Page:United States Statutes at Large Volume 40 Part 1.djvu/525

srxrirrrrrn couennss. Sess. 11. os. 45. 1918. 507 of $500,000,000, or so much thereof as may be necessary for the urose of making payment upon such subscription when and as caged. gleceipts for payments by the United States of America for or on mgggipts M rey- account of such stock shall be issued by the Corporation to the Sec- ` retary of the Treasury, and shall be evidence of stock ownership. Bum of H rs Sr-zo. 3. That the management of the Corporation shall be vested cemposuou. ` in a board of directors, consisting of the Secreta of the Treasruy, who shall be chairman of the board and four other persons, to be a pointed by the Prwident of the United States, byi and with the No om r m t advice and consent of the Senate. No director, officer, attorney, pmxqq»a°§°r¤’qSSSiiq¤`§ agent, or employee of the Corporation shall in any manner, direct y §§‘§,§§§f§,c?°'“°““’ ‘”‘ or indirectly, participate in the determination of any question affecting his personal interests, or the intermts of any corporation, partnership, or association, in which he is directly or indirectly interested; and each director shall devote his time, not otherwise required b the business of the United States, principally to the _ business oiy the Corporation. Before entering ugm his duties, each of the four directors so appointed, and eac officer}- shall take an oath faithfully to discharge the duties of his office. Nothing con- ,,,1§‘l,§*§’$‘{,,f,{]0,?8‘;§; tained in this or any other Act shall be construed to {prevent the smappointment as a director of the Corporation of any officer or em— p oykee under the United States or of a director of a Federal reserve an . Of the four directors so appointed, the President of the United "°p°muv°(m°°t°”‘ States shall designate two to serve for two years, and two for four ‘ years; and thereafter each director so appointed shall serve for four tc years. Whenever a vacancy shall occur among the directors so Fm°"”°°°°i°°'° ' a pointed, the person appointed director to fill any such vacancy sliall hold office for the unex ired term of the mem er whose place ’ he is selected to fill. Any director shall be subject to removal by the President of the United States. Three members of the board Q°°mm' of directors shall constitute a quorum for the transaction of businem. Sec. 4. That the four directors of the Corporation a pointed as ` hereinbefore provided shall receive annual salaries, payable monthly, 1,,,,,,,;,,,0,, H me,,,_ of $12,000. Any director receiving from the United States any in: v¤yt¤r¤m¤wG¤v- sal or compensation for services shall not receive as sal from °"””°” ’ themgorporation any amount which, together with an shrlliry or conilpensation received from the Unite States, wouldy make the tot amount paid to him by the United States and by the Corporation 6Xcee $12 000. Sec. 5. That the rincipal office of the Corporation shall be located °m°° md in the District of Clfilumbia, but there may be established agencies or branch offices in any cit or cities of the United States under rules and r lations prescrilled b the board of directors. G me N, co me Sec. 6. 'lqlrgzt the Corporation slirall be empowered and authorized p¤weSS,e¤¤.,Spert°'i°n¤a. to adopt, alter, and use a coripprate seal; to make contracts; to purchase or lease and hold or fpose of such real estate as may be necessary for the prosecution o its business; to sue and be sued; to coniplain and defend in any court of competent jurisdiction, State or ederal; to a point, by its board of directors, and fix the compensation of such officers, employees, attorneys, and agents as are necessary for the transaction of the business of the Corporation, to define their duties, require bonds of them and fix the penalties thereof, and to dismiss at pleasure such officers, ergployees, attorneys, and agents; and to prescribe, amend, and repe , biy its board of directors, subject to the approval of the Secretary o the Treasug, by-laws regulating the manner in which its general business may e conducted and the privileges granted to it by law may be exercised and enjoyed, and prescribing the powers and duties of its officers and agents. ·