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Page 18, 4th line from bottom, substitute 95 for 15.
line for note 1, read note 96.
Morgan, 117 N. S. 96; Allen v. First Nat. Bank, 100 Ala. 476, 485. Page 527, 18th line from top, for drawer, read drawee and in the next
line for drawee read drawer. Page 586, 14th line from bottom, for 22 Wend. 73, read 23 Wend. 71. Page 813, 4th line from top, add superior figure 12. Page 865, 8th line from bottom, after note 60, add Myers v. Campbell,
64 N. J. Law. 186.
THE NATIONAL BANK ACT
ORGANIZATION AND POWERS.
1. Articles of association. 2. Organization certificate. 3. Execution of organization cer
tificate. 4. Corporate powers. 5. Holding of real estate. 6. Amount of capital stock
quired. 7. Shares of stock. 8. Payment of capital stock. 9. Enforcing payment of capital. 10. Examination of organization
proceedings. 11. Deposit of United States bonds. 12. Comptroller's certificate of au
thority. 13. Publication of certificate of au
thority. 14. Number and election of di
rectors. 15. Qualifications of directors. 16. Qualifications of voters at elec
17. Oaths of directors. 18. Failure to hold annual election. 19. Vacancies in board of directors. 20. President shall be a director. 21. Organization of gold banks. 22. Conversion of gold banks. 23. Conversion of State banks. 24. Capital of State banks. 25. Converted banks
branches. 26. Personal liability of share
holders. 27. Exception for trustees, etc. 28. Increase of capital stock. 29. When increase becomes valid. 30. Reduction of capital stock. 31. Change of title and location. 32. Status of national banks organ
ized under the act of Febru
ary 25, 1863 33. Prohibition of corporation con
tributions to political elections.
1. Articles of Association.
Associations for carrying on the business of banking under this Title may be formed by any number of natural persons, not less in any case than five. They shall enter into articles of association, which shall specify in 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 regulation 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. (U. S. Rev. Stat. § 5133.)
2. Organization Certificate.
The persons uniting to form such an association shall, under their hands, make an organization certificate, which shall specifically state
First. Title.—The name assumed by such association; which 1:ame shall be subject to the approval of the Comptroller of the Currency.
Second. Location.—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.
Third. Capital stock.—The amount of capital stock and the number of shares into which the same is to be divided,
Fourth. Shareholders.—The names and places of residence of the shareholders and the number of shares held by each of them.
Fifth. Object of certificate.—The fact that the certificate is made to enable such persons to avail themselves of the advantages of this Title. (Rev. Stat. § 5134.)
3. Execution of Organization Certificate.
The organization certificate shall be acknowledged before a judge of some court of record or notary public, and shall be, together with the acknowledgment 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. (Rev. Stat. § 5135.)
4. Corporate Powers.
Upon duly making and filing articles of association and an organization certificate, the association shall become, as from
the date of the execution of its organization certificate, a body corporate, and as such, and in the name designated in the organization certificate, it shall have power
First. Seal.To adopt and use a corporate seal.
Second. Term of existence.—To have succession for the period of twenty years from its organization, unless it is sooner dissolved according 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. Contracts.- To make contracts.
Fourth. Suits.—To sue and be sued, complain and defend, in any court of law and [or] equity, as fully as natural persons.
Fifth. Officers.--To elect or appoint directors, and by its board of 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 officers or any of them at pleasure, and appoint others to fill their places.
Sixth. By-laws.—To prescribe, by its board of directors, by-laws not inconsistent with law, regulating the manner in which its stock shall be transferred, its directors elected or appointed, its officers appointed, its property transferred, its general business conducted, and the privileges granted to it by law exercised and enjoyed.
Seventh. Incidental powers.—To exercise by its board of directors, or duly authorized officers or agents, subject to law, all such incidental 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 as is incidental and necessarily preliminary to its organization until it has been authorized by the