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BANKING ACT OF 1933

BANKING ACT OF 1933

(Enacted June 16, 1933; 48 Stat. 162) AN ACT To provide for the safer and more effective use of the assets of banks, to

regulate interbank control, to prevent the undue diversion of funds into speculative operations, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the short title of this Act shall be the “Banking Act of 1933.”

SEC. 2. (12 U.S.C. 221a) As used in this Act and in any provision of law amended by this Act,

(a) The terms "banks” “national bank", "national banking association”, “member bank”, "board", "district”, and “reserve bank” shall have the meanings assigned to them in section 1 of the Federal Reserve Act, as amended.

(b) Except where otherwise specifically provided, the term “affiliate” shall include any corporation, business trust, association, or other similar organization

(1)1 Of which a member bank, directly or indirectly, owns or controls either a majority of the voting shares or more than 50 per centum of the number of shares voted for the election of its directors, trustees, or other persons exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees, or other persons exercising similar functions; or 2

(2)1 Of which control is held, directly or indirectly, through stock ownership or in any other manner, by the shareholders of a member bank who own or control either a majority of the shares of such bank or more than 50 per centum of the number of shares voted for the election of directors of such bank at the preceding election, or by trustees for the benefit of the shareholders of any such bank; or ?

(3) 1 Of which a majority of its directors, trustees, or other persons exercising similar functions are directors of any one member bank; or

(4)1 Which owns or controls, directly or indirectly, either a majority of the shares of capital stock of a member bank or more than 50 per centum of the number of shares voted for the election of directors of a member bank at the preceding election, or controls in any manner the election of a majority of the directors of a member bank, or for the benefit of whose shareholders or members all or substantially all the capital stock of a member bank is held by trustees.

Indentation so in original. The first letter of the first word in paragraphe 'l hawng 16 probably should be lower case. 2 So in original. The word “or” probably should not appear.

(Subsection (c) repealed. Section 13(b) of P.L. 89–485, 80 Stat. 236.)

(Secs. 3–19 amend other Acts.)

SEC. 20. (12 U.S.C. 377) After one year from the date of the enactment of this Act, no member bank shall be affiliated in any manner described in section 2 (b) hereof with any corporation, association, business trust, or other similar organization engaged principally in the issue, flotation, underwriting, public sale, or distribution at wholesale or retail or through syndicate participation of stocks, bonds, debentures, notes, or other securities: Provided, That nothing in this paragraph shall apply to any such organization which shall have been placed in formal liquidation and which shall transact no business except such as may be incidental to the liquidation of its affairs.

For every violation of this section the member bank involved shall be subject to a penalty not exceeding $1,000 per day for each day during which such violation continues. Such penalty may be assessed by the Federal Reserve Board, in its discretion, and, when so assessed, may be collected by the Federal reserve bank by suit or otherwise.

If any such violation shall continue for six calendar months after the member bank shall have been warned by the Federal Reserve Board to discontinue the same, (a) in the case of a national bank, all the rights, privileges, and franchises granted to it under the National Bank Act may be forfeited in the manner prescribed in section 2 of the Federal Reserve Act, as amended (U.S.C., title 12, secs. 141, 222-225, 281-286, and 502) or, (b) in the case of a State member bank, all of its rights and privileges of membership in the Federal Reserve System may be forfeited in the manner prescribed in section 9 of the Federal Reserve Act, as amended (U.S.C., title 12, secs. 321-332).

Sec. 21. (12 U.S.C. 378) (a) After the expiration of one year after the date of enactment of this Act it shall be unlawful

(1) For any person, firm, corporation, association, business trust, or other similar organization, engaged in the business of issuing, underwriting, selling, or distributing, at wholesale or retail, or through syndicate participation, stocks, bonds, debentures, notes, or other securities, to engage at the same time to any extent whatever in the business of receiving deposits subject to check or to repayment upon presentation of a passbook, certificate of deposit, or other evidence of debt, or upon request of the depositor: Provided, That the provisions of this paragraph shall not prohibit national banks or State banks or trust companies (whether or not members of the Federal Reserve System) or other financial institutions or private bankers from dealing in, underwriting, purchasing, and selling investment securities, or issuing securities, to the extent permitted to national banking associations by the provisions of section 5136 of the Revised Statutes, as amended (Ư.S.C. title 12, sec. 24; Supp. VII, title 12, sec. 24): Provided further, That nothing in this paragraph shall be construed as affecting in any way such right as any bank, banking association, savings bank, trust company, or other banking institution, may otherwise possess to sell, without recourse or agreement to repurchase, obligations evidencing loans on real estate; or

Sure: usealed Section 13(b) of P.L. 884 (2) For any person, firm, corporation, association, b

trust, or other similar organization to engage, to any exten Ses Soi ocher Acts.

