Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1863-06-11

direct,
See, II, Aad be It further enacted, That every
association formed pursuant to the provisions OF
TINS act may make and use common seal, and
shall have succession by the name designated in
its articles OF association and for the period limit
cd therein, not, however, exceeding twenty years
trom the passage Of this act by such name may
make contracts, sue and be sued, complain and
defend IN any court of law or equity fully as
natural persons and may make bylaws, approx
cd oy the Comptroller of the Currency, not neon
sisGent with the laws of the United States or the
provisions Of this act, Tor the election of directors
the management OF its property, the regulation OF
ats affairs, and for the transfer of Its stock and
shall have power to carry on the business OF bank
y by obtaining aud issuing circulating notes in
he 'ahoe with the provisions OF this act by dis
aeoois bulls, notes, ana other evidences Of debt;
10 rg va. deposits by buy g ana seithg gold
az siIs,.. bullN9n, foreign coins an us1is OF eN,
change: by loan ag money ON real ana oeiso oia
security in the ma uer specined IN & e,T ar.
of assooaton. for the purposes authorized bv TIN.
act, and by exet, Using such incidental powers as
shall be necessary to carry on such business to
choose one of their number as president Of such
association, and TO appoint cashier and such 9TH
er officers and agents jas their bulNmess may re-
quire and 10 remove such president, cashier, Off
GERS and agents 1T pleasure, and appoint others
in their place; and their usual business shall be
transacted in banking offices located at the places
specified respectively in its certificate of assoela-
ton, and not elsewhere.
Sec. y. 1iid be It further enacted, That the
shares OF associations formed under tins act shall
be deemed personal property, and shall be trans
ierable on the books OF the association in such
manner as may be prescribed in the bylaws or
articles OF association; and every person becoming
a shareholder by such transfer shall, in proper
ton 10 his shares, succeed to all the rights and
liabilities Of the puor holder Of such shares and
no change shall be made in the articles OF asso-
citation by which the rights, remedies, or security
OF the existing creditors Of the ASSOCIATION shall
be impUiroa. For all debts, contracted by such
ASSOCIATION ior the circulation, deposits, other
wise each shareholder shall be liable TO the
amount, At their par value, Of the shares held by
him in addition 10 the amount invested IN such
shares.
Sec. IS. Ind be ifirtier enacted, That it shall
bC Lawful. Tor any association formed under this act
10y its articles Of association, 10 provide for an IN
crease Of is capital from time TO time as may be
deemed cxpedent subject to the limitations of
this act but no such increase shall be valid until
the increased capital shall be paid in, and notice
thereof shall have been transmitted 20 the Comp
troler oi heCurrcuey, and his certificate obtained,
specifying the amount OF such increase Of capital
stock and that the same has been duly paid to such
association.
See. II. ind be IL jt5rih,r enacted, That it shall
he lawful for any such association to purchase,ho
/ and convey real estate As follows
First. Such as shall be necessary toT its lmmC-
/ dlatc accommodation IN the transaction Of It's bus
/ mess.
| Second, such as shall be mortgaged to it in
/ good faith by way Of security for loans made 10y
1 such association, OF for moneys due thereto.
Third, Such as shall be conveyed to 1t il salts
faction Of debts previously contracted III the course
. Oi its dealings.
Fourth such as it shall purchase ut sales un-
der judgments, DEGREES, or mortgages held by such
. association
Such association shall not purchase or hold real
estate in any other case or for any other purpose
than AS specified in this section.
Sec. Is. And be 4 FURTHER eRUcied, That every
Z association, after having complied with the pro-
visions OF tins act preliminary TO the commence
( ment Of banking business under Its provisions,
shall transfer and deliver to the Treasurer of the
United States any United States bonds bearing
interest to an amount not less than one third of
the capital stock paid in which bonds shall be de-
posted with the Treasurer Of the United States,
and by him safely kept in his office until the same
shall be otherwise disposed OF, in pursuance of the
provisions OF this act.
