- § [261 TITLE 12.-¥BA,NJ the Guri·eucy_for permission to invest aaamouut not exceedin in the aggregate 1(Ulper centum of its paid-lu lcapltal lstoek an surplus in the stock of one or more of the National Agrléul tural Credit Corporations, aud upon approval ot such applica tion may purchase`- such stock. The Comptroller of the Cm reuéj shall have discretion l to approve or rej·ect_ such applica ticn"iu whole or in part. (Malt., 4,11923, c. 252, Title II, _§ 21( 42 Stat. HG9.) ` , · — l ` TAXATION » 1261. Scope of authority of State to tax.-#Taxation by State. of the shares·__iu Iyatioual·`Ag_ricultural Credit Corpora tions, or of dividends derivegl therefrom, or of 'theineome -0 said corporatio11s,· or real estate `owued by them, shall be suc only. as is or xhay be authorized bylaw in the case of nations banking associations; aud·_taxatiux1 by a State of the debenture or otlxer obligations of suoh'c0rporatiohs shall u0t"be at .. ` higher rate than theyrate applicable to other moueyed capita _in the hands of individual CltiZ€I1S_tl1€I‘€0f.· (Marf 4, 1923% -• 252, Title H, § 211, 42 Stat. 1469.) _ o " ~—DEP0srrs l 127-1. Deposits in Federal ieserye member banks.—Th `nimeys of National Agricultural Credit Corporations- may b kept cm deimsit subject 'to check ixrany membelg bank of th Federal reserve systemj {Mar. 4, 1923, `c. 252, Title II; § 212 · 42 Stat. 1469.) ·. o . ‘ I _ CONVERSIOQLQE CORPORATION S f 12§1. Conversion of State agricultural or livestock tlnaucin ` é0i·perations— - into National _» Agnzicultural ,Credit* .Corp0¢a tieins.-—Any`ag1*lcultural or livestock lilnauchig corporation ir cotporated by special law of any State or organized under th general laws of uni State aud having axiyuuimpaired capita sumeient to entitle it to beeome a National Agricultural Qredi
- ` Corporation may, hy the `votej of the shareholders owning _1f1c
less than 51 per eentqm of the capitahstock of; such"corp01·¢ tion, with the`app1*oval of the Comptroller of the Curreucyj h converted into a · National Agricultural Credit Corporatio .unLle1·’this chapter, with any name approved by the Com] 'tl"0ll`€I‘ of the Currency: Provided; That the saidcconversiot sshall not be in contravention of the State law; .(Ma1.·. 4,1921 c. 252, Title II} 5213, 42 Stat. 1469.) · ‘ · - _ · _ ,1282. Articles of association a¤d_ organization cei·ti§cate.—< In cases provided for in the firecediug section the articles} association and organization cértihcate may beexecuted by majority of the directors of the ¤orp0rat·lon,·ahd .the certitlcat shall declare that the DYf’I1€1’S'AOf 51 per c·entum' of the capita stock have authorized the directors to make such certihcat and to change or convert the corporationlnto 8-NHtlOD8l_A§1‘f cultural Credit Gorporatioul A._'majorit-y of the directors, site Yeixocxntipg the articles of association and the organization ce1 titi<;ate,e`slnall have -powm· to execute all other papersaud to d whatever may be required to make its organization perfect an complete as a National Agri<g_ultural‘Credit'·C0rpo1fati0¤. Th shares of any such- corporation may continue to he for the sam ‘ amount each as they were before the conversion, and the 6 re<·tm·s may contlxme to be dlree·t0x:s‘of the corpmatlou uutr others are eleicted or appointed. {Mar. 4Q 1923, c. 252; Titleu I1 §213, 42`Stat._14%.) - · . n l . 1283. Powers; duties, and liabilities of converted corpora t—ion.————-\\’hen the Compftrollcr of the 'Cur-reucy has given th c·»`x·p·n·ation ,2; certiioiieate that the provisions of this chapte have been complied with, such corporation, aud all its stock h0lders,_‘ow·11ers,_ and eulployefes, shall haye the saxiiepowet and privileges and shall be subject to the same duties, liablh
KE AND BANKING " `.3g4` g tiw, and regulations, in all respects, as shall have been med eeribedrhy- this.chapter_ for corporntions originally 0I'g&11iy;§»d l- as National Agricultural Credit Corporations. (Mer. 4, 1&)‘¥3 l- ,c. 252; Title II,1 213, 42 StatQ_14B9.) ‘ ¤ ° ,- _ CONSOLIDATION OF OORPORATIONS. )• 1291. lfrocedure for consolidation; capital ét0ck.—Any tw., or more National-» Agricultural Credit Corporations, with the ap- _ proval of the Comptroller of the Currency, may consolidate imo one corporation Wunder the charterot either or any of the cx- & lsting corporations on such terms and conditions as may be L- lawfully .agreed`npon_~by a majority of the ·board'o—f direl-ters ,53 of each corporation proposing to consolidatef snch agreement to h` be ratified and `conhrmed by; the efllrmative vote of the sharp-, ,1 holders of each of such corporations- owning at leest two-thirtle ,S fof its capital stock outstanding, at in meeting to/he held on me a call ot the directors after publishing notice ofsthee time, pim-.; _ ll and" object of thexneetlng for four consecutive hweclgs in some.
