National banking under the Federal Reserve System

Bibliographic data

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 BANE ORGANIZATION bullion; by loaning money on personal security; and by obtaining, issuing, and circulating notes. In carrying on the business commonly known as the safe deposit business no such association shall invest in the capital stock of a corporation organized under the law of any State to conduct a safe deposit business in an amount in excess of 15 per cent. of the capital stock of such association actually paid in and unimpaired and 15 per cent. of its unimpaired surplus. But no association shall transact any business except such as is in- cidental and necessarily preliminary to its organization, until it has been authorized by the Comptroller of the Currency to commence the business of banking. 6. Directors—The number of directors is provided for in the Articles of Association, and cannot be less than five. The number may be rigidly fixed, or, on the other hand, a sliding scale may be adopted, in which case the provision applying to directors will read: “The board of directors shall consist of not fewer than—nor more than— shareholders,” etc. If the directors are not designated in the Articles of Association, the shareholders should proceed to their election after the execution of the Organization Certificate. The qualifications for directors are: (a) Directors of a bank capitalized at $25,000 must own in their own rights shares of capital stock the aggregate value of which must not be less than $500; directors of a bank capitalized at more than $25,000 must own in their own rights shares of capital stock the aggregate value of which must not be less than $1,000. Any director who ceases to own the required number of shares becomes disqualified, and the remaining directors elect his suc- cessor. (b) Every director must, during his term of office, be a citizen of the United States. Not less than three-fourths of the directors must have resided in the state in which the bank is located or within fifty miles of the location of the office of the association for at least a year prior to their elections, and must be residents therein so long as they continue in office. (ce) Each director is required to take an oath of office after his hoon, but cannot take such oath before the execution of the bank 5 on ization Certificate. The oath must be sent to the Comptroller’s office, where it is filed. 7. Officers—The directors elect the bank’s president, vice-presidents, cashier, and such other officers as may be desired. The president must [27]

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