Consolidation of National Banking Associations, Hearing Before a Subcommittee of ..., 69-1 on S. 1782 and H.R. 2 ..., February 16, 17, 18, and 24, 1926
1926 - 372 pages
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additional amended American amount applying approval association authority bank failures Bank of Italy bankers banking system become believe bill branch banking California capital cent centum CHAIRMAN Cleveland committee Comptroller Congress consolidation corporation Currency deposits desire Doctor Willis Drum entirely establish examination existing fact failed Federal reserve act Federal reserve bank Federal Reserve Board Federal reserve system figures follows further give given House increase institution interest legislation less limits loans located matter McFadden bill mean membership national banks obligations operation organized passed permit person powers practice present president privilege provisions question reason record referred regard regulations represent result Revised Savings Bank Senator EDGE Senator Glass situation statement Statutes suggested surplus thing tion trust trust companies United York
Page 49 - The total liabilities to any association, of any person, or of any company, corporation, or firm for money borrowed, including in the liabilities of a company or firm the liabilities of the several members thereof, shall at no time exceed onetenth part of the amount of the capital stock of such association actually paid in.
Page 156 - Fifth. To elect or appoint directors, and by its board of directors to appoint a president, vice-president, cashier, and other officers, define their duties, require bonds of them and fix the penalty thereof, dismiss such officers or any of them at pleasure, and appoint others to fill their places.
Page 161 - Any such association may continue hereafter as heretofore to receive time and savings deposits and to pay interest on the same, but the rate of interest which such association may pay upon such time deposits or upon savings or other deposits shall not exceed the maximum rate authorized by law to be paid upon such deposits by State banks or trust companies organized under the laws of the State in which such association is located.
Page 2 - The total obligations to any national banking association of any person, copartnership, association, or corporation shall at no time exceed 10 per centum of the amount of the capital stock of such association actually paid in and unimpaired and 10 per centum of its unimpaired surplus fund. The term 'obligations...
Page 10 - Seventh. To exercise by its board of directors, or duly authorized officers or agents, all powers specifically granted by the provisions of this Act and such incidental powers as shall be necessary to carry on the business of banking within the limitations prescribed by this Act.
Page 10 - The limitations and restrictions herein contained as to dealing in, underwriting and purchasing for its own account, investment securities shall not apply to obligations of the United States, or general obligations of any State or of any political subdivision thereof, or obligations issued under authority of the Federal Farm Loan Act, as amended, or issued by the Federal Home Loan Banks or the Home Owners...
Page 12 - To establish branches in foreign countries or dependencies or insular possessions of the United States...
Page 156 - That section twenty-two hundred and ninety-one and section twenty-two hundred and ninety-seven of the Revised Statutes of the United States be amended to read as follows: "Sec.
Page 157 - ... application to the Federal Reserve Board, under such rules and regulations as it may prescribe, for the right to subscribe to the stock of the Federal reserve bank organized within the District in which the applying bank is located. Such application shall be for the same amount of stock that the applying bank would be required to subscribe to as a national bank. The Federal Reserve Board, subject to the provisions of this Act and to such conditions as it may prescribe pursuant thereto may permit...