The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1863-04-04

uict, territorial court OF the ltcd a, DIS 40 ~
loin iurth pr,ce, Din n lhe y ,n,is aud such
oonft' ther Oiiug he Comptroller Il tie ca rsney 10
shcv cius why further y Icecdigs should not De- en-
iuuVd, Rtd titr the dec stn on iIt court of nndua
II mry that ,uch nssocaliun b noe icfascd u a.
dem lth circulating notes whrn lcssliy fresent.d In
IL. lsviul u,ongl y tha Uaitcd sta shall make an
~, sni9inine .hs fomptfoihf,np any rcc~ivvr act
account NJ such alleged rciusa.
sIt ~ Ahd b. FARTHER enacted That the bopIs
tam ir Cd TO The rr Wurer u the Unit stutcs as
oieuhU ore provided, by any banking association for
the security OF ~ circulating shall be held ex
.'rsiNcy i"r Al urpose until such notes shall bo 10
ur m ~ hcert AZ provided IN this set hut the mp.
ga, goa, Z o. NE lnntuey may give % any su banking
association power' u attorney 10 re-, i've ana appie
pirate 10 us own uss the interest on the b nss which
shall hnNs ben 20 transferred 10 tue treasurer BY
ont suct powus shall bee inol sraiive whe ev,
sucu Oahk hg s1eauon shall tail 10 redeem It's crcu.
hiine notes A. Aforesaid and said Comp toncr may
dir t We return OF any OF said ban sto ,ho banking
ufs relation which tr nslcrred the sam d pun The sut
rutCr 20 bin aud the canct tlalun oi pfopo, ionale
mou I 81 such cic llating notes Protided, That
ninog p cettum of the current mArktt yAuo ot the
rmiinng bonds Whch shall have been traI C red by
the banking association Offering 20 tuch CIR
cuatng notes shall lie equal ~ the amount of all the
circulating hoies retained by such tankMg RsfocA.
uon AHd pnorided, Ji,sief, To A ere shall have
been no iniure BY such a socatun 10 pd- m It's IiT
Gu Rtng notes and that here shall have been other
violation by sen lou q any Of the provisions
OF % sRct for the security Of the Uedtnrs Uf auch
snton; Hor shal The ir,asury be required 20 sur
render tch bones ia iractous sums of lees than onc
taona uo .olas and f' at any Lime alter said bonds
shall be deposited with ue T,eosue er of the unit,d
state, "a oresaid the market ur ,ash value snail 10
reduced, the uoml ttOlcr OF the Cu rcuoy is ereby
authorized demand IN receive tle amount or such
dcpecla gn 10 OtblT United State c, an yaus
OF w money from the association re eiyihg said bile
q be postd With the Treasurer tLr Jnited StAtes
long ss such depreciation contitu,s.
SIC 81. And X Il hgfAsr enacted Ihat Whenever
the price Cf any Of the bonds pledged as Aforesaid
the redemption OF the circulating notes n any such
banking association shall be- at the stock Exchange IN
rt nf Aatg AnrE Ttr
rate less than that at which they sbail have cen
estimated wien 50 pledged aud such deprec' alton
shall not Rave been made good by defo;t Of otbor
bunls or mVncy u shall he The duty 81 lhe Complro
lsr u The Currency 10 notfy the 1r aaurer o. a Uni
tel States OF such fact, ana the psym VI int rest
upon such deprco ated bonts u l be sus ended and
9uth er'st shal be etalpsd by sad Tr1s ref lntl
the same when added to the current tnArkt Voms OF
the bonds pledged, 70 b. asc0rtan,d bstrTs PRO
vidsA shall bo equa 70 the amour, Tor whirh sUvh
bonds were pledged ~ tldsd that shall be the
" Of the Comptro hr OF tie Currtpcy az tie cxpirN.
tion OF cvofy pofiod o: three months, to cause the
Whole OF the sums &c rel'ned, And iheu remaining IN
the tressury 0f TIE Unite Stass o be Invested In
lnittd Ntates bonds, in the OF the Comptrt a.
