, 1863-02-24

Ct the said association may prescribe; and
the directors 80 elected ehal1 hold their places
for one year, and until their successors are
elected and analiated: but any,! any director Re.
owner Of the requisite amount Of stock, shall
thereby yacatc his place. Any vacancy in the
Board shall be filled by appointment by the
remaining directors. The director 80 appointed
ehnll bold his place until the next annual
election; and II, from any cause, an election Of
pointed, the association shall not for that
cause be dissolved, but an election may be
held on any subsequent day, thirty days no
tice thereof having been given In q ncwspa-
per printed, or Of general circulate n, IN the
city, town OF county in which the association
is located; and Il no newspaper is published
in such city. town or county, such notice
shall be published in a newspaper IN the !!
SC. u. And be It further enacted, That
every euch association shall at all times haFc
on hand, in law1ul money Of the United states,
an amount equal to ut least twensy-h.ve ~ PEI pr
centum Of the aggregate amount - OF ITS ont
standing notes Of fcirculation and its deposits;
md whenever the amount OF It's outstanding
potes Of circulation and deposits shall exceed
The above named proportion for the space OF
twelve days. Or ThenesST suen nMaa1 ~? mGnsy h
low the amount Of twenty-five per centum OF
its circulation and deposits, such association
shall not increase lis liabilities by making any
new loans or discounts otherwise than By dis
counting OF purchasing bills OF Excaange,
payable at sight, nor make any dividend OF l.s
profits, until the required proportion betWeen
The aggregate amount ITS outstanding notes
Of circulation and it, deposits ana iaW1pt
money ~ fhe limited Sta cs si1all be restored:
Provided. however, That clearing house ceftl-
tfcates, representing specie or LAWFUL money
specially deposited for the purpose q suea
to be lawful money In the possession Of any
association belonging to such c1caring-house
holding and owning such certificates, aud
considered to be part of the lawful money
which such association Is required TO nave
| under the foregoing provisions Of THIS Sec
due to any association organized ..aIs,e under
This act i'll other. places from any assocn.
tion in The cities Of Bost on, Pro gidence, New
I York, Philadelphia, Baltimore, Ctneinna,i; rna
Chicago, St Louis. or New gfleans,, ,,ht ~ Eoudd Eoud
credit, subject to be drawn for at sight, ane
a,silohle ] 3 rcdeem thetE el!eniatles notes
! and dcnoeits, may deemed to be 1taE{ o1 tue
1nWfnl money which such association IN olher
n1acee than the cities Of Boston, Providence,
New York, PHILADELPHIA, B4ltino5e, Cln:ln.
required to hive by the foregoing provisions
OF this section, to the extent Of three -ffths
! of tie said amount Of twenty-five per eentum
required And it shall be compete ent for the
Controller Of the Currency to notify any such
association whose lawful money reserve, as
aforesaid, shall fall below said proportion of
twenty-five per centum, to make good such
reserve; and if such association shall fail for
thirty days thereafter SO o make goods Its re-
serve of lawful money Of the United States,
the Controller may, with The concurrence Of
the Secretary Of the Treasury, appoint; re-
to WIND up he nesnes OF sueh
| Sec. 42. And be It further enacted, That no
association shall ut any time be indebted, o.
IN apy way liable toran amount exceeding the
amount Of Its capital stock at 6nch time actu
ally paid in, and remaining undfminished By
losses or otherwise, except on the following
First~On account Of its notes Of circu
lation. ..
Sccond-On account of moneys deposited
with, or collected By, such association
Third-Ouo account Of bills Of exchange. o.
drafts drawn against money actually on &c
post to the credit Of such association, or du
!: thereto.
