quired by the comptroller. And the comptroller shall have Special reports. power to call for special reports from any particular association whenever in his judgment the same shall be necessary in order to a full and complete knowledge of its condition. Any association failing to make and transmit any Penalty for not making and such report shall be subject to a penalty of one hundred transmitting ro dollars for each day after five days that such bank shall ports; delay to make and transmit any report as aforesaid; and in case any association shall delay or refuse to pay the penalty herein imposed when the same shall be assessed by the comptroller of the currency, the amount of such penalty how may be colmay be retained by the Treasurer of the United States, upon the order of the comptroller of the currency, out of the interest, as it may become due to the association, on the bonds deposited with him to secure circulation; and all sums of to be paid into money collected for penalties under this section shall be paid into the Treasury of the United States. lected; the Treasury. Additional re port to comptrol fer of the amount of dividends and SEC. 2. And be it further enacted, That, in addition to said reports, each national banking association shall report to the comptroller of the currency the amount of each dividend of net earnings; declared by said association, and the amount of net earnings and how verified. in excess of said dividends, which report shall be made where to be made within ten days after the declaration of each dividend, and attested by the oath of the president or cashier of said association, and a failure to comply with the provisions of this Penalties. section shall subject such association to the penalties provided in the foregoing section. Approved, March 3, 1869. CHAP. CCLVIL-AN ACT TO REQUIRE NATIONAL BANKS GOING INTO July 14, 1870. Vol. XVI, p. 274. that have gone, liquidation, to de money for out tion. 202. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That National banks every bank that has heretofore gone into liquidation under or shall go, into the provisions of section forty-two of the national currency posit lawful act, shall be required to deposit lawful money of the United standing circula States for its outstanding circulation within sixty days from See secs. 5222, the date of the passage of this act. And every bank that 5223, post, pp. 201′ may hereafter go into liquidation shall be required to deposit lawful money of the United States for its outstanding circulation within six months from the date of the vote to go into liquidation; whereupon the bonds pledged as security for such circulation shall be surrendered to the association making such deposit. And if any bank shall fail to make the deposit and take up its bonds for thirty days after the make deposit may sell bonds York. If bank fails to expiration of the time specified, the comptroller of the cur&c., comptroller rency shall have power to sell the bonds pledged for the at auction in New circulation of said bank at public auction in New York city, and after providing for the redemption and cancellation of said circulation, and the necessary expenses of the sale, to pay over any balance remaining from the proceeds to the Certain banks bank, or its legal representative: Provided, That banks which are winding up in good faith for the purpose of consolidating with other banks shall be exempt from the proAssets to be re-visions of this act: And provided further, That the assets and liabilities of banks so in liquidation shall be reported by the banks with which they are in process of consolida tion. exempt from this act. ported. Approved, July 14, 1870. June 8, 1872. Vol. XVII, p. 336. of the Treasury United States without interest, CHAP. CCCXLVI.-AN ACT FOR THE BETTER SECURITY OF BANK RE- Be it enacted by the Senate and House of Representatives of The Secretary the United States of America in Congress assembled, That the may receive Secretary of the Treasury is hereby authorized to receive notes on deposit, United States notes on deposit, without interest, from from whom and national banking associations, in sums not less than ten thousand dollars, and to issue certificates therefor in such form as the Secretary may prescribe, in denominations of not less than five thousand dollars; which certificate shall be payable on demand in United States notes, at the place where the deposits were made. in what sums. the retor how payable. and See R. S., 5193, post, p. 198. by. Certificates SEC. 2. That the United States notes so deposited in the Treasury of the United States shall not be counted as part of the legal reserve; but the certificates issued therefor may be held and counted by national banks as part of their legal reserve, and may be accepted in the settlement of clearing-house balances at the places where the deposits therefor were made. Currency not SEC. 3. That nothing contained in this act shall be conto be expanded or contracted here. Strued to authorize any expansion or contraction of the Notes to be currency and the United States notes for which such cerspecial deposits, tificates are issued, or other United States notes of like and how applied. amount, shall be held as special deposits in the Treasury, and used only for the redemption of such certificates. Approved, June 8, 1872. CHAP. CCLXIX.-AN ACT TO REQUIRE NATIONAL BANKS TO RESTORE March 3, 1873. Vol. XVII, p. 603. pro rata upon stock &c. