Page:United States Statutes at Large Volume 49 Part 1.djvu/756

 74TH CONGRESS. SESS. Y. CH. 614 . AUGUST 23, 1935 . 711 March 9, 1933, as amended, (2) in the election of directors, shares of St ocks held in trust. its own stock held by a national bank as sole trustee, whether regis- tered in its own name as such trustee or in the name of its nominee, shall not be voted by the registered owner unless under the terms of the trust th e manner in which such shares shal l be voted may be determined by a donor or beneficiary of the trust and unless such donor or beneficiary actually directs how such shares shall be voted, (3) 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 (4) shares controlled by any holding company affiliate of a Stocks controlled by national bank shall not be voted unless such holding company affili- holdi ng co mpany affi li ° ate s hall have f irst obtai ned a votin g per mit as here inaft er pr ovided , which permit is in force at the time such shares are voted, but such holding company affiliate may, w ithout obtaining such permit, vote in favor of placing the association in voluntary liquidation or taking any other action pertaining to the voluntary liquidation of such assoc iatio n. Shareholders may vote by proxies duly authorized in Pr oxies. writing ; but no officer, clerk, teller, or bookkeeper of such bank shall act as proxy ; and no shareholder whose liability is past due and unpaid shall be allowed to vote. Whenever shares of stock cannot be voted by rea son of being held by the bank as s ole trustee, such shares shall be excluded in dete rmining whether m atters voted upon by the shareholders were adopted by the requisite percentage of shares ." (b) The first sentence of the third paragraph of such section 5144 R. s., see. 5144, P. 994; U S.C .,p . 357. is amended to read : "Any such holding company affiliate may make ing pe om do 8f~hold- a ppli catio n to the Boa rd of Gov erno rs of the Fed eral Rese rve Sys- for v oting per- it. tem for a voting permit entitling it to vote the stock controlled by it at any or all meeti ngs of shareholde rs of such bank o r authorizing the trustee or trustees holding the stock for its benefit or for the benefit of its shareholders so to vote the same ." (c) Section 5144 of the Revised Statutes, as amended, is further Reserves to be main- am ended by adding a t the end of subs ection (c) thereo f the follow ° tamed by. ing : " and the provisions of this .subsection, instead of subsection (b ), shall apply to all holding company affiliates with respect to any sh ares of bank stoc k owned or contro lled by them as t o which there is no statutory liability imposed upon the holders of such bank stock ; " SEC . 312 . Section 5154 of the Revised Statutes, as amended (U . S . 996; . Sec 154'2 p 9; C ., title 12, sec . 35), is amended by adding at the end thereof the U. S. C.,p.354. following paragraph cc The Comptroller of the Currency may, in his discretion and banks into nat ional subject to such conditions as he may prescribe, permit such convert- ban kin g associations . Retention of assets ing bank to retain and carry at a value determined by the Comp- not c onfor ming to le gal troller such of the assets of such converting bank as do not conform requirements . to the legal requirements relative to assets acquired and held by national banking associations ." SEC. 313. Section 5162 of the Revised Statutes (U . S . C ., title 12, 998 uss . C se . 5162, ., p.370. p sec . 170) is amended by adding at the end thereof the following paragraph Transfer o[ bonds ; " The Comptroller of the Curr ency may designate one or mor e countersigning na me of persons to countersign in his name and on his behalf such assign- Comptroller . ments or transfers of bonds as require his countersignature ." R s see. 5197, p. SEC. 314. Section 5197 of the Revised Statutes, as amended (U . S . 1005 ; Vol . 4s, P. 191 ; C., Supp. VII, title 12, sec. 85), is amended b y inserting after the U.S.C.,P.351. second sentence thereof the following new sentence : "The maximum Rates of interest or di scount, br ancbes ou t- amount of interest or discount to be charged at a branch of an associ- s ide united states. ation located outside of the States of the United States and the Dis- trict of Columbia shall be at the rate allowed by the laws of the