Nebraska advertiser. [volume] (Brownville, Nemaha County, N.T. [Neb.]) 1856-1882, 1863-07-30

lawfully entitled to cOmmenc the business OF bunk
I ing the comptroller shall give to such assOciatio
a certificate under his hand and official seal sh OE
ing that such association has complied with all th
provisions of this act required to be complied wit
before being entitled to commence the business {
banking under IT, and that such association auth
orized to commence said business according: and
shall be the DUTY of such association to cause sai
certificate to be published in the city or count
where such association is located for at least ixt
davs next after the issuing thereof: Provided Tha
If no newspaper is published the comptroller 0
the currency shall direct.
Sec IL And be it further endeted, That eve
I association formed pursuant to the provisions o
this act maE make and use common seal, and shal
have succession by the designated in its arti
eles of association and for the period limited there
in not hUWeser, exceeding twenty years from th
passage of this act by such may make contract
sue and be sued complain and defend In any eour
of law or equity as fully as natural persons, an
may mike by-laws, approved by the comptroller 0
the currency not inconsistent with tim laws of tn
United States the provisions of this aet, for tn
election of direc tors ths management of its proper
tv the egulation of its affairs and for the transfe
of its stock. and shall have power to carry on tn
business Of banking by attaining and issuing eircu
lating notes in accordance with the provisions 0
Of this act by discOunting bills. and other evidenc
of debit by recevng deposits; by buying and selling
gold and silver bullion foreign coins, and bills
exchange: by loaning money real and persona
security in the specified In their articles OF
association, for the purposes authorized by this ac
and by exercising such incidental powers as shall
be necessary to carry en- such business; to ehoos,
of their munger president Of such association
and to appoint cashier and such other officers anC
agents their business may require: and to remOvt
such president casVier officers and agents at plea.
sure, and appoint others in their place; and theil
usual business shall be transacted in banking Offices
located at the places specified respectively in its GER
tiicate of association and not elsewhere.
Sec. y. And be it further enacted, That the
shaIes of associations formed under this act shall be
dOemed personal property and shall be transferable
on the books of the association IN such manner a:
may be prescribed in the laws or art cles of as
sociatiOn; and every person becoming shareholder
by snch transfer snail in proportion q HE shares
succeed to all the rights and liabilities f the prior
holder of such shares; aad no change shall be made
IN the articles Of association by which the rights
remedies security of the existing creditors of the
association shall be impaired. For all debts, con-
tractcd by such association for circulation deposits
otherwise each shareholder shall be liable the
amount at lheir par value of the shares held by him
in addition to the amount invested in such shares
Sec. Is. And be it further enacted, That it shall
be lawful for any associat formed under this
by its articles of association provide for an in
crease of its capital from time to time as may be
deemed expedient subj ject to thd limitations of this
act but such increase shall be valid until the IN
GEedcbu SdpAldA sLdll Db pdlu anu uOGCo
shall have been transmit ed to the comptroller of
the currency and his certificate obtained specifying
the amount Of such increase OF capital stock and
that the same has been duly paid to such assoeia-
tiOn.
Sec IA. And be it further enacted, That it shall
be lawful for any such association to purchase, hold
and convey real estate as follows:
First. Such as shall be necessary for its mmedi-
ate accommodation in the transaction of its busi-
ness.
Second. sush,as shall be racrtgaged to itsin good
faith by way of security for loans made by such
association OK for moneys due thereto.
Third. Such as shall be conveyed to it In salts
faction of debts previously crntracted in the
of its dealings.
Fourth Such as it shall purchase at sales under
Judgements deerees, or mortgages held by such as
sociation-
such association shall not purchase or hold real
estate in any other case or for any other purpose
than as specified in this section.
See. 10. And be it further enacted, That every
association after having complied wite the prOYi-
sOns of this act preliminary to the commencement
of banking business under its provisions shall trans
fer and deliver to the treasurer of the United States
any United States bonds bearing interest to an
amount not less than third of the capital stock
paid in which bonds shall be deposited with tn e
treasurer of the United States, and by him safely
kept in mis- office until the same shall be otherwise
disposed Of, in pursuance of the PROVISIONS of this
act.
Sec. I6. And be it fnr her enacted, That upon
the making of any such transfer and delivery, the
assiation making the same shall be entitled to re-
eeive from the comptroller of the currency crcua-
ing notes of different denominations, blank regis
tered and eountersigned as hereinafter provided
equal In amount to ninety per eentum Of the cur
rent market value of the United States bonds so
transferred and delivered but not exceeding the
par value thereof if bearing interest at the rate of
six per centum, of equivalent United States bond
bearing at less rate of interests and at time shall
the total amount of such notes issued to any such
association exceed the amount at such time actual
ly paid in of its capital stock.
Sec. H. And be it further enacted, That the en-
tire amount of circulating ties to be issued under
this act shall not exeeed three hundred million Of
dollars. Ore hundred and fifty millions of which
sum shall be appOrtioned to associations in the
States in the District of Columbia, and in the Ter
rtories according 40 representative population and
the reminder shall be appOItiOned by the Secretary
of the Treasury among associations formed In the
several States, in the District of Columbia, and in
the Territories, having due regard TO the existing
banking capital, resources, and business of such
States, Districts and Territories. -
Sec. 49, And be it further enacted, That, in or
der to furnish suitable notes for circulation the
or the surrency is hereby authorized
and required under the direction Of the Secretary
of the Treasury to cause plates to be engraved IN
the best manner to guard against counterfeiting
and fraudulent alterations and to have printed ther-
from and numbered such quantity of circulating
notes, in blank of the denomination of five dollars,
ten dollars, twenty dollars, fifty dollars, one hun
dred dollars five hundred dollars and and thousand
dollars may be required to supply, under this act
the associations entitled to receive the same: which
notes shall express upon their face that they Sc
cured BY United StaEes bonds, deposited with the
treasurer Of the United States, and issaed under
the provisions of this act which statement shall be
aft cradl. f
the treasurer and register and BY the imprint of the
seal OF the treasury; and shall also express upon
their face the promise Of the association receiving
the same, to pay on demand attested by the sigma
lures of the president vice president and cashier
and the said notes shall bear snch devices and such
other statements, and shall be in such form as the
Secretary Of the Treasury shall by regulation, di-
rect.
Sec 10. And be 1t further enacted, That the
plates and specia dies to be procured by the comp
troer Of the currency for the printing OF such cir
eulating notes shall remain under his control and
direction and the expenses necessarily incurred IN
executing the provisions of this act respecting the
procuring Of such notes, shall be audited and paid
rs contingent expenses Of the Trea sury Department
and for the purpose Of reimbursing the same, and
all other expenses Incurred under this act and IN
lieu Of all taxes upon the circulation authorized by
this aet OF upon the bonds deposited ror the seeuri
" OF the same such association organized under TINS
act shall semannually, ON the first day Of January
and Julyafter its organization pay % the eomptro
Ter Of the currency in lawful money of the United
States one per centum the amount Of circulating
notes received by sush association and in default
thereof the treasurer of the United States is here
by an thorzed to and retain one per eentum
on the amount of said bonds SO deposited at each
smi-anRua payment of interest thereon: and all
sums so reserved ano retained shall be paid into the
treasury uaer the direction Of the Secretary. and
every bank. banking association. corporation not
under the provisions of this act issuing