Page:United States Statutes at Large Volume 42 Part 1.djvu/1492

 SIXTY—SEVENTH CONGRESS. Sess. IV. C11. 252. 1923. 1465 oentum of the authorized capital stock of such corporation has been _ paid in in cash; and the remainder of the capital stock of such cor- m§,“,“,§‘,{*“d“ “‘ '*‘ poration shall be paid in installments of at least 10 per centum each on the whole amount of the capital, and the entire authorized capital stock shall be paid in within six months from the date upon which such corporation shall be authorized by the Comptroller of the Currencyeto commence business. The payment of each installment shall certified to the Comptroller of the Currency under oath by the president or cashier of such corporation. _ (b) The capital stock of any such corporation ma? be increased ,,0I,‘j°’$§,_‘,‘j,,,g’_,§,_’°°°°· at any time with the approval of the Comptroller o the Currency by a vote of two—thirds of the holders of its issued and outstanding capital stock, or by written consent of all of its shareholders without a meeting and without a formal vote; and may be reduced in like manner: Provided, That in no event shall such capital stock be §°g,”°,,",g‘g,,,,,,,,,,c,,,,,_ reduced to an amount less than one—tenth of its then outstanding indebtedness, direct or contingent, or to an amount less than $250,000, nor without at the same time reducing proportionately outstanding liabilities. No National Agricultural Credit Corporation, except as c8;‘§§{“{:,'},,”v,dE*;•&.P¤ herein rovided, shall withdraw or permit to be withdrawn, either ¤w.,i¤rbi<me¤. ’ in the éirm of dividends or otherwise, any portion of its paidin capital, and section 5204 of the Revised Statutes prohibiting the pay- ,0}},; S·· °°°· 5***- P- ment of unearned dividends or the withdrawal of capital of national banks, shall be held to apply to National Agricultural Credit Corrations. P0(c& The provisions and limitations contained in section 5139 of 'f{'§°$§,?§.§g’}f,Tkg§g_ the evised Statutes, relative to transfer of the shares of the capital wk of national banks, shall apply to National_Agricultural Credit rations. {di;) Whenever any shareholder or his amign fails, upon demand ,,,°{,’Q,"§,,i,”,f‘,_‘}",,,‘§{ ""’“° of the Comptroller of the Currency, to pay his subscription or any part thereo on stock of any National Agricultural Credit Corporation subscribed to by him, the directors of the corporation, after 15 R S ml 994 days’ notice, shall proceed in the manner prescribed by section 5141 ‘  ·P· · of the Revised Sfaguntis for the collection of unpaid subscriptions to stock°of nationa a s. (e) Section 5144 of the Revised Statutes, which relates to the m,`{{’,§°d*Y‘b"'°"P“` right of shareholders of national banks to vote by proxy sha1l be RS-·=*··=·5¤“»i>·°°¢· · heiid to apply to shareholders ofNationaIAgr1cultura Credit Corporations nrorscoozrr CORPORATION!. m,K§‘}"°“""‘ °°"’°"‘ Sno, 207. (Z) That National Agricultural Credit Corporations, “**’°" havin an au orized capital stoc of $1,000,000 or over may be r¤ti<>¤ wizh com organied under the provisions of ithils ttitle,  exeikcipg all the powers °‘3$"§‘$£,"§,§l,‘§§§’{· rated in section 203 except a in ieu o e powers conigiggd in pargigraplx {11) aind (2)) ei; subdivision (a) of such section, h cor ora ions s a iave we ,— _ _ Sail) Ifpon the indorsementpd)f any National Agricultural Credit Corporation, or of any bank or trust company which is a member of gavrggggtgygugxz the Federal Reserve System, 30 ggiicaauntf forth such corporatiorii, %:iglne:1r bgsdanm ak0rt!'uSiiCOII1 811,11085, I`8, ISO BX $·I1g€,8·D 8·CC€ · ` Sages, which confo1?m gx the requirements of paragraphs (1) and (I2) of subdivision (a) of section 203. Such mdorsement shall be deemed to be a waiver of demtand poticel and protest by such corporation as ' dorsemen exc usive. mc to  0'fv;ldi1$count or purchase mites, drafts, or bills of exchange is- g;I%d,€{;°§‘5P,g:’;'; sued or drawn by cooperative associations of producers of agricul- ¤mdby1g°¤¤¤¤¤,,Bt;°maYk_ tural products, provided such notes, drafts, or bills of exchange are muopmm. secured at the time of discount or purchase by warehouse receipts or