Page:United States Statutes at Large Volume 49 Part 1.djvu/768

 74TH CONGRESS. SESS. I. CHS. 614, 615. AUGUST 23, 1935 . 723 notes or debentures of the type which the Reconstruction Finance Corporation is authorized to purchase pursuant to the provisions of sectio n 304 of th e Emer gency Banki ng and Bank Conse rvatio n Act, approved March 9, 1933, as amended, the capital of such bank may be deeme d to be unimpair ed if th e sound value of its ass ets is not less than its total liabilities, including capital stock, but exclud- ing such capital notes or debentures and any obligations of the bank expressly subordinated thereto. Notwithstanding any other provi- sion of law, the holders of preferred stock issued by a national banking association pursuant to the provisions of the Emergency Ban king a nd Ba nk Con servat ion Ac t, ap proved March 9, 1933, as amended, shall be entitled to receive such cumulative dividends at a rate not exceeding six per centum per annum on the purchase pric e receiv ed by th e associ ation fo r such s tock and, in the event of t he retir ement of such st ock, to receive such ret irement price, not in excess of such purchase price plus all accumulated dividends, as may be provided in the articles of association with the approval of the Comptroller of the Currency. If the association is placed in voluntary liquidation, or ifa conservator ora receiver is appointed therefor, no payment shall be made to the holders of common stock until the holders of preferred stock shall have been paid in full such amount as may be provided in the articles of association with the approval of the Comptroller of the Currency, not in excess of such purchase price of such preferred stock plus all accumulated dividends. SEC. 346. If any provision of this Act, or the application thereof to any person or circumstances, is held invalid, the remainder of the Act, and the application of such provision to other persons and circumstances, shall not be affected thereby. Approved, August 23, 1935. [CHAPTER 615 .1 Be it enacted by the Senate and House of Representatives of the United States of America in Congre ss assembled, That the Secreta ry of War is here by autho rized, u nder suc h terms and cond itions a s he deems advisable, to sell and convey by quitclaim deed to the Midland Valley Railroad Company, its successors and assigns, the right, title, and interest of the United States in and to a tract of land containing approx imately one-tent h acre, outside of the w all encl osure of the Fort Smith National Cemetery Reservation, Arkansas. Sue. 2 . That the Secretary of War shall cause an appraisal to be made of the aforesaid land, the cost of such appraisal to be paid by the Midland Valley Railroad, and said land shall be sold at not less than the appraised value thereof, the proceeds from such sale to be deposi ted into the Tre asury to the cre dit of t he fund known as the '` mi litary p ost cons truction fund " as provided in section 4 of the Act of March 12, 1926 (44 Stat. 203) . Approved, August 23, 1935 . Div idend s on pre- ferred stock . Vol.48,p.5. Priority . Separability pro- vision . AN ACT Aug ust 23, 1935 . To authorize the sale of a portion of the Fort Smith Nati onal Ceme tery Reser- 	[S . 634 .1 vation, Arkansas, and for other purposes . [Public, No. 306.] Fort Smith National Cemetery Reservation, Ark . Sale of portion of, authorized . Appraisal . Purchase price . Vol. 44, p. 2 _56;U.S. C.,p.317.