Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1863-09-05

with before being entitled to commence the bus
mess of fbingank underit, and that such associa-
| tionis authorized to commence said business ac-
cordingly; and it shall be the duty of such
| association to cause said certificate to be pub
lished in some newspaper, published in the
city or county where such association is loca-
ted, for at least sixty days next after the is
suing thereof: Pr0yided, That if no news
paper is published in such city or county,
such certificate shall be published as the
comptroller of the currency shall direct.
Sec. II. And be 1t further enacted, That
every association formed pursuant to the
provisions of this act may make and use
common seal and shall have succession by
the name designated in its articles of associ-
ton and for the period limited therein, not,
however, exceeding twenty years from 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 as
fully as natural persons, and may make by
laws, approved by the comptroller of the
currency, not inconsistent with the laws of
the United States or the provisions of this
act, for the election of directors, the man.
agcment of its property, the regulation of its
affairs. and for the transfer of its stock; and
shall have the power to carry on the business
of banking by obtaining and issuing circulat-
ing notes in accordance with the provisions
of this act; by dscounting bills, notes, and
other evidences of debt: by receiving de-
posits; by buying and selling gold and'silvcr
bullion, foreign coins, and bills of exchange;
by loaning money on real and personal secur-
ity, in the manner specified in their articles
of association, for the purposes authorized
by this act, and by exercising 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
a cashier and such other officers and agents
us their business may require; and to remove
such president, cashier, officers, and agents
at pleasure, and appoint others in their place;
and their usual business shall be transacted
in banking offices located at the places spcci-
fed respectively in its certificate of associa-
ton, and not elsewhere.
Sec. l2. Amd be Il further enacted, That
the shares of associations formed under this
act shall be deemed personal property, and
shall be transferable OH the books of the as
sociatiOn in such manner as may be pre-
scribed in the bylaws or articles of associa-
ton; and every person becoming share
holder by such transfer shall, in proportion
to his shares, succeed to all the rights and
liabilities of the prior holder of such shares
and no change shall be made in the articles
of association by which the rights, remedies,
or security Of the existing creditors of the
association shall be impaired. For all debts,
contracted by such association for circulation.
deposits, or otherwise, each shareholder shall
be liable to the amount, at their par value,
of the shares held by him in addition to the
amount invested in such shares.
Sec. 10. And be 1t further enacted, That
it shall be lawful for any association formed
under this act, by its articles of association,
to provide for an increase of its capital from
subject to the limitations of this act but no
creased capital shall be paid in, and notice
thereof shall have been transmitted to the
comptroller of the currency, and his certf-
cate obtained, specifying the amount Of such
increase of capital stock, and that the same
has been duly paid to such association.
Sec. IA. And be 1t further enacted, That
it shall be lawful for any such association to
purchase, hold, and convey real estate as fol-
lows:
First. Such as shall be necessary for its
immediate accommodation in the transaction
of its business.
Second. Such as shall be mortgagcd to it
in good faith by way Of security for loans
made by such association, or for moneys
due thereto.
Third. Such as shall be conveyed to it in
satisfaction of debts previously contracted in
the course of its dealings.
Fourth Such as it shall purchase at sales
under judgments, DEGREES, or mortgages held
by such association.
Such association shall not hold or purchase
real estate in any other case or for any other
purpose than as specified in this section.
Sec. Is. And be ii fi,rthcr enacted, That
every association, after having complied with
the provisions of this act preliminary to the
commencement of banking business under
its provisions, shall transfer and deliver to
to the treasurer of tho 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 deposit
ed with the treasurer of the United States,
and by him safely kept in his Office until the
Same shall be otherwise disposed Of, in pur-
suance of the provisions of this act.
Sec. 16. And be At further enacted, That
upon the making of any such transfer and
delivery, the association making the same
shall be entitled to receive from the comp
troller of the currency circulating notes of
different denominations, in blank, registered
and countersigned as hereinafter provided,
equal in amount in amount to ninety per
centum of the current market value of the
United States bonds so transferred and dcliv-
cred, but not exceeding the par value thereof,
if bearing interest at the rate of six per