The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1864-04-06
OFFICIAL
LAWS OF THE UNITED STATES
Passed at the First session Of the 1hIrIy-
Eighth Congress.
lPuEuc-So Is

l
AZ ACI u Iucorporate tns Washington C.,y Saving.
B4lk
Be enGcisd bu the Senate and Hoiise Of Representatives.
" ait,d states ~ AiaertcG CoTsss assembled
ilif Nl4l.n Is. I0cd. MIll4In T. Dole, k4~ArI CARA
/ Ldsard -llnl.s, Joseph J. Coomss, G. Robbins
thomas G4Tanrr john Esa., samuel T. Mics
nd their associates iad alccs7oisi are coosti ale
li,-t. body Porste and pultic, ~ tie Lalue O
/ . The Washington tlty savings h~lh-"
Sc p Ant Jc q fastter e1lQct d. That the officers o
sii -poratlaa shall consist oi prcslds1t aA1 Vic
pres dcut who together wiki seven trustees, shall CON
.tit.l. board VI mlaagers tour Of whom If til,
r,sideut ~ presi.eIt br present, shall Constitute
"a. meeting % such boiri ior Tie transaction " bu
sl0es3.
.sc2 And b. AZ further enaeted, That said corpora
nl shall meet Annually ln the mouth Ci April, aid -
iueh uiteur they na! Idig eNpelient ald 4ay
uieu4brls u said corporation Tie Pfcsilvt secret4
~ or treasurer oein. one shall be quorum and Il
s elrp.ratiou their annGa. meeting shall have pow
o. r..Ct lrcsl-clt and treasurer, who shall give
D0il4 tle ol t-l thousand dollars Tor The f4lt
il lls a4g. of the duties of his ,nlcr, AMI au 81,
other ofncefs as may De- deemed ncce-'ary which on
eois shall continue Office year until Others
cno-ea tier stead, an ala oncefs 80 chosen shall
De llL u-lh O. tl- faithful u-erge O the duties q.
t4cir 0l.l1cs respectively
So J. Aad be 4, further elGctef That said corpora
ioay receive deposit, Tor TIE uss ami benefit oi
ie ocpos.t1Is all Of muL-y oneTed lOr pur
pose Pryvtisl h0reUer, I-t Il shall hot hold ~ the
same more than olc thousand dollars Of any
ls ostor other than religious or charitable corpora
tllu. All sach sums nas be invested u the stock Of
.uy bank ncor pOf4ted - Congress may be iotie,
any such bank, may be loaned bonds
Ol notes with Collateral security the stock Of such
bal Is more than ninety per centum Of ITS pAr
vlile, they may invested al tie public FUNDS
United states ot the several states loaned
pledge VI ANY OF said iuuls invested ia loans o..
mortgages u real estate. Prorlded, That the whole
lLn1-ut 81 stock held by the Institution ~ i
.ny one bank both hy way " live tncnt and :
surety loans shall not exceed unelslf sf capita
st9ck of such b4-k and that than three quar-
tie whole deposited n the IusttltIon shall
be al any one time invested l mortgages Vi re-l estate.
The Iuc interest Of all deposits shall be divide.
among tle depostors or their legal representatives.
According 20 the terms Of interest stipulated and Tie
yrl1cip pal may be Withdrawn al such times Euc
manner the corporation shall an lis laws direct
sec D. AMI D, 4 further enacted That no Uilicer
rector committee charged with the csty Of invest
ing the deposits shall borrow any portion thereof
the same except IN payment Vi the expense. the
corporation anu any officer, director, agent other
- rso- ,Ir- - - - -. '' 49,.
eutly convert the same 10 ms own use, he shall be
deemed guilty larceny and shall conviction there
Of by auy court competent t. try the offence, be i'm
prlsoned the ententary not less Khan one nor more
Sec = And Le AZ further enacted, That the subor-
Innate officers anu agents Ot said corporation shall To
M tvev give such security for their fidelity goo
conduct =. the board 81 managers may from time l,
time require and said board shall nX the sries Of sucL
officers sni agents.
sec Z 4na Be It flrihsr enacted That the persons
uatne corporaors the first section oi this act shal
be- authorz m2gt and organize SAIL bank by tn
election Oi tucr nlncr president, and one a.
vice trsi lent and therrupon shall proceed 10 oec
such persons they shall select not herein named q:
corporators 10 tled their board Of mmag-rs
u-t the whole number ol trustees OF nAnAs-rs Incul
ug the rr an vice pr.slicLt, shall Lot excce'
sec y Ind b. Il further enacted That this corpo
- tau si4 make annual report % congress of thei
fltu. AM mvestlHeuts. Slld returns shall specify III
following particulars namely Ine Number u deposit
RS total snolut of deposits amount invested bAnl
stock and deposited 10 bank inter st amount secure
hv 1s1N stock amount testsl paonc funds loan
on security VI public funds loans Oh mortgage Of rea