The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1863-04-04
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thereby vacate he placs. Aud any vacancy in tho
BOARD shall bonled by appontm tby the remaining
electors The director 80 appointed shan hold biz
r,Use AM election of d.fecOts shall ot BE- made At tho
lime appOnted the association shall not lor that ctuso
bedHsoved bdt an election may % held on any SUP.
squent da thirty days notio5 thereof having boon
aIten ~ = newspaper printed, or o. general circus'
ton In the city, town. county DO which N o. ioca
ton ia located and d 20 neTspaper - pppiF1Pl "a
such city town. county, such notice shall pc pup
ushed In a ncwfDapcr 10 the county adjoining I'D r.r
SEo Al. And b Il Further eaaced, that every such
nsso iaton shall al all times have on manu- ln a"lli
money Of the United States, an amount equa 70 az
least twenty nve per centum q the aggregate amount
of " outstanding of circulation aad is depo8its
md whenever the amoaut VI is outstanding nOtes OF
circulation and rs deposits shall exceed the above
named proportion for the space OF twelve days, or
whenever such lawful money Of the Upted states
shaliut any tune fall below the amOuntuf twerty
ugo per contun OF ns calculation and deposits, such
association shall MOI increase us liabilities by making
any new loans or discounts otherwise than by dis.
counting or purchasing bills Of exchange, payable ~
sight nor mako any dividend Of It's prc1ts until the
required proportion between The aggregate amount of
rs Outstanding notos Of C.rclation and Us deposits
adj lwfui money OF the United states snail DO re-
stored Prorded hoieevsr That clearing house certih
etas, representing splSe or awful money spe,iug
deposited flr lbe purpose OF any clearing house a5o
possession Of any association belonging 70 such clear.
in ,.house hollng and owning sch certificates, ana
conslderei 10 DO "A part Of the lawful money which
such association required 10 lave, nndcr The fore
going provisions OF this elton: Frouhed, fItter,
That any balance duo 10 any association organized un-
ths si,I1s OF ss.,on Pfovidencs, nov YORK phta o.
pma, Baltimore, Cincinnati Chicago, St. LOUIS or Now
Orleans, In good credit, subject 20 be- drawn for at
aght, and available 10 redeem cir circulating notes
and deposits, may be deemed % DC part 0f the law
IA noiiey which such association 10 other places thnu
Tho cities OF Boston, Providence, New York, Phfadd
pha Baltimore, Ciacnnuti, Chicago, 81. Louis, aud
New Orleans, are required 70 have by tho foregoing
provlong Of this eccti1n the extent Of three.nuhs
VI tho sail amount Of twenty i've Per centum re-
quifed Mud shan be competent for the Comptroller
VI th, Currency 10 not ~ any such ossocl on whose
lawful money reservey az 0orosiil, shall fall below
said proportion OF twenty five per eontum 10 make
900 aion reserve aad IL such pssocirtion shall fail
for tty days thereafter so to make groi Us reserve
VI lawful money Of the United states, me Comptroller
may with tn concurrence " the Secretary Of the
Treasury, appoint receiver tvWini up The business
Of such aIsot iation, as provids5 10 this act
sE3. AZ dad be a Jlrths shdcfed, That no ossocia-
tlpu shall at any time be indebted, or IN any way liza
bic, 70 au am lnnt exceeding the amount u lie capital
stock al such tine actually paid in, and 70 naming IN
ditninlahad by loHHes otherwHs except the fol-
LOVING occounts, taatistO say ..
First. On account Of ts notes Of circulation. .
second Oh account Of moneys deposited with, OF
collected by, 50 h ass1ciati n
third. On hrc5unt Of bills OF exchange o. drafts
df4wa against money actually on deposit TO The credit
of uei ass Jclalion, or due thereto.
fourth On account Of liabilities t. its stockholders
fsr money paid IN on ca'ital stock, ant dividends
thereon, and reserved prodts.
SEC. 43 And be further enacted, Ihlt 10 association
shall, either directly or inlrecty pledge hypOtbe
any Of It's notes OF Ct cuiat on the pu pose Of
procuring monoy TO be paid ia on I've capital Et7ck,
10 be used In Its banking op ;rations, or otherwise
$40 a. And be Further enaetei, That ass6cii.
u1n, or any member IN reuf SHALL during the time II
IN III continue It's banking operations, withdraw, Or
permit to be withdrawn either In form OF dfyidonds
bans 70 stockhulderHor a logger time than six months
o. IN any other manuer any portion Of Us capital !;
and II losses shall az any time have bsen sustained
by any such association equal exceeding ta nndi
Nied profits then on hand, no iyidend shall be made
md no dividend shall ever be made by any association
while II shall continuo IT'S banking operations, 10 an
amol mt greater than us nett profits then on hand de
dHotng therefrom ils losses and bad debts aud all
debts duo tpany ass citation which interest Is past
due and unpa for period OF fix months, unless the
sa ne sha Be well secured, and aha be in process Of
cjllectoi, shal be considered bad debts within the
SIC IS. And ts 4 further snqctea That the directors
ofevcry association shall, semiennua In the months
VI May sud November, declare dividend OF 80 much
Of the profits Of such association as they shall judge
expedcnt and each dividend day the asher shah
make, and verify by his oath, full clear, and accp-
rate statement Of toe condition OF the assocaton,
As IL shalt be- on that day after declaring the diderd
which statement shall Contain
First. The amount Of the capital stock actually paid
IN aud thea remaining as Che capital stock OF such az
b, secondly. The amount OF the circulating notes Of
such assUclItion then IA circulation.
