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Third. Any amendment to the laws relative to banking by wbich the system may be improved, and the security of the holders of its notes and other creditors may be increased.
Fourth. The names and compensation of the clerks employed by him, and the whole amount of the expenses of the banking department during the year. And such report shall be made by or before the first day of December in each year, and the usual number of copies for the use of the senate and house, and one thousand copies for the use of the department, shall be printed by the public printer and in readiness for distribution at the first meeting of con.
gress. Repeal of act of SEC. 62. And be it further enacted, that the act entitled 1863, ch. 58, vol.
"An act to provide a national currency, secured by a pledge of United States stocks, and to provide for the circulation and redemption thereof," approved February twenty
fifth, eighteen hundred and sixty-three, is bereby repealed: Saring clauses. Provided, That such appeal shall not affect any appoint
ments made, acts done, or proceedings had, or the organi. zation, acts, or proceedings of any association organized or in the process of organization under the act aforesaid: And provided, also, That all such associations so organized or in progress of organization shall enjoy all the rights and privileges granted, and be subject to all the duties, liabili. ties, and restrictions imposed by this act, and with the approval of the comptroller of the currency, in lieu of the name specified in their respective organization certificates, may take any other name preferred by them and duly certi. fied to the comptroller, without prejudice to any right acquired under this act, or under the act hereby repealed; but no such change shall be made after six months from the passage of this act: Provided, also, That the circulation issued or to be issued by such association shall be considered
as a part of the circulation provided for in this act. Esecutors, trug. SEC. 63. And be it further enacted, That persons holding tees, &c., holding stock, not to be stock as executors, administrators, guardians, and trustees, personally liable.
shall not be personally 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 person interested in said trust-funds would be if they were respectively living and competent
to act and bold the stock in their own names. Act may be al. SEC. 64. And be it further enacted, That congress may at tered or repealed.
any time amend, alter, or repeal this act.
Approved, June 3, 1864.
CHAP. LXXXII.-AN ACT TO AMEND AN ACT ENTITLED “AN ACT TO March 3, 1865. PROVIDE A NATIONAL CURRENCY, SECURED BY A PLEDGE OF
Vol. XIII, p. UNITED STATES BONDS, AND TO PROVIDE FOR THE CIRCULATION 498. AND REDEMPTION THEREOF."
of amount of notes
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That sec. Ante, p. 162 tion twenty-one of said act be so amended that said section shall read as follows:
SEC. 21. And be it further enacted, That upon the trans- Banking assofer and delivery of bonds to the treasurer, as provided in transfer, &c., of the foregoing section, the association making the same shall ceive circulating be entitled to receive from the comptroller of the currency circulating notes of different denominations, in blank, reg. istered and countersigned as hereinafter provided, equal in amount to ninety per centom of the current market value of the United States bonds so transferred and delivered, but not exceeding ninety per centum of the amount of said Limit bonds at the par value thereof, if bearing interest at a rate to be received. not less than five per centum per annum; and the amount posterios., 5171, of said circulating notes to be furnished to each association shall be in proportion to its paid-up capital as follows, and no more: To each association whose capital shall not exceed five hundred thousand dollars, ninety per centum of such capital; to each association whose capital exceeds five hun. dred thousand dollars, but does not exceed one million dollars, eighty per centum of such capital ; to each association whose capital exceeds one million dollars, but does not exceed three millions of dollars, seventy-five per centum of such capital; to each association whose capital exceeds three millions of dollars, sixty per cent. of such capital. And Apportionment that one hundred and fifty millions of dollars of the entire culation. amount of circulating notes authorized to be issued shall be apportioned to associations in the states, in the District of Columbia, and in the territories, according to representative population, and the remainder shall be apportioned by the Secretary of the Treasury among associations formed in the several states, in the District of Columbia, and in the territories, having due regard to the existing banking capital, resources, and business of such states, district, and territories.
Approved, March 3, 1865.
of authorized cir.
CHAP. XXXII.-AN ACT TO PREVENT LOANING MONEY UPON UNITED Feb. 19, 1869. STATES NOTES.
