, 1864-08-15

pledge or hypothecate any Of its notes Of cir
culation, for The purpose Of procuring money
10 be paid in on its capital stock, or to be used
in lis banking operations, or otherwise; nor
shall any association use its circulating notes,
or anV part thereof, In any manner or form, to
create or increase its capital stock.
Sec, 86. Ahd be 10 further enacted, That no
association, or any member thereof, shall, dur
ing the time it shall continue its banking opera
tons, withdraw, or permit to be Withdrawn,
either in form Of dividends or otherwise, any
portion Of its capital And If losses shall at
any time have been sustained by any such as
sociation equal to or exceeding its undivided
profits then on hand, no dividend shall be made
and no dividend shall ever be made by any as.
sociation, while it shall continue its banking
operations, to an amount greater than its nett
profits then on hand, deducting therefrOm its
losses and bad debts. And all debts due to
any association, on which interest is past due
and unpaid for period Of six months, unless
the same shall be well secured, and shall be in
process Of collection, shall be considered bad
debts within the meaning Of this act: PrOUi'
ded, That nothing in this section shall prevent
the reduction Of the capital stock Of the asso'
ciation under the thirteenth section Of this act
Sec. 80. And be Il. further enacted, That nc
association shall at any time pay out on loans
or discounts or in purchasing drafts or bills oil
exchange. or In payment OF deposits, or in any
other mode pay or put in circulation the notes
Of any bank or banking association which shall
not, at any such time, be receivable, at par, on
deposit and in payment Of debts by the asso-
ciation so paying out or circulating such notes
nor shall il knowingly pay out or put in circu
Iation any notes issued by any bank or bank
| - Of a,Rnh naN
ing out or putting in circulation is not redeem
ing its circulating notes in lawful money Of the
United States.
| Sec. 40. And be t further enacted, That the
president and cashier>Of every such association
shall cause to be kept at all times full and
correct list Of the names and residences Of all
the shareholders in the association, and the
number Of shares held by each, in tho Office
where its business is transacted; and such list
shall bc subject to the inspection Of all the
shareholders and creditors Of the association,
and the officers authorized to assess taxes under
State authority, during business hours Of each
day in which business may be legally tran
sacted; and copy Of such list, on the first
Monday Of July in each year, verified by the
oath Of such president or cashier, shall b
transmitted to the Comptroller Of the Currency
! 6GCs EAs (1WU Uc 10 IuEtCE CNUSteuA 4uaS buN
plates and special dies to be procured by the
Comptroller Of the Currency for the printing
Of such circulating notes shall remain under
bis control and direction, and the expenses ne.
cessaFily incurred in executing tho provisions
Of this act respecting the procuring Of such
notes, and all other expenses Of the bureau
shall be paid out Of the proceeds Of the taxes
or duties now or hereafter to be assessed on
the circulation, and collected from associations
organized under this act And in lieu Of al
existing taxes, every association shall pay to
the Treasurer Of the United States, In the
months Of January and July, duty Of one
half Of one per eentum each half year from
and after the first day Of January, eighteen
hundred and sixty-iour, upon the average
amount Of lis notes in circulation, and . duty
Of one-quarter Of one per eentum each half
year upon the average amount Of lis deposits,
and duty Of One-quaFter Of ono per eentum
each half year, as Aforesaid, on the average
amount Of its capital stock beyond the amount
invested In United States bonds; and in case
Of default in the payment thereof by any asso-
eiation, the duties Aforesaid may be collected
in the manner provided for TIE collection Of
United States duties Of other corporations, or
the Treasurer may reserve the amouht Of said
duties out Of the interest, a. It may become
due, on the bonds deposited with him by such
deiaulting association. And Il shall be the
duty Of each association, within ten days from
the first days Of January and July Of each
year, 70 make . return, under the oath Of is
president or cashier, TO the Treasurer Of the
United States, in such form as Re may pre-
scribe, Of the average amoUst Of lis notes IN
circulation, and Of the average amount Of il
deposits. and Of the average amount Of its cap
ltal stock, beyond the amount invested in
United States bonds, for tho six months next
preceding said first days Of January and July
a Aforesaid, and in default Of such return, and
for each default thereof, each delaulting asso-
ciation shall forfeit and pay to the United States
the sum or two hundred dollars, to be collected
either out Of the interest as i my become due
such association on the bonds deposited with
the Treasurer, or, at bis option, in the manner
IN which penalties are 10 be collected Of Other
corporations under tho laws Of the United
States; end in case Of such default the amoenl
Of the duties 10 be paid by such association
shall be assessed upon the amount Of notes de-
livered TO such association by the Comptroller
Of the Currency, and upon the highest amount
Of is deposits and capital stock, to be asccr.
tanned 10 such other manner as the Treasurer
may deem best: Provided, That nothing ID
this act shall be construed 10 prevent all The
shares In any Of the said associations, held BY
any person OF body corporate, from being IN
elnded IN the valuation Of the personal pro
perty o. such person or corporation in the as.
Asssment Of taxes imposed BY or under Slats
authority at the place whore such bank is 10.
Gated and not elsewhere, but not at . greater
rate than Is assessed upon other moneyed cap.
iIal IN The hands Of individual citizens Of such
State: Prorided, further, That the tax o i'm.
posed under the laws Of any State upon the
shares Of any Of The associations authorized bv
this act shall not exceed the rate imposed upon
tho shares in any Of the banks organised under
authority Of the State where such association
is located: Provided, also, That nothinR IN this
act shall exempt the real estate ol associations
from either State, equity, or municipal taxes
70 The same extent, according % iis value. a
other real estate Is taxed.
Sec ~. And Be q ftrtker elartsd, That any
association may 60 into liquidation and ba
closed BY the vote Of its shareholders owning
two-thirds Of is stock. And whenever such
vote shall BE- taken Il shall be the duty Of the
board of directors 70 cause notice Of this fact
20 be certified under the seal of the association.
by is president or cashier, 10 the Comptroller
Of the Currency, and publication thereof 70 b
made ior period Of two months in q newspa
per Published in the city Of New York, and
also In newspaper published IN q city or town
IN which the association Is located, aud if no
newspaper Be there published, then In thc
noWnnnnar uuhlfshad nnarorf fher.f. 49, .,.;.l