New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-13
IPUBLIC No. 69. |
PUBLIC No. 69.1
AN ACT to incorporate the Nationa! Union Savings
Bank OF the District OF Columbia

INCORPORATE
Bank OF the District OF Columbia.
Be it enacted by the Senate and House of Repre-
senta:iy the United States OF America in Con
sress assembled, That George IL: Plant William ).
Huntington, Lewis Clcphanc. II. i. Willard George
W. Adams, S. p. Brown. William Stichney, i. 7.
Snyder, A. L. stnrtavant; J. H. Lathrop,
Robbins Robbins, william B. Todd, Edward Simms,
Joseph Casey, James NJ. Latta, Henry Willard,
P. Dole Hugh MttuIloch aud MATHEW G. Emery are
hereby created, and their successors and assgns,
shall be- 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 oi Column
bia and by that shall have succession and be
capable in law TO and be sued, plead and be i'm
pleaded answer and be answered. defend and he de-
Tended, in all courts of law and equity. and else
where: TO make ana! TO use common seal and the
same to alter or renew at pleasure; and generally
to 90 and perform all things relative 10 the object
of this institution, which is now shall be lawful
for any individual or body polite corporate TO do
SIC. ,. And he il further enacted, That the Off
of said corporation shall consist OF president
tees, shah constitute board OF managers, four OF
whom if the president Or president he present
shell constitute legal meeting OF such board for
the transact ton of business.
SIC 3. And be it further enacted, That said cor
poraton shall meet annually in the month of april,
and as much ofterer as they may judge expedicnt,
and any seven members of said corporation. the
president, secretary treasurer being one. shall
Ice a Quorum, and the said corporation ut their
annual meeting shall have power TO elect
d president aud treasurer, who shall give
bond i'll the sum OF ten thousand dollars
Tor the faithful discharge p1 IEt duties oi
office, and all such other officers may be deemed
necessary; which officers shall contnne in office
and all officers chosen shall be under oath TO the
faithful discharge OF the duties OF their Offices,
respectively,
SIC g. And he It further enacted. That said coTpo-
ration NAV receive deposit for tie use and
benefit OF the depostors all sums OF money offered
fer that PURPOSE AL such sums NAV IL. invested
i'll TIE stock any bank incorporated by Congress,
may bc loaned on interest 70 any such bank or
MAY be loaned on bonds notes with collateral Sc
| \, hank
ninety per centum oIits par Waite. or tiny may he
| invested At I'm the public funds Of the United
States, OF the several States. or loaned on pledge
any of said funds. or Invested III loans on mort
| cages of real estate: Provided, That the whole
amount of stock held by the institution at one time
i'll any one bank. both by way OF an Investment ami
surety for loans, shall! not exceed oneialt OF
the capital stock of srcn bank, and that not more
than threeg iarters OF the whole sum deposited in
the institution shall be any time invested in
| mortgages OF real estate. The income or interest
of ali deposits shall be divided anon. The deposi
tors their legal representatives according To the
terms OF interest stipulated and the principal
may he withdrawn at such times OF in such manner
| the corporation shall in its bylaws direct.
SEC. 5. And I've II further enacted, That 10 OIL
Ger director or committee, charged with the duty
o: investing the deposits shall borrow amy portion
thereof, or Use the same. except III pay ent OF the
expenses OF the corporation; and II any officer,
| said bank and interested with the funds de-
posts thereof shall embezzle or fraUduicHtly con
! vert the same TO his own use he shall he deemed
guilty ~ larceny. and shall. on CONVICTION thereof
by any court competent TO try the olivnse he lEn
prisoned III the penitentiary not less than one nor
| more than ten years
! SEC g. And be it further ennacted. That
! the subordinate officers and agents Of said
/ corporation shall respectively give such Sc
! curity fer tleir fidelity and good conduct as
the board of managers may from time tn time
quire and said board shall fix the salaries OF such
| officers and agents.
SEC. :. And lie il further enacted That the per
MINED co-porators i'll the first section OF
| this act shall he authorized to meet and organize
said bank by the election OF one OF tier number
| president, and one yce-president and there
upon shall proceed I" elect such persons as they
shall select to be added to their board OF managers,
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
pOration shall make nnual report to Congress of
| their funds and investments Said returns snail
| specify the following particulars namely: The
! number of depositors; total amount OF deposits
amount invested III bank stock and deposited i'll
| bank interest; amount secured by bank stock;
amount invested III public funds; loans security
OF public funds: loans mortgage of real estate
hand; total dividends of the year: annual expenses
of tie institutions all of which shall be certified
and sworn 10 by the treasurer; and i've or more OF
the managers shall also certify and make oath that
the said return is correct according to their best
knowledge and belief.
SIC 9. And be it further enacted That the books
of said corporation shall at all times during their
hours of business, be open for inspection and
| animation to the Comptroller OF the Currency or
depositors.
SIC 10. And be it further enacted. That said
poratOn NAV make bylaws for the more orderly
management Oh IHclT business, not 10
law; may have a common seal, which they may
change at pleasure: that all deeds grants, cOven-
ants. and agreements. made by their treasurer.
any other person by their authority. shall he 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 H. And be it further enacted, That the said
corporation shall file bond with security, with
the clerk of he supreme court of the District. to he
approved by of the Judges of the said court, to
the United States, i'll the penal sum OF two hundred
thousand dollars with II condition to pay ami to
satisfy every deposition person entitled s!ich
/ sum the party may be entitled to, within thirty
days after such deposit shall he demanded; and
which bond may he sued by any depositoT or per
son entitled after such demand and refusal TO pay;
and thar the said supreme court shall nave power
to reunirc 81 new bond and new security, at any
time thct may deem it necessary for the interest
OF parties Interested
SEC. H. And BE ii further enacted. That Congress
shall Ak all times possess the power 10 alter,
amend. OF repeal tins act.
Approved May "a 1870.