association. A duly authenticated notice of the vote and of the new name or location selected shall be sent to the office of the Comptroller of the Currency, but no change of name or location shall be valid until the Comptroller shall have issued his certificate of approval of the same. (§ 2.) 1 That all debts, liabilities, rights, provisions, and powers of the association under its old name shall devolve upon and inure to the association under its new name. (§ 3.) That nothing in this act contained shall be so construed as in any manner to release any national banking association. under its old name or at its old location from any liability, or affect any action or proceeding in law in which said association. may be or become a party or interested. (§ 4.) 32. Status of National Banks Organized Under the Act of February 25, 1863. That nothing in this Title shall affect any appointments made, acts done, or proceedings had or commenced prior to the third day of June, eighteen hundred and sixty-four, in or toward the organization of any national banking association under the act of February twenty-five, eighteen hundred and sixtythree; but all associations which on the third day of June, eighteen hundred and sixty-four, were organized or commenced to be organized 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 associations were not pursued, if such associations were duly organized under that act. (Rev. Stat. § 5156.) 33. Prohibition of Corporation Contributions to Political Elections. It shall be unlawful for any national bank, or any corporation organized by authority of any laws of Congress, to make a money contribution in connection with any election to any political office. It shall also be unlawful for any corporation whatever to make a money contribution in connection with any election at which Presidential and Vice-Presidential electors or a Representative in Congress is to be voted for or any election by any state legislature of a United States Senator. Every corporation which shall make any contribution in violation of the foregoing provisions shall be subject to a fine not exceeding $5,000, and every officer or director of any corporation who shall consent to any contribution by the corporation in violation of the foregoing provisions shall upon conviction be punished by a fine of not exceeding $1,000 and not less than $250, or by imprisonment for a term of not more than one year, or both such fine and imprisonment in the discretion of the court. (Act of Jan. 26, 1907.) DIVISION II. BANK CIRCULATION. 1. United States bonds defined. 2. Security for circulation. 3. Relation of bond deposit to capital. 4. Exchange of bonds. 5. Bonds held by treasurer. 6. Record of bond transfers. 7. Notice of transfer. 8. Examination of bonds and records. 9. Annual examination of bonds. 10. General provisions respecting bonds. II. Amount of circulation obtainable. 12. Preparation of bank circulation. 13. Circulation shall bear charter 14. Control of plates and dies. V 1. United States Bonds Defined. 18. Worn-out or mutilated circulation. 19. Provisions for redeeming cir- 20. Withdrawing circulation. 22. Circulation of extended banks. records. 26. Redeemed notes to be canceled. 27. Redemption in United States notes. 28. Disposition of redemption ac count. 29. Redemption of incomplete cir culation. 30. Banks take circulation at par. 31. Issue of other notes prohibited. 32. Fraudulent notes to be marked. The term "United States bonds," as used throughout this chapter, shall be construed to mean registered bonds of the United States. (Rev. Stat. § 5158.) ✓ 2. Security for Circulation. Every association, after having complied with the provisions of this Title, preliminary to the commencement of the banking business, and before it shall be authorized to commence banking business under this Title, shall transfer and deliver to the Treasurer of the United States any United States registered bonds, bearing interest, to an amount not less than onefourth of the capital, the capital being $150,000 or less, as security for their circulating notes. Such bonds shall be received by the Treasurer upon deposit and shall be by him safely kept in his office until they shall be otherwise disposed of in pursuance of the provisions of this Title. (Rev. Stat. § 5159, as amended by § 8, act of July 12, 1882.) By § 4, of the act of June 20, 1874, any association organized under this act, or any of the acts of which this is an amendment, desiring to withdraw its circulating notes, in whole or in part, may, upon the deposit of lawful money with the Treasurer of the United States in sums of not less than nine thousand dollars, take up the bonds which said association has on deposit with the Treasurer for the security of such circulating notes; which bonds shall be assigned to the bank in the manner specified in the nineteenth section of the national bank act; and the outstanding notes of said association, to an amount equal to the legal tender notes deposited, shall be redeemed at the Treasury of the United States, and destroyed as now provided by law: Provided, That the amount of the bonds on deposit for circulation shall not be reduced below $50,000. By § 8, of the act of July 12, 1882, national banks now organized or hereafter organized, having a capital of $150,000, or less, shall not be required to keep on deposit with the Treasurer of the 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 lawful money as provided by law: Provided, That the amount of such circulating notes shall not in any case exceed ninety per centum of the par value of the bonds deposited as herein provided: Provided further, That the national banks which shall hereafter make deposits of lawful money for the retirement in full of their circulation shall at the time of their deposit be assessed for the cost of transporting and redeeming their notes then outstanding, 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 deposits of lawful money for the reduction of their circulation shall be assessed and shall pay an assessment in the manner specified in section 3, of the act approved June 20, 1874, for the cost of transporting and redeeming their notes redeemed from such deposit subsequently to June 30, 1881. 3. Relation of Bond Deposit to Capital. The deposit of bonds made by each association shall be increased as its capital may be paid up or increased, so that every association shall at all times have on deposit with the Treasurer registered United States bonds to the amount required by law. And any association that may desire to reduce its capital or close up its business and dissolve its organization 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 the amount required by law, and upon which no circulating notes have been delivered. Stat. § 5160.) 4. Exchange of Bonds. (Rev. To facilitate a compliance with the two preceding sections, the Secretary of the Treasury is authorized 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. Stat. § 5161.) 5. Bonds Held by Treasurer. (Rev. All transfers of United States bonds made by any association under the provisions of this Title 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 held 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. No assignment or transfer of any such bond by the Treasurer shall be deemed valid unless countersigned by the Comptroller of the Currency. (Rev. Stat. § 5162.) 6. Record of Bond Transfers. The Comptroller of the Currency shall keep in his office a book in which he shall cause to be entered, 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 transferred. (Rev. Stat. § 5163.) 7. Notice of Transfer. The Comptroller of the Currency shall, 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. (Rev. Stat. § 5164.) |