CORNELL UNIVERSITY LIBRARY BUSINESS Cornell University Library HG 2547. A35 1882 The national bank act, and other laws re 3 1924 019 374 465 Cornell University Library The original of this book is in the Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924019374465 THE NATIONAL BANK ACT, AND OTHER LAWS RELATING TO NATIONAL BANKS, FROM THE EEYISED STATUTES OF THE UNITED STATES; ' AMENDMENTS AND ADDITIONAL ACTS. COMPILED BY EDWARD WOLCOTT, UNDER THE DIRECTION OF THE COMPTROLLER OF THE CURRENCY. WASHI]!?^GTON: GOTEENMENT PRINTING OFFICE. 1882. LIST OF LAWS ANB PARTS OP LAWS CONTAINED IN THIS C0MPILATI6n. Page. National-ianlc act, and other laws relating to national banks. Compiled from the Revised Statutes of the United States ^ 5 United States notes. — An act fixing the amount of United States notes, providing for a redistribution of national-bank currency, and for other purposes. June •20,1874 ...: , 55 Maceration of mutilated notes. — An act making appropriations for sundry civil ex- penses of the government for the fiscal year ending June thirtieth, eighteen hundred and seventy-five, and for other purposes. June 23, 1874 ■.... 59 Specie payments. — An act to provide for the resumption of specie payments. Jan- uary 14, 1875 59 Circulating notes of national gold hanlcs. — An act to remove the limitation restrict- ing the circulation of banking associations issuing notes payable in gold. January 19, 1875 • 61 Tax on bank checks, and State hank and other circulating notes. — An act to amend existing customs and internal revenue laws, and for other purposes. Feb- ruary 8, 1875 61 Errors and omissions in the Revised /Statutes of the United States. — ^An act to correct errors and to supply omissions in the Revised Statutes of the United States. February 18, 1875 ' 62,65 Compensation of bank examiners. — An act to amend section five thousand two hun- dred andforty of the Revised Statutes of the United States, in relation to compensation of national-bank examiners. February 19, 1875 64 Stamps on bank checks. — An act to provide for the stamping of unstamped instru- ments, documents, or papers. June 23,1874 65 Seceivers. — An act authorizing the appointment of receivers of national banks, and for other purposes. June 30, 1876 . 66 Gold banks. — An act authorizing the conversion of. February 14, 1880 69 Returns. — An act defining the verification of returns of national banks. Febru- ary 26, 1881 70 Corporate existence. — An act authorizing extension of, and for other purposes. July 12, 1882 : 70 Acts not of a general nature. — Sundry acjts changing the location, or name, or both, of various national banks 81 (3) Tbbasbbt Department, Document No. 314. Comptroller of the Oitrreney. NATIONAL BANK ACT, AND OTHER LAWS RELATING TO NATIONAL BANKIS. CHAPTEE OKE. THE COMPTROLLER OF THE CURRENCY. [The numbers in parentheses refer to the Revised Statutes.] 1. (Sec. 324.) There shall be in the Department of the Bureau oi Treasury a Bureau charged with the execution of all laws the^Surrenoy es- passed Iby Congress relating to the issue and regulation of a ^ national currency secured by United States bonds; the chief ofQcer of which Bureau shall be called the Comptroller of the Currency, and shall perform his duties under the general direction of the Secretary of the Treasury. 2. (Sec. 325.) "The Comptroller of the Currency shall be Comptroller of appointed by the President, on the recommendation of the pointmeX^erm. Secretary of the Treasury, by and with the advice and con-" " '"^' sent of the Senate, and shall hold his office for the term of five years unless sooner removed by the President, upon reasons to be communicated by him to the Senate; and he shall be entitled to a salary of five thousand dollars a year. 3. (Sec. 326.) The Comptroller of the Currency shall, ^jOathand^lwnd within fifteen days from the time of notice of his appoint- ment, take and subscribe the oath of office; and he shall give to the United States a bond in the penalty of one hun- dred thousand dollars, with not less than two responsible " sureties, to be approved by the Secretary of the Treasury, conditioned for the faithful discharge of the duties of his office. 4. (Sec. 327.) There.shall be in tlie Bureau of the Comp- Deputy comp- troller of the Currency a Deputy Comptroller of the Currency, menrduS°i'c.' to be appointed by the Secretary, who shall be entitled to a salary of two thousand five hundred dollars a year, and who shall possess the power and perform the duties attached by law to the office of Comptroller during a vacancy in the office or during the absence or inability of the Comptroller. Oath and bond The Deputy Compti-oUer shall also take the oath of office of Deputy. prescribed by the Constitution and laws of the United States, and shall give a like bond in the penalty of fifty thousand dollars. Clerks. 5. (Sec. 328.) The Comptroller of the Currency Shall em- ploy, from time to time, the necessary clerks, to be appoint- ed and classified by the Secretary of the Treasury, to dis- charge such duties as the Comptroller shall direct. Interest in na- 6. (Sec. 329.) It Shall uot be lawful for the Comptroller Sted. ° ^™ or the Deputy Comptroller of the Currency, either directly or indirectly, to be interested in any association issuing national currency under the laws of the United States. Seal of office. 7. (Sec. 330.) The Seal dcviscd by the Comptroller of the Currency for his offlce, and approved by the Secretary of the Treasury, shall continue to be the seal of office of the See act of Feb. Comptroller, and may be renewed when necessarv. A de- ls, 1875, correct- ... „ ' , • , . ■ ■ ^, j? j ing Eev. Stat, scription of the Seal, with an impression thereof, and a cer- tificate of approval of the Secretary of the Treasury, shall be filed in the office of the Secretary of State. Rooms, vanits, 8. (Sec. 331.) There shall be assigned from time to time, Bureau. ' ' to the Comptroller of the Currency, by the Secretary of the Treasury, suita ble rooms in the Treasury building for con ducting the business of the Currency Bureau, containing safe and secure fireproof vaults, in which the Comptroller shall deposit and safely keep aU the plates not necessarily in the possession of engravers or printers, and other valu- able things belonging to his Department ; and the Comp- troller shall from time to time furnish the necessary furniture, stationery, fuel, lights, and other proper conveniences for the transaction of the business of his office. Comptroller to 9. (Sec. 332.) The Comptroller of the Currency, in addi- Di^^ti of c" tion to the powers conferred upon him by law for the exaiu- lumbia. ination of national banks, is further authorized, whenever he may deem it useful, to cause examination to be made into the condition of any bank in the District of Columbia organized under act of Congress. "The Comptroller, at his discretion, may report to Congress the results of such ex- amination. The expense necessarily incurred in any such examination shall be paid out of any appropriation made by Congress for special bank examinations. 10. (Sec. 333.) The Comptroller of the Currency shall Annual report. piake an annual report to Congress, at the commencement is, is?*" oorrectl of its session, exhibiting — mgEev. stat. First. A summary of the state and condition of every condition of association from which reports have been received the pre- tiins"*^ associa. ceding year, at the several dates to which such reports refer, with an abstract of the whole amount of banking capital returned by them, of the whole amount of their debts and liabilities, the amount of circulating notes outstanding, and the total amount of means and resources, specifying the amount of lawful money held by them at the times of their several returns, and such other information in relation to such associations as, in his judgment, may be useful. Second. A statement of the associations whose business . closed aasocia- has been closed during the year, with the amount of their circulation redeemed and the amount outstanding. Third. Any amendment to the laws relative to banking ^-*;^j{*^^^|'^'J^*^^ by which the system may be improved, and the security of the holders of its notes and other creditors may be increased. Fourth. A statement exhibiting under appropriate heads '^^°d''k°°a''d the resources and liabilities and condition of the banks, bank- savings banks. ing companies, and savings-banks organized under the laws of the several States and Territories; such information to be obtained by the Comptroller from the reports made by such banks, banking companies, and savings-banks to the legisla- tures or officers of the different States and Territories, and, where such reports cannot be obtained, the deficiency to be supplied from such other authentic sources as may be available. Fifth. The names and compensation of the clerks em- pJ^^Jg^J^^^^jl^^^*^; ployed by him, and the whole amount of the expenses of the banking department during the year. 11. (Sec. 3811.1 When the annual report of the Comp- when report ^ mav- be printed. troUer of the Currency upon the national banks and banks seeact of reb. "under State and Territorial laws is completed, or while it is ^g^^. stoT"*" in process of completion, if thereb;y the business may be sooner dispatched, the work of printing shall be commenced, under the superintendence of the Secretary, and the whole shall be printed and ready for delivery on or before the first day of December next after the close of the year to which the report relates. CHAPTER TWO. ORGAXIZATIOX AND POWERS OF NATIONAL BANES. Formation of 12. (Sec. 5133.) Associations for carrying on the business national banking ^ ' t c associations. of banking under this Title may be formed by any number of natural persons, not less in any case than five. They Articles of as- shall cntet into articles of association, which shall specify iu general terms the object for which the association is formed, and may contain any other provisions, not inconsistent with law, which the association may see fit to adopt for the regu- lation of its business and the conduct of its affairs. These articles shall be signed by the persons uniting to form the association, and a copy of them shall be forwarded to the Comptroller of the Currency, to be filed and preserved in his office. Organization 13. (Sec. 5134.) The persons uniting to form such an association shall, under their hands, make an organization certificate, which shall specifically state : Name of asao- Fiist. The name assumed by such association; which name shall be subject to the approval of the Comptroller of the Currency. Place of bnsi- Sccoud. The place where its operations of discount and deposit are to be carried on, designating the State, Territory, or district, and the particular county and city, town, or village. Capital stock. Third. The amount of capital stock and the number of shares into which the same is to be divided. Shareholders. Fourth. The uamcs and places of residence of the share- holders and the number of shares held by each of them. flcat'e''"'* °* "*"''■ ^ift**- "^^^ f'^ct that the certificate is made to enable such piersons to avail themselves of the advantages of this Title. Aoknowiedg. 14. (Sec. 5135.) The organization certificate shall be mentoforganiza- , t j t i ^ . •■ tion certificate. acKnowtedgea Deiore a judge of some court, of record, or notary public; and shall be, together with the acknowledg- ment thereof, authenticated by the seal of such court, or notary, transmitted to the Comptroller of the Currency, who shall record and carefully preserve the same in his office. pow';?s7f°assVci' ^^- (^^^- ^^^^-^ ^P^° '^^^^y making and filing articles of ations. association and an organization certificate, the association ^^2 Abb., TT. s., shall become, as from the date of the execution of its organ- ization certificate, a body corporate, and as such, and in the name designated in the organization certificate, it shall have power — (8) First. To adopt and nse a corporate seal. seai. Second. To have succession for the periodof twenty years Succession. from its organization, unless it is sooner dissolved according issa, page 70. to the provisions of its articles of association, or by the act of its shareholders owning two-thirds of its stock, or unless its franchise becomes forfeited by some violation of law. Third. To make contracts. Contracte. Fourth. To sue and be sued, complain and defend, in any suits. court of law and [or] equity, as fully as natural persons. Fifth. To elect or appoint directors, and by its board of ^f^^^P^"^"*™™* 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 ofiQc^rs or any of them at pleasure, and appoint others to fill their places. Sixth. To prescribe, by its board of directors, by-laws Bylaws. not inconsistent with law, regulating the manner in which its stock shall be transferred, its directors elected or ap- pointed, its officers appointed, its property transferred, its general business conducted, and the privileges granted to it by law exercised and enjoyed. Seventh. To exercise by its board of directors, or duly iicWentaipow- authorized officers or agents, subject to law, all such inci- dental powers as shall be necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt ; by receiving deposits; by buying and selling exchange, coin, and bullion ; by loaning money on personal security; and by obtaining, issuing, and circulating notes according to the provisions of this Title. But no association shall transact any business except such when may com- ., T • .i - mence business. as is incidental and necessarily preliminary to its organiza- tion, until it has been authorized by the Comptroller of the Currency to commence the business of banking. 16. (Sec. 5137.) A national banking association may pur- reai^pi^Jperty*!"''^ chase, hold, and convey real estate for the following pur= poses, and for no others : First. Such as shall be necessary for its immediate accom- modation in the transaction of its business. Second. Such as shall be mortgaged to it in good faith by way of security for debts previou.sly contracted. Third. Such as shall be conveyed to it in satisfaction of debts previously contracted in the course of i.ts dealings. 10 Fourth. Such as it shall purchase at sales under judg- ments, decrees, or mortgages held by the association, or sliall purchase to secure debts due to iti tomOTt*»a'e8 &c '^'^^ °° ^^'^^ associatiou shall hold the possession of any re: il estate under mortgage, or the title and possession of any reiil estate purchased to secure any debts due to it, for a longer period than five years. Minimnm cap- L7. (Sbo. 5138.) No associatiou shall be organized under require . ^^^^ Title with a Icss Capital than one hundred thousand dollars; except that banks with a capital of not less than fifty thousand dollars may, with the approval of the Secre- taiy of the Treasury, be organized in any place the popula- tion of which does not exceed six thousand inhabitants. No association shall be organized in a city the population of which exceeds fifty thousand persons with a less capital than two hundred thousand dollars. Value and ig. (Sec. 5139.) The Capital stock of each associatiou Shall of stock. be divided into shares of ofie hundred dollars each, and be deemed personal property, and 'transferable on the books of the association in such manner as may be prescribed in biutfeslfpOTsins ^^^ by-la ws or articles of association. Every person becom- SsfOT*^^''''^ "^S ^ shareholder by such "transfer shall, in proportion to Van Allen ye. Ms sharcs, succeed to all the rights and liabilities of the Wall., 573^^°™' prior holder of such shares; and no change shall be made in the articles of association by which the rights, remedies, or security of the existing creditors of the association shall be impaired. stMk^muytJ ^^- (®^^" ^1*0.) At least fifty per centum of the capital Baid in and oerti- stock of cvery associatioii Shall be paid in before it shall be authorized to commence business; and the remainder of the capital stock of such association shall be paid in installments of at least ten per centum each, on the whole amount of the capital, as frequently as one installment at the end of each succeeding month from the time it shall be authorized by ■ the Comptroller of the Currency to commence business ; and the payment of each installment shall be certified to the Comptroller, under oath, by the president or cashier of the association. Proceedings if 20. (Seo. 5141.) Whenever any shareholder, or his as- to"pay*instaiNignee, fails to pay any installment, on the stock when the '"™*'' same is required by the preceding section to be paid, the directors of -such association may sell the stock of such 11 iJeliuquent shareholder at public auction, having given three weelis' previous notice thereof in a newspaper pub- lished and of general circulation in the city or county where the association is located, or if no newspaper is pub- lished in said ci^or county, then in a newspaper published nearest thei^i^o any person who will' pay the highest price thei^lror, to be not less than the amount then due thereon, with the expenses of advertisement and sale; and the excess, if any, shall be paid to the delinquent share-. liolder. If no bidder can be found who will pay for such stock the amount due thereon to the association, and the cost of advertisement and sale, the amount previously paid shall be forfeited to the association, and such stock shall be sold as the directors may order, within six months from the , time of such forfeiture, and if not sold it shall be canceled and deducted from the capital stock of the association. If caiiitai to be any such cancellation and reduction shall reduce the capital a.uc'.-d beiow of the association below the minimum of capital required by ™\v™ appointed! law, the capital stock shall, within thirty days from the date of such cancellation, be increased to the required amount; in •default of which a receiver may be appointed, according to sectiou 5142, the provisions of section fifty-two hundred and thirty -four, ^"^^ ^' to close up the business of the association. 21. (Sec. 5168.) Whenever a certificate is transmitted to ComptroUer u> the Comptroller of the Currency, as provided m this Title, oiation is entitled - , . . . .... ,, .„ ,, ,, to comnieuce and the association transmitting the same notifies the Comp- bnsinesa. troUer that at least fifty per centum of its capital stock has been duly paid in, and that such association has complied with all the provisions of this Title required to be complied with before an association shall be authorized to commence the business of banking, the Comptroller shall examine into the condition of such association, ascertain especially the amount of money paid in on account of its capital, the name and place of residence of each of its directors, and the amount of the capital stock of which each is the owner in good faith, and generally whether such association has com- plied with all the provisions of this Title required to entitle it to engage in the business of banking; and shall cause to i'®'"'''';^^^ ^"^ be made and attested by the paths of a majority of the di- actors, rectors, and by the president or cashier of the association, a statement of all the facts necessary to enable the Comp- troller to determine whether the association is lawfully en- titled to commence the business of banking. 12 Certiflcates of 22. (Sec. 5169.) If, uDOQ a careful examination of the authority to com- > / ? i ^ence^usiness, facts SO reported, and of any other facts which may coiae sued. to the knowledge of the Comptroller, whether by means of a special commission appointed by him for the purpose of inquiring into the coudition of such association, or other- wise, it appears that such association is lawfully entitled to commence the business of banking, the Comptroller shall give to such association a certificate, under his hand and official seal, that such association has complied with all the provisions required to be complied with before commencing the business of banking, and that such association is au- men cmtifl- thorizcd to commence such business. But the Comptroller cate of authoTiry maybe withheld, may withhold from an association his certificate authoriziug the commencement of business, whenever he has reason ro suppose that the shareholders have formed the same for any other than the legitimate objects contemplated by this Title. Publication of 23. (Seg. 5170.) The association shall cause the certifi- cate issued under the preceding section to be published in some newspaper printed in the city or county whore the association is located, for at least sixty days next after the Section 5171, issuiug thereof; or, if no newspaper is published in such city or county, then in the newspaper published nearest thereto. Increase of 24. (Sbc. 5142.) Any associatiou formed under this Title capi 8 oc !. Qjay, by its article.s of association, provide for an increase of its capital from time to time, as may be deemed expedient, subject to the limitations of this Title. But the maximum of such increase to be provided in the articles of associa- tion shall be determined by the Comptroller of the Cur- rency; and no increase of capital shall be valid until the whole amount of such increase is paid in, and notice thereof has been transmitted to the Comptroller of the Currency^ and his certificate obtained specifying the amount of such increase of capital stock, with his approval thereof, and that it has been duly paid in as part of the capital of such association. EeductioD of 25. (Sec. 5143.) Any associatiou formed under this Title capi a 8 oc . jj^^y^ ijy ^jjg yo(;e ^f shareholdcrs owning two-thirds of its. capital stock, reduce its capital to anj' sum not below the amount required by this Title to authorize the formation of associations ; but no such reduction shall be allowable which will reduce the capital of the association below the amount required for its outstanding circulation, nor shall any such reduction be made until the amount of the pro- 13 posed reduction has been reported to the Comptroller of the Currency and his approval thereof obtained. 26. (Sec. 5144.) In all elections of directors, and in de- nightsofabare. • T -,. ,. , ,. ,. y t 1 1 1 boldev3 toTOte at cidmg all questions at meetings ot shareholders, each elections. shareholder shall be entitled to one vote on each share of stock held by him. Shareholders may vote by proxies duly proxies. authorized in writing; but no ofiftcer, clerk, teller, or book- keeper of such association shall act as proxy; and no share- holder whose liability is past due and unpaid shall be allowed to vote. 27. (Sec. 5145.) The affairs of each association shall be dumber and managed by not less tban five directors, who shall be elected ^ie^t'»°»"ii^e''t- by the shareholders at a meeting to be held at any time before the association is authorized by the Comptroller of the Cur- rency to commence the business of banking ; and afterward at meetings to be held on such day in January of each year as is specified therefor in the articles of association. The directors shall hold office for one year, and until their sue- Term of office. cessors are elected and have qualified. 28. (Sec. 5146.) Every director must, during his whole QuaiifioatioM term ot service, be a citizen of the United States, and at ° '™° "'™' least three-fourths of the directors must have resided in the State, Territory, or District in which the association is lo- cated, for at least one year immediately preceding their elec- tion, and must be residents therein during their continuance in office. Every director must own, in his own right, at least ten shares of the capital stock of the association of which he is a director. Any director who ceases to be the owner of ten shares of the stock, or who becomes in any other manner disqualified, shall thereby vacate his place. 29. (Sec. 5147.) Each director, when appointed or elected, oatb required shall take an oath that he will, so far as the duty devolves on liim, diligently and honestly administer the affairs of such association, and will not knowingly violate, or willingly per- mit to be violated, any of the provisions of this Title, and that he is the owner in gQod faith, and in his own right, of the number of shares of stock required by this Title, sub- scribed by him, or standing in his name on the books of the association, and that the same is not hypothecated, or in any way pledged, as security for any loan or debt. Such oath, subscribed by the director making it, and certified by the officer before whom it is taken, shall be immediately trans- 14 mitted to the Comptroller of the Currency, and shall be filed and preserved in his Offlce'. Vacancies, 30. (Sec. 5148.) Any vacancy in the board Shall be filled how filled. ijy appointment by the remaining directors, and any director so appointed shall hold. his place until the next election. Piooeedings 31. (Sec. 5149.) If, from any cause, an election of direct- il''heM"on''*theOrs IS not made at tlie time appointed, the association shall proper day. ^^^ f^^^ ^.j^^j gj^ygg ^jg dissolved, but an election may be held on any subsequent day, thirty days' notice thereof in all cases having been given in a newspaper published in the city, town, or county in which the association is located; and if no newspaper is published in such city, town, or county, such notice shall be published in a newspaper published nearest thereto. If the articles of association do not fi,x the day on which the election shall be held, or if no election is held on the day fixed, the day for the election shall be des- ignated by the board of directors in their by-laws, or other- wise; or if the directors fail to fix the day, shareholders representing two-thirds of the shares may do so. The president 32. (Sec. 5150.) One of the directors, to be chosen by the must be a direct- ijjj^j,^^ Shall be the president of the board. indiridnai lia- 33. (Sec. 5151.) The Shareholders of every national bank- holders"^ ^''"^ ™g association shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such association, to the extent of the amount of their stock therein, at the par value thereof, in Exception as addition to the amount invested in such shares ; except that to^indiTiduai lia- shareholders of any banking association now existing under State laws, ha^dng not less than five millions of dollars of capital actually paid in, and a surplus of twenty per centum on hand, both to be determined by the Comptroller of the Currency, shall be liable only to the amount invested in their shares; and such surplus of twenty per centum shall be kept undiminished, and be in addition to the surplus provided for in this Title; and if at any time there is a deficiency in such surplus of twenty per centum, such association shall not pay any dividends to its shareholders until the deti- Kecoivei may <^i^i>*'5^ ^^ made good; and in case of such deficiency, the deBci'ency'inMir^ Comptroller of the Currency may compel the association to pinS' close its business and wind up its affairs under the pio- visions of Chapter four* of this Title. * Chapter five of this compilation. 