The Lansing state Republican. [volume] (Lansing, Mich.) 1855-1874, 1864-07-27
OFFICIAL
LAWS OF THE UNITED STATES.
Passed at the First session Of the Thirty
Eighth Congress.
Iprnuc-No sS1

A = 4 =
pledge OF United states b0ucs, and 10 provide
for the circulation ami redemption thereof.
Be II sacsdb by the Sote lad House Of ReprssenatipcI
Of tRs Cnlsd Stds Of ABsrod Congress Gtsepbted,
hat Il re shall established 10 tie Treasury De
partrle-t d -qlrate bureau, which shall be charged
with the execution " this ami all other laws that
may be passed by Congress respecting the issue and
regulat Ou OF q national currency secured by CDtec
states bonls. The chief officer Of the said bureau
shall De deuomnatei the Comptroller Of the Curren-
q ana shaI be under the general direction Of the
Secretary Of the Treasury lie shall be appointed
by The President tn TccoIlmsn latl0n u the Sec
r,t4rv Of the Treasury, by ana with the advice ard
consent of the senate and shall hold his Cce for the
term OF five years unless sooner removed by the
President, upon reasons 10 be communicate oy him
TO tie Senate, no snal receive au annual sa4Ty OF
FIVE thousand dollars be shall have competent dep
urv appointed by the secretary whosesalsry shall be
two thousand five hundred dollars, aud Who shah pos
sess tie power aul perform tne duties attached ~
lay u tbe oilce o. Comptroller during vacancy il
slch oifca and during bis absence or inability he
shall employ from time time, the necessary clerks
o. discnArg. such duties IS lac shall direct, which
clerks shall ue appointed ana classified by the Sc
retary ol the Treasury in The manner Lew provided
by law Within l.t.cl days from the time oi notice
oi his appointment the Comptroller shall take and
subscribe tns oath Of Office prescribed By the Con
-titution aa1 laws oi the United states and he shall
yiv, 10 the Ut,l States bond ia the penalty Of
hundred tAous ui dollars, with not less than two re-
s0lsh, s4retgs o. be approved by the secretary OF
Treas ry conditioned for the faithful discharge Of
the duties Of his office. The DepIty Comptroller so
take the oath ui ONCE prescribed
by the Constitution and laws OF the United States
and shall give ike bond 10 the penalty Of fifty thOus
and dollars. The Comptroller aud Deputy Comptroller
shall not either directly OF indirectly be interested
l. ia any a-s0ciIton issgug national currency under
tie provisions Of tins act.
sc. ,. And b further enacted, That the Comp
rucr of the Currency, with the approval Of the Sec
retary Of the Treasury shall devise SEAL with suit
able inscriptions, for his Ofce description Of which
with certificate Of app oval hy the Secretary II the
Treasury shall b., filed in the Office of the secretary
Of State with AZ impression thereof which shall
ihereup0n become Tie seal % once oi the tomp-
tr0cr ol the Currency and the same may be renewed
when necessary Every certificate, assignment, and
conveyance executed By the Comptroller, IN pur-u-
auce Ci any authority conferred on him by law, and
sealed win has seal ci oilce, shall be received DO
evidence ia all places and courts whatsoever, and all
copies Of papers the Office Of the Comptroller,
titled by him lnd authenticated by said seal snail ~
an cases be cviience equally ami ia ike manner
the original An impression N such seal directly
on the paper shall De as valid "a IT made on wax or
wafer
see j. Ant Le if flrrl-r enacted That there shall
be assigned the Omptroier Of The Currency by the
Secretary OF The Treasury suitable rooms IA the
Tr asury buiinC for conducting the business oi The
Currency Bureau which shall be safe and secure
lre-proof wants. which IL shall be the duty OF the
Comptroller % deposit aud sAelt Keep an the p4ies
necessarily n tie possession OF engravers or PRINT
ers and other valuable things belonging 10 his Depart
ment: and the Comptroller shall from time 10 time
furnish the necessary Furniture, stationery, i1el,
gb and other proper conTeniences lor the ransAc-
SEC l. And bet furthsrsnactef, That the term Uni
ted states bonds" used this act. shall be con
struet 20 mean all registered bonds now issued or
that may hereafter be issued, on the ialth OF tne
United states By the Secrctary Of the Treasury IN
pursuance Of law
sec 5 ind Js It further enacted, That associations
for carrying the business o: banking may be form
ed by any number Of persons, not less IN any case
than five who shall enter into articles OF association,
which shall specify in general terms the object Tor
which the association IS formed, and may contain any
ant fl4t rlfr1 Isl
OF this act which the association may see TT 10 adopt
for the regulation Of the business OF the association
and the conduct Of its affairs which sald articles shall
be signed by the persons uniting 10 form the assocl
alton and copy OF them fOrw rded to the Comptroi-
Ter Of the Currency, 10 be fled and preserved his
Office.
sec g. And be Il further enacted That the persons
uniting form such association shall, under their
hauds make an organization certificate, which shall
specify
which name shall be slUlgct 10 -tdg 0ippr5saf eao
Comptroller.
second The place where its operations Of discount
and deposit arc be carried designating the state,
Territory or District and also the particular county
and city, town. or village.
