Page:United States Statutes at Large Volume 43 Part 1.djvu/1027

 996 SIXTY-EIGHTH CONGRESS. Sess. II. Ch. 345. 1925. m§1f"'°°**'*i°¤ °¤ "i°1*" additional time for the filing of such statement upon application made_prior to the expiration of such six months. If any such corporation transacts business in violation of this subdivision or fails VOL 42'p_853_ to file such statement within six months, or within such time as the registrar prescribes upon such application, the registrar shall institute proceedings under section 14 for the revocation of the certiiicate." °dY°‘·*’~p·85‘·°m°“d‘ Sec. 6. That subdivision (b) of section 6 of said Act is amended to read as follows: ‘ °°“’°"‘“’S°“L h"(§>) Shall have a corporate seal and may, with the approval of t e ecretary alter it. ’ °dY°*·‘2·p·85*·°m°°d‘ Sec. 7. That section 7 of said Act is amended to read as follows: fégockggageissum at "Sec. 7. Each share of the original or any subsequent issue of m °“ D"` stock of a China. Trade Act corporation shall be issued at not less than par value, and shall be paid for in cash, or in accordance with 0 the provisions of section 8 in real or personal property which has issliuiiu payment bd N been (placed in the custody iof the directors. No such share shall be issue until the amount of the par value thereof has been paid the corporation; and when issued, each share shall be held to be full paid p£i¤1£:_=:1lJi¤:_j¤1¤f¤r¤¤- an nonassessable; except that if any share is, in violation of this ` section, issued without the amount of the par value thereof having been paid to the corporation, tliiie holder of such share shall be liable in suits by creditors for the di erence between the amount paid for By_1,,w,_ such share and the par value thereof." °dY¤¤-42·v-85¤»=¤¤¤d- Sszo.  Subdivision (b) of section 9 of such Act is amended to rea as 0 ows: m'°"‘°" _ "(b) The number, qualiiications, and_manner of choosing and Hx- 1ng the tenure of office and compensation of all directors; but the number of such directors shall be not less than three, and a ma]or1ty of the directors, and the pres1dent and the treasurer, or each officer holding a corresponding office, shall, during their tenure of office, _ be citizens of the United States resident in hina.” iiiiifimiissaamena- Sec. 9. The third sentence of subdivision (a) of section 10 of such °d· Act is amended to read as follows: Q¤¤¤’¤¤» "The hqlders of tvwixo-hhirds of the Voting shares, represented in person or y proxy s a_ constitute a quorum at such meetin - Bmmgaimtmpm_ thorized to transacti_bus1ness." _ _ · · gs au um Sm. 10. That section 20 of said ACt_1S amended by inserting “(a)" °dY°’·‘2~P·8°5·”m°°“‘ begrglreothe word “That," and by adding thereto the following new _ su 1v1sion: e.§,€$"‘mt°ni’s`1,i‘§§“§i _"(b) Eveigy China Trade Act corporation shall maintain in the Q;;r*;{¤¤*¤w¤¤¤w¢*i¤ District of olumbia a person as its accredited agent upon whom gegaltprpieiss gay betsepgdi 1; any sui; tohbe_broq%ht_in Elie Supreme ou o e isrico ou ia an woisau orize oeneran appearance in its behalf. In the ievent of the death or inability to serve, or the resignation or removal, of such person, such corporation shall, within such time as the Secretary; by regulation prescribes, appoint a successor. Such corporation s all file with the Secretary a certified c_opy of each power of attorney appointing a person under this subdivision, and a certified copy of the written consent of each person so appo1nted.” i·i]n°Z]?§:t$eis,ame¤a- Sec. 11. That subdivisions (a) and (b) of section 263 of the we em { Reygnue Act of §9%4L arq amqpded to read as follows: .0 Y i °*' P*°;>°*· no. 263. a at or the purpose only of the tax imposed b ghigoéggandédsog section 230 there shall be allowed, in the case of a corporatiorji §m,,S,°cm_lf'§$’n,,§{'°d organized] under the Chgnql Trade Act, 1922, adcredit of an amount equal to the proportion o the net income derive from sources within China (determined in a similar manner to that provided in section 217) which the par value of the shares of stock of the corporation owned on the last day of the taxable year by (1) persons resident in