Page:United States Statutes at Large Volume 41 Part 1.djvu/403

 382 SIXTY-SIXTH CONGRESS. Sess. II. Ch. 18. 1919. serving at the same time as a director or other officer, agent or employee of any corporation organized under the provisions of this t, 0¤¤¤i¤¤¤ •>f  section in whose capital stock such member bank shall have mvested; el;.} ili“¥·ru¤°°niv5m’: or (2) prohibit any director of ozllier officer, agrgrgtéhcg employee lpf °’ · an co oration orgamzed' un er e rovisrons see on, w o ha; roldiired the approval of the Federlil Reserve Board, fromserving at the same time as a director or other officer, agpnt or employee of any other cegriporation in whose capital stock suc first-mentioned corporation sh have invested under the provisions of this section; BL‘_°g:F‘Blj{d’§:‘;{ ‘ N 0 member of the Federal Reserve Board shall be an officer or busrwbieden- director of any corporation organized under the provisions of this section, or of any corporation engaged in similar businew organized under the laws of any State, nor o d stock in anyoiuch corporation, and before entering u on his duties as amem of the Federal Reserve Board he shag certify under oath to the Secretaryqi the Treasury that he has complied with this requirement. · · s· wi ,,,g"{",,?,,".‘f‘,,,°'§,,,,l,',§’,li{2 "Shareho1ders in any corporation orgamzed under the provisions gugbiscriptions. lgpniuch corporation shall become a mem of any reserve. -» V*>*•**°¤=* *° ‘°"•“ "Should an co ration o ° ed hereunder violate or fail tri dws'°t°' com ly with aliy dixthe provisions of this section, all of its rights, rivseges, and franchisesderived herefrom may therelay be forfeited. ,j:_‘§fjf"°"‘°”°°"* Before any such corporation shall be declared lve, or its rights; privileges, and franchises forfeited, any noncompliance with or violation of such laws shall, however, be determined and adjudged by a court of the United States of competent jurisdiction, in a suit brought for that purpose in the district or territory in which the home office of such corporation is located, which suit shall be brou ht Pmmmmqw by the United States at the instance of the Federal Reserve Bean? or unlavfulscta the Attorney General. Upon adjudication of such noncompliance or violation, each director and officer who participated in, or assented to, the illegal act or acts, shall be liable in his personal or individual capacity for all damages which the said corporation shall have sustamed in consequence thereof. No dissolution shall take away or iippair any rernedy_ against the corporation, its stockholders, or _ H officers for any liability or penalty previously incurred. u.;`.fl`m°°” ur ( °` I "£dH{ Such célrptpatlouhmay gg into voluntary liquidation and lf: cos yavoeortssareo ersowmng` two- soitsstoc. ,,,§,§"°"’°"°’ "'°°°°"` ‘ ‘Whenever the Federal Reserve Board shall become satisfied of the insolvency of any such corporation, it may a point a receiver who shall take possession of all of the property andp assets of the corporation and exercise the same rights, privileges, powers, and authority with respect thereto as are now exercis b receivers of national ,,m,m_ banks appointed by the Comptroller of the gurrency of the United roman wars- States: resided, however, That the assets of the corporation subject to the} laws oftlcitthker couutrirgs or lgprisdictions shall e dealt with in accor ance wr e terms o suc laws. m§§‘f°“‘°"’°”’ “‘°°°‘ "Every corporation organized under the provisions of this section shall hold a meeting of its stockholders annually rgon a date Exed in its by-laws, such meeting to be held at its home office in the United °“°°'°°“‘“·°‘”· States. _ Every such corporation shall keelp at its home office books oontaming the names of all stockhdldeis thereof, and the names and addresses of the members of 1ts_ board of directors, together with eu{}¤¤¤¤¤¤¤¤•¤¤¤·*•» copies of all reports made by it to the Federal Reserve Board, Every such corporation shall make reports to the Federal Reserve Board at such times and in such form as it may require; and shall be subject to examination once a gear and at such other times as may be deemed necessary by the Fe eral Reserve Board by examiners appomted by the Federal Reserve Board, the cost of such examina-
 * >¤¤~ of this section shall be hab e for the amount of their umd stock