Page:United States Statutes at Large Volume 49 Part 1.djvu/757

 712 R . S., sec . 5199, p. 1005;U.S.C.,p.357. Dividends and sur- pl us funds. Pr oviso. Amounts paid for re- tirement of pre ferred stock . R. S., sec. 5209, p. 1007; Vol. 40, P. 972 ; U.S.C.,p.409. Crimes by officers, etc ., of in sur ed banks . R.S.,sec. 5220, p. 1010; U. S. C.,p. 371. Voluntary liquida- tion. De signa tion of li qui- dating agent. Annual reports. Special meetings of shareholders. Exami nation of liqui- dating bank. Assessment for ex- p enses. R. S ., see. 5240, p. 1013;U.S.C.,p.403. R. S ., sec. 5243, p. 1014;U.S.C.,p.408. 74TH CONGRESS. SESS. I. CH. 614. A UGUST 23, 1935 . country, territory, dependency, province, dominion, insular posses- sion, or other political subdivision where the branch is located ." SEC . 315 . Section 5199 of the Revised Statutes (U . S . C ., title 12, sec . 60), is amended to read as follows : " SEC. 5199. The di rectors of any as sociation may, se miannually, declare a dividend of so much of the net profits of the association as they shall judge expedient ; but each association shall, before the dec- laration of a dividend on its shares of common stock carrying not less than one-tenth part of its net profits of the preceding half year to its surplus fund until the same shall equal the amount of its com- mon capital : Provided, That for the purposes of this section, any amount s paid into a fu nd for the retire ment of any prefe rred stock of any such associatio n 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 such retirement fund for such period may then properly be carried to sur- plus. In any such case the association shall be obligated to transfer to surplus the amounts so paid into such retirement fund for such period on account of the preferred stock as such stock is retired ." SEC . 316 . Section 5209 of the Revised Statutes (U . S . C ., title 12, sec. 592), is hereby amended by inserting after the words "known as th e Federal Reserve Act ", the words ` or of any national banking association, or of any insured bank as defined in subsection (c) of section 12B of the Federal Reserve Act " ; and by inserting after the words " such Federal Reserve bank or member bank ", wherever they appear in such section the words " or such national banking associa- tion or insured bank ; ' ; and by inserting after the words "or the Comptroller of the Currency ", the words " or the Federal Deposit I nsur ance Corp orat ion, " . SeC. 317 . Section 5220 of the Revised Statutes (U . S . CC title 12, sec. 181), is amended by adding at the end thereof the following paragraph : " The sh areholders shall designate one or more persons to act as liquidating agent or committee, who shall conduct the liquidation in accordance with law and under the supervision of the board of direc- tors, who shall require a suitable bond to be given by said agent or c ommittee. T he liquidating ag ent or committee shall render annu al reports to the Comptroller of the Currency on the 31st day of Decem- ber of each year showing the progress of said liquidation until the same is completed. The liquidating agent or committee shall also make an annual report to a meeting of the shareholders to be held on the date fixed in the articles of association for the annual meeting, at which meeting the shareholders may, if they see fit, by a vote rep- resenting a majority of the entire stock of the bank, remove the liquidating agent or committee and appoint one or more others in place thereof. A special meeting of the shareholders may be called at any time in the same manner as if the bank continued an active bank and at said mee ting the s hareholder s may, by vote of the majority of the stock, remove the liquidating agent or committee. Th e Co mptr oller of the Curre ncy is a utho rized to have an exami na- tion made at any time into the affairs of the liquidating bank until the claims of all creditors have been satisfied, and the expense of making such examinations shall be assessed against such bank in the same manner as in the case of examinations made pursuant to section 5240 of the Revised Statutes, as amended (U . S . C ., title 12, sees . 484, 485 ; Supp . VII, title 12, sees . 481-483) ." SEC. 318 . Section 5243 of the Revised Statutes (U. S . C ., title 12, s e c . 583) is amended by str iking out the se micolon therein a nd all that precedes it and substituting the following