Page:United States Statutes at Large Volume 44 Part 1.djvu/396

 `§ 332 TITLE 1.5.-—co;.1.uE1 pointed as hereinafter provided) are created g body corporate ami politic in deed and ln law by the name, style, and title of the War Finance Corporation (herein called the corporay tion), and shall have succession-for a period of ten years: l P:·o·v~£dc4t, That except as otherwise provided by tllls subdivi- ' sion and/tho following subdivision of this chapter tho corporation shall not exercise any of tho powers conferred by said sxxbtlirisions except such as,aro*inciclo§1tal, ti; the liquidation of its assets and the winding up of its affairs, after July 1, 1922. (Apr. 5, 1918, c. 45, § 1, 40 Stat. Aug. 24, 1921, c. 80, § 2, 42 Stat. 181.) ° · _ “A ·_ V 332. Capital stock.·—lTho capital stock of the corporatioh jsliall be $$00900,000, allgof which shall be subscriboll;by‘ the = UnitedStates of America, and such subscription s1lzt11`-be sub- 'joot to call upon tho vote of three-tlfths of tho board ofxdiregtors of the corporation, with the approval of the ’So’crotar5{ of the Treasury, atsuch time or times as.may_ be idoemod advisable; and there is appropriated, as of April 5,Z1918, out of `any. money ih tllo Treasury not Otlforwiso appropriated, the sum ot- $500,000,000,_or so_much thereof as may be necessary for the purpose Vofgmaking payment upon such subscription when. and as called. Roaolpts {tor payments byi tho ”Uriltod _Statos of America for or on .accoux1t of, such stock shall be issued By, the corporation to` tho!Socrotary_ of lhé Treasury, and shall bei evidence of stock»ownorl·ihip. (Apr. 5, 1918, jc. 45, ·§`· 2, 40 Stat. ` 333. Directors.-——The management ot the corporation shall' l;io`vésbed in a board of directors, consisting of the Secretary > of the Treasury, who shall ,bo chairman of the board.,'oud four. other persons, to,bo appolutodiby tho'- ‘Proslda1it of the United, States, by and wltlz tho advioo and conset of the Sérgato. _No director, officer, ayttomoy, agent, or employee of tho corporation shall la any inauizcr, directly or indirectly, participate la the determination ot any question affeotlng his personal interests, or the interests ot any corporation, partnership, or association, lo {high he is directly or indirectly `ipterostcd`; and‘oach dl! rector shall devote his time, not otherwise régulroil by tho 'business of tho United States, principally to tho lmslnass of tho corpox·ation.· ·Bo£ors entering upon his duties},. each of tho tour directors so appointed, mid eagch odlcor, shall takve ·a¤ oath, talthtully to dlsolmrgo tho duties of his omoé. _Notl3l¤g cootalagd iB,Chl8_G1' any other ststtito shall bdconstmxod to pro-· vomi the appointment as a director ot the corporation ot any omor or employee niador the United States or of (director ot a Fedoral rosorye bank.  s-   ·» _ ° _ l _ Qt tho tour directors so appointed, the Prssldont ot; the Q Uxlltod States shall designate two to soryeror two yoars,,and~· · two for tour yoara; sod tlxoroaftor oooh director sp appointed ·sl;nall servo for Your years. Whoaovér s tacasnvy  §h§_Q"0t3(!l1f among tho directors so appointed; tho person appointed diréctor {to dll any such vocanoysltall hold otdoo {ortho uuoxplrod torm {ot tho. momma whosoplaoo ho is soloctod to ml. Any rllrsctor shall be subjoct toromoval by tho President of tho United States. Throo momboro, of the board` oi! directors shall constitute a· quorsimi for tho transaction of `btzslnizss. “ (Apr.‘5, 1918, c. 45, 15 3,.,40 Stat. 507.) _` .   ‘ _ L _ _ - J · 334. Salaries of"diroctor¤.·—--'1’l»é tour directors otttho corporation ollllolotod as horolzlboforo provided shnllrocolvo Am mml salaries, .poyal»lo·n1t>nt4ll$·, of $12.000. Any dlréotor roooivlag from the Uoitod statos any sil.ary`or·oo¤1_poasation for .sozj_vi<·os shall not rooalvc ussalary from the corporation any amozint. which, togolltar with `iaayksalari or oompsssatloa raooivod from tho Unltod §totos, would make the total taugount paid to him pyitho ; I.'altod:St$ltos and by Ql$_(!0!‘[l0l‘&l`.l0I1 exceed -.$l2t0G0. `(Apr. 5,1918, cj. 45, 5 4,  Stat. 567%.) `, s. 335. 0&¢: -b·rancl1_ o&oos.—~·—·‘I'l1o,princlpal otllc¢` of tho cor-‘ poration shall be located ln the plstrltt of Colombia, but there I

