Page:United States Statutes at Large Volume 44 Part 1.djvu/294

 § 324 TI1'LE 12.-11.4. 324. Laws applicabléon bocomhng .members.¥-—A1l banlgs :1 mitteq to membership under ai1th01jity_'oft.l1`ls sectiozrshall required to comply with the resgrvq and capital requirements this cbabter and to conform to thoséprorisions of 1aw_ impos · on national bunké which prohibit such bnnké from ignding 0; pi1rchnQstng_ their `ownxstock, which- relpte to the `withdravn or impairment of their capital stock, and which relnta t0~t payment inf unchmed dividends.- Such banks and the' officeg - agents, and employee; thereof shall also be snfbjeét to thé pi { visions of and to thepcnalties prescribed by éection 5209 nit Revised Statutes, and shall ·bé rrgquircd to- make; reports condition and or thepayment of dividends to the Federal 1 serve bank of which! they —·beo0m¢ a member. ° Not lens th: "  three of such reports nhall be made annually on call of t Fc<lera1_`reserva;ba11k‘0n dates t0_ be-   by' the Federal I iigrvel Bdard. Eailure Ito ma‘ke_,_such 1•ep0rt3_Within_ ten dai after the date They] nré caller} for shall subject; the oicndl; __- bénk to a penalty of $100 a day [for each day that it `fai1s~ ‘ transmit such report; suohtjpenalty tqbc collected by the_ Fe eral reserve bank by suit or otherwise. `(Dec_:,'23,·_1913,— c. . § 9, 38_Stat. 2594 June‘2_1,’1917,‘.¢: 32, `_`§ 3, 40 Stat.»232.).·· _ l  -325. Examina.tikms.——As n»` condition` oi n}embership_ sm banks shall likewise be subject to exzui1inationg_,omad&=; by (lip ' tion of the Federal Reserve B0ard__ or of the Fedcra1'_résé`i* l mul: by ezfqminors selec'tcd·">or_ anproved by the Federal ZE . serwgc Board. (Dec. 23, 1913, gz. _6, 5 9, 38`Stnt.-4259;-`Juna i . o 1917, c. 32, § 3, 30 Stnt.·232.‘)· ·· _ 326; Acceptance of éxauflnh ionq ‘dnd_ reports bi Sta ·» nutlwritios; qpccial ciamix1nti¢{‘s.-4-Whenever the directorsil thé Fcdergl reserye bank shall approve the examinations mat o by the State authotjitles; sugli examinations. imd· tho Lrepor thereof may be accepted ln lieu of examinations :made`by_e L nmineré selected or approved by' the Fede1j_al Reserye"B0a1<¢ Provided, xlwlvcbcr, ’1?hut.when it deems it ueéessary the b0a1 _ _ inny ordé} special jzxaminntions»»—by·—cxa~moiners.0£~—i~ts·~own—sele tion and sha»ll_ in all cases approve! the formof the report. T1 _ ?» fexpcviasenot all lexarninationsf other than those xnndc by"Sta l F éuthorities, shall be Assessor] nnggzinst- and paid by the bum i -_ exnmi·nod.”*“lDec. 23; 1913, b. 6, §T9, 38 Stat. 259;` June 21,· _191  ’cy32,`§ 3,_40 Stat.’232.)' -_ ,' -   · j .‘ ‘- " n *327. Surrender of stock ind canccllgtion of memberships: that a niember bzink has failed to comply with the provisilm of tlgin section or the regulations of the Federal Rogervo Bow _' · made pursnant ·theret_o,· if 'shall be»withln the power ,0f lt] board after/honringito rcquiré such b3l1Dk`lt0`BUPfQ}ld8f its étcu in the Federal reserve bank and to forfeit nll—x·lgbts,and priv logos ct mexnbcrsbib`. The. Federal Reserve Board xnay rostoa ·   o membership 'UQOBUIGUB proof of compliance with` thé condition    imposed byi this section. "_(Dcc. 23, 19 3, Q. 6,l P9, 38__§tat. 25§ I   June 21, 19§17,”c. 32, {.3, 40 Stat.   ’· ·, · . _ · l  328. #Witbd;jnwnls. fr0m= pombe p.-—··-Any State bank ( or (  Qtrusfconniny dmiring to withdraw {torn mémbership inf °   Federal i·@erve bank gnu? do po, after six m0ntl1s"vE?1°itte  $l;all" have been tiled with. the Federal` Reserve -B0ar· ’   `qiponr the ‘sur11nndcr and cancellation ot s‘l1_`of its holdings ·< to   stoqk in tho Federal resorvq bank: Provided, hpwcve ` ‘~‘{ *1‘hat no Eederhl reserve bank nhaollggxcept undonéxprésé -a1 "Q` tl1m$lty.ofrtl;o Federal Reserve Bogrd, canélél within tho" san: 9 *cnlendaz_$onr more tlxén 25 per cnntnm oflts cnpltnlstock tc x   Ehé n purpose 'ot niteoting voluntary withdrawals during tha o Jgonr. All quch,n1ip1icn_tions·shall be dealt" with in we order i  o1 whi<:b’tl1ey are Hlodjwltb the board. Whenever a nienrber ban a ._   s§all qiirre dor its stock holdings in a Fedorar1:oa.cr¢•c »bank,"¢  Jshbll be orderéd to do so by the Federal Rmgrve Board, undé  · duthorlty of lnvé, all of its rights nnzgprlvilegos as n rnembe " ` bank "shall thereupon coding nngl Beta inc,.nnd utter. duqpre
 * —I( at any_time'lt shall appear to the, Federal R,cse1··vo‘Boa1