Vol. XV, p. 270. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That no
hold them from
Danking asso- national banking association shall hereafter offer or receive lian money upon United States notes or national bank notes as security or o tem, nor with as collateral security for any loan of money, or for a consid
eration shall agree to withhold the same from use, or shall Seo Bros., 5207, offer or receive the custody or promise of custody of such post, p. 200.
potes as security, or as collateral security, or consideration for any loan of money; and any national banking associa. tion offending against the provisions of this act shall be deemed guilty of a misdemeanor, and upon conviction thereof in any United States court having jurisdiction shall be pun. ished by a fine not exceeding one thousand dollars, and by a further sum equal to one-third of the money so loaned ; and the officer or officers of said bank who shall make such loan
or loans shall be liable for a further sum equal to one quarter Penalty. of the money so loaned ; and the prosecution of such offend
ers sball be commenced and conducted as provided for the punishment of offences in an act to provide a national cur
rency, approved June third, eighteen hundred and sixty-four, Ante, p. 153.
and the fine or penalty so recovered shall be for the benefit of the party bringing such suit.
Approved, February 19, 1869.
J[arch 3, 1869.
CHAP. CXXX.-AN ACT REGULATING THE REPORTS OF NATIONAL Vol. XV, p.
BANKING ASSOCIATIONS. 326.
Be it enacted by the Senate and House of Representatives of Banking asso: the United States of America in Congress assembled, That in not less than five lieu of all reports required by section thirty-four of the nato comptroller of tional currency act, every association shall make to the currency.
1864, č. 106, s. comptroller of the currency not less than five reports dur. 34, vol. 13, p. 109, an
ing each and every year, according to the form which may Reports, how
be prescribed by him, verified by the oath or affirmation of estlifbid mand to the president or cashier of such association, and attested by
the signature of at least three of the directors; which report shall exhibit, in detail and under appropriate heads, the resources and liabilities of the association at the close of
business on any past day to be by him specified, and shall
to transmit such report to the comptroller within five days comptroller within five days after after the receipt of a request or requisition therefor from receipt of request therefor; him; and the report of each association above required, in to be published in the same form in which it is made to the comptroller, shall
be published in a newspaper published in the place where such association is established, or if there be no newspaper
in the place, then in the one published nearest thereto in Proof of pub. the same county, at the expense of the association; and lication.
such proof of publication shall be furnished as may be re
to be sent
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 such report shall be subject to a penalty of one hundred transmitting re. dollars for each day after five days that such bank shall 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
the Treasury. money collected for penalties under this section shall be paid into the Treasury of the United States.
SEC. 2. And be it further enacted, That, in addition to said Additional re. reports, cach national banking association shall report to ler of the amonut the comptroller of the currency the amount of each dividend of net earnings; declared by said association, and the amount of net earnings 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 asso. ciation, 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. CCLVII.-AN ACT TO REQUIRE NATIONAL BANKS GOING INTO July 11, 1870. LIQUIDATION TO RETIRE THEIR CIRCULATING NOTES.
Vol. XVI, p. 274. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That National banks
that have gone, 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 522 ), 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
If bank fails to expiration of the time specified, the comptroller of the cur. Rc., 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 tbe proceeds to the Certain banks bank, or its legal representative: Provided, That banks
which are winding up in good faith for the purpose of con
solidating with other banks shall be exempt from the proAssets to be re- visions of this act: And provided further, That the assets ported.
and liabilities of banks so in liquidation shall be reported by the banks with which they are in process of cousolidation.
Approved, July 14, 1870.
exempt from this
June 8, 1872. CHAP. CCCXLVI.-AN ACT FOR THE BETTER SECURITY OF BANK RE. Vol. XVII, p. 336.
SERVES, AND TO FACILITATE BANK CLEARING-HOUSE EXCHANGES.
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 bereby authorized to receive notes on deposit, United States notes on deposit, without interest, from without interest, 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; wbich certificate shall be payable on demand in United States notes, at the place
where the deposits were made. Certificates
SEC. 2. That tbe United States notes so deposited in the how payable. Treasury of the United States shall not be counted as part
See R. S., 5193, post, p. 198. 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 SEC. 3. That nothing contained in this act shall be concontracted here strued to authorize any expansion or contraction of the by. Notos to be
and the United States notes for which such cer. currency special deposita, tificates are issued, or other United States notes of like
amount, shall be held as special deposits in the Treasury, and used only for the redemption of such certificates.
Approved, June 8, 1872.