Nebraska advertiser., 1863-07-30

out ~ the assets Of such association before distri =
bation Of The proceeds thereof,
See. IS. Ard be It further enacted, That the
stoehhO'der-, collectively, Of any such association
shall al DO time be liable 70 sucb association either
as TTleipai debtors or s~ursties, pr bBtb u "a amount
greater LhEu three ffths OF tge capital st0ok actual
ly paid In and remaining unfinished by losses or
otherwise; nor shall the directors be 50 liable, ex-
cept to such amount and in such manner as shall
be prcHcribed by the bylaws Of such association
adopted by its stockholders to regulate such lia5ll-
ties.
Sec. 81 Ana be it further enacted. That the
capital stock Of sdy association formed andef tals
act shall be divided into shares OF one hundred dol
lars each. and shall be assiguBble on the books OF
the associatiOn IN such manner as its by-laEs shah
prescribe but no shareholder in any association
under this act shall have power to sell or transfer
any share held in his own right 50 long as he snail
be liable, either as principal, debtor, surety, OF 9th
erWise, to the assOciat on for any debt |a'en snail
have become due IND remain unpaid, nor IN any
case shall such shareholder be entitled to receive
any dividend, interest or proat or such shares 50
lone as such liabilities shall continue, out AL such
dividends, interests, ana profits shall be retainedby
the association and applied TO the discharge OF
such liabilities: and no stock shall be Transferred
without the consent Of a majority Of the directoTs
while the holder thereof Is thas indebtey to the as
ISOLATION.
Sec. 81. And be it further enacted, That no bank
ing association shall take, as security for any loan
o. discount q lien upon any part Of its capital stock;
but the same security both in kind and amount,
shall be required of shareholders as Of other persons
and M such banking association sqall be the pur-
chaser or holder Of any portion of its capital stock
or Of the capital stOe' Of any other Incorporation
compauv unless such purchase shall be necessary TO
prevent loss upon a debt previously contracted IN
good faith on security which ct the time was deem
ed adequate TO insure the Payment OF such debt,
independent Of any lien upon such stock, or IN case
of forfeiture Of stock for the nOn-payment OF install
ments due thereon. and stock purchased OF acquir-
ed. shall in no case be held by such association so
purchasing for a longer period Of time than SIX
months, if the same can, within that time, be sold
for what the stock cost.
! Sec. 80. And be it further enacted, That in al
elections of directors ann in deciding all questions
at meetings of shareh olders. each shareholder shall
be entitled to one vote on each share Of stock held
by him; shareholders may vote by proxies duly
authorized in writing; but no Office, clerk, teller, or
book-keeper OF such association shall act as proxy.
anG no stakeholder whose liability is past due and
unpaid shall be allowed to vote.
Sec. 80. And be it further enacted, That the
affairs Of every such Association shall be managed
by not less than five nor more than nine directors
one Of whom eshall be presldeat OF the association
every directors, shall during his whole term OF ser.
vice be a citizen Of the United States and a resi- lent
Of he state in which such association is located
At least three fourths of toe directors shall have
resided in the STATEN which sch association is 10
Gated one year next preceding their eleetio as di-
rector; and each direction shall own in his own
right, Mt least one per eentum of the capital stock
Of such association not exceeding twn hundred
thousand dollars, and the half of one per centum Of
its capital over two hundred thOusaed dollars
Each director snail take an oath that he will, so
far as the duty devOlYes on him, diligently and hon
estly administer the affairs OF such association and
viii net knowingly violate or willingly permit to
be violated. any IF the provisions of this act and
that hh Il rhp hana f1n ounpr in his own right of
the shares Of stock standing in his name on the
books Of tee association, and that the same Is not
hypotleeated Or IN any way pledged, as security Tor
any loan obtained or debt owing to the association
OF which he is a director, which oath, subscribed
by himself an certified by the officer before whom
il is taken, shall be Immediately tranfmitted to the
comptroller Of the currency, and by him filed ard
preserved in his Office.
