173. instead of burning to ashes as now provided by law; and Ante, PP. 164 that so much of sections twenty-four and forty-three of the national-currency act as requires national-bank notes to be burned to ashes is hereby repealed. Approved, June 23, 1874. Jan. 19, 1875. Vol. XVIII, p. 302. Repeal of limit upon amount of circulation of na See sec. 5185, ante, p. 197. CHAP. 19. AN ACT TO REMOVE THE LIMITATION RESTRICTING THE Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That tional gold-banks. So much of section five thousand one hundred and eightyfive of the Revised Statutes of the United States as limits the circulation of banking associations, organized for the purpose of issuing notes payable in gold, severally to one million dollars, be, and the same is hereby, repealed; and each of such existing banking associations may increase its circulating notes, and new banking associations may be organized, in accordance with existing law, without respect to such limitation. Approved January 19, 1875. Feb. 8, 1875. Vol. XVIII, p. 307. Tax on bankchecks. See sec. 3418, R. S. Tax on notes of persons or State See secs. 3412, CHAP. 36.-AN ACT TO AMEND EXISTING CUSTOMS AND INTERNAL * * * SEC. 15. That the words "bank-check, draft, or order for the payment of any sum of money whatsoever, drawn upon any bank, banker, or trust-company, at sight or on demand, two cents," in schedule B of the act of June thirtieth, eighteen hundred and sixty-four, be, and the same is hereby, stricken out, and the following paragraph inserted in lieu thereof: "Bank-check, draft, order, or voucher for the payment of any sum of money whatsoever, drawn upon any bank, banker, or trust-company, two cents." * * * SEC. 19. That every person, firm, association other than banks paid out. national bank associations, and every corporation, State 3414, ante, pp. 188, bank, or State banking association, shall pay a tax of teu per centum on the amount of their own notes used for cir culation and paid out by them. 189. Tax on notes of persons, State cities, &c., used for circulation. SEC. 20. That every such person, firm, association, corbanks, towns, poration, State bank, or State banking association, and also every national banking association, shall pay a like tax of ten per centum on the amount of notes of any person, firm, association other than a national banking association, or of See secs. 3412 3413, R. S. any corporation, State bank, or State banking association, or of any town, city, or municipal corporation, used for circulation and paid out by them. Returns to be missioner of In made to the Com ternal Revenue. ante, p. 189. SEC. 21. That the amount of such circulating notes, and of the tax due thereon, shall be returned, and the tax paid at the same time, and in the same manner, and with like See sec. 3414, penalties for failure to return and pay the same, as provided by law for the return and payment of taxes on deposits, capital, and circulation, imposed by the existing provisions of internal revenue law. Approved February 8, 1875. * CHAP. 80.-AN ACT TO CORRECT ERRORS AND TO SUPPLY OMISSIONS Feb. 18, 1875. Vol. XVIII, p. 316. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That for Purpose of act. the purpose of correcting errors and supplying omissions in the act entitled "An act to revise and consolidate the statutes of the United States in force on the first day of December, anno Domini one thousand eight hundred and seventythree," so as to make the same truly express such laws, the following amendments are hereby made therein : * Section three hundred and thirty is amended by adding Seal of office of Comptroller. thereto the following: "A description of the seal, with an impression thereof, and a certificate of approval by the Secretary of the Treasury, shall be filed in the Office of the Secretary of State." * * * * * Annual report of Comptroller. Ante, p. 188. Tax on depos circulation. Ante, p. 190. Section three hundred and thirty-three is amended by inserting, after the word "Congress," in the second line, the words "at the commencement of its session." * * * Section six hundred and twenty-nine is amended by strik Suits by banks. ing out, in the first line of paragraph eleven, the words "or against." Section three thousand four hundred and seventeen is its, capital, and amended by inserting, in the fourth line, after the word "twelve," the words "thirty-four hundred and thirteen.” * Section three thousand eight hundred and eleven is amended by striking out "Secretary of the Treasury," and inserting "Comptroller of the Currency;" also, by adding, after the word "banks," in the second line, the words "and banks under State and territorial laws." * Section five thousand one hundred and eighty-three is amended by inserting, after the word "issue," in the second line, the words "post-notes or." * * The corrections indicated have been made in the text. * Annual report of Comptroller. Where suits against associa Section five thousand one hundred and ninety-eight is tions may be had. amended by adding thereto the following: "That suits, actions, and proceedings against any association under this Title may be had in any circuit, district, or territorial court of the United States held within the district in which such association may be established, or in any State, county, or municipal court in the county or city in which said association is located having jurisdiction in similar cases." Bonds of closed banks to be sold notes. Ante, p. 202. Section five thousand two hundred and twenty-four is for failure to de- amended by adding thereto the following: "And if any such posit legal-tender bank shall fail to make the deposit and take up its bonds for thirty days after the expiration of the time specified, the Comptroller of the Currency shall have power to sell the bonds pledged for the circulation of said bank, at public auction in New York City, and, after providing for the redemp. tion and cancellation of said circulation and the necessary expenses of the sale, to pay over any balance remaining to the bank or its legal representative." Failure to redeem circulating notes. Ante, p. 203. Defining national currency. Ante, p. 135. Section five thousand two hundred and twenty eight is amended by striking out, in the third line, the words "of forfeiture of the bonds," and inserting the word "thereof." Section five thousand four hundred and thirteen is amended by inserting, in the third line, after the word "national," the word "bank." Approved February 18, 1875. * * * * Feb. 19, 1875. Vol. XVIII, p. 329. aminers. CHAP. 89.