Page:United States Statutes at Large Volume 48 Part 1.djvu/191

 73d CONGRESS. SESS. I. CH. 89 . JUNE 16, 1933 . 165 Federal reserve bank stock, or if such laws be so amended and such failure hn gg ant ed~a nd bank fail within six months thereafter to purchase such stock, all stock. of its rights and privileges as a member bank shall be forfeited and its membership in the Federal Reserve System shall be terminated in the manner prescribed elsewhere in this section with respect to State member banks and trust companies. Each such mutual savings banks to co savings ml ba nbank shall c omply w ith al l the p rovisio ns of law app licable to St ate State laws and Reserve member banks and trust companies, with the regulations of the Fed- Board regulations. eral Reserve Board and with the conditions of membership prescribed for such savings bank at the time of admission to membership, except as otherwise herein'before provided with respect to capital stock. " Each b ank ad mitted to m embers hip un der t his se ction shall ban epa s by admitted obtain from each of its affiliates other than member banks and furnish to the Federal reserve bank of its district and to the Federal Reserve Board not less than three reports during each year . Su ch Form of reports . reports shall be in such form as the Federal Reserve Board may prescribe, shall be verified by the oath or affirmation of the president verification . or such other officer as may be designated by the board of directors of such affili ate to verify such r eports, and s hall di sclose the in for- clo. edrmation tobedis mation hereinafter provided for as of dates identical with those fixed by the Federal Reserve Board for reports of the condition of Report of affiliates . the affiliated member bank . Each such report of an affiliate shall be transmitted as herein provided at the same time as the corre- sponding report of the affiliated member bank, except that the Federal Reserve Board may, in its discretion, extend such time for good cause shown. Each such report shall contain such information q Information ye- as in the judgment of the Federal Reserve Board shall be necessary to disclose fully the relations between such affiliate and such bank and to enable the Board to inform itself as to the effect of such relations upon the affairs of such bank. The reports of such affiliates Publication of. shall be published by the bank under the same conditions as govern its own condition reports. "Any such affiliated member bank may be required to obtain from affil Additional any such affiliate such additional reports as in the opinion of its gni red . Federal reserve bank or the Federal Reserve Board may be necessary in order to obtain a full and complete knowledge of the condition of the affiliated member bank . Such additional reports shall be era] Reserve tTransmi tted to Fed- of to the Federal reserve bank and the Federal Reserve Board and shall be in such form as the Federal Reserve Board may Form. prescribe. "Any such affiliated member bank which fails to obtain from any Penalty to re of its affiliates and furnish any report provided for by the two ports. preceding paragraphs of this section shall be subject to a penalty of $100 for each day during which such failure continues, which, by direction of the Federal Reserve Board, may be collected, by suit or otherwise, by the Federal reserve bank of the district in which such con- member bank is located. For the purposes of this paragraph and strue a ]sate", con- the two preceding paragraphs of this section, the term ` affiliate' shall include holdi ng comp any aff iliate s as we ll as o ther a ffiliat es . " State member banks shall be sub j ect to the same limitations and Li ember a t i o n s m i t banks on St re spe ct ate m- conditions with respect to the purchasing, selling, underwriting, and mg purchasing invest- holding of investment securities and stock as are applicable in the mR .SSe e' c'S 36, p.ssa. case of national banks under paragraph `Seventh ' of section 513644 '0" p .1226. p » 7s7; v°] of the Revis ed Statutes, as amended . U.S.C.,p. 260; Supp. "After one year from the date of the enactment of the Banking "No t' State mem ber er bank Act of 1933, no certificate representing the stock of any State member to ' represent bank shall represent the stock of any other corporation, except a stock of o ther corp ora- member bank or a corporation existing on the date this paragraph Exception . takes effect engaged solely in holding the bank premises of such State