The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1863-04-15

Laws OF THE United STATES
Passed AZ the Thfr- -sssiou Of the Thirty
seventh Congress.
IOFFICIAL.l
-PuBuo-No a

Be u seGcc by he Senate and House u Representatives.
q he JHi;ed s0tes q Anaeroa ~ Corsss assembled,
hat there shall be established n Tie lfeasory Depart
Dent separate bureau, which shall De charged ~ith
The execution u tbs al other laws that may be
passed BY Congress respecting The issue AMI regulation
d national currency secured Oy United states bonds
The chief officer Of tie SAID bureau shall BE- denomina
TED the Comptroller VI the Currency ana shall be under
the general direction - the Secretary OF TIE Treas ry
he snail be appointed BY the President the nomination
% the Secretary a the Treasury by VIII th- advice
an cors - " the senate and shall hold his oce ;or the
term Of five yers unless sooner removed oy the Pres
dent and with the stvics and c0seAt Of the senate
he shall salary o. i've thousand dollars
he shall have competeal deputy appointed by he
secretary WLose salary sial Dc tw1 tAOusacl hFr l
1fed dollars and who shall possess The power a. per
orm the duties attached by Law the Office 0i Comp
troler daring q vscaIcy ia such onlle curing
absence inability BE- shall employ. from time u
time the necessary clerks o. discharge such duties
be shall direct which clerks shall be appOinte1 and
CLASSIFIED BY the secretary of the Treasury IN the man
ner now pfoYilel uy law WITHIN nteth Jays from
he time o. notice Of his appointment the Comptroller
shall take and subscribe the oath of Oce prescribed By
The Consultation and laws II the United states and he
shall give % the Uuited states bond 10 the penalty Of
one hundred q ousand dollars With not less than
responsible ffeeh0lders sureties 10 he approved by
the secretary Of the Treasury conditioned for the faith
il discharge Of the duties Of his Office The Deputy
Comptroller APPOINTED shall also take the oath oi OF
nee prescribed Dy The Constitution sud laws of the
United -tlt and shall give Ike bond Ia the penalty
u hfty Thousand dollars Tie Comptroller and Deputy
Comptroller snh uoL either directly Or indirectly, be
Interested DO any association isslug national Currency
under the provisions or This act
Sc . And Be Il fuTthsr enacted, That the Comp
troer q the clrr ucy with the approval of The Sec
retary ot the Treasury, shall devise seal with suts-
bic inscriptions Tor hs Office description Of which
with certificate Of approval by tie Secretary u the
Treasury, shall be fled the oce 0 ths secretary OF
state with AL impression thereof which shall tbercupon
become tie seal q office % the Comptroller of the Cur
rency and the same may be renewed when necessary
livery certificate assignment and convey executed
Ply The Comptroller, Ia pursuance Of any authority
ienei on him hy law an1 sealed with bis sea- Of office
whatsoever and all copies Of papers the ece Of tbs
Comptroller, certified by ann and authentcats- by the
sail seal, shall IN an Cases De evidence equally and
ike manner the original An impression OF such
seal directly on the paper shall be as valid az made
on or wafer.
Sac. 3 And BE- further enacted, That there shall be
assigned g. the Comptroller Of The Currency by tbs
retay Of The Treasury suitable the Treasury
building for conducting the business Of the currency
bureau, in which shall be safe and fire proof
vaults. in which IL shall he the duty Of tha Comptroller
deposit safely keep ali the plates and other va
liable things belonging 10 bis department; aAd the
ptroer sAliron tle 10 time iurnsn 1ne necessary
furniture stationery fuel lights and other proper
venieuces for the transaction OF the said bssiness
sec T. Ind b Il further enacted That the term " Uni
TED States bonds used this shall be construed
70 mean all coupon and registered bends issued
that may hereafter be Issued tn faith Of the United
states BY the Secretary o. the Treasury in pursuance
Of iaw.
Sec 5. And te i! f,sr1hr enaatsd That associatons
"r carrying OF the business Of banSug my be formed
by any number o. persons less in any case than FIVE
Sec G. Ani D. a ftrther enacted, That persons uni
ting 10 form such association shall under their hands
an seals. make a certificate which shall specify
First The name assImsi by slch association.
Second The place where lis operations OF discount
and opposite 70 be carried designating the state
Territory or district and also the partcul y town.
or village
Third. The OF its capital stock and the nun
Der o. shares into which the shall be divided
which capital stock shall not be less than atty THOUSAND
dollars snc in cities whose population IS thou
sand persons the capital STOCK shall not be less than
blodrei thousand dollars.
Fourth. The and places OF residence of the
Shareholders ana the number Of shares hoe by each
them.
