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in before it shall be authorized to commence business; and
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.
Transfer of bonds
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
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-
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