Page:United States Statutes at Large Volume 44 Part 2.djvu/1269

 SIXTY-NINTH CONGRESS. Sass. II. CH. 191. 1927. 1229 obtaining the consent and approval of the Comptroller of the Currency. “(f) he term ‘ branch ’ as used in this section shall be held to "B’°“°h"“°°°°‘L include any branch bank, branch otlice, branch agency, additional oilice, or any branch place of business located in any State or Ter- ritory of the United tates or in the District of Columbia at which deposits are received, or checks paid, or money lent. ( g) This section shall not be construed to amend or repeal sec- m1;¤g‘{¤¤ ¥¤¤¤¤¤¤¤¤<>* tion 25 of the Federal Reserve Act, as amended, authorizing the v&.4h,p.n setabliehrneru; by national bankingessociations of branch in for- gign countries, or dependencies, or insular possessions of the United tates. "(h) The words ‘ State bank,’ ‘ State banks,’ ‘bank,’ or ‘banks,’ .t$f§$.,d?,‘§“§,“§§§§}i as used in this section, shall be held to include trust companies, savings banks, or other such corporations or institutions carrying on the banking business under the authorit of State laws." B m Sno. 8. That section 5190 of the Revised, Statutes of the United n°i°di?°¤3¤.ii°ioo, p. States be amended to read as follows: ‘“,‘:;;"é“:;‘;;°0 _ " Sm. 5190. The general business of each national banking iac,»¤¤s¤ umcldi association shall be transacted in the place specified in its "‘“·"‘“‘ organization certificate and in the branch or branches, if any established or maintained b it in accordance with the provisions oi section 5155 of the Revised Statutes as amended by this Act." Sac. 9. That the first paragralph of section 9 of the Federal $`§$°4f§Y§¤°?”,¤b§¤4. Reserve Act, as amended, be amen ed so as to read as follows: °°· _ " Sm. 9. Any bank incorporated b special law of any State, or b.$l°',},°$°°ii§3§r.Y"R°£ organized under the general laws oi, any State or of the United '°’“‘“‘°“"’°" "““”· States, desiring to become a member of t e Federal reserve system, may make application to the Federal Reserve Board, under such rules and regu ations as it may prescribe, for the right to subscribe to the stock of the Federal reserve bank or anized within the district Bt k to N b_ in which the applying bank is located. {Such application shall be msgid. N for the same amount of stock that the appl ing bank would be required to subscribe to as a national bank. The Federal Reserve ,,,,?$2,'§§§{‘ "°“‘ R°‘ Board, subject to the provisions of this Act and to such conditions as it may prescribe pursuant thereto may permit the applying bank td become a stockholder of such Federal reserve bank. Rmnmm 0, mm "Any such State bank which, at the date of the approval of this lished umass. Act has established and is operating a branch or branches in _ conformity with the State law, may retain and operate the same while remaining or upon becoming a stockholder of such Federal Br h t id reserve bank; but no such State bank may retain or acquire stock umméiiliiiimiiilti bg in a Federal reserve bank except upon relinrpiishrnent of any branch “‘“”‘¤ md- or branches established after the date of t c approval of this Act beyond the limits of the city, town, or village in which the parent bank is situated." ’ mmm, bm! Sac. 10. That section 5200 of the Revised Statutes of the United R. s., sa. endo. p. States, as amended, be amended to read as follows: 1°°’· “ Sno. 5200. The total obligations to any national banking associa-  "’· “’ tion of any person, oopartnership, association, or corporation shall ,‘§g,;:,°·p¤,g·§’émcnd_ at no time exceed 10 per centum of the amount of the capital stock ed. ' ` ’ of such association actually paid in and unimpaired and 10 per M __ centum of its urrimpaired surplus fund. The term ‘obligations’  °‘ °°u“°' shall mean the direct liability of the maker or acceptor of paper discounted with or sold to such association and the liability of the indorser, drawer, or guarantor who obtains a loan from or iscounts pa er with or sells paper under his guaranty to such association and shall include in the case of obligations of a copartnershi or Empwm association the obligations of the several members thereof. Such limitation of 10 per centum shall be subject to the following exceptions: