Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-07-29
aaiIp guteIIigruter.
OFFICIAL.
LAWS OF THE UNITED STATES.
Pa.,ld at The First Seision Of the ahirfy'
eighth CoagreSS.
Ru1I1o-No. e5.l

ssc IL And be II further enacted That the eaPI-
a.. -, ck of any association formed unteF tn5 act
- divided INTO shares Of one LuLdIed collars
ea.b and be deemed perso al property Ano tAn5
feHbIe on the books Of the ass clifton IN sneh In
er a, MAJ be prescribed in the bylaws OF articles
81 - ociatiop; and every Person becoming snare.
bIdeT IN tuch transfer shall, In proportion 70 hIs
Hh.Tsr succeed 10 all the rights and ltAohiues OF
the pTor holder Of such shares, and no change sns
be made III the articles OF association ~ winch the
riRbts dies security OF the existng
Of the assoc alton shal be impaired Inc sbALehoi
d.r Of ecl association formed under the proItaons
Of ths act aud OF each existing bank or banking a.
SOc alton that may except the provisions OF t1ls
shall be held indiyil uAly responsible equaiy and
raIAby and not one for another Tor an conf
debts and engagements OF such a-toctAtion 10 the
extent OF the amount of their stock therein A. the
par value thereof in addition TO the amount invest
81 in such ehGIet except that shAreboioers o. any
banking association now existing under stAte
haYii not les than nVs millions OF ooH4Is VI Sep.
TAI ae5 ualIV paid in and . surplus Of twenty per
c ntuIn on hand, both to be determined Dy tne
tn her OF be Currency, shall 70 haoie OIy ~
OF twenty Per centum shall be kept 1ndimnisn 81
aud b. 10 addition the surplus provided iot IN tn
aci: anu II NJ any time there shall be ~
80 snInuS of twenty per eentum the said banking
association shall not pay any diydeucs 70 ie9
holders until tueh deficiency lhAl pc maas soO - ~
in ase Of such dtheehel, the Oompuo.iSs " ~ =.
Currency may compel said banking assOCihnlon ~ ~
close its buSness aud wind up It's Affairs undeE th9
provisions this act And the CcmpIIoneeE ep ~
hhye authL ny TO withhold from an assocation M
certificate Authorizing the commencement o. ~ ~,
Dess, whenever he shall have reason 10 suppose ~
the shareholders thereof have for ed the same IoE
Their than the legitimate obJtc contemPiA'ea
by this set. .A.u
IA, W ~, Tor al association formed under tbs act
y it's articles OF association, 70 PIoVide tor HD IN
cfeAse Of lie capital from time TO time as De oee
ed exptdiept subj ct to the limitations Of this acts
Provided That the maximum Of such increase In ne
am Iss of association hall be determined by the
Comptroller of the Currency; and no increase o.
Ss'ItsI shall be valid until the who amount OF such
Increase shall be paid In, and notice thsrSoI Shn
have been transmitted to the Comptroller OF the
nhH ind
amo1nt OF such Increase OF capital stock, with MS
approval Their Of and that 1t has been duly Paid IN
a mart Of the capital OF such association And every
H.ciatiop sha II ave power, BY vote Of shareholders
owning IWoIhirds Of Its capital STOCK TO reduce
ita of UGH association TO any sum bIt oeoH
amount required by this act in the formation Of as;
rociatIunl Provided That by DO sncb reduc ION shAu
its capital De brought below the y
this act for its outstanding circulation, nor Snail
Euch reduction be made until the amount OF the
proposed reduction has boon reported 70 the Comp
troll Of the Currency and his approval thereoi oO
se.. Il. And be It further enacted, That at least
atty psI centum Of the capital Btoek OF every asso
caiou shall be paid In before IL Shall be authorized
h commence bu.inesF; and the remainder OF the
capital stock Of such association shall be PAID IN IN
OF at least ten esntum each on the whole
amount OF the apitaI as frequently one install
meut at the end OF each succeeding month from the
time Il shAiI be authorized by the Comptroller to
commence business; aud the payment Of each install
cath, By the President CASH. OF the association
Sec. Is And be 1t further enacted, That II any
stalmsnt the stock when the same il required BY
the foi egOpg section TO be paid, the directors OF
such association may sell the stock oil snsh del n
quent shareholder At public auction, having given
three Weeks' previous notice thereof in Newspaper
pubI he'd and of general circulation in the city or
county where the association is located and II no
newspaper Is published In said city or county, then
in a newspaper IuOlished nearest thereto, to any
person VINO will pay the highest price therefor and
not than the then due thereon, with The
expenses OF advertisement and sale; and the excess
70 any, shall be paid to tie delinquent shareholder
If no bidoeu can be found who will pay for such
stock the amount due thereon TO the assoc ation and
the OF advertisement aud sale, the amount pre-