15 34. (Sec. 5152.) Persons holding stock as executors, ad-^j.^^^^^o^tors^ ministrators, guardians, or trustees, shall not be personally personally liable. subject to any liabilities as stockholders ; but the estates and funds in their hands shall be liable in like manner and to the same extent as the testator, intestate, ward, or per- son interested in siich trust-funds would be, if living and competent to act and hold the stock in his own naine. 35. (Sec. 5153.) AU national banking associations, des- ,,i^t'?^**„'f™^„^|: ignated for that purpose by the Secretary of the Treasury, *ated^aB'"depoai- shall be depositaries of public money, except receipts froint*"e8 of puwio customs, under such regulations as may be prescribed by the Secretary ; and they may also be employed as financial agents of the Government; and they shall perform all such reasonable duties, as depositaries of public moneys and financial agents of the Government, as may be required ot them. The Secretary of the Treasury shall require the as- sociations thus designated to give satisfactory security, by the deposit of United States bonds and otherwise, for the safe- keeping and prompt payment of the public money deposited with them, and for the faithful performance of their duties as financial ageiits of the Government. And every association so designated as receiver or depositary of the public money shall take and receive at par all of the national currency bills, by whatever association issued, which have been paid into the Government for internal revenue, or for loans or stocks. 36. (Sec. 5154.) Any bank incorporated by special law, or ^Organizationof any banking institution organized under a general law of national banking .. ,,. associations. any State, may become a national association under this Title by the name prescribed in its organization certificate; and in such case the articles of association and the organ- ^^°^^ "^ p™" ization certificate may be executed by a majority of the directors o^ the bank or banking institution; and the cer- tificate shall declare that the owners of two-thirds of the capital stock have authorized the directors to make sucli certificate, and to change and convert the bank or banking- institution into a national association. A majority of the directors, after executing the articles of association and or- ganization certificate, shall have power to execute all other papers, and to do whatever may be required to make its organization perfect and complete as a national association. The shares of any such bank may continue to be for the siiares ana same amount each as they were before the conversion, and Eank'^lfter oon'^ the directors mav continue to be the directors of the asso- '^®'^*"*"- 16 ciation until others are elected or appointed in accordance with the provisions of this chapter; and any State bank which is a stockholder in any other bank, by authority of State laws, may continue to hold its stock, although either bank, or both, may be organized under and have accepted To have the the provisious of this Title. When the Comptroller of the biuties, &c.', aa Ourreucy has given to such association a certificate, under sociatlons."* ^ Ms hand and official seal, that the provisions of this Title have been complied with, and that it is authorized to com- mence the business of banking, the association shall have the same powers and privileges, and shall be subject to the same duties, responsibilities, and rules, in all respects, as are prescribed for other associations originally organized as national banking associations, and shall be held and re- Minimtim cap- garded as such an association. But no such association shall have a less capital than the amount prescribed for associations organized under this Title. haTto*hr^^ohes^ ^'^- i^^^- 5155-) It Shall be lawful for any bank or bank- ing association, organized under State laws, and having branches, the capital being joint and assigned to and used by the mother-bank and branches in definite j)rbportions, to become a national banking association in conformity with ex- isting laws, and to retain and keep in operation its branches, or such one or more of them as it may elect to retain; the amount of the circulation redeemable at the mother-bank, and each branch, to be regulated by the amount of capital assigned to and used by each. Eeservation of ^^- (Sec. 5156.) Nothing in this Title shall affect any ap- tions^ organlzid polutmcnts made, acts done, or proceedings had or com- «nderactofi863. jQg^gefj prior to the third daj' of June, eighteen hundred and sixty-four, in or toward the organization of any na- tional banking association under the act of February twenty-five, eighteen hundred and sixty- three; but all asso- ciations which, on the third day of June, eighteen hundred and sixty-four, were organized or commenced to be organ- ized under that act, shall enjoy all the rights and privileges granted, and be subject to all the duties, liabilities, and restrictions imposed by this Title, notwithstanding all the steps prescribed by this Title for the organization of asso- ciations were not pursued, if such associations were duly organized under that act. 17 CHAPTER THREE. OBTAINING AND ISSUING CIRCULATING NOTES. 39. (Sec. 5157.) The provisions of chapters two, three, ,. "wii** aasooia- V / X- L 7 7 tions are gov- and four* of this Title, which are expressed without restrict- ?™ed by cEap- ' "^ ■ ters 2, 3, and 4 of ive words, as applying to " national banking associations," tMs Title.* or to " associations," apply to all associations organized to carry on the business of banking under any act of Congress. 40. (Sec. 5158.) The term "United States bonds," as trnited states used throughout this chapter, shall be construed to mean *™** defined. registered bonds of the United States. 41. (Sec. 5159.) Every association, after having complied tr. s. bonds to .., ,\ . . „ ,. ™,.., ,.' . , be deposited ba- with the provisions oi this Title, xireliminary to the com- fore commencing mencement of the banking business, and before it shall be see act of June authorized to commence banking business under this Title, pagese.'*"*'""*' shall transfer and deliver to the Treasurer of the United States any United States registered bonds, bearing interest, seeaot July 12, '' , " ! s> ) ]^g82, section 8, to an amount not less than thirty thousand dollars and not page 74. less than one- third of the capital stock paid in. Such bonds shall be received by the Treasurer upon deposit, and shall be by him safely kept in his oflBce, until they shall be otherwise disposed of, in pursuance of the provisions of this Title. 42. (Sec. 5160.) The deposits ofbonds made by each asso- Bonds to be in- elation shall be increased as its capital may be paid up or in- crease of capital. creased, so that every association shall at all times have on g^eact jni 12 deposit with the Treasurer registered United States bonds to i^^^, section s, the amount of at least one- third of its capital stock actually paid in. And any association that may desire to reduce its May be dimin- .. ■, , .... 1 T. 1 .i . ■■ Isheduponrednc- capital or close up its business and dissolve its organization, tion of capital. may take up its bonds upon returning to the Comptroller its ^'"^'*' circulating notes in the proportion hereinafter required, or may take up any excess of bonds beyond one-third of its capital stock, and upon which no circulating notes have been delivered. 43. (Sec. 5161.) To facilitate a compliance with the two Exchange of \ ' ^ ^ coupon for reg- preceding sections, the Secretary of the Treasury is author- istered bonds, ized to receive from any association, and cancel, any United States coupon bonds, and to issue in lieu thereof registered bonds of like amount, bearing a like rate of interest, and having the same time to run. * Chapters three, four and five of this compilatioD. 2761—2 18 Transfer of 44. (Sec. 5162.) All transfers of United States bonds, bonds to and by ^ ' ■ ' *■ j.i • tt+i Treasnrer. made by any association under the provisions ot tins line, shall be made to the Treasurer of the United States in trust for the association, with a memorandum written or printed on each bond, and signed by the cashier, or some other officer of the association making the deposit. A receipt shall be given to the association, by the Comptroller Of the Currency, or by a clerk appointed by him for that purpose, stating that the bond is h«ld in trust for the association on whose behalf the transfer is made, and as security for the redemption and payment of any circulating notes that have been or may be delivered to such association. Xo assign- ment or transfer of any such bond by the Treasurer shall be deemed valid unless countersigned by the Comptroller of the Currency. Begistry of 45. (Sec. 5163.) The Comptroller of the Currency shall keep in his office a book in which he shall cause to be en- tered, immediately upon countersigning it, every transfer or assignment by the Treasurer, of any bonds belonging to a national banking association, presented for his signature. He shall state in such entry the name of the association from whose account the transfer is made, the name of the party to whom it is made, and the par value of the bonds trans- ferred. Notice of trans- 46. (Sec. 5164.) The Comptroller of the Currency shall, fer to be givento . i-xi ^ • • -, , . „ association. immediately upon countersigning and entering any transfer or assignment by the Treasurer, of any bonds belonging to a national banking association, advise by mail the association from whose accounts the transfer is made, of the kind and numerical designation of the bonds, and the amount thereof so transferred. Comptroller to 47. (Sec. 5165.) The Comptroller of the Currency shall llfliVB S0C6S8 to 1 It ' T • /v-» bonds, ^^an^^^ to have at all times, during ofiQce-hours, access to the books of nrer. the Treasurer of the United States for the purpose of ascer- taining the correctness of any transfer or assignment of the bonds deposited by an association, presented to the Comp. Treasurer to trollcr to Countersign ; and the Treasurer shall have the like have aooesB to ^ j.i i_ 1 . . , ^ • o.^ boots of Comp- access to the book mentioned m section fifty-one hundred and sixty- three, during offlce-hours, to ascertain the correct- ness of the entries in the same ; and the Comptroller shall also at all times have access to the bonds on deposit with the Treasurer, to ascertain their amount and condition. 19 48. (Sec. 5166.) Erery association having bonds depos- ijj^o°"^f ^^"j ited in the office of the Treasurer of the United States shall, i>y associations. once or oftener in each fiscal year, examine and compare the bonds pledged by the association with the books of the Comptroller of the Currency and with the accounts of the association, and, if they are found correct, to execute to the Treasurer a certificate setting forth the different kinds and the amounts thereof, and that the same are in the possession and custody of the Treasurer at the date of the certificate. Such examination shall be made at such time or times, dhr- ing the ordinary business hours, as the Treasurer and the Comptroller, respectively, may select, and may be made by an officer or agent of such association, duly appointed in writing for that purpose; and his certificate before men- tioned shall be of like force and validity as if executed by the president or cashier. A duplicate of such certificate, signed by the Treasurer, shall be retained by the association. 49. (Sec. 5167.) The bonds transferred to and deposited Bonds to be with the Treasurer of the United States, by any association, circulation. for the security of its circulating notes, shall be held exclu- sively for that purpose, until such notes are redeemed, except as provided in this Title. The Comptroller of the interest on Currency shall give to any such association powers of attor- lectot'. "^ ney to receive and appropriate to its own use the interest on the bonds which it has so transferred to the Treasurer; but such powers shall become inoperative whenever such asso- ciation fails to redeem its circulating notes. Whenever the if bonds depre- market or cash value of any bonds thus deposited with the be^increlsea? *° Treasurer is reduced below the amount of the circulation issued for the same, the Comptroller may demand and re- ceive the amount of such depreciation in other United States bonds at cash value, or in money, from the association, to be depbsited with the Treasurer as long as such deprecia- tion continues. And the Comptroller, upon the terms pre- Exchange of scribed by the Secretary of the Treasury, may i)ermit an '"""'^■ exchange to be made of any of the bonds deposited with the Treasurer by any association for other bonds of the United States authorized to be received as security for circulating- notes, if he is of opinion that such an exchange can be made without prejudice to the United States; and he may direct Retnmofbonds the return of any bonds to the association which transferred oS^ouSn. the same, in sums of not less than one thousand dollars, upon 20 the surrender to him and the caucellation of a proportion - wUMrawa™ of^*® amount of such circulating notes: Provided, That the tonds. remaining bonds which shall have been transfe,rred by the 20, mtleS'l! association offering to surrender circulating notes are equal page 66. ^^ ^^^ amount required for the circulating notes not surren- dered by such association, and that the amount of bonds in the hands of the Treasurer is not diminished below the amount required to be kept on deposit with him, and that there has been no failure by the association to redeem its circulating notes, nor any other violation by it of the pro- Sections 5168, visions of this Title, and that the market or cash value of 5169, and 5170, , . , , , , , ■ j ^ pages 11 and 12. the remaining bonds is not below the amount required for J the circulation issued for the same. Deiiveryof oir- 50. (Seo. 5171.) Upon a dcposit of bouds as prescribed cnlatmg notes to ^ ' -, -T t n n ■ -i ae associations. by sectious flfty-onc hundred and nrty-nme and nttyone hundred and sixty, the association making the same shall be entitled to receive from the Comptroller of the Currency Modified by Circulating notes of different denominations, in blank, regis- seotion^ic?' pl^g4 tcred and countersigned as hereinafter provided, equal in ^^' ' amount to ninety per centum of the current market-value of the United States bonds so transferred and delivered, but not exceeding ninetj' per centum of the amount of the boinds at the par value thereof, if bearing interest at a rate not less of^t^^'-'i^^P'^^^than five per centum per annum: Provided, That the amount notes issued, of circulating notcs to be furnished to each association shall be in proportion to its paid-up capital, as follows, and no more: First. To each association whose capital does not exceed five hundred thousand dollars, ninety per centum of such capital. Repealed by Sccoud. To cach association whose capital exceeds five section 10, act, ,,., •■,,, , , July 12, 1882, hundred thousand dollars, but does not exceed one million ^ ^* ■ of dollars, eighty per centum of such capital. Third. To each association whose capital exceeds one mill- ion of dollars, but does not exceed three million [s] of dol- lars, seventy-five per centum of such capital. Fourth. To each association whose capital exceeds three millions of dollars, sixty per centum of such capital. Form, denomi- 51. (Sec. 5172.) In order to furnish suitable notes for cir- prmtingo^ciron-culation, the Comptroller of the Currency shall, under the ating notes. direction of the Secretary of the Treasury, cause plates and dies to be engraved, in the best manner to guard against 21 counterfeiting and fraudulent alterations, and shall have' piinted therefrom, and numbered, such quantity of circulat- ing notes, in blank, of the denominations of one dollar, two dollars, three dollars, five dollars, ten dollars, twenty dollars, fifty dollars, one hundred dollars, five hundred dollars, and one thousand dollars, as may be required to supply the as- sociations entitled to receive the same. Such notes shall express upon their face that they are secured by United States bonds, deposited with the Treasurer of the United States, by the written or engraved signatures of the Treas- urer and Eegister, and by the imprint of the seal of the Treasury ; and shall also express upon their face the prom- ise of the association receiving the same to pay on demand, attested by the signatures of the president or vice-presi- dent and cashier ; and shall bear such devices and such other statements, and shall be in such form, as the Secretary of the Treasury shall, by regulation, direct. 52. (Sec. .5173.) The plates and. special dies to be pro- control of \ ' r f r plates and dies, cured by the Comptroller of the Currency for the printing |nd expenses of of such circulating notes shall remain under his control and direction, and the expenses necessarily incurred in executing ad^jnne 2o°i874' the laws respecting the procuring of such notes, and ^.11 gage |5.^ajd sec- other expenses of the Bureau of the Currency, shall be paid 12, 1882, page 7i. out of the proceeds of the taxes or duties assessed and col- lected on the circulation of national banking associations under this Title. 53. (Sec. 5174.) The Comptroller of the Currency shall ^^^-^'^^'J ef^m- cause to be examined, each year, the plates, dies, but-pieces, ^^^' *"• [bed-pieces,] and other material from which the national- bank circulation is printed, in whole or in part, and file in his OflBce annually a correct list of the same. Such mate- Certain print- rial as shall have been used in the printing of the notes of SIteoyld. associations which are in liquidation, or have closed busi- ness, shall be destroyed under such regulations as shall be prescribed by the Comptroller of the Currency and approved by the Secretary of the Treasury. The expenses of any such examination or destruction shall be paid out of any appro- priation made by Congress for the special examination of national banks and bank note plates. 54. (Sec. 5175.) Not more than one-sixth part of the notes issue of notes * ' ^ under five dol furnished to any association shall be of a less denomination lars. limited. than five dollars. After specie payments are resumed no 75, ■22 association shall be furnished with notes of a less denomi- nation than five dollars. oP"e''itaiS ^3- (®^^- ^1"^®-) ^^ banking association organized subse- tonk£umited\oquent to the twelfth day of July, eighteen, hundred and sev- Eepeaied ty entv, shall have a circulation in excess of five hundred thou- aoD July 12, 1882, •' ' section 10, page sand dollars. Aggregate 56. (Sbc.5177.) The aggregate auiountof circulating notes Sgnofes"'"""" issued Under the act of February twenty-five, eighteen hun- actTn-^itisvC dred an d sixty-three, and under the act of June three, eighteen sec. 3, page 60. j^^jj^^.^^ ^j^^ sixty-four, and under section one of the act of July twelve, eighteen hundred and seventy, and under this Title, shall not exceed three hundred and fifty-four millions of dollars. Apportionment 57. (Seo. 5L78.) One hundred and fifty millioiis of doUars notes."" ^ "'^of the entire amount of circulating notes authorized to be act Jail. 14, 1875, Issucd Shall bc apportioned to associations in the States, in sec. 3, page 60. ^^^ Territories, and in the District of Columbia, according to representative population. One hundred and fifty mill- ions shall be apportioned by the Secretary of the Treasury among associations formed in the several States, in the Territories, and in the District of Columbia, having due re- gard to the existing banking capital, resources, and busi- ness of such States, Territories, and District. The remain- ing fifty-four millions shall be apportioned among associa- tions in States and Territories having, under the apportion- ments above jirescribed, less than their full proportion of the aggregate amount of notes authorized, which made due application for circulating notes prior to the twelfth day of July, eighteeu hundied and seventy-one. Any remainder of such fifty-four millions shall be issued to banking associ- ations applying for circulating notes in other States or Ter- ritories having less than their proportion. dift?ita t i ol ' of 5^- i^^^- 5179.) In order to secure a more equitable dis- "'&f erSd'by tribution of the national banking currency, there may be act An. w, 1875, issued circulating notes to banking associations organized in sec. 3, page 60. „ ;? es States and Territories having less than their proportion, and the amount of circulation herein authorized shall, under the direction of the Secretary of the Treasury, as it may be required for this purpose, be withdrawn, as herein provided, from banking associations organized in States having more See act of June than their proportion, but the amount so withdrawn shall not 20, 1874, section 7, , , , „ .,,. , ,, .r. ., , ™ page 57. excecd twenty-five million dollars ; Provided, That no cir- 23 culation shall be withdrawn under the provisions of this section until after the fifty-four millions granted in the first section of the act of July twelfth, eighteen hundred and seventy, shall have been taken up. 59. (Sec. 5180.) The Comptroller of the Currency shall, Method of gro- under the direction of the Secretary of the Treasury, make drawing excess a statement showing the amount of circulation in each State „ ^ ' ' ° See actor Jan, and Territory, and the amount necessary to be withdrawn w, i875 section 3, from each association, and shall forthwith make a requisition for such amount upon such associations, commencing with those having a circulation exceeding one million of dollars, in States having an excess of circulation, and withdrawing their circulation in excess of one million of dollars, and then proceeding proportionately with other associations having a ^ circulation exceeding three hundred thousand dollars, in States having the largest excess of circulation, and reduc- ing the circulation of sucb associations in States having the greatest proportion iu excess, leaving undisturbed the asso- ciations in States havang a smaller proportion, until those in greater excess have been reduced to the same grade, and continuing thus to make such reductions until the full amount of twenty-flve millions has been withdrawn ; and the circulation so withdrawn shall be distributed among the States and Territories having less than their proportion, so as to equahze the same. Upon failure of any association saie of tonds to return the amount of circulating notes so required, within Mso°iatio^t*o re' one year, the Comptroller shall sell at public auction, hav- *"™ ^°^^' ing given twenty days' notice thereof in one daily news- paper printed in Washington and one in New York City, an amount of the bonds deposited by that association as se- curity for its circulation, equal to the circulation required to be withdrawn from the assooiaticm and not returned in compliance with such requisition; and he shall, with the proceeds, redeem so many of the notes of such association, as they come into the Treasury, as will equal the amount required and not returned; and shall pay the balance, if any, to the association. 60. (Sec. 5181.) Any association located in any State Eemovai of , . .t *. J.' ^ • 1 J.. 1 associations from having more than its proportion ol circulation may be re- state having an -. . Oi J. 1 • 1 J.-U 'J. J-' J} • excess of circula- moved to any State having less than its proportion of cir- tiontoonehaving culation, under such rules and regulations as the Comp- ^ sef aonfjaii. troller of the Currency, with the approval of the Secretary ptg|^|;.^*°*''"'*' 24 of the Treasury, shall prescribe : Provided, That the amount of the issue of said banks shall not be deducted from the issue of fifty-four millions mentioned in section five thou- sand one hundred and seventy-eight, circulating 61. (Sec. 5182.) After any association receiving circulat- "efeenrdbySing notcs under this Title has caused its promise to pay ciatione. ^^^^ j^^^^^g ^^ demand to be signed by the president or vice- president and cashier thereof, in such manner as to make them obligatory promissory notes, payable on demand, at its place of business, such association may issue and circu- For what de- late the same as money. And the same shall be received reoehfedf ^^ ** at par in all parts of the United States in payment of taxes, excises, public lands, and all other dues to the United States, except duties on exports; and also for all salaries and other debts and demands owing by the United States to individuals, corporations, and associations within the United States, except interest on the public debt, and in redemption of the national currency. Issue of other 62. (Sec. 5183.) No national banking association shall notes prohibited. . .^^ ., ^ ^ • i ^ j SeeaotofFeb. issue post-notes or any Other notes to circulate as oioney ing''Eev.''suts!^*li^'^ ^^^^ ^^ ^^® authorized by the provisions of this Title. page 63. ■ ' Merchants' Bant vs. State Bank, 10 Wall. 604. re?iMta7"wora* ^^- (^^^- ^l^*") ^^ ^^^^^ ^^ *^^ ^^^^ "^ ^^® Comptroller notes'^™"''^**^'**^^*^® Currency to receive worn-out or mutilated circulating notes issued by any banking association, and also, on due proof of the destruction of any such circulating notes, to deliver in place thereof to the association other blank circu- lating notes to an equal amount. Such worn-out or muti- lated notes, after a memorandum has been entered in the proper books, in accordance with such regulations as may be established by the Comptroller, as well as all circulating notes which shall have been paid or surrendered to be can- of^nne 23,^1874! cclcd, shali bc burned to ashes in presence of four persons, page 59. qjj^q ^0 be appointed by the Secretary of the Treasury, one by the Comptroller of the Currency, one by the Treasurer of the United States, and one by the association, under such regulations as the Secretary of the Treasury may pre- scribe. A certificate of such burning, signed by the parties so appointed, sb all be made in the books of the Comptroller, and a duplicate thereof forwarded to the association whose notes are thus canceled. as^SioSs'" for 64. (Sec. 5185.) Associations may be organized in the not^s."