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That all Deficiencies in the capital stock national banks which shall have failed to pay up their of national banks to be made up by capital stock, as required by law, and all national banks assessment whose capital stock shall have become impaired by losses or holders, within, otherwise, shall, within three months after receiving notice thereof from the comptroller of the currency, be required to pay the deficiency in the capital stock by assessment upon the shareholders, pro rata, for the amount of capital stock held by each and the Treasurer of the United States Interest to be shall withhold the interest upon all bonds held by him in &c. trust for such association, upon notification from the comptroller of the currency, until otherwise notified by him; and if such banks shall fail to pay up their capital stock, and shall refuse to go into liquidation, as provided by law, for three months after receiving notice from the comptroller, a receiver may be appointed to close up the business of the association, according to the provisions of the fiftieth section of the national-currency act. withheld until, Receiver to be appointed if, &c. 1864, c. 106, s. 50, vol. 13, p. 114, ante, p. 177. injunction, &c., to court. SEC. 2. That section fifty-seven of said act be amended No attachment, by adding thereto the following: "And provided further, issue before final That no attachment, injunction, or execution shall be issued judgment in State against such association, or its property, before final judg-Ibid, ante, p. ment in any such suit, action, or proceeding in any State, county, or municipal court." 180. The word "na tional" not to be used by certain companies or cor post, p. 206. SEC. 3. That all banks not organized, and transacting business under the national-currency act, and all persons, companies or corporations doing the business of bankers, porations. brokers, or savings institutions, except saving-banks, See R. S., 5243, authorized by Congress to use the word "national" as a part of their corporate name, are prohibited from using the word "national" as a portion of the name or title of such bank, corporation, firm, or partnership; and every Penalty for such bank, corporation, or firm, which shall use word using such word. "national" as a portion of their corporate title or partnership name six months after the passage of this act, shall be subject to a penalty of fifty dollars for each day thereafter in which said word shall be employed as aforesaid as part of such corporate name or title, such penalty to be recovered by action in any court having jurisdiction. Comptroller of the currency to examine yearly the plates, &c., SEC. 4. That it shall be the duty of the comptroller of the currency to cause to be examined each year the plates, from which the dies, but-pieces, and other material from which the national- bank circulation is printed. rial to be destroyed. bank circulation is printed in whole or in part, and file Certain mate-in his office annually a correct list of the same; and such material as shall have been used in the printing of the notes of national banks which are in liquidation, or have closed business, shall be destroyed under such regulations as shall be prescribed by the Comptroller of the Currency, and approved by the Secretary of the Treasury; and the expense of such examination and destruction shall be paid out of any appropriation made by Congress for the special examination of national banks and bank plates. Expenses. Approved, March 3, 1873. Annual report. PROVISIONS OF THE REVISED STATUTES RELATING SEC. 333. The Comptroller of the Currency shall make 18, 1875, correct. an annual report to Congress, at the commencement of its See act of Feb. ing Rev. Stat., session, exhibiting— post, p. 213. Condition of tions. 61. Ante, p. 181, 8. First. A summary of the state and condition of every national associa-association from which reports have been received the preceding 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. Circulation, when exempted from tax. TAX ON CIRCULATION. SEC. 3411. Whenever the outstanding circulation of any bank, association, corporation, company, or person is reduced to an amount not exceeding five per centum of the chartered or declared capital existing at the time the same was issued, said circulation shall be free from taxation; and whenever any bank which has ceased to issue notes for circulation, 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 shall prescribe, it shall be exempt from any tax upon such circulation. SEC. 3412. Every national banking association, State Tax on notes of persons or State banks used for circulation. bank, or State banking association, shall pay a tax of ten per centum on the amount of notes of any person, or of any State bank or State banking association, used for circula- See act of Feb. tion and paid out by them. towns, cities, &c, 8, 1875, post, p. 212. SEC. 3413. Every national banking association, State Tax on notes of bank, or banker, or association, shall pay a tax of ten per used for circula centum on the amount of notes of any town, city, or Ibid. municipal corporation, paid out by them. tion. turns of of State banks, &c. Ibid. SEC. 3414. A true and complete return of the monthly Monthly re amount of circulation, of deposits, and of capital, as afore-persons, cities, said, and of the monthly amount of notes of persons, town, paid out. 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, corporations, companies, or persons, with a declaration annexed thereto, under the oath of such person, or of the president or cashier of such bank, association, corporation, or company, in such form and manner as may be prescribed by the Commissioner of Internal Revenue, that the same contains a true and faithful statement 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. In default of returns, Commis esti SEC. 3415. In default of the returns provided in the preceding section, the amount of circulation, deposit, capital, sioner to and notes of persons, town, city, and municipal corporations, State banks, and State banking associations paid out, as aforesaid, shall be estimated by the Commissioner of Internal Revenue, 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, besides the additional penalty and forfeitures provided in other cases. SEC. 3416. Whenever any State bank or banking associa- National bank tion has been converted into a national banking association, and payment of and such national banking association has assumed the State bank. liabilities of such State bank or banking association, including 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 circulation shall exceed five per centum of the capital before such conversion of such State bank or banking association. to make return tax of converted |