Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1863-04-03
OFFICIAL.
LAWS or TIE UNITED STATES.
Passed of he ThWd Session Of he Thirty.
JtreNih Compress.
luONTlNULO TRON TI4TENaAT.l
[prBLIc-No. t9l

r Section 30. Aud be it further enacted
That the affairs OF every such association
shall be managed by not !c'S than five no
more than nine directors, one Of whom
shall be president Of the association Ev
cry director shall, during his whole tern
Of service, he citizen Of the United State
and resident OF the State IN which suct
association is locnted. Al least three
fourths OF the directors shall have residsr
in the State in which such association ia 10
Gated ono year next preceding their election
as directors; and each director shall OwI
10 his own right nj lenst one per centUm OIL
the capital stock OF such association not
exceeding two hundred thousand iollnss,
and the bali Of one per Crntum Of its capt.
tai il over two hundred thousand dollars,
Each director shall take MI oath that he
will, go far US the duty dOvOlVss on him,
diligently and honestly administer the
affairs OF such association, aud will not
knowingly violate, or willingly permit TO
be violated, aUy Of the provisions Of this
act, and thnt be iS the bona lde owner, in
his own right, Of the shares Ot stock stand.
ing in his namo on the hooks Of the NSsO.
citation, and that the same is not hypOthc'
Gated, or in Auy way pledged, ~ security
tor any loan obtained or debt owing to the
association Of whicE he is director, which
oath. subscribed By himself aud certified
by the Olhcer before whom it is taken
shall bc Immediately transmitted TO the
Comptroller of tue Currency, aud by him
filed and preserved in his Office.
Section 30 And he it further enacted,
That the directors Ot any such association
first elected, shall hold their places until
their successors shall be elected and quail.
fed. Al subsequent elections shall he
held annually, On such d1J 10 The month Of
January as the stockholders Of said aGso,
cfGti66 may prescribe; and The direcIor6 90
elstted ShalEhold their plGeas Tor one year.
and until their successors are elected and
qualified. But any director removing from
tho State, OF ceasing to bc tho owner Uf
tue requisite amount Of stock, shall there.
By vacatu his place. Any vacancy in the
board shall be filled by appointment by the
remaining directors The director go Ap.
pointed shall hold his place until the nOAt
annual election: and it from auy cause, an
election Of directors shall not he made al
the time appointed, the association shall
not for that causo be dissolved, but m
election may bc held on any subsequent
day, thirty days notice thereof having
been given in newspaper printed or Of
general circulation, 10 the city, towH, or
county in which the association is located;
and it no newspaper is published in such
city town or county. such notice shall he
published newspaper in tho county sd'
joining.
Section Al, And he it further enacted,
That every such association shall nj all
times hNvO on hand, iu lawful money OF the
Unitcd States, IN amount equal 10 nj least
twenty fivo per ccutUm OI the aggregate
amount of its outstanding notes Of circula-
ton aud it's deposits; and whenever the
amount OF its outstanding notes OI circnS.
tOn and It's deposits shall exceed tho above
uamcd proportion for the space Vi twelve
days, or whenever such lawful money Of
the United States shall at any time tall
below the amount Of twenty. ive per
cCntum Of its circulation and deposits, such
association shall not increase its liabilities
by making any new loans or discounts
otherwise than by disrOunting or purchaS.
Ing bills OF exchange, payable Mt sight, nor
make any dividend Of tI profits, until the
required proportion between the aggregate
amount OF iu outstanding notes Of circuIa.
ton and its dcpOSita aud lawful money OF
tho United States shall hO restored: Pro-.
vidCd, however, That clearing. g.hOuso Ger.
ItifcNttB. representing specie or lawful
money specially deposited for the purpose
Of any conrlug .house association, shall be
deemed to bO lawful money in the posses.
sion OF oGauy association belonging to such
clearing house holding aud owning such
certificates, and considered to bN part Of
the lawful munCy which such association Is
required to have under the foregoing provi.
siOns oil this section: Provided, further,
That Any balance duo To any association or
gAuizsd under this act in other places from
any association In tho cities Of Boston,
Providence, Now York, Philadelphia, BAL
.imors, Cincinnati, Chicago, St Louis, or
New Orleans, in good credit subject to be
drawn for nj sight, and available to redeem
their circulating notes mud deposits, may
DO deemed to be part Nf the lawful mo-
ney which such association and OtheS
places than the citiss Of boston, Proyi.
deucc, New York, Philadelphia, Baltimore
Cincinnati, Chicago, St. Louis, aud New
Orleans, nrO required to have by the fore
going provisions Of this section, to the ex,
tent OF three illhs Of tho said amount OIL
twenty-five per ceutum required. And II
shalt 10 competent for tho Comptroller Ol
tho CurrcuCy to notify any such NsSOCiS
association whose lawful money reserve, as
aforesaid, shaIl,fRll below said proportion oI
twcnly.fv per Cen'um, to make good such
reserve; and Il such association shall fa,I
Gor thirty days thereafter so to make good
ia reserve Of lawful money OF the UuitCd
States, tho Comptroller, may, with the con
Currcuce Of tho Secretary Of the Treasury
appoint receiver to wind up the business
Of suph association, as provided in lhil
act.
Section ~. And bo II further enacted
That no association shall At any time bt
indebted, or In any way lablC, to lht
amount Of lie capital stock Nt Iuch tim
actually pnld In, aud remaining undimin
, ishcd by losses or otherwise. except on lh
following accounts, that Is to say
4 First. On account Of It's notes Of UirCu
. lNtion,