National banking under the Federal Reserve System

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Monograph

Identifikator:: 1757542345

URN:: urn:nbn:de:zbw-retromon-135097

Document type:: Monograph

Title:: National banking under the Federal Reserve System

Place of publication:: New York

Publisher:: The National City Bank of New York

Year of publication:: 1927

Scope:: 154 S.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: National bank organization

Collection:: Economics Books

NATIONAL BANKING UNDER THE FEDERAL RESERVE SYSTEM be a member of the board of directors, and shall be chairman of the board unless the board shall designate another member as chairman. The Comptroller must be furnished with the original signature of these officers, as well as notified of the date upon which they were elected. 8. Initial payment of capital—The law provides that 509, of the capital stock of a national bank must be paid in cash (not in assets of another corporation, notes, or other like evidence of debt), and requires payment of the remaining 509%, in not less than five equal monthly cash installments although there would be no objection to the incorporation in the subscription contract of a provision that the entire amount due on each share shall be paid at the call of the directors prior to the date on which payment would be required by law. (See 11 below). When at least 509, of the stock has been paid, each shareholder having paid not less than one-half on each share sub- scribed, and when all other legal requirements have been complied with, the president, or cashier, and a majority of the directors, certify these facts under oath to the Comptroller. The Comptroller’s office further requires a statement showing the total amount collected on stock subscriptions. The difference be- tween this amount and organization expenditures should be deposited in a disinterested bank, the president or cashier of which is to certify to the Comptroller’s office the amount on deposit to the credit of the organizing bank. 9. Beginning business—When the Comptroller is convinced that all preliminary conditions regarding the organization of the proposed bank have been satisfactorily complied with, including the subscrip- tion and payment for the required amount of Federal reserve bank stock (See 10 below), he will issue a certificate of authority to com- mence business (generally known as the bank’s charter). This certifi- cate, upon its receipt, must be published in a local or county news- paper for a period of 60 days. The bank may begin its operations immediately after it has been officially notified that its certificate has been issued, and the Comptroller should be notified of the date upon which business is actually begun. 10. Federal Reserve System—Every national bank automatically be- comes a member of the Federal Reserve System, and is required to [29]

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