Fifth The time when such association shall com
sixth. declaration that said certificate is made to
enable such parsons 70 avail themselves Of the advsE
tiges OF this act
The said certificate shall be acknowledged before a
lluge OF some court OF record OF notary pub c, and
The acknow egmslt thereof certified under the seal
such court notary and shall b. transmitted together
With copy Of the articles Of association which shai
have been adopted 10 the Comptroller Of the Currency
Who shall record aud carefully preserve the hs
otce Copies o such certificate duly certified by the
Comptroller, and authenticated by his seal Of Office
shall se legal and sufficient evidence all and
places within the Uuitet states the jurisdiction
the Government Thereof Il the existence Of such
cation and OF other matter thing which could
be proved py the production Of the original certificate
Sec !. AHd bs urther enacted That al least thirty
per centum OF ehe capita STOCK Of such association shall
be paid In at the time of the commencement or its bank
ing business. and the remainder Of the capital stock
u such ati0n shall b. paid IN instruments OF
least per centlm each the whole amount 70 which
the association shall be limited frequently one in
staiment the end Of each succeeding two months
rom the time Of the commencement OF its banking
operations Until the whole o. the capital shall be
/ paid ia-
Sec s And b. Il frther saaotsd Thai II any share
holder or his assignee slA .ai pay any instameni
% the stock when tue required by the foregoing
section u be paid the directors OF such association
sell the stock held BY such deiinq Shareholder
pub L. auction, having given three weeks previous
lice thereof 10 newspaper published and Of genera
'affl in
Il The same be located in city and il not So located
then IN newspaper printed OF general circulation ir
the county where the same located 70 any person whC
VIII pay lLo highest price therefor aud not less than tn
amount then due thereon with the expenses Of adve
and sale. ard the excess n any shall be paid
the delinquent shareholder II bidder can be founc
who Will pay for such stock the due thereon
the association and the costs o. advertisement and sale
The amount previous paid shall BE- forfeited the
sociaon such stock may subsequently be sold a.
| the directors may order.
Sec. O. Ind D u further enacted That whenever
cert hcate shall have been transmitted % the ptoe
u the Currency provided in this act and the
alton transmitting the shall notify the Comptroe
that Al least thirty per centum Of tsicapta stock ha
been paid as aforesaid and that such association la
complied with all the provisions o. this act required 4
be complied with before such association shall be a.
thOrzed TO commence the business Of banking and tia
Sucn association desrOus OF commencing such bCsi
ness the Comptroller shall Immediately proceed sucl
manner he shall bv general rules prescribe l. exam
me the condition OF such association ascer an espe
cally the amount of money paid II account Of it
capita tle name place o. TeSl1Nnce OF taC
Of the directors Of such assoction AMI the
the capital stock OF which each The bona ie
Z ald generally whether such association has compile
with al the requirements OF this antitie
gage IN the business OF banking and shall 70 b
made ant Attested by the oaths Of a majority q IN
directors and BY the president cashier Of such
ciztoR statement Of all the facts necessary 10 enabl
the Comptroller to determine whether such assoc alto
Is lawfully entitled 10 commences the business OF oans
ing under this act.
Sec. 10. Ari b II further enacted That Il. upon
careful examination Of the facts reported and og
/ other facts which NAV come 10 the knowledge OF th
Comptroller whether by means OF a special commissio
appointed BY him for the purpose Of nquiring into u
condition Of such association, otherwise i shall a.
pear that such asso-ition Is lawfully entitled
mence the business o. banking. the Comptroller shs
give 70 such association certificate under his hand
Official seal, showing tnlt such aSsO-3;ion his cOmp.e
with all the Provs rs Of ihs act required 10 De con
piled with before being entitled TO commence the ous
Of banking IN Ter It. and that such association
authorized To comm nee saiI business accordingly
Il shall y tLe DUTY Of such ss>oC iaOn 10
certificate q be Published IN newspaper puhish
The city county where such ASSOCIATION s locate
fcr st least sixty days after the ling thsreo
Provided That II no newspaper is pnblishei n such CT
or cOrntv, srch certiGclte shall te published as .
Comptroller " the Currency shall direct
SEC. IL. Ana b f fHr1ker enacted That every ass
citation formed pursuant to The prov OF this s
may make AM use common sea-. and shall have So
cssSion hv the designated IA ts articles OF ass
ci1tion sad for the perio limited therein not hOweVs
exceeding twsnty years from tbe passage Of this
such name may make contracts. and be sued COZ
an Ant refent n court o. NV equity frlv
- / natural persons. and NAV make bylaws approves
tbs Comptr0 Ter Of Tie Carrency not inconsistent
the laws o. the Jntel States the PROVISIONS q q
act for the slecIicu 4 directors the management o.
property the regulation o. alirs and Tor the
Ter OF its stock. and shall have power carry
business Of b,aksg BY obtaining and issuing circg
ting notes IN accordance With the provisions Of this