Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1863-06-11

than the market value thereof at the time
Of SALE And proeid,d further, That no sales
OF any such stock. s''s.. public or private, snail
~ 'V'N' g until the transfer thereof shall have
oeen made with the formalities prescribed III VA
act.
Sec. 20. and be ii further enacted, That on be.
coming satisfied, as spec in this act, that any
such association has refused to pay u: circulating
notes as therein mentioned, and is in default the
Comptroller OF the Currency may forth with APP
point reeelver,and require Of him such bond and
security as he shall deem proper, who, under the
direction Of the Comptroller, shall take possession
OF the books records, and assets az every deserip-
non OF such association, collect all debts, dues,
ana CLAIMS belonging to such association, and,
upon the order OF u court OF record Of competent
jurisdiction, may sell or compound all bad OF
doubtful debts and, on a like order, sell all the
real and personal property of such association, on
such Terms as the court shall direct; and such re-
eeiver shall pay over all moneys so made TO the
Treasurer OF the United States, ana also make
! report 10 the Comptroller OF the Currency of all
ms acts and proceedings. The Comptroller shall
thereupon cause notice to be given, BY advertise.
taent IN such newspapers as he may direct, for
lhree consecutive months, calling on all persons
VINO may have CLAIMS against such ASSOCIATION to
| present the same, and 10 make legal proof there
o.; and from tune to time the Compile ller, after
iuli provision shall have been first made for re-
iuhuing 70 the United States any such deficiency
IN reueemlng the notes Of such ASSOCIATION as is
mentioned IN this act, shall make rateable divi-
dene OF the moneys so paid over to him by such
receiver ON all such CLAIMS as may have been SO
Proved or ad]udicated IN court OF competent iu-
r1sdction, and nom time to time, as the proceeds
OF the assets of such association sha be paid over
10 hin he shall make further dividends as afore-
said, on an claims previously proved or adjudi-
catedi and the remainder OF snch proceeds, if any
Shall be PAID over to the shareholders of such as
ISOLATION, or their legal Representatives, in pro-
portion to the stock by them respectively held
PROVIDED, h0tgecef, That ii any such ASSOCIATION,
against which proceedings have been 80 instituted
! on account of any alleged refusal to redeem its
circulating notes as aforesaid, shall deny having
failed to do so, such association may at any time
within ten days after such association shall have
| been nothed OF the appointment Of an agent, as
provided IN this act, apply to the nearest circuit,
or district territorial court of United States
| TO enJoln further proceeding in the premisesSand
such court, after citing the Comptroller OF The
| Currency TO show cause why further proceedings
should not be enloined, and after the decision of
the court or finding OF the jury that such associa-
ton has not refused to redeem its circulating notes
| when legally presented, in the lawful money of
the United States, shall make an order enjoining
| the Comptroller, and any receiver acting under
his directions from all further proceedings on ae-
| count of such alleged refusal.
| Sec. 80. And be az further enacted, That the
| bonds transferred to the Treasurer of the United
| states, as herelnbetore provided, by any banking
association for the security of its circulating notes
shall be held exclusively for that purpose, until
such notes shall be redeemed, except as provided
| may give to any such banking association powers
OF attorney to receive and appropriate to its own
| use the interest on the bonds which shall have
| been so transferred to the Treasurer by it but
! such powers shall become imperative whenever
such banking association shall fail to redeem its
/ circulating notes as aforesaid and said Comp
troller may direct the return of any of said bonds
| to the banking association which transferred the
| same, upon the surrender to him and the cancel
IatlOn of proportionate amount of such eircu-
| iating notes : Prorided, That ninety per centum
OF the current market value of the remaining
bonds which shall have been transferred by the
banking association offering to surrender such
circulating notes shall be equal to the amount of
all the circulating notes retained by such banking
association And provided further, That there
snail nave been no failure by such association to
redeem its circulating notes. and that there shall
! have been no other violation by such association
of any of the provisions of this act for the security
Of the creditors OF such association shall the
Treasurer be required 10 surrender such bonds in
fractional sums OF less than one thousand dollars !;
and if, at any time after said bonds shall be de-
posted with the Treasurer Of the United States,
as aforesaid, the market or cash value shall be re-
duced, the Comptroller of the Currency is hereby
authorized to demand and receive the amount of
suck depreciation IN other United States bonds at
cash value, or in money, from the association re-
ceiving said bills, to be deposited with the Treas
urer of the United States, long suck depreei-
alton continues.
