The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1863-04-15

the assCclzt.o- such manner C4y Dc rref-Tle4 Z
the by laws srces o. associative; and every person
becoming Shareholder BY slcA transfer shall L. pro
portion hls shares succeed D. a. TIE rk1's E11 ia
hIites OF Tie prior holder o. such shares and change
snail &c The articles u Association BY Wsch Tue
rights rene ii-s security o. tie existing crecofs
0. the shall be pairec Tor IL debts con-
tracted by such Association FOR Circulation, deposits or
otherwise, each shareholder shSl be liable 70 tbe
amount, tber par value, Of the shares held BY AIN
10 addition 10 Tie amount invested Il such sA-res
Sec l3 And b y fgrthT e-tI1ec, That Il shan De
lawful for an Gallon IL! ne4 uoe this act D. rs
artcies Of association provide .or a. Increase n its
capital from time may be deemed e1 -ient,
subject g. the i'm tatioIs o. tbs act but 10 s-ch ia
creass shall o valid Until the increased capital shall be
paid Ia znd notice thereof shall have been transmitted
% the Comptroller Of ihs Currency an1 Ls certa ate
obtained specifying the amount o. s-cl increase Of
capital stock ;A4 the same la be- duly paid q
such association.
Sc A And b Il fs7ther e-acted, That il shall be
lawful for any ssch ASSOCIATION . plrclse hut eId
convey real estate follows
FIRST such as stall BE- necessary for It's immediate
Aceoinile-a'iol ID tle tIAnsa,' =" - o-slu-s
Second such shall be Oortyagec 10 10 good fAth
BY way Of security for loans made BY sch association
or FOR moneys due thereto
Third such shall be conveyed 20 il IN satisfaction
u eebis previously contracted in tie course CT It's
dealings
Fourth sUcL Il shall purchase al ssos under ucg
nsuts, decress mortgages held By ssca association
such association shall not purchase or hold real estate
n any other case or for any other purpose Than as pee
lei in this section
Sec Is. And b IL further snacted, That every asso
citation, after having complied with the provisions Of
this act preliminary the commandment of banking
business under provisions shall transfer and deliver
10 the Treasurer Of The United states any United States
bonds bearing interest 10 amount not less than one
third Of the capital stock paid which bonds shall be
deposited with tue Treasurer Of the United states and
by him safely kept n his ohce until the same sLsl be
Otherwise disposed OF in pursuance Of The provisions Of
this act
Sec 10 And Be further snaetaa. That upon The
making of any such transfer and delivery the Ass0ca
making the shall Be entitled receive from
The Comptroller Of the Currency circsatng notes OF
diercut demon nations N bsnk cgsterel and cOun-
tersgusd as hereinafter provided equal II amount 20
ninety per centum Of the market value VI the
United States bonds s. Transferred ani teliver-L but
not exceeding the par value th.rsof bearing Interest
the 3f per esntlin u equivalent United
states bonds bearing rate q Interest, and az nc
time shall the total amount II such notes issued TO any
such association exceed The amount At such time
ally paid in Of It's capital stock
Sec Il ATad Be u further enacted That The entire
amount Of circulating notes 10 BE- issued under hs ~ct
shall not exceed three hundred millions Of collars One
hundred and nfIy millions Of whichsum sail be appcr
toned the states the District Of Co
oumbis and the Territories according 10 representa-
tive pOpation, and the remainder shall be apporon-d BY
the Secretary Of the Treasury among associations formed
10 the states the District OF Columbia aud
the Ierrtoes having due regard TO the existing bank
ing capital resources and business OF such states Dis
trlct and Territories.
