The tri-weekly standard. [volume] (Raleigh, N.C.) 1866-1868, 1866-12-15

Z
York. Philadelphia, Baltimore CInc: :riiltl Chi
cago, st. Lonis, and New Orleans, are required to
have by the foregoing provisions of this section
to the extent of three ffths of the sud amount of
twenty-five per centum required. And it shall
be competent for the comptroller of the currency
to notify any such ASSOCIATION whose lawful
money reserve, as aforesaid, shall fall below said
proportion of twenty five per centum, to make
good such reserve; and if such association shall
fail for thirty days thereafter SO to make good its
reserve of lawful money of the United States the
comptroller may, with the concurrence of the
Secretary of the Treasury, appoint receiver to
wind up the business of such association, pro-
vided in this act.
Sec. II. And be it further enacted, That no as
sociation shall at any time be indebted, in any
OF its capital stock at such time actually paid in
and remaining undiminiShcd by losses or other
wise, except on the following accounts that is to
say:
First. On account of its notes of circulation.
Second On account of moneys deposited with,
or collected by, such association.
Third. On account of bills of exchange or drafts
drawn against money actually deposit to the
credit of such ASSOCIATION, due thereto.
Fourth On account of liabilities to its stock
holders, for money paid in capital stock, and
dlvlderds thereon and reserved profits.
Sec 43. And be it further enacted, That no
pledge or hypothecate any of its notes of circula
ton, for the purpose of procuring money to be
paid in on its capital stock, or to be used in its
banking operations or otherwise
Sec. A. And be it further en- icted, That no as
sociation, or any member thereof, shall, during
the time it shall continue its banking operations,
withdraw, or permit to be withdrawn, either in
form of dividends, loans to stockholders for Il
longer time than six months or in any other man
ner. any portion of its capital and if losses shall
at any time have been sustained by any such
sociation equal to or exceeding its undivided pro-
fits then on hand, no dividend shall be made;
and no dividend shall ever be made by any asso-
citation, while it shall continue its banking opera
tions, 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 winch interest past due and unpaid for
period of six months, unless the same shall be
well secured and shall be in process ofcollection,
shall be considered bad debts within the mean
ing of this act.
Sec. As. And be it further enacted, That the
directors of every association shall semi-annualy
in the months of May and November, declare
dividend of much of the profits ofsuch associa-
ton as they shall judge expedient; and on each
dividend day, the cashier shall make, and verify
by his oath, full, clear, and accurate statement
of the condition of the association, as it shall he
on that day after declaring the dividend; which
statement shall contain
First. The amount of the capital stock actually
paid in and then remaining, MS the capital stock
of such association.
Secondly. The amount of the circulating notes
OF such association then IN circulation.
Thirdly. The greatest amount in circulation at
any time since the making of the last previous
statement, as shall have been eXhibitnd by the
weekly statements OF tine cashier, specifying the
times when the same occurred.
Fourthly. Toe amount of balances and debts of
every kind due to other banks and banking
sociatiOnS
Filthy. The amount due to depositors
SiXthly. The total amount of debts and Iiabil-
ties of every description, and the greatest amount
since the making of the last previous statement
specifying the time when the same accrued.
Seventhly. The total amount of dividend de-
clared ON the day of making the statement
Eighthly. The amount of lawful money of the
United States belonging to the association, and
in its possession at the time of making the state
ment.
Ninthly. The amount subject to be drawn at
sight, in lawful money of the United States, then
ni,,i,.
banks or bankers; specifying the amounts so on
deposits in the cities of Boston, Providence, New
York, Philadelphia, Baltimore, Cincinnati, Chi
cago, St. Louis, and New Orleans.
Tenthly. The amount then on hand of bills or
notes, issued by other banks and banking associa-
tions.
Eleventhly. The amount of balances due from
other banks, bankers, and banking associations,
excluding deposits subject to be drawn at sight
aforesaid
Twelfthly. The amount on hand of bills bonds,
stocks, notes, and other evde, ces of debts, dis
counted or purchased by the association, specify
ing particularly the amount of suspended debt,
the amount considered bad, the amount consid-
cred dubtful and the amount in suit or judgment
Thirteenthly. The value of the real and per-
sonal property held for the convenience of the
association, specifying the amount OF each.
Fourtecnthly. The amount of real estate taken
in payment of debts due to the association.
Fiiteenthly. The amount of the undivided
profits of the association.
Sixteenthly. The total amount of the liability
to the association by the directors thereof coliec
lively, specifying the gross amount of such liza
bilities principal debtors, and the gross amount
of indorscrS or suretes.
The statement thus made shall forthwith be
transmitted to the comptroller of the currency.
Sec. 46 And be it further enacted That
cry association may take! reserve, receive, and
any note, bill of exchange, or other evidence of
debt, such rate of interest or discount as is for
the time the established rate of interest for delay
in the payment of money, in the absence of con-
tract between the parties, by the laws of the
veral States in which the associations respec-
lively located, and no more: Provided, however,
That interest may be reserved or taken in ad-
vance, at the time of making the loan discount
according to the usual rules OF banking; and the
knowingly taking, reserving, or charging of a
rate of interest greater than that allowed by this
section shall be held and adjudged forfeiture of
the debt or demand which the same is taken,
reserved, or charged; but the purchase discount
sale of bill of eXhange, drawn on actually
existing values, and payable at another place than
the place of such purchase, discount. or sale, at
the current discount, or premium, shall not be
considered as taking, reserving, or charging in
tereSt.
Sec A. And be it further enacted, That the
total liabilities of any person, of any company
firm, Gncluding in the liabilities of a company
firm the liabilities of the several members
thereby to any association, including liabilities
as acceptor of bona fde bills of exchange payable
out of the state where the association is located
shall at no time exceed one third; exclusive of
liabilities acceptor, one fifth; and exclusive of
liabilities on such bills of exchange, one tenth
part of the amount of the capital stock of such
sociaton actually paid in.
Sec. 4S. And be it further enacted, That no
association shall, at any time, pay out on loans
or discounts, or in purchasing drafts or bills OF
exchange, or in payment of deposits, nor shall it
in any other mode put in circulation the notes of
any baRk or banking association, which notes
shall not, at any such time, be receivable, at par
on deposit, and in payment of debts by the asso-
citation so paying out or circulating such notes.
nor shall it knowingly pay out or put in circula
ton any notes issued by any bank or banking as
sociation which at the time of such paying out
putting in circulation is not redeemng its circu
iating notes in lawful money of the United
States
Sec. 40. And be it further enacted That all
transfer of the notes, bonds, bills of exchange,
and other evidences of debt owing to any asso-
ciation, or of deposits to its credit; all assign
ments of mortgages, suretes real estate, or of
judgments decrees in its iavor all deposits of
money, bullion, other valuable thing for its
use, or for the ofany of its shareholders or
creditors and all payments of money to either,
made afther the commission of an act of insolven-
cy, in contemplation thereof, with view to
prevent the application of its assests in the man
ner prescribed by this act, with view to the
preference of one creditor to another, except in
payment of its circulating notes. shall be utterly
null and void.
TO BE CONTINUED.
Mrs. III. w. Miller,