Smyrna times., 1863-05-21
WHOLE NO. 400

S'tCH d>SVCidIIOu pIldll Dc ll3tlc tlGrc-
for; but no part Of the stock pledged by such
banking association, as aforesaid, shall be ap-
Piled III tie payment Of such fees; and all ex-
pcnses OF any preliminary or other examina.
tIonS INTO the condition Of any association shall
be paid by such as>ocittiOn; and all expenses
OF amy receivership shall be paid out of the as
sets oi the association before distribution ofthe
proceeds thereof.
Section -. Aad be It further enacted Tint
the tokhod .:a collectively, Of any such asso-
catlon shall al no time be liable to such asso-
cttlon either as principal debtors or ,ureties,
or ho!h> to an amount greater than three-ffth5
OF the capital stock actually paid in and remain
lng undl,nnShcd by losses or otherwise; nor
Shall the directors be 80 liable except to such
amount and IN such manner As shall be pre-
scrbci by the by laws OF such association. adop-
ted by It's stockholders to regulate such labifi-
ties.
Section Sc. Aud he Il ErrtArr eoqrtcd That
the capital stock of any dissertation formed un-
der tals act shall be divided into shares of one
hundred dollars each and shall be asSgnable
on the book OF the asSuc alton in such man
ner a. It's by-awS shall prescribe but no share
holder III any association under this act shall
have powrr 10 sell transfer any share held
m his own right 80 long as Ae shall be liable
either Is principal, debtor, surety, or other
VIE, To the association for anv debt which
i''Ii l"'C bSNttIl| 'llIc anu REMAIN QnDdlu
IN any ease shall such shareholder be entitled
- receive any dividend, interest, or profit on
such shares - lon" such liabilities shall con-
tlnnc, but all such divi lends interests and pro-
hts shall be retained by tie association, and an
piled 70 the discharge Of such liabilities: and
no stock shall be transferred without the con-
sent ol a majority of the directors while the
holder thereof l. thus indebted to the associa-
ton.
Section 81. AndLH further eaacte,l That
no banking association shall take as securitv
for any loan or discount, a lien upon any mart
OF ~ capital stock; but the same security both
IN KIND and amount ehal be required Of share
holders as OF other persons and no such bank
ing association shall be the purchaser or hol-
der OF any portion of its capital stock, or ofany
portion OF Its capital stock of any other incor-
porated company, unless Snch purchase shall
be n'resaarysto prevent loss upon debt pre-
viou,y cont Tctcd i'll good faith, on security
which, at the time, was deemed adequate to
| insure the payment Of such debt, independent
Il any lien upon such stock; or in case of for
itltur0 OF stock Tor the nUn-payment of install
inrlj> due thrrc"n and stock 80 purchased or
acquired >hall IN 10 case be held by such asso-
! cation 80 purchasing for longer period than
SIX months, II the same can, within that time
ne sold for what the stock cost
Section IS. .iad be- It t,uttcr enacted That
!
! questions at meetings Of shareholders. each
/ shareholder shall be entitled to one vote on
each share OF stock held BY him shareholders
may vote byproNieo duly authorized in writing;
Dut no oihter, clclk, teller, or bookk per Of
/ such a>,o,latlon hail act us proxy; and no
>tutAh"dtr whose !lrni!l'y is past due and un-
/ pad snail BE- allowed to vote.
>e ton 80 Ana be furtner enqcied That the affair,
OF ever such asso' ai'On hGl managed by not less
thAh hNc nor more l"an hIGe directors one Of whom
thA! "e president uI ;he aE.ncIatIon Every ditector
>hai durinS hI' Whoe Term service be a citizen Of
th' IHIti Saie' an !e.licI OF the State IN which
Alch As Ih'" IN 10 aiod Al least lhree.fourIl Of
The directors sHi have resided in he Slate IN "a ich
such assoc mou IL iOcHcd one wear nex precee, inc
lHeT eCc ION hs director .; md cIr O, shall oun
III ~ o"n Gh' one per 3f the tlta sock oF
=" ht tS'''1li"h "l e" tdIig lwO hundred ihuusand
"IaiA uni TIE ,I OF per cenum OF IL "a ,Iiai a
over ~" h'.n rr! ,hudsAid dollars Each dite,lor
'h'h take hn ~ u ihS' nr Wi 81 far the duty Ge.
