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

New Orleans, are required to have by the fore
going provisions of this section to the extent OF
three ffths of the said amount or twenty-five
per centum required. And il shall be competent
for the comptroller of the currency TO notify any
such association whose lawful money reserve as
aforesaid, shall fall below said proportion Of
twenty-five per centum TO make good such re-
serve; and If such association shall fail for thir-
~ days thereafter so 10 make good its reserve of
lawful money of the United States, the comptrol-
Ter may, with the concurrence of the secretary
OF the treasury, appoint receiver TO wind up
the business Of such association, as provided in
this act.
Sect. 40. And be it further enacted, that no
association shall at any time be indebted or in
any way liable, to an amount exceeding the
amount of its capital stock ut such time actually
paid in, and remaining undminished by losses
or otherwise, except on the following accounts,
that is to say:
First, On account of its notes of circulation.
Second. On account of moneys deposited with
or collected by such association.
Third. On account of bills of exchange or
drafts drawn against money actually on deposit
to the credit of such association or due thereto
Fourth. On account of liabilities to its stock
holders, for money paid in on capital stock, and
dividends thereon, and reserved profits.
Sect. ~. And be it further enacted, that no
association shall, either directly or indirectly
pledge or hypothecate any of its notes of circu-
latlon for the purpose of procuring money 10 be
paid in on its capital stock, or to be used in its
banking operations or otherwise
Sect, Al. Aud be it further enacted, that no
association, or any member thereof, shall during
the time it shall continue its banking operations
withdraw or permit to be Withdrawn, either inform
Of dividends, loans to stockholders for longer
time than six months or in any other manner
any portion of is capital; aud if losses shall at
any time have been sustained by any such assoc
citation equal to or exceeding its undivided prof
its then on hand, no dividend shall be made:
and no dividend shall he Tnode nv n N V
lion, while it shall continue its banking opera
tons, TO an amount greater than its net profits
then on hand deducting therefrom its losses and
bad debts; and all debts due to any association,
on which interest is past due and unpaid for a
period of six months, unless the same shall be
well secured, and shall be in process of collec
ton, shall be considered bad debts within the
meaning of this act.
Sect. IS. And be i further enacted, that the
directors of every association shall semi-annual-
ly, in the months Of MAY and November declare
a dividend of so much of the profits of such as
ISOLATION they shall judge eXpedient; aud on
each dividend day the cashier shall make, and
verify by his oath, full clear and accurate state
mcnt of the condition of the association, as il
shall be on that day after declaring the dividend
which statement shall contain
First. The amount of the capital stock actually
paid ia and then remaining as the capital stock of
such association.
Secondly. The amount of the circulating notes
of such association then in circulation.
Thirdly The greatest amount in circulation at
any time since the making of the last previous
statement, as shall have been exhbite by the
weekly statements OF the cashier, specifying the
times when the same occurred.
Fourthly. The amount Of balances and debts
OF every kind due to other banks and banking
associations.
Filthy. The amount due to depositors.
S,Xthly. The total amount of debts and liabli-
ties OF every description and he greatest amount
cir alfintT mi th, last ctn+a
specifying the time when the Same accrued
Seventhy. TIL total amount of dividends de-
cared on the day of making the statement.
Eighthly. The amount of lawful money of the
United States belonging 10 the association, and
in its possession at the time Of making the state
Mainly. The amount subject to he drawn al
sight, in lawful money of the United States then
remaining on deposit with any associations
| banks or bankers, specifying the amounts so OF
| deposit in the cities of Boston, Providence, New
! York, Philadelphia Baltimore, Cincinnati, Chi
cago, Saint Louis and New Orleans.
Tenthly The amount then on hand of bills OF
notes issued by other banks and banking associa
tons.
Eleventhy. The amount of balances due from
other banks, bankers and banking associations,
extending deposits subject to be drawn at sight,
as aforesaid.
Twefthly The amount on hand of bills, bonds,
stocks, notes and other evidences Of debts, dis
counted or purchased by the association, specify
nL particularly the amount Of suspended debt,
the amount considered bad, the amount con ider-
ed doubtful, and The amount in suit or judgment.
Thrift entity. The value Of the real aud person.
al property held for the convent nee of the asso-
citation, specifying the amount Of each.
FOurleenthy The amount Of real estate taken
in paymentof debts due 10 the association.
FIfteen'hly. The amount of the undivided
profits OF the association.
S,XttenthY The total amount of the liability
to tic a, SO iltion by the directors thereof col
lectiyey specifying The gross amount of such Ii
abilities as principal debtors and the gross
amount of indOlsers or sufces
The statement thus made shall rthwith be
transmitted to the comptroller of the currency.
Sect. 46 And be it further enacted, that every
as .ociati0n may take, reserve, receive and
charge on any loan or discount made, or upon
any note, bill of exchange. or other evidence of
debt, such rate Of interest or discount as is for
the time the established rate Of interest or delay
in the pay ment Of money, in the absence Of con-
tract between the parties, by the laws of the
eral states in which the associations are Tespcc-
lively located, and 10 more: Provided, however,
that interest may be reserved or taken in advance
az the time Of making the loan or discount, ac-
corling to the usual rules Of banking; and the
knowingly taking, reServing, or charging of a
rate of interest greater than that allowed by this
section, shall be held and adjudged forfeiture
OF the debt or demand on which the same is
taken, reserved, or charged; but the purchase,
discount, or sale Of a bill of exchange, drawn on
actually existing Values ana payable at another
place than the place of such purchase, discount
or sale, at the current discount or premium, shall
not be considered as taking, reserying, or charg-
ing interest
Sect AZ AID be it further enacted, that the
total liabilities of any person, or Of any company
or firm Qneuding ia the liabilities of a company
or firm the liabilities of the several members
thereof, to any association, including liabilities
as acceptor of bona tde bills Of exchange, paya-
Die out of the state where the association is 10
Gated, shall at no time exceed one third eXclu-
siye Of liabilities as acceptor, fifth; aud ex-
elusive of liabilities on such bills of exchange,
one tenth part Of the amount Of the capital stock
of such association actually paid in.
Sec as. And be it further enacted, that no as
socittion shall, NJ any time, pay out in loans or
discounts, or in purchasing drafts or bills of X
change, or III paymentof deposits, nor shall it in
any other mode put in circulation the notes of any
bank or banking association, which notes shall
not, at any such time, be receivable at par, on de
post, and in payment of debts by the association
SO paying out or circulating such notes. nor shall
it knOwngly pay out or put in circulation any
notes issued by any bank or banking association
which at the time of such paying out or putting
in circulation is not redeemng its circulating
notes in lawful money Of the United States.
Sect 49. And be it further enacted, that all
transfer of the notes, bonds, bills of eX-
to any association, of deposits to its credit; ali
assignments of mortgages, sureties on real estate,
or Of judgments DEGREES in its favor; all depos-
its Of money, bullion, or other valuable thing for
its use, or for the use of any Of its shareholders
or creditors; and all payments of money TO Ell
thcr, made after the commission of an act Of in
solVency or In contemplation thereof with q