Page:United States Statutes at Large Volume 48 Part 1.djvu/120

 94 73d CONGRESS. SESS. I. CH. 38. MAY 27, 1933 . may dee m necessary f or facilitatin g its busines s under this title. The board of directors of the Corporation shall determine and pre- scribe the manner in which its obligations shall be incurred and its expenses allowed and paid. SEC . 204. The board of directors may- (1) Convene meetings of holders of foreign securities. (2) Invite the deposit and undertake the custody of foreign securi- ties which have defaulted in the payment either of principal or interest, and issue receipts or certificates in the place of securities so dep osit ed. (3) Appoint committees from the directors of the Corporation and/or all other persons to represent holders of any class or classes of foreign securities which have defaulted in the payment either of principal or interest and determine and regulate the functions of such committees. The chairman and vice chairman of the board of direc- tors shall be ex officio chairman and vice chairman of each committee. (4) Negotiate and carry out, or assist in negotiating and carrying out, arrangements for the resumption of payments due or in arrears in respect of any foreign securities in default or for rearranging the terms on which such securities may in future be held or for convert- ing and exchanging the same for new securities or for any other object in relation thereto ; and under this paragraph any plan or agreement made with respect to such securities shall be binding upon depositors, providing that the consent of holders resident in the United States of 60 per centum of the securities deposited with the Corporation shall be obtained. (5) Undertake, superintend, or take part in the collection and application of funds derived from foreign securities which come into the possession of or under the control or managemen t of the Corporation. Collect, ete_,inferma- (6) Collect, preserve, publish, circulate, and render available in Lion respe ctin g for eign secur ities g readily accessible form, when deemed essential or necessary, docu- ments, statistics, reports, and information of all kinds in respect of foreign securities, including particularly records of foreign external securities in default and records of the progress made toward the payment of past-due obligations. (7) Take such steps as it may deem expedient with the view of securing the adoption of clear and simple forms of foreign securities and just and sound principles in the conditions and terms thereof. (8) Generally, act in the name and on behalf of the holders of foreign securities the care or representation of whose interests may be entrusted to the Corporation ; conserve and protect the rights andd interes ts of h olders of for eign se curitie s issu ed, sol d, or o wned i n the United States ; adopt measures for the protection, vindication, and preservation or reservation of the rights and interests of holders of foreign securities either on any default in or on breach or contem- plated breach of the conditions on which such foreign securities may have been issued, or otherwise ; obtain for such holders such legal and other assistance and advice as the board of directors may deem expedient ; and do all such other things as are incident or conducive to the attainment of the above objects. To keep and publish SEC. 205. The board of directors shall cause accounts to be kept of an audited general ac- c ount Iliad balance all matters relating to or connected with the transactions and busi- sheet. ness of the Corporation, and cause a general account and balance sheet of the Corporation to be made out in each year, and cause all Det ermin e manne r obligatio ns incurred a nd expenses allowed. Authority of hoard over foreign securities . Call meetings of hold- ers of. Action on defaulted secu ritie s. Appoint committees to represent such hold- ers. Carry out arrange- ments for resuming payments. Colle cting, etc , fr nlds derived from turrlgu o-ccaritie Securing simple forms, etc. Act a s rep rese ntati ve of holders.