Page:United States Statutes at Large Volume 48 Part 1.djvu/200

 174 R.S.,sec. 5138,p.993. U.S.C.,p. 261. Preemption right of stockholders. Certificate to com- mence business; wh en to issue. Ma nag em ent there- after. Tran sfer of b usin ess, when stock subscrip- tion inadequate . Volu ntar y liquida. tion of new bank when not trans ferr ed. Deposit insurance ac- count. Duty of corporation to open . Debits to. Additional du ties of corporation ; liquida- ti on of closed bank. Pow ers and righ ts of cor poration as r eceiver. Closed State member banks. Corpo rati on as re- ceiver of. 73d CONGRESS. SESS. I. CH. 89. JUNE 16, 1933 . of the business of the new bank on a sound basis, but in no event less than that required by section 5138 of the Revised Statutes, as amended (U .S.C ., title 12, sec . 51), for the organization of a national bank in the place where such new bank is located, giving the stockholders of the closed bank the first opportunity to purchase such stock. Upon proof that an adequate amount of capital stock of the new bank has been subscribed and paid for in cash by subscribers satisfactory to the Comptroller of the Currency, he shall issue to such bank a certificate of authority to commence business and thereafter it shall be managed by directors elected by its own shareholders and may exercise all of the powers granted by law to national banking associations. If an ade- quate amount of capital for such new bank is not subscribed and paid in, the Corporation may offer to transfer its business to any other banking institution in the same place which will take over its assets, assume its liabilities, and pay to the Corporation for such business such amount as the Corporation may deem adequate. Unless the capital stock of the new bank is sold or its assets acquired and its liabilities assumed by another banking institution, in the manner herein prescribed, within two years from the date of its organization, the Corpo ration shall p lace the new bank in volun tary liquidati on and wind up its affairs. The Corporation shall open on its books a deposit insurance account and, as soon as possible after taking pos- session of any closed national bank, the Corporation shall make an estimate of the amount which will be available from all sources for application in satisfaction of the portion of the claims of depositors to which it has been subrogated and shall debit to such deposit insur- ance account the excess, if any, of the amount made available by the Corporation to the new bank for depositors over and above the amount of such estimate. It shall be the duty of the Corporation to realize u pon the asset s of such clo sed bank, havi ng due regard to the condition of credit in the district in which such closed bank is located ; to enforce the individual liability of the stockholders and directors thereof ; and to wind up the affairs of such closed bank in con formit y wit h the provis ions o f law relat ing to the liquidation of closed national banks, except as herein otherwise provided, retaining for its own account such portion of the amount realized from such liquidation as it shall be entitled to receive on account of its subrogation to the claims of depositors and paying to depositors and other creditors the amount available for distribu- tion to them, after deducting therefrom their share of the costs of the liquidation of the closed bank. If the total amount realized by the Corporation on account of its subrogation to the claims of depositors be less than the amount of the estimate hereinabove provided for, the deposit insurance account shall be charged with the deficiency and, if the total amount so realized shall exceed the amount of such esti- mate, such account shall be credited with such excess. With respect to such clos ed national b anks, the Cor poration shall have all the rights, powers, and privileges now possessed by or hereafter given receivers of insolvent na tional banks and shall be s ubject to the obligations and penalties not inconsistent with the provisions of this paragraph to w hich such rec eivers are now or may herea fter become subject. " Whenever any S tate member b ank which is a class A stoc kholder of the Corporation shall have been closed by action of its board of directors or by the appropriate State authority, as the case may be, on account of inability to meet the demands of its depositors, the Corporation shall accept appointment as receiver thereof, if such appointment be tendered by the appropriate State authority and be