§ 1211 rzrw 12.-——·BAN1 an — sontntive, may recover back in an actfon in the nature of ar ` action for debt twice the smount of the interest ¤s;1s`ps`id from .- ’ the corporation taking or `reccivig the same, ovided suc}: notion is commenced within two ycnrs from the time the usurt ons -intcrest -wus collected. (Mar. 4, 1923, c. 252, Title II 5 205, 42 Stat. 1464.) ‘ CAPITAL STOCK A t . 1211. Arnount; payment is condition tofgrnnt of ccrtificatg to d¤_business.——No National Agricultural Credit 'Corporntior shall be permitted to commence business with anpaid-in capitai of., less than $50,000,. and no permit to begin business shall bcissuerl to any snch corporation byjthé Cornptrollsr of the Currency.-until there shall have been Bled with him a cortiil cate signed by the president or treasurer and by individual: comprising a` majority of the board of directors- of such corpo rstion showing that out least 50 per ccntum of the snthorizéé cspital stock of such corporation has been paid i in cash; and the remainder of the capital stool; of such-_c0rpo?ation shall be gmid in 1'nstnllments of at least 10 per centnm each Mon thi .. swhoio amount of the capital, and the entire authorized csypitai stock shall be paid in within six months from the dates upot i v.·lalcn such corporation shsllbe authorized by the Comptroller of the Currency to commence business! The paymc t ofcncl: installment shall be certined to the Compti·olle1·.of th§h~rrenc5 under oath by. the president or cashier of such corporation (Mm·._·4, 1923,-c. 252, Title II, 5 °42_Stat. 1404.) , = 1212. ·Inerease or rcdncfurn;withdraws1of paid in capital.- ‘ . Tl_1c° cnpitnl stock of. any such corporation ·1nny.'be_ increased ni _. nny_timc`with the approval of the Comptroller of the Currency bf; s, vote of `two-thirds of the holders of its issued and ont standing capital stock, or. by \Vl‘1[t€11_C0ilS8DfoI all of itj shareholders Yvitiroutn meeting lmd without n formal vote and may be reduced in likomnnnerz Provided, That ln nc _ event shall such cnpitalstock be reduced to an anxoimt less than one-tenth of its then outstanding indebtedness, direct on co’nt1`ngcnt, or to nnsmount less than $250,000, nor wltlgout at the some time reducing proportionatelyoutstanding liabilities No National Agricultural Credit Corporation, erccpt as herein provided, shall withdraw or permit to `bc withdrnw`n,'e1the1 in tho form of dividends or otherwise, any portionot its paid in capital, and section 56 prohibiting. the payment of unearned dividends or the withdrawal of gwitgl oi national banks, shall pe held to apply to Nstfonal Agricultural Credit Corporations. {Mor. 4, 19%, c. 252, Title II, 5 206, 42°Stat. 1464.) _ _ — 1213. Transfer of xhnres.——·The provisions and limitations contained in section 52; relntive.`to transfer, ot the shares 01 the capital. stock of national banks, shall opply to National Agricnnltnrol Credit Corporations. _(Mar. 4, 1923, c. 252, Title 11,,5 206, 42 Stnt.‘·1404.) ` ¤ " · 1214. Collection of unpaid sub¤cri¤ions.·g—·Whcnever any , shsrebolder or .his s. amiga tails, upon demand of the Comp ` trolier of tl1c°§3urrcncy, to pay his subscription cor. any part thoroof on stmk of any National Agricultural Credit Corpora tion snbscrlbed‘ to by· him, the directors ot the corporation after fifteen -”dsys’ notice, shnll proceed -1n the manner pre scribqg by section 54 for the collection of unpaid subscrip tions to stock of national banks. (Mar. 4,1923, c. 252, Title ,11, § 206, 42 Stat. 1464.) _ _ 1 Q 1215. Shareholders voting by proxy.--·~Section 61, which relates to the right ot slmreholdcrs of national banks tovrote by proxy, shall be held to. apply to shareholders ot National Agricnxltnral Credit Corporations. (Mar. 4, 1023, c. 252, Title II, ‘ § 206, 42 Stat. 1464.) ‘ ‘ REDISCOUNT COBPOQATIONS .1221. Rediscount powers.--National Agr•ict1lturn1··Cr&dlt Corporations having an nuthorized capital stock of $1,000,000 or over may be organized under the provisions ofthis chapter, to
{S AND BANKING 322 ‘ n exercise all the powers enumerated in section 1172, except that n in lieu or the powers conferred in paragraphs _(1) and (2> or