Sec. 20. And be it further enacted, That the d.
rect0rs Of any such Association first elected shall
hold their places until their successors shall be
elected and qualified. All subsequent elections
shall be held annually, on such day in the month of
January as the stockholders Of said association may
prescribe; and the directors so elected shall hold
their Iaes5 for one year, and until their successors
are elected and qualified But any director remov-
ing from the state or ceasing To be the owner OF the
TeQuite amount of stock, shall thereby vacate his
place, Any vacancy in the board shall be filled by
apEOintmeHt by the remaiHinf directors. The di-
rector so appointed shall hold his place until the
next annual election; and if- from any cause, an
election eff directors shall not be made at the time
al Pointed the association shall not for that caRse
be Dissolved, but an election may be held on any
subsequent day, thirty days notice thereof having
been given in a newspaper printed or Of general
circulation 10 the citp, town or county IN winch
the ASSOCIATION is ] located and If no newspaper is
published in such city town or county. such notice
shall be published in a new paper in the county ad-
joiting.
Sec. Al. And be it further enacted. That every
such associated shall at all times have on hand, in
lawful money of the United States, an amount
equal 30 at least twenty five per centum of the ag-
gregate amount of lis outstanding notes Of circula-
ZION and its deposits, aud whenever the amount Of
It's outstanding notes Of circulation and its deposits
shall exceed the above named prodortion for the
space of twelve days, or whenever such lawful mon
ey CT the United States shall at any time fall below
the amount Of twenty five per centum of its eircu-
lation and deposits such association shall not increas
its liabilities By making any new loans or discounts
otherwise than by discounting or purchasing bills Of
exchange payable at sight, nof make any dividend Of its
profits, until the required proportion between the ag-
gregate amount of its outstanding notes of circulation
and its deposits and lawful money of the United States
shall be restored: Provided however, That clearing
house certificates, representing specie or lawful money
specially deposited for the purpose Of any clearing
house association shall be deemed to be lawful money
in the possession OF any association belonging to such
clearinghouse holding and owning such certificates,
and considered TO be a part Of the lawful money which
ing provisions Of this sectisn: Provided fprther, That
any balance duo to any association organized under this
act in other places from any association in the cities OF
Boston Providence, New York, Philadelphia, Baltimore
Cincinnat. Chicsgo, st. Louis, or New Orleans, in good
bredit, subject TO be drawn for 8 sight, and available
to redeem their circulating notes and deposits, may be
deemei 60 be "A part of the lawful money which such
association in other places than the cities Of Boston,
Providence, New York, Phila6eI phia, Baltimore, Gin
cinnatis Chicago, st. LOuis, and New Orleans, are re-
CURED to have by the foregoing provisions. of this section
to the extent Of three hfths Of the said amount of TWEEN
ty-9ve per centum required. And it shall be eompe>
tent for the comptroller OF the currency to notify any
such association whose lawful money reserve, as afOr-
said shall falt below said proportion Of twenty-hyelper
cintum required. And it shall be competent for the
comptroller OF the currency to notify any such assccia-
tlon whose lawful money reserve, as aforesaid shall
fall below said proportion Of twenty-five per centum,
to make good such reserve; ard If such associa ton
shall fail for thirty days hereafter so TO make good its
reserve Of lawful money Of the United States the COM
trolier may with the occurrence Of the Secretary Of the
Treasury appoint a receiver 70 wind up the business of
such association as provided in this act.
Sec. -. Ana Be it further enacted, That no assOcia-
ton shril at any time be incebted, or in any Way liable
to an amount exceeding the amount OF its capital stock
at such time actually paid in, and remaining undimin-
ished by losses or otherwise, except on the following
accounts, that is to say:
First. On account of its notes Of circulation.
Second. On account OF mone6s deposited with OF col
lected 10y. such assOciatIin.
Third. On account of bills Of exchange or drafts drwn
against money actually on deposit to the credit Of such
associa ton or due thereto.
Fourth. On account Of liabilities 20 its stockholders,
for money paid in on capital stock, and dividends there
and reserved Profits.
Sec, 4S. And be II further enacted That no associa-
tion shall, either directly or indirectly pledge or hypO-
thetate any OF its notes Of circulation for the purpose
Of procuring money TO be paid in on its capital stock, or
10 be used in its banking operations, or otherwise
Sec. a. And be. it further enacted, That no associa-
tiOu, or any membeT thereof, slall diving the time it
shal continue its banking operations, withdraw or
permit 10 be Withdrawn either in form Of dividends,
Imam ( IN gfOckhOldprg for z longer time than six m0nthS