Of the CuTrcuty, In uu5 tor The resp etive assOcs-
tons by which tne bonds which such Inter- 81 al
have aooru d shall have been pedg,d; and wheneNsr
the price OF snop dep eciHted bnnus tho stock ex
ca ngo m N,w ork shall rise h. the price at which
they pledged nd so remain nr four consecutive
Wtcks, ~ eh Investment shall be assigned 10 such usso
ciaiion, aud all Wcfuing interest Ch pledged
bonds sNel thereafter bo PAID 10 81 avs citation sn
Exc 32 AHd b. Il 6dfiher enarisd, That Il shall he
the duiy Of The Comptroller Of the Currency 10 70
crve Sorn cut ~ nutllated circulating notes Issued
by any such anking association, tnd 90 deliver lR
place thereof 10 such association ether blank crculs
ting notes to an equal amount such woIn out OF
mutilated uot,s AT a memorandum shall have been
entered In tie proper books IN accordance with such
regulations may be established by The Con ptruller
we'll as all Giro ilahng notes wi ch sra have been
paid or Eurrendeodio be cancelled shall burned 10
ashos IN presence OF three persons be appointed
by the Secretary 0. the Treasury our by tho Conf
troler OF the Currency and by the Treasorcr ol
the UNI ed States, uLUer sich ie. uai0ns Hs the Fec
| retary Of the lrcaau'y may pf soibi aud in casa
such net shall ave been delivered 10 the Comptrol
Ter by officer agent of such aon, then iR
the pres hrc a'so, Of sGoh ohofr Or agent and -
oe'tle tte m tuch buruiag signed by the parties 10
ai pointed sha bp made 10 the books of tho Comp
trolefi anu dui rS,r thereof given 20 surh Ofnetr
| or gcrt
src So Aud 8, Il t,rtler Enacted, That /, shall be
nnawlu for any officer acting under The pru, Islons
this act TO counte sgn or de vr 20 any such assOis
ton, or TO any other company or person. sny orcula
ting notes contemplated BY this a. except herein
before provided, and IN aocorda with TIE true In
| tent aud meAAng Of this act and any ohc,r whO
shall violate tho provisions OF IN 81 elton shall be
| d emed guilty of high misdentan r, aud on Convo-
tioh thereof shRl b. punished BY hne 'Icyedi ing
| double the amount 20 cOuhterRigneu delivered,
and imprisoned rot exceeding nnsrii Yea = At the dh
| cretirn NJ The court in which he ahAl beulrd
sKo a. dad b Il further spoctcd, lhst all fees foI
rotost ng the notes issued by ahy such anknk
ciatIon a'lhe Tai by the person pr caring the pti.
r
liable theroOr but no part of The aties pledged ny
such banking association aio ogaid aaA BE- appl "a
tot tho payment Of such fsos and al sSlanses Of any
preliminary or other examination into tue conoitlou
81 any association shall be Tnid BY Buch association
anu ali aIpanscs of any receiyership shah be paid out
Of tle assets Of such association fore distribution
! SIC 30. AHd BE- Il further enacted, That the stook
holders collectively, % any tuCh assUtta'ion shall q
no time be liable TO such association, either As pfino
pal debtors sneties, or both 20 AN amount Kreae
tuan q rae-nhs OF the capital stock RotuAly paid Ia
| 0ni remaaing uhdiminishsd by losses cf othorwiae
nor shall The directors bs 80 ablf, pt 10 such
amount and In such M nner as shall be prrs bed By
the bylaws OF such asaoChticn, ndop - by i stock
holders 70 gulate such liabilities
| SEg. % lad b. Il further enacted That the rapita
! stock of any asssoiat formed under His oct aha
n divided into shares Of one huhd vi La each,
aud shall be assigns 'ls on te book ot theAaaoe 'sl
M such manner AS its BY laws shall prtsg ihs bot
shsrehol or IN ANY ssssriat on una,r tbis act shh
| have power 10 teh or trppsrr any share hsld IN h
oH fght 80 long a. he shalt te liabs either ua prn
eli al debtor sur t. or ottsrwiae, 70 tDs aasphtioi
fr any ~ Wh ch shall have becOiue due and fsmai
urpaid, B0r Ia . y shall such SHAREHOLDER be en
utlsi 70 rece ye Any DIV dsnd lntsrg4' % proa. q
hut nl such dividend, Interests q pionA shall b
tsinud BY the association, aud applied 70 the.dii
charge n such liabilities and stock shall b. tr
frrti lhout the na-nt n maorty OF The a.
restofs viil- tAr holdsr tho euf Is thus Indebted
| the Asso itton.