- such section, such- corporations shall, hafe powerg..,· t
. (1) Upon the indorsement of our Nstional Agricuimm; , Credlt Corporation, or of any .bank.or trust _» company which _ js a member of the Federal Reserve System, to rediscount fm- ` .such_ corporation, bank; or trust company, notes, droits, bills or exchange, and acceptauces, which conform to the ‘roqnire- 3 ments or paragraphs (1) and (2) of section- `_1172. _Suq·1t in- I Cdorsernent shall be` deemed t0» he a waiver of demand notice ’ l_ and protest? by SllCh·VC0l’D0lj8ti0¤ RS to _ HS e 0%*11 ihtlorsempm [ exclusively. _ . · · C _ - g (2) To discount _ or purchase. notes, drafts, or bills ot px,
- phange issued ordrn—wn_hy cooperative wociationsot protlucops
B of. agricu_lt_ura1 products, provided such notw, darts, or hills _ of exchange are secured at the time of discount or purchasohy I warehouse receipts or other like docurnents conveying- or secure; v li ing -_title— to honperlshable and readily marketable agricultural 5 products, and have a niaturltyst the time of discount or pm. E chase not exceeding nine months. · ·, · _ c l— (3) To seller negotiate with or without recourse any note, I. draft, or bill oicexchange discounted or purchased hereunder. , (Mar. 4, 1923, c. 252; Tltle II, Q 207, 42 Stat. 1-165). _ I 1222. Limitations upon_`indeb$ed¤m.¢—Natloual Agriculture} ,· Credit Corporations organized under the provisions ot this soc- _ tion,'sha11 not bésubject to the ll¤itations contained in section 1191, but the Comptroller or the Currency may, by gencrslx __ regulations, from time to time prescribe the-amount of indebtedt_ ness, direct or contingent, which such corporations may incur, ,¥ and the aggregate amount or paper of different types whlch ` , such corporations may redlscounf for any one corporation. 3 (Mar. 4,_1923, c_. 252, Title II, S 207, Stat. H65.)"
- · · 1223. Deposit 'cof bonds _ or `8¢¢R!’iti¢8•···C{)1'[)Cl'$ltlQIlS· with
- . powers limited, as provided
- ln this stttioll. Shall not be snbjert
gl to the requirements, as todeposlt of bonds or other obligations C of the United States, [ as provided in section 1231 of this E chapter. (Mar. _4, 1923, cl 252, Tit1e_II, 5 207, 42 Stat, 1465.) { . PERMIT TO BEGIN BUSINESS r 1231. Deposit of bonds or obligatiws of- UnitedStates as , ¢; condition to issue of permit.--—No Nadonal Agricultural prom, I Corporation, except corporations with powers limited as prol vid@ in sections 1221 and 12%, shall commence h until it . has deposited `with the Federal `llqserve Bank of the district wherein it has its place ot business, bonds or other obliytions or B the United States ln an aggregate face amouht at least 25 per I centum ot its paid~ln_ capital stock: Each such corporation l shall at all times keepon deposit with such Federal Reserve s Bank to an amount l of such bonds or other obllptions ot the n United States at least equal in {ece value to 7% per centum r of the aggregate indebtedness of such corporation, direct or
contingent, said amount to include the 5 per centum deposited
t_ as herelnbefore by this section provided. Except as herein- :.. - after provided, such bonds or other obligations shall be hem .. , by such Federal Reserve Bank, subject to the direction and —. control ot the Comptroller of the Currency, in trust for the -- equal and pro. rata- protection and benent or all holders of ,` notes; debentures, dratts, bills of exchange, or aceeptancos upon which such corporation may be directly or contingently - liable. Upon receipt ot proper evidence that the amount or s `such bonds or other obligations ot the United States {go dol poslted exceeds 7% per ceutuxn ot such aggregate‘lndebtedn1¢·ss, , the Comptroller of the Currency muy release such excess, procvlded that the amount remaining on deposit shall-in no event be reduced below 25 per centum of the paiddn capital stock ot ` such corporation Under such regulations as the Comptroller · or the Currency may prescribe, a Federal Reserve Bank may. ri upon request or the corporation which deposited the same, sell r any such bonds or obligations for-account of such corporation.
