Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1865-06-29

49,! may compel said banking assoeist on Sut'
close is business and wind up rs ar on TO
the pr visions II this act. Ana a - uhdef
shSl nave authority 70 Withhold tH"n' puoller
soe.stlon IA . certificate Suthouzhg n, Az as
rsaso, y, s,' ui W, ICES wa never be 81 N nm
nave formed the same for any - aV ~ lheIeot
neg sumh'e objects mtemplated nv ms a. We
sc 10 ARl be q further sRacisI m
o. 81 u oa tAWiui Tor any asset atom maj ma
thls act by sa teles OF ass, ciatiop r,' uuaer
Tor an lncrelse OF It, capital from tlns f' .ie
a. my D. dyeM ID tNps lem, sall a. ~, ~ NulS
ltal'os Of this act Provided Thtt the ,,s ui uh'
" 1uvu inoreas' IA the articles OF assoe,a,iuli
shall he determined by the Comptrouer M I'm
currency, snd no increase OF capital shall ha we se
hd unl the who,e amount Of such increase shaN
be paid IN, and not ce thereof saaI have IA
W ansihitou t1r Cohp!roiler ofthe Currency
ana MS eer'lheate o6ta ned Specifying the aTann,
o. such increase of capital sock, with hi. 49,
val thereof, and his ptroval thereof, and tnst
" mas been duly paid IN as part OF the capital Of
sueh association And every ASSOCIATION SHAH
haNe power, by he vote II soareholders ownins
"o-'hlrda OIL It's capital stock, to duse tie can
ital Of such ASSOCIATION 90 any sum not low "a
amouat required by this act, IN the formation Of
associations: Provided, Tat by no such ne uetion
sahl its capital be brought below the amount ~.
CURED by this act Tor It's outstanding olrlulatiaN
nor shall any su n reduction be made un N IN.
amount q he proposed reduction has been rs
ported to the Com, &c Her OF the Jurrsnev and
his approval thereof obtNn,d
SIC. Ia. Ind b. q further enacted, That AZ
least my per ntam OF the capital stock OF every
socA lon sha Ue pad " before 1t shall be au-
thoIized TO commence business; and the remain.
der OF the capital stock OF such association shall
DC PAID IN ilstalu nts of at least teu Der oeutum
each on the whole amount Ct the ca ital as fire
quehtly as one lnstalment At the end OF such sue.
ceed'n month from the time II shall be suthoT
ICED by the Comp roller 10 commence business
ana the payment Of each instAment shall be Ger.
uhed 10 the Comptroller under oath b, the pres
ident or cashier Of he association
SIC. 10. And be AZ further az
shtreh older, or hls assignee, shall ii TO nav any
in'timent on the stock VIII nlthe same Is r, on rad
~ the foregoing section 70 be pa d, the directors
OF Such association may sell the stock of sue -, Ia
hLQuent shaI eho!der AZ pub &c auction. havInv
GA en- three weeks previous notice thereof in a
new paper publ he'd and Of general Circulation
IN the city Or county where the association Is
located, AID II no newspaper is published IN said
city OF county, then II a newspaper publ shea
nearest thereto, to any person who vii pay the
highest price tn rtfer, and not less than the
amount men aue thereon, With the expenses OF
awe uSement and sale and expenses Of adver.
tisement ana lie; and the excess, IL any shall
be paid to the delinquent share, older II no
bidder can be found VINO will Gay for such stocE
the amount cue thereon to the ASSOCIATION and
the costs OF advertisement and sale The amou Mt
previously paid shalll be forfeited to he asso-
citation, and such stock hall be sold 81 the diTec-
tors may ord r, within SIX months from tee time
oil such forfeiture AMI ii ID il sh II be Can
crlled and deduced from the capital stock Of the
assoc alton; and if such caneella ion ami reduyt.
ion shall reduce the capital of he oaton be-
low the minimum OF ,pital required by this act .
the capital stock shall, within thirty Gays from
the date of such cancellation, De mere ased to
the requirements of the act; ia default of Shioh
a receiver may be appoln ed to close up the
business Of the associa ion, according 10 the
provisions OF the hftieth sec,i1n of tni, act
SEC. Is Aud be u further enacted, That every
association, after having complied with he pro-
VISIONS OF this act, preliminary to he comm nee
ment OF banking business under its proyisi ms
AMI before 1t shall be authorized 50 commence
bu mess, sh al transfer ID deliver 10 the Treas
urer OF the unitei States any United States reg
istered bonds All g n crest Z an amount not
less tnaa tbuty thousand do l8rS, nor less IN IN
one t-ird Of the capital stock paid in,I which
bond saal be deposited wlt2 the treasurer OF
the United Safes, aud oy him safely Ike 4 ia his
office until the same shall be otherwise disposed
Of IN pursuance OF the pr0yI Ions Of Is AUti al
he Secretary Of the IreasQry is hereby au hOr-
lied - receive and caacal a United Of es Gdu.
