, 1864-08-15

| of such association upon redemption ACCOUNT
And it shall be the duty Of the Treasurer,
whenever he shall redeem any OF the notes o.
said association, to cause the same to DC mu.
tilated, and charged to the redemption account
Of said association; and all notes so reoeetheo
by the Treasurer shall, every three months' oe
certified to and burned in the manner pre-
Scr;hed in IN. twenty-fourth section Of this act
Sec ~. And be ii further enacted, That any
hank Incorporated BY spec cial law, or any bank
inc institution organized under general law
of any State, may, by authority OF this act,
bnt.ome national association under its PROV
sons. by the pame prescribed in its OrganiZa-
tion certificate; and in such case the articles
of association aud the organization certihcSte
required BY this act may be executed 6y q ma
iority of the directors Of the bank or banking
institution; and said certificate shall declare
that the owners Of two-thrdS Of the capital
stock have authorized the directors to make
sue certificate and to change and convert the
said bank or banking institution into national
association under this act. And majority Oi
the directors, after executing said articles oi
association and organization certificate, shall
have power to execute all other papers, and to
do whatever may he required to make its or
ganization perfect aud complete rs national
association. The shares Of any such bank may
4 continue to be for the same amount each As they
were before said conversion, and the directors
aforesaid may be the directors Of the association
until others are elected or appointed in accord
ance with the provisions Of this act; and any
State bank which is n stOckholder in any other
bank, by authority Of State laws, may continue
TO hold its stock, although either bank, or both,
may be organized under and have accepted the
provisions Of this act When the Comptroller
70
his hand and official seal, that the provisions OI
this act have been complied with, and that II
is authorized to commence the business O
banking under it, the association shall have the
same powers and privileges, and shall be sub.
icct to the same duties, responsibilities, and
rules, in all respects, as are prescribed in this
act for other associations organized under it.
and shall be held and regarded as an association
under this act Provided, hOlrereT, That no such
association shall have less capital than the
amount prescribed for banking associations un'
der this act.
Sec. 40. ARd DO it further enacted, That oil
associations under this act, when designated GoI
that purpose by the Secretary Of the Treasury
shall be depositaries Of public money, except
receipts from customs under such regulations
as may be prescribed by the Secretary; and
they NAV also be employed as financial agents
Of the Government; and they shall perform oil
such reasonable duties, as depOsitaries Of public
moneys and financial agents OF the Government
as may be required Of them. And the Secre'
tary Of the Treasury shall require Of the asso'
eialions thus designated satisfactory security,
bY the deposit Of United States bonds and 9th
erwisc, for the safe keeping and prompt pay
ment Of the public money deposited with them,
and for tho faithful performance Of their duties
as financial agents Of the Government: Pro
rided, That every association which shall be
selected and designated as receiver or depOstary
Of the public money shall take and receive at
par all Of the national currency bills, BY what
ever association issued, which have been paid in
TO the Government for internal revenue, or fOE
loans or stocks.
Sec. 46. ARd be IL further enacted, That
IL any such association shall at any time
fail to redeem, in the lawful money Of thr
United States, any Uf its circulating notes,
when payment thereof shall be lawfully
demanded, during the usual hours Of bust.
ness, at the office Of such association, or at
its place Of redemption aforesaid, III" holder
may cause the same to be protested, in one
package, by a notary public, unless thepres-
ident or cashier Of the association whose
notes are presented for payment, or the
president or cashier Of tho associatiOnat at the
place at which they are redeemable, shall
offer to waive demand and notice Of tho
protest, and shall, in pursuance Of such Of
fer, make, sign, and deliver TO the party
making such demand an admission in riting,
stating the time Of the demand, the amount
demanded, and tho fact Of the non-paymenl
thereof; and such notary public, on making
such protest, or upon receiving such admis-
sion, shall forthwith forward such admission
or notice Of protest to the Comptroller ol
the Currency, retaining o copy thereof
And after such default, on examination OI
the facts by the Comptroller, and notice by
him TO the association, IL shall not be lawful
for the association suffering the same to pay
out any Of its notes, discount any notes OF
bills, or otherwise prosecute the business Of
banking, except to receive and safely keep
money belonging to il, and to deliver spe
cial deposi:es: Provided, That it satisfac.
tory proof be produced TO such notary pub.
lie that the payment Of any such notes Is
restrained by order Of any court Of com
petent jurisdiction, such notary public shall
not protest the same; AID when the holder
Of such notes shall cause more than onenole
or package 10 be protested ON the same day,
be shalI not receive pay for moro than one
protest.
Sec. a.. And Be IL further enacted, That
on receiving notice that any such assoeia-
tion has failed TO redeem any Of It's circu.
lating notes, as specified in the next pre-
ceding section, the Comptroller Of the Cur.
rency, with the concurrence Of tho Seere-
tary Of the Treasury, may appoint a spe-
cial agent (of whose appointment immedi.
ate notice shall be given to such association
who shall Immediately proceed to ascertain
whether such association has refused TO pay
is circulating notes in tho lawful money ol
the United States, when demand, as aiOre.
sald, and report to the Comptrollu- tho fact
so aseertained; and il, from such protest or
report so made, the Comptroller shall bc
satisfied that such association has refused
to pay is circulating notes as aforesaid and
lsin default, he shall, within thirty days after
be shall have received notice Of such failure,
declme the United States bonds and seeuri.
ties pledged BY such association forfeited to
the United Sta.es, and the same shall there.
upos De forfeited accordingly. And there.
Il uDcn tho Comnfrr,llep ehail fn,u,aliafal,