Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1865-07-06

thereof,
81 Z sRatsd BY he Senate aRd House Of Repre-
se1asspss Of hs URiisd States II America ia Con
grtss asseeblsd,
CONTINUED.
SEe. -. And be " farthsr enacted That each as
ISOLATION oFgaaized Ia any OF the elites name
N the foregoing section shall select, subject e
the approval Of the Comptroller Of the Currency
sn association IN the city Of New York az which
viii redeem its circulating notes at par. And
each OF such associations may keep one.han Of
~ lawful money reserved IN eashldeposi,s Ia the
city OF New York, And each association not or
ganized within the cities named in the proceed.
hs section shall select subject to the approval
OF the Comptroller of the Currency, an associ.
alton in either OF the cities named in the pro.
eesding section at which il will redeem It's cir.
enlatins notes at par and the oomptrO Her shall
sYepuolie notice Of the names OF the association
20 selected az whiah redemptions are TO be made
by the respective associations, and o fauy charge
that may be made of the assoc alton at which
the notes OF any association are redeemed. ii
any association shall fail either 10 make the
selection or 10 redeem its notes as aforessid
the Comptroller Of the Currency may, upon ne.
eeivlng satisfactory evidence thereof, appoint A
receiver, IN the manner provided for In this act
10 wind up its atairs; PToridsd, That nothia q
~ this section shall relieve any ASSOCIATION from
It's Liability to redeem its oircu.aun notes al its
own counter, at par, in lawful money, ON de-
mand. And provided further, That every asso-
citation toTmel or existing under the provisions
OF this act shall take and receive at par for any
debt or Liability to SAID association any and ali
notes OF Oltis fbueu DY any ASSOCIATION existing
under and by virtue of this act
DSkc. 81. And be Il further enacted Tint the di-
rectors OF any association may semi annually
each year, declare div dend Of so much of the
net prohts OF the a ISOLATION as they shall Judge
tSpedienti but each assoeiat on shall before tie
declaration OF dividend, carry one-tenth mart
OF Its net profits Of the ding half year 10
It's surplus fund uutil the same shall amount to
twenty per centum of its capital stock
SRc. "a And be IL fitrihsr enacted, That every
ASSOCIATION shall make TO the Comptro er of the
Currency report, according to the form which
may be prescribed by hun, verified by the oath
or affirmation OF the president or cashier of such
sooiatlon, which report shall XII bit in detail
and under appropriate heads, the resources and
Liabilities OF the association before the commence.
mem OF business on the morning Of the first
Monday OF the months of January, April. Julv.
and October of each yea, and shall tranem il t6e
same 10 the Comptroller within five DAYS there
after. And any bank failing to make and ans
NIT such rspOTt shall be subject to a nenaltv NJ
one hundred dollars for each day after five daVs
that such report is delayed beyond that tima
Aud the Comptroller shall publish abstracts OF
sad report IN newspaper TO be designated by
MIN ior thit pu pose IN the city of Washington
ana the separate report of each association shall
be published in Il newspaper IN the place of such
association Is ned orif there be no news
PAPER az Sueh plaie, then in newspaper pub
hshed ut the nearest place thereto at The expense
OF the ASSOCIATION making such report In addi-
ton TO the quarterly reports REQUIRED NV this
section, every association shall on the first Tues
Uaf W tdGu hOuLn, make D the COmDtrollpr NJ
the currency statement under the oath of the
president or ishttr, showing the condition of
the association max ing such statement on the
morning OF the day mex preceding the date of
suCh sthttmea AZ, IN respect TO the following items
and pa -eulars, 10 wit; average amount Of loans
ana soCLntS, specie, and other lawful money
belonging to the association, dppos,ts and ~
culation; Ana ASSOCIATION in other p acs than
those cities named IN the th'rty-fr seotion Of
this act sha also retuTo the amount dine them
available for the redemption of their circulation
SEC. 30. Ind be IL FURTHER enacted, That no a.