^ sold- manner prescribed by this Title for the purpose of issuing 25 lATinaif n-f ct.nv TTriif Afl 1880, page 69. notes payable in gold; and upon the deposit of any United iofo®*"*^e*J^- * States bonds bearing interest payable in gold with the Treasurer of the United States, in the manner prescribed for other associations, it shall be lawful for the Oomi)troller of the Currency to issue to the association making the deposit circulating notes of different denominations, but ^^j^^^oj^J^^^Ji^"* none of them of less than five dollars, and not exceeding ""tea, ^smd ^ratw in amount eighty per centum of the par value of the bonds posited. deposited, which shall express the promise of the associa- tion to pay them, upon presentation at the office at which they are issued, in gold coin of the United States, and shall be so redeemable. But no sucli association shall have a Maximum cir- circulation of more than one million of dollars. see a«t of Jan. 65. (Sec. 5186.) Every association organized under the EeBorvTie- preCeding section shall at all times keep on hand not less ^^^^ "f "gg^^ than twenty -five per centum of its outstanding circulation, ^™'^^- in gold or silver coin of the United States ; and shall receive at par in the payment of debts the gold-notes of every other Gold-notes to be such association which at the time of such payment is t^airioid-^anl^^ redeeming its circulating notes in gold coin of the United States, and shall be subject to all the provisions of this Title : Provided, That, in applying the same to associations organized for issuing gold-notes, the terms " lawful money" " l a w f n i and "lawful money, of the United States" shall be construed ^n^riMk. °^ to mean gold or silver coin of the United States ; and the circulation of such association shall not be within the limi- Section 5i87,. page 46. tation of circulation mentioned in this Title. 66. (Sec. 5188.) It shall not be lawful to design, engrave, penaityforimi- print, or in any manner make or execute, or to utter, issue, bS;^notes!'&S^" distribute, circulate, or use, any business or professional card, notice, placard, circular, hand-bill, .or advertisement, in the likeness or similitude of any circulating note or other obligation or security of any banking association organized or acting under the laws of the United States which has been or may be issued under this Title, or any act of Con- gress, or to write, print, or otherwise impress upon any such note, obligation, or security any business or professional card, notice or advertisement, or any notice or advertisement of any matter or thing whatever. Every person who vio- lates this section shall be liable to a penalty of one hundred dollars, recoverable one-half to the use of the informer. 26 PenaUy for 67. (Sec. 5189.) Every person who mutilates, cuts, de- riouiV-'blSkfaces, disfigures, or perforates witt holes, or unites or ce- ootes, &0. ments together, or does any other thing to any bank-bill, draft, note, or other evidence of debt, issued by any national banking association, or who causes or procures the same to be done, with intent to render such bank-bill, draft, note, or other evidence of debt unfit to be re-issued by said associa- tion, shall be liable to a penalty of fifty dollars, recoverable by the association. CHAPTER POTJE. REGULATION OF THE BANKING BUSINESS. Place of busi- 68. (Sec. 5190.) The usual business of each national "T" T, . .banking association shall be transacted at an office or B™k !*■ w*^^ banking-house located in the place specified in its organiza- «"*■ ' ' tion certificate. Eequirements 69. (Sec. 5191.) Every national banking association in money res^e^e" either of the foUowiug cities: Albany, Baltimore, Boston, 2ofmrse'SionT Cincinnati, Chicago, Cleveland, Detroit, Louisville, Milwau- i)age55. ]jgg^ 'Sew Orlcaus, Xew York, Philadelphia, Pittsburgh, Saint Louis, San Francisco, and Washington, shall at all times have on hand, in lawful money of the United States, an amount equal to at least twenty-five per centum of the ag-_ gregate amount of its notes in circulation and its deposits ; and every other association shall at all times have on hand, in lawful money of the United States, an amount equal to at least fifteen per centum of the aggregate amount of its Noioausordivi- uotes iu Circulation, and of its deposits. Whenever the law- ^hie reserTO^Is fill moucy of any association in any of the cities named shall iieiow limit. ^jg below the amouut of twenty-five per centum of its circu- lation and deposits, and whenever the lawful money of any other association shall be below fifteen per centum of its cir- see act July 12, culation and deposits, such association shall not increase its 1882, section 12, . page 76. liabilities by making any new loans or discounts otherwise than by discounting or purchasing bills of exchange payable at sight, nor make any dividend of its profits until the re- quired proportion, between the aggregate amount of its out- standing uotes of circulation and deposits and its lawful money of the United States, has been restored. And the Comptroller of the Currency may notify any association, whose lawful-money reserve shall be below the amount above 27 required to be kept on hand, to make good such reserve ; and if such association shall fail for thirty days thereafter Keoeiver may so to make good its reserv'^e of lawful money, the Comptroller faiiure''to '^make may, with the concurrence of the Secretary of the Treasury, ^°° appoint a receiver to wind up the business of the association, ' as provided in section hfty-two hundred and thirty-four. 70. (Sec. 5192.) Three iifths of the reserve of fifteen per Eedemption centum required by the preceding section to be kept, maypo'r|'i„^ofP™- consist of balances due to an association, available for the be'^kl^there?^^ redemption of its circulating notes, from associations ap- see act of June ^ o ; '^20, 1874, section 3, proved by the Comptroller of the Currency, organized under page 55. the act of June three, eighteen hundred and sixty-four, or under this Title, and doing business in the cities of Albany, Baltimore, Boston, Charleston, Chicago, Cincinnati, Cleve- land, Detroit, Louisville, Milwaukee, Kew Orleans, New York, Philadelphia, Pittsburgh, Eichmoud, Saint Louis, San Francisco, and Washington. Clearing-house certifl- clearing-house cates, representing specie or lawful money specially depos- deemed lawful ited for the purpose, of any clearing-house association, shall '"™®''' also be deemed to be lawful money in the possession of any association belonging to such clearing-house, holding and owning such certificate, within the preceding section. 71. (Sec. 5193.) The Secretary of the Treasury may re- u. s. oertia- ceive United States notes on deposit , without interest, from may^ be issued, ,. Ill' • ' j_' • /. j_ 1 j_i and may count as any national banking associations, in sums of not less than reserve, ten thousand dollars, and issue certificates therefor in such form as he may prescribe, in denominations of not less than ^ve thousand dollars, and payable on demand in United States notes at the place where the deposits were made. The notes so deposited shall not be counted as part of the lawful-money reserve of the association ; but the certificates issued therefor may be counted as part of its lawful-money reserve, and may be accepted in the settlement of clearing- house balances at the places where the deposits therefor were made. 71i. (Sec. 5194.) The power conferred on the Secretary of Limitation up- the Treasury, by the preceding section, shall not be exercised certificates of de- so as to create any expansion or contraction of the currencj'. ^''^'*' And United States notes for which certificates are issued under that section, or other United States notes of like amount, shall be held as special deposits in the Treasury, and used only for redemption of such certificates. 28 Agents for re- 73. (Sec, 5195.) Each association Organized in any of the c3n™notes to cities named in section iifty-one hundred and ninety-one ^^SeSof June ®^^'^ Select, Subject to the approval of the Comptroller of the 2M874, section 3, Currency, an association in the city of ^ew York, at which it will redeem its circulating notes at par ; and may keep one- half of its lawful-money reserve in cash deposits in the city of New York. But the foregoing provision shall not apply to associations organized and located in the city of San Francisco for the purpose of issuing notes payable in gold. Each association notorganized within the cities named, shall select, subject to the approval of the Comptroller, an asso- ciation in either of the cities named, at which it will redeem its circulating notes at par. The Comptroller shall give public notice of the names of the associations selected, at which redemptions are to be made by the respective asso- ciations, and of any change that may be made of the associa- tion at which the notes of any association are redeemed. Eeceiver may Whenever any association fails either to make the selection oe appointed for . , . , . . , „ failure to redeem or to redeem its uotcs as aforesaid, the Comptroller of the notes. r^ . . . „ Currency may, upon receiving satisfactory evidence thereof, appoint a receiver in the manner provided for in section fifty -two hundred and thirty-four, to wind up its affairs. But this section shall not relieve any association from its liability to redeem its circulating notes at its own counter, at par, in lawful money on demand. to^race^*^''note^ ^^' (^^^- ^^^^O Every national banking associatiou formed of Si%'ther''n^or existing under this Title, shall take and receive at par. tional banks. /» ti..i.».,.. . r 7 for any debt or liability to it, any and all notes or bills is- sued by any lawfully organized national banking association. But this provision shall not apply to auy association organ- ized for the purpose of issuing notes payable in gold. up^n^rile'of"!!.' ^^" ^^^^' ^^^'^'^ ^^^ associatiou may take, receive, re- terestwhichmay serve, and charge on auy loan or discount made, or upon %iff"any vs. ^^y ^^^te, bill of exchange, or other evidences of debt, inter- ff^^i^tu^rit^i^est at the rate allowed by the laws of the State, Territory, Wall., 409. or district where the bank is located, and no more, except that where by the laws of any State a, different rate is lim- ited for banks of issue organized under State laws, the rate so limited shall be allowed for associations organized or existing in any such State under this Title. When no rate is fixed by the laws of the State, or Territory, or district, the bank may take, receive, reserve, or charge a rate not exceed- 29 ing seven per centum, and such interest may be taken in advance, reckoning the days from which the note, bill, or other evidence of debt has to run. And the purchase, dis- The puiciiaae 'or discoant of count, or sale of a bona-nde bill of exchange, payable at wiuof exchange, - not usury. another place than the place of such purchase, discount, or sale, at not more than the current rate of exchange for sight-drafts in addition to the interest, shall not be consid- ered as taking or receiving a greater rate of interest. 76. (Sec. 5198.)* The taking, receiving, reserving, or charg- Penalty for ing a rate of interest greater than is allowed by the pre- interest. ceding section, when knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which has been agreed to be paid thereon. In case the greater rate of interest has lieen paid, the person by whom it has been paid, or his legal Tcpresentatives, may recover back, in an action in the na- ture of an action of debt, twice the amount of the interest thus paid from the association taking or receiving the same; provided such action is commenced within two years from the time the usurious transaction occurred. 77. (Sec. 5199.) The directors of any association may, Dividenda and isemi-annually, declare a dividend of so much of the net ^"^"^ "^ *" ' profits of the association as they shall judge expedient; but «ach association shall, before the declaration of a dividend, ank8. tion proposing to close its business has been made, the bonds deposited by the association to secure payment of its notes shall be re-assigned to it, in the manner prescribed by sec- tion lifty-one hundred and sixty -two. And thereafter the Notes to be re- association and its shareholders shall stand discharged from ury. all liabilities upon the circulating notes, and those notes shall be redeemed at the Treasury of the United States. Antl if any such bank shall fail to make the deposit and take Proceedings up its bonds for thirty days after the expiration of the timeKarto^'aepo'sS specified, the Comptroller of the Currency shall have power *see a™°of Feb to sell the bonds pledged for the circulation of said bank, at !"• '17°. correot- ^ " ' mg Eev. stats., public auction in New York City, and, after providing, for page ss. the redem])tiou and cancellation of said circulation, and the necessary expenses of the sale, to i)ay over any balance remaining to the bank or its legal representative. 104. (Sec. 5225.) Whenever the Treasurer has redeemed Destraotion. of any of the notes of an association which has commenced to see act of June close its affairs under the six [five] preceding sections, he ^'' ^*^*' i"'"® ^^• shall cause the notes to be mutilated and charged to the redemption account of the association; and all notes so redeemed by the Treasurer shall, every three months, be certified to and burned in the manner prescribed in section fifty-one hundred and eighty-four. 105. (Sec. 5226.) Whenever any national banking asso- Mode of pro- ciation fails to redeem in the lawful money of the United States any of its circulating notes, upon demand of payment duly made during the usual hours of business, at the ofiflce of such association, or at its designated place of redemption, seeaotof June the holder may cause the same to be protested, in one pack- page 56.^*"''"'° ' age by a notary public, unless the president or cashier of the association whose notes are presented for payment, or the president or cashier of the association at the place at which they are redeemable offers to waive demand and notice of the ijrotest, and, in pursuance of such offer^ makes, signs, and delivers to the party making such demand an admission in writing, stating the time of the demand, the amount demanded, and the fact of the non-payment thereof. The 38 notary public, on making such protest, or upon receiving such admission, shall forthwith forward such admission or notice of protest to the Comptroller of the Currency, retain- ing a copy thereof. If, however, satisfactory proof is pro- duced to the notary public that the payment of the notes demanded is restrained by order of any court of competent on?y*''o™*'s*aSlJ^'^''^^*^*'^°; ^® shall not protest the same. When the "'^y- holder of any notes causes more than one note or package to be protested on the same day, he shall not receive pay for more than one protest. by^sl)™4"tge2t' 1^^- (^^<^- 5227.) On receiving notice that any national protest""""^ "^banking association has failed to redeem any of its circu- lating notes, as specified in the preceding section, the Cotap- troller of the Currency, with the concurrence of the Secre- tary of the Treasury, may appoint a special agent, of whose appointment immediate notice shall be given to such asso- ciation, who. shaU immediately proceed to asct^rtaiu whether it has refused to pay its circulating notes in the lawful money of the United States, when demanded, and shall bonSsf""™ "* report to the Comptroller the fact so ascertained. If from such protest, and the report so made, the Comptroller is satisfied that such association has refused to paj its circu- lating notes and is in default, he shall, within thirty days after he has received notice of such failure, declare the bonds deposited by such association forfeited to the United States, and they shall thereupon be so forfeited. ^ AsTOciatimnot jQrj (gjjc. 5228.) After a default on the part of an asso- protest""*'™ "^ciation to pay any of its circulating notes has been ascer- see act of Feb. taiued by the Comptroller, and notice thereof has been given ink Ker. Scats., by him to the associatiou, it shall not be lawful for the asso- ^"■^^ ■ ciatiou suffering the same to pay out any of its notes, dis- count any notes or bills, or otherwise prosecute the business of banking, except to receive and safely keep money belong- ing to it, and to deliver special deposits. houers" *""'°*^' ^^^- i^^^- 5229.) Immediately upon declaring the bonds of an association forfeited tor nonpayment of its notes, the Comptroller shall give notice, in such manner as the Secre- tary of the Treasury shall, by general rules or otherwise, dii'ect, to the holders of the circulating notes of such asso- Eedemption of ciatiou, to present them for payment at the Treasury of the notes at Tieas- , '' Dr.v, and cancel- United States J and the same shall be paid as presented in lawful money of the United States ; whereupon the Comp- '69 troller may, iu his discretion, cancel an amount of bonds pledged by such association equal at current market rates, not exceeding par, to the notes paid^. 109. (Sec. 5230.) Whenever the Comptroller has become Saie of bonds ^ ' ^ at auction. satisfied, by the protest or the waiver and admission speci- fied in section fifty -two hundred and twenty-six, or by the report provided for iu section fifty-two hundred and twenty- seven, that any association has refused to pay its circulating notes, he inay, instead of canceling its bonds, cause so much of them as may be necessary to redeem its outstanding notes to be sold at public auction in the city of New York, after giving thirty days' notice of such sale to the association. For any deficiency in the proceeds of all the bonds of an The United association, when thus sold, to re-imburse to tbe United paramount iien States the amount expended ia paying the circulating notes sociaHons.* ° of the association, the United States shall have a paramount lien npon all its assets ; and such deficiency shall be made good out of such assets in prefeteace to any and all other claims whatsoever, except the necessary costs and expen- ses of administering the same. 110. (Sbg. 5231.) The Comptroller may, if he deems it Saie of bonds for the interest of the United States, sell at private sale any of the bonds of an association shown to have made default in paying its notes, and receive therefor either money or the circulating notes of the association. Butno such bonds shall be sold by private sale for less than par, nor for less than the market- value thereof at the time of sale; and no sales Transfer of of any such bonds, either public or private, shall be com- °° ^^^ ' plete until the transfer of the bonds shall have been made with the formalities prescribed by sections fifty-one hundred and sixty-two, fifty-one hundred and sixty-three, and fifty- one hundred and sixty four. 111. (Sec. 5232.) The Secretary of the Treasury may, D'sposmon to •from time to time, make such regulations respecting the dis- redeemed by position to be made of circulating notes after presentation at the Treasury of the United States for payment, and re- specting the perpetuation of the evidence of the payment thereof, as may seem to him proper. 112. (Seo. 5233.) All notes of national banking associa- CanoeUation of tions presented at the Treasury of the United States for see act of June payment shall, on being paid, be canceled. , p°ige m.^^"'"*^^' 40 Appointment 113. (gBC. 5234.) Oil becoming satisfied, as specified in and duties of re- ^ ' "^ i _q j.j. ceivers. sectioDS flfty-two hundred and twenty-six and nfty-two Kennedy va. hundred and twentv-seveu, that any association has refused Gibson. 8 Wall., . - ; , ' . . , i • ■ 498; Bank of to pay its Circulating notes as therein mentioned, "and is in cmioque Bank, 14 default, the Comptroller of the Currency may forthwith "Wall., 383; Bank ' ., -^x,- ii,ij vs. Kennedy, 16 appoint a receiver, and require of him such bond and secu- piatti' Eeodver,' rity as he deems proper. Such receiver, under the direction &o., 1 Ben,, 534. of .j-ijg Comiitroller, shall take possession of the books, records, and assets of every description of such association, collect all debts, dues, and claims belonging to it, and, upon the order of a court of record of competent jurisdic- act JunetMSTB *'*'°) ^^^J ^^'^^ Or compouud all bad or doubtful debts, and, page 66. qjj g, jj]jg order, may sell all the real and personal property of such association, on such terms as the court shall direct; and may, if necessary to pay the debts of such association, enforce the individual liability of the stockholders. Such receiver shall pay over all mouey so made to the Treasurer of the United States, subject to the order of the Comptroller, and also make report to the Comptroller of all his acts and proceedings. ij'otice by 114. (Sec. 5235.) The Comptroller Shall, upou appointing creditors. a receiver, cause notice to be given, by advertisement iu such newspapers as he may direct, for three consecutive months, calling on all persons whomay have claims against such asso- ciation to present the same, and to make legal proof thereof- Dividends by 115. (Sec. 5236.) From time to time, after full provision credSors.^ ^^ ^^^ has been first made for refunding to the United States any BankofBetbei,jeftciency iu redeeming the notes of such association, the vs. Pahqnioqne •' ° ' Bank, 14 Wall., Comptroller shall make a ratable dividend of the money so paid over to him bj' such receiver on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction, and, as the proceeds of the assets of such association are paid over to him, shall make further dividends on all claims previously proved or adjudicated; and the remainder of the proceeds, if any, shall be paid over to the shareholders of such association, or their legal repre- sentatives, in proportion to the stock by them resj)ectively held. Injunction npon 116. (Sec. 5237.) Whenever an associatiou agaiust which receivership. ^ ' ° See sec. 736, p. proccdiugs have been instituted, on account of any alleged refusal to redeem its circulating notes as aforesaid, denies having failed to do so, it may, at any time within ten days 41 after it has been iiotitied of, the appointment of an agent, as, provided in section fifty-two hundred and twenty-seven, apply to the nearest circuit, or district, or territorial court of the United States to enjoin further proceedings inthe premises ; and such court, after citing the Comptroller of the Currency fo show cause why further proceedings should not be enjoined, and after the decision of the court or finding of a jury that such association has not refused to redeem its circulating notes, when leaally presented, in the lawful money of the United States, shall make an order enjoining the Comp- troller, and any receiver acting under his direction, from all further proceedings on account of such alleged refusal. 117. (Sec. 5238.) All fees for protesting the notes issued Pees and ex- by any national banking association shall be paid by the and receivership. person procuring the protest to be made, and such associa- tion shall be liable therefor; but no part of the bonds de- posited by such association shall be applied to the- payment of such fees. All expenses of any preliminary or other ex- aminations into the condition of any association shall be paid by such association. All expenses of any receivership shall be paid out of the assets of such association before di&tributiou.of the proceeds thereof. 118. (Sec. 5239.) If the directors of any national bank- Penalty for vic- ing association shall knowingly violate, or knowingly per- ibnaof tMs^itie. mit any of the officers, agents, or servants of the associa- tion to violate any of the provisions' of this Title, all the rights, privileges, and franchises of the association shall be thereby forfeited. Such violation shall, however, be deter- violation, tow mined and adjudged by a proper circuit, district, or territo- "^^'''™"'' rial court of the United States, in a suit brought for that purpose by the Comptroller of the Currency, in his own name, before the association shall be declared dissolved. And in cases of such violation, every director who partici- Liability of di- pated in or assented to the same shall be held liable in histfon"" personal and irdividual capacity for all damages which the sections 5240, association, its shareholders, or any other person, shall have 35"' ^^^^^ ^*' sustained in consequence of such violation. I 119. (Seo. 5242.)* All transfers of the notes, bonds, bills Transfers, as- , r. -1 1 • signments. «fec., of exchange, or other evidences of debt owing to any n a- after an act of in- tional banking association, or of deposits to its credit; 3,11^°^™"^'™' ' assignments of mortgages, sureties on real estate, or of judg- 'For partof section 5242 see page 51, under head of Suits and Jurisdiction. 42 ments or decrees in its favor; all deposits of money, bull- ion, or other valuable thing for its, use, or for the use of any of its shareholders or creditors ; and all payments of money to either, made after the commission of an act of insolvency, or in contemplation thereof, made with a view to prevent the application of its assets in the manner prescribed by this chapter, or with a view to the preference of one cred- itor to another, except in payment of its circulating notes, shall be utterly null and void. CHAPTER SIX. TAX ON UNAUTHORIZED CIRCULATION. Capitaiof state 120. (SB^i. 3410.) The Capital of any State bank or bank- bank converted . ^ . . into national as- mg association which has ceased or shall cease to exist, or which has been or shall be converted into a national bank, i shall be assumed to be the capital as it existed immediately before such bank ceased to exist or was converted as afore- said, when "e^xemptod ^^^- (^^^- '^^^^•) Whenever the outstanding circulation from tax. of any bank, association, corporation, company, or person is reduced to an amount not excoediug five per centum of the chartered or declared capital existing at the time the same Seeaotof July was issucd, Said circulation shall be free from taxation; and 12, 1882, sections , iii-ii t^- ,_ ,• • 6 and 8, pages 73 whenever any bank which has ceased to issue notes for cir- culation, deposits in the Treasury of the United States, in lawful money, the amount of its outstanding circulation, to be redeemed at par, under such regulations as the Secretary of the Treasury ^all prescribe, it shall be exempt from any tax upoiji such circulation. pers'^nro?''steto 1^2. (Sbo. 3412.) Everv national banking association, oU'cuiation^'^ ^°' State bank, or State banking association, shall pay a tax of See act of Feb. tcu per ccutum ou the amount of notes of any person, or of and 20,' pages 61 any State bank or State banking association, used for circu- aud 82. lation and paid out by them. towns.oitfet&o'!! 