Page:United States Statutes at Large Volume 48 Part 1.djvu/210

 184 73d CONGRE SS. SESS. I. CH. 89. JUNE 16, 1933. sees. 371 and 601-605 ; Supp. VI, title 12, sec. 371) the following new section itenv st entsnploa "SEC . 24A . Hereafter no national bank, without the approval State member banks . of the Comptroller of the Currency, and no State member bank, without the approval of the Federal Reserve Board, shall (1) invest in bank premises, or in the stock, bonds, debentures, or other such obligations of any corporation holding the premises of such bank or (2) make loans to or upon the security of the stock of any such corporation, if the aggregate of all such investments and loans will exceed the amount of the capital stock of such bank ." Vol.41,p.1145. SEC. 15 . The Federal Reserve Act, as amended, is further amended U.S.C.,p. 293-296. by inserting after section 25 (a) thereof (U.S.C., title 12, see. 611-631) the following new section : For eign bran ches . " SEC. 25 . (b) Notwithstanding any other provision of law all suits snits at law, equity . of a civil nature at common law or in equity to which any corporation organized under the laws of the United States shall be a party, aris- ing out of transactions involving international or foreign banking, or banking in a dependency or insular possession of the United States, or out of other international or foreign financial operations, either directly or through the agency, ownership, or control of branches or loca l insti tution s in de pendenc ies or insula r posse ssions of the United Jurisdiction o f States or in foreign countries, shall be deemed to arise under the laws o ura states district of the United States, and the district courts of the United States shall have o rigina l juris diction of al l such suits ; a nd any d efe nda nt Removal. in any such suit may, at any time before the trial thereof, remove such suits from a State court into the district court of the United States for the prope r district by following the procedure for the removal of causes otherwise provided by law. Such removal shall not cause undue delay in the trial of such case and a case so removed shall have a place on the calendar of the United States court to which it is removed relative to that which it held on the State court from which it was removed. Whe n Federal Re- " Notw iths tand ing any other provision of law, all suits of a civil serve bank a party' nature at common law or in equity to which any Federal Reserve bank shall be a party shall be deemed to arise under the laws of the United States, and the district courts of the United States shall have original jurisdiction of all such suits ; and any Federal Reserve bank which is a d efendant in a ny such suit may, at any ti me before the trial thereof, remove such suit from a State court into the district court of the United States for the proper district by following the Attachment before procedure for the removal of causes otherwise provided by law . No f inal judg ment deni ed . atta chme nt o r ex ecut ion shal l be iss ued agai nst any Fede ral Rese rve bank or its property before final judgment in any suit, action, or proceeding in any State, county, municipal, or United States court ." R.S., sec. 5136, . 993. SEC. 16 . Paragr aph " Seventh " of section 5136 of the Revised VI, p. 129p 259 npp' Statutes, as amended (U .S .C ., title 12, sec . 24 ; Supp . VI, title 12, sec . 24), is amended to read as follows : C orpo rate pow ers of a Seventh. To exercise by its board of directors or duly authorized national banking aeco- oiations. officers or agents, subject to law, all such incidental powers as shall be nece ssar y to carry on the business of banking ; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt ; by receiving deposits ; by buying and selling exchange, coin, and bullion ; by loaning money on personal security ; and by obtaini ng, issuing, and circulati ng notes accor ding to the provisions of this title. The business of dealing in investment securi- ties by the association shall be limited to purchasing and selling such securit ies wit hout re course, solel y upon the or der, an d for t he acc ount of, customers, and in no case for its own account, and the association