New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-14
IPERLIC No. @.1


hereby repealed the same are Inconsistent
Approved, May "a, 1870.
PUBLIC No. 3d.
Az ACT TO incorporate the National Union Savings
Bank OF the Dstrict%t Columbia
h, if enacted by the Senate and House of Repre-
sentatives OF the United States OF America IN Con
grcss assembled, That George Il. Plant William s.
Huntingdon Lewis Clephane, H. A. Willard. George
". adams, s P. Brown, William StiekIeE, D. r
Snyder, A. L. Sturttvant, j. II. Latlrop
Nathaniel Wilson, X. D. Mussey, Zenas {.
Robbins. william B. Todd, Edward >imms
Joseph Casey, james ". Latta, Henry Willard
William II. Philip. Alexander X. Shepherd. William
p. Dole, Hugh McCulioch and Mathew IT, ElnerF are
hcreoy created. and their successors and assigns,
shall be- and they are hereby declared 10 be- hodv
polite and corporate. by the name ard syc ~ .le
the National Savings Bank of TIE District ~ t"nn-
hia and by that shall have succession and he
capable in law to and be sued plead and ne I'M
pleaded answer and be answered, defend and be de-
Tended, in all of law and equity ami cIse-
where; to make and 10 common sea-! AMI the
same to alter or renew at pleasure; aud generally
10 do and perform all things relative to tie object
OF this institution which Is now OF shall Ice lawful
tor any individual or body polite or corporate :" do
SIC. ,. And be it further enacted, That the OIL
GERS of said corporation shall consist of president
and vce-president, who, together with seven tFls:
tees shah constitute board Of managers. four of
whom. If the president or vice-prcsidert u present
shall constitute legal meeting OF such board Tor
the ansactiOL OF business.
SEC. ). And be it further enacted, That said cor
poration shall meet annually III the month pril,
and as much oftener they nIav judge eNpeGient,
aud any seven members of said corporation. the
president, secretary or treasurer being one, shall
be {. quorum. aud the said corporation at their
annual meeting shall have power 10 eject
president AID treasurer, who shall give
Tor the faithful discharge of the duties of his
office and all such other officers may be deemed
necessary; which officers shall continuc III office
one wear. and until others chosen i'll tLtir stead
and all officers so chosen shall be under oath 10 the
faithful discharge OF the duties OF their Offices
SIC /. And he it further enacted. That said co-po
ration may receive deposit, for lii" use aud
benefit OF the depostors all sums OF lnoneF offered
Ter that purpose. Al such surhs nIay be invested
III the stock OF any bank incorporated hv Congress
may I've loaned on interest to any sacl bank or
NAV he loaned on bonds notes. with collateral Sc
entity OF the stock OF such banks az not more than
ninety per cent,un its par value or they may he
invested AT in the public funds OF the United
States, OF the several States, or loaned on pledge
OF any of said funds. or invested III lods on mort
cages OF real estate: Provided, That The whole
amount stock held by the Institution al one time
in any bank, both by way OF an investment AID
a surety for loans, shall not exceed one-laf OF
thc capital stock Of such bank and thar Iut more
than three-uarters OF the whole sum deposited III
tine institution shall be ut any one time invested in
mort cages OF real estate. The income or interest
of all deposits shall he divided among the d"TUsi-
tors or their legal representatives according /" the
| terms of interest stipulated: and the prno!pa!
may he withdrawn at such times or il such MANNER
| as the corporation shall i'll its bylaws direct.
SEC. 5. And lie ii further enacted, That 10 Off
Ger director or committee, charged with the di.ty
OF investing TIE deposits shall borrow any portion
| thereof the same, except i'll payment 81 Tie
! expenses OF the corporation: ard If ANY officer,
| director agent or other person connected with
| slid bank, and interested with the funds or de-
posts thereof shall embeZZle or fTaudtIcntY con-
vert The To his own use. he shall he deemed
guilty Of larceny. and shall. on conviction Thereof
by any cont competent to try the oftell-e be I'M
lrison"d i'll the peitentiary not less than one nor
| more than ten years.
SEC g. And be it further enacted That
| the subordinate officers and agent, 81 said
| corporation shall respectively give such Sc
| curlty tor their fidelity and good conduct as
r(.Ts
qJIt and said board shall fix the salaries OF such
| officers and agents.
| SIC = and be it further enacted That the per-
named coroorators i'll the first section of
this act shall be authorized to meet and organize
said bank by the election of OF their number
as president, and one as vlce-pTcsident, ala there
| upon shall proceed to elect such persons they
Shall select to be added to their board &" managers
that the whole number Of trustees, or mama
including the president and vice-presdeAt, Shall not
| exceed nine persons.
SEC. 8. And be it further enacted That this
poration shall make annual report to Congress of
their funds and investments. said returns shall
| specify the following particulars, namely: The
number of depositors; total amount o: deposits;
amount invested i'll bank stock and deposited in
| bank on interest: amount secured By bank stock;
amount invested i'll public funds; loans on security
OF public funds; loans on mortgage OF real estate;
loans personal securities: amount OF cash
hand; total dividends of the year; annual expenses
OF the institution; all of which shall be certified
and sworn to by the treasurer and five more Of
the managers shall also certify and make oath that
the said return is correct according TO their best
knowledge and belief
| SEC. g. And be it further enacted That the books
of said corporation shall, at all times during ther
hours OF business be open for inspection and eN-
| animation to the Comptroller OF the Currency or
depositOrs.
SEC. TO- And bc it further enacted, That said cor
poration may make bylaws for the orderly
| management Of their business, not reIiI.naut TO
| law: may have common seal, which they may
change at pleasure; that ali deeds, grants coveu-
2nts. 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
| SHE aud may be sued defend and be held to an
| swer, by the naue aforesaid.
SEC. II. And be it further enacted That the said
corporation shall file bond, with security, with
the clerk of the supreme court of the District, to he
approved by of the Judges oi the sud court. II
the United States. i'll the penal sum OF Two hundred
| thousand dollars, with condition to pay and to
satisfy 10 every depostor or person entitled. such
the party may he entitled to. within thirty
| days attc! such deposit shall he demanded; and
| which bond may be sued by any dcposir0r per-
son entitled after such demand aud refusal to pay;
| and that the said supreme court shall have power
! to require new bond. and new security. ut any
| time they may deem it necessary Tor the interest
OF parties interested
SEC. IL. And e it further enacted. That Congress
| shall. at all times possess the power 10 alter.
| amend. or repeal tins act.
| approved May ~ I3iO.