Page:United States Statutes at Large Volume 41 Part 1.djvu/404

 SIXTY·SIXTH ooNoaEss. Sess. rr. os. 18. 1919. 383 tions, includinlgg the compensation of the examiners, to be Exed by the Federal eserve Board and to be paid by the corporation examined. . _ mm ds "Tl1e directors of any corporation organized under the provisions °° ‘ of this section may, semiannually, declare a dividend of so much of Smp,ummd_ the net profits of the corporation as they shall judge expedient; but each. corporation shall,,before the declaration of a dividend, carry one·tent of its net gofits of the preceding half year to its surplus fund until the same ll amount to 20 per centum of its capilgal stock. "Any corporation organized under the provisions of t section S"*°‘“°’·°°°· shall be subyect to tax y the State within which its home office is located in the same manner and to the same extent as other o0rp0rations organized under the, laws of that State which are transacting a similar character of business. The sharesof stock in such corporation shall also be subjectto tax as thepersonaloplropertyaof the owners or holders thereofin the samamannerand to e same extent as the shares of stock in similar State  _ E n of umn "Any corporation organized un er the provisions of this section sm. may at anytime within the two years next previous to the date of the expiration of its corporate existence, by a vote of the shareholders owning two-thirdsrof its stock, apply to the Federal Reserve Board 9 for its approval; to extend the perio of its corporate existence for a term of not more than twenty {ears, and uponcmvtiiied approval of · the Federal Reserve Board suc corporation shall have its corporate existence for such extemdedperiod unless sooner dissolved · y the act of the  owning two·thirds of its stock, :or by an act 0;   or unless its franchise becomes forfeited by some violation . 0 WW `~ — * ~ · ‘ " ‘ Conversion of State, "A.ny bank or banking institution, principally engagedin foreign ,•¢¤-»¤¤¤¤•¤¢¤¤¤¤•°· business, incorporated by special law of any State or of the United States or organized under the general laws of any State: or of the United States and having an d capital sufficient to entitle it to become a corporation under e provisions of this section may, bg the vote of the shareholders owning not less than two-thirds of ‘ t e capital stock of such. bank or banking association, with the approval of the Federal Reserve Board, ·be converted into a. Federal corporation of the- kind authorized by this section with any name hmm. approved by the Federal Reserve Board: Provided, however, That ‘§,°§‘f,}‘$,,,,,, ,, said conversion shall not be in contravention of the State law. In q¤!r•<i- such case the articles of association and organization certificate may be executed by a majoriog of the directors of the bank or banking institution, and the cert cate shall declare that the owners of at least two-thirds of the capital stock have authorized the directors to make such certifcate an to change or convert the bank or banking institution into a Federal corporation. A ma`ority of the directors, after executing the articles o association and the organization cer tificate, shall have power to execute all other papers and to do whatever may be required to make its organization perfect and complete c°¤t¤m“°m¤_ as a Fe eral corgmration. The shares of any such corporation may illsstock. continue to be or the same amount each as they were before the conversion,  the directors may continue to be directors of the corporation until others are elected or- appointed in accordance with u,”m,,,.,,,_ the provisions of this seotron. When the lilladeral Reserve Board given to such corporation a certificate that the provisions of this section have been complied with, such corporation and all its stockholders, omcers, and employees, shall have the same were and privileges, and shall be subgect to the same duties, liagilities, regulatrons, m all respects, as shall have been prescribed by this section for corporations originally organized hereunder.