Sec Is. And be It further enacted, That, IN srder
furnish suitable notes for circulation the Comptroller
of the Currency hereby authorized aRd required
der the direction Of the Secretary Of the Treasury 10
plates be engraved the beat manner 70 guard
against COLllerrltllg anC auuucut aerdtosJ Aul 20
have printed tbsrefrom, and numbered suen quantity
0f circulating notes in blank Of the denominations Of
i've dollars Ten dollars twenty collars MY dollars
hundred dollars, i've hundred dollars, anu one thou
SAND dollars as NAV be required supply under this
act The associations entitled to receive the same which
shall express upon their face that they secured
by Unted states bonus, deposited with the Treasurer
of the United States isSue1 under the provisions
Of this act which statement shall be attested by ths
written engraved signatures OF the Treasurer anc
Register and by tie imprint oi the sea OF the Treasury
shall also express upsn their face tbs promise Of the
association receiving the 70 pay demand sttes
ted by the signatures Of The president or vice pres
Dent cashier; and the SAID notes shall bear such
devices such other statements aud shall be IN such
form the Secretary Of the Treasury shall by regua
tiou, direct
sec i9 And be It further enacted That the plates
and special dies be procured By the Comptroller Of
ne Currency for the printing OF such circulating notes
shall remain under his control and direction and the
expenses necessarily incurred IN executing the provis
U this act sectng the procuring OF such notes
shall be audited and paid contingent expenses Of the
Treasury Department and for the purpose Of rembuT
sing the same, and Al other expenses incurred unde
act and in lieu OF all taxes upon the circulation
thorzed by this act, upon the bones deposited for
the security Of the same such association organized
under this act shall semi annually the first days
January and July, after organization, pay 20 the
Comptroller o. the Currency, IN lawful money OF the
United states per csntum on the amount Of crculs
ing received by such laOn and default
thereof the Treasurer Of the United States "a hereby
authorized 70 reserve and retain per centum on th
amount OF said bonds 50 deposited al each semi annual
payment Of interest thereon, and all reserved
nd retained shall be paid the Treasury under the
direction Of the Secretary and every bank, banking
ISOLATION, corporation not organized under the pro
visions this act issuing notes calculated or intended
20 circulate money, shall On the FIRST day Of July
next. and regularly the first days Of January and
Uiy thereafter make and deliver 10 the Comptroller Of
the Currency a and accurate return Of the gross
Of notes issued by II whether IN circulation or
IN its vaults deposit elsewhere and default Of
any such return the bank banking association or cor
DOrstou failing make shall pay 10 the United
states penalty OF two per cenum upon It's entire capi
tai stock TO be recovered for the Of the Cated
states in any court OF competent jurisdiction
Sec 20. And b Il further eGdctef That after any such
association shall have caused its promise 20 pay such
demand to be signed by the president vice
president and cashier thereof in such manner as 70 MAKE
them obligatory promissory notes payable on demand
place OF business such association is hereby
thOrized and circulate the money. and
the shall be received at in all parts Of the United
states il payment Of taxes excises public lands and
all other dues the United states except FOR duties
imports and also for all salaries and other debts Alc
ieman Is owing by the United states individuals
por4tious within the United states
cept interest on public debt snd no such association
shall issue post notes any other notes 10 circulate as
than such as are authorized by the foregoing pro
visions Of this act.
sec II And b Il further Enacted That all transfer.
Of United states bonds which shall made by any
ciaon security for circulating under the pro
of this shall be made the Treasurer Of tbs
United States with memorandum written or printed
on the certificate OF such bonds, and signed BY th'
cashier other officer OF the association maxim.
the deposit stating that it held trust for the
whose heldH SuCl transfer y maze. anu As Sc
curity for the redemption and payment OF the crcua
sing notes delivered 10 such association and transfer
Of any such bonds by the Treasurer shall be deeme'
valid Of binding force and effect unless sanctioned BY
the order request Of the Comptroller Of the Currency
upon the Treasurer IL shall be the duty Of the Comp
troller Of tbs Currency TO keep his once book Il
which shall be entered the Of every association
from whose such transfer Of bonds s made By
the Treasurer and the Of the party 20 whom suct
transfer is made unless such transfer made in blank
in which the fact shall be stated in said book AZ
sthsr the par value Of the bonds -Ausferre
shall be entered therein and shall be the duty Of ID
Comptroller, Immediately upon countersgning and en-
tering the same advise by mail the association fror
whose account such transfer made the kind G
bonds and the amount thereof so transferred.
Sec. p And b Il fsrfhe- e-sacted, That il shall
the duty OF the Comptroller Of the Currency 10 cour
ersgn snd enter the book in the manner aforesaid
every transfer assignment Of any bonds held By th
Treasurer presented for his signature and the ComE
troler shall have a. all times during oce hours secss
the books Of the Treasurer for the purpose OF
tanning the correctness Of the transfer assgamsr
presented 70 him snd the Treasurer sha
have the ike access 10 the book above mentioned. keE
by the Comptroller, during Office hours ascertain Il
correctness q the entries II the same.
Sec. %. And b u fssrrheT eHGctef That II shall
the duty Of stheT tie president or cashier Of ever
banking ASSOCIATION having stocks deposited in the ok
0f the Treasurer OF the United States. or more
each fiscal year and a. such tine times during y
ordinary business hours said officer or officers
select, &c examine and compare the bonds 50 pledge
with the books Of SAID Department, and, found CO
rect eIecnte the said Treasurer certificate settr
forth the different kinds Snd amount thereof. and "a
the IN the possession and custody Of the Trea
. At the date Of such certificate. such exsm.nai
be D2ce oy an agent o. such Association d1iy =
1ointsd II writing for that purpose whose certfcA
before mentoned shall be OF Ike force and validity
executed by sGch president or cashier.
,, Sec p A-d be u further enacted That every ass
Z sAtiOn issuing circulating 1otes under toe provisions
1 rarv tlt