Page:United States Statutes at Large Volume 40 Part 1.djvu/252

SIXTY-FIFTH CONGRESS. Sess. I. Ch. 32. 1917. 233 in which the applying bank is located. Such ap lication shall be for S*°°k ¤¤l>S¢fiv*i·>¤S~ the same amount of stock that the applying bank would be re uired to subscribe to as a national bank. e Federal Reserve Board, subject to such conditions as it may prescribe, may permit the applying bank to become a stockholder of such Federal reserve bank. "In acting upon such applications the Federal Reserve Board “;}d°°¤P*¤b¤ity¤¤¤s1d— shall consider the financial condition of the applying bank, the general ` character of its management, and whether or not the corporate powers exercised are consistent with the purposes of this Act. "Whenever the Federal Reserve Boar shall permit the applying “°°" *°· i' bank to become a stockholder in the Federal reserve bank of the district its stock subscription shall be palyable on call of the Federal Reserve Board, and stock imued to it s all be held subject to the provisions of this Act. _ _ "A]1 banks admitted to membership under author1ty of this sec- pu°Q’,”§§§§‘;‘f"‘°b°°°¤· tion shall be required to comply with the reserve and capital requirements of this Act and to conform to those provisions of law imposed on national banks which prohibit such banks from lB1'1dlI15 on or purchasing their own stock, which relate to the withdraw or impairment o their capital stock, and which relate to the pay- ment of imearned dividends. Such banks and the officers, agents g?§°%*°·5m and employees thereof shall also be subject to the provisions of and 1007: " ’ p' to the nalties prescribed by section fifty-two hundred and nine of the Rzvised Statutes, and shall be required to make reports of R°P°'”*°**°¤¤¤¤¤· condition and of the payment of dividends to the Federal reserve bank of which they become a member. Not less than three of such reports shall be made annually on call of the Federal reserve bank on dates to be fixed by the F eral Reserve Board. Failure to make P•¤¤“Yf<¤f=¤¤¤¤· such reports within ten days after the date they are called for shall subject the offending to a penalty of $100 a. dagrcfor each day that it fails to transmit such report; such penalty to collected by the Federal reserve bank blyesuit or otherwise. "As a condition of mem rship such banks shall likewise be sub- E“"““""°"’· ject to examinations made by direction of the Federal Reserve Board or of the Federal reserve bank by examiners selected or approved by the Federal Reserve Board. "Whenever the d1rectors of the Federal reserve bank shall approve ,,‘2,‘{,°£,'}f,‘§,‘?_ °' S"‘°° the examinations made by the State authorities, such examinations and the reports thereof may be accedpted in lieu of examinations made lpjy examiners selected or approve by the Federal Reserve Board: rwided, however, That when it deems it necessary the board may glffggh mmm order special examinations by examiners of its own selection and thus. °' shall in all cases approve the form of the regort. The expenses of all examinations, other than those made by tate authorities, shall be assessed against and paid by the banks exammed. "If at any time it shal appear to the Federal Reserve Board that onlglm, ¤¢%5f¤rf•gtgg a member bank has failed to comply with the jirovisions of this i¤w,ac,mP °°° section or the regulations of the Federal Reserve oard made pursuant thereto, it shall be within the power of the board after hearing to require such bank to surrender its stock in the Federal reserve bank and to forfeit all rights and privileges of membership. The R°¤'m*‘°¤· Federal Reserve Board may restore membership upon due proof of compliance with the conditions imposed by_this section. " y State bank or trust company desiring to withdraw from m:1*§;?g'{*‘ "°“‘ membership in a Federal reserve bank may do so, after six months’ Noucaeiiv. written notice shall have been filed with the Federal Reserve Board upon the surrender and cancellation of all of its holdirégs of ca ital _ Stock in the Federal reserve bank: Provided, however, at no Fed- {,’§°§,a,°”Y°{¤m, an W1- eral reserve bank shall, except under express authority of the Federal ¤¤*°·*'Y "“’“*"“""“· Reserve Board, cancel wit in the same calendar year more than