pen bonds, and to issue in lieu thereof registered
oohds 81 Ike amount, bearing like rate OF IN
tertst, and having the same time t. rum, and tho
deposit Of bonds shau be, by every association
llCre &sed at lis capitol may be paid up or N
creased, so that every ASSOCIATION shall at all
time have on deposit wi h the IrsAsu er regis.
ter ed United atts bonds TO the amount o at
least hi ID of its pital stock actus paid in
Provided, That nothing in this section sh All pre-
vent an association tina may desire use Its
capital close up its business and dissolve its
orgsnizat on from taking up is bonds upon re-
! turning to the Comptroller ITS lrCu atlng notes
I IN the proportion hereinafter named III this act,
nor form akil < up any excess of bonds beyond
one-third OF ITS capital stock, and the bonds upon
| Which no circulating notes have been delivered
SEC. II. And be ii further enacted, That when-
| ever a certificate shall have heen transmitted to
ths Comptroller of the Currency, as PROV led in
! this act, aud the assoc atom transm ting the
! same shall notify the Comptroller that at least
nifty per centum of lis capital sock has been paid
! in as azores aid, and that such association has
complied with all the provisions Of this act, as re-
"a n hA viii hpfa SIM
I 1oh thaR be authorized to commence the busi-
( ness OF banking, the Comptroller sh III examine
uto the condition of such association, asca rta Il
! especially the amount of money PAID In &C
cant o its capital, the name ans place of resi-
dence OF each OF the directors of such associ tion
and the amount OF capital stock of which eacl
! Is the bona ade oVuer, and genera ly wether such
| association has complied with all he require,
! menis of tnis act to eutitle il 10 engage in the
! business of banking; and shall cause to be made
| and attested by the oaths of ma ,ri Y OF thu
directors and by the president or ca Tier OF sucl
association, a tatement OF al the facts kecessar,
| 70 enable the Comptro ller 10 determine whet he
| such association Is lawfull entitled to comm. nc
the business of banking under this act
SEC. Is. 1nd be ii further eHdCted, That if upor
a careful examination of the fac = so reported
and of any other facts which may come to tn
knowledge of the ComptTol er, We lher by mean
OF a special commission appointed by him TO
! the purpose OF lnquiring iuto the condil ions o
such association or Othersise, it shall appea
that such assuciat on is lawfully titled TO C m
meuce the buslness in banking, the Com pErolleI
snail give to such as. ociAtiOn certificate, unde
his hand and official zeal that such association
has complied tn ali the provisions of this al
required to be complied with before being en-
tiled to CoAmeLce the business of bankiog un
der it, ard that such associa' ION is authorize
10 Commence said bus ness accordingly and
shall be the duty Of the association to cause sal
certificate to be published in some ne Fspape
published in the city or Cou6ty where the a. so
CiltIon is located for at least fifty days next afte
tho ssuing thereof; Provided That ii L o news
paper Is Published in said city or county, tn
certificate shall be published in newspaper pub
lished near, st thereto.
Sac. 10. and be ii further enacted, That al
Transfers of.Unlted States bonds which shall b
made by any ASS ciation under tho provisions o
this act shall be made tn the Treasurer of tn
United States in trust for the ASSOCIATION, witt
memorandum written or printed on each bond
ana signed by the cashier some other Officer
OF the association making the deposit a reeeipt
therefor to be given to said association or NV tn
Comptroller OF the Currency, or by clerk ar
pointed by hun for that purpose stating tina. i
Is held in trust for the association on whose be
half such tranter is m lde, and security for tn
redemption and payment of any circulatln
notes that have been or may be delivered {
such association. No assignment or transfer
any such bonds by the Treasurer shall be deeme
valid or of binding force and effect unless coun
tersigned by the Comptroller of the Currency
1t skal be the duty OF the Comptroller of th
Currency to keep in his office book in whie
shall b; entered the name of every associate
from whose accounts such trauste of bonds