Page:United States Statutes at Large Volume 44 Part 2.djvu/1273

 SIXTY-NINTH CONGRESS, Sass. II. CH. 191. 1927. 1233 within the meaning of this section shall be in the form of an F°"¤°‘°°°“"”- obligation or obligations secured by morttgage, trustxleed, or other such instrument uponireal estate when > e entire amount of such obligation or obligations is made or is sold to such association. The, P°'“"““’*°°”“°““°‘ amount of any such loan shall notiexceed 50 per, centum of the actual value o the real estate offered forrsecurity, but no such loan upon such security shallbe made for a longer term thanpdive years. Any such bank may make such loans in an aggregate  including A¤¤¤¤¤¤¤¤¤— in such·aggregate. any such loans onwhich _it,is laahle as indorser or ·guarantor`or,otherw1se equal to 25 per centum of_;the,an1ount;of the capital stockof such association actually aid in andauimpaired and 25 per   of its unu1;paired__surpl’us ,fund,·or to one—half of its Sovjings deposits, at the ection ofithe association ,sub`ect to the general limitation contained as lsectipn 5200 of   lgevised ,i.‘g:1•;¤;u{§,“°·“v,¤¤ Statutes of the United States.` Such banks may continue hereafter mma snowed. as heretofore to receive time and savings deposits and to pay interest on the saline, bug the rate of interest which ‘hsuch1 banks rnmaximiauon. ma pay upon suc time e _ `tsgor u n savings or ot er eposits shall not exceed the maxpimiim ratepoauthorized by law to be paid upon such deposits by State banks or trust companies organized uniier th;’laws of the State wherein such national banking association is ocate. . ,. i Sno. 16. That section 5139 of the Revised Statutes of the United t,§,§§}“l °' "‘“°°“ States be amended by inserting in, thefirst sentence thereof the “§$¤:i ¤*¤°· r>· following words; “ or into shares of such less amount as maybe ' provide in the articles of association}? so that the section, as mended shall 'realdas follows:, . _  _; ·¤ `» - 0,f,M,,,,,,k sm, · " Sac. 5139. The capital stock of each association  divided °* * °Q ••¢¤ <¤ *·¤ into shares of $100 each, or into shares of such less amount as may ` be provided in the articles of association, and be deemed persona property, and transferable onthe books of the association in such manner as may béprescribed in the bg-laws or articles of association. Every person becoming a sharehol er by such transfer shall, in m*§gg,‘$g{¤¤’"”d*° proportion to his shares, succeed to all rights and liabilities of the ` priorholder of such shares; and no change shall be made in the articles of association by which the rights, remedies, or security of the existin%_creditors o the association shall be impaired." V N ml Sno. 17. hat section 5146 of the Revised Statutes of the United m.F‘“° °°“‘m°°' States as amended be amended `b%inserting in lieu of the second ,,§·u§;¤;•;,-_ °“°· P- sentence thereof the followip5: ", veriydirector must own inhis $1.41. rhpw. own right shares of the capi stock o the association of whiclihe °`"°°* ' is a director the aggregate par value of which shall not be lessthan $1,000, unless the capital of the bank shallnot exceed $25,000 in which case he must own in_his‘ ownIriFht shares of such capital stock the aggregate. value ofwhich shal not be less, than °$500," so A¤¤¤¤d·d ••¢¢i¤¤- that the section as amended shall read asfollows;_; r, — , ` Di " Sac. 5146. Every director _must _durin(§`his whole term of _ serv- cmmsnlp me ma- ice,  a citizen of the Un§3idStatés,   _ at lengt thiggfquythg fof <¤¤¤¤¤~¤·¤¤¤· the directors must have re   iff fbéf Stew, .T91‘1§ii01‘Y,.91‘ Distmet in which the association is located, pr   fifty ,mi.les.of_`the loca- tion of the oiiice of the association, for a least oneyear immediately precedin their election, and   be-residents of ,such,Stato or within agnfty-mile territory of t e location of the associatio ‘ during tl1€l1‘ éO!1lZlI1ll8I1CG 111 OmCG.,       Steck ownership right shares of the capital   _e who association of wluclhfhe isa '“°‘”°°" dii`6Cl$01' the aggregate Pu v*lu¤'19 Whiéh Shan ncltzhé    $1,000, unless t as capital of the bankishall not exceed $25,000 _in Hlhich case lie must ogvn infhisgovin  shagzslof splch cagital   Hm i H i e aggre e arvaueo w ic .not   an O0. ` “°*°°¤ °"¤· director wflilo celiises to be the owner of theorcquired number of shag mup°°°¤’°t°` 43892°——27--78