SIC 81. And b. q ~ Asr saaotsd, That nv bankiB
asuciaiion shat iakr, a. security hT any an W di'
| count, hon upon any part ~ its ctpiial stock bu
ths 'smo segrl'y, both 10 KIND and amount shsl /
requirot u shareholders 0f othor pcfsons and n
such bankirg sfsoc catiou shall b. purchaser o
bold, OF any pIrtion a capital sock, o. of ih
capital stoek Of any other iceoporatod coinpany w
hss sob lurch e. shall be- neossaary 20 prs,e ~
, uton d debt preVi6usly contracted IA go9d iauh, T.
ie.urity WI ch, at the iime, Vas deemed atequeiS
insure The payment of fucl doht, ndopcndeht d ~
zen u,ou stoesi O. 10 essg u lor'etipfs Asp'ck
he non paynont Of iuAtslm nm due theistni M
tock 30 pu ehass acquired 4 All IN 90 csse Do hs
b. iu,h a-s2eiPtiQo - puIea.ilg llf "ng.f 'i'a
. | time b. cold f0r whatth siOck cost
q sac 49, And ts 6artisr slsaeisd, 7 At 10 ~ ris
i-ns of direc o.a, aud m ds,idllg al ga a"nl Z
meetings of shareholders, each sharshods. .hau 7
Z entitled 10 vote raca shsro " aiOii hull
! | him starb0l drrs may we ~ pro1esgny Au.hy
ized in writing bot no ohieeri sig tsist, .. ~ .
Keeper % such association shall Hci ~ prVAy am
stockhoider whose nahih pas aue AAl suP+'
d shall bo allowed ~ vote .t..e 49,.
. sec ~. Aad b u fstisr ssaaef That tle AusiIa
! e,ery such asboaalo0 shall be- utnsEea " NJ lr
d than ave nor mO.o than nin" directors 9De " "he
j. shall be- rCaidept " ne assoc.aton hssiy ~
4 shalt daflug h whole term ~ sfIy'es, ee sN'sn
N lie Jlted riAts and rvsdout oi uc siate iu Viii
!. such assftlat0u n located, AZ lfaHi Afos lln
. ,tdirrrtors thaiI have resided To Oh State 10 VII
r. turh associauon 10 iocfted yer nea prs ot.
q | tber election a. rrcton and each director ~
own ln bis own Tght ~ lpast nno paf eeu'nm OF 1
capital ocs Of such sfs cia'iyn uot ear9s JOG u
y Lundfod thotstu1 dolan, and the hau VI enc '
j. epntum 0f lts ytal stock o over tso hundred th'
ID saLd dolafs Etrh dIr Ct0f shall o. Sn su ush that
D. vii. 70 f.f A. tle tuty deyolyes nn ~, dltleu
"a aad honestly administer the an rs ui fuch hasosa,H
d anl wll not kuoNmFly ,l iatr, of Nil tngy pffmt
"a he violated, any Of the prov aoua 81 This pe eni it
q he ia thg bona hde ogusr, in hH eva rghi, o
NJ shares ~ stock sanding in hls nau.o tn iif loah'
70 the aan1at CO. and that the same T. not ~ Ppt,
10 ted. o. 10 auy way plcdgod H 81 WY lt tpl ~
nt obtained or debt owing % tho ata0cat0 OF phen
IA d. dIrertor which oatB Huhsrnbfi by hiaia n q
10 certified by the 0nrnr hr'crl Nhnm i p hA'bi ~
O, b. lminsdlaiely transmitted 90 thr o'Hltfeie q"
ld Currency and By bin net aad pfote "a N o." 'ih
ia Sac ~ Andbsn ID Mrfler faicisd, ihtt the nito'i
M o. ary ruei assooatnu nrst gtctsd shall huih t