Page:United States Statutes at Large Volume 48 Part 1.djvu/195

 73d CON GRESS. SESS. I. CFI. 89 . JUNE 16, 1933 . 169 States. Payments upon such subscription shall be subject to call in cali ayments subject to whole or in part by the board of directors of the Corporation. Such Tobeadditional . stock shall be in addition to the amount of capital stock required to be subscribed for by Federal reserve banks and member and nonmem- ber banks as hereinafter provided, and the United States shall be Divi dend paymen ts entitled to the payment of dividends on such stock to the same extent to united states . as member and nonmember banks are entitled to such payment on the class A stock of the Corporation held by them. Receipts for pay- me tceipts for pa y- ments by the United States for or on account of such stock shall be issued by the Corporation to the Secretary of the Treasury and shall be evidence of the stock ownership of the United States. "(d) The capital stock of the Corporation shall be divided into C apita l st ock, di- vi ded into sha res of shares of $100 each . Certificates of stock of the Corporation shall $100 each . be of two classes-class A and class B . Class A stock shall be held clStock c ertificates. by member and nonmember banks as hereinafter provided and they banks to be held which shall be entitled to payment of dividends out of net earnings at the rate of 6 per centum per annum on the capital stock paid in by them, which dividends shall be cumulative, or to the extent of 30 per centum Di vidend payme nts, of such net earnings in any one year, whichever amount shall be the amount . greater, but such stock shall have no vote at meetings of stockholders . Class B stock shall be held by Federal reserve banks only and shall Reserve by not be entitled to the payment of dividends . Every Federal reserve bank shall subscribe to shares of class B stock in the Corporation to Subscription for. a n amount equal to due half of the surplus of such bank on January 1, 1933, and its subscriptions shall be accompanied by a certified check Payments. payable to the Corporation in an amount equal to one half of such subscription. The remainder of such subscription shall be subject to call from time to time by the board of directors upon ninety days' notice. " (e) Every bank which is or which becomes a member of the Fed- class Subscriptions for eral Reserve System on or before July 1, 1934, shall take all steps July r, 1969 . necessary to enable it to become a class A stockholder of the Corpora- tion on or before July 1, 1934 ; and thereafter no State bank or Ad mission to mem- bership thereafter ; sub- trust company or mutual savings bank shall be admitted to mem . scription required . bership in the Federal Reserve System until it becomes a class A stoc khol der of t he C orpo rati on, no n atio nal bank in the cont inen tal National banks. Ca rt fiesta to tom . United States shall be granted a certificate by the Comptroller of manta or resume bank- the Currency authorizing it to commence the business of banking ing busi ness denied unl ess member and until it bec omes a memb er of the Fe deral Reser ve Sys tem an d a class A st ockh older. class A stockholder of the Corporation, and no national bank in the continental United States for which a receiver or conservator has been appointed shall be permitted to resume the transaction of its banking business until it becomes a class A stockholder of the Corporation. Every member bank shall apply to the Corporation A Application for Class for class A stock of the Corporation in an amount equal to one half Amount. of 1 per centum of its total deposit liabilities as computed in accord- ance with regulations prescribed by the Federal Reserve Board ; except that in the case of a member bank organized after the date this Exc ept ion ; member section takes effect, the amount of such class A stock applied for by i bz°ea her eafte r org an- such member bank during the first twelve months after its organiza- tion shall equal 5 per centum of its paid-up capital and surplus, and Amount. beginning after the expiration of such twelve months' period the amount of such class A stock of such member bank shall be adjusted annually in th e same manner as in the ca se of other me mber banks. Upon receipt of such application the Corporation shall request the Certification respect- ing 'ban eieney of apply. Federal Reserve Board, in the case of a State member bank, or the fag banks assets. Comptroller of the Currency, in the case of a national bank, to cer- tify upon the basis of a thorough examination of such bank whether or not the assets of the applying bank are adequate to enable it to