Smyrna times., 1863-05-21

and the association transmitting the same shall notify
m Com pro1r that at least thirty per crntum of its
cIpt4l stock has been paid as aforesaid, and that
such ass0claon has complied with all the provisions
1T this req Irrd to be complied with before such
lssCf iallon shall be authorized to commence the
Business of banking and that such association is
deSir0uS of commencing such business, the Comp
trnlIcr shall Immediately proceed, in such manner as
H. sI all by general rules prescribe, to examine the
condition O! Such association; to ascertain esp cIay
the amount Of money paid IN account of its capt.
til Stpc>: the name and place OF residence of each
of the directors OF such associaOn, and the amount
ot lie capita, >t,cN Of which each is the bona fidc
owner, and %cI'rdilv whether such association has
complied with all the requirements of this act toAcn
title it tu engage in the business of banking; nd
shall to bc made, and atsested by the oaths of
Il majority of the directors and by the president
cashier OF such association, statement of all the
facts necessary to enable the Comptroller to deter
mine whether such association, Is lawfully entitled
to commence the business OF banking under this act.
! Section 10. aud be il further enacted, That it,
upon a careful examination uf the facts reported,
and of any other fact, which may the knowl-
edge of the Comptroller whether by means of
special commission appointed by him for the pnr-
pns3 Of nquirng into the condition of such associa-
ton otherwise, it shall appear that such associa
tim is lawfully entitled to commence the business of
banking, the Comptroller shall give to such associa-
! tnn a certificate undcr his hand and official seal,
(
provisions OF this act required to be complied with
,tore being entitled 10 commence the business of
bank ny under IT. and that such an association is
author. red 10 commence said business accordingly
and it il shall be the duty of such association TO
cause s4ld Certificate to be published in some news
pUper, p1:.l;shtJ in the city county where such
,:ion cltrd, for at least sixty days next after
The issuing thereof: Frorded, That is no newspaper
is publ he'd in such city county, such certificate
shall be published as tho Comptroller oflhe Currency
! shall direct.
Section IL And be it further enacted, That every
asSocaton for ned pursuant to the provisions of this
! act may make and use a common seal, and shall
have succesSiol by the name designated in its art
ccs # association and for the period limited therein,
not, however, exceeding twenty years from the pas
sage uf TINS act; by sucn name may make contracts,
sne and be sued complain and defend in any court
law or equity as fully natural persons, and may
make bylaws, approved b. the Comptroller Of the
Currency, not nc Jnsistent with thc laws of the Uni
ted Sit the provisions O this act, for the cleo
+ ton ofdrec!OrS the management OF its property.
the regu tons of its alirs and for tn transfer of
ITS stock and shall hIvc power ts carry on the bu>i
ness Of banking by obtaining and issuing circulating
notes lccordtnce with the provisions Of this act;
by DIS '"u.'ing ii J., notes. and other evidences of
deb /; 10y receiving deposits; by buying and selling
gold and silver bnlion, foreign COINS, and bills of
chagc; by olnng money on real and personal secu-
rIty The specified in their articles of assO-
10y exercising such incidental powers shall be
ctssary to carry such business; to choose OF
thcIr number president Of such association, and
to appoint cashier and such other officers and
agents eiT business may reqIirc; and to remove
such presd-nt, Cashier, officers, ana agents at plea
sure, and appoint others in their place; aud thair
usu1l businISs shall be transacted H. banking Off
located At the places specified respectively its
4. certificate of a<snci .tinn and not elsewhere.
Section IL And be it further enacted, That tn,
shares Of association formed under tins act shall b,
deemed personl property and sh III be transferable
Oh tn book Of the ASSOCIATION IN such manner a
may be prescribed the by laws or articles Of as
.cia'iol; and every person becoming shareholder
by such eT shall, in proportion to his shares
Il sIcceed to all the rights and liabilities of the prio
|. holder o. such shares; and nc chInge shall be mad
in the articles of association by which the rights,
medcs, security of ghe existing creditors of Tn
ass,cltion sh IL be impaired. For all debts, con
t ,cted BY such association for circulation deposit,
otherwise, each shareholder shall be liable tn ia
amount at their par value, of the shares held b,
hIin Ia addition TO the amount invested in sucl
u shares.
r .con. l3. And be 1t further enacted, That i
Ii shall be lawful for any association formed unde
this act, by its articles of association, to provide f
INCREASE Of lis capital from time to time ma
1t b. deemed exp, to the Limitations Of th
le act; but no such increase snail be valid until the il
If creased capital shall be paid in and notice there
shall have been Transmitted to the Comptroller
the IRE .cy and his certificate obtained specifyin
i t. an1ult o. such increase of capital stock, ant
tlt the has been duly paid to such association
Is ctiOn ii. 1Hdbe il further TeHGcted, That It sha
be lawful for any such association to purchase. holt
and convey real estate ; follows
OF First Such as shall be necessary for its imm
BY date accommodation in the transaction of its bus
hess.
H. Second Such as shall be morigaged to il in goo
faitn BY way of security for loans made BY such a
dc socIations or for money due thereto
he Third, Such n u, be conveyed to it in satsfa
ton of debts previously contracted in the course
re It's d.Iling-.
lrc Fourth Such as it shall purchase at sales und
al Judgments decrees, or mortgages held by such
TO- CI,t,On.
on Such association shall not purchase or hold re
OF estate in any other for any other purpose the
re- specified in this section.
f. Section Is. And be further enacted, That eve.
a. aSspciaton' af wing complied with the prov
mt sions of this act preliminary to the commencsme
ed o banking buslnefs under lis provisions shall
Ter and deliver to the Treasurer Of the United Stat
ny any United States bonds bearing interest to q
c amount not less than onethrd of the capital sot
paid in; which bonds shall be deposited with Il
.s Treasury Of the United States, and hy him safe
So kept ia his office until the shall be otherwi
disposed Of III p1rsuAnce of the provisions of this
of Section 1G. Aad be IL further enacted, That mp
in the making Of any such transfer and delivery, 4
NE assoclauOn n king the same snail De entitled TO
nj ceive from the Comptroller Of the Currency crcu
Of ting notes Of different denominations. blank, re
lac Istcred and countersgned hereinafter provide
lie equal in amount to ninety per cenum OF the cure
market value Of the United States bonds so transit
nv red and delivered but not exceeding the par val
my thcreo if bearing interest at the rate of six
ed ccntum, if equivalent United States bonds bca
of less rate of Interest," and at time shall the to-
ie. amount Of such notes, issued TO any such as
rem citation, exceed the amount at such time actua
vs. paid in Of its capital stock.
in Sec ion IL. And be il further enacted, That 4
me entire amount Of circulating notes TO be issued und
cd, this act shall not exceed three hundred millions
raj dollars One hundred and fifty millions of viii
ed shall be apporoned TO associations in the Stat
re. in the District Of ilumba, and in the Terrori
on according to representative population, and the
the maindor shall be appOrtoned y the Secretary Oft
re- Treasury among associations formed in the seYe
for States in the District of Columbia, and in the r
ia reres having due regard 10 The existing banki
the eata resources, and business. of such States.
n