1^3. (Sbc. 3113.) Every national banking association, tim '""^ °'™°'*" State bank, or banker, or association, shall pay a tax of ten 8 isT^s'^seof w & P®^ centum on the amount of notes of any town, city, or 20, pp. 61 and 62. municipal corporation, paid out by them. , turasof'SoV»f ^^^- (®^^- ^^'■^•) ^ ^^^^ ^'^^ complete return of the ltat6>Miks,'&o'; monthly amount of circulation, of deposits, and of capital, '"seeTotof Feb. ^® aforesaid, and of the monthly amount of notes of persons 8, 1875, see. 2l[ page 62. .43 town, city, or municipal corporation. State banks, or State banking associations paid out as aforesaid for the previous six months, shall be made and rendered in duplicate on the first day of December and the first day of June, by each of such banks, associations, corporatioijs, companies, or per- sons, with a declaration annexed thereto, under the oath of such person, or of the president or cashier of such bank, as- sociation, corporation, or company,~in such form and man- ner as may be prescribed by the Commissioner of Internal Eevenue, that the same contains a true and faithful state- ment of the amounts subject to tax, as aforesaid ; and one copy shall be transmitted to the collector of the district in which any such bank, association, corporation, or company is situated, or in which such person has his place of business, and one copy to the Commissioner of Internal Revenue. 125. (Sec. 3415.) In default of the returns provided in in default of the preceding section, the amount of circulation, deposit, sioner' to""Sti- capital, and uotes of persons, town, city, and municipal cor-™"*®' porations, State banks, and State banking associations paid out, as aforesaid, shall be estimated by the Commissioner of InternalEevenue, upon the best information he can obtain. And for any refusal or neglect to make return and payment, any such bank, association, corporation, company, or person so in default shall pay a penalty of two hundred dollars, be- sides the additional penalty and forfeitures provided in other cases. 126. (Sec. 3416.) Whenever any State. bank or banking National bank association has been converted into a national banking asso- lnd"payment"o° elation, and such national banking association has assumed state baSkT^'^'^* the liabilities of such State bank or banking association, in- cluding the redemption of its bills, by any agreement or understanding whatever with the representatives of such State bank or banking association, such national banking association shall be held to make the required return and payment on the circulation outstanding, so long as such cir- culation shall exceed five per centum of the capital before such conversion of such State bank or banking association. 127. (Sec. 3417.) The provisions of this chapter, relating ^^^™™i™^g;^«'' to the tax on the deposits, capital, and circulation of banks, f^"?'**! ^ii"'™"- ^ 7 ^ J 7 lation, not to ap- and to their returns, except as contained in sections thirty- pi.v to national four hundred and ten, thirty-four hundred and eleven , thirty- see act Teb. is, four hundred and twelve, thirtj'^-.four hundred and thirteen, eJv. stavp^'ea^ 44 aud thirty-four hnnclred and sixteen, and such parts of sec- tions tiiirty-four hundred and fourteen and thirty-four hun- dred and fifteen as relate to the tax of ten per centum on Section 3418, certain notes, shall not applv to associations which are taxed page U. ' III under and by virtue of Title "S'ational Banks." United States 128. (Sec. 3701.) All stocks, bonds, Treasury notes, aud securities ex- ^, , ^. . r* j ■, -ry • -i ,-% -, n i empt from local Other Obligations of the United States, shall be exempt Bank 1)8. Saper-^™"^ taxation by or under State or municipal or local visors, 7 'wau, authority.* CHAPTEE SEVEoSr. STAMP-TAX ON BANK-CHECKS. Tax on bank- 129. (Seo. 3418.) There shall be levied, collected, and ''^s"''a t f F b P^^*^ ^^^ ^^^ ^^ respect of every bank-check, draft, or order 8, 1875, section 15, for the payment of money, drawn upon any bank, banker, or trust company, at sight or on demand, by any person who makes, signs, or issues the same, or for whose use or benefit the same is made, signed or issued, two cents. Official checks ^^^' {^^^' 3420.) All bank-checks, drafts, or orders, as exempt from tax. aforcsaid, issued by the officers of the United States Govern- ment, or by officers of any State, county, town, or other municipal corporation, are exempt from taxation : Provided, That it is the intent herebj' to exempt from liability to taxa- tion such State, county, town, or other municipal corpora- tions in the exercise only of functions strictly belonging to them in their ordinary governmental aud municii)al capacity. Unstamped 131. (Sec. 3421.) Xo bauk-check, draft, or Order, required siWeinOT'idencTl^y ^^^ to be Stamped, whlch is issued without being duly stamped, nor any copy thereof, shall be admitted Or used in evidence in any court until a legal stamp, denoting the amount of tax, is affixed thereto, as prescribed by law.* Penaityforfaii- 1^2. (Sec. 3422.) Auy pcrsoii or jjersous who shall check.'" ^*°''"^ make, sign, or issue, or who shall cause to be made, signed, or issued, any instrument, document, or paper of any kind or description whatsoever, or shall accept, negotiate, or pay, or cause to be accepted, negotiated, or paid, auy draft, or order, for the payment of money, without the same bein^ duly stamped, or having thereupon an adhesive stamp for denot- ing the tax chargeable thereon, and canceled in the manner required by law, with intent to evade the provisions of this *See also, in this oouuectiou, section 541.3, on page 47. 45 Title, shall, for every such offeuse, forfeit the sum of fifty dollars, aud such iustrumeat, document, or paper, draft, [or] order, not being stamped according to law, shall be deemed invalid and of no effect: Provided, That hereafter, in all stamp jnay be cases where the party has not affixed to any instrument the fixedr''by°c(ifiect- stamp required by law thereon, at the time of making or°''g^^g^^jj|jj.jj^g issuing the said instrument, and he or they, or any party f^bTsSsTsfoo?^ Jiaving an interest therein, shall be subsequently desirous of recting'Rev.stat. aflELxing such stamp to said instrument, or, if said instrument be lost, to a copy thereof, he or they shall appear before the collector of the revenue of the proper district, who shall, upon the payment of the price of the proper stamp required by law, and of a penalty of double the amount of tax re- maining unpaid, but in no case less than five dollars, and where the whole amount of the tax denoted ))y the stamp required shall exceed the sum of fifty dollars, on payment also of interest, at the rate of six per centum on said tax from the dayon which such stamp ought to have been affixed, affix the proi)er stamp to such instrument or copy, and note upon the margin thereof the date of his so doing, and the fact 'that such penalty has been paid; and the same shall thereupon be deemed and held to be as valid, to all intents and purposes, as if stamped when made or issued. * * 133. (Sec. 3433.) In all cases where an adhesive stamp is stamps to be used for denoting any tax imposed under this fehapter, ex- °*""^ ^ ' cept as hereinafter provided, the person using or affixing the same shall write thereon the initials of his name and the date on which such stamp is attached or used, so that it may not again be used. And every person who fraudulently penalty for makes use of an adhesive stamp to denote any tax imposed by this chapter without so effectually canceling and obliter- ating such stamp, except as before mentioned, shall forfeit the sum of fifty dollars. * * 134. (Seg. 3424.) The Commissioner of Internal Revenue Method of can. is authorized to prescribe such method for the cancellation ™ of stamps as substitute for, or in addition to the method I)rescribed in this chapter, as he may deem expedient and effectual. * * 46 CHAPTER EIGHT. CRIMES AND MISDEMEANORS. Penalty for un- 135. (Sec. 5187.) No offlcer acting under the provisions signiig^OT d°iiT- of this Title shall countersign or deliver to any association, no't'es.'"™"'"'*™^ or to any other company or person, any circulating notes contemplated by this Title, except in accordance with the true intent and meaning of its provisions. Every officer who violates this section shall be deemed guilty of a high misdemeanor, and shall be fined not more than double the amount so countersigned and delivered, and imprisoned not less than one year and not more than fifteen years. Penalty for 136. (Sec. 5207.) No associatiou shall hereafter offer or inRUnfteFstates receive United Statesnotes or national-bank notes as security or national-bank ti._-i ' 'i^ j^ i j? n notes as security or as Collateral security for any loan of money, or for a Con- or oan, o. sideration agree to withhold the same from use, or otter or receive the custody or promise of custody of such notes as security, of as collateral security, or consideration for any loan of money. Any association ofitiending against the pro- visions of this section shall be deemed guilty of a iiiisde- meanor, and shall be fined not more than one thousand dol- lars and a further sum equal to one-third of the money so loaned. The officer or officers of any association who shall make any such loan shall be liable for a further sum equal to one-quarter of the money loaned ; and any fine or penalty incurred by a vi9lation of this section shall be recoverable for the benefit of the party bringing such suit. Penalty for em- 137. (Sec. 5209.) Every president, (iirector,cashier, teller, clerk, or agent of any association, who embezzles, abstracts, or willfully misapplies any of the moneys, funds, or credits of the association ; or who, without authority from the direct- ors, issues or puts in circulation any of the notes of the as- sociation; or who, without such authority, issues or puts forth anj' certificate of deposit, draws any order or bill of exchange, makes any acceptance, assigns any note, bond, draft, bill of exchange, mortgage, judgment, or decree; or who makes any false entry in any book, report, or statement of the association, with intent, in either case, to injure or de- fraud the association or any other company, body politic or corporate, or any individual person, or to deceive any officer of the association, or any agent appointed to examine the Dezzlement. 47 affairs of any such association ; and every person who with like intent aids or abets any offlcer, clerk, or agent in any violation of this section, shall be deemed guilty of a misde- meanor, and shall be imprisoned not less than five years nor more than ten. 138. (Sec. 5413.) The words " obligation or other security ^^owigation^^^^^^^ of the United States" shall be held to mean all bonds, cer- l^^t^^^fletineil''''' tiflcates of indebtedness, national-bank currency, coupons, see act of Feb. United States notes, Treasury notes, fractionfjli notes, cer- co'rrectui|''^Eev'. tiflcates of deposit, bills, checks, or drafts for money, drawn ^'*'' by or upon authorized offlcers of the United States, stamps and other representatives of value, of whatever denomina- tion, which have been or may [be] issued under any act of Congress. 139. (Seo. 5415.) Every person who falselv makes, forges. Penalty for ^ ' "■ ' ■ , -r J. T counterfeiting or counterfeits, or causes or procures to be made, forged, or nationai-bank counterfeited, or willingly aids or assists in falsely making, forging, or counterfeiting, any note in imitation of, or pur- porting to be in imitation of, the circulating notes, issued by any banking association now or hereafter authorized and acting under the laws of the United States; or who passes, utters, or publishes, or attempts to pass, utter, or publish, any false, forged, or counterfeited note, purporting to be issued by any such association doing a banking business, knowing the same to be falsely made, forged, or counter- feited, or who falsely alters, or causes or procures to be falsely altered, or willingly aids or assists in falsely altering any such circulating notes, or passes, utters, or publishes, or attempts to pass, utter, or publish as true, any falsely altered or spurious circulating note issued, or purporting to have been issued, by any such banking association, know- ing the same to be falsely altered or spurious, shall be impris- oned at hard labor not less than five years nor more than fifteen years, and fined not more than one thousand dollars. 140. (Sec. 6430.) Every person , having control, custody. Penalty for or possession of any plate, or any part thereof, from which print notes witu- has been printed, or which may be prepared by direction of °" *" ° the Secretary of the Treasury for the purpose of printing, . any obligation or other security of the United States, who uses such plate, or knowingly suffers the same to be used for the purpose of printing any such or similar obligation, or other security, or any part thereof, except as may be printed or the use of the United States by order of the proper ofll- 48 Engravingcer thereof; and every person who engraves, or causes or procures to be engraved, or assists in engraving, any plate in the likeness of any plate designed for the printing of such obligation or other security, or who sells any such plate, or who brings into the United States from any foreign place any such plate, except under the direction of the Secretary of the Treasury or other proper ofiScer, or with any other intent, in either case, than that such plate be used for the printing of the obligations or other securities of the United s^Tion fa?B°e States; or who has in his control, custody, or possession any plate. metallic plate engraved after the similitude of any plate from which, any such obligation or other security has been printed, with intent to use such jjlate, or suffer the same to be used lu forging or counterfeiting any such obligation or Hariiig in pos- other sccuritv, or anv part thereof; or who has in his pos- session spurious ., 7 *- JT 7 jr n at ionai -bank session or custody, cxccpt uudcr authority from the Secre- tary of the Treasury or other proper officer, any obligation or other security, engraved and printed after the similitude of any obligation or other security issued under the author- ity of the United States, with intent to sell or otherwise use ^to"raphing*^® Same; and every person who prints, photographs, or in notes; &o. any other manner makes or executes, or causes to be printed, photographed, mfide, or executed, or aids in printing, pho- tographing, making, or executing any engraving, photo- graph, print, or impression in the likeness of any such obli- gation or other security, or any part thereof, or who sells any such engraving, photograph, print, or impression, ex- thfunitelstito^ ^^P*" *° ^^^ United States, or who brings into the United photographed gta,t;es from any foreign place any such engraving, photo- graph, print, or impression, except by direction of some proper officer of the United States, or who has or retains in Having in pes- jjig coutrol or possessiou, after a distinctive paper has been session distinct- ■*- ' x- x- ive bank-note adopted by the Secretary of the Treasury for the obliga- paper. tious and other securities of the United States, any similar paper adapted to the making of any such obligation or other security, except under the authority of the Secretary of the Treasury or some other proper officer of the United States, shall be punished by a fine of not more than five thousand dollars, or by imprisonment at hard labor not more than fifteen years, or by both. Penalty for, 141. (Sbc.5431.) Every persou who,with intent to defraud, passing, sellmg, ^ ,,., ,, &c., counterfeit passes, uttcrs, publishes, or sells, or attempts to pass. or altered notes. ,, ,,.,,, , . .,,-.-,..; ' utter, publish, or sell, or brings mto the United States with 49 intent to pass, publish, utter, or sell, or keeps in possession or conceals with like intent any falsely made, forged, coun- terfeited, or altered obligation, or other security of the United States, shall be punished by a fine of not more than five thousand dollars, and by imprisonment at hard labor not more than fifteen years. 142. (Sec. 5432.) Every person who, without authority Penalty for from the United States, takes, procures, ormakes, uponlead, si'on"o^ tooSf to- foil, wax, plaster, paper, or any other substance or material, p^'^™®"'^' *"• an impression, stamp, or imprint of, from, or by the use of any bed-plate, bed-piece, die, roll, plate, seal, type, or other tool, implement, instruntent, or thing used or fitted or in- tended to be used, in printing, stamping, or impressing, or in making other tools, implements, instruinents, or things, to be used, or fitted or intended to be used, in printing, stamping, or impressing any kind or description of obliga- tion or other security of the United States, now authorized or hereafter to be authorized by the United States, or circu- lating note or evidence of debt of any banking association under the laws thereof, shall be punished by imprisonment at hard labor not more than ten years, or by a fine of not iuore than five thousand dollars, or both. 143. (Sec. 5433.) Every person who, with intent to de- .penalty for fraud, has in his possession, keeping, custody, or control, ston^lmp?"^^)^ without authority from the United States, any imprint, mente '&c ™^'^ stamj), or impression, taken or made upon any substance or material whatsoever, of any tool, implement, instrument, or thing, used, or fitted or intended to be used, for any of the purposes mentioned in the preceding section; or who, with intent to defraud, sells, gives, or delivers any such imprint, stamp, or impression to any other person, shall be punished by imprisonment at hard labor not more than ten years, or by a fine of not more than five thousand dollars. 144. (SeCw 5434.) Every person who buys, sells, exchanges. Penalty for transfers, receives, or delivers, any false, forged, counter- J^5'^''s^j?^'^'\s^ felted, or altered obligation or other security of the United j^°';.|«^'"^''"«™* States, or circulating note of any banking association organ- ized or acting under the laws thereof, which has been or may hereafter be issued by virtue of any act of Coligress, with the intent that the same be passed, published, or used as true and genuine, shall be imprisoned at hard labor not more than ten years, or fined not more than five thou- sand dollars, or both. 2761 4 50 Penalty for iin- 145. (Sbc. 5437.) In all cases where the charter of auy lawmlly ijutting » ' n r-, in circulation the corporation which has been or may be created by act of Oon- uotes, arattB,&c., ■*■ ' j- of closed associ-gress has expired or may hereafter expire, if any director, officer, or agent of the corporation, or any trustee thereof, or any agent of such trustee, or any person having in his possession or under his control the property of the corpora- tion for the purpose of paying or redeeming its notes and obligations, knowingly issues, re-issues, or utters as money, or in any other way knowingly puts in circulation anj^ bill, note, check, draft, or other security purporting to have been made by any such corporation whose charter has expired," or by any officer thereof, or purporting to liave been made under authority derived therefrom, or if any person know- ingly aids in any such act, he shall be punished by a fine of not more than ten thousand dollars, or by imprisonment not less than one year nor more than five years, or by both such Personsnotofa- fine and imprisonment. But nothing herein shall be con- ofoled^ ''^™s*ocia^ strued to make it unlawful for any person, not being such iX^h^^noterof n°?fna- the circulation of banking associations, organized for the banks? ^ ° purpose of issuing notes payable in gold, severally to one ^^^ ^^"^ ^i^^- million dollars, be, and the same is hereby, repealed ; and each, of such existing banking associations may increase its circulating notes, and new banking associations may be organized, in accordance with existing law, without respect to such limitation. Approved January 19, 1875. EXTEACT PEOM AN ACT To amend existing customs and internal revenue laws, and for other purposes. Sec. 15. That the words " bank-check, draft, or order for Tax on bank- the payment of any sum of money whatsoever, drawn upon " see^eo. 3418, any bank, banker, or trust-company, at sight or on demand, P' *''■ two cents," in Schedule B of the act of June^ thirtieth, eighteen hundred and sixty-four, be, and the same is hereby, stricken out, and ,the following paragraph inserted in lieu thereof: "Bank-check, draft, order, or voucher for the payment of any sum of money whatsoever, drawn upon any bank, banker, or trust-company, two cents." Sec. 19. That every person, firm, association other than ^raxonnotesof national bank associations, and every corporation, State ^S^paid out *^ bank, or State banking association, shall pay a tax of ten sinaam'p. 42"^ 62 per centum on the amount of their own notes used for cir- culation and paid out by them. Tax on notes Seo. 20. That every such person, firm , association, cor- b^a^T^^^ownsj popation. State bank, or State banking association, and also fOTcirouiatira.^ every national banking association, shall pay a like tax of See seoB, 3412 ten per centum on the amount of notes of any person, firm, association other than a national banking association, or of any corporation, State bank, or State banking association, or of any town, city, or municipal corporation, used for cir- culation and paid out by them. Eeturps to be Sec. 21. That the amount of such (drculating notes, and mfBsioner of iS- of the tax duc thereon, shall be returned, and the tax paid *"se6 sec^34u ^* *^® Same time, and in the same manner, and with lijre ■*'•'■ penalties tor failure to return and pay the same, as provided by law for the return and payment of taxes on deposits, capital, and circulation, imposed by the existing provisions of internal revenue law. Approved February 8, 1875. EXTRACTS FROM A]!f ACT To correct errors and to supply omissions in the Revised Statutes of the United States.* Be it enacted by the Senate and House of Representatives of the United ^tates of America in Congress assembled, That for Purposeof act. the purpose of correcting errors and supplying omissions in the act entitled "An act to revise and consolidate the statutes of the United States in force on the first day of December, anno Domini one thousand eight hundred and seventy-three," so as to make the same truly express such laws, the following amendments are herebj^ made therein: Seal of office of Scctiou three hundred and thirty is amended by adding Comptroller. thereto the following: "A description of the seal, with an impression thereof, and a certificate of approval by the Sec- retary of the Treasury, shall be filed in the Offtce of the Secretary of State." .4nnuai report Sectiou three hundred and thirty-three is amended by in- of Comptroller. ggpj.{j,g^ g^ffg^ j-j^g ^^^^.^^ "Cougress," iu the second line, the words "at the commencement of its session." * Tlie corrections indicated have been made iu the text. 63 « Section six hundred and twenty -nine is amended bj' strik- suits by banks. ing out, in the first line of paragraph eleven, the words " or against." Section' three thousand four hundred and seventeen is Tax on depos- amended by inserting, in the fourth* line, after the word ok'o^atlon.' "twelve," the words "thirty-four hundred and thirteen." Section three thousand eight hun dred and eleven is amend- Annual report ed by striking out " Secretary of the Treasury," and insert- ° •""p''"" ''^■ ing "Comptroller of the Currency;" also, by adding, after the word " banks," iu the second line, the words *' and banks under State and territorial laws." Section five thousand one hundred and eighty-three is Post-notes pro- amended by inserting, after the word "issue," in the second line, the words "post-notes or." Section five thousand one hundred and ninety-eight is wuere suits amended by adding thereto the following: "That suits, ac- tSmay^blS tions, and proceedings against any. association under this Title may be had iu any circuit, district, or territorial court of the United States held within the district in which such association may be established, or in any State, county, or municipal court in the county or city in which said associ- ation is located having jurisdiction in similar cases." Section five thousand two hundred and twenty-four is Bonds of ciosBd amended by adding thereto the following : "And if any such foTfaliure to^Se- bank shall fail to make the deposit and take up its bonds Sotos!'^''"*°**'' for thirty days after the expiration of the time specified, the Comptroller of the Currency shall have power to sell the bends pledged for the circulation of said bank, at public auc- tion in New York City, and, after providing for the redemp- tion and cancellation of said circulation aud the necessary expenses of the sale, to pay over any balance remaining to , the bank or its legal representative." Section five thousand two hundred and twenty-eight is Failure to re- amended by striking out, in the third line, the words "ofnotM."'™" ""^ forfeiture of the bonds," and inserting the word " thereof." , Section five thousand fourhundredaudthirteenisameiided Defining nation by inserting, iu the third line, after the word " national," the' """'^'"'^" word "bank." Ap[)roved February 18^ 1875. * Fiftli liue of this compilation. 64 AIS ACT To amend section five thousand two hundred and forty of the Revised Statutes of the United States, in relation to compensa- tion of national-bank examiners.