BCE AND TRADE 35Q may be established agencies or branch; omcos in any citv by cities of the United States under rules and regu1at;tions*;w. scribed by the board of directors. (Apr. 5.1918, c. 45, § 5 40 Stat."5Q7.) J  ·_ ~ _ ' - 336. Seal; corporate p0wers.·—·~'1`ho corporation shall be omnoworod and nuthorizcd to ·ad0pt._a1tov·, and uso n corpomo - . sea1;`t0 make contracts; to purchase or lease and hold or sl}`. . pogo of such! real estate as‘may bolnocossnryjior tho prosoomii K1 ofjts business; to sua and be sued; to comvlnin and <i<·r»m in any court of competent jurisdiction, Stuto or Fodémiz-xt. appoint, by its board of directors, dud Hxtho compcnsntimi (such omcers, employees, attorneys, and agents as aro'no»_·t-Qtoe  for the transaction of the bus=in_es's of the corporation, to one; lt their dtifies, rnquiré bonds of thorn and Bx the penalticsft‘m~:t·,_ of, and todismiss atdpléusure such officers, employees, aztsor-· noys; and agents; and to préscribogn amend, nndqopoul, by zi; board of directors, subject to the approval or tho Sécroizswy of the Treasury, by-laws regulating the manner in whiclritg at-of o}·al business may he conducted and the privileges granted to it by law may be exercised and enjoyed, dud presci·ibin_;: Hm f powers and duties of its owcors and agents. (Apr. 5, 1918, ¢·.`·2:_ _ §6,;10‘Stnt.iS07.) ‘ ’° »  f ·`   · 337. .Advnm:es to "pcmsons, Ennis, or corpor•tionat———Tho M-- poration ‘shall· be empowered and author-ized,` in oxcts}»ti·»m¤1; cases, to make advances directly todany n_person,;Hrm, cox·pm>a-  tion, or nssociation, condnctipg an ostnblishéd and going bu»i—  ness in thoaUnitod States, whose operations shall be necessary  or .c0ntri@mtory’ to the prosecution of the nar _(but only for t tho purpose of conducting such `businm in tho»Uu1tod Stow and only wlinnjr. tbmopinlon of the ward of, directors of Hao oorporation such `borson, Qrm, c.·orporét.ion,`or association is unable to`. ogtain funds upon orensonnblo termed through bunktng winners or from tho general public), `·*fo1·· periods nm oxgoeéding five years from dtne rospectiyofdntes of such andvancos, npon such terms, and snbjoqt to such; rules and rosmlntions as may be prescribed by the board of digoctoro of the corporatioinb In no casoshnll the aggregate amount or the: ~ advances mado undo: this section oxcood at ani om time sm tatnonnt equal to .121,5 nor centng ot the sum ot (lf tho ~ nut1¥orizod—cnpital stock of the comoxntion plus (2) the ng;sxr•~- ‘ goto nmonnt ot ponds of tho corporation nuthorim to be my- ` o étqndt-ng at any one time when tho oopital stock in tuliy paid hn. Evers? snob ndvancoyshall be  by adv  unto necurify - ot such character an `stiiil be prmcribedr by the bmrd ot- di·  'rc-ctors of A vnlno ate tho. ttmoof such advance (ns mtimntodt and *&témui nod by thexboarcf of directors), eqna.1 to (éxo<·r>f in anno of on ndvnnoo made to an nilrmdin the pmsossimn » and control ot the President, for  purpoho at   addr. tions, betqtérmonth or {md nxtonsioni to railroad) at Ions: ·    oper onngunx of » tho ninonnt nduncod by the oorporgtioxn Tho {corporation shall retain power to roqnim nétvtionsl socur1ty_ at any time. The roto ot intomt   on nny oooh advance shall not be Ions than 1o Dén contum pon annum in oxooén ot tho rnto-ot discount for ninot$··dé.y·commordal pn;¤~r provmnmz apt tho tiioo lotmoh advance nt tho Federal reoorvo bank ot tho dtstrtot in which the borrower is Imntod. (Apr. 8. 191$ @45, Q UQQO Stat. 5®.)_ ‘ ~ '“· ° » ' .` 3§8Q Limitation of nggregsto amount of .•dvam<:en.·¢-·In rw com shall {ho némgato imount of, tho advanced mndo u¤d<‘}‘ thta subdivision gt this ohnptorf to any one person, min, cop. poxjntion, r or association exceed- at hay ono time on k amount nqnnl to 16 per oontnm~ ot tho.; anthérined nnpitng stock of tho c0rporntionQ but this section shall not npply in tho cose "ot nn ndvénoo made to n xnilrmdn in the nossomton and nontfol of the  for ipe   of making ndditionst ·bettei·monts_ or mod extensions to roach railroad} (Ap;. 5* · 1918E   | 10, 40 Stat.   ’ `