Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1863-03-04

,;ro,s of conmanc;no cucb bus;naes 4bo oo.a,,
troIlnr cha II iynnoaliatelv nrocead IN sunb U
o as no shall IN, ae,,eol os .o sa lhau-
anime the condition Of such asssooiotin', W ga
cortoin osnocioi liz, tha o,,o,,nt 80 $500 W %
ON account of H. canifol stool. tba 49, 80 -,
niace Of residence of epch IF th o ,'a
association and the amount of the itaI stocil
of which ~, "h 10 10 - q 10 49, "' ~ '.oON
orally ,ybetbar srnh ooo;o ,S H. :, "tu S eh,
win all tho renuirano,,tS f H. a''e =.
to anoore in ~ bnsinaes 70 hi; =" elii'e w ~ ~
canse ~ h. MD and at,ostod h a,iu 'aiS
Tnaio;,y of 'h diat @ ~ =; ,i'o o"t1o Vi
cashier IF spch association c All t To
facis necassa to enable ,ba -, an ,o
ter,ne ,be,bor s,nh aS'.; - ~ We
,itIaJ 10 ,,,o, H. n; e t'i"iuy oI
dar tbis oct VI ''
Sect IN And bo IL f,r,tor onoo.o5 .,,.. 90
80, 49, w ~ 'IIi ""N'eu' 'I''V ~
cd and of a, n,hnr so,S III .o
the LnowoJ,yo Of ,b oo,ntroio, ',hotIn, Nv ~,
rnoons oc y natal ny i.l ~
hin Co.. th i,, 70
TO-, Of s,nb ospio,;, Nv Ls ~ ny III ~
80 VI i III, aiiili
- -, ~, ~. I~;, 20 ,i:y 1870 "
on Iii, 'nG t VI tno Eeaip-
% en'' sifo " 'u1 a
Sb asoat;o o,;o5 Ill, iI W. ti'''
ions Of Iii % nd - b ",I;a A. h he
cors IA ;ai or+;tidd ~ 80 H. i;,e
90 ~ 80 sio BUSINESS !H
~ "u0l ~, anu el'es GJ'i aSsocla'ioh
cordin,,l,, md T. shnii ho 10 dmtv of smnT s'
ciat;n 10 &C. ~ 81 ,;fnt 20 ro ',hI;.hI
l.; " 80 ~; ~ ;. ~ w
~ 49, oI ~ Io4 VI I
% 10 10 az n
vidsd ,b.t ~ M oo 10 rl,,5liShod ~ III
i,'e IL ~ ' 20 III ~ 'i
Tbod a ouoi " t ~ Il =;
roet ~ '-'0 VI INV '"'''' vi
Co.. II A,d ho :. c,,,,.,,. o,,,,.o, .Lo4 .,-,...
ass"ati c u 10 =. .iiat
tbi t ~ ~ pl @ W ~ J VI
10y iit'hS -" N'Aii'AA 'N"is t''lN
H. ,o ~ ~ 'no e III
iS 49,; VI nN W. Wy pr w il'.i
49, " e' io', ho"o'0I! SHO0ouu5 t"oity
so loali eIo- paseaSo vi tuilo aot, ~ sucu
i''io n'S nNo Vla0'o uo CIV oo ouo, ooiii
Plni anu ueIenu III any court Vi law or equIty as
LUZ! as 1'ui3 peIools' aIu nay MANI ny laws,
Ppioteu ot tiiI o 'llo Tu!ieiieS noS
WIN 1He ie"o VI slo CtIu ot''os
v! tno Plo'islohs vi tilo act Iol INC oeVtioh vi
ullcGtois' tile management vi ls property, Tue
reguaoh OF IT'S AFFAIRS, aud Tor the transfer OF It's
eloch' anu Snall nave power 10 carry on me nuSl-
nosH vi oauhlhS oy opthhlns anu issuing crcu-
latlhg noeS IN accordance with the provisions OF
tins act; by discounting bills, notes, and other
GNluehces oI ueot, ny receiving uepoSltS; by
Duylng ana selling gold and silver bullion, for
elgh CONS, ana DiliS OF exchange; by loanlng
money on real ana personal security III Inc man
Icr specimen III thelr artcleS OF association Tor
Tue purposes authorized oy TINS act, ana by eX-
erclslhS sucn incidental powers as shall be neces-
their NUMBER as president OF such ASSOCIATION,
ana 10 appoint cashier and such other officers
ana agents as their business may require; and TO
remove such president, cashier, officers, and
agNht, at pleasure, ana appoint others IN thelr
Piace; anu th;lr usuai business snal De transact
ed IN banking offices located at the places speci
nHd respectively IN Its certtcate OF association,
and not elsewhere.
Sect. u. And be it further enacted, that the
shares OF associations formed under tins act shall
deemed nprSOQal Dr0DprtV shall
transferable on the books OF the association
IN such manner as may ne prescribed IN the by
laws or articles OF association; and every person
becoming shareholder by such transfer shall,
III proPorIl0H 10 ms Shares, succeed 10 al the
fEhtS ana ilaDlllteS OF the PRIOR holder OF such
snares; ana no change snail ne made IN the arfI-
cies OF ASSOCIATION ny whlch the rl2hts, remedies,
OF security OF inc eAlstlug creditors OF the assocl-
atlQh shaI Dc impaired For all deDts, contract
Gu Wy oucn ASSOCIATION ior crculatoil, ueposlts,
Ut otner"lse, eaGn snarelloiier snai De lapie 70
i -: '1 i,:i - f ,0l VI 'iio ei"ieo no.u
" MN mn III "uuitlon W tne amount 'hFesleu Ill
S"Cn shaoes'
Hect 10, anu NC IL ell&cieu' that IL Snali
po Jaw, III iot any assocIato. iorlneu unueT tnls
ACT, by It's aFtcieS OF aSsoclatlon, TO provide for
an increase OF us capital from time 10 time as
may DC aeeheu eApedlent, stpJect TO inc lmIta-
tons OF this act but no such Increase shall he val
ID until me increased capital be PAID IN and notice
thereof shall have been transmitted 10 the comp
specifying the amount of such increase of capital
stock, aud that the same has been duly paid to
such association.
Sect. IA. And be 1t further enacted, that it
shall be lawful for any such association to pGr-
chase, hold, and convey real estate us follows:
First. Such as shall be ncces 'ary for its imme-
dlate accommodation in the transaction of its
business.
Second Such as shall be mortgaged to it
in good faith, by way OF security for loans made
by such association, or for moneys due thereto.
Third. Such as shall be conveyed to il in sat
istactiOn of debts pre-, i)usly con racted in the
course of its dealings.
Fourth Such as it shall purchase at sales I'M
der judgments, DEGREES, or mortgages held by
such association
Such association shall not purchase or hold
real estate in any other case or for any other pur-
pose than as specified in this section
Sect Is. And be it further enacted, that every
association after having complied with the pro
visions of this act preliminary TO the commence
ment of banking business under its provisions
shall transfer and deliver TO the treasurer of the
United States any United States bonds bearing
interest to an amount not less than one-thrd 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 pursu-
ance of the provisions of this act.
Sect 10. And be it further enacted, that upon
the making of any such transfer and delivery,
the association making the same shall be entitled
TO receive from the comptroller of the currency
circulating notes of different denominations, in
blanks, registered and countersigned as hereinaf-
ter PROVIDED, equal IN amount to ninety per cent
um OF the current market value OF the United
States bonds so transferred and delivered, but