Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1864-12-17
NM w


TT or tn r-psrt - na3-. fh- eosng.rAS-r
shall b. saii-s~d that sash as ela,Soa kzs
I'D - paw Il. circaia;iE- rs,~- z;a-e
sssi an /. X dcfas.li. h~ shall -Ithia th.rsv
d4y. after be .azn have received E0:sc- Il
s-ea faaiz--. deria-rd the Usii~d >taa~s ssaSs
an sc .r.rss- pi-i-ed by such a-sesa'ssa
fsrsss.~i 70 tk- tslrei S,Ees. and tn ss.-
sLzA ,h-r.a..ea b< furf-si-d according
AID il-rrzp a tn eon?sr, Ter sAal i-an.--ii
s.siv ~ u.fscr n -ach rnxnr.e- g. tk- 50
r.tarv Il tb- Treasury skal. b. gcneral
rvl.- q s,hsrzisc. dsr-ei. 20 IL ho.-.-r- -
~ elrrzlstia- uu,C. Of sGch As-OclS;san 10
p-e-su. he,a f-r Isyz-z; =; iS~ 'T-=~u-t o;
III Ts.srA : At. and the s1ss'e ssAA eS
ma q. prss-u;~4 N lasf-l may Il the
Jusod S,a,rs. -heseuPoa -ald eonP'r'i~f
ru.v. IN his a.~-rsgirn- csnrel m aD.szn' 81
,s,,,S. plr~ss,i by -sch a~s.ci@;saI e4aAl at
eurrsn; 1aHk-t rs>r-. ut -Aos~uIn- par. 20
81. ,u...rasl. And II shall b. lssful ics
,ke S.,cr.tsry e h. Treasury. frOn fi'ne 70
time. g. make sach r~-ala;ioa- r-<P-esHnS ths
.r;.,,.;,ion 10 b. made Of such etrruls;ing
- After rre-en,a tioa fher-<f tor payment n
.,are~a;d. anl respecting the r~rPetaa;ioa a
,h- exil.aoe of the y.ayn-ns thrrcof a. may
.-..,, 20 him troper; ba; all such notes. on
h,;D, nail. hall L.. cancelled And tor any
d,sei-ne, in ,be proc IDS OF the bonds pl-dscd
Nv such association. wbrn d'spossd ct a.
hereinafter sp-ci6-d. 70 reimburse to the
T-,;,.} States the amount 30 exPcnds-d m
having N. circulating notes of such ass'eia.
,;on. the United Stairs shall have . first and
r,,amoup, lien upon all the assets Of such
s..oc;.,iou; and such deficiency shall be
made good out Of such assets IN Prrferance
"a anv aud all other Claims whatsoever, ex-
,.,.pt the necessary costs and expenses OF ad-
minis.eIing the same.
Sac 4s. Ind be nfarshcr Enacted, That
wbancyer the comptroller shall become salts
6.J a. in the last preceding section specified,
,ba, any association has refused to pay IFS
circulating notes as therein mentonedhe may
instead Of canc.llins the United States BONDS
pledged by such association, as provided IN
The next preceding section. cause SO much OF
them as NAV be necessary to redeem the out
stand;no circulating notes of such association
IN bo sold at public auction in the city OF
New York, after giving thirty days notice OF
such sale to such association.
Sec. 40. And be it further enacted, That
the comptroller of the currency may II ne
shall be Of the opinion that the interests o.:
the United States will be bestpromoted there
bv. sell at private sale any of the bonds
pledged by such association, and receive
therefor either money or the circulating notes
of such falling association: Prorided, That
m such bonds shall be sold by private sale
for less than par, nor less than the market
va,ue thereof at the time of sale: And pro-
r;ded. further, That no sales Of any such
bonds. either public or private, shall be COM
nlete until IT, transfer thereof shall have
been made with the formalities prescribed in
this act. ~,
Sec. so. And be 1t further enacted, That
ON becoming satisfied, as specified in this act,
that anv 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 and security as he shall deem
proper, who. under the direction OF the
comptroller, shall take possession of all the
books, records, and assets. OF every
description of such association. collect all
debts, dues, and claims belonging to such as
sociation, and, upon the order of a court o.
record of competent jurisdiction, may sell Of
compound all bad or doubtful debts, and, on
a like order, sell all the real and personal pro-
pertv of such association, on such terms al
the court shall direct; and may. If necessary
10 nav the debts of such association, enforce
the individual liability Of the stockholders
,provided for by the twelfth section OF this
act: and such receiver shall pay over al
moneys so made to the treasurer OF the
United States, subject to the order Of the
comptroller Of the currency. and also make
report to the comptroller Of the currency o.
ali bis acts and proceedings. The com ptrol'
ler shall thereupon cause notice to be gwen
bv advertisement in such newspapers 40 he
may direct, for three consecutive months cali
ing 6n all persons who may have claim'
against such association to present the same
and to make legal proof thereof. And from
time to time the comptroller. after full pro-
vision shall have been first made for refundine
TO the United States any such deficiency il
redeeming the notes Of such association a. il
mentioned in this act, shall make ratable di.
vfdend of the money 80 paid over to him BY
1uoh receiver on ali such claims as may have
been proven to bis satisfaction or adjudicated
in court of competent Jurisdiction; and from
time to time, as the proceeds Of the assets
or the association shall be paid over to him
he shall make further dividends, ~ aforesaid
on all claims previousl proven oradjudicatsd
and the remainder Of such proceeds, It any
shall be paid over to tho shareholder OF such
association, OF their legal representatives. IL
nroportion to the stock by them respectively
held: Prov;ded, hocerev, That It such ~
socistion against which proceedings hav.
been 10 instituted. on account Of any allegct
refusal to redeem its circulating notes ~
aforesaid. shall deny having failed to do %
sueh association may. at any time within ter
DAYS after sueh association shall have beef