ever with others than his or its officers, agents or employees Se DESC. 377) After one year from the de business of receiving deposits subject to check or to rep Bet es Act, no member bank shall be afilies upon presentation of a pass book, certificate of deposit, or ot LEST gesezbed a seccon 2 (b) hereof with any corpuri dence of debt, or upon request of the depositor, unless such LED bescess srust or other similar organization ang firm, corporation, association, business trust, or other simil

: tashe issue, footabon, underwriting, public sale, i nization (A) shall be incorporated under, and authorized to 90 Swalesa.e or receil or through syndicate parties in such business by, the laws of the United States or of an stacks boods, debentures, notes, or other securities: Provide Territory, or District, and subjected, by the laws of the aking a dis paragraph shah apply to any such up States, or of the State, Territory, or District

wherein located vènch shal asve been pleed in formal liquidation and we amination and regulation, or (B) shall be permitted by the zanse no busness except such as may be incidental tot States, any State, territory, or district to engage in such dere at its vers

and shall be subjected by the laws of the United States, For every raison of this section the member bank's State, territory, or district to examination and regulations 229 be subeto penalty not exceeding $1,000 per dapit shall

submit to periodic

examination by the banking auth ar šarang uch sech volation continues. Such penalye the State Territory, or District where such business is car Kassed by the Federal Reserve Boerd, in its discretion, and and shall make and publish periodic reports of its condition essessed air be wiected by the Federal reserve bank iting

in detail its resources and liabilities, such examinat berwase

reports to be made and published at the same times and 1. any such palston shall continue for six calendar se same manner and under the same conditions as required or the member bank shall have been warned by the Pedei law of such State, Territory, District in the

case of incor e Beard to discontinue the same, (a) in the case of a hot banking institutions engaged in such business in the same tail she ngats, privileges, and franchises granted to its

(b) Whoever shall willfully violate any of the provision: Natzonal Bank Ac may be forfeited in the manner prese section shall upon conviction be fined not more than $5,00 tzoa 2, of the Federal Reserve Act, as amended (USC prisoned not more than five years, or both, and any office eos. 141, 222-225, 281–286, and 502) or, (b) in the center for employee, or agent of any person, firm,

corporation, member bank all of its nights and privileges of members tion, business trust, or other similar organization who kỳ Federal Reserve System may be forfeited in the manner participates in any such violation shall be punished by a i in section 9 of the Federal Reserve Act, as ameni

or imprisonment or both. title 12, sers. 321-332).

SEC. 22. (12 U.S.C. 64a) The additional liability impos C 21 (12 U.S.C. 378) (a) After the expiration of one po

shareholders in national banking associations by the provi e date of enactment of this Act it shall be unlawful

section 5151 of the Revised Statutes, as amended, and se For any person, firm, corporation, association, bus

of the Federal Reserve Act, as amended (U.S.C., title 12, other similar organization, engaged in the business o

and 64), shall not apply with respect to shares in any su nderwriting, selling, or distributing, at wholesale or reke

ciation issued after the date of enactment of this Act. Su. igh syndicate participation, stocks, bonds, debeature

tional liability shall cease on July 1, 1937, with respec

shares issued by any association which shall be transac other securities, to engage at the same time to any exter

business of banking on July 1, 1937. Provided, That not le nent upon presentation of a passbook, certificate of a in the business of receiving deposits subject to check

six months prior to such date, such association shall have ther evidence of debt, or upon request of the depositor

notice of such prospective termination of liability to be p

in a newspaper published in the city, town, or county in wh anks or State banks or trust companies (whether or That the provisions of this paragraph shall not probab

association is located, and if no newspaper is published f the Federal Reserve System) or other financial instin

city, town, or county, then in a newspaper of general cir

therein. If the association fail 2 to give such notice as ar vate bankers from dealing in, underwriting, purchasing, investment securities, or issuing securities, to the ces

above provided, a termination of such additional liabil

thereafter be accomplished as of the date six month 3 sub ted to national banking associations by the provisions

to publication, in the manner above provided. In the case 136 of the Revised Statutes, as amended (U.S.C. title

association which has not caused notice of such prospectiv Supp. VII, title 12, sec. 24); Provided further, That

nation of liability to be published prior to the effective dat his paragraph shall be construed as affecting in an ght as any bank, banking association, savings bank,

Section 5151 of the Revised Statutes and section 23 of the Federal Reserve Act we

by section 7 of P.L. 86-230, 73 Stat. 457.
put recourse or agreement to repurchase, obligations
iy, or other banking institution, may otherwise possess

So in original. Probably should be "fails”.
So in original. Probably should be "months”.

ans on real estate; or

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