* Be it enacted by the- Senate and Souse of Representatives of the United States of America in Congress assembled. That Deflniugtiie section five thousand two hundred and forty of the Kevised national-bank ex- Statutes of the United States be so amended that the latter See page 35. clause of Said section, after the word "Comptroller" in the eighth t line of said section, be amended so that the same shall read as follows, namely : " That all jjersons appointed to be examiners of national banks not located in the redemp- tion-cities specified in section five thousand one hundred and ninety-two of the Revised Statutes of the United States, or in any one of the States of Oregon, California, and Xevada, or in the Territories, shall reciBive compensation for such examination as follows: For examining national banks having a capital less than one hundred thousand dollars, twenty dollars ; those having a capital of one hundred thou- sand dollars and less than three hundred thousand dollars, twenty-five dollars; those ha^'ing a capital of three hundred thousand dollars and less than four hundred thousand dol- lars, thirty-five dollars; those having a capital of four hun- dred thousand dollars and less than five hundred thousand dollars, forty dollars; those having a capital of five hun- dred thousand dollars and less than six hundred thousand dollars, fifty dollars; those having a capital of six hundred thousand dollars and over, seventy-five dollars; which amounts shall be assessed by the Comptroller of the Cur- rency \ipon, and paid by, the respective associations so ex- amined, and shall be in lieu of the compensation and mileage Compensation heretofore allowed for making said examinations; and per- oOTtoi^ifuie^ sous appointed to make examination of national banks in toriM!'""^^^"' the cities named in section five thousand one hundred and ninety-two of the Eevised Statutes of the United States, or in any one of the States of Oregon, California, and Nevada, or in the Territories, shall receive such compensation as may be fixed by the Secretary of the Treasury upon the recommend- ation of the Comptroller of the Currency; and the same shall be assessed and paid in the manner hereinbefore provided.'' Approved February 19, 1875. * This amendment has been incorporated into the text. t Ninth line of this compilation. 65 AN ACT To provide for the stamping of unstamped instruments, documents, or papers. Be it enacted hy the Senate and House of Representatives of the United States of America in Congress assembled, That all instriiments, documents, and paj)ers heretofore made, stamps may be signed, or issued, and subject to a stamp-duty or tax un- stamped checks der any law heretofore existing and remaining unstamped, isre. ™°"y ' may be stamped by any person having an interest therein, ^^^"^'^"■^2^' p- or, where the original is lost, a copy thereof, at any time prior to the first of January, eighteen hundred and seventy- six. And said instruments, documents, and papers, and any record thereof, shall be as valid, to all intents and pur- poses, as if stamped when made, signed or issued; but no right acquired in good faith shall in any manner be affected by such stamping as aforesaid: Provided, That to render By whom, and such stamping valid, the person desiring to stamp the same °^' * shall appear with the instrument, document, or paper, or copy thereof, before some judge or clerk of a court of record, and before him affix the proper stamp; and the said judge , or clerk shall indorse on such writing or copy a certificate, under his hand, when made by said judge, and under his hand and seal, when made by said clerk, setting forth the date at which, and the place where, the stamp was so afftxed, the name of the person presenting said writing or copy, the fact that it was thus afllxed, and that the stamp was duly canceled in his presence. Sec. 2. That all laws or parts of laws in conflict with the EepeaUngciause. above are hereby repealed. Approved June 23, 1874. EXTEACT PROM AN ACT To correct errors and supply omissions in the Revised Statutes of the United States. Section three thousand four hundred and twenty-two is Amending sec. amended by inserting, after the word '■ ' issued," in the twenty- relative ^ to un- seveuth* line, the following : " And provided further, That ments^ ™^ ™ where it shall appear to said collector, upon oath or other- ^^ p- *^- * Thirty-second line of this compilation. 276t 5 66 coueotor may wise, to ]us Satisfaction, that any such instrument has not outpenaUyiTcer- bccu dulv stamped at the time of making or issuing the am oases. same, by reason of accident, mistake, inadvertence, or urgent necessity, and without any willful design to defraud the "Cmted States of the stamps, or to evade or delay the pay^ ment thereof, then, and in such case, if such instrument, or, if the original be lost, a copy thereof, duly certified by the offtcer having charge of any records in which such original is required to be recorded, or otherwise duly proven to the satisfaction of the collector, shall, within twelve calendar months after the making or issuing thereof, be brought to the said collector of revenue to be stamped, and the stamp- tax chargeable thereon shall be paid, it shall be lawful for the said collector to remit the penalty aforesaid, and to cause such instrument to be duly stamped." Approved February 18, 1875. Alf ACT Authorizing the appointment of receivers of national banks, and for other purposes. Be it enacted by the Senate and House of Representatives of the United StMes of America in Congress assembled, That Eeoeiver may ^jjencver any national banking association shall be dis- be appomted for . ■■■,■,,•,■-, any violation of solv^d, and its rights, privileges, and franchises declared pay'judgmeiit,' or forfeited, as prescribed in section fifty -two hundred and veney. thirty-nine of the Eevised Statutes of the United States, or aiid°^5239°%p^^4o whenever any creditor of any national banking association and 41. shall have obtained a judgment against it in any court of record, and made application, accompanied by a certificate from the clerk of the court stating that such judgment has been rendered and has remained unpaid for the space of thirty days, or whenever the Comptroller shall become satis - fled of the insolvency of a national banking association, he may, after due examination of its affairs, in either case, ap- point a receiver, who shall proceed to close up such associa- tion, and enforce the personal liability of the shareholders, as provided in section fifty -two hundred and thirty-four of said statutes. Individual lia- Sec). 2. That wheu auyuational banking association sliall bility of share- ..,..t,. -,,, .. hoidera in case of havc gonc luto liquidation uudcr the provisions of section enforced'.'"'' '"^fi^'e thousand two hundred and twenty of said statutes, the 67 • individual liability of the shareholders provided for by sec- tion fifty-one hundred and fifty-one of said statutes may be enforced by any creditor of such association, by bill in equity in the nature of a creditor's bill, brought by such creditor on behalf of himself and of all other creditors of the asso- ciation, against the shareholders thereof, in any court of the United States having original jurisdiction in equity for the district in which such association may have been located or established. Sec. 3. That whenever any association shall have been whenbankmay elect agent to or shall be placed in the hands of a receiver, as provided lu manage its af- section fifty-two hundred and thirty-four and other sections of said statutes, land when, as provided in section fifty-two hundred and thirty-six thereof, the Comptroller shall have, paid to each and every creditor of such association, not in- cluding shareholders who are creditors of such association, whose claim or claims as such creditor shall have been proved, or allowed as therein prescribed, the full amount of such claims and all expenses of the receivership, and the redemption of the circulating notes of such association shall have been provided for by depositing lawful money of the United States with the Treasurer of the United States, the Comptroller of the Currency shall call a meeting of the Meeting of shareholders of such association by giving notice thereof be called by for thirty days in a newspaper published in the town, city, pn'b^io''n^otfo e or county where the business of such association was car- en?™" *° ^ ^^' ried on, or if no newspaper is there published, in the news- paper published nearest thereto, at which meeting the share- holders 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 repre- wnen assets of sen ting at least a majority of the stock in value and num^ tn™"ed "vYr t o ber of shares, and when any of the shareholders of the asso- ciation shall have executed and filed a bond to the satisfac- tion of the Comptroller of the Currency, conditioned for the payment and discharge in full of any and every claim that may hereafter be proved and allowed against such associa- tion by and before a competent court, and for the faithful performance and discharge of all and singular the duties of siich trust, the Comptroller and the receiver shall thereupon transfer and deliver to such agent all the undivided or un- collected or other assets and property of such association agent. ' 68 then remaining in the hands or subject to the order or con- trol of said Comptroller and said receiver, or either of them ; and for this purpose, said Comptroller and said receiver are hereby severally empowered to execute any deed, assign- ment, transfer, or other instrument in writing that may be necessary and proper; whereupon the said Comptroller and the said receiver shall, by virtue of this act, be discharged and released from any and all liabilities to such association^ and to each and all of the creditors and shareholders there- Powers f of ; aud such agent is hereby authorized to sell, compromise, agent. ^j, compound the debts due to such association upon the order of a comjjetent court of record or of the United States circuit court for the district where the business of the asso- ciation was carried on. Such agent shall hold, control, and dispose of the assets and property of any association which he may ireceive as hereinbefore provided for the benefit of the shareholders of such association as they, or a majority of them in value or number of shares, may direct, distribut- ing such assets and property among such shareholders an proportion to the shares held by each; and he may, in his own name or in the name of such association, sue and be sued, and do all other lawful acts and things necessary to finally settle and distribute the assets and property in his Votes on shares hands. In Selecting an agent as hereinbefore provided, ad- of deceased own- ■ ■ i. j. ' j. j?j ji-ii.ij j. ers. mmistrators or executors of deceased shareholders may act and sign as the decedent might have done if living, and guardians may so act and sign for their ward or wards. Sec. 4. That the last clause of section fifty-two hundred and five of said statutes is hereby amended by adding to the said section the following proviso : Sale of stock ^^ And provided, That if any shareholder or shareholders °us^ng™to''pay as- of such bank shall neglect or refuse, after three months' ^^serseo 5205 "oticc, to pay the assessment, as provided in this section, it 31- ' shall be the duty of the board of directors to cause a suffi- cient amount of the capital stock of such shareholder or shareholders to be sold at public auction (after thirty days' notice shall be given by posting such notice of sale in the office of the bank, and by publishing such notice in a news- paper of the city or town in which the bank is located, or in a newspaper published nearest thereto,) to make good the deficiency; and the balance, if any, shall be returned to such delinquent shareholder or shareholders." 69 ' Sec. 5. That all United States officers charged with the DisbursiDg aDii receipt or disbursement" of public moneys, and all officers of stampconnterfeu national banks shall stamp or write in plain letters the word "counterfeit" "altered" or "worthless," upon all fraudulent notes issued in the form of, and intended to circulate as money which shall be presented at their places of business ; and if such officers shall wrongfully stamp any genuine note of the United States, or of the national banks, they shall ^ upon presentation, redeem such notes at the face-value thereof. Sec. 6. That all savings-banks or savings and trust com- savinga-tanisa T -, J 1 . , n , n /^ and trust compa- panies organized under authority of any act of Congress nies to make and shall be, and are hereby, required to make, to the Oomp-^^ggg^g^g^^g^j, troUer of the Currency, and publish, all the reports which ^^i^' p- ^^• national banking associations are required to make and publish under the provisions of sections fifty-two hundred and eleven, fifty -two hundred and twelve and fifty-two hun- dred and thirteen, of the Revised Statutes, and shall be subject to the same penalties for failure to make or publish sucb reports as are therein provided; which penalties may be collected by suit before any court of the United States in ' the district in whiih said savings banks or savings and trust companies may be located. And all savings or other banks savings and now organized, or which shall hereafter be organized, in Sriot^^of ^ co° the District of Columbia, under any act of Congress, which -"^^io' national shall have capital stock paid up in whole or in part, shall ^™^™^ '*™^' be subject to all the provisions of the Eevised Statutes, and of all acts of Congress applicable to national banking- associations,' so far as the same may be applicable to such savings or other banks : Provided, That such savings banks now established shall not be required to have a paid-in cap- ital exceeding one hundred thousand dollars. Approved, June 30, 1876. AN ACT Authorizing the conversion of national gold banks. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That anv national gold bank organized under the provisions of National eoid _ . , , , banks maybe- the laws of the United States, may, in the manner and sub- come currency ect to the provisions prescribed by section fifty-one hun- 70 Date of organi- flred and fiftv-four of the Eevised Statutes of the United zation certifi cates States, for the conversion of banks incorporated under the laws of any State, cease to be a gold bank, and become such an association as is authorized by section fifty-one hundred and thirty three, for carrying on the business of banking, and shall have the same powers and privileges, and shall be subject to the same duties, responsibilities, and rules, in all respects, as are by law prescribed for such as- sociations: Provided, That all certificates of organization which shall be issued under this act shall bear the date of the original organization of each bank respectively as a gold bank. Approved, February 14, 1880. Al^ ACT Defining the verification of returns of national' banks. Be it enacted iy the Senate and House of Representatives of the United States of A merica in Congress assembled, That the oath or afftrmation required by section fifty-two hundred and eleven of the Eevised Statutes, verifying the returns made by national banks to the Comptroller of the Currency, when Officers before taken bcforc a notary public properly authorized and com- "whom. reports of ■ *^ ^ jr j: »/ national banks missioued by the State in which such notary resides and may be Termed. .,,,,, , /v. the bank is located, or any other oflacer having an official seal, authorized in such State to administer oaths, shall be a sufficient verification as contemplated by said section fifty- two hundred and eleven : Provided, That the officer admin- istering the oath is not an officer of the bank. Approved, February 26, 1881. AN ACT To enable national- banking associations to extend their cor- porate existence, and for other purposes. Be it enacted by the Senate and House of Representatives of tlie United States of America in Congress assembled, That any national-banking association organized under the acts of February twenty-fifth, eighteen hundred and sixty-three, 71 June third, eighteen hundred and sixty-four, g-nd February fourteenth, eighteen hundred and eighty, or under sections fifty-one hundred and thirty-three, flfty-one hundred and thirty-four, fifty-one hundred and thirty-five^ flfty-one hun- dred and thirty-six, and flfty-one hundred and fifty-four of the Revised Statutes of the United States, may, at any time within the two years next previous to the date of the expiration of its corporate existence under present law, and with the approval of the Comptroller of the Currency, to be granted as hereinafter provided, extend its period of ^^^^l^i^J'^°^l succession by amending its articles of association for a term jioa of succession •^ ^ lor twenty years of not more than twenty years from the expiration of thei'y?'?®'"!™'^''*"* ^ *^ ^ articles of associ- period of succession named in said articles of association, and ation. shall have successionfor such extended period, unless sooner dissolved by the act of shareholders owning two-thirds of its stock, or unless its franchise becomes forfeited by some violation of law, or unless hereafter modified or repealed. Sec. 2. That such amendment of said articles of associa- Amendment to , be autuorjzed by tion shall be authorized by the consent in writing of share- consent in writ- 1-in • .-I ii , , • -, n -, . ■, *Dg of stockhold- holders owning not less than two-thirds of the capital stock ers owning two- of the association ; and the board of directors shall cause such consent to be certified under the seal of the associa- tion, by its president or cashier, to the Comptroller of the Currency, accompanied by an application made by the pres- ident or cashier for the approval of the amended articles of • association by the Comptroller ; and such amended articles of association shall not be valid until the Comptroller shall give to such association a certificate under his hand and certificate of seal that the association has complied with all the pf ovis- °™^ ions required to be complied with, and is authorized to have succession for the extended period named in the amended articles of association. Sec. 3. That upon the receipt of the application and cer- tificate of the association provided for in the preceding sec- tion, the Comptroller of the Currency shall cause a special special exami- ' ' nation to be made examination to be made, at the expense of the association, to determine its condition ; and if after such examination or otherwise it appears to him that said association is in a sat- isfactory condition, he shall grant his certificate of approval cgrtiflcate ot provided for in the preceding section, or if it appears thatap^™vai, /when the condition of said association is not satisfactory, he shall withhold such certificate of approval. , 72 Eights, privi- sjjc. 4. That anv association so extending the period of leges, immnni' '' or ties, liabilities, its succession Shall Continue to enioy all the rights and and restrictions " " ° of extended asso- privileges and immunities granted and shall continue to be ciations oontin- '. ,,,-■. ,.7.,.. ', .. »ed. subject to all the duties, liabilities, and restrictions imposed by the Eevised Statutes of the United States and other acts having reference to national-banking associations, and it shall continue to be in all respects the identical associa- tion it was before the extension of its period of succession : Jurisdiction of -P*'<'^*<^^'^j however, That the jurisdiction for suits hereafter al^nst^natioM^^^^^S^it by or against any association established under associations. ^uy j^^ providing for national-banking associations, except suits between them and the United States, or its officers and agents, shall be the same as, and not other than, the juris- diction for suits by or against banks not organized under any la^ of the United States which do or might do banking business where such national-banking associations may be doing business when such suits may be begun. And all laws and parts of laws of the United States inconsistent with this proviso be, and the same are hereby, repealed. Sec. 5. That when any national-banking association has amended its articles of association as provided in this act, and the Comptroller has granted his certificate of approval. Shareholders any Shareholder not assenting to such amendment may give exteSlion "may noticc in writing to the directors, within thirty days from rectors. '"* • ' the date of the certificate of approval, of his desire to with - draw from said association, in which case he shall be enti- tled to receive from said banking association the value of toTe^MCOTtafned ^^^ sharcs SO held by him, to be ascertained by an appraisal hy appraisal. made by a committee of three persons, one to be selected by such shareholder, one by the directors, and the third by the first two ; and in case the value so fixed shall not be satisfactory to any such shareholder, he may appeal to the Oomi)troller of the Currency, who shall cause a reappraisal to be made, which shall be final and binding ; and if said reappraisal shall exceed the value fixed by said committee, prS"iimy ^lao*"^® bank shall pay the expenses of said reappraisal, and made. otherwise the appellant shall pay said expenses; and the value so ascertained, and determined shall be deemed to be a debt due, and be forthwith paid, to said shareholder, from said bank; and the shares so surrendered and appraised shall, after due notice, be sold at public sale, within thirty days after the final appraisal provided in this section: 73 Provided, That in the organization of any banking associa- ^^^ifol^^^^. tion intented to replace any existing banking association, """'Ja^^'oidlra ' and retaining the name thereof, the holders of stock in the expiring association shall be entitled to preference in the allotment of the shares of the new association in propor- tion to the number of shares held by them respectively in the expiring association. Sec. 6. That the circulatrag notes of any association so circulating Botes of extenaed extending theperiod of its succession which shall have been associations to be redeemed at issued to it prior to such extension shall be redeemed at the Treasury. Treasury of the United States, as provided in section three of the act of June twentith, eighteen hundred and seventy- four, entitled "An act fixing the amount of United States notes, providing for redistribution of national-bank cur- rency, and for other purposes," and such notes when re- deemed shall be forwarded to the Comptroller of the Cur- rency, and destroyed, as now provided by law ; and at the end of three years from the date of the extension of the corporate existence of each bank the association so extended Lawful money to be deposited shall deposit lawful money with the Treasurer of the United after three yeais States sufficient to redeem the remainder of the circulation tension. which was outstanding at the date of its extension, as pro- vided in sections fifty- two hundred and twenty -two, fifty-two hundred and twenty-four, and fifty-two hundred and twen- ty-five of the Revised Statutes; and any gain that may arise from the failure to present such circulating notes for redemption shall inure to the benefit of the United States ; and from time to time, as such notes are redeemed or lawful . New cirouiat- money deposited therefor as provided herein, new circul at- new devices to be ing notes shall be issued as provided for by this act, bear- ing such devices, to be approved by the Secretary of the Treasury, as shall make them readily distinguishable from the circulating notes heretofore issued : Provided, however, aon toreimw^e That each banking association which shall obtain the ben-«'°^*»*P'**<''- efit of this act shall reimburse to the Treasury the cost of preparing the plate or plates for such new circulating notes as shall be issued to it. Sec. 7. That national-banking associations whose corpo- Associations . whose corporate rate existence has expired or shall hereafter expire, andexistenoeexpires must act under which do not avau themselves of the provisions of this act, sections 6220 ana , „ 1- ■ J ^ 1 -XT. i-i- ■ • J? 4.- 5221 Eev. stats., shall be required to comply with the provisions of sections page se. fifty: two hundred and twenty one and fifty- two hundred and twenty-two of the Revised Statutes in the same manner as 74 if the shareholders had voted to go into liquidation, as pro- vided in section fifty-two hundred and twenty of the Ee- vised Statutes; and the provisions of sections fifty-two tions 5224 md hundred and twenty-four and fifty-two hundred and twenty- ^^^^' five of the Eevised Statutes shall also be applicable to such associations, except as modified by this act ; and the Franchise ex- franchise of such associations is hereby extended for the tenaed for pur- . i «• • poses of uquida- sole purposc of liquidating their affairs until suchaftairs are finally closed. Associations Seo. 8. That national banks now organized or hereafter itlfOTTess^S- organized, having a capital of one hundred and fifty thou- Tc^itai!™''' *" sand dollars or less, shall not be required tokeep on deposit or deposit with the Treasurer of the United States United States bonds in excess of one-fourth of their capital stock as security for their circulating notes, but such banks shall keep on deposit or deposit with the Treasurer of the United States the amount of bonds as herein required ; and such of those banks having on deposit bonds in excess of that amount are authorized to reduce their circulation by the deposit of oircTiiatioii not lawful moncy as provided by law: Provided, That the to cxcQcCt yu T)6r cent, of pax value amount of such circulating notes shall not exceed in any of bonds. ^ " *' case ninety per centum of the par value of the bonds de- posited as herein provided: Provided further, That the national banks which shall hereafter make deposits of law- ful money for the retirement in full of their circulation Association to shall, at the time of their deposit, be assessed, for the cost cost rtf transport of transporting and redeeming their notes then outstand- Sfnotcs!