73d CONGRESS . SESS . I. CH. 89. JUNE 16, 1933 .
191 an y cour t to r emove such a conso lidate d natio nal ba nking associ ation and to ap point in lieu ther eof a sub stitute t rustee, e xecutor, or other fiduciary, except that such right shall not be exercised in such a manner as to discriminate against national banking associations, nor shall any such consolidated association be removed solely because of the fa ct that i t is a na tional ba nking ass ociation ." SEC . 25 . The first two sentences of section 5197 of the Revised 100 R ., se e. 5197, P- 5. St atutes (U.S.C., title 12, sec. 85) are amended to read as follows : I:.s.c., p. 264. `. Any association may take, receive, reserve, and charge on any Right of association loan or discount made or upon any notes, bills of exchange, or other )loans',
interest on ,
y
loans, etc. evidences of debt, interest at the rate allowed by the laws of the State, Territory, or District where the bank is located, or at a rate of 1 per centum in excess of the discount rate on ninety-day commercial paper in effect at the Federal reserve bank in the Federal reserve district where the bank is located, whichever may be the greater, and no more, except that where by the laws of any State a different rate is limited for banks organized under State laws, the rate so limited shall b e allo wed fo r asso ciatio ns org anized or exi sting in any such State under this title . When no rate is fixed by the laws of the State, or Territory, or District, the bank may take, receive, reserve, or charge a rate not exceeding 7 per centum, or 1 per centum in excess of the discount rate on ninety-day commercial paper in effect at the Federal reser ve ban k in t he Fed eral r eserve distri ct whe re the bank is located, whichever may be the greater, and such interest may be taken in advance, reckonin g the day s for wh ich the n ote, bill , or othe r evidence of debt has to run ." SEC . 26 . (a) The second sentence of the first paragraph of section 5200 of the Revised Statutes, as amended (U.S.C., title 12, sec. 84; Supp . VI, title 12, sec . 84), is amended by inserting before the period at the end thereof the following : " and shall include in the case of obligations of a corporation all obligations of all subsidiaries thereof in which such corporation owns or controls a majority interest ." (b) The amendment made by this section shall not apply to such obligations of subsidiaries held by such association on the date this section t akes effe ct . SEC . 27 . Section 5211 of the Revised Statutes, as amended (U .S .C. . title 12, sec . 161 ; Supp . VI, title 12, sec . 161), is amended by adding at the end thereof the following new paragraph " Each national banking association shall obtain from each of its affiliates other than member banks and furnish to the Comptroller of the Currency not less than three reports during each year, in such form as the Comptroller may prescribe, verified by the oath or affir- mation of the president or such other officer as may be designated by the board of directors of such affiliate to verify such reports, dis- closing the information hereinafter provided for as of dates identical with t hose f or whi ch the Compt roller shall during such year r equire the reports of the condition of the association . For the purpose of this section the term `affiliate' shall include holding company affil- iates as well as other affiliates . Each such report of an affiliate shall be transmitted to the Comptroller at the same time as the correspond- ing report of the association, except that the Comptroller may, in his discretion, extend such time for good cause shown . Each such report shall contain such information as in the judgment of the Comptroller of the Currency shall be necessary to disclose fully the relations between such affiliate and such bank and to enable the Comptroller to inform himself as to the effect of such relations upon the affairs of such bank . The reports of such affiliates shall be published by the association under the same conditions as govern its own condition re- ports. The Comptroller shall also have power to call for additional Discrimination not authorized . Commercial paper . When no fixed rate . R.S ., sec. 5200, p. 1005 . U .S .C .,p.204
- Supp
. VI, p. 131. Limit of liability . Obligations of sub- sidiaries . R.S., see. 5211, p. 1007. U.S.C.,p. 269; Supp. VI, p. 133. Reports of affiliate banks to association . Form . Verification . ' Affiliate", Con- strued . Report transmitted to Comptroller . contents . Publication . Ad dition al repo rts .
