The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

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Monograph

Identifikator:: 1856431436

URN:: urn:nbn:de:zbw-retromon-262738

Document type:: Monograph

Title:: The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

Place of publication:: Washington

Publisher:: United States Government Printing Office

Year of publication:: 1931

Scope:: ii, 170 Seiten

Digitisation:: 2022

Collection:: Economics Books

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/0) FEDERAL RESERVE ACT Suc. 25 (8 in this section. It shall be unlawful for any director, officer, agent, or employee of any such corporation to use or to conspire to use the credit, the funds, or the power of the corporation to fix or control the price of any such commodities, and any such person violating this provision shall be liable to a fine of not less than $1,000 and not exceeding $5,000 or imprisonment not less than one year and not exceeding five years, or both, in the discretion of the court. No corporation shall be organized under the provisions of this section with a capital stock of less than $2,000,000, one-quarter of which must be paid in before the corpora- tion may be authorized to begin business, and the re- mainder of the capital stock of such corporation shall be paid in installments of at least 10 per centum on the whole amount to which the corporation shall be limited as frequently as one installment at the end of each succeeding two months from the time of the commence- ment of its business operations until the whole of the capital stock shall be paid in: Provided, however, That whenever $2,000,000 of the capital stock of any corpora- tion is paid in the remainder of the corporation’s capital stock or any unpaid part of such remainder may, with the consent of the Federal Reserve Board and subject to such regulations and conditions as it may prescribe, be paid in upon call from the board of directors; such unpaid subscriptions, however, to be included in the maximum of 10 per centum of the national bank’s capital and surplus which a national bank is permitted under the provisions of this Act to hold in stock of cor- porations engaged in business of the kind described in this section and in section 25 of the Federal Reserve Act as amended: Provided further, That no such corporation ghall have liabilities outstanding at any one time upon its debentures, bonds, and promissory notes in excess of ten times its paid-in capital and surplus. The capital stock of any such corporation may be increased at any time, with the approval of the Federal Reserve Board, by a vote of two-thirds of its shareholders or by unanimous consent in writing of the shareholders without a meeting and without a formal vote, but any such increase of capital shall be fully paid in within ninety days after such approval; and may be reduced in like manner. provided that in no event shall

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