7 4TH CONGRESS . SESS. I. CH. 614. AUGUST 23, 1935 . prio r to the effecti ve date shall be exchang ed and r eissued at the rate of one share for each $100 paid into the Corporation for capital stock. The consideration received by the Corporation for the capital stock shall be allocated to capital and to surplus in such amounts as the board of directors shall prescribe . Such stock shall have no vo te and s hall not be enti tled to the paym ent of d ividends . "(e) (1) Every operating State or national member bank, includ- ing a bank incorporated since March 10, 1933, licensed on or before the effective date by the Secretary of the Treasury shall be and con- tinue to be, without application or approval, an insured bank and sha ll be subject to the provis ions of this section . "(2) After the effective date, every national member bank which is authorized to commence or resume the business of banking, and ever y State bank whi ch is co nverted into a n ational member b ank or which becomes a member of the Federal Reserve System, shall be an insured bank from the time it is authorized to commence or resume business or becomes a member of the Federal Reserve System . The certificate herein prescribed shall be issued to the Corporation by the Comptroller of the Currency in the case of such national member bank, or by the Board of Governors of the Federal Reserve System in the case of such State member bank : Provided, That in the case of an i nsured b ank whic h is adm itted to members hip in t he Feder al Re- serve System or an insured State bank which is converted into a national member bank, such certificate shall not be required, and the bank shall c ontinue as an in sured ba nk . Such certi ficate shall s tate that the bank is authorized to transact the business of banking in the case of a national member ba nk or is a member of the Federal Reserve System in the case of a Atate member bank, and that con- sideration has been given to the factors enumerated in subsection (g) of this section . "(f) (1) Every bank which is not a member of the Federal Reserve System which on June 30, 1935 was or thereafter became a member of the Temporary Federal Deposit Insurance Fund or of the Fund For Mutuals heretofore created pursuant to the provisions of this section, shall be and continue to be, without application or approval, an insured bank and shall be subject to the provisions of this section Provided, Th at any St ate nonmember bank which was ad mit ted to the said T empora ry Fe deral Deposi t Insu rance Fund or the Fund For Mu tuals bu t which did not file on or befor e the ef fective date an October 1, 1934 certified statement and make the payments thereon required by law, shall cease to be an insured bank on August 31, 1935 : Provided further, Th at no bank admitted to the sa id Tem - pora ry Fed eral D eposi t Insu rance Fund or the Fund For Mu tuals prior to the effective date shall, after August 31, 1935, be an insured bank o r have i ts depos its insu red by t he Corpo ration, if such bank shall have permanently discontinued its banking operations prior to the effective date . "(2) Subject to the provisions of this section, any national non- member bank, u pon appl ication by the b ank and certific ation by the Comptr oller of the Cur rency in the man ner pres cribed i n subsec tion (e) of this section, and any State nonmember bank, upon application to and examina tion by the Corp oration and appr oval by the boar d of directors, may become an insured bank . Before approving the appli- cation of any such State nonmember bank, the board of directors shall give consideration to the factors enumerated in subsection (g) of this section and shall determine, upon the basis of a thorough examination of such bank, that its assets in excess of its capital requirements are adequate to enable it to meet all its liabilities to depositors and other creditors as shown by the books of the bank . , 687 Allo cation of amo unts r eceived in payment for capital stock . Voti ng pri vilege ; d iv- idends . Insurance provisions . Banks licensed before effective date . After effective date. Certificate ; issue of; requirement . Pro viso . Exce ption . Statements in certifi- cate. Members of Tem- porary Federal Deposit In suran ce Fund or Fund for Mutuals ; in sura nce of. Vol . 48, pp. 179, 970 . Provisos. Banks not filing re- quired st atement or making payment . When banking oper- ati ons disc onti nued . Applications for in- surance, National or State nonmember banks . Consideration
by Boar d of Dir ecto rs . Post, p. 688 .
