페이지 이미지
PDF
ePub

ti

the same liabilities and regulations as are prescribed for corporations originally organized as Federal corporations under the statute.

Forfeiture of Franchise

The rights, privileges and franchises derived from incorporation under the law may be forfeited by failure of the corporation to comply with its provisions, but before any such corporation is declared dissolved or its rights, privileges and franchises forfeited, the noncompliance with or violation of the law must be determined by a proper court of the United States in a suit brought for that purpose, in the district or territory in which the home office is located, the suit being instituted by the Federal Reserve Board or by the Attorney General of the United States.

Insolvency and Receivership

Whenever the Federal Reserve Board becomes satisfied of the insolvency of any such corporation, it may appoint a receiver to take possession of all the property and assets, exercising the same powers with respect thereto as are now exercised by receivers of national banks appointed by the Comptroller of the Currency. Any assets, however, subject to the laws of other countries or jurisdictions shall be dealt with in accordance with the terms of such laws.

Taxation

Corporations are subject to tax by the state in which the home office is located to the same extent as other corporations organized under the laws of that state and transacting a similar character of business. The shares of stock are subject to tax as the personal property of the owners or holders to the same extent as shares of stock in similar state corporations.

Penalties

Officers, directors, employees or agents are liable to imprisonment of from two to ten years, and a fine of not more than $5,000, in the discretion of the court, for embezzlement or misuse of funds, or issuing without authority certificates of deposit, drawing bills of exchange, making acceptances, assigning negotiable or non-negotiable instruments, or making false entries in books or reports of the corporation with intent to injure, defraud or deceive. Similar offenses by a receiver of a corporation or by his employees involving trust funds or by any person aiding or abetting in the commission of any of the above offenses are punishable in like manner.

Any person connected with a corporation who represents that the United States is liable for the payment of any bonds or other obligations or the interest thereon

issued or incurred by any corporation organized under the law, or that the United States incurs any liability for any act or omission of the corporation, is liable to a fine of not more than $10,000 and imprisonment for not exceeding five years.

The Edge Act

Approved December 24, 1919

An Act

To amend the Act approved December 23, 1918, known as the Federal Reserve Act.

BE

E IT enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Act approved December 23, 1913, known as the Federal Reserve Act, as amended, be further amended by adding a new section as follows:

66 BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN BANKING BUSINESS.

"Sec. 25 (a). Corporations to be organized for the purpose of engaging in international or foreign banking or other international or foreign financial operations, or in banking or other financial operations in a dependency or insular possession of the United States, either directly or through the agency, ownership, or control of local institutions in foreign countries, or in such dependencies or insular possessions as provided by this section, and to act when required by the Secretary of the Treasury as fiscal agents of the United States, may be formed by any number of natural persons, not less in any case than five.

"Such persons shall enter into articles of association which shall specify in general terms the objects for which the association is

formed and may contain any other provisions not inconsistent with law which the association may see fit to adopt for the regulation of its business and the conduct of its affairs.

"Such articles of association shall be signed by all of the persons intending to participate in the organization of the corporation and, thereafter, shall be forwarded to the Federal Reserve Board and shall be filed and preserved in its office. The persons signing the said articles of association shall, under their hands, make an organization certificate which shall specifically state:

"First. The name assumed by such corporation, which shall be subject to the approval of the Federal Reserve Board.

"Second. The place or places where its operations are to be carried on.

"Third. The place in the United States where its home office is to be located.

"Fourth. The amount of its capital stock and the number of shares into which the same shall be divided.

"Fifth. The names and places of business or residence of the persons executing the certificate and the number of shares to which each has subscribed.

"Sixth. The fact that the certificate is made to enable the persons subscribing the same, and all other persons, firms, companies, and corporations, who or which may thereafter subscribe to or purchase shares of the capital stock of such corporation, to avail themselves of the advantages of this section.

"The persons signing the organization certificate shall duly acknowledge the execution thereof before a judge of some court of record or notary public, who shall certify thereto under the seal of such court or notary, and thereafter the certificate shall be forwarded to the Federal Reserve Board to be filed and preserved in its office. Upon duly making and filing articles of association and an organization certificate, and after the Federal Reserve Board has approved the same and issued a permit to begin business, the association shall become and be a body corporate, and as such and in the name designated therein shall have power to adopt and use a corporate seal,

« 이전계속 »