New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-09
TPTgL.C No. gel
AN ACT to incorporate the Nat!ona! Union Savin g:
Bank of the District OF Columbia

| II'TBLtt No. hS
AN act TO INCORPORATE the National UaioI, Savings
Bank of the District ot Columbia.
Be j. enacted bv the Senate and House OF Repre-
sei!tatiyes OF the United States OF America in Con
Hunting ton, Lewis Clephane Ii. A. willard George
| W Adams, $. p. Brown. william Stickney, L. p.
SNYDER, A. ,-,I I. stnrtagant J. H. v L.5hroP,
Is,ti,ii1se' william s. Todd Edward Sinms
Joseph Casey. james VI. Latta. Henry Willard.
| p Dole. Hugh McCulloci and Mathew q. Emery are
hereby created and their successors and assigns.
shall be, and they hereby declared 10 BE-, body
polite and corporate, by the name and style OF the
The National Savings Bank of the District OF Colnn
ba, and tv that ehall have succession. and be
capable in law TO and be sued, plead and be i'm
pleaded. answer and BE- answered. defend and be de-
Tended n al courts OF law ami equity, and else
| where TO make and to use a common seal and the
same 20 alter or rene" NJ pleasure; anu "rirry
to do md perform all things relative 10 the Object
Of this institution which Is now or shall be- lawful
Tor any individual body polite corporate TO do
SnC. 2. And be it further enacted, That the Off
Of said corporation shall consist of president
| and vice-president who together with seven trls
tees, shall constitute board OF managers four OF
whom, if the president or yce-prs sident be present
shall constitute legal meeting of such board for
| the transaction of business.
| SEC. g. And be it further enacted That said
porition shall meet annually in the month OF APRIL
| and any seven members of said corporation, the
president, secretary or treasurer beng one shall
be quorum, and the said corporation AT their
annual meeting shall have power 10 elect
president and treasurer. who shall give
| bond in the sum OF ten thousand dollars
for the faithful discharge Of the duties OF his
oniee and all such other officers may be deemed
necessary: which officers shall continne i'll office
one wear ana until others chosen in thor stead
and all officers chosen shall be under oath TO the
| faithful discharge OF the duties OF their olhces
| respectively.
SEC t. And be it further enacted, That said corpo
| ration may receive on deposit, for the use and
benefit Of the depositors al sums OF money offered
Ter that purpose. All such suIns i;'} be lnnesitd
may ne loaned on interest to any such bank or
MAY ta loaned on bonds notes, with collateral St
cnIty al the stock Of such banks at noi more than
ninety per ccntuu OF its par value or thy may be
! invested AT lin the public funds OF the Omitted
States of the several States or loaned a pledge
o. any of said funds, invested il loans mort
| cages OF real estate: Provided, That the whole
amount OF stock held by the institution at one time
| in bank, both by way Of an investment and
| as a surety for loans, shall not exceed onchalt Of
! the capital stock OF such bank and that not more
! than three-quarers OF the whole sum deposited in
the institution shall be at any one lime invested IN
! mortgages OF real estate. The income or interest
OF ali deposits shall be divided among the depos!
tors or their legal representatives according TO the
| terms OF interest stipulated and the prime iphl
MAY be Withdrawn at such times o. in such manner
! the corporation shall III its bylaws direct
SEC. ). And be it further enacted, That no Off
Ger director. committee, charged with the duty
| of investing the deposits shall borrow any portion
| thereof the same, except il payment OF the
| expenses OF the corporation; and II any 0iiicer
| director, agent. or other person connected with
said bank, and interested with the funds or de-
! posts thereof shall emheZzle Or fIauduentv CON
vert the same 10 his own use, he shall be deemed
guilty OF larceny and shall on conviction thereof
uv any court competent To Try the oifcnse. be i'm
prisoned iii the pcnIcnta1y not less than one nor
more than ten years.
| SEC. &. and be it further enacted. That
I the subordinate officers and agents of SAID
! corporation shall respectively give suth Sc
curitv for their fidelity and good conduct as
the board Of managers may from time TO time
qure and said board shall hI the salaries OF such
officers and agents.
SrC. :. And be it further enacted, That the per
SOILS named corpnrators in the first section OF
this snail he authorized to meet and organize
said bank by the election OF one 81 tttir huMotr
president and one as viccpre-id. Mt ana tl.Ie-
upon shall proceed TO elect such persons rs they
shall select, to be added TO their board OF managers
that the whole number of trustees. or managers
including the president and vice-prcsiden shall not
exceed nine persons.
SKc g. And be it further enacted, That this
pOrstton shall make annual report TO Congress of
their funds and investments. SAID returns shall
specify the following particulars namely: The
amount invested in bank stock and deposited in
bank on interest: amount secured by bank stock:
amount invested in public funds; loans on security
of public funds loans on mortgage OF real state;
loans on personal securities: amount of cash Oh
hand: total dividends OF the year; annual expenses
of the Institution; al of which shall be rtlEed
and sworn by the treasurer; and five or more of
the MANAGERS shall also certify and make oath that
the said return is correct according 10 their Dtst
knowledge and belief.
SIC 9. And he it further enacted That tire books
OF said corporation shall at all times during their
hours of business, be open for inspection and
animation 10 the Comptroller OF the Currency or
depoSitors
SEC. III. Ana he II TURNER enacted lHh Salh cor
poration may make bylaws for the more orderly
mana cement OF their business not rciugnant to
law nav have q common seal. which they may
change at pleasure; that all deeds grants, co'cn-
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 10 an
swer, by the name aforesaid.
SEC. H. And be ii further enacted, That the said
corporation shall file a bond with security, VITA
the clerk of the supreme court OF the District, TO be
approved by OF the judges OF the said court to
tie United States, in the penal sum of two hundred
thousand dollars with d condition to pay ami to
satisfy every deposition or person entitled such
as the party may be entitled to, within thirty
DAYS after sucli deposit shall be demanded: and
witch bond may be sued by any dcpositor per
son entitled after such demand and refusal TO paw
and that he said supreme court shall have power
10 Require. a new bond and new security, at any
time lhty lta, deem it necessary for the interest
o. parties interested.
SEC IL And h. it further enacted Tia: Congress
shall. ri ali times, possess the power TO alter,
amend or repeal this act.