, 1864-08-15

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registered United States bonds to the amount o
at least one-thifd Of its cspital stock actual,
paid in: PrOrided, That nothing in this sectiOI
shall prevent an association that may desire {,
reduce its capital OF to close up IFS business ain
dissolve its organization from taking up its bond
upon returning to the Comptroller its circulatiD,
notes in the proportion hereinafter named in thi
act, nor from taking up any excess Of bonds be
yord One'third Of its capital stock, and upoI
which no circulating notes have been delivered
Sec. II. And 30 IL Jartlsr enaetes', Tha
whenever a certificate shall have been transmit
ted to the Comptroller Of the Currency, as pro
ydcd in this act, and the association transmitting
| the same shall notify the Comptroller that at
least fifty per centum of its capital stock ha!
been paid in as aforesaid. and that such associa
tion has complied with all the provisions OF th
act as required to be complied with before sucl
association shall be authorized 10 commence th'
business Of banking, the Comptroller shall ex
anime into the condition Of such association
ascertain especially the amount Of money paiC
in on account Of its capital, the name and plac,
of residence Of each Of the directors Of suci
association, and the amount Of the capital stocl
of which each is the bona fide owner, and gen
orally whether such association has compiled
with all the requirements Of this act to entitle i
to engage in the business Of banking; and shal
| cause to be made and attested by the oaths Of Z
majority Of the directors and by the president
or cashier Of such association, statement Of al
the facts necessary to enable the Comptroller tC
determine whether such association is lawfully
entitled to commence the business Of banking
under this act.
Sec. Is. And be IL further enacted, That it
upon a careful examination Of the facts so re
ported. and Of any other facts which may cont
10 the knowledge Of the Comptroller, whether By
means Of special commission appointed by hin
for the purpose Of iDquring into the coDditior
Of such association or otherwise, il shall appear
that such association is lawfully entitled TO com
mence the business Of banking, the Comptroller
shall give to such association certificate, under
his hand aud official seal, that such association
has compiled with all the provisions Of this act
required to be complied with before being ent:.
tied to commence the business of banking under
il, and that such association is authorized ia
commence said business accordingly; and il sta I
be the duty Of the association TO cause said Ger.
tifcate 10 be published in some newspaper pub.
lishcd in thecity or county where the association
is located for at least sixty days next after the
issuing thereof: Pror.dsd, Tint il no Newspaper
is published in such city or county, the certificate
shall be published in newspaper published near
est thereto.
Sec. 10. And be 10 further enacted, That all
transfers Of Cnited States bonds which shall be
made by any association under the provisions Of
this act shall be made to the Treasurer Of the
United States in trust for the association, with
memorandum written or printed on each bond,
and signed by the cashier or some other officer
Of the association making the deposit. receipt
therefor to be given 10 said association, or by
the Comptroller Of the Currency, or by clerk
appointed by him for that purpose, stating that
il Is held in trust for the association on whose
behalf such transfer Is made. and as security for
the redemption and payment Of any circulating
notes that have been or may be delivered to such
association. No assignment or transfer Of any
such bonds by the Treasurer shall be deemed
valid or Of binding force and effect unless coun-
tersigned by the Comptroller Of the Currency.
II shall be the duty OF the Comptroller Of the
Currency to keep in his Office book in which
shall be entered the name Of every association
from whose accounts such transfer Of bonds Is
made by the Treasurer, aud the name Of the
party TO whom such transfer IS made; and the
par value of the bonds so transferred shall be
entered therein; and il shall be the duty Of the
Comptroller, Immediately upon countersigIing
auN Aul oatlhet ~ huttoC gy uAuAA NuN
association from whose account snch transfer
was made Of the kind and numerical dcsigna-
tiOn Of the bonds aud the amount thereof go
transferred.
See. 20. And be IL .Tarther enacted, That il
shall be the duty Of the Comptroller OF the Cur
reDcy to countersign and enter in the book. in
the manner Aforesaid, every transfer or assign
mcnt Of any bonds held by the Treasurer pre-
sented for his signature; and the Comptroller
shall have at all times during Office hours access
to the books Of the Treasurer, for the purpose
Of ascertaining the correctness Of the transfer
or assignment presented TO him to countersign /;
and the Treasurer shall have the like access 10
the book above mentioned, kept by the Comp
troller, during Office hours, to ascertain the cor
rectness Of the entries in the same; aud the
Comptroller shall also at all times have access TO
the bonds on deposit with the Treasurer. to ascer-
tain their amount and condition.
Sec. 81. AHd be IL further enacted, That upon
the transfer and delivery Of bonds TO the Trea-
surer, rs provided in the foregoing section, the
association making the same shall be entitled to
receive from the Comptroller Of the Currency
circulating notes Of different denominations, in
blank, registered and countersignel as heryin-
after provided, equal in amount TO ninety per
centum Of the current market value Of the United
States bonds so transferred and delivered, bat
not exceeding ninety per centum Of the amount
Of said bondsat the par value thereof, il bcariag
interest at q rate not less than Eve per ecntHn
per annuu; and at no time shall the total amount
Of such notes, issued TO any such association,
exceed the amount at such time actually paid in
Of its capital stock.
Sec. %. dad be it further enacted, That the
entire amount Of notes for circulation to be
issued under this act shall not exceed three huI-
drcl millions Of dollars. In order TO furnish
snitable notes for circulation, the Comptroller Of
tho Curreney Is hereby authorized and required,
under the direction Of the Secretary Of the Ira
sury, 10 cause plates aud dies 10 be engraved, in
the best manner to guard against countcTtciting
and fraudulent alterations, aud 10 have printed
therefrom, and numbered, such quantity Of eircu.
latDg notes, in blank, Of thedenominations Of one
dollar, two dollars three dollars, FIVE dollars, ten
dollars, twenty dollars, flly dollars, one hundred
dollars, five hundred dollars, and one thousanddo
lars, as may be require1 to supply under this act,
theassociations to receive thesame; which
notes shall express upon their face that they are
secured by United States bonds, deposited with
the Treasurer Of the United States by the writ
ten or engraved signatures Of the TREASURER and
Register, and by the imprint Of the seal Of th.
Treasury; and shall also express upon their face
the promise Of the association receiving the same
to pay on demand, attcsted by the signatures Of
the president or vice President and cashier.
And the said notes shall hear such tlerices and