| stockholders, for money paid in on capita
stock, and dividends thereon, and reserves
Sec, IS, And be 1t further enacted, That Ii
association shall, either directly or indirectly
pledge or hypothecatc any Of its notes OF Gil
, cplafion, for the purpose Of procuring none
f to be paid in on its capital stock, or to b
: used'in its banking operations, OF otherwise
SEC. II. And be It further enacted, That \
i association, or any member thereof, shal
l during the time it shall continue its bankin
e operations, withdraw, or permit to be Will
e drawn, either in form of dividends, loans t
i stockholders for alonger time than six month
i or in any other manner, any portion OF its cal
{. ital; and If losses shall at any time have bee
t exceeding It's undiyioed profits then on hant
r no dividend shall be made, and no dividen
@ shall ever be made by any association, Will
E it shnll continue its banking operations, t
i IN amount greater than its net profits the
f. on hand, dcducting theretrom Its losses an
&c ton, on which interest is past due and unpa1
d for period Of six months, unless the san
z shall be well secured, and shall be in procel
Q Of collection, shall be considered aasdeb
,s within the meaning Of this act.
,r SEQ. IS. And be 1t further enacted, Th
Il the directors Of every association shall, sen
C. annually, in the months Of May and Mover
oe ber, dcclarc a dividend Of so much of Il
IL profits Of such association as they shall tud|
id cxpedicnt; and on each dividend day Il
ID cashier shall make and verify by his oath,
10 full, clear, and accurate statement of the CO
a dition Of the association, as it shall be
), TINT day after declaring tho dividend, viii
Is; statement shall contain:
Of First. The amount Of the capital stock
ch tualIy paid in and then remaining as the ca
ia Second. The amount of the circuIatj
.er notes Of such association then In circulate
II, Third. The greatest amount in cfrculatl
Be at any time since tho making Of the last p
viuus statement us shall have been exhibi
or By the weekly statements Of the cashier, spt
flying the times Wien the same occurred.
It Fourth. The amount of balances aud det
er Of every kind due to other banks and bank
or associations.
ny Fiith. The amount due to depositors.
ng Sixth. The total amount Of debts and
ith amount since the making Of the last previ'
nd statement, specifying the time when the 50
of accrued.
gh Seventh. The total amount Of dividend
all clared on the day Of making the statement
nd the United States belonging TO the asso
at tion, and in-its poEsIon at the time Of max
lall the statement. -.-.
Ninth. The amount subject to be draw,
MI sight, In lawful money of the unitnd sta
my then remaining on deposit with any asso
md amounts so on deposit in the cities Of Bosi
erc- Providence, New York, Philadelphia, B.
uch more, Cincinnati, Chicago, st. Louis, and
ap- Orleans.
ex- Tenth. The amount then on hand Of h
ina or notes, issued BY other banks and banl
ion associations.
cx- Eleventh. The amonnt OF balance due
t Of other banks, bankers, and banking assc
Ibu- tions, excluding deposits subject to be DR.
hat Twelfth. The amount on hand of b
as bonds, stocks, notes, and other evidence
as debts, discounted or purchased by the ass
ure- alton, specifying particularly the amour
hrcc suspended debt, the amount considered
and the amount considered doubtful, and
her amount In suit or judgment.
c1- Thirteenth. The value Of real and pers
: as property held for the convenience Of til
: n a NJ al nh
reg Fourteenth. The amount Of real e:
taken in payment Of debts due to the asst
the tion.
,dcr Fifteenth. The amount Of the undiy
one profits Of the association
able Sixteenth. The total amount Of the Ii
lan- ity to she association by the directors The
no collectively, specifying the gross amour
act such liabilities as principal debtors, and
lare gross amount Of indorsers or snrcties.
! be The statement thus made shall forthwith
, or transmitted to the Controller Of the Cure
lebt Sec. 48. And be 1t further enacted,
un- every association may take, reserve, rec
r be an d charge on any loan OF discount mad
j, or upon any note, bill Of exchange, or other
bill dencc Of debt, such rate Of Interest or
, in count rs is for the time the established
the Of interest for delay In the payment Of
e Of ney, in the absence Of contract between
ans. parties, By the laws Of the several State
; Of which the associations are respectively Il
Nus cd, and no more; Provided, however,
interest may be reserved or taken in adga
t no at the time of making the loan or disco
! for according 10 the usual rules Of banking i;
t Of the knowingly taking, reserying, or char
both Of rate of Interest greater than that alIt
d Of By this section shall be held and ad}udg
no forfciture nf the debt or demand on n