Page:United States Statutes at Large Volume 47 Part 1.djvu/1589

 72d C ONGRESS. SESS. II. CH. 274. MAR CH 4, 1933 . 1565 " (c) That after the passage of this Act no building association, f•b d a'n ng a saiatun - inc orporated or uni ncorporated, sha ll do a building -association bus i- ness without consent ness or maintain any office in the District of Columbia until it shall of Comptroller . have secured the approval and consent of the Comptroller of the Currency ; and the Comptroller of the Currency shall not give con- Consent forbidden unless incorporated un- sent or ap royal to any building association to maintain any office der D.C.laws. or place o business in the District of Columbia where such asso- ciation is not incorporated under the laws of the District of Columbia in acc ordan ce wi th the Act of March 4, 1909 (35 Stat. L., pt. 1, vol .35,p . 1058. p. 1058 ; D. C. Code, title 5, ch. 3, sec. 41-54), except that this para- graph shall not apply to associations, incorporated or unincorporated nooff nt associations engaged in and doing a building-association business on the date o the passage of this Act. "(d) Any solvent financi al institution i n the District o f Columbia en ti Disso nstitutions lute•n of sol- under the supervision of the Comptroller of the Currency may go c . into liquidation and discontinue business by the vote of its share- Proceedings . holders owning two-thirds of its stock . Whene ver a vote is ta ken to go into liqui dation it shall be the duty of t he board of direc tors to cause notice of this fact to be certified, under the seal of the insti- tution, by its president, secretary, or cashier, to the Comptroller of the Currency, and publication thereof to be made for a period of two weeks in a newspaper published in the District of Columbia, that the institution has discontinued business and is winding up its affairs, and notifying its creditors to present claims against the insti- et Li q uidating agent, tution for payment . The shareholders shall at the time of going into li quidatio n elect a commit tee or l iquidati ng agent who sha ll liquidate the institution. No institution which has gone into volun- Resumption of busi- ness after liquidation tary liquidation shall be permitted to resume business but until its forbidden. liquidation is complete shall remain a legal corporation or associa- tion for the purpose of suing or being sued. The liquidating agent of Bondat i goat, etc ., shall give satisfactory surety bond to the board of directors of the institution and shall annually, on request of the Comptroller of the Currency, rend er such reports to the Comptroll er as he shall r equire. Comptroller may ap Any such institution in liquidation may be examined by the Comp- poe nt a receiver if troller of the Currency who if he finds such institution insolvent $"~gs warrant. may app oint a r eceiver and wind up its affairs in the s ame mann er as provided by law for national banking associations . e If any financial institution under the supervision of the ntavir sup be sed Coin troller f the Currency, which has not g oni nto l iquida tion uing instituteon eon operati iodns c 60 ays. •da ay P J and for which a receiver has not already been appointed or other lawful cause, shall discontinue its operations for a period of sixty days, the Comptroller of the Currency may, if he deems it advisable, appoint a receiver for such institution . If al rea dy relen- ` (f) Any financial institution over which the Comptroller of the quished, may not re- Currency has or hold supervision which prior to the passage of this sums. Act has in any manner ceased to do a banking business shall not resume such banking business and s ha ll advise th e Comptr oller of the Currency when its business has been fully liquidated whereupon by on of this Act its charter is terminated. Such financial "g oviasions go ver n- in s= may in the discretion of the Comptroller of the Currency be subject to all the provisions of paragraph (d) of section 1 of this Act . "(g) Each person, copartnership, each director, liquidating com- Pu•isbment for vlo- lotion . mitt ee or li quidatin g agent, and eac h one of the offi cers and em- ployees of an association or corporation violating any of the pro- visions of this section shall be punished by a fine not exceeding $1,000, or imprisonment not exceeding one year, or by both fine and imprisonment, in the discretion of the court ."