Page:United States Statutes at Large Volume 48 Part 1.djvu/212

 186 73d CONGRESS. SESS. I. CH. 89. JUNE 16, 1933 . cient to entitle it to become a national banking association in the place where it is situated under the provisions of the National sa eso banks org an Bank Act, as amended : Provid ed, That this paragraph shall not ized prior hereto, etc . apply to State banks and trust companies organized prior to the date this paragraph as amended takes effect and situated in a place the population of which does not exceed three thousand inhabitants and having a capital of not less than $25,000, nor to any State bank An te p 169 or trust company which is so situated and which, while it is entitled to the benefits of insurance under section 12B of this Act, increases its capital to not less than $25,000 ." ti.S., e p.13 ,pu SnC . 18 . Section 5139 of the Revised Statutes, as amended (U.S .C ., vi, p. iii, title 12, sec . 52 ; Supp . VI, title 12, sec . 52), is amended by adding at the end thereof the following new paragraph Stock certificates, "After one year from the date of the enactment of the Banking Act banking associations . Use to rep res ent of 1933, no certificate representing the stock of any such association stock in other corpora- tion prohibited. shall represent the stock of any other corporation, except a member bank or a corporation existing on the date this paragraph takes effect engaged solely in holding the bank premises of such association, nor shall the ownership, sale, or transfer of any certificate representing the stock of any such association be conditioned in any manner whatsoever upon the ownership, sale, or transfer of a certificate rep- resenting the stock of any other corporation, except a member bank ." R.S.,sec. 5144, p. 994. SnC. 19 . Section 5144 of the Revised Statutes, as amended (U.S.C., us .c .,p . 2 6 2, title 12, sec . 61), is amended to read as follows : v Shareholder's right to a SEc . 5144. In all elections of directors, each shareholder shall have the right to vote the number of shares owned by him for as many persons as there are directors to be elected, or to cumulate such shares an d give one ca ndidate as ma ny votes as th e number of directors multiplied by the number of his shares shall equal, or to distribute the m on the same principle am ong as many ca ndidates as he shall think fit ; and in deciding all other questions at meetings of Nonvo ting shar es . shareholders, each shareholder shall be entitled to one vote on each share of stock held by him ; except (1) that shares of its own stock held by a national bank as sole trustee shall not be voted, and shares of its own stock held by a national bank and one or more persons as trustees may be voted by such other person or persons, as trustees, in the same manner as if he or they were the sole trustee, and (2) shares controlled by any holding company affiliate of a national bank shall not be voted unless such holding company affiliate shall have first obtained a voting permit as hereinafter provided, which permit is in force at the time such shares are voted. Shareholders Proxies may vote by proxies duly authorized in writing ; but no officer, clerk, teller, or bookkeeper of such bank shall act as proxy ; and no share- holder whose liability is past due and unpaid shall be allowed to vote. S hares dee med con- "For the purposes of this section shares shall be deemed to be trolled by holding com- pany controlled by a holding company affiliate if they are owned or con- trolled directly or indirectly by such holding company affiliate, or held by any trustee for the benefit of the shareholders or members thereof . Vot ing permit, . h ol d- "Any such holding company affiliate may make application to the ingcompany atfihate. Federal Reserve Board for a voting permit entitling it to cast one vote at all elections of directors and in deciding all questions at meetings of shareholders of such bank on each share of stock con- trolled by it or authorizing the trustee or trustees holding the stock for its benefit or for the benefit of its shareholders so to vote the same. The Federal Reserve Board may, in its discretion, grant or with- hold such permit as the public interest may require. In acting upon application for. such application, the Board shall consider the financial condition of the applicant, the general character of its management, and the prob-