Delaware State journal and statesman., 1864-06-24

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conraels, debts, aud engaEenenis Of such association
tina extent Of lha amount their stock therein nt tho m
value thereof 10 addition TO me amount Invested in sur
tun sting under State laws havlns not ers ba
v0 millions of dolltrsof capital actually paid in aud
surplus Of twenty per eantlm hand to ha doteI
mined by the compt ollefo tho Currency, shall he lnb
only to tho amount invested in their slares aud sue
surplus Of twenty per ceutnm shall be kept undlninsled
and ba In addition TO tho surplus provided for this Ac
and II At any timo there shall be deficiency in said SUI
plrH of twenty per centum the said BANKING asto,li
shall not pay any dividends TO its shareholders until suo
deficiency shall ba made good aud 10 ease Of such da
cheney the Comptroller Of tho Currency may compel sA
banking aasoriton to close lis business aud wind up II
affairs under the provisions Of this act the Comp
troer shall have authority TO withhold from Rssu
citation Ills certificate authorizing the commencement
business whenever ha shall hayo 10 suppose tina
the shareholders thereof have formed the for an
other than the Legitimate objects contemplated by TIL
act
Soc IL. And he Il further enacted That it shall bo Law
inl Tor any association formed under this net by s e
Of assoclatOn TO provide for Increase OF its capital fn
time TO time may bo deemed expedieut, suijc to lii
limitations Of this act; Providd That the maximum o
such Increase IN the articles Of association shall be eoT
ninsl ly the Comptroller Of The Currency; and no in
of capital shall be valid urtil the whole smount
tur increase shall be paid in mud notice tharenf sbnl
have be0n transmitted to tho Comptroller of the Currsp
cY, anu his carllhaie obtained peeilyns the amount
aud that II hiss boan duly paid in part tho capital
such association And every association shalt have power
~ the vote OF shareholders ewning iwn-hlrds OF itseip
ttock " rHduee la ctpaln such association n
net below the amount required by this ne in thu E,rma
lion Of a.soriatlons iTolidd rat by n1 sucl redue
/
qnired ty tlN act fr lis outstanding circulation MOI
shall any such reduction be made until tho Atnaun
| Of thc proposed reduction has boen report in III,
Comptroller tho currency and his approval thereof m
alned.
Sec II. And be u further cnarird That at least M,
per eentam oil the capital stock Of ovety association tl
ba paid m hefoe " ,hnll 10 authorized h btAi
noss and Tho remainder OF the capital atdrk amO
cHto shan be- paid u instruments of At lNst ten pei
cantum each tho whole amount OF tee clpia as il
quently hs one nhalmont at tho ~ ot ea oedinp
month from the time Il shall bo hu botged by io d M
III ri,lt
insiAlment shall bs certified 10 the Comptroller, uniur
oath, by tho pTesiduni or cashier of the nsi orinit1
see 10 aud De further eEddted, That II any share.
holder, or his assignee shall fall 10 nay any ON
the s!oe Whel the same is required by thu foregoing
non 10 ne phid, the directors Of such ussOuiaun mas soil
the stock Of such delinquent shareholder at bubble auc
ton having given three weeks previous notice thereof in
ane"spap1r published and Of general circulation in ta
city cuunty whnr1 Ihs association Is located aud il no
newspaper III published in salt city eoanly then in
newspaper published nearest thereto, to any person who
WIN py iha hlshsst ptiea theteur ana not lars than tho
amount then due thereun with tho expelsss Of advertise
nisnt And sale; aud tue excess, II any sAA paid 10 the
aJ,'lnent , hharohodsr II no bidder can lo fund WIN
will AY for such stock the amount duu horunn m tho s
soeittinn and the cost 0f advertisement and sale, the
amount previously paid shall ho iufiue Ia tho ;t.sori
ion aud such stock shall 10 shld as tile directors may
rdoT within six months the iine Of such frpilnra
and II not Huld IL shall 10 cancellpl aud Il, ueud rro
the capital stock Of the association; ani Ii hneh nn
collation. and reduction shall reduce the capital Of tho
this act, the capital Stock slnll, within thirty DAYS
from tho date Of uch cancellation, hJ increased To Tie
relnirementi o. I've act III default of which rsr'vsr
ton according 10 lhe provisions II tho ifie setiun Of
fec TO- AMI be Il I.,iier ,,ri,d That oy,ry a.soeia.
