Page:United States Statutes at Large Volume 49 Part 1.djvu/763

 718 74TIl CONGRESS. SESS. I. CH. 614. AUGUST 23, 1935. striking out section 8A thereof and (b) by substituting for the first three paragraphs of section 8 thereof the following : Interloefflng direc- " SEC. 8 . No private banker or director, officer, or employee of an torates and officers between banks . member bank of the Federal R eserve Syt em o r any brach the reof vol. 41, p. 626; Vol. 45, p. M. shall be at the, same time a director, officer, or employee of any other bank, banking association, savings bank, or trust company organized under the National Bank Act or organized under the laws of any State or of the District of Columbia, or any branch thereof, except that the Board of Governors of the Federal Reserve System may by regulation permit such service as a director, officer, or employee of not ap When Prohibition in- more than one other such institution or branch thereof b u t t h e f o r e - i c a going prohibition shall not apply in the case of any one or more of the following or any branch thereof "(1) A bank, banking association, savings bank, or trust company, mor e than 90 per centu m of the stock of which is owned dir ectly or ind irectly b y the Unit ed States or by an y corpora tion of w hich the United States directly or indirectly owns more than 90 per centum of the stock. "(2) A ba nk, banki ng associ ation, sa vings ban k, or tru st company which has been placed formally in liquidation or which is in the ha nds of a re ceiv er, con serv ator, or oth er offi cial exe rcis ing sim ilar functions. "(3) A corporation, principally engaged in international or foreign banking or banking in a dependency or insular possession of the United States which has entered into an agreement with the Board of Governors of the Federal Reserve System pursuant to section 25 of the Fed eral Res erve Act. "(4) A bank, banking association, savings bank, or trust company, more than 50 per centum of the common stock of which is owned directly or indirectly by persons who own directly or indirectly more than 50 per centum of the common stock of such member bank. "(5) A ba nk, banki ng associ ation, sa vings ban k, or tru st company not located and having no branch in the same city, town, or village as that in which such member bank or any branch thereof is located, or in any city, town or village contiguous or adjacent thereto. "(6) A ba nk, banki ng associ ation, sa vings ban k, or tru st company not engaged in a class or class es of bus iness in which suc h member bank is engaged . "(7) A mu tual savi ngs bank having no capital stock. Vol. 45, p. 1536. "Until February 1, 1939, nothing in this section shall prohibit any director, officer, or employee of any member bank of the Federal Reserve System, or any branch thereof, who is lawfully serving at t he same time as a private banker or as a director, office r, or em ployee of any other bank, banking association, savings bank, or trust com- pany, or any branch thereof, on the date of enactment of the Banking Act of 1935, from continuing such service . vision . pr o- "The Board of Governors of the Federal Reserve System is authorized and directed to enforce compliance with this section, and to pr escr ibe such rul es and regu lati ons as it d eems nec essa ry for that purpose ." ti Col bolida ion of na- SEC . 330 . (a) Section 1 of the Act of November 7, 1918, as amended Vol. 40, p6.8. 1043; Vol. (U. S. C., title 12, sec. 33; Supp. VII, title 12, sec. 33), is amended 483p. 190; c.,p . by striking out the second proviso down to and including the words " to be ascertained " and inserting in lieu thereof the following h oiDiss enttt iing .share- "And provided further, That if such consolidation shall be voted for at said meetings by the necessary majorities of the shareholders of each of the associations proposing to consolidate, any shareholder of any of the associations so consolidated, who has voted against such consolidation at the meeting of the association of which he is a