Page:United States Statutes at Large Volume 49 Part 1.djvu/755

 710 74TH CONGRESS. SESS. I. CH. 614. AUGUST 23, 1935. t Am ou nts s panef o~ re- it shall have a surplus equal to 20 per centum of its capital : Provided, stock of converted That for the purposes of this section any amounts paid into a fund bank, for the retir ement o f any preferr ed sto ck of a ny suc h conve rted S tate bank out of its net earnings for such half-year period shall be deemed to be an addition to its surplus fund if, upon the retirement of such preferred stock, the amount so paid into s uch retirement fund for such period may then properly be carried t o surplus. In any such case the converted State bank shall be obligated to transfer to surplus the amount so paid into such retirement fund for such period on account of the preferred stock as such stock is retired ." R. S., sec. 5139, p . S Vol.48,p.186 . ° EC. 31 0 . (a) The last paragraph of section 5139 of the Revised 9ac ., ass° Statutes, as amended (U . S . C., Supp . VII, title 12, sec. 52), is amended to read as fo llows : Stock certifi cates of "After the date of the enactment of the Banking Act of 1935, no banking associations . Conditioning trans- certificate evidencing the stock of any such association shall bear any fer on the transfer of st ock o f an other corpo- stateme nt pur porting to re present the s tock of any o ther co rporat ion, ration. except a member bank or a corporation enga ged on June 16, 1934 in holding the bank premises of such association, nor shall the owner- ship, sale, or transfer of any certificate representing the stock of any such associatio n be conditioned in a ny manner whatsoever upon the ownership, sale, or transfer of a certificate representing the stock of any other corpora tion, ex cept a m ember ban k or a c orporati on engaged on June 16, 1934 in holding the bank premises of such asso- Proa so ° ciation : Provided That this section shall not operate to prevent the exception. 5 ownership, sale, or transfer of stock of any other corporation being conditioned upon the ownership, sale, or transfer of a certificate represe nting stock o f a na tional bankin g assoc iation. " 48, pvol . . 3s, 165 ; p. II. Z9; S. C Vol. representing The nineteenth paragraph of section 9 of the Federal Reserve p° 389 . Act, as amended, is amended to read as follows Stock certifi cates of "After the date of the enactment of the Banking Act of 1935, no State member banks. Transfer of shares° certificate evidencing the stock of any State member bank shall bear any statement purport ing to represent the stock of any other c or- poration, except a member bank or a corporation engaged on June 16,1934 in holding the bank premises of such member bank, nor shall the ownership, sale, or transfer of any certificate representing the stock of any St ate member bank be co nditioned in any man ner what- soever upon the ownership, sale, or transfer of a certificate represent- ing the stock of any other corporation, ex cept a member bank o r a Proviso. corporation engaged o n June 16, 1934 in ho lding the bank premi ses Exception. of such member bank : Provided, That this section shall not operate to prevent the ownership, sale, or transfer of stock of any other cor- poration being conditioned upon the ownership, sale, or transfer of a certificate representing stock of a State member bank ." R. S., see. 5144, p . Sec. 311 . (a) The first paragraph of section 5144 of the Revised 994 : Vol . 48, p. 186; M S.c., p. 357. Statutes, as amended (U. S . C., Supp . VII, title 12, sec. 61), is amended to read as follows t to voet of s hareholders 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 pe rsons as ther e are directo rs to be elec ted, o r to cu mulate such shares and give one candidate as many votes as the number of direc- tors multiplied by the number of his shares shall equal, or to dis- tribute them on the same principle a mong as many candida tes as he shall think fit ; and in deciding all other questions at meetings of shareholders, each shareholder shall be entitled to one vote on each st noo lders of preferred share of stock held by him ; except that (1) this shall not be con- strued as limiting the voting rights of holders of preferred stock under the terms and provisions of articles of association, or amend- ments thereto, adopted pursuant tq the provisions of section 302 (a) of the Em ergency Banking and Bank Conserva tion Act, approv ed