Imágenes de páginas
PDF
EPUB
[merged small][ocr errors][merged small][merged small][merged small][merged small]

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 install-
ment at the end of each succeeding month from the time it
shall be authorized by the Comptroller to commence busi-
ness; and the payment of each installment shall be certified
to the Comptroller, under oath, by the president or cashier
of the association.
SEC. 15. And be it further enacted, That if any share-
holder, or his assignee, shall fail to pay any installment on
the stock when the same is required by the foregoing section
to be paid, the directors of such association may sell the stock
of such delinquent shareholder at public auction, having
given three weeks’ previous notice thereof in a newspaper
published and of general circulation in the city or county
where the association is located, and if no newspaper is pub-
lished in said city or county, then in a newspaper published
nearest thereto, to any person who will pay the highest price
therefor, and 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 shareholder.
If no bidder can be found who will pay for such stock the
amount due thereon to the association, and the cost of ad-
vertisement 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; and if
such cancellation and reduction shall reduce the capital of
the association below the minimum of capital required by
this act, the capital stock shall, within thirty days from the
date of such cancellation, be increased to the requirements
of the act; in default of which a receiver may be appointed
to close up the business of the association according to the
provisions of the fiftieth section of this act.

DEPOSIT OF UNITED STATES BONDS.

SEC. 16. And be it further enacted, That every association 2 after having complied with the provisions of this act, preliminary to the commencement of banking business under its provisions, and before it shall be authorized to commence business, shall transfer and deliver to the Treasurer of the United States any United States registered bonds bearing interest to an amount not less than thirty thousand dollars nor less than one-third of the capital stock paid in, which bonds shall be deposited with the Treasurer of the United States, and by him safely kept in his office until the same shall be otherwise disposed of in pursuance of the provisions of this act;

And the Secretary of the Treasury is hereby authorized to receive 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; and the deposit of bonds shall be, by every association, 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 of at least one-third of its capital stock actually paid in :

Provided, That nothing in this section shall prevent an association that may desire to reduce its capital or to close up its business and dissolve its organization from taking up its bonds upon returning to the Comptroller its circulating notes in the proportion hereinafter named in this act, nor from taking up any excess of bonds beyond one-third of its capital stock and upon which no circulating notes have been delivered.

CERTIFICATE OF ORGANIZATION.

SEC. 17. And be it further enacted, That whenever a certificate shall have been transmitted to the Comptroller of the Currency, as provided in this act, and the association transmitting the same shall notify the Comptroller that at least fifty per centum of its capital stock has been paid in as aforesaid, and that such association has complied with all the provisions of this act as required to be complied with before such association shall be authorized to commence the business of banking, the Comptroller shall examine into the

—before commencing busi Ile SS.

Examination by Comptroller preliminary to issuing certificate.

When certificate is to be issued by Comptroller.

—publication thereof.

Transfer of bonds
deposited—
how made.

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 the directors of such association, and the amount of the capital stock of which each is the bona fide owner, and generally whether such association has complied with all the requirements of this act to entitle it to engage in the business of banking; and shall cause to be made and attested, by the oaths of a majority of the di

rectors and by the president or cashier of such association,

a statement of all the facts necessary to enable the Comptroller to determine whether such association is lawfully entitled to commence the business of banking under this act.

SEC. 18. And be it further enacted, That if, upon a careful examination of the facts so reported, and of any other facts which may come to the knowledge of the Comptroller, whether by means of a special commission appointed by him for the purpose of inquiring into the condition of such association or otherwise, it shall appear 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 of this act required to be complied with before being entitled to commence the business of banking under it, and that such association is authorized to commence said business accordingly; and it shahi be the duty of the association to cause said certificate to be published in some newspaper published in the city or county where the association is located for at least sixty days next after the issuing thereof: Provided, That if no newspaper is published in such city or county, the certificate shall be published in a newspaper published nearest thereto.

TRANSFER OF BONDS TO TREASURER.

SEC. 19. And be it further enacted, That all transfers of United States bonds which shall be made by any association under the provisions of this act shall be made to the Treas. urer 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 therefor to be given to said association, or by the Comptroller of the Currency, or by a clerk appointed by him for that purpose, stating that it is held in trust for the association on whose behalf such 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 bonds by the Treasurer shall be deemed valid or of binding force and effect unless countersigned by the Comptroller of the Currency. It shall be the duty of the Comptroller of the Currency to keep in his office a book in which shall be entered the name of every association from whose accounts such transfer of bonds is made by the Treasurer, and the name of the party to whom such transfer is made; and the par value of the bonds so transferred shall be entered therein; and it shall be the duty of the Comptroller, immediately upon countersigning and entering the same, to advise by mail the association from whose account such transfer was made of the kind and numerical designation of the bonds and the amount thereof so transferred.

SEC. 20. And be it further enacted, That it shall be the duty of the Comptroller of the Currency to countersign and enter in the book, in the manner aforesaid, every transfer or assignment of any bonds held by the Treasurer presented for his signature; and the Comptroller shall have at all times during office hours access to the books of the treasurer, for the purpose of ascertaining the correctness of the transfer or assignment presented to him to countersign ; and the Treasurer shall have the like access to the book above mentioned, kept by the Comptroller, during office hours, to ascertain the correctness 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.

CIRCULATING NOTES. SEC. 21. And be it further enacted, That upon the transfer and delivery of bonds to the Treasurer, as provided in the

foregoing section, the association making the same shall be

Comptroller to countersign transfers:

—keep transfer books:

—and notify parties:

—to have access to Treasurer’s books, and Treas urer to his books.

Circulating notes to be delivered to banks, amount, proportion, &c.

Apportionment of circulation among the States.

Limitation of amount.

entitled to receive from the Comptroller of the Currency cir-
culating notes of different denominations in blank, regis-
tered 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 ninety per centum of the amount of said
bonds at the par value thereof, if bearing interest at a rate
not less than five per centum per annum; and the amount
of such circulating notes to be furnished to each association
shall be in proportion to its paid-up capital, as follows, and
In O In Ore :
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 hundred
thousand dollars, but does not exceed one million dollars,
eighty per centum of such capital;
To each association whose capital exceeds one million dol-
lars, 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 centum of such capital;
And that one hundred and fifty millions of dollars of the
entire 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 ap-
portioned by the Secretary of the Treasury among associa-
tions formed in the several States, in the District of Colum-
bia, and in the Territories,” having due regard to the existing
banking capital, resource, and business of such State, Dis-
trict, and Territory. [As amended by act of March 3, 1865,
chapter 82.]
SEC. 22. And be it further enacted, That the entire amount
of notes for circulation to be issued under this act shall not
exceed three hundred millions of dollars. *

8. The act of July 12, 1870, chapter 252, section 6, provides for a re-distribution of $25,000,000 of circulation, to be taken from the banks of States having an excess, and given to those of States having less than their proportion. 9. The amount of currency notes which may be issued is increased $54,000,000 by the act of July 12, 1870, section 1, to be apportioned as therein

« AnteriorContinuar »