^^ ^*™'ing, a sum equal to the average cost of the redemption of national-bank notes during the preceding year, and shall thereupon pay such assessment; and all national banks which have heretofore made or shall hereafter make de- posits of lawful money for the reduction of their circula- tion, shall be assessed, and shall pay an assessment in the manner specified in section three of the act approved June twentieth, eighteen hundred and seventy-four, for the cost of transporting and redeeming their notes redeemed from such deposits subsequently to June thirtieth, eighteen hun- dred and eighty-one. Associations Sec. 9. That any national-banking association now organ- tfon ™Mid°"withi izcd, or hereafter organized, desiring to withdraw its circu- caanot ^ reo'SvI latiug uotcs, upon a deposit of lawful money with the Treas- foTsix^SoSths"" urer of the United States, as provided in section four of 75 the act of June twentieth, eighteen hundred and seventy- four, entitled " An act fixing the amount of United States notes, providing for a redistribution of national bank cur- rency, and for other 'purposes," or as provided in this act, is authorized to deposit lawful money and withdraw a pro- portionate amount of the bonds held as security for its cir- culating notes in the order of such deposits ; and no na- tional bank which makes any deposit of lawful money in order to withdraw its circulating notes shall be entitled to receive any increase of its circulation for the period of six months from the time it made such deposit of lawful money for the purpose aforesaid: Provided, That not more than ^^Jtjjg™*^^'^ three millions of dollars of lawful money shall be depos- ^"1 ™'?°ey. to be *^ ^ deposited m any ited during any calendar month for this purpose: And pro- calendar montii 6XC6pti lOl? CQtilCQ. vided further, That the provisions of this section shall not tends. apply to bonds called for redemption by the Secretary of the Treasury, nor to the withdrawal of circulating notes in consequence thereof. Sec. 10. That upon a deposit of bonds as described by Amount of cir- sections fifty-one hundred and fifty -nine and fifty-one hun-sued^n tr. s. dred and sixty, except as modified by section four of an act entitled "An act fixing the amount of United States notes, providing for a redistribution of the national-bank currency, and for other purposes," approved June twentieth, eighteen hundred and seventy -four, and as modified by section eight of this act, the association making the same shall be entitled to receive from the Comptroller of the Currency circulating notes of different denominations, in blank, registered and countersigned as provided by law, equal in amount to ninety per centum of the current market value not exceeding par, of the United States bonds so transferred and delivered, Proportion to . capital; see also and at no time shall the total amount of such notes issued proviso in sec. s, to any snch association exceed ninety per centum of the '°^^^ amount at such time actually paid in of its capital stock; l^*????^ ^"i^ and the provisions of sections fifty -one hundred and seventy- «i- one and fifty-one hundred and seventy-six of the Revised Statutes are here hereby repealed. Sec. 11. That the Secretary of the Treasury is hereby Three and one- authorized to receive at the Treasury any bonds of the bonds may be ex- changed for United States bearing three and a half per centum interest, threes. and to issue in exchange therefor an equal amount of regis- tered bonds of the United States of the denominations of 76 fifty, one hundred, five hundred, one thousand, and ten thousand dollars, of such form as he may prescribe, bearing- interest at the rate of three per centum per annum, payable bond™* ^exempt quarterly at the Treasury of the United States. Such bonds rom axa ion. gijallbeexemptfromall taxation by orundcr Statcauthority, and be payable at the pleasure of the United States: Pro- vided, That the bonds herein autliorized shall not be called in and paid so long as any bonds of the United States here- tofore issued bearing a higher rate of interest than three per centum, and which shall be redeemable at the pleasure of the United States, shall be outstanding and uncalled. i-ast isTOed to The last of the said bonds originally issued under this act, and their sulistitutes, shall be first called in, and this order of payment shall be followed until all shall have been paid. Sec. 12. That the Secretary of the Treasury is authorized and directed to receive deposits of gold coin with the Treas- Secretary may urcr or assistaut trcasurcrs of the United States, in sums flcatesF" "^ ' not less than twenty dollars, and to issue certificates there- for in denominations of not less than twenty dollars each, corresponding with the denominations of United States notes. The coin deposited for or representing the certifl- Goidcertifioates catcs of dcposit shall be retained in the Treasury for the receivable for ^ '' ''Gow"an^''iiTer P^y^^^*' ^f the samc ou demand. Said certificates shall be cert ific a tea receivable for customs, taxes, and all public dues, and when oonnted aa re- 7 7 j 7 aerve. SO received may be reissued; and such certificates, as also silver certificates, when held by any national-banking asso- ' ciation, shall be counted as part of its lawful reserve ; and no national-banking association shall be a member of any clearing-house in which such certificates shall not be receiv- able in the settlement of clearing-house balances : Provided, certfflcatMw1>°in'^^^* ^^^ Secretary of the Treasury shall suspend the issue suspended.' of such gold Certificates whenever the amount of gold coin and gold bullion in the Treasury reserved for the redemp- tion of United States notes falls below one hundred millions of dollars ; and the provisions of section fifty-two hundred and seven of the Eevised Statutes shall be applicable to the certificates herein authorized and directed to be issued. not to^be lalued ^EC. 13. That any ofacer, clerk, or agent of any uational- ^^0™'^ of ^aot banking association who shall wilfully violate the provisions March 3, 1869. of au act entitled "An act in reference to certifying checks by national banks," approved March third, eigliteen hundred and sixty -nine, being section fifty-two hundred and eight of 77 tlie Eevised Statutes of the United States, or wlio shall re- sort to any device, or receive any fictitious obligation, direct or collateral, in order to evade the provisions thereof, or who shall certify checks before the amount thereof shall have been regularly entered to the credit of the dealer upon the w^^ssue of rar- books of the banking association, shall be deemed guilty of *'^^* ''''^'''''• a misdemeanor, and shall, on conviction thereof in any cir- cuit or district court of the United States, be fined not more than five thousand dollars, or shall be imprisoned not more than five years, or both, in the discretion of the court. Sec. 14. That Congress may at anytime amend, alter, or repeal this act and the acts of which this is amendatory. Approved July 12, 1882. ACTS NOT OF A GENEEAL NATUKE. 1868-'82. ACTS NOT OF A GENERAL NATURE. AK ACT Authorizing the First National Bank of Annapolis to change its location and name. Be it enacted by the Senate and Souse of Representatives of the United States of America in Congress assembled, That the First National Bank of Annapolis, now located in the city of Annapolis, and State of Mary- land, is hereby authorized to change its location to the city of Balti- more, in sa,id State. Whenever the stockholders representing three- fourths of the capital of said bank, at a meeting called for that pur- pose, determine to make such change, the president and cashier shall execute a certificate, under the corporate seal of the bank, specifying such determination, and shall cause the same to be recorded in the office of the Comptroller of the Currency, and thereupon such change of location shall be effected, and the operations of discount and de- posit of said bank shall be carried on in the city of Baltimore. Sec. 2. That nothing in this act contained shall be so construed as in any manner to release the said bank from any liability or affect any ac- tion or proceeding in law in which the said bank may be a party or interested. And when such change shall have been determined upon, as aforesaid, notice thereof, and of such change, shall be published in two weekly papers in the city of Annapolis not less than four weeks. Sec. 3. That whenever the location of said bank shall have been changed from the city of Annapolis to the city of Baltimore, in accord- ance with the first section of this act, its name shall be changed to The Traders' I^ational Bank of Baltimore, if the board of directors of said bank shall accept the new name by resolution of the board, and cause a copy of such resolution, duly authenticated, to be filed with the Comp- troller of the Currency. Sec. 4. That all the debts, demands, liabilities, rights, privileges, and powers of the First National Bank of Annapolis shall devolve upon The Traders' National Bank of Baltimore, whenever such change of name is effected. Sec. 5. That this act shall take effect and be in force from and after its passage. Approved June 7, 1872. 2761 6 . (81) 82 Acts of a similar nature to the one preceding have been enacted by Congress for the following purposes : Authorizing The Manufacturers' I^ational Bank of Few York to change its location from the city of ISTew York to the city of Brooklyn. Approved July 27, 1868. Authorizing The City National Bank of ]!!few Orleans, Louisiana, to change its name to The Grermania National Bank of New Orleans. Approved March 1, 1869. Authorizing The Second National Bank of Plattsburgh, New York, to change its name to The Vilas National Bank of Plattsburgh. Approved March 1, 1869. Authorizing The First National Bank of Delhi, New York, to change its location and name to The First National Bank of Port Jervis, New York. Approved May 5, 1870. Authorizing The First National Bank of Fort Smith, Arkansas, to change its location and name to The First National Bank of Camden, Arkansas. Approved July 1, 1870. Authorizing The Jersey Shore National Bank, Pennsylvania, to change its location and name to The Williamsport National Bank, Pennsylvania. Approved December 22, 1870. Authorizing The Worcester County National Bank of Blackstone, Massachusetts, to change its location and name to The Franklin Na- tional Bank, Massachusetts. Approved February 9, 1871. Authorizing The Farmers' National Bank of Fort Edward, New York, to change its location and name to The North Granville National Bank, New York. Approved February 18, 1871. Authorizing The Worthington National Bank of Cooperstown, New York, to change its location and name to The First National Bank of Oneonta, New York. Approved February 27, 1871. 83 Authorizing The Warren National Bank of South Danvers, Massa- chusetts, to change its name to The Warren National Bank of Peabody, Massachusetts. Approved March 12, 1872. Authorizing The First National Bank of Seneca, Illinois, to change its location and name to The First National Bank of Morris, Illinois. (Two acts.) Approved April 5, 1872, and June 18, 1874. Authorizing The Eailroad National Bank of Lowell, Massachusetts, to change its location and name to The Eailroad National Bank of Boston, Massachusetts. Approved May 31, 1872. 41"- Authorizing The National Bank of Lyons, Michigan, to change its location and name to The Second National Bank of Ionia, Michigan. Approved December 24, 1872. Authorizing The East Chester National Bank of Mount Yernon, New York, to change its location and name to The Grerman National Bank of Bvansville, Indiana. Approved January 11, 1873. Authorizing The First National Bank of Newnan, Georgia, to change its location and name to The National Bank of Commerce, Atlanta, Georgia. Approved January 23, 1873. Authorizing The First National Bank of Watkins, New York, to change its location and name to The First National Bank of Penn Yan, New York. Approved February 19, 1873. Authorizing The National Bank of Springfield, Missouri, to change its name to The First National Bank of Springfield, Missouri. Approved March 3, 1873. s Authorizing The Kansas Valley National Bank of Topeka, Kansas, to change its name to The First National Bank of Topeka, Kansas. Approved March 3, 1873. 84 Autliorizing The First li^Tational Bank of Saint Anthony, Minnesota, to change its location and name to The Merchants' Ifational Bank of Minneapolis, Minnesota. Approved January 8, 1874. Authorizing The Second Ifational Bank of Havana, Kew York, t« change its name to The Havana National Bank of Havana, l^Tew York. Approved January 9, 1874. Authorizing The Passaic County I^ational Bank of Paterson, New Jersey, to chaiige its name to The Second National Bank of Paterson, New Jersey. Approved April 15, 18,74. Authorizing The Citizens' National Bank of Hagerstown, Maryland, to change its location and name to The Citizens' National Bank of Washington City, District of Columbia. Approved May 1, 1874. Authorizing The Irasburg National Bank of Orleans, at Irasburg, Vermont, to change its location and name to The Barton National Bank, Vermont. Approved June 3, 1874. Authorizing The Farmers' National Bank of Greensburg, Pennsyl- vania, to change its location and name to The Fifth National Bank of Pittsburgh, Pennsylvania. Approved June 23, 1874. Authorizing The Citizens' National Bank of Sanbornton, New Hamp- shire, to change its name to The Citizens' National Bank of Tilton, New Hampshire. Approved February 19, 1875. Authorizing The Second National Bank of Jamestown, New York, to change its name to The City National Bank of Jamestown, New York. Approved March 3, 1875. Authorizing The Second National Bank of Watkins, New York, to change its name to The Watkins National Bank, New York. Approved March 3, 1875. 85 Authorizing The Slater IN'ational Bank of IvTorth Providence, Rhode Island, to change its name to The Slater National Bank of Pawtucket, Rhode Island. Approved March 3, 1875. Authorizing The Auburn City National Bank of Auburn, New York, to be consolidated with The First National Bank of Auburn, New York. Approved March 3, 1875. Authorizing The Miners' National Bank of Braidwood, Illinois, to change its location and name to The Commercial National Bank of Wilmington, Illinois. Approved January 31, 1878. Authorizing The Windham National Bank, Windham, Connecticut, to change its location to the village of Willimantic, Connecticut. Approved February 10, 1879. Authorizing The National Bank of Commerce of Cincinnati, Ohio, to change its name to The National Lafayette and Bank of Commerce. Approved April 29, 1879. Authorizing The City National Bank of Manchester, New Hampshire, to change its name to The Merchants' National Bank of Manchester. Approved June 11, 1880. Authorizing The Blue Hill National Bank of Dorchester, Massachu- setts, to change its location and name to The Blue Hill National Bank of Milton, Massachusetts. Approved January 13, 1881. Authorizing The First National Bank of Meriden, West Meriden, Connecticut, to change its name to The First National Bank of Meri- den, Meriden, Connecticut. * Approved March 1, 1881, Authorizing The National Mechanics' Banking Association of New York, New York, to change its name to Wall Street National Bank. Approved February 14, 1882. Authorizing The Lancaster National Bank of Lancaster, Massachu- setts, to change its location and name to The Lancaster National Bank of Clinton, Clinton, Massachusetts. Approved February 25, 1882. 86 Authorizing The National Bank of Kutztown, Pennsylvania, to change its location and name to The Keystone National Bank of Read- ing, Pennsylvania. Approved June 27, 1882. INI3EX A. Par. Page. Aehnowledgment of organizatiou certificate 14 8 ^ct maybe amended 14 77 May be. altered or repealed 14 77 Administrators holding stock not personally liable 34 15 May act and sign. 3 68 Advertisement. (See Publication.) Advertisements in imitation of circulating notes, penalty for 66 25 Agent of association to examine, annually, bonds deposited 48 19 For witnessing tbe destruction of mutilated notes 63 24 For redemption of circulating notes, where to be selected 73 28 Of association not to certify checks except against actual deposits . . 85 31 Special, to examine bank under protest ^.. 106 38 Of closed bank forbidden to re-issue its circulating notes 146 50 Elected by stockholders of insolvent bank 3 67 May receive assets .' 3 67 May sell assets 3 68 May distribute proceeds 3 68 Aiding or abetting misdemeanor of officers of association 137 47 Allotment of shares of stock ^.. 5 73 Altered circulating notes, penalty for making or passing 139 47 Purchase, sale, receipt, or delivery of, penalty for 144 49 Amendment of various sections of the Revised Statutes 62 Of provisions fixing compensation of bank examiners 64 Of provisions relative to stamps on bank-checks 65 Annual report of Comptroller to Congress, contents of 10 7 AVhen may be printed 11 7 Appointment of Comptroller 2 5 Of Deputy Comptroller 4 5 Of officers of associations 15 9 Of directors of associations 15 9 Of special commission to examine bank before commencing business. 22 12 Of directors, in case vacancy 30 14 Of redemption agent 73 28 Of bank examiner 96 34 Of special agent to examine association under protest 106 38 Of receiver 113 40 Apportionment of circulation to States and Territories 57 22 Equalization of 58 22 Of issue of 155,000,000 of circulation for redistribution 9 58 Appraisal of stock 5 72 (87) 88 Par. Page. Articles of aasociation, contents of, and how made 12 8 Copy of, to be transmitted to Comptroller 12 8 Not to tie changed to the detriment of existing creditors 18 10 Of converted State hank 36 15 How amended 2 71 Certificate of amendment of 2 71 Application for amendment of 2 71 Assessment upon shareholders to pay defici ency in capital stock 83 31 Of penalty for failure to make reports to Comptroller 89 33 Of duties upon circulation, deposits, and capital 92 33 Of taxes by State authority on shares of associations 95 34 Upon association for compensation of examiner 96 35 Upon association for reimbursement of cost of redeeming notes 3 _ 56 Assessors of State taxes may inspect list of shareholders 86 32 Assets of closed associations, by whom to be reported 102 37 United States to have a paramount lien upon 109 39 Disposition of, by receiver 113 40 Surplus of, remaining after settlement of claims, disposition^ of 115 40 Assets of failed Tjank 3 67 May be turned over to agent 3 67 To be sold by agent 3 68 How distributed 3 68 Assignment of bonds. (See Transfer.) Of assets of association, after act of insolvency, void 119 41 Executed and sealed by Comptroller, to be evidence 153 51 Assistant treasurers to forward mutilated notes to Treasurer 3 56 To forward notes of closed banks and notes to be withdrawn 8 58 Associations defined — J 39 17 Association. (See National Banking Association..) Attachment not to issue from State court before final judgment 150 51 Auction sale at, of stock of delinquent shareholder 20 10 Of bonds of association for failure to withdraw circulation 59 23 Of stock taken by association for debt * 79 30 Of bonds of closed bank for failure to deposit lawful money 103 37 Of bonds of associations under protest 109 3ft Authority to commence business. (See Certificate of authority.) B. Bad debts defined 82 30 Bank-checks, for falsely certifying, receiver appointed 85 31 Stamp-tax upon 129 44' If official, to be exempt from tax 130 44 Not to be used in evidence when unstamped 131 44 Penalty for failure to affix stamp upon 132 44 Cancellation of stamp 133 45 Commissioner may prescribe mode of cancellation 134 45 Amendment relative to stamp-tax upon 15 61 May be subsequently stamped before judge of court of record 1 65 89 Par. Page, Barik-cTiecks, repeal of conflicting laws relative to stamp upon 2 65 May, in certain cases, be subsequently stamped without penalty 65 Bank-note paper, penalty for having unlawfully 140 48 Bamk-notes. (See Circulating notes.) Banks im District of Columbia, Comptroller to examine 9 & Banks, State. (See State banks.) Bed-plates to be examined 'annually by Comptroller 53 21. Of closed associations to be destroyed 53 21 Bill in ecpiity to enforce stockholders' liability 2 67 Bills of exchange, discount of, when not usurious ' 75 29' When discount of, not considered money borrowed 78 29' Bond, o^cioJ, of Comptroller 3 5 Of Deputy Comptroller 4 6 Of receiver 113 40 To be given by stockholders : 3 67 Bonds dyyosited with Treasurer, by public depositaries 35 15 By association before commencing business, description of 41 17 Not to be less than |30,000, nor less than one-third of capital 41 17 Increase of, on increase of capital 42 17 Withdrawal of, on return of circulating notes , 42 17 May not be reduced by withdrawal below one-third of capital 42 17 May be wholly withdrawn by closed association 42 17 Coupon, may be changed to registered 43 17 Transfer of, how made 44 18 To be countersigned by Comptroller when transferred 44 18 Transfer of, to be registered by Comptroller 45 18 Notice of transfer of, to be given to association 46 18 Comptroller to have acteess to 47 18 To be examined by association annually 48 19 To be held as security for circulating notes .- 49 19 Interest on, how collected by association 49 19 If depreciated, deposit to be strengthened 49 19 May be exchanged by consent of Comptroller , 49 19 May be returned to association on surrender of circulating notes 49 19 Limitation of withdrawal of ». 49 20 Ratio of circulating notes to 50 20 May be sold for failure to withdraw circulation 59 23 By national gold-banks, description of 64 25 Interest on, withheld for failure to pay up capital stock 83 31 Interest on, withheld for failure to make reports to Comptroller 89 33 ' Interest on, witiiheld for failure to report circulation. and deposits . . 91 33 Interest on, withheld for failure to pay tax on circulation and deposits 93 34 Ee-assignment of, to closed association 103 37 Of closed banks, may be sold for failure to deposit lawful money 103 37 Forfeiture of, for failure to redeem circulating notes 106 38 Cancellation of, upon failure to redeem circulating notes 108 39 Sale of, at auction, for failure to redeem circulating noles 109 39 Sale of, at private sale, for failure to redeem circulating notes 110 39 Sale of, not complete until transfer is made 110 39 90 Par. Page. Bonds deposited with Treasurer not to be applied to payment of protest fees 117 41 May be withdrawn upon deposit of lawful money in sums of $9,000. . 4 56 Not to be reduced by withdrawal below $50, 000 4 56 To be returned to banks from which circulation is withdrawn 7 57 To be sold for failure to withdraw circulation 8 57 Need not exceed one-fourth of capital ^ 8 74 Three per cents .' 11 76 Extended, may be exchanged 11 76 Circulation not to exceed 90 per cent, of par value of 8 74 Bonds of United States defined - 40 17 Not taxable under State, municipal, or local authority 126 44 May be issued by Secretary to provide for coin redemption 3 60 BooTc-keeper cannot act as proxy 26 13 BooTcs of Comptroller and Treasurer to be accessible to each oflScer . . 47 18 ^Mreaw of Comptroller of Currency established 1 5 Burning of mutilated notes by Comptroller 63 24 Of notes of closed association by Treasurer 104 37 Of circulating notes retired by deposit of lawful money 4 56 Maceration to be substituted for - 59 Business, place of, to appear in organization certificate 13 8 Association not to transact, until authorized by Comptroller 15 9 Not authorized to commence, until half of capital is paid in 19 10 When association may be authorized to commence --. 22 12 When authority to commence, may be withheld 22 12 Directors to be elected before commencing 27 13 Association to deposit bonds before commen cing 41 17 Circulating notes payable on demand at place of 61 24 To be conducted at place specified in organization certificate 68 26 Business, not to be prosecuted by bank after protest of circulating notes 107 38 Business paper, when discount of, not deemed money borrowed 78 29 By-laws of association 15 9 \ C. Cwticellation of stock of delinquent shareholders 20 11 Of coupon bonds received, and issue of registered bonds 43 17 Of bonds forfeited for non-payment of circulating notes 108 39 Of circulating notes redeemed by Treasurer 112 39 Of stamps on bank-checks 133 45 Method of, for stamps, prescribed by ( ,'ommissioner 134 45 Of stamps subsequently affixed to bank-checks 1 65 Capital stock, minimum amount of, for associations 17 10 Value and transfer of shares of 18 10 Shares of, to be deemed personal property 18 10 When to be paid in, and how certified 19 10 Of delinquent shareholders may be sold by association 20 10 If reduced below minimum must be increased, or receiver appointed. 20 11 How increased 24 12 How reduced, and limit of reduction 25 12 Each director must hold ten shares of 28 13 In other banks, when may be held by converted State bank 36 16 91 Par. Page. Capital stock, bonds deposited to be not leas than one-tMrd of 41 17 If increased, bonds deposited to be increased 42 17 If reduced, bonds may be withdrawn on return of circulation 42 17 Bonds deposited not to be reduced below one-third of 42 17 Maximum ratio to, of circulation issued 50 20 Money borrowed by any person or firm limited to one-tenth of 78 29 Loans on, and purchase of, by association forbidden 79 29 If taken for debt to.be sold, or receiver appointed 79 30 Indebtedness of association not to exceed 80 3" Creation or increase of, by use of circulating notes forbidden 81 30 Withdrawal of, in dividends or otherwise, prohibited 82 30 If impaired or deficient to be made good, or receiver appointed 83 31 United States tax upon 90 33 Report of average amount of, to Treasurer 91 33 Treasurer to estimate, if association fails to report 92 33 Tax upon, how collected if association fails to pay 1 93 34 Of savings banks in District Columbia 6 69 Capital stock of conrei'ted State iank, minimum amount of 36 16 Shares of, to remain same as before conversion 36 15 Total amount of, same as before conversion 120 42 Cards in ijuitation of circulating notes, penalty for issuing 66 25 Cashier, appointment of 15 9 To certify installments of capital stock paid in 19 10 Oath of, before being authorized to commence business 21 11 To notify Comptroller of payment of increase of capital stock 24 12 To notify Comptroller of reduction of capital stock 25 12 Cannot act as proxy 26 13 To sign memorandum on bonds transferred 44 18 To sign circulating notes 51 21 Effect of signature of, on circulating notes 61 24 Forbidden to certify checks except against actual deposits 85 31 To keep list of shareholders, subject to inspection 86 32 To verify list of shareholders and transmit same to Comptroller 86 32 To make and verify reports of condition of association 87 32 To make and verify reports of dividends and earnings 88 32 To make return to Treasurer of circulation, deposits, and capital 91 33 May be examined on oath by examiner 96 35 Cannot be examiner of bank of which he is an officer 96 35 To certify notice of liquidation to Comptroller 100 36 May waive notice of protest of circulating notes 105 37 To make return for taxation of notes of State bank, &c., paid out- . 