- _ newsimpcr published in the place where the said corporation is
located, and if no newspaper is published. in the place then in a paper published nearest thereto, and after sending- snchzno- ° tice to each- shareholder ot record by registered mail at lens; 8 ten- days prior to seid meeting; Provided; That the cnpiml Ae stock of such consolidated corporation shall not be leg; than le paid in tt the corporations consolidated are organigt·q1` 2 to exercise` the powers covered `by. section 1180, ·or‘less than. ’ $1,000,000 paid in it the corporations consolidated are ·tl:ose' organlzed under section 1221, (Mar. _4, 1923, c. 252, Title H, 2
- § 2l4,`42 Stnt;1470.) ‘ - I ° `
` 1292. `Dimenting stocltlnoklers.-—When the consolidation pm-, E videdqfor in the preceding section- shall have been eiected and lj approved by the Comptroller of the Currency any shareholder ` 1- of either of the corporations so consolidated who has not voted ~€ ·for such consolidation may glve notice to the board ol" dlll rectorg cot .the corporation. in which he isi interwted, within lf tcwehzyuays from the date of the certlltcate“*lo“f°§.{$5i;ovel of the it Comptroller of the Currency, that he dlssentefrom the plan of l- consolidation ns adopted and approved,_where¤pon. he shall be >€ entitled to receive the vnlue of the shares so held by him, to be H ascertained by nn dnpraleal made by a committee of threeper- J- sons, one to`be_selected.by theehnreholder, one by the directors, li and the third by the two so chosen; had in case the value so $. `aiilxed shall not be satlsfactory to the shareholder, he `mey e . ·. within Bye deyseitter being notified ot the npprnlsgl nppeal to ··· the Comptroller ot the, Currency, jrho shall cause a reappraisal lf to be made, which shall he_‘!lnel_and binding; and if said rej a— appraisal shall efeeedsthe xialue ntlixed by. said committee, the Ic corporation shall pay the expense ot the renpproisal, otherwise ll ~ the axipellsxnf Qllhll pay said expense; and the value so ascerre tained end determined Shall he deemed to bc .a debt due and l-- he forthwith paid to said shareholder by sold corgiorntion. nucl" »r the shares so ymid shall be surrendered and after duo m»l§·*c r-— sold at nublic auction within thirty days `after‘·the· deal npco pralsemeut provided for by this chapter. (Mar. 4, 1923, c. *252, a_ ·r1¢1eQ,11,·; 214,42 sm. 14*:0.) · », · ·— ,e 1293. `EHeet of conmIidntiox\.—\Vlnere co`rporetions· consolile date under the provisions ot this chapter, all of the .rigln>:, l- trenchiseeyand interest_.’ofenl_d corporations shall heconsolill tinted in and to every speclesof propérty,"personul·ai1d mixed. l, and choses in action thereto belonging, and shallhe deemed too --be transferred to and vested In the corporation into which it is _ n-, consdldated withoutany deed or other transfer, and the said e consolidated corporation shall hold and enjoy the same and ell »r rights 0} property, franchises, andinterest, in the same manucf
- · .aud`to the same extent ns they were hold and enjoyed by tbc`.
·s corporations `so consolidated therewith._ “_'(-Mar. 4, 1923i .c.“ 252. l-__ Title II, I 214, 42 Stat. 1470.)