-AN ACT TO AMEND SECTION FIVE THOUSAND TWO HUN- Be it enacted by the Senate and House of Representatives Defining the of the United States of America in Congress assembled, That compensation of national-bank ex- section five thousand two hundred and forty of the Revised Statutes of the United States be so amended that the latter clause of said section, after the word "Comptroller" in the eighth line of said section, be amended so that the same shall read as follows, namely: "That all persons appointed to be examiners of national banks not located in the redemption-cities specified in section five thousand one hundred and ninety-two of the Revised Statutes of the United States, or in any one of the States of Oregon, California, and Nevada, or in the Territories, shall receive compensation for such examination as follows: For examining national banks having a capital less than one hundred Ante, p. 198. * This amendment has been incorporated into the text. thousand dollars, twenty dollars; those having a capital of one hundred thousand dollars and less than three hundred thousand dollars, twenty-five dollars; those having a capital of three hundred thousand dollars and less than four hundred thousand dollars, thirty-five dollars; those having a capital of four hundred thousand dollars and less than five hundred thousand dollars, forty dollars; those having a capital of five hundred thousand dollars and less than six hundred thousand dollars, fifty dollars; those having a capital of six hundred thousand dollars and over, seventy-five dollars; which amounts shall be assessed by the Comptroller of the Currency upon, and paid by, the respective associations so examined, and shall be in lieu of the compensation and mileage heretofore allowed for making said examinations; and persons appointed to make examination Compensation of national banks in the cities named in section five thou- certain cities, States, and Tersand one hundred and ninety-two of the Revised Statutes ritories. of the United States, or in any one of the States of Oregon, Ante, p. 198. California, and Nevada, or in the Territories, shall receive such compensation as may be fixed by the Secretary of the Treasury upon the recommendation of the Comptroller of the Currency; and the same shall be assessed and paid in the manner herein before provided." Approved, February 19, 1875. of examiners in CHAP. 156.-AN ACT AUTHORIZING THE APPOINTMENT OF RECEIV- June 30, 1876. Vol. XIX, p. 63. for a national troller of Cur Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That When receiver whenever any national banking association shall be dis- bank to be apsolved, and its rights, privileges, and franchises declared pointed by Compforfeited, as prescribed in section fifty-two hundred and rency. thirty-nine of the Revised Statutes of the United States, or whenever any creditor of any national banking association shall have obtained a judgment against it in any court of record and made application, accompanied by a certificate from the clerk of the court stating that such judgment has been rendered and has remained unpaid for the space of thirty days, or whenever the Comptroller shall become satisfied of the insolvency of a national banking association, he may, after due examination of its affairs, in either case, appoint a receiver, who shall proceed to close up such association, and enforce the personal liability of the shareholders, as provided in section fifty-two hundred and thirty-four of R. S., 5234, ante, said statutes. p. 204. be enforced. R. S., 5220, ante, p. 201. Individual lia- SEC. 2. That when any national banking association shall bility of shareholders, how to have gone into liquidation under the provisions of section five thousand two hundred and twenty of said statutes, the individual liability of the shareholders provided for by section fifty-one hundred and fifty-one of said statutes may be enforced by any creditor of such association, by bill in equity in the nature of a creditor's bill, brought by such creditor on behalf of himself and of all other creditors of the association, against the shareholders thereof, in any court of the United States having original jurisdiction in equity for the district in which such association may have been located or established. Meeting of shareholders af debts and expenses of receivership. R. S., 5234, 5236, ings. SEC. 3. That whenever any association shall have been or ter payment of shall be placed in the hands of a receiver, as provided in section fifty-two hundred and thirty-four and other sections of said statutes, and when, as provided in section fifty-two ante, pp. 204, 205. hundred and thirty-six thereof, the Comptroller shall have paid to each and every creditor of such association, not including shareholders who are creditors of such association, whose claim or claims as such creditor shall bave been proved, or allowed as therein prescribed, the full amount of such claims and all expenses of the receivership, and the redemption of the circulating notes of such association shall have been provided for by depositing lawful money of the United States with the Treasurer of the United States, the Comptroller of the Currency shall call a meeting of the Notice of meet-shareholders of such association by giving notice thereof, for thirty days in a newspaper published in the town, city, or county where the business of such association was carried on, or if no newspaper is there published, in the newspaper published nearest thereto, at which meeting the Election of shareholders shall elect an agent, voting by ballot, in person or by proxy, each share of stock entitling the holder to one vote; and when such agent shall have received votes representing at least a majority of the stock in value and number of shares, and when any of the shareholders of the asBond for pay-sociation shall have executed and filed a bond to the satisfaction of the Comptroller of the Currency, conditioned for the payment and discharge in full of any and every claim that may hereafter be proved and allowed against such association by and before a competent court, and for the faithful performance and discharge of all and singular the duties of such trust, the Comptroller and the receiver shall thereupon Transfer of as- transfer and deliver to such agent all the undivided or unsets and property to agent. collected or other assets and property of such association then remaining in the hands or subject to the order or con agent of shareholders. ment of debts. |