Sec. l6 and BE- u further enacted, That upon
the making OF any such transfer and delivery, the
association making the same shall be entitled to
! receive from the Comptroller OF the Currency
circulating notes OF different denominations, in
blank, registered and countersigned hereinal-
? ter provided, equal in amount to ninety per cent
um OF the current market value of the United
States bonus transferred and delivered, but
not exceeding the par value thereof, If bearing
interest al the rate Of SIX per Centum or OF equiv
alent United States bonds bearing less rate OF
interest; and at 40 time shall the total amount OF
such notes. issued to any such association, exceed
the amount at such time actually paid in of its
capital stock
Sec H. Ind be Il tttrtder enacted, That the
under TINS act shall not exceed three hundred
millions OF dollars. One hundred and fifty mil
lions of which sum shall bc apportioned to asso-
cations in the states, in the District of Columbia,
and IN the Territories, according to representative
population, and the remainder shall be apportion-
ed by the Secretary OF the Treasury among asso-
Citations formed IN the several statCs in the Dis
trict OF Columbia, and in the Territories, having
due regard to the existing banking capital, re-
sources, and business Of such states, District and
Territories.
Sec Is. Ind be Il further enacted, That, in
order to furnish suitable notes for circulation the
Comptroller OF the Currency is hereby authorized
and required, under the direction of the Secretary
OF the treasury, 10 cause plates to be engraved
IN tse best manner to guard against counteTtetine
ana fraUdulent alterations, and to have printed
thereirom, and numbered, such quantity of cir
culating notes, in blank, OF the denominations Of
five dollars, ten dollars twenty dollars fifty dol
larry, one hundred dollars Ave hundred dollars
and one thousand dollars, as may be required to
supply, under this act, the associations entitled Il
receive the same which notes shall express upor
their face that they are secured by United State,
bends, deposited with the Treasurer of the United
States, and issued under the provisions of thi:
act which statement shall be attested by the writ
ten or engraved signatures of the Treasurer anC
Register, and by the imprint Of the seal OF tht
Treasury; and shall also express upon their fac,
the promise OF the association receiving the same
to pay on demand, atteSted by the signatures 0
the president, or vice president, and cashier ant
the said notes shall bear such devices and sucl
other statements, and shall be in such form a
the Secretary of the Treasury shall, by regulation
direct.
Sec, 10. Ind be IL further enacted, That tn
plates ana special dies to be procured by theComp
uoAer OF the Currency for the printing of suel
circulating notes shall remain under his contra
ana direction, and the expenses necessarily incur
red in executing the provisions of tins act re
speeding the procuring of such notes, shall b.
AUDITED and paid as contingent expenses of tn,
treasury Departments and for the purpose of re
lmburslns the same, and all other expenses in
CURED under this act, and in lieu of all taxes upor
the circulation authorized by this act or upon tn,
bonds deposited for the security of the same suei
ASSOCIATION organized under this act shall semi
annually, on the first days of January and july
aIter us organization, pay to the Comptroller O
she currency, in lawful money of the Unitet
states, one per centum on the amount of circulat
ing notes received by such association, and in de-
lauit thereof, the Treasurer of the United State:
Is hereoy authorized TO reserve and retain one pei
centum on the amount of said bonds so deposited
at eaeh semi-annual payment of interest thereon
ana all sums reserved and retained shall be paid
INTO the Treasury under the direction Of the Sec
rotary, and every bank, banking association on
corporation, not organized under the provisions OF
this act, issuing notes calculated or intended tc
circulate as money, SHALL the first iay of JULY
next, and regularly on the first DAYS of JANUARY
and July thereafter, make and deliver TO the
Comptroller Of the Currency true and accurate
return Of the gross amount of notes issued bv it.
whether in circulation, or in its vaults or on de-
post elsewhere, and in default of any such return
the bank, banking association, or corporation So
iallng TO make return, shall paw to the United
states penalty of two per eentum upon its en-
TIRE capital stock. tO bp FIR he ,co "a