directors, by-laws not inconsistent with law or with the reg;-tlations of the Federal Reserve Board regulating the manner in w 'ch its stock shall be transferred, its directors elected or appointed, its onicers and employees appointed, its property transferred, and the privileges granted to it b law exercised and enjoyul. "Each corporation so cgganized shall Iirave wer, under such rules B°°°m° °°'°”' and regulations as the F eral Reserve Boargo may prescribe: in _ " (a) To purchase, sell, discount, and negotiate, with or without its cxaliiylupeqi wm"` mdorsement or guaranty, notes, drafts, checks, bills of exchimgo, acceptances, 1Il0l`l1 8Dk81'S’ acce tanees, cable transfers, and other hmm evidences of mdeb ess; to purclihse and sell with or without its mdoisement or guarang, securities, including the oblgiitions of the United States or of any tate thereof but not including ares of stock mms, m m any corporatmn except as herein provided; to accept bills or drafts A°°°° ' drawn u£;1 it subject to such limitations and restrictions as the Federal erve Board may impose; to issue letters of credit; to pub