Page:United States Statutes at Large Volume 48 Part 1.djvu/119

 73d CONGRESS. SESS. I. CH. 38. MAY 27, 1933 . 93 of Foreign Security Holders " (herein called the " Corporation ") . The principal office of the Corporation shall be located in the District of Columbia, but there may be established agencies or branch offices in any city or cities of the United States under rules and regulations prescribed by the board of directors . SEC. 202 . The control and management of the Corporation shall be vested in a board of six directors, who shall be appointed and hold office in the following manner : As soon as practicable after the date this Act takes effect" the Federal Trade Commissi on (here in- after in this title called " Commission " ) sha ll app oint si x direc tors, and shall designate a chairman and a vice chairman from among their number. After the directors designated as chairman and vice chairman cease to be directors, their successors as chairman and vice chairman shall be elected by the board of directors itself. Of the directors first appointed, two shall continue in office for a term of two years, two for a term of four years, and two for a term of six years, from the date this Act takes effect, the term of each to be designated by the Commission at the time of appointment. Their successors shall be appointed by the Commission, each for a term of six years from the date of the expira tion of the t erm for which his prede- cessor was app ointed, excep t that any pe rson appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed only for the unex- pired term of such predecessor. No person shall be eligible to serve as a. director who within the five years preceding has had any in- terest, direct or indirect, in any corporation, company, partnership, bank or association which has sold, or offered for sale any foreign secu rit ies. The office of a director shall be vacated if the board of directors shall at a meeting specially convened for that purpose by resolution passed by a majority of at least two thirds of the board of directors, remove such member from office, provided that the member whom it is proposed to remove shall have seven days' notice sent to him of such meeting and that he may be heard. SuC. 203 . The Corporation shall have power to adopt, alter, and use a corporate seal ; to make contracts ; to lease such real estate as may be necessa ry for the tr ansaction of its business ; to sue and be sued, to complain and to defend, in any court of competent juris- diction. State or Federal ; to require from trustees financial agents To require inf orm a- 1 tion relstive to foreign or dealers in foreign securities information relative to the original secur ities hold ers, etc. or present holders of foreign securities and such other information as may be required and to issue subpenas therefor ; to take over the functions of any fiscal and paying agents of any foreign securities in default ; to borrow money for the purposes of this title, and to pledge as collateral for such loans any securities deposited with the Corporation pursuant to this title ; by and with the consent and approval of the Commission to select, employ, and fix the compen- sation of offi cers, d irecto rs, mem bers of commi ttees, employe es, at tor- neys, and agents of the Corporation, without regard to the provi- sio ns of other l aws applicabl e to the emplo yment and com pensation of officers or employees of the United States ; to define their authority and duties, require bonds of them and fix the penalties there of, and to dismiss at pleasure such officers, employees, attorneys, and agents ; and to prescribe, amend, and repeal, by its board of direc- Prescribe, etc ., rules for conduct of b usiness. tors, bylaws, rules, and regulations governing the manner in which its general business may be conducted and the powers granted to it by law may be exercised and enjoyed, together with provisions for such committees and the functions thereof as the board of directors Princ ipal offic e, a gen- cies. Control ves ted board of directors . Feder al T rade Com- mission to appoint six directors, designate a chairman, etc. Post, p. 909. Appointment of suc- ceaso rs. Tenure of office. Vacancies. Removals. Corporate powers. in To take over func- tions of agent of de- faulted foreig n securi- tie s. Borrow and pledge for such loans. Off ice rs, em pl oye es, etc.