HOUSE BILL. SECTION 23-Continued. shall be made by the same examiner. 41 In addition to the examinations made and conducted by the Comptroller of the Currency, every Federal reserve bank may, with the approval of the Federal Reserve Board, arrange for special or periodical examination of the member banks within its district. Such examination shall be so conducted as to inform the Federal reserve bank under whose auspices it is carried on of the condition of its member banks and of the lines of credit which are being extended by them. Every Federal reserve bank shall at all times furnish to the Federal Reserve Board such information as may be demanded by the latter concerning the condition of any national banking association located within the district of the said Federal reserve bank. The Federal Reserve Board shall as often as it deems best, and in any case not less frequently than four times each year, order an examination of national banking associations in reserve cities. Such examinations shall show in detail the total amount of loans made by each bank on demand, on time, and the different classes of collateral held to protect the various loans,. and the lines of credit which are being extended by them. The Federal Reserve Board shall, at least once each year, order an examination of each Federal reserve bank, and upon joint application of ten member banks the Federal Reserve Board shall order a special examination and report of the conditon of any Federal reserve bank. PASSED BY SENATE. ations banks examined in proportion to assets or resources held by such associations banks upon a date-during-the-year-in which such examina tions-are-held-to-be-established by the Federal Reserve-Board. The Comptroller-of the Currency shall se-arrange-the duties of national bank-examiners-that-ne two sucees sive-examinations-of-any-associa tion shall be make-by-the-sume-examiner the dates when the various banks are examined. In addition to the examinations made and conducted by the Comptroller of the Currency, every Federal reserve bank may, with the approval of the Federal reserve agent or of the Federal Reserve Board, arrange provide for special er-periodical examination of the member banks within its district. Such examination shall be so conducted as to inform the Federal reserve bank under whose auspices it is carried on of the condition of its member banks and of the lines of credit which are being extended by them. Every Federal reserve bank shall at all times furnish to the Federal Reserve Board such information as may be demanded by the latter concerning the condition of any national-banking-association leeated member bank within the district of the said Federal reserve bank. No bank shall be subject to any visitorial powers other than such as are authorized by law, or vested in the courts of justice, or such as shall be or shall have been exercised or directed by Congress, or either House thereof, or any committee thereof. The Federal Reserve Beard-shall as often as it deems best, and in any ease-not-less-frequently than four times each year, order an examina tion of national banking-associations-in-reserve eities. Such examinations shall-show-in-detail-the total amount of loans made by each bank-on-demand, on-time,-and-the different classes of collateral held-to protect the various-leans,-and-the lines-of-eredit which are being extended by them. The Federal Reserve Board shall, at least once each year, order an examination of each Federal reserve bank, and upon joint application of ten member banks the Federal Reserve Board shall order a special examination and report of the condition of any Federal reserve bank. CONFERENCE AGREEMENT. Comptroller of the Currency upon the banks examined in proportion to assets or resources held by the banks upon the dates of examination of the various banks. In addition to the examinations made and conducted by the Comptroller of the Currency, every Federal reserve bank may, with the approval of the Federal reserve agent or the Federal Reserve Board, provide for special examination of member banks within its district. The expense of such examinations shall be borne by the bank examined. Such examinations shall be so conducted as to inform the Federal reserve bank of the condition of its member banks and of the lines of credit which are being extended by them. Every Federal reserve bank shall at all times furnish to the Federal Reserve Board such information as may be demanded concerning the condition of any member bank within the district of the said Federal reserve bank. No bank shall be subject to any visitatorial powers other than such as are authorized by law, or vested in the courts of justice or such as shall be or shall have been exercised or directed by Congress, or by either House thereof or by any committee of Congress OR of either House duly authorized. The Federal Reserve Board shall, at least once each year, order an examination of each Federal reserve bank, and upon joint application of ten member banks the Federal Reserve Board shall order a special examination and report of the condition of any Federal reserve bank. SECTION 24. FASSED BY SENATE. SEC. 24 22. That-no-national No No officer-or-director-of-a-national purchase,--sale, payment,-exchange, CONFERENCE AGREEMENT. SEC. 22. No member bank or any officer, director, or employee thereof shall hereafter make any loan or grant any gratuity to any BANK examiner of such bank. Any bank officer, director, or employee violating this provision shall be deemed guilty of a misdemeanor and shall be imprisoned not exceeding one year or fined not more than $5,000, or both; and MAY BE fined a further sum equal to the money so loaned or gratuity given. Any examiner accepting a loan or gratuity from any bank examined by him or from an officer, director, or employee thereof shall be deemed guilty of a misdemeanor and shall be imprisoned not exceeding one year or fined not more than $5,000, or both; and MAY BE fined a further sum equal to the money so loaned or gratuity given; and shall forever thereafter be disqualified from holding office as a national-bank examiner. "No national-bank examiner shall perform any