Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1864-04-07
LAWS Of THE UNITED STATES,
Passed al tas F1a Ssssioa ~ Tie ThiIty-si9hh
Congress.
lPunIe-No, 1871

tPuBLio-No. 1871
AN Acr 10 Incorporate the Washington City
sayif Is Bank
BE Il enacted By he Senate ana Hons, os R,ny,-
s,Rtatires 81 ne Uaited States Of Ameriea ia fon-
gress assembled. That William D. Todd WiIli,m
PDols, Edward clark, Edward j. simms, Joseph
J, Coombs u, G. Robbins, Thomas 5, Gardner,
John Il Eiyans, and Samuel Il. Niles, and their
associates and successors, are constituted and
created body corporate and polite by the name
Of "rhe Washington City Savings Bank
Sec 3. And Dc J,rthsr enacted, That the
ofioers Of said corpoi alton shall consist of A
president anStyiee president, who, together with
seven trustees, shall constitute board of mana
gers, -FOUR of whom, IL the president or vice
president be present, shall constitute a legal
meeting OF such board for the transaction of
business.
See. 5. And b Il further enacted, Tha. said
corporation shall meet annually in the month OF
April, and as much oitener.as they may judge
eNpedlent, and any seven members of said cor
porauon, tee pre- sdent, secretary, or treasurer
being one, shall be quorum, and the said cor
porauon az their annual meeting shall have
power 10 elect president and treasurer, who
sean give Dond, IN the sum Of ten thousand
dollars, for the faithful discharge Of the duties
OF his Office, and all such other officers as NAV be
deemed nseessaryi which officers shall continue
IN ONCE one year, ami until others are chosen in
Their stead, and an officers so chosen shah be
under oath 10 the faithful discharge of the
duties OF their officers, respectively,
Fec. 4, And be 20 further eHa,ted That said
corporation may receive on deposit for the use
and benefit Of the depositors, all sums of money
offered for that purpose PrOridcd, hoiospeT
'Ihst il shall not hold at the same time more
than one thousand dollars of any one demos tor
other than religious or charitable corporation
All such sums may be invested in the stock OF
any bank incorporated by Congress, or may be
loaned on interest TO shy such bank, or may be
leaned on bonds ornotes, with collateral security
OF the STOCK OF such banks at not more than
ninety per centum Of its par value, or they may
be invested at the public funds of the United
States, of the several States, or loaned on
pledge of any OF said funds or invested in loans
on mortgages of real estate; Propided, That the
whole amount of stock held by the institution at
one time in any one bank, both by way of invest
ment and as surety for loans shall not exceed
one-half OF its capital stock of such bank, and
that not more than thTee-quarters of the whole
sum deposited in the institution shall be at any
one time invested in mortgages of real estate.
the income or interest of all deposits shall be
divided among the deposi,ers, or their legal
representatives, according TO the terms ofnterest
stipulated and the prineipal NAV be withdrawn
at such times, or in such manner as the corpor-
alton shall in is by laws direct. IL.
Sec. s. Aad be IL further enacted, That no
officer, director, or committee charged with the
duty of investing the deposits shall borrow any
potion thereof, or use the same, except in pay
ment of the expenses of the corporation; and if
any officer, director, agent or other person con-
nected with sail bank ard interested with the
funds or deposits thereof shall embezz'e or
fraudulently convert tbe same 10 his osn use, he
shall be deemei guilty of larceny, and shall on
conviction thereof, by any court competent TO
try the offence, be imprisoned in the peuitentiary
not less than one nor more than ten years.
Fec 6. And be IL further enacted, That the
subordinate officers and agents of said corporation
shall respectively give such security for their
fidelity and good conduct as the board of man.
ayers may from time to time require, and said
board shall fix the salaries of such officers and
agents.
Sec. Z. And be it further enacted, That the
persons named as corporators 10 the first section
of this actshall be authorized to meet and or
ganize said bank by the election of enc of their
number as president, and one as vice president,
and theTeupon shall proceed TO elect such per-
sons as they shall select, not herein named as
corporators, TO be added to their board of man
ayers, So that the whole number of trustees, or
managers, including the president and vice
president, shall not exceed nine persons.
Sec 8. Ind be ii further enacted, That this
corporation shall ms Ike an annual report to Con.
gress of their funds and investments. Said re-
turns shall specify the following particulars,
namely The number of depositors total amount
of deposits amount invested in bank stock and
deposited in bank on interest; amount secured
by bank stock; amount invested in public funds;
loans on security of public funds; loans on mort
gage Of real estate; loans on personal securities
amount OF cash on hand total dividends of the
year; annual expenses of the institution; all of
which shall be certified and sworn to by the treas
urer; and five or more of the managers shall also
certify and make oath that the said return is
correct according to their best knowledge and
belief.
Sec. o. And be 1t further enacted That the
books of SAID corporation SHALL at all times
during their hours Of business, be opened for
inspection and examination TO the Comptroller
of the Currency or depositors.
Sec. 10. ind be t further enacted, That said
corporation may make bylaws for the more
orderly management of their business, not
repugnant to law; may have common seal,
deeds, grants, covenants, and agreements, made
by their treasurer, or any other person by their
authority, shall be good and valid; and said
corporation shall have power to sue and may be
sued, defend and be held to answer by the name
aforesaid
Sec. IL. Ind he u further enacted This act
shall take effect and be in force from and after
its passage,
Approved, March s, 1864.