The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1863-02-26

;nopsn~ro,ed oomnanv unless the same shall
be necessary TO prevent loss on a deot pteEio
ly contracted i'm good faith, or a case OF loriel>
nre. (38) Each shareholder can cast only one
vote in the election of officers; proxies may oe
authorized in writing, but no omcer OF a oanA
can act in that capacity. Inc humoel Ul'eo
tor. ,3Ql shall not be less than i've, nor more
,bar nina Each must be a citizen OF the Ohl
tod States \ resident of that particular State
and the owner of at least one per GEM u we
canit.i il not exceeding $20O,GOo, or ohe>ha'l
ner cent. if over that amount Ohect"ra 10
ioL. +, oa,h If conformity to the ACT. Elecs
| tions (40)to be held annually IN the mont" VI
January vacancies filled by appointment 81
the remaining directors. Pfesluett 10 De 1lo>
sen rom the Board. Falluret TO erect WIN h''
he considered n cause for dissolving the asso-
cation: but a new election may be held on
giving due notice ~~ -.
Section Al requires every such association ~
have constantly on hand, i'll lawful money ~
least twenty five per cent. OF the Aggregate ~
mount OF outstanding notes OF clfcu'a'l~h nv
DEPOSITS. Should this fund fall short vi the
pronorlion stated. the bank is prohibited from
increasing its loans or. paying dlVluenus.
proviso is made that clearinghouse certlucH'es
shall be deemed 10 be lawful money, as are al
40 balances at sight due from other associations
in the principal cities already naueu' y
extent of fifteen per cent. Failure 10 make
| good this reserve of money TO De oilo"eu ~
the appointment Of g RECEIVER ~
Section AZ prohibits any association from
contracting debts other than its notes IN cifco~
lation. deposits, bills of exchange or draiisa>
saipst money actually on deposit 10 It's cteuit'
! snd,liabil1ties to stockholders for caPltai or wv
ide9ds. 1t is also (43) prohibited from pledg
no mr. bvnothecating its circulation to procnre
money to be paid irssss capital or to be o'hef'
wise used. Nor eau (44)any portion OF It's cap.
i,al ma Withdrawn III the form Of DIVIDENDS or OF
loans to stockholders for a longer time than SIX
months, In case of loss from this sources cor
responding deduction is to be made from dlVi-
| bends, which can only be made from net PROFITS
All debts are considered bad On "hlch interest
has passed due and unpaid for SIX months ex"
cept those in process of collection. DIVIDENDS
(45) are declaI able III May and November, on
which occasion the cashier shall make a iui
statement of the affairs Of she bank respecting
its capital, circulation, BALANCES and debts De-
pusitb, dividends, money on nalu, aipounto
subject to draft in any of the large cities, the
amounts CT bills, bonds, stocks, &C. on hand'
real estate held, liabilities by directors. ms
statement to be verified by oath aud Transmitted
10 The Comptroller OF the Currency.
Section 46 leaves the rate OF interest, III the
absence Of a contract, to the Ia" estaD'lsheu "J
the seysrai States. To 60 beyond that involvs
a forfeiture of ths debt. The nest epactS that
the lisbili les OF 10 person, company, or uim'
suall, IN any manner, exceed one thlfd or the
bank CAP tai exclusive of liabilities as accepte u
one fifth and exclusive of such on bills OF ex>
change. Que tenth. Banking associations..(4S)
are forbidden to pay out. on loans or otherwise,
the notes OF any banks WHICH are a. that time
below par, or are not redeeDlaple III 'aw!ni mon
ey. -
Nv sect. On 40 provision IL made against trans
5000 So. baoopipr inaOlYpHt such
proceedings being declared null and VOID. a
known violation of this act by the directors for
faits all the rights AMI privileges enjoyed under
il: hut the violation must be adJudged by the
proper court. Directors asserting 10 The same
are 10 be held personally liable to the associa>
ton therefor.
Section 81 gives the Comptroller authority tc
appoint a suitable person to lnyestlgate.the al
fairs OF any bank, whenever in bis judgment !
may be necessary. such person shall nor os
an officer in the association. IL IS rot ~subiec'
to any other ~visitorial powers, except such ii
are vested in the several court OF law and chan
Gerry. The compensation for such service Is u
be SIS per day and travelling expenses
Section 50 makes an officer detraudjng, en-
bezzeling. or otherwise m~isapplying the fund
of the bauk, guilty Of a misdemeanor,t to be pun
ished by Imprisonment not less than i've NO
more thar ten years. A tull list (05l OF INT
shareholders must DG hCpb Wy HhO L bEcI1Sh
and cashier of every bank subject to the inspec'
lions of all its creditors. and a cory Transmitted
10 the COMPTROLLER at the beginning OF eVerJ
year.
Section 81 gives the Secretary OF the Treas
ury authority, whenever in his judgment the
public interest will be promoted theteby,to EN-
D 10y any such association as q deposttor OF the
public money, except receipts from customs
Suits arising out the provisions OF this aet,lI
- Il TT.s4oI Stafno Op anO Mt ItG nt1rpr
shall be parties shall (55) be conducted by tn
District Attorneys under the direction of th'
Solicitor of the Treasury.
Bv section Sc it is provided that the mutila
ting or cementing together OF any oank OIL
E draft, &c, with intent to render 1T UNFIT to b
s re-issued, is punishable with a tiue OF sou. L
+ forge or counterfeit notes is made CO.. teiony
punishable by Imprisonment OF from i've to nj
c teen wears, and by a fine of not more than $l,
f 600. To epgrsve plates (58) after the simill
tude of its notes, Or have the same IN posses
| sion. with intent TO use them in forging o
3 counterfeiting subjects the party found guilty {
to a like punishment.
Section SO provides that actions agains
: banks under this act may be had IN any Onlte'
States Circuit, District, or Territorial Cour'
a Section so requires the Comptroller TO re
u port annually to Congress, at the commence
ment Of the session, a sunl.'ary OF the c0hdl
non Oh GVDiy dSoUCihJlou NV" hiSh APP'l'
5 have been ,eceived; a statement OF the assocla
8 ton closed during the year suggestions OF \
: mendment 10 the law for the greater security 0
t bill holders and depositors; also the expense
of the banking depagtment,With the names an
; sa aries Of the clerks employed.
Section 81 authorizes any banking compan,
/ lawfully in existence On the LIST Of January Ia
: whether under a special charter or general lay
, to become an association under the provision
of this act, providing two thirds of the sharebold
0 ers have authorized the directors to make tb
) change.
, By section 81, any association duly organic
ed under State law, having United States bond
20 he amount of fifty per cent. Of its capita
3 may transmit The same, or any part thereof, t
: the Treasurer of the United States, and receiv
from the Comptroller 81 per cent of the amour
: in circulating notes Provision is made e
aud 64)against failure to redeem such notes b
y t~orfeiting the bonds deposited and r%edeemin.
e the currency in the same manner as where th
y bank is regularity organized under the geners
= law By the IS section Congress reserves IN
light TO amend, alter, or repeal this act.
4, Later from Europe.