Page:United States Statutes at Large Volume 48 Part 1.djvu/196

 170 73d CONGRESS. SESS. I. CH. 89. JUNE 16, 1933 . meet all of its liabilities to depositors and other creditors as shown by the books of the bank ; and the Federal Reserve Board or the Comptroller of the Currency shall make such certification as soon as practicable. If such c ertific ation b e in t he affi rmative, the Corpora - tion shall grant such application and the applying bank shall pay one half of its subscription in full and shall thereupon become a class A stockholder of the Corporation : Provided, T hat no member ba nk shall be required to ma ke such payme nt or become a class A stoc k- holder of the Corporati on before Jul y 1, 1934. The remainder of such subscription shall be subject to call from time to time by the board of directors of the Corporation. If such certification be in the negative, the Corporation shall deny such application. If any national bank shall not have become a class A stockholder of the Corporation on or before July 1, 1934, the Comptroller of the Cur- rency shall appoint a receiver or conservator therefor in accordance with the pro visi ons of e xist ing law. Excep t as provided in subsec- tion (g) of this section, if any State member bank s hall not have become a class A stockholder of the Corporation on or before July 1, 1934, the Federal Reserve Board shall terminate its membership in the Federal Reserve System in accordance with the provisions of section 9 of this Act. Applications o for ... ( f) member Any State bank or tru st co mpany or mut ual s avings bank ship on or be- fore July 1, 1936. which applies for membership in the Federal Reserve System or for Benef its to a ccrue conversion into a national banking association on or after July 1, dur ing pendency of. 1936, may, with the consent of the Corporation, obtain the benefits of t his sect ion, pen ding act ion on s uch appl icat ion, by subs crib ing and paying for the same amount of stock of the Corporation as it would be required to subscribe and pay for upon becoming a member Provi sions the reaft er applicable. bank. Thereupon the provisions of this section applicable to member . banks shall be applicable to such State bank or trust company or mutual savings bank to the same extent as if it were already a Repayment ii mom » member bank : Provided, That if the application of such State bank bersh ip ap plic ation not or tr ust co mpany or mu tual s avings bank for m embers hip in the co mpleted or disap- proved, etc. Federal Reserve System or for conversion into a national banking association be approved and it shall not complete its membership in the Federal Reserve System or its conversion into a national banking association within a reasonable time, or if such application shall be disapp roved, then the a mount paid b y such Stat e bank or tr ust company or mutual savings bank on account of its subscription to the capital stock of the Corporation shall be repaid to it and it shall no longer be subject to the provisions or entitled to the privileges of this section. Deposit membership a state 'c bank with (g) If any State bank or trust company, or mutual savings bank a pplie atfo n,whe w .. (referred to in this subsection as `State bank') which is or which purchase unlawful nn- der State laws. becomes a member of the Federal Reserve System is not permitted by the laws under which it was organized to purchase stock in the Corporation, it shall apply to the Corporation for admission to the benefits of this section and, if such application be granted afte r appropriate certification in accordance with this section, it shall deposit with t he Corporatio n an amount e qual to the am ount which Ad justment of de- it would have been required to pay in on account of a subscription posit. to capital stock of the Corporation. Thereafter such deposit shall be adjusted in the same manner as subscriptions for stock by class A stockholders. Such deposit shall be subject to the same C ondit ions s ubj ect conditions with respect to repayment as amounts paid on subscrip- tions to class A stock by other member banks and the Corporation I ntere st p aymen ts. shall pay interest thereon at the same rate as dividends are actually De positor b ank deemed class -4 stock- paid on outstanding shares of class A stock. As long as such holder. deposit i ,~ maintained with the Corporation, such State bank shall, Payment it cer ti- fic ati on affirmative; amount. Proviso. Not required before July 1, 1934. Paym ent of remain- der subject to call . Denial of applica . tion if certification neg- ative. Receiver or conser- vat or ; a ppointment . Termination of mem- bership, State member bank not subs cribi ng class Aonor befo re July 1, 1934. Post, p. 180 . to.