, 1864-08-15

upon all the assets OF such association; and
such deficiency shall be made good out Of
such assets in preference to any and all
other claims whatsoever, except the neces.
sary costs and expenses Of administering
the same.
Sec. 4S. 44Rd Be IL further enacted, That
whenever the Comptroller shall become
satisfied, as in the last preceding section
specified, that any association has refused
to pay its circulating notes as therein men.
toned, he may, instead of cancelIing the
United States bonds pledged by such asso-
citation, as provided in the next preceding
section, cause so much Of them as may be
necessary to redeem the outstanding circu-
lating notes Of such association, to be sold
at public auction in the city Of New York,
after giving thirty days notice Of such sale
to such association.
Sec. 40. ARd Be IL further enacted, That
the Comptroller of the urrency may. il
he shall be Of opinion that the interests of
tho United States will be best promoted
thereby, sell at private sale any of the bonds
pledged by such association, and receive
lh,retor either money or the circulating
notes of such association: Provided, That
no such bonds shall be sold by private sale
for less than par, nor less than the market
value thereof at the time Of sale: And
provided, further, That no sales of any
such bonds, either public or pri rate. shall
be complete until tho transfer thereof shall
have been made with the formalltes pre-
scribed in this act.
Sec. so. And Be IL further enacted, That
on becoming satisfied, as specified in this
act, that any ASSOCIATION has refused to pay
its circulating notes as therein mentioned,
and is in default, the Comptroller of the
Currency may forthwith appoint receiver,
and require Of him such bond ana security
as he shall deem proper, who, under tho
direction Of the Comptroller, shall take pos.
session of the books, records, and assets Of
every description Of such association. and,
upon the order Of court Of record of
competent jurisdiction, may sell or com.
pound all bad or doubtful debts, ant, nn a
like order, sell all the real and personal prop
erty Of such association, on such terms us
the court shall direct; and may if ncces.
sary to pay the debts Of such association,
enforce the individual liability Of the stock
holders provided for by the twelfth section
Of this act; and such receiver shall pay
over all money so made to the Treasurer
Of the United States. subject to the order
Of the COmptl oller Of the Currency, and
also make report to the Comptroller Of the
Currency Of all his acts and proceedings
The Comptroller shall thereuPon cause no.
tiee to be given, by advertisement in such
newspapers as he may direct fur three cOn.
secutive months, calling on all persons who
may have claims against such association to
present the same, and to make legal prOOf
thereof And from time to time the COInp-
troller, after full provision shall have been
first made for refundng to the United States
any such deficiency in redeenling the notes
Of such association rs is mentioned in this
act, shall make = ratable dividend Of the
money so paid over to him by such receiver
on oil such claims as may have been proved
to his satisfaction or adiudicated IN court
Of competent jurisdiction; and from timc
to time, as the proceeds Of tho assets of
such association shall be paid over to him.
be shall make further dividends, as afOre-
said, on oil claims previously proved or ad.
Indicated; and the remainder Of such pro-
ceeds, if any, shall be paid over to the
shareholders Of such association, or their
legal representatives, in proportion to the
stock by them respectively held: Pro
Vided, koWeper, That it such association
against which proceedings have been so in.
stituted, on account Of any alleged refusal
to redeem its circulating notes as aforesaid,
shall deny having failed to do so, such rs
sociatiOn may, a. any time within ten days
after such association shall have been nOti-
fed Of the appointment Of an agent, as pro-
vided in this act, apply to the nearest cir.
cult, or district, or territorial court Of the
United States, to enjOin further proceedings
In the premises; and such court, after Cit
ing the Comptroller Of the Currency to
show cause why further proceedings should
net be enjoined, aud after the decision Of
the court or finding Of jury that such as
soeiatiOn has not refused TO redeem its cir
culating notes, when legally presented, in
the lawful money Of the United States,
shall make an order enjoining the Comp.
troller, and any receiver acting under his
direction, from all turth,r proceedings on
account Of such alleged refusal.
Sec. 81. ARd Be IL further enacted. That
all lees for protesting the no os issued BY
any such banking association shall be paid
by the person procuring the prutest to be
made, and such banking ASSOCIATION shall
be liable therefor; but no part Of the bonds
pledged by such banking association, Us
aforesaid, shall be applied to the payment
Of such ices. Aud all expenses Of any
preliminary or other examinations into the
condition Of any association shall be paid
by such association; and oil expenses Of
any Ieeeivership shall be paid out Of the
assets Of such association before distribution
Of the proceeds thereof
Sec. 52. dad Be- q further enacted, That
all transfer Of the mites, bonds, bills Of ex'
change, and other evidences Of deOt owing
TO any association, or Of deposits to its
credit; oil assignments Of mortgages, sure.
ties on real estate. or Of Judgments Of de-
crees in It's favor; all deposits Of money,
bullion, or other valuable thing for its use,
or for the use Of any Of its shareholders or
creditors; and all payments Of money TO
either, made after the commission OF On act
Of insolvency, VI In contemplation thereof,
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