Thirdly 1he greatest amount Ia circulation at any
/ ne suce tue max Ing Of the last previous stement,
"a 81 ali have been exbbtedby the weekly statenonts
r 'lv c,s'niuri specifying the tmes whom the same
Fourthly. Tho amount Of biianoes and debts Of
every kind duo to other banks and banking assoca.
" filthy. The amount due 70 depositors.
= Sxshe. The total atiountof debts and liabilities OF
every deEerlpton and the greatest amount since the
making o. the last previous statement, specifying the
time when the same occurred.
seventhly- The toim siaount OF dividend declared
tho day Of making the statement.
Elyhlhly. The amount Of lawful money OF the Uni
TOD states eongng 70 the association aud IN its pee.
seshoi at the time Of making the statement.
Ninth " This amount subject 80 be drawn at sight,
IN lawful money Of the United States, remaining
ca deposit Win any associations, banks or bankers
specifying ths aIne0nis so on deposit IN the cities OF
Boston, rroyitencs, New York, Philadelphia Biti-
3 nvre, GinennAiii Chicago 81. Louis, ,andtNew Or
T,nltly The amount then on hand Of bills or notes
issued by other banks and banking associations.
kleyunthly. lho amounto balances due from other
banks, bankers, and banking associations excluding
deposits subject 10 be drawn at sight, aforesaid.
Twcthly Tho amount on hand OF bills bonds,
st-oks notes and other idences OF debts discounted
o. punhasetby the association, Specifying parteu-
lary The amount OF suspended debt, the amount
Hdai4d bad, the amount considered doubtful aud the
amount IN suit or Judgment,
ThEloenthly; Th9 value Of the real and personal
property held for thu convenience OF the association
Fourtoenthly. The amount o. real estate taken in
paylnant Of dsbisdae 70 the association %
saFltoently The tttountOf the undivided PROFITS OF
to association. .-. IrrW
sixteenhy. Tho total amount of the liability 10 o.
ss.oeatlon by the directors hereof collectively, sIe-
of Jog the gfoss such liabilities as pfncl
pa DEBTORS aud this gross amount OF indorsar
Iii, s,temcnlthus rnaao shan forthwith bo trms.
T mitted 70 the Comptroller VI the Currency.
sc 40, Aud b. q further eadctei, That every
eianon may take resere, receive aud charge on any
loan or diAiount made or up1a any note, bill OF ex-
change other evidence OF don't such rate Of intcr
e-t discount Is for the time the established rate
az iutsrest Tor delay Ia tho payment Of money 10 the
al ionae of contract bcwecu the artiek ,y The laws
o. tho severn. Sta 90 whi n The associations arc
Respectively located aud no Prouiisd hon.
essr, That interest my be reserved taken, In I'D
vance, az tho time making tne Oan Ur discount nc
efdng % tho usual rules Of bankrg aud the know
ingy taking, rescryiuP, charging % rate OF in
tert greater than that allowed by this section shall
BE- held aud ajudged a forfeiture OF the debt or de.
mand on which ths sRme Is taken, reserved, or
charged but the purchaie discount, sale % bill
of exchange, drawn on actually existing yaues and
payable another place than tue place Of such pur-
chase, dtcOunt, safe, at che current discount or
premium shall not b. eoasidcroi az taxing, resefyiDg
~ charging interest.
SHo. a. 4Hd b e tartAer eHIced That the total la
Utilities OF any poroni or VI ANY compin OF hrn, M
aloding IN the lablities OF company or nm the La
bhties Of the several members thereof 10 any aBso-
oiatlIn, including abiliu us acceptor OF bona hde
bills OF exchange payable nut the state where the
resolution q lo1te sht az NO time exceed thlrd
- -. =, -. 's't,- - i'e ~es nrh aud "a
tenih part OF hs amount 81 the capital stock OF suoh
t0liation actual ptl In
ehc - AHd BE- Il FARTHER eaucci That no ass0cla.
ton SEAT az any tins, pay OUT lsant OF discounts
m purchasing irans or bills OF exrhanre or mi nav
ment OF deposits, shall IL la any other mode nat IN
crcumlion fhe notes of any bank banking asso Ia.
hen which notess shan not, at any such tme, De re-
selspie az paf on opposite, and ia payment Of debls
" the association paying Dot or oircaa ug such
notes nor shalt 10 knowingly pay out or nut IA clrcu
lstion any notes Issued b. any bank or banking asso
eeton wnieh az the time Of such paving cut or aing
70 circulation a not fedeeming Us circuht ne notes m
lawful money Of the Unltod states
src. ~. Aad b further saacsd, That al transfer
" tue notes, bonds, b rs uf exchange, and other evil
dencea Or debt owing TO any association or OF depo
staa 10 credit all ass gumehts OF MORTGAGES sure.
ss on reai es'ae, or OF Judgments or DEGREES 10 lis