Third. The amount Of us capital stock and the
number Of shares into which the same shall bo d.
videi.
Fourth The names and places Of residence OF the
shareholders and the number Of shares held by each
Of them
Filth declaration that said certificate is made to
enable such persons to avail themselves Of the advan-
tages Of this act.
The said certificate shall be acknowledged before
judge Of some OF record OF notary public, and
such certificate with the acknowledgment thereof
authenticated by the seal Of such court or notary
shall be transmitted 10 the Comptroller Of the Cur
reBcy, who shall record and carefully preserve the
same IN his Office Copies Of such certificate, duly
certified by The Comptroller, and authenticated by
his seal Of Office, shall be legal and sufficient evidence
IN all courts and places within the United states or
the jurisdiction the Government thereof OF the ex
istence OF such association and Of every other matter
h %
the original certificate.
sec = And De il further enacted That no association
shall be organized under this act, with less capital
than one hundred thousand dollars, nor in city
whose population exceeds fifty thousand persons with
less capital than hundred thousand dollars Pro
riied That banks with capital OF not less than fifty
thousand dollars may, with the approval OF the SEC
retay Of the Treasury be organized IN any place the
population OF which does not exceed six thousand in-
habItants
Sec S. And bet further enacted That every associ-
alton formed pursuant 10 the provisions Of this act
shall from the date OF the execution OF It's orsanza-
tion certificate be body corporate, but shall transact
business except such may be incidental 10 It's or
gln!zAti0n ana necessarily preliminary, until author
izsd by the Comptroller Of the Currency 10 commence
the business Of banking Such association shall have
power TO adopt corporate seal, and shall have sue
cessou BY the name designated in its organic 'tion
certlcate, for the period u twenty years from us or
gnizati0n unless sooner dissolved according to Tie
provisions OF lis articles Of association, OF oy the act
Of its shareholders owning twOthrts Of It's stock,
oi this act. by such name Il may make contracts,
and bc sued. complain and defend, IN any court
Of law and equity as fully as natural persons Il may
elect appoint directors and by ITS board OF cirec
tors appoint president vice president, cashier and
other officers define their duties. require bonds Of
them and Fix thc penalty thereof dismiss said officers
OF any Of them al pleasure, and appoint others to Ill
their places AM exercise under tnS act AL such incl
dental powers as sha necessary TO carry the bust
" banking by dsc0untiug and negotiating promis
sorry notes drafts, bills Of exchange and other evden
ces Of debt; by receiving deposits oy buying and sell
ing exchange COIN aud bullion, oy loanlng money on
personal security by obtaining issuing and circula
King notes according 70 the provisions Of this act and
its board OF directors shall also have power define
and regulate by bylaws. nOL inconsistent with the
provisions Of This act the manner which its
shall be transferred its directors elected or appoint
Ell officers appointed lis property transferred
general business condnctei- and all the privileges
granted by this associations organized under Il
shall be exercised and enjoyed and its usual business
shall be transacted az an office or banking house oca-
ted 10 the place specified in its organization oertd
cate.
Sec @ And Be II further enacted That the affairs Of
every ciati0n shall be managed BY not less than
i've directors one Of whom shall be the president
Every director shall during his whole term OF ser
wee be citizen Of the United states. ami al least
tnrerf tbs 0i the directors shall have resided in the
STATE Territory, district ID which such association
j. located year next preceding their election as
directors and be residents OF the same during Their
continuance office. Each director sha. own II bis
own right AT least ten shares Of the capital stock Of
tlr aSSoCA4llou q Wllc4 De 4, \ director Eacl Cl-
rector, when appointed elected shall take an oath
that he viii iar the -uty devOlves on him dill
gently ami honestly administer the affairs Of such as
sociatOn, and Will cot Knowingly violate willingly
permit % be violated, any Of the provisions Of tbs
act, aud thai BE- is the bona dde owner. IN MS Own
rEht 0t the number u shares OF stock required bv
this act subscribed by him or standing IN his name
tue books Of the association snd that the SINE :
not hypothecatet, OF 10 any way PLEDGED. secu-
rIty for any loan debt: which oath subscribed bv
himself, aud certified BY the officer before whom il S
taken shall be Immediately transmitted TO the Comp
troier Of Currency. and by hun dlsd and preserved
IN his o11cc.
SEC 10. 4ni b Il further enactei That The direc-
tors Of any association first elected or appointed shall
hold their places until their successors shall be elect
&c and qualified. All subsequent elections shan %
held annually on such day the month Of Ja1uar- as
may be specified the articles q association ana
the directors elected shall hold their places for one
year, and until their cessors elected aad qual
ile1- But any director casing n be the owner OF
the requisite amOu-t u stock. having IN auy other
manner become cisau2-ilsd shall thereby vacste his
place my vacancy il the board shall be filed bv
appointment BY the remaiaing directors and any d.
rector s. appointed shall hold his place until the uext
election II from any cause election Of directors
shall not be made a. the time appointed the associa
to1 shall rot Tor tl4t cause be dissolved but an esr