Sec 81. Aad be ii further enacted, That when
ever the price of any of the bonds pledged as
aforesaid for the redemption of the circulating
notes OF any such banking association shall be- at
the stock exchange in the city of New York, Tor
four consecutive weeks, at rate less than that at
which they shall have been estimated when so
pledged, and such depreciation shall not have been
made good by deposit of other bonds or money,
it shall be the duty of the Comptroller of the Cur
rency to notify the treasurer OF the United States
81 such taet and the payment of interest upon
such deprecated bonds shall be suspended, and
such interest shall be retained by said Treasurer
until the same, when added to the current market
value OF the bonds SO pledged, to be ascertained
as before provided shall be equal to the amount
hOnUS nlplppI 3RgR
! IGIav 1t snail 4e the duty OF the Comptroller OF
the Currency, at the expiration Of every period
Of three months, to cause the whole of the sums
50 retained, and then remaining IL the Ireasurs
OF the United States, to be invested in United
states bonds, IN the name of the COMPTROLLER oil
the Currency, IN trust for the respective associ-
atoms by which the bonds on which such interest
shall have accrued shall have been pledged and
whenever the price of such deprecated bonds
ST the stock exchange in New York shall rise TO
tpe price at which they were pledged, and so
remain for four consecutive weeks, such invest
ments SNAIL be assigned to such association, and
: all accruIng interest on such pledged bonds shall
thereafter be paid to such association on demand
thereof
Sec. 80. And be it further enacted, That it shall
be the duty of the Comptroller of the Currency to
receive worn out or mutilated circulating notes
issued by any such banking association, and to
deliver in place thereof to such association other
blank circulating notes to an equal amount and
such worn out or mutllated notes, after memo.
randum shall have been entered in the proper
books, in accordance with such regulations al
may be established by the Comptroller, as well
as all circulating notes which shall have been paid
surrendered to be cancelled, shall be burned to
ashes in presence Of three persons, one to be ap-
pointed by the Secretary OF the Treasury, one by
the Comptroller OF the Currency, and one by the
Treasurer OF the United States under such req
ulations as the Secretary Of the Treasury ma,
prescribe and in case such notes shall hay;
been delivered TO the Comptroller by an officer o,
agent OF such association, then in the presence all
so OF such officer or agent and certificate O.
such burning, signed by the parties SO appointed
shall be made in the books of the COMPTROLLER
and duplicate thereof given to such officer OF
agent.
Sec. 80. And be IL further enacted, That it
snail be unlawful for any officer acting under the
provisions OF this act to countersign or deliver to
any such ASSOCIATION, or to any other company or
person, any circulating notes contemplated by
this act, except as hereinbefore provided, and in
accordance with the true intent and meaning OF
this act and any officer who shall violate the
I provisions of this section shall be deemed guilty
OF high misdemeanor, and on conviction thereof
shall be punished by fine not exceeding double
the amount SO countersigned and delivered,
and imprisonment not exceeding fifteen years, at
the discretion OF the court in which he shall he
tried.
Sec. "a. And be IL further enacted, That all fees
for protesting the notes issued by any such bank
ing association shall be paid by the person procur-
ing the protest to be made, and such banking as
ISOLATION shall be liable therefor bat no part of
the stock pledged by such banking association, as
aforesaid, shall be applied TO the PAYMENT of such