wives "h "i.H dln+"H'I and halr>I adninirieI the
i'll tlrN o. 'I'' auu ~ lii no, unu,notv
""''e '' Nils rv9'nh :" h' coated, any lie
rroNts'"i's Il i'.~ "rt an. that he IS he bona 6de
- ~ ~ 'h" 'I !it UhhN II rae aiIun and
'iI't The Nanr - H'' hl pniCct e., u. m any wav
r' ~ d. aa se."'h i"r loan Obtained or debt uw
ING ." me 'AS"il 'I'' az Nh cl he cIUr whI,h
't'i ah'CrtrtG u! iiInI r,I AID reruled b, The uf
t'f e''r9 "t"n 4 $ '"ken, >hII. Ue inm edIaIeIy
HtHinHed 70 The C'm iFo.tor If thc CuIGcncy, and
tIa l'd amt ,'r serNt hIs office
Ss IOn l." AhG6y Il tariler enacted thai III, direc
1r~ "i an, sd"h Lsst eCr,,tl shall hold
tel O. tD u"tI thc.r sacc-,scrs are eitcleu and
lti"cd al su!rt gueuI elections shu!I ne he i'd AN
nnt"g, on Hr,h daI IN Ihr munIh OF Jmnuary as The
STOCKHOLDERS o sand "ss"cIaIIOh may prtscnbe; and
e directors - eeUIsd Saii hold heIr places fur one
year ahl uh'il lelr successors are elected and quail.
lhvd But any dHerIJr removing from the Slate or
ceisng ~ ne ihe owner of the requisite amount of
stock, suaIi thereby SaCaie his place. Any Vacancy
III me b"ArH shall be filled by appointment by the
remaining directors. The director 50 appointed shall
t"id MS place uhiIi the next annual esciIOn and f
from any cause, an election drecJnrs shall hot be
made ~ the time appointed the association shall NOT
for tha; cause be dissolved. but an election ma, be-
he'd al any Subsequent day, thirty days notice there
0i having been CIV en N newspaper printed. or Of
general circulation IA The clil. town or county ia
which HE as>oculinn located and 4 no ne srs aper
Is phhl heu ~ snch Clty iown0r county. such n0IIes
shall b" published IN >paPer ia the county ad-
J"nlae.
S.c,ion Al And BE- it f.rtler enacted That every
such ASSOCIATIONS shall AZ all times have on haad IN
awful money OF Tie United STATES, an amount equal
TO at least twenty live per cenIum of The aggregate
amount OF ats outstanding holes of circulation and its
depOss aud whenever the amount OF Its outstanding
notes OF CIrcuiaun aud Its dep shall exceed the
ahoNc named PrporiI0n Tor the spuce OF twelve deVs
or whenever Sach lawful money al the United States
shall at any time iall below the amOunI OF twenty
five per centum OF It's circulation and deposits such
ASSOCIATION shall moi Increass It's Liabilities by making
any new loans or discounts, otherwise than by dis
counting or purchasing bills OF exchange payable at
sight nor make any dividend Of It's profits. until the
required proportion between the aggregate amount
OF It's outstanding notes OF aud its de posts
anu la"iul money al the United shall be required:
Provided, hOWeDer, That clearing house Certificates
representing specie or lawful money especially
ned for the purpose oany clearinghouse association.
, shall be deemed to be lawful money in the posses
sIOn OF any association belonging to such clearing
hohse holding and owning such certificates, and COLI
sldered to be parI OF The lawful money which such
association Is required to have under the provisions
OF tins section ProUided. further That any balance
due 10 any association oIg.nZed under this act in
other places from any association in the cities of BOs.
ton. Providence, New Ysrk Philade phia. BALTIMORE.
Lincinnai, Chicago, 81. Louis, New Orleans in
good credit. subject TO be drawn for at sight. and
available TO redeem their circulating notes and de-
posiis, may be deemed TO be part OF the lawful mo
ney which such association in other places than the
cttes OF Boston, Providence, New York, Philadel.
phia, baltimore Cincinnati Chicago st. Louis, aud
New Orleans' are required to have by the foregoing
provisions OF this section, TO the extent of three fhs
OF the sal amount of twenty five per centum reqnir
cd And shall be competent for the Comptroller OF
the Currency TO notify any and such association whose
lawful money reserve, as aforesaid shall fall below