Page:United States Statutes at Large Volume 38 Part 1.djvu/292

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SIXTY·THIRD CONGRESS. Sess. II. C11. 6. 1913. 273 loans of a member bank to other than the proper officers of such bank without first having obtained the express emission in writing from the Comptroller of the Currency, or rom tlhe board of directors of such bank, except when ordered to do so by a court of competent jurisdiction or by direction of the Congress of the United States, or of either Hlouse thereof, or any committee of Congress or of either House duly authorized. Any person violating any provision of this ,,,§u';'f“m°°“ '°"*° section shall be pnmished by a fine of not exceeding $5,000 or by imprisonment not exceeding one year, or both. xcept as provided in existing laws, this provision shall not take ’“ °“°°““°°°“Y“· effect until sixty days after the {passage of this Act. Sec. 23. The stockholders 0 eve national banking association °,I,,’;"*,,,,§}‘,'§,“§,},¤*{°,}’,§*,*c§f shall be held individually responsibxlg for all contracts, debts, and hnvgiarg- 1 engagements of such association, each to the amount of his stock w5,$¤5'°§§_m P' therein, at the ar value thereof in addition to the amount invested in such stock. Bl‘he stockholders in any national banking association '*"'““‘°”'°‘ •°°°*· who shall have transferred their shares or registered the transfer thereof within sixty days next before the date of the failure of such association to meet its obligations, or with knowledge of such impending failure, shall be liab e to the same extent as if they had made no such transfer, to the extent that the subse uent trans eree fails to meet such liability; but this provision shall not be construed to affect in any way any recourse which such shareholders might otherwise have against those in whose names such shares are registered at the time of such failure. Loans on rum Lamas. I·°•”°¤°•¤¤*·¤*’¤· Sec. 24. Any national banking association not situated in a central mN'g,'§’§; °:'§l§'§,?‘,?§ reserve city may make loans secured by im roved and unencum· dm my *¤¤'=¤· bered farm lan , situated within its Federal) reserve district, but no such loan shall be made for a longer time than Eveayears, nor 1‘°”*°‘ for an amount exceeding fifty gr centum of the actual v ue of the property offered as y such bank may make such loans P°"°°'w°°"‘°"'"" IH an aggregate sum eq; to twenty-five per centum of its capital and surp us or to one-t d of its time deposits and such banks may continue hereafter as heretofore to receive time deposits and to pay interest on the same. Emmim 0, www The Federal Reserve Board shall have power from time to time to am. . add to the list of cities in which national shall not be permitted to make loans secured upon real estate m the manner described in this section. ronmeu nnaucmzs. F°'°*¢¤ b¤*¤¤¤°* Sec. 25. Any national banking association pomessing a capital and $¥,'§Q'f"'““““"’ surplus of $1,000,000 or more may file agplication with the Federal Reserve Board, upon such conditions an imder such regulations as mai be prescribed by the said board,_ for the purpose of securing authornéy to establish branches in foreign countnes or dependencies of the _ nited States for the furtherance of the foreign commerce of the United States, and to act, if required to do so, as fiscal agents of the United States. Such application shaH specify, in addition to the Appuemun name and capital of the banking association filing it the place or places where the banking operations roposed are to be carried on, and the amount of capital set aside Ifor the conduct of its foreign business. The Federa Reserve Board shall have power to approve 8Anpprova1ofResarve or to reject such application if in its judgment, the amount o cap- B · ital proposed to be set aside for the conduct of foreign business IS inadequate, or if for other reasons the granting of such application is deemed inexpedient. 91006°—vo1. 38-—-rr 1--18