Ton hier having cnmpliHd with Tho provisions n tl4 aet
preliminary TO the commencement al banknf business
uhuer It's provisions aed before IL shall n Ruhnf2el 10
gonhluneo nusnns' thA tran,idr aud dai,rr 10 Tho
Treasurnr Of tao United States any United Salas rgsr-
"a bonds boaliag interest 10 an amount nat loss than
thry thousint dollars less than one third of tho Olr
lal stock paid in which bonds shall 10 deposited with la
Iroasuer Of ba Unltel Saes and W linn sllay hrp ia
ms oite until the sale hall 10 otherwise disposed o IN
pursuance Of the provisions of this act aud tho irnry
o ta Treasury is heiohy authorized 10 rce0ve CANCEL
any United states coupon honda, aud to issn in neu
thereof register bonds like amount beading ke raj,
OF interest and having tbs iimo TO RUM and tho de-
post Of bonds shall he by every association increased Ma
iS capital may lie pid up ncfaisad that every aSsn
eid IN shall at all times haya dePnot with tho Treas
nrtr registered United States lnnds to the amount
least onAtd OF its capital stock actually paid In Pro.
pldd That nothing in this eton shall lrsytnt an n4so-
rlhon that may desire TO reduce It's capital close up
ls blssess aAd dissolve It's organic nn from taking nj
Us bonds upon rot rnng 10 the Comptroller lis ,ircua
tug noles IN The pr1pnro hereinafter naiged in this act
nor from taking up any uf bonds beyond nna-ihitd
have beaa delivered.
See II. AMI b. Il Juyiler enaci,d That whenever /,
'srha'o snail hnve been transmitted u the Comptroller
lf the Curr provided in This at and tha Nssra
non transmitting shall notify the Conpter that
u least ht pr cenum OF ITS capital stock has bean lail
u as Aforesaid, and that such association has compiled with
VI ihe provisions of this act luiel to bc complied
with Fore such association shall bu authorized rom
nenee the business Cf banking, tho Comptroller shalt eN-
'minu inio the condition Of such association ascertain
specially tho amount OF money paid IN on Ar INT OF its
apa tho and place of residence uf zach nf tho
ftetors 1 such association and the amount tho cap
nck Of which aac IL the bona dds owner ai, uanernlv
whether such association has complied with all the re-
llrulenls Of this net to ents II To cnguga in tho bn
iess OF banking; and shall To bs made sted
~ the oals Of majority Of the directors and by pre
cnt or cashier Of such Rssoeiion statement all thu
acts norcssary IN enelo the Comptroller determine
helhfr such asfoeiition Is lawfully entitled 10 eenence
h0 business OF banking under this art.
See 49, And Dc Il firiher rndeed That if upon cnrs-
al eAaninaon OF the ai so repor ed aud OF any other
nrls which may coma 10 tho nowo Of tho COnItruOr
yhohor BY meant OF special commission appointed by
iim for the Punoae If nquiIing ntu the condition. such
syci,tion or Otherwise, It shall appear that such
ltlou IL lawfully entitled 10 conilnopca the business
banking, the Comptroller shall give 10 association
elln ate, nnder his hand ard official ca that such
neiAlion As complied with all Tie provisions o this act
eqUred TO be complied with before brng iilsl to
no 80 he business o banking under and HAT such as
collation. authorised to commence said business accord
nsy and shall be the duty OF the association 10
AID cerheAtu TO bs published in some newspaper publish
u In the city county where the association IS located
M u least sixty days noN aler tho issuing thereof Pro
hfd Tnat II no newspaper published ia such city ur
ouny the eertirAiu shall be published in newspaper
published nearest thereto.
sor, 49, ARd BE- Il Jri,r endeied That all transfer; of
nlod States bonds Shch shall be made hy any assuca.
