New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-17
IPCBLIC No. e..

Approved May "a, 1870
IPGBLIC No. 60
| AN ACT to incorporate the National Union Savings
| Bank OF the District of Columbia.
| Be ii enacted by the Senate and House of Repre-
| sentatives OF the United States of America in Con
Huntington Lewis Clephane. H. A. Willard, George
W. Adams, s. p. Brown, William StiekIey, B.
SNYDER A VI l. stnrtaSant J. H. La.lror
Robbins, William b. Todd, Edward Simms
Joseph CASEY: James NJ. Latia; Henry, Willard
| p. Dole, Hugh McCuloch ami Mathew &. Emery are
hereby created, and their 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 Column
ba. and by that name shall have succession and be
capable i'll law to sue ana be sued plead and be i'm
pleaded answer and be answered defend and be de-
Tended in all courts of law and equity. and else
where to make and to Use II common seal and the
same 10 alter renew at pleasure; and generally
TO do and perform all things relative to the object
of this inSti utlon which Is shall he lawful
for any individual body polite corporate to do.
SIC. 2 And be ii further enacted, That the Off
of said corporation shall consist OF president
and vicepresident who, together with seven trus-
tees shall constitute board of managers. four OF
whom if the president or Fiee-prcsdent be present
shall constitute legal meeting OF such board for
the transaction of business.
SIC. g. And be it further enacted, That said
pOratiOn shall meet annually i'll the mouth of April,
and as much oftener as they may judge expedient,
and any seven members of said corporation, the
president secretary or treasurer being one, shall
be a quorum. and the said corporation at their
annual meeting, shall have power to elect
a president and treasurer, who shall give
bond in 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 officer, shall continue ill Office
wear and until others chosen in their stead
and ali officers so chosen shall De under oath TO the
faithful discharge OF the duties OF their offices,
respectively,
SIC And be it further enacted That said corpo-
ration NAV receive on dtIrysit for the USE and
4. all
ter that purpose. AL such SIMS may be invested
in the stock of any bank Incorporated by Congress
or may be loaned on interest TO any sucn bank or
may he loaned on bonds notes. with collateral
curity OF the stock of such banks at not moIe than
ninety per ceiltn OF It's par value or they may be
invested AT lin the public funds OF tine United
States, of the several States, oI loaned on pledge
of any of said funds, or invested in loans 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 al investment and
as a surety for loans shall not exceed ouehaif o.
the capital stock of such bank. and that not more
than three-guarttrs OF the v hole sum deposited Ill
the institution shall he AZ ANY one time invested i'll
mortgages of real estate. The income or interest
OF all deposits shall De divided among the depos
tors, their IL gal representatives according the
terms of interest stipulated; and the principal
may be Wlthdrawn at such times or Ill sIch manner
as the corporation shall in its bylaws direct.
SEC. >. And he Il further enacted That no oil
Ger. director, or committee charged with the duty
of investing the deposit, shall borrow any portion
thereof, use the same, except III payment OF the
expenses OF tie corporation; and If any officer
said bank, and interested with the funds de
posits thereof shall embezze Or tiautlulently con-
vert the same to his own u-c, he shall be deemed
guilty OF larceny, and shall on conviction thereof
by any court competent to try the oiense, be IN
prisoned in the penitcntiary not less than one nor
more than ten years.
SEC. s. And be it further cunacted That
the subordinate officers and agents of said
corporation shall respectively give such ST.
curity for their fidelity and good conduct
the board of managers may from time to time
qlre, and said board shall fix the salaries OF such
officers and agents.
SEC I. And be it further enacted. That the per-
SONS named corporal Jrs i'll the first section of
this act shall be authorized to meet aud organize
said bank by the election of of their number
president and one vice president, and there
upon shall proceed to eject such persons they
shall select, to be added their board of mana gers
SO that the whole number of trustees or managers
including the president and vicepresident shall not
exceed nine persons.
SEC. g. And be it further enacted, That this cor
poration shall make an annual report to Congress of
their funds and investments Said returns shall
specify the following particulars namely The
number of depositor, total amount OF deposits;
amount invested in bank stock and deposited in
bank on interest amount secured by bank stock
amount invested IN pubic funds; loans security
OF public funds, loans on mort gage of real estate
loans on personal securities amount of cash on
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 or more 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 be it further enacted That the books
OF Sitlu corporation snail at all times during their
hours OF business, be open for inspection and eN-
animation to the Comptroller OF the Currency or
dep0sitOrs.
SEC. 10. And be it further enacted That said cor
pOration may make bylaws for the more orderly
management Of thrlr business, Lot repugnant to
law; may have a common seal, which they may
change ut 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.
SIC. IL. And be it further enacted, That the said
corporation shall file bond, with security with
the clerk of the supreme court OF the District I've
approved by one OF the Judges the said court to
the United States i'll the penal sum of two hundred
thousand dollars, with a Condition to pay and to
satisfy to every depositOI person entitled, such
sum rs the party may be entitled to, within thirty
days after such deposit shall be demanded; and
which bond may be sued by any depostOr or per-
son entitled after such demand and refusal to paw;
and that the SAID supreme court shall have power
to Require new bond. and new security, at any
time they may deem il necessary the interest
OF parties interested.
SEC II. And be it further enacted. That Congress
shall. at all times, possess the power to alter
amend or repeal thu, act
Approved, May y, 49,.