ISOLATION shalt make any locn or discount ON
the security u tn sh are of It's caoisi stock
nor De the purchaser or holder of any such sharss
unless Such security or purchase shall be nee
essary 70 prevent less upon a debt previously
IN good fIth; and stock so purch ,sed or acon1ro5
shall, within Blk months from the lime If ~
purchase, be sold or disposed of at pub,io or
private sale, IN default of which receiver NAV
be appointed to close up thu business of the as
soclatlon, according TO tbs provisions of this
act.
SIC SO. ind be 1t FURTHER enacted That no aes,-
clauon shall at any me BE- indebted ,or in anv
way IlaDie, to an am ount exceeding the amount
OF lls capital STOCK a. such lime actually paid In
and remain ing diminished by losses or ctber.
wise, exc pit on the following accounts-that is
to cay:
First. On account of its notes of circulation
Second. On account of moneys deposited
with, or collected by, such association.
Ihlrd. On account of bills of exchange ON |
dfaits drawn against money actually on deposit |
thereto.
Fourth On c 4unt of liabilities Of its stock |
no d,ts for dividends ami eseryed profits.
SEC 81 And be further enacted That no as |
socation shall, either directly or indirectly, |
pleage or hypoEhecae any of its notes of crcu. |
iatioh, lor the purpose of procuring money to |
DO paid in on its capital stock, or to be used in
1's banking operations, or otherTise nor shall |
any association, use its circulating notes or any
part theTeof, IN any manner or form, to create |
or increase its capital stock.
SEC. 49, And be 1t further enacted, That no as. |
seciation, or any member thereof, shall during
the time II shall continue its banking operation9
withdraw or permit to be withdrawn, either in
form or dividends o. otherwise, any portion of
lts capital. And II looses shall at any time
nave been sustained BY any such association
equal TO or exceeding its individual profits then
On hand, no dividend shall ever be made by n Y |
association, while it shall continue is banaing |
operations, 10 an amount greater than its net |
Irohs then on hand, dedueting herefrom its
.osses and bad debts And all debts due TO any |
assoc alton. on which interest is past due and |
unpaid for seriod of six months unless the |
same shall ia well secured, and shall be in pro-
cess OF collection, shall be considered bad debts
within the meaning of this at: Provided That
nothing Ia tn section shall prevent the reduct-
ION OF the capital stock of the association under
me thirteenth section of this act.
SEC. 80, ind be IL further enaCied That no As
eeelstion shall at any time pay out on loans or
discounts, or IL pun Chasing drafts or bills of ex-
change, NJ IN payment OF deposits, or in any |
other mole ray or put in circulation, the notes
not at any such time be receivable at par, on
seposit and IN payment Of debts by the associa. |
tion so paving ous or chcu ing such notes: nor |
shall 1t Knowing pay out or put IN circulation
any notes issued by any bank or banking asso
citation which at the time Of such paving out
or putting in circulation 10 not redeeming its
Circulating notes in lawful money of the United
State,
SEC. 40. And be IL FURTHER enacted, That tho
pssdent and cashier OF every such association
shall cause to be kept at all times a full and cor
rect li'ttf the names and res dents of all the |
shareholders in the association and the number |
Of shares heidi by ea'h, IN the office where its
business is transacted and such list shall be sub
jest TO the inspection of all the shareholders and
creditors OF the Association, and he officers
authorized to assess taxes under State authority,
during business hours of each day in which
business may be legal transacted; and q copy
of such list, on the first Monday CT July in each
year, verified by the oath of sroh president or
cashier, sha II be Transmitted to the Comptroller
of the Currency.
SEC. Al. aad be ii further enacted That the
plates and special dies 10 be procured by the
Comptro Her of the Currency for the printing of
such circulating notes shall remain under his
control and direction, and the expenses neces
sarily incurred in executing the provisions of