yiOusly pail shall be forfeited TO the assocat on and
such stock shall be sold the directors may order
within six months from the time Of such forfeiture,
and II not sold Il shall bs cancelled and deducted
from the capital stock the association; and II suth
Cancellation and reduction shall reduce the capital
OF the ASSOCIATION below the minimum OF capital re-
quired BY this act the capital stock shall, within
increased TO the requirements OF the Rct default
of which a receiver may be appointed to close up
the business Of the association according to the
visions Sf the hftieth section Of this act-
Sec. 10 And be IL further enacted, That every
association alter having complied With the p'ovis-
Ions OF this act, preliminary 70 the commencement
OF banking business unoer its provisions, and before
iE shall be authorized to commence business, shall
transf aud deliver to the Treasurer Of Ihs United
States any United States registered bonds bearing
interes 70 an amount not less than thirty thousand
dollars less than onethrd Of the capital stock
pad in, ich nds shatl be deposited with the
Treasurer OF the Uni ed stRtes and by him safely
kept in his ofioe until the shall be otherwise
dtpoted Of, in pursuance Of the provisions Of this
act; aud The Secretary Of the 7. easury Il hereby
authorized TO receive and cancel any United States
coupon bOnds and TO issue in lieu thereof rsgisIered
bones OF like amount bearing like rate of Interest
and having the same time rum and the deposit Of
bonds shall be, by very association, Increased a. Its
capital may be paid up or increased, 50 that ev ~
aHsoc .tiUn shall all tines have on deposit with
the treasurer registered UHtsd States Uonds TO the
Emount Of least One-third Of Its capital stock
tu4lly paid 10: Provided That nothing In this sec
tIon shall prevent association that may desire to
reduce its capital 70 close up Its business and lis
sovS its organization from taking up Its bonds upon
rtturuing TO the Comptroller It's circulating notes In
the proportion her matter named in this act, nor
from taking up any excess Of bonds beyond one
third Of It's capital stock and upon which circulA
ting notes have been delivered.
Sec. II. Aud be IL further enacted, That whenever
. esttineAe shall have been transmitted to the
Comptroller Of the Currency, as provided in this
and the association transmitting the same shall
fifty the Comptroller that at least fty per eentum OF
its capital stock has been paid in Aforesaid, nd
that association has comp lied with all the pro-
visions OF this as required 70 be complied with
before suoh association shAl be authorized to
meRes the business of banking, the Comptroller
shall examine into the condition Of such association,
Ascertain espee ally the amount Of money paid In on
account Of its capital the name and place Of resi-
aud the amount of the capital stock OF which each
Is bona Ode owner, and generally whether such
association has complied with all the requirements
of this act ente Il TO engage in the business
banking; aud snAii cause 70 be made and atteSte By
the Oths Of majority Of the dir, ctOrs aud by the
President Cashier Of such association statement
OF all the facts necessary 70 enable the Comptroler
70 defermtne whether auch assoc At on - lAwfully
entitled to eOmnsnee the business Of banking under
this act.
q careful examination Of the facts 50 reported, and
OF any other flets which may come to the knowledge
OF the Comptroller, whether BY nleauI Of special
eommi sion appointed by him for the purpose OF
IIriug into the condition Of such association 9th.
efUise shall appear that such association Is law
fllly entitled to eomenee the siness Of banking
the Comptr Her shA give TO such assoeiatIon
tdsste uhder his nd and oiielA seal, that such
ISOLATION complied with thu proTsion before entitled
to com enee The business OF banking under it and
that such association Is authorizes 70 commence said
business accordingly; add IL shall Be the duty Of the
association sauBe said eertldcate to be pub lshed
In some Newspaper publiShed In the city or county
where the association Il located for at leAt sixty
DAYS next after the issuing thereof Provided That
II newspaper 4 published In such cts COUNTY
the certificate shall be Published In . Newspaper
near ct thereto. -r-1 -i'th -1'l---e- b
Sec. 10. And be It further enacted That all trans
ftrs u Uuited States bonds which shall Be made by
any assceation under the provisions Of this EhA
be made 70 the Treasurer Of the United States In
trust Tor the association With memorandum writ.
ten printed on each bond, and Hgnei by the cash.
ier some other ofio' Of the assorfAtion making
the depos, receipt therefor TO be given 70 saiG as
soeiAIion or By the Comptroller Of the Currency, on
By clerk appointed oy him for that purpose, stat.