Page:United States Statutes at Large Volume 41 Part 1.djvu/402

 SIXTY-SIXTH CONGRESS. Sess. II. Ch. 18. 1919. 381 "N co ration organized under this section shall ° **°¤$*¤U¤**°·} part di itsrhiisiness in the United States except such as?iiInri;,hgI;u:?; giirsnglinugiigl in br ment (gl thefFederal) Reserve Eoniaird, shall I5? mhc;7de'1i1`iilal to its mterg ,,m,__°_ f r reign usmess: pr ° urt, t t No assumed ixigilncidential and preliminary to its organization noasueizlhcgidryidlriii.- ““°"i’)§;‘°'*““°°‘ gonlshalhiaiercisethany og ghe plovsiierg c<§l1f§rred by ghis Section until it n y au orize y the e er eserve oar to commence as a corporation organized under the provisions of this t' . 86?‘lfI)i:•1 corporation organized under this section shall engage in com- ,,,,£,°,‘§,¥"‘;j,;,,{‘,,‘}f% merce or trade in commodities except as specifically provided in this gy'? “*¤*••*· mb · section, norshall it either directly or mdirectly control or fix or attempt Ch to control or fix the price of any such commodities. The charter of o,,,.'}§‘,?' '°"°“°" any corporation violating this provision  be_ subject to forfeiture Usa ommds to M m the manner hereinafter provided m this section. It shall be un- ,,,,,,,,i,,,,,.,,,h,,,,,,_ lawful for any director,_ofiicer, agent, or employee of any such corporaglen to use 1:;) to  to.usue£h:hcredit, tl;_e funds, can- the poozgr of e corpora n or con e priceo any su comm 1 ies, P,,,,,s,,m on and an such.person violating this provkion shall be liable to a fine mi of not lies than $1,000 and not exceeding $5,000. or imprisonment not la? than gpgh year and not exceeding five years, or both, m the ' cretion e court. "No coigoration shall be organized under the provisions of this (iuiiliiiiiilrspiiiuiiear. section wi a capital stock of less than $2,000,000, one-guarter of ‘ which must be paid in before the cotrkpaoration may be authorized to begin business, and the remainder of capital stock of such corporation shall be paid in installments of at least 10 per centnm on the whole amount to which tg? corgo1}at1o(Esha1l be hmited as frlegnpintly as one inst ent at e en o ea succeed1ng' two mont om the time of the commencement of its business operations, until the whole of the capital stocbl;  be Said in. The capétalhstock of atiiypitiizlh ’””°"°‘”°"‘d· co rationmay mere atan time wi the` prov o e Eeldieiial Iteserve Board, by a vote oiy of kigghareholiliers or yunammous consentmwriting e are erswit outa :;:3 witheut a fotrlggl vote, bait anyf such  of Bclapitail s y pai in wi mnety a ter su prov ; an F··d¤¤¥*>¤· may be reduced in like manner, providxgl that in noagrent shall it be ess than $2,000,000: No corporation, except as herein Erovided, °"““"°‘“"°“°"· shall durigg thehgme it sltihall conginge its gpderatgongg wit graw or permit to ewit awn 61 ermt e ormo 'vi en orot erwise, any portion of its capital. Any national banking association may ,,,{f’,§§‘°,},‘§{,g",§‘{{"’ “'“’ irzzesg in the stgck cg any corporation orgainizedkuiiglleir thzlprovisions o section, ut the aggregate amount o to in rations engaged in business of the kind descriliedcin this sectioiixoarlrrgl in V°l·3°· P~ 755- section 25 of tl}e lliedegsalc Iiesergzuict as amended shall not exceed 10 rcentumo thesu ri ’sca italand url. A); ngaiiiority of the shares liigthe capital) stock ofsanii siich co ra- ¢»(i°1'iEiil¤°§° 1i°Zi?•ii tion sh at all times be held and owned by citizens of the  8°‘°°'°‘""”‘ States, by coqairations the controlligg interest in which is owned by gitngigsns of ghe S mtedfS:§Bte% clggtg under the laws of the United oroa tateo ni ttm, b Hrms manies, the controlling interest in which is oiivnedif   iii the {limited Im, .1;,.,., . . . Y lectin: States. Theprovisions of section 8 of the act a proved October :·;*m*j°· °‘°·· "'*"°` 15, 1914, entitled ‘A.n Act to supplement existinglaws against un- v.1.a¤, p. na; ven. lawful restraints and monopolies, and for other purposes] as amended °°’ "‘m' 7* by the Acts of May 15, _1916, and September 7, 1916, shall be construed to apply to the directors, other oficers, ts, or employees of corporations riganized under the provisions ol this section: _1‘q· @*5.2,* my em. mded,_ hmvever, at nothing herein contained shall (1) prohibit ¤i•¤=» •{¢$h¤¤g`¥'¤§$ any director or other ofiioer, agent or loyee of any member bank, mnma. who has procured the approval of the liiederal Reserve Board from