Page:United States Statutes at Large Volume 48 Part 1.djvu/211

 73d CONGRESS. SESS. I. CH. 89. JUNE 16, 1933 . 185 shall not underwrite any issue of securities : Provided That the asso- rreniso. Purchase of invest- ciation may purchase for its own account investment securities under ment securities. such limitations and restrictions as the Comptroller of the Currency may by regulation prescribe, but in no event (1) shall the total mPte rc entageper- amount of any issue of investment securities of any one obligor or maker purchased after this section as amended takes effect and held by the assoc iation fo r its own account exceed at any time 10 per c entum of the total amount o f such is sue outst anding, b ut this l imitation shall not apply to any such issue the total amount of which does not exceed $100,000 and does not exceed 50 per centum of the capital of the asso- cia tion, nor (2) shal l the tot al amount of the i nvestment securiti es of any one obligor or maker purchased after this section as amended takes effect and held by the association for its own account exceed at any time 15 per centum of the amount of the capital stock of the association actually paid in and unimpaired and 25 per centum of its unimpaired surplus fund. As used in this section the term `invest- "Investment securi- ment securities' shall mean marketable obligations evidencing indebt- ties'" construed. edness of any person, copartnership, association, or corporation in the f orm o f bon ds, notes and/ or de bent ures commo nly known as i nves t- ment securities under such further definition of the term ` investment se curiti es' as may b y regu lation be pr escribe d by t he Com ptroll er of the Currency. Except as hereinafter provided or otherwise per- share s. s e of st ock mi tted b y law, nothi ng her ein co ntaine d shall autho rize t he pur chase by the association of any shares of stock of any corporation. The limitations and restrictions herein contained as to dealing in, under- ob sgat'onsafUnited United ~ State, etc. writing and purchasing for its own account, investment securities sh all not a pply to o bligation s of the United S tates, or general obliga- tions of any State or of any political subdivision thereof, or obliga- tions issued under authority of the Federal Farm Loan Act, as amended, or issued by the Federal Home Loan Banks or the Home Owners' Loan Corporation : Provided, That in carrying on the busi- Proviso. Safe- deposit busin ess . n ess c ommon ly k nown as th e saf e-de posit busi ness the assoc iati on shall not invest in the capital stock of a corporation organized under the law of any State to conduct a safe-deposit business in an amount in excess of 15 per centum of the capital stock of the association actuall y paid in an d unim paired and 1 5 per c entum of its unimp aired surplus ." The restrictions of this section as to dealing in investment securi- s tNc g t -11,76 date of re- ties shall take effect one year after the date of the approval of this Act . SEC . 17. (a) Section 5138 of the Revised Statutes, as amended us
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p. 993. (U.S.C., title 12, sec . 51 ; Supp . VI, title 12, sec . 51), is amended to vi, P . 130. read as follows "SEc . 5138. After this section as amended takes effect, no national b nksp it ei, nat ion al banking association shall be organized with a less capital than Requisit amo -10 f, g on organzzatfon . $1 00,000, e xcept tha t such as sociation s with a capital of not le ss than $50,000 may be organized in any place the population of which does not exceed six thousand inhabitants . No such association shall be organized in a city the population of which exceeds fifty thousand persons with a capital of less than $200,000, except that in the out- lying districts of such a city where the State laws permit the organi- zation of State banks with a capital of $100,000 or less, national banking associations now organized or hereafter organized may, with the approval of the Comptroller of the Currency, have a capital of not less than $100,000 ." (b) The tenth paragraph of section 9 of the Federal Reserve Act, u .s.c•'p29o. as amended (U .S .C ., title 12, sec. 329), is amended to read as follows : Ad mission to mom- No applying bank shall be admitted to membership in a Federal ber ship . reserve bank unless it po ssesse s a pa id-up u nimpai red ca pital suffi- qu Paid-up capital re