National banking under the Federal Reserve System

Bibliographic data

Monograph

Identifikator:: 175994050X

URN:: urn:nbn:de:zbw-retromon-137069

Document type:: Monograph

Author:: Gorter, Herman http://d-nb.info/gnd/118718207

Title:: Der historische Materialismus

Edition:: 3., bedeutend verm. Ausg.

Place of publication:: Berlin

Publisher:: Buchh. für Arbeiterliteratur

Year of publication:: 1928

Scope:: 137 S.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Title page

Collection:: Economics Books

NATIONAL BANKING UNDER THE FEDERAL RESERVE SYSTEM BN A ‘a) That, if the bank has not been examined recently, or if its affairs were not satisfactory at the last examination, a special examination be made. (b) That any losses which may have been sustained be charged off. (¢) That any loans which are excessive, or will become excessive by reason of the reduction, be reduced to the legal limit. ‘d) That any other conditions shown to be unsatisfactory by the examiner’s report be corrected. When all matters have been satisfactorily adjusted, (providing ad- justment is necessary) the Comptroller will indicate his approval of the reduction, but will not give his formal certificate of approval until a resolution favoring the plan has been adopted by the owners of two-thirds the bank’s stock, and has been certified to him. Proper notice, as provided for in the Articles of Association, must be given all shareholders in advance of the date of the meeting at which the question is to be submitted. The bank’s circulation (if excessive) must be reduced to not more than the amount of capital after reduc- tion, by the deposit of lawful money with the Treasurer of the United States. The reduction of capital becomes operative upon issuance of the Comptroller’s certificate. Each shareholder has the right to par- ticipate in the reduction in proportion to the number of shares held, and receive cash in payment, unless the whole, or a portion of the amount represented by the reduction, is to be charged off losses. In this event, the assets so charged off should be trusteed, and the proceeds distributed among those who were shareholders of record at the time of the reduction. With the consent of all the shareholders, the assets may be real- ized upon and the proceeds carried to profit account. No part of the sum set free by capital reduction can be carried to surplus or undivided profits without the unanimous consent of the shareholders. When reduction is made, the shareholders should return their old certificates; new stock certificates, for the capital as reduced, should then be issued. Issuance of fractional shares is not unlawful. Upon receipt of the proper application, (form furnished by the Federal Reserve Bank) the Federal Reserve Bank will cancel the stock which the applying national bank is entitled to surrender, and refund the amount due. [ “Tn #C |

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