New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-16
TpCPLIC No, 6o.1
IPUBLIC No. g.
AN ACT to incorporate the National Union Savings
Bank OF the District Of Columbia.

"A
Bank OF the District Of Columbia.
Be it enacted by the Senate and House OF Repre-
sentatives OF the United States of america N Con
grcss assembled, That George H. Plant, William ).
Huntington, Lewis Clephane. II. A. Willard George
W. Adams, $. P. Brown, William Stickney, y. p.
SNYDER A. VI L. stnrta1ant; v J. H. zl LassroP'
Robbins william B. Todd, Edward si,nmss,
Joseph Casey, James N. Latta Henry, Wizard Wizard,
p Dole, Hugh McCulloci, and Mathew Il. Emery are
hereby created and their successors and assigns,
shall be, and they are hereby declared 10 pc noiy
the National Savings Bank OF the District OF Column
ba, and by that name shall have succession anc tie
capable in law to sue and be sued plead ana De mn
pleaded, answer and be answered. defend and he de-
Tended, in all courts OF law and equity, and else
where: to make and TO common seal, and tie
same to alter or renew at pleasure and generally
to do and perform all things relative to ne ogec!
of this institution. which is now or shall be lawful
for individual or body polite or corporate 10 40
SEC 2 And be it further enacted. That the oil
GERS said corporation shall consist of president
and Niee,presnient VINO, togeLlsr WIN seNen rus
tees, shall constitute board OF managers iour oi
whom if the president or yice-presdent be present
shall constitute legal meeting OF such board Tor
the transaction OF business.
SEC 3. And be it further enacted, That said cor
poration shall meet annually in the month of April,
and as much oftener as they may judge elpedi,nt,
and any members of said corporation, tie
president, secretary treasurer being one, SHAH
be a quorum, and the said corporation at their
annual meeting shall have power to eject
president and "A treasurer, who shall eve
bond in the sam Of ten thousand dollars
tcr the faithful discharge of the duties OF his
Office and all such other officers may be deemed
necessary; which officers shall continue in Office
year. and until others are chosen IN ilolr stead
and all officers chosen shall be under oath TO the
faithful discharge OF the duties of tAcir ofuces
SIC. 4. And he it further enacted That said corpo
ration may receive on deposit. Tor iilc use ana
benefit OF the dtpostors all sums OF uuncE ontred
that purpose. All such sums may t'' invested
in the stock of any bank incorporated by Congress
may be loaned on interest 10 any such bank or
may be loaned on bonds or notes with collateral So
curity OF the stock OF such banks al not more than
ninety per Centl " its par value or thtN may he
invested At i'll the public funds OF the United
States of the several States, loaned pledge
OF any OF said funds, invested i'll loans on mort
cages OF real estate: Provided. That the whole
amount of stock held by the institution at one time
any bank, both by way OF df investment and
as a surety loans. shall not exceed oEehaif o.
the capital stock OF such bank. ana that not moro
than threequarters the whole deposited in
the institution shall he at any one time ms ested III
mortgages of real estate. Tie income interest
of all deposits shall be divided among the deposit
tors or their legal representatives according 10 me
terms of interest st1pulated ana the ptSl'llfsA
may be withdrawn at such times OF in sucn Manner
as the corporation shall III its bylaws direct.
SEC. s. And be it further enacted, That no Off
director, or committee. charged win the tty
OF investing the deposits shall borrow any portion
thereof or use the same except IN pay lhent Of the
expenses OF the corporation; and II any ofhctr,
director. agent. or other person connected with
said bank, and interested with the t,;nds Or de-
posts thereof. shall cmbeZzle or trauduiently CON
vert the same To his own use he SHAH be deemed
guilty OF larceny and shall, on conviction thereof
by court competent to try the ofen-e. be I'M
prisoned i'll the peitcntary not less than one nor
more than ten wears.
SEC 6. Ind be it further ennaeted, That
the subordinate officers and agents of sad
CORPORATION shall respectively give such Sc
curity for their fidelity and good conduct as
the board OF managers may from time To time re-
quire, and said hoard shall fix the salaries OF such
officers and agents.
SEC :. And be il further enacted That the per
sons named corporators in the first section OF
this act shall he authorized to meet and organ re
said bank ly the election Of one OF their number
president and one as vicepresident. and there
up0n shall proceed to elect such persons as they
shall select, IL be added to their board OF managers,
so that the whole number of trustees manager
including the president and sldent, shl! uot
SEC 9. And be it further enacted, That this cor
poraton shall make an annual report to Congress OF
their funds and Investments SAID returns sail
specify the following particulars, namely: The
number of depositors total amount of deposits;
amount invested in bank stock and deposited i'll
bank on interest; amount secured by bank stoc k;
amount invested in public funds; loans security
OF public funds loans on mortgage OF lr;i estate
loans personal securities; amount Of cash on
hand; total dividends OF the year; annual expenses
of the institution all of which shall ne certified
and sworn by the treasurer; and five mere Of
the managers Shall also certify and make oath that
the said return is correct according to their best
knowledge and belief.
SEC 9. And he ii further enacted, That the books
OF said corporation shall at all times during their
hours OF business, br open for inspection and eX-
animation to the Comptroller OF the Currency or
depnSitOrs.
SEC 10. And be it further enacted, That said cor
pOraton may make bylaws for the more orderly
management Of their business. NOT rcpu%nant TO
law; may have common seal which they may
change at pleasure that all deeds. grants, cOveu-
ants and agreements made by their treasurer. or
any other person by their authority, shall he good
and valid; and said corporation shall laIe power 70
sue and may be sued, defend and be held TO an
swer by the name aforesaid.
SEC ii. And he it further enacted, That the said
corporation shall file IA bond. with security, with
the clerk Of the supreme court OF the District to be
approved by OF the Judges of the sad court, to
the United States in the penal sum of two hundred
Thousand dollars. with condition To pay and TO
satisfy to every dep0sitor or person entitled, slch
sum as the party may he entitled to- within thirty
days after such deposit shall be demanded; and
which bond may be sued by any dtXosit0r or per
entitled after such demand and reIu~al to pay;
and Jlat the said supreme court shall have power
to require 4 bond. and new security at any
time they may Geem it necessary Tor the interest
OF parties interested.
SEC. H. and lc il further enacted That Congress
snail at al times, possess the power ~ ate-,
amend repeal this act.
| - No..