124 4S Not to loan money on United States or natioual-bank notes 136 46 Embezzlement by, penalty for '. 137 46 Of closed bank forbidden to re-issue its circulating notes 145 50 To make certificate of amended articles 2 71 To make application for extension 2 71 Certificate of approval of seal of office by Secretary of Treasury 7 6 Of installments of capital stock paid in 19 10 Of officers and directors before commencing business ^ 21 11 92 Par. Page. Certificate of Comptroller, approving increase of capital 24 12 Of agent of association, of examination of bonds deposited 48 19 Of Comptroller, of burning of mutilated notes 63 24 Of association, of intention to go into liquidation 100 36 Of Treasurer, of burning of notes of association 104 37 Certificate of authority must be had before commencing business 15 9 Duty of Comptroller before granting 21 11 When to be granted, and form of 22 12 May be withheld, -when ., 22 12 Publication of, by association 23 12 For converted State bank 36 16 Before receiving, association to deposit bonds with Treasurer 41 17 Certificate of organization. (See Organization certificate ) Certificate to be given by Comptroller 2 71 To be under seal of office 2 71 Of amended article^ 2 71 To be made by cashier or president 2 71 To be under seal of bank 2 71 Certification of checks forbidden 13 76 > Penaltyfor 13 77 Certificates executed and sealed by the Comptroller to be evidence 153 51 Certificates, oleanng-house, lawful money reserve, when 70 27 Certificates of deposit of United States notes, issue of, authorized 71 97 Form and denominations of 71 27 May count as lawful money reserve 71 27 May be used in settlement of clearing-house balances 71 27 Currency not to be expanded or contracted by issue of 72 27 Notes for which they are issued to be held as special deposits 72 27 Oerii^ed copies of papers to be evidence 154 52 Certifying checks falsely, receiver appointed for 85 31 Charter number of association to be printed upon its notes 5 57 Checks of hanks. (See Bank-checks.) Circuit court. ("See Courts. ) Circulars in imitation of circulating notes, penalty for issuing 66 25 CvraalaUng notes of all associations to be taken by depositaries 35 15 Of converted State bank with branches, how regulated 37 16 May be returned and bonds withdrawn, when 42 17 Bonds deposited to be held as security for 49 19 May be surrendered and bonds returned to association, when 49 19 Batio of, to bonds and capital 50 20 Form, denominations, and printing of 51 20 Expenses of Bureau to be paid out of tax upon 52 21 Of denominations less than Ave dollars, limitation of 54 21 Of certain associations not to exceed |500,000 55 22 Aggregate amount of, not to exceed |354,000,000 56 22 Apportionment of, to States and Territories 57 22 Withdrawal and re-issue of $25,000,000 of, to equalize apportionment 58 22 Method of withdrawal and redistribution of 59 23 If not withdrawn by association, bonds to be sold 59 23 Associations in States having an excess of, may remove 60 23 93 Par. Page. Circulating notes, by whom signed, where payable, and for what receivable 61 24 Other tjian herein authorized, forbidden to associations 62 24 Lost or mntilated, how replaced and destroyed 63 24 Imitations of, penalty for issuing 66 25 Mutilation of, penalty for 67 26 Lawful money reserve required upon 69 26 Agent for redemption of, to be selected, and where 73 28 Names of agents for redemption of, to be published by Comptroller.. 73 28 Where redeemable at par 73 28 For failure to redeem, receiver may be appointed 73 28 To be received by all associations except gold-banks 74 28 Use. of, to pay in, or to increase, capital stocts,. forbidden 81 30 Depreciated, or unourrent, not to be paid out by association 84 31 United States semi-annual tax upon 90 33 Report of average amount of, to Treasurer 91 33 Treasurer to estimate amount of, if bank fails to make return 92 33 Tax upon, how collected if association fails to pay 93 34 Of closed associations to be retired 101 36 Of consolidating banks need not be retired 102 36 Of closed banks, when to be i-edeemed by Treasurer 103 37 Of closed banks, destruction of, by Treasurer 104 36 Protest of, when and how made... 105 37 On protest of. Comptroller to notify bill-holders • 108 38 Of association under protest to be paid at Treasury 108 38 In case of protest of, bonds may be sold at auction 109 39 In case of protest of, bonds may be sold at "private sale 110 39 Disposition of, after redemption by Treasurer Ill 39 Evidence of payment of, by Treasurer, how perpetuated Ill 39 Cancellation of, after payment by Treasurer 112 39 For failure to redeem, receiver may be appointed 113 40 Kottaxable when less than five per centum of capital 121 42 Of converted State bank, national association to pay tax upon 126 43 Not taxable under State, municipal, or local authority 128 44 Unlawful delivery of, penalty for < 135 46 Loans on security of, forbidden : 136 46 Counterfeiting or altering of, or passing same, penalty for 139 47 Unlawful using, making, importing, or having plate for, penalty 140 47 Having unlawful possession of, or photographing, &c., penalty for.. 140 48 Having unlawful possession of paper for printing, penalty for 140 48 Of closed association, penalty for unlawful re-issue of 145 50 Eeserve upon, abolished except as to gold-banks 2 55 Deposit with Treasurer of five per cent, upon, as redemption fund.. . 3 55 Redemption fund for, may count as reserve upon deposits 3 55 Redemption of, by Treasurer, regulations concerning , 3 55 Mutilated, to be forwarded by assistant treasurers and depositaries.. 3 56 Redemption and destruction of, upon deposit of lawful money 4 56 Bonds to secure, not to be reduced below $50, 000 4 56 Withdrawal of $55,000, 000 of, for redistribution 7 57 If not returned or money deposited in 30 days, bonds to be sold 8 57 94 Par. Page. Circulating notes, redemption of, from proceecTs of sale of bonds 8 > 58 To be forwarded by assistant treasurers and depositaries, when 8 58 Ee-issue of $55,000,000 of, in place of same amount withdrawn 9 58 Withdrawal of, limited to $55,u00,000 9 58 Maceration of, instead of burning 59 Repeal of provision limiting aggregate amount of, to $354,000,000 3 60 Repeal of provisions for withdrawal and redistribution of 3 60 Of any person, State bank, &c. (See Tax on circulating notes.) Of extended associations 6 73 Redemption of 6 73 Destruction of 6 73 Gain from, lost and destroyed 6 73 Shall be new designs 6 73 Cost of plates, how paid 6 73 Not to exceed 90 per cent of capital 10 75 Not to exceed 90 per cent, of par value of bonds 8 74 Cost of redemption to be paid by banks 8 74 Cost of transportation to be paid by banks 8 74 Cireulating notes of (yoW-Ziajifcs, form and denominations' of 64 25 Not to exceed eighty per centum of bonds deposited 64 25 Not to exceed $1,000,000 for any association 64 25 Reserve of twenty-five per cent, required upon 65 25 To be received by other gold-banks 65 25 Not to be counted as part of aggregate circulation authorized 65 25 In San Francisco, redemption agent for, not required 73 28 Repeal of provision limiting amount of circulation of gold-banks 61 Cities, list of, in which the required reserve is twenty-five per cent.of lia- bilities 69 26 Circulating notes of. (See Tax on circulating notes.) Cities of redemption, list of 70 27 Claims against closed banks to be presented to Comptroller 114 40 Dividends upon, by Comptroller 115 40 Clearing-house certificates deemed lawful money reserve, when 70 27 Balances, United States certificates of deposit used in settlement of. , 71 27 Clerk of association- cannot act as proxy 26 13 Forbidden to certify checks except against actual deposits 85 31 Embezzlement by, penalty for 137 46 dlerks in Bureau of the Currency, appointment and classification of 5 6 Names and compensation of, in annual report of Comptroller 10 7 Closed associations, statistics of, in annual report of Comptroller 10 7 May withdraw their bonds upon return of circulation 42 17 Plates and dies of, to be destroyed by Comptroller 53 21 To notify Comptroller of vote to go into liquidation 100 36 To publish notice of liquidation 100 36 To deposit lawful money with Treasurer to retire circulation 101 36 If consolidating, need not retire their circulation 102 36 If consolidating, assets and liabilities of, by whom reported 102 37 When to be discharged from liabilities upon circulation 103 37 May withdraw their bonds on deposit of lawful money 103 37 Destruction of notes of, by Treasurer 104 37 Unlawful re-issue of circulating notes of, penalty for 145 50 95 Par, Page. Coin, United States notes to be redeemed in, after January 1, 1879 3 60 Coins, silver, to be issued in redemption of fraction al currency 1 59 Commercial paper, when discount of, not deemed money borrowed 78 29 Commission, s;)eciai!, may examine bank before commencing business 22 12 Commissioner of Internal Revenue, returns to, of notes paid out 124 42 To estimate notes paid out, if return is not made by association 125 43 May prescribe method for canceling stamps on bank-checks 134 45 Returns and payment of tax to, for State-banknotes, &c., paid out . 21 62 Committee of appraisal 5 72 Company, maximum liabilities of, to association for money borrowed 78 29 Comjjejisaiiow of Comptroller of Currency 2 5 Of Deputy Comptroller of Currency 4 5 Of bank examiners 96 35 Of bank examiners, amendment of section relating to 64 Comptroller of Currency, Bureau of,' established 1 5 Appointment, term of office, and salary of , 2 5 Bond and oath of pffice of 3 5 To employ necessary clerks 5 6 Must not be interested in national banks 6 6 Seal of office of 7 6 To be assigned rooms, and to have custody of certain plates 8 6 To examine banks in District of Columbia 9 6 Annual report of 10 7 When annual report of, may be printed 11 7 Comptroller shall call a meeting of shareholders : 3 67 Shall grant certificate to extended associations 3 71 Shall withhold certificate from extended associations 3 71 Shall cause special examination to be made 5 72 Shall make reappraisal 1 66 May enforce liability of stockholders 3 67 Shall take bond from stockholders 3 67 Condition of association, reports of 87 32 Consolidating iamks need not retire their circulation 102 36 Assets and liabilities of, by whom reported 102 37 Contracts, banks may make 15 9 Conversion of State bank, proceedings necessary 36 15 Of State bank having branches 37 16 Converted State iamlc, shares of, same as before conversion 36 15 May hold stock in other banks, owned before conversion 36 16 Powers, privileges, and duties of 36 16 Minimum capital of 36 16 Capital of, the same after as before conversion ;. 120 42 Tax on circulation of, to be paid by national association 120 43 Conveyances executed and sealed by Comptroller to be evidence 153 51 Copy of papers, certified by Comptroller, to be evidence 153 51 Of organization certificate, duly certified to be evidence 154 52 Corporate existence, how extended 2 71 Extended for liquidation 7 74 Corporate rights and powers of associations : 15 8 Forfeited for violation of national-bank act IIH 41 96 Par. Page. Corporation, limit of liabilities of, to association for money borrowed 78 29 Circulating notes of. (See Tax on circulating notes.) Corporation, mimicipal. (^See Municipal corporation.) Counterfeit national bank notes - 5 69 United States and other notes 5 69 Counterfeit notes, penalty for having or passing 141 48 Buying, selling, receiving, or delivering, penalty for 144 49 Counterfeiting or altering circulating notes, or passing same, penalty for. 139 47 Bank-note plates, or having same in possession, penalty for 140 48 Countersigning of bonds transferred, by Comptroller 44 18 County court. (See Courts.) Coupon honds may be changed to registered 43 17 Courts may enjoin Comptroller and receiver, ■vehen 116 40 District, jurisdiction of 146 50 Circuit, original jurisdiction of 147 50 United States, exclusive jurisdiction of 148 51 United States, State, county, or municipal, jurisdiction of 149 51 Other than United States, nottoissueattachmentbeforefinaljudgment. 150 51 In the district where association is located, may enjoin Comptroller. 151 51 Creditors of association, rights of, not to be impaired by association 18 10 May inspect Ms% of shareholders 86 32 Of closed association to be notified to present their claims 114 40 Preferred, only holders of circulating notes can be 119 42 Currency not to be expanded by issue of certificates of deposit 72 27 D. Date of organization certificate of gold banks 70 Deficiency in State bank surplus, receiver appointed for 33 14 In State bank surplus, no dividend to be declared in case of 33 14 In reserve, bank to cease discounting in case of 69 26 In reserve, association to be notified of, by Comptroller 69 26 In reserve, receiver may be appointed for 69 27 In capital stock to be made good, or receiver appointed 83 31 In capital stock. Treasurer may withhold interest for 83 31 In sale of bonds of closed bank, how made good to United States.... 109 39 In sale of bonds of closed bank, United States to have first lien for.. 109 39 Definition of national banking associations 39 17 Of United States bonds 40 17 Of lawful money as applied to gold-banks 65 25 Of bad debts '. 82 30 Of the words " obligation or other security of the United States" 138 47 Delinquent shareholder, proceedings in case of 20 10 Denominations of notes of associations prescribed 51 21 Of notes less than five dollars, limitation of 54 21 Of notes of national gold-banks 64 25 Of United States certificates of deposit for legal-tender notes 71 27 Of gold certificates 12 76 Deposit with Treasurer of five per cent, on circulation, as redemption fund. 3 55 May count as reserve on deposits of association 3 55 Of additional amount, for notes redeemed 3 55 97 Paj-. Page. Depofitaries of public money, regulations concerning 35 15 Must receive circulating notes of all other associations 35 15 To forward mutilated notes to Treasurer .' 3 56 To forward notes req^uired to be withdrawn, and of closed banks 8 58 Deposits, lawful-money reserve required upon 69 26 Of legal tenders with Treasurer, and issue of certificates therefor.... 71 27 United States tax or duty upon 90 33 Eeport of average amount of, to Treasurer 91 33 Treasurer to estimate, if association fails to make report of 93 33 Tax upon, how collected, if association fails to pay "^ 93 34 Total reserve of association to be determined by ' 2 55 Depreciated circulating notes not to be paid ont 84 31 De/predation of bonds deposited, how made good 49 19 Deputy Comptroller, appointment, salary, duties, oath, and bond of 4 5 Must not be interested in national banks.... .-T 6 6 Designated depositaries of public money. (See Depositaries.) Destruction of circulating notes 6 73 Dies and plates. (See Plates and dies. ) Directors, appointment of 15 9 May sell stock of delinquent shareholders 20 10 Oath of, before receiving authority to commence business 21 11 Votes of shareholders in elections of 26 13 Number, election, and term of office of 27 13 Qualifications of 28 13 Official oath of, to be transmitted to Comptroller 29 13 "Vacancy in board of, how filled 30 14 If election of, is not held on proper day, proceedings necessary 31 ' 14 When to designate day for election ..i 31 14 One of, chosen by board, to be president 33 14 Of State bank in process of conversion, powers of 36 15 May declare dividends semi-annually ' 77 29 To attest reports of condition of association 87 32 May be examined on oath by bank examiner 96 35 Cannot be examiners of their own association 96 35 To certify notice of liquidation to Comptroller 100 36 To notify, by advertisement, creditors of bank in liquidation 100 36 Liability of, for damages by violation of national-bank act .'. 118 41 Not to loan money on United States or national-bank notes 136 46 Embezzlement by, penalty for 137 46 Of closed bank forbidden to re-issue its circulating notes 145 50 Directors of State hanks, powers and duties of, relative to conversion 36 15 Discount of bills of exchange, when not usurious 75 29 Of bills if exchange or business paper, when not moiiey borrowed. . . 78 29 Discownt prohibited when reserve is deficient 69 26 Rate of interest which may be charged upon 75 28 Dissenting shareholders , i 5 72 May ask appraisal of stock 5 72 Must be paid for stock 5 72 May appeal to Comptroller i...«. 5 75 District in which proceedings to enjoin Comptroller must be had 151 51 2761 w7 98 Far. Page. District attorneys to conduct certain suits under ttis act 152 51 District courts. (See Courts.) District of Columbia, Comptroller to examine banks in 9 6 Dividends forbidden wlien special State-bank surplus is deficient 33 14 Forbidden when lawf al-money reserve ifi deficient 69 26 May be declared semi-annually 77 '.19 Before declaring, surplus fund to be increased 77 29 Withdrawal of capital in form of, prohibited 82 30 Limited to net profits on hand after deducting losses 82 30 Dividends, reports of, to Comptroller 88 32 To creditors of closed association, by Comptroller 115 40 Dues to the United States, circulating notes receivable for 61 24 Duties on imports not payable in national-bank notes 61 24 On circulation. (See Tax.) E. Earnings, net. (See Profits.) Election o/ (JirecioJ-s by association 15 9 Votes of shareholders in 26 13 When and by whom to be held 27 13 If not held on proper day, proceedings necessary 31 14 Day for; how and by whom designated 31 14 ^mSe^^Zemem* by officers of association, penalty for . 137 46 Aiding or abetting, penalty for 137 47 Engraving of imitation of circulating notes, penalty for 66 25 Of counterfeit plates and dies, penalty for 140 48 Of new plates, cost of, to be reimbursed to Treasury 3 56 Enjoining Comptroller and receiver. (See Injunction of Comptroller.) Equalizing apportionment of circulating notes 58 22 Evidence of payment of notes of closed banks, perpetuation of Ill 39 Unstamped checks not to be used in 131 44 Papers, and copies of same, executed by Comptroller, to be 153 51 Copies of organization certificate, duly certified, to be 154 52 Examination of association, before granting certificate of authority 21 11 Of bonds deposited by association 48 19 Of plates and dies, annually, by Comptroller 53 21 Of association by bank examiner J 96 34 Of association limited to such as is authorized by this act 97 35 Expense of, to be paid by association 117 41 Special, to be made 3 71 To be at expense of association 3 71 Examinei; special, may examine bank before commencing business 22 12 ApiMjintment, powers, duties, and compensation of 96 34 Not to examine bank of which he is an offloer , 96 35 Special, to examine association nnder protest 106 38 Amendment of provisions as to compensation of 64 Exchange of registered for coupon bonds 43 17 Of bonds of one issue for those of another 49 19 Exchange, hills of. (See Bills of exchange.) Execution not *to issue from State court before final judgment 150 51 99' Par. Page. Executors holding stock not personally liable 34 15 May act and sign 3 68 Expense of special examination 3 71 Of reappraisal of stock 5 72 Of redemption of notes covered by deposit of lawful money 8 74 Of transportion of notes. 8 74 Ot plates 6 73 Ea^enses of examining banks in District of Columbia, how paid 9 6 Of Bureau of the Currency, out of what proceeds paid 52 21 Of destroying plates and dies of closed banks, how paid 53 21 Of sale ot bonds of closed bank, how provided for 103 37 Of examination or receivership, to be paid by association 117 41 Of redeeming notes and of new plates. Treasury to be re-imbursed for. 3 56 Expiring associations 1 71 Must publish notice 7 73 Must deposit lawful money 6 73 Extended for liquidation 7 74 May liquidate affairs 7 74 Extended associations 1 71 How extended 2 71 Circulating notes of 6 73 Must deposit lawful money 6 73 Must pay for plates 6 73 May have succession 1 71 Shall continue to enjoy privileges and immunities ~ 4 72 Shall be subject to all liabilities and restrictions 4 72 Continue to be identical association 4 72 Extended bonds may be exchanged 11 75 Ext,en8ion of corporate existence, 2 71 How made 2 71 May be for twenty years 1 71 F. Fee for protest, only one on same day 105 38 By whom paid 117 41 Bonds deposited not to be used in payment of 117 41 Fine for certifying checks unlawfully <, 13 77 Firm, limit of liabilities of, to association for money borrowed 78 29 Circulating notes of. (See Tax on circulating notes.) Forfeitwre of interest in case of usury 76 29 Of bonds, for failure to redeem circulating notes 106 38 Of franchise of association, for what, and how determined 118 41 Forfeitures, suits for, to be had in United States court 148 51 Forgery of notes of associations. (See Cowkterf citing.) Fractional currency to be replaced by silver coins 1 59 Franchise of expiring associations extended 7 74 Extended for twenty years 1 71 Frarichise of association, iorteMaio ot, for what, and how determined 118 41 jFraa^MZemt national bank notes to be stamped 5 69 Other notes to be stamped 5 69 Furniture of Bureau to be provided by Comptroller 8 6 100 G. Par. Page. Gold-banks, OTganizajtion of, authorized , ., 64 24 Description of bonds to be deposited by 64 25 Denominations of circulating notes of 64 25 Circulation of, not to exceed eighty per cent, of bonds deposited 64 25 Circulation of, for any associa/tion not to exceed |1,000,000 64 25 Must keep a reserve of twenty-five per cent, on circulation 65 25 To receive the notes of all other gold-banks 65 25 To be subject to provisions of national-bank act..' 65 25 Lawful-money reserve in, to be gold or silver coin 65 25 In San Francisco need not select redemption agent 73 28 Not required to receive notes of other than gold-banks 74 28 Repeal of provision limiting circulation of, to $1,000,000 61 May convert 69- Date of organization certificate 70 Powers and privileges of converted 70 Gold cei-tificaies, what receivable for 12 76 To be counted as reserve 12 76 May be reissued 12 76 Cannot be security for loans 12 76 Cannot be withheld from circulation 12 76 Denominations of 12 76 When not to be issued 12 76 Gold coin may be deposited '. 12 76 Shall be retained in Treasury 12 76 Guardians holding stock not personally liable 34 15 H. Sand-Mils in imitation of circulating notesj penalty for issuing 66 25 Hypothecation of circulating notes, when unlawful 81 30 I. /mitaijom of circulating notes, penalty for 66 25 Impairment of capital to be made good, or receiver appointed 83 31 Imports, duties on, not payable in national-bank notes 61 24 Impression of seal of oflSce to be deposited with Secretary of State 7 6 Of plates and dies, penalty for taking 142 49 Of plates and dies, penalty for having 143 49 Of seal of office on the paper as valid as if made on wax 153 52 Incidental powers of associations 15 9 Increase of capital stock, how made 24 12 Of bonds deposited to be proportionate to increase of capital 42 17 /«(Jc6 money on United States or national-bank notes 136 46 Embezzlement by, penalty for 137 46 Forbidden to re-issue notes of closed association , 145 50 Sball not certify checks unlawfully --• 13 76 Must stamp counterfeit notes , 5 69 Oj^cera o/ Gojiei'Bmemt delivering circulation unlawfully, penalty for 135 46 Organization certificate, what to contain 13 8 To be acknowledged and forwarded to Comptroller 14 8 Of converted State bank ^ 36 15 Business of association to be conducted at the place specified in 68 , 26 Certified copy of, to be evidence 154 52 P. Paper, lank-note, penalty for having unlawfully 140 48 Passing counterfeit or altered national-bank notes, penalty for 139 " 47 Penalties, suits for, to be had in United States courts 148 51 For certifying checks unlawfully ...1 13 77 For neglecting to pay assessment on stock 4 68 To be collected by suit in United JStates courts 4 72 Penalty for making or issuing imitation of circulating notes 66 25 For mutilating notes or drafts of associations 67 26 For taking usurious interest, by association 76 29 For unlawfully certifying checks, by officer of association 85 31 For failure of association to make reports to Comptroller 89 33 For failure to report circulation and deposits to Treasurer 91 33 For unlawfully using the word "national" as part of title 98 35 For violation, by directors, of provisions of national-bank act 118 41 For failure of association to report State-bank notes paid out 125 43 For failure to stamp bank-checks lS2 44 For fraudulent use of stamps 133 45 For unlawfully delivering circulating notes 135 46 ' ' For loaning money on security of United States or national-bank notes 1.36 46 For embezzlement by officers of^association, or abetting same 137 46 For counterfeiting or altering circulating notes, or passing same 139 47 For counterfoil ing plates, unlawfully having bank-note paper, &c.. 140 47 For passing, or bringing into United States, counterfeit notes 141 48 For unlawfully taking impression of plates or tools 142 49 For unlawful possession of bank-note tools or implements 143 49 For buying, selling, receiving, or delivering counterfeit notes 144 49 For unlawfully re-issuing circulating notes of closed banks 145 50 For failure of association to report State-bank notes paid out 21 62 Perpetuation of evidence of destruction of circulating notes Ill 39 Personal liability. (See Liability.) f ' Persons, circulating notes of. (See Tax on circulating notes.) Placards, in imitation of circulating notes, penalty for issuing 66 25 Piace o/ ftMsmess to appear in organization ce^tificate^ 13 8 Circulating notes payable on demand at 61 24 Usual business of association must be done at 68 26 106 Par. Page. Plates and dies not in use, deposited with Comptroller 8 6 To be procured by Comptroller -^ — 51 20 Expense and control of 52 21 To be examined annually by Comptroller 53 21 Of closed associations to be destroyed : 53 21 Counterfeiting, or having counterfeit, in possession, penalty for ...... 