Page:United States Statutes at Large Volume 53 Part 1.djvu/649

This page needs to be proofread.


CXLIV CODIFICATION OF INTERNAL REVENUE LAWS TITLE 12-BANKS AND BANKING RESERVE REQUIREMENTS OF HOLDING COMPANY AFFILIATES OF BANKS R. S. 5144 (a)

    • *(b)

After five years after the enactment of the Banking Act of 1933, every such holding company affiliate (1) shall possess, and shall continue to possess during th6 life of such permit, free and clear of any lien, pledge, or hypothecation of any nature, readily marketable assets other than bank stock in an amount not less than 12 per centum of the aggregate par value of all bank stocks controlled by such holding company affiliate, which amount shall be increased by not less than 2 per centum per annum of such aggregate par value until such assets shall amount to 25 per centum of the aggregate par value of such bank stocks; and (2) shall reinvest in readily marketable assets other than bank stock all net earnings over and above 6 per centum per annum on the book value of its own shares outstanding until such assets shall amount to such 25 per centum of the aggregate par value of all bank stocks controlled by it. (U. S . C ., Title 12, § 61 (b).) (c) Notwithstanding the foregoing provisions of this section, after five years after the enactment of the Banking Act of 1933, (1) any such holding company affiliate the shareholders or members of which shall be individually and sever- ally liable in proportion to the number of shares of such holding company affiliate held by them respectively, in addition to amounts invested therein, for all statutory liability imposed on such holding company affiliate by reason of its control of shares of stock of banks, shall be required only to establish and maintain out of net earnings over and above 6 per centum per annum on the book value of its own shares outstanding a reserve of readily marketable assets in an amount of not less than 12 per centum of the aggregate par value of bank stocks controlled by it, and (2) the assets required by this section to be possessed by such holding company affiliate may be used by it for replacement of capital in banks affiliated with it and for losses incurred in such banks, but any deficiency in such assets resulting from such use shall be made up within such period as the Federal Reserve Board may by regulation prescribe; and the provisions of this subsection, instead of subsection (b), shall apply to all holding company affiliates with respect to any shares of bank stock owned or controlled by them as to which there is no statutory liability imposed upon the holders of such bank stock. (R. S. § 5144 (b) (c), amended June 16, 1933, c. 89, § 19, 48 Stat. 186, amended Aug. 23, 1935, c. 614, § 311, 49 Stat. 711.) (U. S . C., Title 12, § 61 (b).) TITLE 15-COMMERCE AND TRADE BITUMINOUS COAL ACT (April 26, 1937, c . 127, 50 Stat. 72) BITUMINOUS COAL CODE SEc. 4 . The provisions of this section shall be promulgated by the Commission as the "Bituminous Coal Code", and are herein referred to as the code. Producers accepting membership in the code as provided in section 5 (a) shall be, and are herein referred to as, code members, and the provisions of such code shall apply only to such code members, except as otherwise provided by sub- section (h) of part II of this section. For the purpose of carrying out the declared policy of this Act, the code shall contain the following conditions and provisions, which are intended to regulate interstate commerce in bituminous coal and which shall be applicable only to matters and transactions in or directly affecting interstate commerce in bitu- minous coal: * * * (U. S. C., Title 15, § 831.) UNFAIR METHODS OF COMPETITION SEC. 4 -A . Whenever the Commissioner upon investigation instituted upon its own motion or upon petition of any code member, district board, State or political subdivision thereof, or the consumers' counsel, after hearing finds that transac- tions in coal in intrastate commerce by any person or in any locality cause any undue or unreasonable advantage, preference, or prejudice as between persons and localities in such commerce on the one hand and interstate commerce in coal on the other hand, or any undue, unreasonable, or unjust discrimination against interstate commerce in coal, or in any matter directly affect interstate commerce in coal, the Commission shall by order so declare and thereafter coal sold, deliv- ered or offered for sale in such intrastate commerce shall be subject to the provi- sions of section 4.