Page:United States Statutes at Large Volume 42 Part 1.djvu/1497

 1470 SIXTY-SEVENTH CONGRESS. Sess. IV. Ch. 252. 1923. may continue to be directors of the corporation until others are elected or appointed. _ Perm, (c) When the Comptroller of the _Currency_has given to such cori1»$’(i.i1uL?$iiv¤imp¢mu¤. poration a certificate that the provisions of this tit e have been complied with, such corporation, and all its stockholders, owners, and employees, shall have the samepowers and privileges and shall be subject to the same duties, liabilities, and regulations, m all respects, as shall have been lprescribed by this title for corporations originally organized as ational Agricultural Credit Corporations. ¤¤¤¤¤¤<1¤¤¤¤¤· CONSOLIDATION or- coneorwrxons. We et mm °'°“* Sec. 214. a That an two or more National icultural Credit §%$%¤iiu8<;¤m Corporationd, )with the {approval of the Comptiifdller of the Cur- °'°*°’“‘ rency, may consolidate into one corporation under the charter of either or any of the existing corporations on such terms and condi- _ _ tions as ma be lawfully agreed upon by a majority of the board of h°%°,,%:‘tt§_°°by°t°°f directors ofy each corporation proposing to consolidate, such algreement to be ratified and confirmed by the affirmative vote of the s areholders of each of such corporations owning at least two-thirds of its capital stock outstanding, at a meeting} to  held on the call of the directors after publishing notice of the time, place, and ob]ect of the meeting for four consecutive weeks in some newspaper published in the place where the said corporation is located, and if no newspaper is published in the place then in a paper published nearest thereto, and after sendin such notice to each shareholder of record b registered mail at least ten days prior to said meeting: Provider}; That the ca ital stock of such consol1dated_ corporation mmf; shall not be less than §250,000 paid in if the corporations consolidated are organized to exercise the powers covered by section 203, or less than $1,000,000 paid in if the corporations consolidated are those organized under section 207. shmggledg mmm (b) When such consolidation shall have been effected  ap- ` proved by the Comptroller of the Currency any shareholder of either of the corporations so consolidated who has not voted for such consolidation may give notice to the board of directors of the corporation in which he is interested, within 20 days from the date of the certificate of approval of the Comptroller of the Currency, that he Pwmmt 0, ,,1,,,,,,, dissents from the plan of consolidlaition as ado ted and approved, =¤¤¤¤¤¤¤¥¤· whereupon he shal be entitled to receive the value of the shares so held by him, to be ascertained by an appraisal made by a committee of three persons, one to be selected by the shareholder, one by the Appraisal ¤f valve. directors, and the third by the two so chosen; and in case the value °°°‘ so ailixed shall not be satisfactory to the shareholder, he may within five days after being notified of the appraisal appeal to the Comdptroller of the Currency, who shall cause a reappraisal to be ma e which shall be iinal an binding; and if said reappraisal shall exceed the value ailixed by said committee, the corporation shall pay the expense of the reappraisal, otherwise the appellant shall ay said expense; and the value so ascertained and determined shaH be deemed we umm. to be a debt due and be forthwith aid to said shareholder by said mma. corporation, and the shares so paid) shall be surrendered and after due_ notice sold at public auction within 30 days after the final ap- T of mm praisement provided for- by this title. _ _ _ atc, a»_ c¢n®ated (c) Where corporations consolidate under the provisions of this °°'P“"°‘°"‘ title all of the rights, franchises, and interest of said corporations shall be consolidated in and to eve species of property, personal and mixed and choses in action thereto belonging, and shall be deemed to  transferred to and vested in the corporation into which it IS consolidated without any deed or other transfer, and the said