Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1863-03-04
PUBLIC-No. AZ.

provide tor the circulation and redemption
thereof.
Be it enacted by the senate and house ofrepre-
senlatives of tine United States OF America in
congress assembled, that there shall be establish
ed in the treasury department separate bureau
which shall be charged with the execution of
this and all other laws that may be passed by
congress respecting the issue and regulation OF a
national currency secured by United States bonds.
The chief officer of the said bureau Shall be de-
nominated the comptroller of the currency, and
shall be under the general direction of the secre
tary of the treasury He shall be appointed by
the president, on the nomination of the secretary
of the treasury, by and with the advice and con-
sent of the senate and shall hold his office for the
term of five years unless sooner removed by the
president, by and with the advice and consent of
the senate; he shall receive an annual salary of
five thousand dollars; he shall have Il competent
deputy, appointed by the secretary, whose Saa-
ry shall be two thousand five hundred dollars,
and who shall possess the power and perform the
duties attached by law to the office of comptroller
during vacancy in such office and during his
absence or inability; he shall employ, from time
to time, the necessary clerks to discharge such
duties as he shall direct, which clerks shall be
aPpOiated anG classified by the secretary of the
tIeaSury in the manner now provided by law.
Within fifteen days from the time of notice of
his appointment the comptroller shall take and
subscribe The oath of Office prescribed by the
constitution and laws of the United States; and
he shall give to the United States bond in the
penalty of one hundred thousand dollars, with
not less than two responsible freehoders as sure
ties, to be approved by the secretary Of the treas
ury, conditioned for the faithful discharge of the
duties of his office The deputy comptroller SO
appointed shall also take the oath of office pre-
scrbed by the constitution and laws of the I'm
tied States and shall give like bond in the PEN
atty Of fifty thousand dollars. The comptroller
and deputy comptroller shall not, either directly
or indirectly, be interested in any association is
6ulQH national un1ar the OrOvi Sinnc Of
this act.
Sec. ?. And be it further eaacted, that the
comptroller of the currency, with the approval of
the secretary of the treasury, shall devise seal
with suitable inscriptions, for his office, des-
crlpton of which, with certificate of approval
by the secretary ofthe treasury, shall be filed in
the office OF the secretary of state with an i'm
preston thereof, which shall thereupon become
the seal of office of the comptroller of the curen
cy, and the same may be renewed when neceSsa-
ry. Every certificate, assignment and convey
ance executed by the comptroller, in pursuance
OF any authority conferred on him by law, and
sealed with his seal of office, shall be received in
evidence in all places and courts whatsoever; al
all copies of papers in the office of the comp
trailer, certified by him and authenticated by The
said seal, shall in all cases be evidence equally
and in like manner as the original. An impress
sion OF such seal directly on the paper shall be
valid as if made on wax or wafer
Sec. 3. And be it further enacted, that there
r9ncy by the secretary of the treasury suitable
rooms III the treasury building for conducting
the business of currency bureau, in which shall
be safe and secure fire-prOof vaults, in which it
shall be the duty of the comptroller to deposit
and safely keep all the plates and other valuable
things belonging to his department; ard the
comptroller shall from time to time furnish the
necessary furniture, stationery, fuel, lights, and
other proper convenences for the transaction of
the said business.
md ha - Al. A.
term United States bonds,' as used in this act
shall be construed to mean all coupon aud reg
lstered bonds now issued or that may hereafter
by issued on the faith of the United States by
the secretary of the treasury in pursuance oflaw
sect D. And be it further enacted, that as
socations for carrying on the business of bark
ing may be formed by any number of persons
not less in any case than five.
Sect. 9. And be it further enacted, that per-
sons uniting 10 form sucA an association SHALL
under their hands and seals, make certificate
which shall specify
Fir't The name assumed by such associa-
ton
Second. The place where its operations of
discount and deposit are to be carried on; desg-
mating the State, territory, or district, and also
the particular city, town, or village
Third. The amount of its capital stock and
the number of shares into which the same shall
be divided; which capital stock shall not be less
than fifty thousand dollars; and in cities whose
capital stock shall not be less than one hundred
thousand dollars.
Fonrth. The names and places of residence
OF the shareholders, and the number of shares
held by each of them.
Fifth. The time when such association shall
commence.
Sixth. declaration that said certificate is
made to enable such persons to avail themselves
OF the advantages OF this act.
TIE said certificate shall be acknowledged he
fore judge of some court of record or a notary
public and the acknowledgment thereof certified
nnder the seal of such court or notary, and shall
be transmitted, together with a copy of the arti-
cles of association which shall have been adont-
ed to the comptroller of the currency, who shall
record and carefully preserve the same in his
Office Copies of such certificates, duly certified
by the comptroller, and authenticated by his seal
OF office, shall be legal and sufficient evidence in
all courts and places within the UnIted States, or
the jurisdiction of the government thereof, of
the existence of such association, and of every
other matter or thing which could be proved by
the production of the original certificate
sect. L. Ana be it further enacted, that at least
thirty per centum ofthe capital stock of such asso
citation shall be paid in at time of the commence
ment OF us banking business, and the remainder
OF the capital stock of such association shall be
pala III IN 'talments of at least ten per centum
each on the Wnoie amount to which the associa-
ton shall be limited, as Frequently AS one install
ment at the end of each succeeding two months
from the time OF the commencement of its hank
ing operations, until the whole of the canitoI
stock shall be paid in. N'fi''i
Sect 8. And be it furtheg enacted that ;f or,
shareholder, or his assignee shall fail IN nav a.
nstalment on the stock when the same * $500 10y
ed by the foregoing section to be paid. the dirac
tors of such association may sell the stock hold
by such delinquent shareholder, at public anr.
ton, having gwen three weeks previous notice
thereof in a newspaper published and OF general
circulation in the city where the association is To-
Gated, if the same be located in city, and if nat
SO located, then in Il newspaper printed, or of
general circulation, IN the county where the
same is located, to any person who will pay the
highest price therefor, and not less than the
amount then due thereon, with the expenses of
advertisement and sale; and the excess, if any,
shall be paid to the delinquent shareholder. If
no bidder can be found vino will pay for such
stock the amount due thereon 10 the association
and the costs of advertisement ami sale, the
amount previously paid shall be forfeited to the
association, and such stock may subsequently be
sold rs the directors may order.
Sect. 8. And be it further enacted, that when
ever certificate shall have been transmitted to
the comptroller of the currency, as provided in
this act, and the association transmitting the
same shall notify the comptroller that at least
thirty per centum of its capital stock has been
paid as aforesaid, and that such association has
complied with all the provisions of this act re-
qured to be complied with before such associa-
ton shall be authorized TO cOrnmence the husi-