Daily national Republican. [volume] (Washington, D.C.) 1862-1866, 1864-03-12

Laws Of the United statos-PaAsed at In,
First Session OF the Thirty-Eighth
Congress.

[PUBLIC-No. 49,
An ACT to incorporate the Washington City
Savings Bank.
Re Il enacted on he Senate aud House Of Rep
yessittdtives Of De United Sr0tcs Of America IN
Congress assembled, That William d. Todd,
william P. Dole, Edward Clark, Edward j.
Simms, Joseph j. Coombs, z. g. Robbins,
Thomas s. Gardner, John r. Elvans, and
Samuel B. Niles, and their associates and sue
cessors, are constituted and created body
corporate and polite, by the name Of "The
Washington City Savings Bank"
Sec. 2. Aad Be 70 further enacted, That the
officers Of said corporation shall consist OF
president and vice president, who, together
with seven trustees, shall constitute board of
managers, four of whom, If the president or
vice president be present, snail constitute
legal meeting of such board for the transaction
Of business.
Sec. 8. And BE- q further enacted, That said
corporation shall meet annuolly In the month
of April, and as much oftener as they may
Judge expodiont, ard any seven members of
said corporation, the president, secretary, or
treasurer being one, shall be quorum, and
the said corporation at their annual meeting
shell have power TO elect president and
treasurer, who shall give bend in the sum OF
ten thousand dollars, for the faithful discharge
of the duties OF his office, and all such other
officers as may be deemed necessary; which
officers shall continue in office one year, and
until others are chosen in their stead, and all
officers so chosen shall be under oath to the
faithful discharge OF the duties OF their otiicCs,
respectively.
Sec. 4. And be further enacted, That said
corporation may receive on deposit, for the
use and benefit OF the depositors, all sums Of
money offered for that purpose: Provided, hop.
eper, That IL shall not hold at the same time
more than one thousand dollars of any one
deposltor, other than a religious or charitable
corporation. All such sums may be invested
in the stock OF any bank incorporated by Con-
gress, or may be loaned on interest TO any such
bank or may be loaned on bonds or notes,
with collateral security Of the stock OF such
banks at not more than ninety per centum OF
It's par value, or they may be invested at the
public funds OF the United States, Of the sew
cral States, or loaned on pledge Of any o
said funds, or invested in loans on mortgage
OF real estate: PrOvided, That the whole amour
of stock held by the Institution at one time IL
any one bank, both by way of an investmen
and as n surety for loans, shall not exceed ont
half OF its capital stock OF such bank, ant
that not more than three quarters of the who'll
sum deposited in the Institution shall be at an!
one time invested in mortgages of real estate
The income or interest of all deposits shall b
divided among the depositors, or their lega
representatives, according to the terms Of In
terest stipulated; and the principal may
Withdrawn at such times, or in such mAnno
as the corporation shall in Its bylaws direct.
Sec. 8. And be Il ftfrthsr enacted, That no of
Ger, director, or committee charged with IL
duty Of investing the deposits shall borrow an
portion thereof, or use the same, except in pay
ment OF the expenses Of the corporation; an
II any officer, dlrestor, agent, or other perse
connected with said bank, and interested wit
the funds or deposits thereof, shall embezz
or fraudulently convert the same to his ow
use, he shall be deemed guilty of larceny, al
shall, on conviction thereof, by any court cor
petent to try the offence, be imprisoned in Il
penitentiary not less than one nor more thi
ten years.
Sec. Z. Aud be Il further enacted, That Il
subordinate officers and agents of said corp
ration shall respectively give such security 4
their fidelity and good conduct as the board
managers may from timo TO time require, an
said board shall fix the salaries Of such office
and agents.
Sec. s. And be u further enacted, That Il
persons named as corporators in the first sc
ton of this act shall be authorized TO meet al
organize said bank by the election Of one
their number as president, and one as vi
president, and thereupon shall proceed TO ele
such persons as they shall select, not here
named as Corporators, TO be added 10 the
board Of managers, so that the whole numb
of trustees, or managers, including the pre-
dent and vice president, shall not exceed nil
persons.
Sec. S. And be u further enacted, That Il
corporation shall make an annual report
Congress OF their funds and Investments. Ss
TetuTub buhh hpCClll Lut iOilOMlnk
namely: The number of depositors to
amount Of deposits; amount invested in ba
stock and deposited in bank on intere
amount secured by bank stock amount
vested in public funds; loans on security
public funds; loans on mortgage of real esta
loans on personal securities; amount OF ca
on hand; total dividends of the year; annt
expenses of the institution; all of which sh
be certified and sworn TO by the treasurer; a
i've or more Of the managers shall also certi
and make oath that the said return is CORE
according to their best knowledge and belief
Sec. .. Aud be Il further enacted, That
books OF said corporation shall, at all tin
during their hours Of business, be open
inspection and examination TO the Comptrol
of the Currency or depOsitors.
Sec. 10. And be IL Further eHqcted, That S
corporation may make bylaws for the IN
orderly management Of their business, not
pugnant TO law; may have a common s,
which they may change at pleasure; that
deeds, grants, covenants, and agreemeI
made by their treasurer, or any other person
their authority, shall be good and valid;
said corporation shall have power to sue
may be sued, defend and be held 10 answer
the name Aforesaid.
Sec. II. aud be II Further enacted, This
shall take effect and he in force from
after its passage.
Approved March 8, 1864.