ION under tho provisions OF this act Shall made 10 the
reasurar Of the United States in trust for the association
win mrlnorandum wrenGr printed on each bond and
gneh by thu cashier other officer Of the
Ion making the deposit receipt therefor To ba given
aid association, Or by the Comprlar at the Currrncy,
Y by clerk appointed by him for that purpose, ttang
hat ~ IL held 10 trust for tho association whose behalf
neh transfer Is inade and security Tor the redemption
nd payment NJ any circulating notes that ato Leqn
Ay ba dhliyeol 10 such AtsueAtcn. M ur
rhhiur oi any such blnis by the TruMurur shall bu
semyd vaii nr OF binding force and effect unas counter
igned by The Comptroller OF tho Currency II shall b1
hs duy Of the uomptoler Of tho Cnrinry to keep ha
tH hooh IN which sla bo entered the namr of ugrY
stoealiOn from Whose aecOunts such transfer vi bnna
n,dS by the Treasurer, and tho Of the raty 10
nom such uAnHiIf ia made; and tho par fau Of tile
ohds 50 .fstud shall b9 sntOrgd lhuein and shall
10 lhu duty Of tho Comptroller, Immediately upon coun-
uragning and entering tho guie to advise by mail thu
ssorailon fOm whose Aseount such transfer made oI
no Lin aud nuna'oal desgnaion of tho bonds aui tho
mount thereof 30 transferred
tee- %. dad b. II fDrrr enacie, That II shall ba tho
uly oi the uOmptrUlhr OF the Currency to eOunerssn
nd enter IN tho hook, in tho ninnor atolesaid vry
ier preaenled tor his signatuIai and ihe Ccmprollm
hall hav1 at all times during oihca hours the
5reotneas Of the transfer assignment presented 10 him
o countsrsgni aud the Treasurer shall have tho ko
cets 10 Tbs hook above mtnonsd, kept by the Comp.
rolr dufns Office hours, to a,cirail the correctness
tho ehrles u tha same and the Comptroller fhall
YIN tho TIeasurGr 10 ascertain their amount and
ltion.
S. 81. AndGe further enaci,d That upon the trans
tr ani delivery u bnnds to tho Treasurer, provided Ia
ln Foregoing hoctinu the association making tile same
hall bs Oulitl,d t1 receive fOm tile tnmprNar OF ths
inneney circulating notes OF different dsiomina ions in
lhhk registered aud IIteisined hcr0naitor pri
da equal la amonut 10 ninely per eentu current
market vAlne OF the uued hales bonds transferred
mount Of said bonds at The par value huru, IL bearing
interest at rate not less than i've psr ceuum per annnm
nd at no limo shall the total amount OF srh notes, issued
any sueh association exceed the amount vt such time
etually paid in II It's capital stock.
sec ~ AnH De u Jhfher enddcdi That the entire
hannt Of notes tor circulation to b. issued under thlsae
hall not exceed threa hundred millions dollars Ia
rdor To furnish suitable notes for circulation tho Cnp-
roller Of The Currency hereby authorized aud rqu
indef e direction 1T tho Secretary Of tho Traslry -
ause plates anu dios 10 bs ongrayo in the hest nanur
. guard against t0unturgng fraudulent Hllrratiuns
md and 10 have printed thnIpirom and numbered, such
quantity n circulating notes. IN blank, uf tie anuinln
ions Of dollar two dollars hFoa dollars ivu dollars
dollars tgonty dollars, nifty lCllaB hundred dol
yU hundred dollars aud thousand dollars as may
required 10 suply uuder this act the associations
heir fiee that they secured by United STATES bnld
iepOsd with the Treasurer Of tho United States by tho
artttn engraved signatures OF the Treasurer AMI o-
list y and by the imprint the ssa tbs aud
hall express upon thar the promise Of the Assn.