Volume 48 · 148
Public Law 73–79
To amend the Act entitled “An Act to provide relief in the existing national emergency in banking, and for other purposes”, approved March 9, 1933.
Approved June 15, 1933
Statutory text
AN ACT
To amend the Act entitled “An Act to provide relief in the existing national emergency in banking, and for other purposes”, approved March 9, 1933.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That the Act entitled
Emergency Bank Act, amendment.
Ante, p. 5, amended.
“An Act to provide relief in the existing national emergency in banking, and for other purposes”, approved March 9, 1933, is amended by—
striking out the whole of section 301 of title III thereof and inserting in lieu thereof the following:
“Sec. 301.
Notwithstanding any other provision of law, any national
Preferred stock.
Issue of more than one class, by vote of shareholders, permitted.
banking association may, with the approval of the Comptroller of the Currency and by vote of shareholders owning a majority of the stock of such association, upon not less than five days’ notice, given by registered mail pursuant to action taken by its board of directors, issue preferred stock of one or more classes, in
Amount, par value, etc.
such amount and with such par value as shall be approved by said Comptroller, and make such amendments to its articles of association as may be necessary for this purpose; but, in the case of any newly organized national banking association which has not yet
Payment.
issued common stock, the requirement of notice to and vote of shareholders shall not apply. No issue of preferred stock shall be valid until the par value of all stock so issued shall be paid in.”
Subsection repealed.
Ante, p. 5.
Paying dividends upon preferred stock.
striking out the whole of subsection (a) of section 302 of the said title III and inserting in lieu thereof the following:
“Notwithstanding any other provision of law, whether relating to restriction upon the payment of dividends upon capital stock or otherwise, the holders of such preferred stock shall be entitled to receive such cumulative dividends at a rate not exceeding 6 per
Voting, etc., rights.
centum per annum and shall have such voting and conversion rights and such control of management, and such stock shall be subject
Retirement provisions.
to retirement in such manner and upon such conditions, as may be provided in the articles of association with the approval of the
Personal liability.
Comptroller of the Currency. The holders of such preferred stock shall not be held individually responsible as such holders for any debts, contracts, or engagements of such association, and shall not be liable for assessments to restore impairments in the capital of such association as now provided by law with reference to holders of common stock.”
Approved, June 15, 1933.