140 48 Cost of, to be reimbursed to the Treasury _ 3 56 Pledge of circulation to pay in or increase capital stock forbidden 81 30 Post-notes, to circulate as money, issue of, forbidden 62- 24 Powers of associations enumerated - 15 8 Of converted State bank 36 16 Of associations organized or initiated on or before June 3, 1864 38 16 Of new associations 9 55 Of converted gold-banks 70 Of extended banks — 4 72 Preferred creditors, holders of circulating notes, only, to be 119 42 President, appointment of 15 9 To certify installments of capital stock paid in 19 10 Oath of, before receiving certificate of authority — 21 1 To notify Comptroller of payment of increase of capital stock -24 12 To notify Comptroller of reduction of capital stock 25 12 Cannot act as proxy - 26 13 To be chosen by directors from their own number 32 14 To sign memorandum on bonds transferred - 44 18 To sign circulating notes 51 21 Effect of signature of, on circulating notes • 61 24 Unlawful certification of checks by, penalty for 85 31 Unlawful certification of checks by, penalty for 13 77 To keep list of shareholders, subject to inspection 86 32 To verify list of shareholders and transmit same to Comptroller 86 32 To verify reports of condition of association : 87 32 To verify reports of dividends and earnings 88 32 To report circulation, deposits, and capital to Treasurer 91 33 May be examined on oath by bank examiner 96 35 Cannot be examiner of bank of which he is an officer 96 35 To certify notice of liquidation to Comptroller 100 36 May waive notice of protest of circulating notes 105 37 To make return for taxation of notes of State banks, &c., paid out.. 124 42 Not to loan money on United States or national-bank notes 136 46 Embezzlement by, penalty for 137 46 Of closed bank forbidden to re-issue its circulating notes 145 50 President of bank may make certificate to amended articles of association . 2 71 Printer, Public, when to print annual report of Comptroller 11 7 Printing of imitation of circulating notes, penalty for 66 25 Private sale of stock taken by association for debt 79 30 Of bonds of association under protest 110 39 Of bonds of association, for failure to withdraw circulation 8 57 Profits, net, disposition of, in dividends and surplus fund 77 29 Dividends limited to amount of, after deducting losses 82 30 Semi-annual report of, to Comptroller 88 32 37 38 38 39 107 Par. Page. Proportion of circulating notes to bonds and capital 10 75 Protest of circulating notes, when and how made 105 37 Notice of, may be waived by president or cashier 105 Only one fee for, on the same day 105 Association under, to suspend business : ; 107 Bonds of association under, may be sold at auction w. 109 Bonds of association under, may be sold at private sale 110 39 Association under, may enjoin Comptroller, when 116 40 Fees for, by whom paid H'' 41 Provisions relative to savings banks 6 69 Proxy, shareholders may vote by, at elections and meetings 26 13 Officers of association cannot act as 26 13 Public debt, interest on, not payable in national-bank notes 61 24 Amount of U. S. notes outstanding to appear in monthly statement of. 6 57 Public Printer, when to print annual report of Comptroller 11 7 Publication of sale of stock of delinquent shareholder , 20 11 Of certificate of authority to commence business 23 12 Of notice of dflferred election of 'liTtintoin 31 14 Of notice of sale of bonds for failure to withdraw circulation 59 23 • Of names of redemption agents, by Comptroller 73 28 Of reports of condition, by association 87 32 Of notice to creditors, by closed association 100 30 Of notice to creditors of failed association, by Comptroller 114 40 Of notice of sale of delinquent stock 4 68 Of notice to creditors of expiring associations 7 73 Purchase of real estate by association, how restricted 16 9 Of bills of exchange, when not usurious /. 75 29 By association of shares of its own stock, how restricted 79 29 §«aZpca*Jong of directors of association. 28 13 R. Pate of interest authorized on loans and discounts 75 28 Batio of circulating notes to bonds and capital 50 20 Of circulating notes to bonds 8 74 Of circulating notes to capital 10 75 Of circulating notes of gold-banks to bonds deposited 64 25 Meal estate, for what purpose may be held 16 9 If acquired through mortgage, to be sold within five years 16 10 Taxation of, by State or local authority 95 34 Se-assignment of bonds to association on return of circulating notes 42 17 Of bonds in sums of not less than |1,000, on return of circulation 49 19 Of bonds to closed association, on deposit of lawful money .'.... 103 37 Of bonds, on the deposit of not less than |9,000 in lawful money 4 56 Receipt, by Comptroller to association, for bonds deposited 44 18 Eecdver, appointment and duties of 113 40 May be enjoined by association under protest 116 40 Expenses of, to be paid out of assets of association 117 41 Suits to enjoin, circuit court to have original jurisdiction of 147 50 Suits to enjoin, to be had in district in which bank is located 151 51 Suits by or against ' 4 72 108 Par. Page. Ueceiver appointed for failure to restore diminished capital 20 11 For deficiency in surplus of State bank having |5, 000, 000 capital 33 14 For failure to make reserve good 69 27 For failure to select redemption agent or to redeem notes 73 28 For failure to sell shares of stock taken for debt 79 30 For failure to pay up capital or restore it when impaired 83 31 For certifying checks unlawfully 85 31 For failure to redeem circulating notes 113 40 For violation of law 1 66 For refusal to pay judgment 1 66 In case of insolvency 1 66 Bedemption by association of circulating notes, where to be made 73 28 Of circulating notes of closed bank, by Treasurer 103 37 Of circulating notes by Treasurer, regulations concerning 3 55 Of mutilated notes by Treasurer 3 56 Of circulating notes withdrawn, from proceeds of sale of bonds 8 58 Of circulating notes withdrawn, limitations of 9 58 Of United States notes in excess of |300,000,000 3 60 Of legal-tenders in coin, on and after January 1, 1879 3 60 Of notes of extended associations - 6 73 Of notes retired 8 74 Of notes of banks in liquidation 8 74 Bedertiption agents to be selected by associations, and where 73 26 Not required for national gold-banks in San Francisco 73 28 Names of, to be published by Comptroller 73 28 If not selected by association, receiver may be appointed 73 28 Repeal of~pro visions requiring or permitting 3 56 Bedemption cities, list of, and provisions as to reserve in 70 27 Bediatribution of circutation withdrawn from States in excess 59 23 Limited to $55,000,000 9 58 Repeal of provisions requiring 3 60 Beduction of capital stock, how made, and limit of 25 12 Of capital stock and bonds deposited, on return of circulation 42 17 Of bonds deposited, limitation of 42 17 Of bonds deposited, on surrender of circulating notes 49 19 Of bonds deposited, limitation of 49 20 Of capital stock, in form of dividends, prohibited 82 30 Of bonds, on deposit of lawful money in sums not less than $9,000 ... 4 56 Of bonds deposited not to go below a limit of $50,000 4 56 Of bonds deposited not to go below a limit of J of the capital 8 74 Of United States notes to a limit of $300,000,000 3 60 Befvmding duties paid in excess on capital, circulation, and deposits 94 34 iJei/igicc of bonds transferred, by Comptroller 45 18 Begiater of the Treasury, signature of, on circulating notes 51 21 Begistered honde may be exchanged for coupon bonds 43 17 Beimliureement of United States from'assets of closed association 109 39 Of Treasury, by association, for redemption of circulating notes 3 56 Of Treasury, by association, for redemption of circulating notes 8 74 Of Treasury for cost of engraving plates 3 56 Of Treasury, for cost of engraving plates 6 73 109 Par. Page. Bemoval of banks from States having an excess of circulation 60 23 Bepeal of provisions requiring reserve on circulation 2 55 Of provisions requiring or permitting redemption agents 3 56 Of a part of act of July 12, 1870, as to -withdrawal of circulation 7 57 Of a charge for conversion of bullion into coin 2 60 Of limitation upon aggregate amount of circulating notes 3 60 Of provisions for withdrawal and redistribution of circulation 3 60 Of limitation of amount of circulation for any gold-bank 61 Of limitation of circulation to $500,000 : 10 75 Report of Comptroller to Co-ugrees 10 7 When may be printed 11 7 iJeporis of names and residences of shareholders 86 32 Of condition of association 87 32 , Of dividends and earnings 88 32 Penalty for failure to make, to Comptroller 89 33 Of circulation, deposits, and capital 91 33 Penalty for failure to make, to Treasurer 91 33 Of bank examiner 96 35 Of special agent appointed to examine bank under protest 106 38 Of receiver, to Comptroller '. 113 40 Of circulating notes of State banks, &c., paid out by associations ... 124 42 Of circulating notes of State banks, &o., paid out by associations ... 21 62 Seserve, United States notes not to be held or used by Secretary as a 6 57 Beaerve of lawful money of national gold-banks on circulation 65 25 Of national gold-bank, to be gold and silver 65 25 Amount of, required for each association 69 26 / If deficient, bank to make no discounts or dividends 69 26 Association to be notified of deficiency in, by Comptroller 69 26 If deficient for thirty days, receiver may be appoiuied 69 27 Of country banks, where may be held 70 27 Clearing-house certificates may count as, when 70 27 United States certificates of deposit may count as 71 27 Gold certificates of deposit may count as 12 76 Silver certificates of deposit may count as j 12 76 Of banks in redemption cities, where may be held 73 28 On circulation, no longer required 2 55 Deposit with Treasurer of five per cent, on circulation may count as. 3 55 Residences of shareholders, list of, to be kept by association 86 32 Responsibility of shareholders of association 33 14 Return of circulation to Comptroller and withdrawal of bonds 42 17 Of bonds to association in sums of not less than $1,000 49 19 Of bonds to closed bank on deposit of lawful money 103 37 Of bonds, on the deposit of not less than |9,000 in lawful money 4 56 Returns, {fie^ Reports.) Revised Statutes applicable to banks in District of Columbia To savings banks in District of Columbia Righ ts of creditors not to be impaired by association 18 10 Of converted State bank , 36 16 Of associations organized or initiated on or before June 3, 1864 38 16 Of associations, when forfeited and how determined 118 41 110 Par. Page. RigMs of new associatioua 9 58 Of extended associations 4 72 S. Sale of stoclc of delinquent shareholders 20 10 Of bills of exchange, when not usurious 75 29 Of capital stock taken by association for debt 79 30 Of bonds of closed bank, for failure to deposit legal-tenders 103 37 Of bonds of association under protest, at auction 109 39 Of bonds of association under protest, at private sale 110 39 Of assets of closed association, by receiver ■ 113 40 Of bonds deposited, for failure to withdraw circulation 8 57 Of appraised stock of extended associations 5 72 San Francisco, gold-banks in, need not select redemption agent 73 28 Savings-hanis in the District of Columbia, examination of 9 6 In the District of Columbia to make reports 6 69 Statistics of, in annual report of Comptroller 10 7 Savings companies in the District of Columbia to make reports 6 69 Seal, association may adopt and use 15 9 Seat of office to be devised by Comptroller 7 6 Description and impression of, to be filed with Secretary of State 7 6 Approval of, by Secretary of Treasury, filed with Secretary of State. 7 6 Papers sealed with, to be evidence 153 51 An impression of, on the paper, as valid as if made on wax 153 52 ' Copy of organization certificate sealed with, to be evidence 154 52 Sealed copies of certificates and other papers to be evidence • 153 51 Of organization certificate to be evidence 154 52 Secretary of State, a description and impression of seal to be filed with ... 7 6 Approval of seal by Secretary of Treasury to be filed with 7 6 Secretary of the 2reasury to supervise duties of Comptroller 1 5 Comptroller appointed upon recommendation of 2 5 To approve bond of Comptroller 3 5 To appoint Deputy Comptroller and approve his bond 4 5 To appoint and classify clerks of Comptroller 5 6 To approve seal of offiloe of Comptroller 7 6 To assign suitable rooms to Comptroller 8 6 May approve organization of banks with capital of $50,000 17 10 May designate depositaries of public money 35 15 Mayexohangeoouponforregistered bonds deposited 43 17 To prescribe terms for exchange of bonds deposited 49 19 To have direction of the engraving of plates and dies 51 20 To approve regulations for destruction of printing materiitl 53 21 To apportion the circulation to States and Territories 57 22 To have direction of withdrawal of circulation 58 22 To supervise statement showing circulation to be withdrawn 59 23 To approve rules for removal of banks from States in certain cases . . 60 23 To appoint witness to burning of mntilated notes 63 24 To concur in appointment of receiver for deficient reserve 69 27 May receive Treasury notes and issue certificates of deposit therefor. 71 27 Not to expand or contract currency by issue of certificates of deposit. 72 27 Ill Par. Page. Secretary of the Treasury to approve appointment of bank examiner 96 34 To concur in appointment of agent to examine bank under protest .. 106 ^8 To direct manner of notice to bill-holders of closed banks . . . : 108 38 To regulate the disposition of redeemed circulating notes Ill 39 To prescribe regulations for the redemption of circulating notes 121 42 To regulate printing of charter number ou notes of banks ' 5 57 Not to hold or use United States notes as a reserve 6 57 To have direction of withdrawal of circulation 7 57 To issue silver coins in redemption of fractional currency ' 1 59 To retire legal-tender notes in excess of $300,000,000 3 60 Must approve designs for notes 6 73 May suspend issue of gold certiiicates 12 76 May receive deposits of gold coin 12 76 May issue gold certificates 12 76 May issue three per cent, bonds 11 76 May exchange extended bonds 11 75 Securities of the United States defined 138 47 Not taxable under State, municipal, or local authority 128 44 Security for loans to be personal 15 9 Shares of its own stock not to be ta ken as, by assooiat ion 79 29 Shareholders, made such by transfer "of stock, rights and liabilities of 18 10 ^ Delinquent, proceedings relative to 20 10 May reduce capital stock of association 25 12 Votes of, in elections and meetings 26 13 May vote by proxy 26 13 To elect the directors 27 13 May fix day for election of directors, when 31 14 Individual liability of 33 14 Individual liability of, in State bank having $5,000,000 capital 33 14 List of, to be kept, subject to inspection 86 32 Annual list of, to be verified an d forwarded to Comptroller 86 32 Non-resident, to be taxed in place where bank is located 95 34 May put association into liquidation 99 36 When discharged from all liabilities on circulating notes 103 37 Individual liability of, when enforced 113 40 May ho'd directors responsible for damages by violation of bank act. 118 41 Not assenting to extension 5 72 Of expiring associations, rights of 5 73 When entitled to prefe ence 5 73 Of insolvent banks must give bond, when 3 67 To receive balance of proceeds of stock . 4 68 May amend articles of association 2 71 May extend corporate existence 2 71 Must give consent in writing 2 71 Liability of, how enforce! 2 67 Meeting of, to elect an agent 3 67 Refusing to make good capital stock 4 68 Shares of dissenting, to be paid for 5 72 Shares of delinquent, to be sold 4 68 /Scares o/ gtocA;, par value, and transfer of 18 10 112 Par. Page. /S?! ares o/gtocfc to be deemed personal property --- 18 10 Each director must own ten ' - 28 13 Of State bank, same after conversion as before 36 15 Loans upon, forbidden, and purch ase of, restricted 79 29 Taxation of, by State or local authority 95 34 , "Value of, may be appraised 5 72 Signature of Treasurer and Register on circulating notes 51 21 Of president or vice-president and cashier on circulating notes 51 21 Of officers of association on circulating notes, effect of 61 24 5Hwer eerii^cate may be counted as reserve 12 76 Must be received by national banks - - — 12 76 Must be taken in clearing-house 12 76 Cannot be security loans 12 76 Cannot be withheld from circulation — . 12 76 Silver coins to be issued iu redemption of fractional currency 1 59 SoUciUrr of the Treasury to supervise certain suits under this act 152 51 Special agent to examine bank on failure to redeem its circulating notes.. 106 38 Special commission may examine bank before commencing business 22 12 Special reports of condition may be called for by Comptroller 87 32 Special surplus fund. (See Surplus fund, special.) Specie payments, resumption of, on January 1, 1879 3 60 Spurious circulating notes, penalty for making or passing 139 47 Stamps required on bank-checks 129 44 Official checks exempt from 130 44 Must be on check to make same admissible in evidence 131 44 Penalty for failure to affix, to checks 132 44 May be affixed to check by collector, when 132 45 Method of cancellation, and penalty for fraudulent use of , 133 45 Commissioner may prescribe method of cancellation of 134 45 Amendment of act of June 30, 1864, relative to 15 61 May be subsequently affixed before judge of court of record 1 65 Repeal of conflicting laws relating to 2 65 May, in certain cases, be subsequently affixed without pen alty 65 State hanks, statistics of, in annual report of Comptroller 10 7 Having $5,000,000 capital, surplus of, and personal liability in 33 14 Conversion of, and proceedings necessary 36 15 Shares of stock in, same after conversion as before 36 15 May continue to hold stock in other banks, if owned before conversion . 36 16 Minimum capital of 36 16 With branches, conversion and circulation of 37 16 Capital of, same after conversion as before 120 42 Circulating notes of. (See Tax on drculaUng notes.) State court. (See Courts.) State taxation of associations 95 34 United States obligations and securities exempt from 128 44 Stoch of associations. (See Capital stock.) Stocks of the United States exempt from State or local taxation 128 44 Succession, period of, for associations 15 9 Period of, maybe extended .- 1 71 113 Par. Page. Suits may be brought by or against association 15 9 Against association for usury, limitation of 76 29 By association to enjoin Comptroller, when and where brought 116 40 Against directors for damages by violation of bank act 118 41 By or against association, jurisdiction of district court in 146 50 By or against association, original jurisdiction of circuit court in 147 50 For penalties or forfeitures, exclusive jurisdiction of United States court 148 51 Against association, in what court and district may be brought 149 51 To enjoin Comptroller or receiver, in what district to be bad 151 51 In which the United States is a party, supervision and conduct of 152 51 Against national banks, jurisdiction of 4 72 By national banks, jurisdiction of 4 72 <8urj>iMs/«H(Z, net profits to be carried to, before each dividend 77 29 Surplus fund special, In converted State bank having |5,000,000 capital 33 14 When deficient, no dividend to be declared ^ 33 14 For deficiency in, receiver may be appointed 33 14 Surrender of bonds on reduction of capital, or to closed bank 42 17 In multiples of $1,000, on return of circulating notes 49 19 To closed association, on deposit of legal tenders 103 37 On the deposit of lawful money in sums not less than $9,000 4 56 T. Tax on circulating notes paid out, of any person or State bank 122 42 Of any town, city, or municipal corporation 123 42 Betnrn of, by association, to Treasurer 124 42 Penalty for failure to make return of, or to pay 125 43 Of any person, firm, corporation, or State bank 19 61 Of any person, firm, corporation. State bank, town, or city, iSrc 20 62 Eeturn of, by association, to Treasurer 21 62 Tax on circulation, deposits, and capital, expenses of bureau paid from 52 21 Rate of, and when to be paid 90 33 Eeturn of, by association, to Treasurer -. 91 33 Penalty for failure of association to make return of 91 33 To he estimated by Treasurer in defanlt of return 92 33 How collected, if association fails to pay , 93 34 If paid in excess, how refunded 94 34 Exemption of circulation from, when not exceeding five per cent of capital 121 42 Of converted State bank, national association to pay ' 126 43 Tojoaiion, State and local, of associations 95 34 United'States obligations and securities exempffrom 128 44 TeHer cannot act as proxy 26 13 Embezzlement by, penalty for 137 46 Term of extension of corporate existence ^. . 1 71 Not to exceed twenty years 1 71 Territorial court. (See Courts.) 2761 8 114 Par. Page. Three per cent, bonds may be issued '. 11 79 Interest payable when 11 76 Not to be called in 11 76 Order of redemption 11 76 Towns, circulating notes of. (See Tax on circulating notes.) TroMsfer of shares of association, how made 18 10 Of assets of association ; after act of insolvency, void 119 41 Transfer of hands deposited, how made 44 18 Not valid unless countersigned by Comptroller •. . 44 18- To be registered by Comptroller 45 18 Notice of, by Comptroller, to association 46 18 To be made before any sale of same is complete , 110 39' Treasurer of United States to hold bonds of public depositaries 35 15 Bonds to secure cii-cul ation to be deposited with 41 17 To reassign bonds to bank on return of circulating notes 42 17 Transfer of bonds deposited, to and by 44 IB To have access to books of Comptroller ; 47 18- To select time for examination of bonds by association 48 19' To give to association certiiicate of examination of bonds 48 19 To hold bonds deposited exclusively for redemption of notes 49 19', Exchange or withdrawal of bonds deposited with 49 19 Signature of, on circulating notes 51 21 To appoint witness to burning of mutilated notes 63 24 Bonds to secure gold-notes to be deposited with 64 26- To withhold interest for failure to make capital good 83 31 May retain interest for failure to make reports to Comptroller 89 33 Tax on capital, circulation, and deposits, to be paid to 90 '33 Report of capital, circulation, and deposits, to be made 91 33 May retain interest for failure to report circulation and deposits 91 33 To estimate circulation and deposits, if bank fails to report 92 33 May retain interest for failure to pay tax on circulation and deposits- 93 34 To certify to excess of taxes paid by association 94 34 To receipt for lawful money deposited by closed bank 101 36 To reassign bonds to closed bank on deposit of lawful money 103 37 To redeem circulating notes of closed association, when 103 37 To destroy redeemed notes and certify to same 104 37 To redeem circulating notes of association under protest, when 108 3S To cancel oircjilating notes paid by him 112 39 . Moneys collected by receiver to be paid to 113 40 Fivepercent. ouciroulationtobedepositedwith, asredemptionfund. 3 55 To redeem circulating notes in sums of $1,000, or multiple thereof. . . 3 55 Eedemption of mutilated notes by, regulations concerning 3 56 To reassign bonds to association on deposit of legal-tenders 4 56 To redeem circulation required to be withdrawn, when 8 58 Treasury notes. (See United States notes.) Trustees holding stock not personally liable , 34 15 Of closed bank forbidden to reissue its circulating notes 145 50 Trust companies in District of Columbia 6 69 Must make reports 6 69 Subject to penalty for failure 6 69 115 11. Par. Page. Uncurrent money , association not to pay out 84 31 United States bonds. (See Bonds of United States.) ' DJiited States disbursing officers to stamp counterfeit notes 5 69 United States notes may be received on deposit by Secretary 71 27 To be held for redemption of oartificates issued therefor 72 27 Deposit of, with Treasurer, by closed bank, to redeem circulation.. . 101 36 Not taxable under State, municipal, or local authority 128 44 Loans on security of, forbidden '. 136 46 May bedeposited by association, and bonds withdrawn 4 56 Maximum amount of, outstanding, limited to |38-i,000,000 ..: 6 57 Amount of, outstanding, to appear in monthly debt statement 6 57 Not to be held or used by government as a reserve 6 57 May be deposited in lieu of circulation to be withdrawn 7 57' To be reduced to $300,000,000, as oirciilatiug notes are issued 3 60 United States securities eVempt from State or local taxation 128 44 United States Treasurer. (See Treaswe/r.) U«ttn/,. the purchase of bills of exchange, &c., when not deemed to be 75 29 Penalty for taking.. 76 29 Suits for recovery of j 76 29 Limitation of right of action for recovery of 76 29 V. Vacancy in board of directors, how filled 30 14 Vaults, fire-proof, to be provided for bureau 8 6 Verifieation of certificate of installment of capital paid in 19 10 Of statement of officers and directors before commencing business... 21 11 Of list of shareholders 86 32 Of report of condition of association H7 32 Of returns of national banks, defining same 70 Of report of dividends and earnings 88 32 Of return to Treasurer of circulation, deposits, and capital 91 33 Of return of circulating notes of State banks, &c., paid out 124 43 Of reports : 70 Must be before officer in State 70 Cannot be before »bank officer 70 Vice-president, appointment of ; 15 9 Cannot act as proxy 26 13 May sign circulating notes 51 21 Eifect of signature of, on circulating notes 61 24 Violation of national-bank act to work forfeiture of charter 118 41 Visitorial powers to which association shall be subject 97 35 Void, acts of insolvent bank which are prejudicial to creditors shall be. 119 41 Votes of shareholdei's in elections and meetings 26 13 W. Withdrawal of bonds on reduction of capital, or by closed bank 42 17 Of bonds deposited, limitation of 42 17 Of bonds deposited, upon surrender of circulating notes 49 19 116 Par. Withdrmcal of bonds deposited, limitation upon 49 20 Of $25,000,000 of circulation, for purpose of redistribution .. v 58 22 Of circulation, method of procedure in 59 23 Of capital, in form of dividends, prohibited 82 30 Of bon(^8 deposited, by closed associations 103 ' 37 Of circulation, repeal of proviso concerning, in act of July 12, 1870. 7 57 Of circulation, bonds deposited to be sold in default of 8 57 Of circulation limited to $55,000,000 ..^.. 9 58 Of circulating notes and bonds deposited, on deposit of lawful money . 4 56 Of bonds deposited not to go below a limit of $50,000 4 56 Of bonds deposited not to go below a limit of i of the capital 8 74 Of circulation, repeal of provisions requiring 3 60 Of United States notes in excess of $300,000,000 .w 3 60 t*