other service for compensation while holding such office for any bank or officer, director, or employee thereof. Other than the usual salary or di- Other than the usual salary or director's fee paid to any officer, di- rector's fee paid to any officer, director, or employee of a member bank rector, or employee of a member bank and other than a reasonable fee paid and other than a reasonable fee paid by said bank to such officer, director, by said bank to such officer, director, or employee for services rendered to or employee for services rendered to such bank, no officer, director, em- such bank, no officer, director, employee, or attorney of a member bank ployee, or attorney of a member bank shall be a beneficiary of or receive, shall be a beneficiary of or receive, directly or indirectly, any fee, com- directly or indirectly, any fee, commission, gift, or other consideration mission, gift, or other consideration for or in connection with any trans- for or in connection with any transaction or business of the bank. No action or business of the bank. No examiner, public or private, shall dis- examiner, public or private, shall disclose the names of borrowers or the close the names of borrowers or the collateral for loans of a member bank collateral for loans of a member bank HOUSE BILL SECTION 24-Continued. Any person violating any provision of this section shall be punished by a fine of not exceeding $5,000 or by imprisonment not exceeding five years, or both such fine and imprisonment, in the discretion of the court having jurisdiction. Except so far as already provided in existing laws this provision shall not take effect until six months after the passage of this Act. SEC. 25. That from and after the passage of this Act the stockholders of every national banking association shall be held individually responsible for all contracts, debts, and engagements of such association, each to the amount of his stock therein, at the par value thereof in addition to the amount invested in such stock. The stockholders in any national banking association who shall have transferred their shares or registered the transfer thereof within sixty days next before the date of the failure of such association to meet its obligations shall be liable to the same extent as if they had made no such transfer; but this provision shall not be construed to affect in any way any recourse which such shareholders might otherwise have against those in whose names such shares are registered at the time of such failure. Section fifty-one hundred and fifty-one, Revised Statutes of the United States, is hereby reenacted except in so far as modified by this section. PASSED BY SENATE. to other than the proper officers of such bank without first having obtained the express permission in writing from the Comptroller of the Currency, or from the board of directors of such bank, except when ordered to do so by a court of competent jurisdiction, or by direction of the Congress of the United States, or either House thereof, or any committee thereof. Any person violating any provision of this section shall be punished by a fine of not exceeding $5,000 or by imprisonment not exceeding five-years one year, or both such fine-and-imprisonment--in the discretion-of the court-having-jurisdiction. Except so far as already provided in existing laws this provision shall not take effect until six months sixty days after the passage of this Act. SECTION 25. SEC. 25 23. That-from-and-after the passage of this Aet the The stockholders of every national banking association shall be held individually responsible for all contracts, debts, and engagements of such association, each to the amount of his stock therein, at the par value thereof in addition to the amount invested in such stock. The stockholders in any national banking association who shall have transferred their shares or registered the transfer thereof within sixty days next before the date of the failure of such association to meet its obligations, or with knowledge of such impending failure, shall be liable to the same extent as if they had made no such transfer, to the extent that the subsequent transferee fails to meet such liability; but this provision shall not be construed to affect in any way any recourse which such shareholders might otherwise have against those in whose names such shares are registered at the time of such failure. Section fifty-one-hundred and fifty one, Revised Statutes of the United States, is hereby reenacted except-in-se-far-as-modified by this section. CONFERENCE AGREEMENT. to other than the proper officers of such bank without first having obtained the express permission in writing from the Comptroller of the Currency, or from the Board of Directors of such bank, except when ordered to do so by a court of competent jurisdiction, or by direction of the Congress of the United States, or or either House thereof, or any committee OF CONGRESS OR OF EITHER HOUSE [thereof] DULY AU THORIZED. Any person violating any provision of this section shall be punished by a fine of not exceeding $5,000 or by imprisonment not exceeding one year, or both. Except so far as [already] provided in existing laws, this provision shall not take effect until sixty days after the passage of this Act. SEC. 23. The stockholders of every national banking association shall be held individually responsible for all contracts, debts, and engagements of such association, each to the amount of his stock therein, at the par value thereof in addition to the amount invested in such stock. The stockholders in any national banking association who shall have transferred their shares or registered the transfer thereof within sixty days next before the date of the failure of such association to meet its obligations, or with knowledge of such impending failure, shall be liable to the same extent as if they had made no such transfer, to the extent that the subsequent transferee fails to meet such liability; but this provision shall not be construed to affect in any way any recourse which such shareholders might otherwise have against those in whose names such shares are registered at the time of such failure. |