New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-06
PUBLIC No. SOL
an ACT to incorporate the National Union Savings
Bank OF the District of Columbia

lPr3LIC No So.
an ACT to incorporate the National Union Savings
Bank OF the District of Columbia.
Be it enacted by the Senate and House of Repre-
senatives of the United States of America in Com
gress assembled. That George H. Plant William S.
Huntington Lewis Clephane: H. A. Willard, George
Snyder, A. L. stnrtavant.- J. H. Lathrop,
Sathaiel Wilson Wilson, R. o Mussey zesas G.
Joseph Casey. James NJ. Latta, Henry Willard,
William II. Philip, Alexander R. Shepherd William
P. Dole Hugh McCuloch and Mathew G.. Emery are
HEREBY created, and their Successors and assigns
shall br and they are hereby declared TO be, body
polite and corporate by the name and style of the
the National Savings Bank of the District of Column
bia, and by that name shall have succession, and be
capable in law to and be sued, plead and be i'm
pleaded. ans and be answered defend and be de-
Tended, in all courts of law and equity, and else
where; to make and to use IA common seal. and the
SAM to alter renew at pleasure; and generally
do and perform all things relative TO the object
OF this institution. which shall be lawful
for individual or body polite corporate to do.
SEC. 2. And be it further enacted, That the Off
of said corporation shall consist of president
and vice.presiient, who, together with seven trus
tees. shall constitute a board of managers, four of
whom if the president or vice president be present
shall constitute a legal meeting OF such board for
the transaction of business.
SEC 3. And be it further enacted That said cor
poraton shall meet annually in the month of April,
and as much oftener as they may judge expedient,
and any seven members of said corporation, the
president, secretary treasurer being one, shall
be quorum. and the said corporation at their
annual meeting shall have power to elect
a president and treasurer, who shall give
bond III the sum OF ten thousand dollars
for the faithful discharge of the duties of his
office and all such other officers may be deemed
necessary; which officers shall continue in office
one year and until others are chosen in their stead
and all officers chosen shall be under oath to the
faithful discharge OF the duties of their offices,
respectively,
sKc 4. And be it further enacted, That said corpo-
ration may receive on deposit for the and
benefit of the depostors, all sums of money offered
for that purpose. All such sums may be invested
in the stock OF any bank incorporated by Congress,
or may be loaned on interest to such bank
may he loaned bonds notes, with collateral
curty OF the stock of such banks at not more than
ninety per centum of it's par value, or they may be
invested AT lin the public funds of the United
States, Of the several States, or loaned on pledge
Of of said funds, invested in loans on mort
cages OF real estate Provided That the whole
amount of stock held by the institution at one time
as a surety for loans, shall not exceed one.haif of
the capital stock of such bank, and that not more
than three-quarters of the whole sum deposited in
the institution shall be at any one time invested in
mort Gases of real estate. The income interest
of all deposits shall be divided among the deposit
tors or their legal representatives according to the
terms OF interest stipulated; and the principal
may be withdrawn at such times or in such manner
as the corporation shall in its bylaws direct.
SEC. 5. And be it further enacted, That no Off
Ger, director, or committee charged with the duty
OF investing the deposits shall borrow any portion
thereof or use the same, except in payment Of the
expenses Of the corporation; and if any officer,
director agent or other person connected with
said bank. and interested with the funds or de-
posts thereof, shall embezze or fraudulently con
vert the same to his own use. he shall be deemed
y
Dy any court competent to try the Ofense, be i'm
prsoned i'll the penitentiary not less than one nor
SEC. .. And be it further ENACTED, That
me subordinate officers and agents of said
corporation c"rs, shall respectively give such rse-
me board OF managers may from time to time re-
q.lire, and said board shall fix the salaries of such
officers and agents.
SEC. :. And be it further enacted That the per-
sons NAMED rs corporaors in the hrst section of
this act shall be authorized to meet and ORGANIZE
sdlu Ddf1h ny the election of their m her
as president and one vicc.president and there
upon shall proceed to elect such persons as tbav
SHAH select. to he added to THEN board of managers
so that the whole number of trustees or managers
including the president and vice president shall not
SEC 3. And be it further enacted That this cor
poraton shall make an annual report to Congress of
their funds and Investments. Said returns shall
sltcny 'hc. ,toiloWlnS particulars, namely: The
number OF depositors: total amount of deposits:
amount invested In bank stock and deposited in
bank on interest amount secured by bank stock:
amount invested in public funds loans on security
or puDhc funds loans mortgage of real estate;
Ioails on personal securities amount of cash ON
hand; total dividends OF the year; annual expenses
OF me INSTITUTIONS; all of which shall be certified
and sworn to by the treasurer; and five or more of
the managers shall also certify and make oath that
,iie eu return IS correct according to their best
knowledge and belief,
SIC. 9. And be it further enacted That the books
OF sald corporation shall at all times during their
hours OF business, be open for inspection and eX-
dt 10 the Compnoller OF the Currency Oh
SEC. 10. And be it further enacted That said cor
Poia'ion may make bylaws Tor inc more orderly
management OF their business not repugnant to
Ii" may have a common seal, which they may
eh;ihSe at pleasure; that all deeds, grants coyen-
ants, and agreements. made by their treasurer, or
any other person by their authority shall be good
and valid; and said corporation shall have power to
sue and may be sued, defend and be held to an
swer, by the name aforesaid.
SEC ii. And be it further enacted, That the sad
corporation shall file bond with security, with
the clerk of the supreme court of the District TO oe
approved by one OF the judges OF the said court. u
the United States in the penal sum of two hundred
thousand dollars with a condition to pay and to
satisfy to every depOsitOr or person entitled such
sum as the party may be entitled to-, within thirty
days after such deposit shall be demanded; and
which bond may be sued by any depositor or per-
entitled after such demand and refusal to pay;
and that the said supreme court shall have power
to require q new bond, and new security, 1t any