Page:United States Statutes at Large Volume 42 Part 1.djvu/1489

 1462 SIXTY-SEVENTH CONGRESS. Sess. IV. Ch. 252. 1923. the Comptroller of the Currency, who shall file, record, and carefull preserve the same in his office. _ °°E,°;‘nP£*° P°"°¤ (di) Upon making and filing the articles of association and organization certifiziate with gm Comparoller of tglga gurrency, and wléen th Comptrol er of the urrency as approv the same an issue a wxiitten permit to begin business, the corporation shall be and become a body corporate, and shall have power- G°°°”°' (1 To adopt and use a corporate seal. (2 To have succession for a period of 50 years unless sooner dissolved by the act of shareholders owning two-thirds of its stock or by Act of Congress or unless its charter shall be forfeited for violati n of law. 0(3 To make contracts. _ _ (4 To sue and be sued, complain and defend in any court of law or phguigy, and sor purptises tgt jurisdiction shall be deemed a citizen f e tate w ere it is oca 0 (5) To elect or appoint directors and by its board of directors to appoint such officers and employees as may be deemed proper; to detiine their autgipxiitg gud dutgeili to lix theiiiixsalapies; in its discretio to require n 0 an o em and to t penalt th f- andl to dismiss at pleasure hn of such officers or employebes. Emo ’ B"'“"· (6) Toprescribeb 'tsbo yd fdirectorsb l pty te t 1 ar 0 y- laws no mconsis n with la: or the regulhgons of the Cinaxptroller of tg; Cugrency defining the manner in w `ch its genera usiness ma on act d 'ts shares of stock be transferred, its directors and officerscbe electged br appointed, its property transferred, and the privileges granted to it hmmm mm by law be exercised and enjoyed. ' (7) To exercise by its board _0f directors or duly authorized officers or agents all powers specifically granted by the provisions of this title, and such incidental powers as shall be necessary to carry on the business for which it is incorporated, within the limitations_ prescribed by this title, but such corporation shall transact no business except such as is incidental and necessarily preliminary to its organization until authorized in writing by the Comptroller gg the Currency to commence business under the provisions of this 1 e. Directors. · · . (8) The affairs of each National Agricultural Credit Corporation m.w,m°°°{°“ °"°’"°°°" shall be managed b not less th fi d'rect wh shall be elected by the stockholders at a 1il1:eti1i;· td beclizld ato any time Before the corporation is authorized by the Comptroller of the ‘urrency to commence business and afte rd t f to b held on such day in January of each yezgvds ring New iiigiided iii the articles of association, he directors so elected, shall) hold office ° qmmymum for one year, and until their successors are elected and have Tualified. Every director and other officer of the corporation shal, before entering upon the duties of his office, take and subscribe an oath before a notary public or other ofhcial having a seal and authorized to administer oaths conditioned for the faithful rformance of · the duties of his office. Such oath shall be in suche form as may be prescribed by the Comptroller of the Currency, and shall be tiled in the office of the Comptroller of the Currency. Any vacancy in the board shall be filled by appointment by the remaining direct(>rs£_and any director so appointed shall hold is place until the next Fanmml B eec ion. _Sec. 203. (a) That each National Agricultural Credit Coépora- 2:% sha}; me mr, under such rules and regulation as the ompdumm er o ncy may rescribe-- ¤¤cT:s.d:Zi.h (1) To make advances upon? to discount, rediscount, or purchase, and to sell or negotiate, with or without its indorsement or guar-