National Bank Amendments: Hearings Before Subcommittee No. 2 of ... , 86-1, on H.R. 6092 and HR.R. 6093, May 26 and 27, 1959 |
From inside the book
Results 1-5 of 14
Page 10
... dividends or otherwise , any portion of its capital . No dividend shall be paid by any such association while it continues its banking operations if all bad debts due it and all losses sustained are greater than the amount of any ...
... dividends or otherwise , any portion of its capital . No dividend shall be paid by any such association while it continues its banking operations if all bad debts due it and all losses sustained are greater than the amount of any ...
Page 11
... dividends on preferred stock , if any , and all Federal and State taxes . " SEC 23. ( a ) Section 5212 of the Revised Statutes ( 12 U.S.C. 163 ) is repealed . ( b ) Section 5211 of the Revised Statutes ( 12 U.S.C. 161 ) is amended by ...
... dividends on preferred stock , if any , and all Federal and State taxes . " SEC 23. ( a ) Section 5212 of the Revised Statutes ( 12 U.S.C. 163 ) is repealed . ( b ) Section 5211 of the Revised Statutes ( 12 U.S.C. 161 ) is amended by ...
Page 17
... dividends in excess of retained net profits over a 3 - year period . This section will prevent excessive dividends to shareholders where such payments would result in the dissipation of needed captial funds . Section 23 eliminates the ...
... dividends in excess of retained net profits over a 3 - year period . This section will prevent excessive dividends to shareholders where such payments would result in the dissipation of needed captial funds . Section 23 eliminates the ...
Page 28
... dividends . As I read the proposed statute , it seems to me that there is no ad- vance notice that will be required if this bill is enacted as submitted . There will be no advance notice required in advance of declaring divi- dends ...
... dividends . As I read the proposed statute , it seems to me that there is no ad- vance notice that will be required if this bill is enacted as submitted . There will be no advance notice required in advance of declaring divi- dends ...
Page 29
... dividends that would exceed the net retained earnings of the past 3 years , so that that is a safeguard . We do not believe that the notice of the declaration of a dividend serves a useful purpose . We receive it , look at it , but over ...
... dividends that would exceed the net retained earnings of the past 3 years , so that that is a safeguard . We do not believe that the notice of the declaration of a dividend serves a useful purpose . We receive it , look at it , but over ...
Common terms and phrases
20 years amortized 25 percent 50 percent additional 15 percent additional is allowed amended American Bankers Association amount apply appraised value approval assets bill bond borrowing business paper actually capital and surplus capital stock Carleton G Chairman commercial or business commercial paper actually committee covering readily marketable dairy cattle Discount of commercial dividends existing law Federal Deposit Insurance Federal Reserve Act Federal Reserve System GIDNEY HARRINGTON Industrial Building Authority installment consumer paper Maine Industrial Building market value merger mortgage MULTER national banking association nonperishable staples fully Obligations secured Office paid PAUL BROWN percent additional percent for loans percent of capital permit national banks person negotiating proposed provisions readily marketable nonperishable real estate loans receiving association Revised Statutes 12 section 24 secured by shipping secured by warehouse shareholders staples fully insured Statutes 12 U.S.C. statutory limitation tion undivided profits value for loans VANIK warehouse receipts covering Wolcott
Popular passages
Page 9 - Currency shall be authorized and empowered to grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity...
Page 2 - Secretary, whose salary shall be two thousand five hundred dollars, and who shall possess the power and perform the duties attached by law to the office of Comptroller during a vacancy in such office and during...
Page 2 - ... centum of the face amount of the notes covered by such documents shall be subject under this section to a limitation of...
Page 9 - ... every other fiduciary capacity, in the same manner and to the same extent as such rights, franchises, and interests were held or enjoyed by any one of the consolidating banks or banking associations at the time of consolidation, subject to the conditions hereinafter provided.
Page 6 - ... or if no newspaper is there published, in the newspaper published nearest thereto, at which meeting the shareholders shall elect an agent, voting by ballot, in person or by proxy, each share of stock entitling the holder to one vote; and when such agent shall have received votes representing at least a majority of the stock in value and number of...
Page 11 - Prohibited (Sec. 5204). —No association, or any member thereof, shall, during the time it shall continue its banking operations, withdraw, or permit to be withdrawn, either in the form of dividends or otherwise, any portion of its capital.
Page 5 - That at least fifty per centum of the capital stock of every association shall be paid in before it shall be authorized to commence business...
Page 3 - Notes representing loans made under this section to finance the construction of residential or farm buildings and having maturities of not to exceed nine months shall be eligible for discount as commercial paper within the terms of the second paragraph of section 13 of...
Page 65 - If losses have at any time been sustained by any such association, equal to or exceeding its undivided profits then on hand, no dividend shall be made; and no dividend shall ever be made by any association, while it continues its banking operations, to an amount greater than its net profits then on hand, deducting therefrom its losses and bad debts.
Page 5 - State, not more than thirty miles distant, with the approval of the Comptroller of the Currency, by the vote of shareholders owning two-thirds of the stock of such association. A duly authenticated notice of the vote and of the new name or location selected shall be sent to the office of the Comptroller of the Currency, but no change of name or location shall be valid until the Comptroller shall have issued his certificate of approval of the same.