Page:United States Statutes at Large Volume 48 Part 1.djvu/218

192 Penalty provision. R.S., se c. 5240, p. 101 3 . U .S .C., p. 288. Ba nk examinati ons . Aff iliates to b e in- clu ded . Information required . For feiture of r ights on refusal. Vol.38, p. 251. U.S.C., pp. 208, 275, 277 ,288. Publication, report of examinations . Notice of. R.S., sec . 5240, p. 1013. U.S.C., p. 288. Powers of examiner. Expense of examina- tions . Assessment on re- fusal to pay. Proviso . Assessment when af- filiation of two or mor e national b anks . Em ployment of ex- ammers, etc . Compensation . 73d CONGRESS . SESS . I. CH. 89. JUNE 16, '1933 . report s with respe ct to any su ch aff iliate whenev er in his ju dgment the same are necessary in order to obtain a full and complete knowl- edge of the conditions of the association with which it is affiliated . Such additional reports shall be transmitted to the Comptroller of the Currency in such form as he may prescribe . Any such affiliated bank which fails to obtain and furnish any report required under this section shall be subject to a penalty of $100 for each day during which such failure continues ." SE C. 28 . (a) The first paragraph of section 5240 of the Revised Statutes, as amended (U.S.C., title 12, sec . 481), is amended by inserting before the period at the end thereof a colon and the fol- l owing prov iso : "Provided, That in making the examination of any national bank the examiners shall include such an examination of the affairs of all its affiliates other than member banks as shall be necessa ry to disclo se ful ly the relat ions be tween such b ank an d such affili ates a nd the effec t of s uch re lations upon the af fairs of suc h ba n k; and in the event of the refusal to give any information required in the course of the examination of any such affiliate, or in the event of the refusal to permit such examination, all the rights, privileges, and franchises of the bank shall be subject to forfeiture in accordance with section 2 of the Federal Reserve Act, as amended (U .S .C ., title 12, sets . 141, 222-225, 281-286, and 502) . The Comp- troller of the Currency shall have power, and he is hereby author- ized, to publish the report of his examination of any national banking association or affiliate which shall not within one hundred and twenty days af ter no tifica tion of the recomm endatio ns or sugges tions of the Comptroller, based on said examination, have complied with the same to his satisfaction . Ninety days' notice prior to such publicity shall be given to the bank or affiliate ." (b) Section 5240 of the Revised Statutes, as amended (U .S .C ., title 12, sec . 481), is further amended by adding after the first paragraph thereof the following new paragraph " The examiner making the examination of any affiliate of a national bank shall have power to make a thorough examination of all the affairs of the affiliate, and in doing so he shall have power to administer oaths and to examine any of the officers, directors, employees, and agents thereof under oath and to make a report of his f indin gs to the Comp troll er of the Curr ency . The expense of examinations of such affiliates may be assessed by the Comptroller of the Curren cy upo n the affili ates e xamined in pr oporti on to assets or reso urces held b y the affili ates u pon the dates of ex aminat ion of the various affiliates . If any such affiliate shall refuse to pay such expenses or shall fail to do so within sixty days after the date of such assessment, then such expenses may be assessed against the affiliated national bank and, when so assessed, shall be paid by such national bank : Provided, however, That, if the affiliation is with two or more national banks, such expenses may be assessed against, and collected from, any or all of such national banks in such proportions as the Comptroller of the Currency may prescribe . The examiners and assistant examiners making the examinations of national bank- ing ass ociati ons an d affi liates there of here in pro vided for an d the chief examiners, reviewing examiners and other persons whose serv- ices may be required in connection with such examinations or the reports thereof, shall be employed by the Comptroller of the Cur- rency with the approval of the Secretary of the Treasury; the employment and compensation of examiners, chief examiners, review- ing examiners, assistant examiners, and of the other employees of the office of the Comptroller of the Currency whose compensation is paid from asse ssments o n banks o r affilia tes there of shall be withou t regard