mcg ANI) BANKING 280 nd- vieion has been made for any indebtedness due or to Qbecoem ~ be · due to the Federabreeerve batik it ehall be entitled to a refund of of its cash·paid subscription with interest at the rate of oneed ,h8If of 1 per ceuturn per month. from date of last dividend, li on le earned, the amount refunded/_in n~o·event°to exceed the hook . ral va1ue of the stock at that time, and shalllikewise be entitled he to repayment of deposits and ofony other balance due from fh;} pe,. Federal réservebank.  23, 1913, C. 6,, { 9; 38 Stut,.2;1A;? ro-~ ”June 21, 1917,   32, § 3, 40‘Stat. , _, _ y he " -329. Capital stock required he condition precedent to mem- °;» `berehip·—eNo‘ applying, book shell be_·ndmitted_ to inen:be;·ship an unimpaired eepitnl; eumcient t/oheenttitle; it to become n natimm he banking nesoeietioh in the piece where it‘i¤_ situated under the  ;previsions"ot chapter 2 of thie title, or;(b) if possesses; a paid- YS upfuuimpaired capital ot ntleast ® pet ceutum of the- amount ng éumcient to entitle it to "become an hotlouel booking association t€’, in/the placelwhere it is.stthated° under the provisions. ot_.chepm·‘_ ’d° 2 off this title and, under penaltyot lose ot membership complies 6» with rules. and regulations which the Federal Reserve Beam .shaH prescribe ikiug the  within which and the methed ch by- which the unimpnired cepltalof such bunk shall be increased ` 2;:4 out off net income to equal The capital which would have been ve required 1tTs1ich° bank had been admitted to Qembership under lei the proyisions of clnoe (n) of this   Provided, That 31, every such rule or regulation shell   the npplyiné bank to _set_aside annually not less than 20 per eentum ot its `net inte eomeof the preceding year is a funddexclueivély hpplicnble to Og such capital increase. (Dec. 23,- 1913, "c.·6, ·§ 9, 38 Stat. 259; de June 21, 1917, c; 32, § 3, ·4b1'Stat..232;_Mnr. 4, 1923, c. 2;:2, 18 ,Titlé IY,  401, 42 Stat, 1478l) Z _ _ >X- 330. Laws applicable on becoming members; discounts for QU State bank!.-—Banks becornirig members.01? the Federal reserve Pd sistem under authoritjxot this section shell be subject to the he late specifically to mexnber banks,. but shall not be enhjeet to to {examination under the provisions_oi'· sections 481 and 48201 KS this-—title._ Subject to theprovisioms of this chapter and to the -7. regulations .01* the-·bonrd inode- pursuant thereto, any- bank " becoming a member ot the Federal reserve system shall retain 4.: ue":¤11. charter and statutory rights as u Stine bank or trust pd t!0mDd¤Y§"lI1d,; mey continue to exercieejll eorporate power; ng granted it by the.State in which jt.iree»c’reated;   shall"‘be pd' entitled to all privileges of member banks: frooided, hangover:. gg - _'1‘h£1t~ no Federal resérvebnnk shall be permitted to discount gk Ior iany State bank orYtrust company note, droits, or bills [1. of eichange tJf~8§ly one borrower who is liable for borrowed pg money toeuch Stgte bank or .;eompnny in ememount as greater than J that which could he bor1·-owed_‘l¤wi‘¤11y ¥if<>!¤" 5; such Stntejbank or trust cixmpony were it n national MBE- _ ing nseoclotton, The Federal reserve bank, is ‘i condition ot - H;. the discount of notes} drntte, and · #bi1le_\_ro¢» egehnnge for. I ’“ Such State bank or trust eompgny.,·ehall require g eerti&cate,or’ m guaranty to the eifoct that the borrower is»¤ot*linbl’e to guch d, ban in mum of the amount provided by this reetloryend will! if "¤oti@e permitted tojbecorne llnble in exeew ot this gmonnt while ,.; suc notes.! drafts, or bills ot exchange are under discoontrwitlx u__ the‘Fedemf reserve bank, (Dec. 23t 1913, ce 6,  0, 38 Stat.  IB June`21. 1917, c. 32, $3, 40 titgt.232; July 1, 1922. @275, o2· it Stat,,‘821.)   _· — _ ‘ [ ‘   ~ I ·_ w nt 331Q Certifying checkron State banks 'ndmltted an; memne bers.--It shall be nnlawtul mr uny‘otHeer,.elerk, er`agent,oT k any bank admitted to membership un_de1t·§uthority ot this vr section to certify any check drown upon `euch bank nnlew tm' 1 er person or company drawing the check hoe om. deposit theresr, with qt the time such check is certided nn iimonnt of IDOHBY e if equal to the amotmtepecided °in such eheek. Any check SU
 * `€‘iin_ n Federal reserve bank·-unless}; (1) it possesses a paidup,
 * °‘ Provisions of this section and to those of this chapter which.re—