New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-21

required
SEQ. % AID be it further enacted That all acts
and i,arts OF acts heretofore passed which are i'll
consistent with any OF the provisions OF act be
and the same are, for the purposes of this act
hereby repealed far as the same are Inconsistent
Approved, May a. 1870.
PUBLIC No. 50.
AN ACT to Incorporate the National Union Savings
Ba ak OF the District of Columbia.
Be it enacted by the Senate and House of Repre-
sentatfves Of the United States of America in Con
gress assembled, That George H. Plant William 5.
Huntington Lewis Cleplane. II. A. Willard, George
W. Adams. s. p. Brown, William Stickney, Il. p.
Snydtr A l. stnrtaYant J. H. Lathrop'
Joseph Casey, James NJ. Latta Henry. Willard,
p Dole, Hugh McCu!loch and Mathew u. Emery are
hereby created. and their successors and assigns.
shalbe, 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 OF Column
bia, and by that name shall have succession, and be
capable in law to sue ami 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 common seal, and the
same to alter or renew at pleasure; and generally
to DO and perform ali things relative to the object
of this ins;itution which is shall be lawful
for ANY individual or body polite or corporate TO do
SID. 2. And be it further enacted That the Off
of said corporation shall consist OF president
and vice-presdent, who, together with seven trus-
tees, shall constitute board OF managers, four of
whom if the president vice president be present
shall constitute legal meeting of such board for
the transaction OF business
SE(. ). Aud be it further enacted That said cor
poration shall! meet annually i'll the month OF April
and rs much Ottener as they may judge expedient,
ana any seven members of said corporation, the
president, secretary or treasurer being one shall
be a quorum. and the said corporation at their
ann,Ial meeting shall have power to eject
a president and treasurer, who shall give
bond in the sum of ten thousand dollars
for the faithful discharge of the duties OF his
Otfcd and all such other officers as may be deemed
-ue which
ear. and until others chosen in their stead
and all officers chosen shall be- under oath to the
faithful discharge OF the duties OF their Offices
respectively,
SEf. 1. And be it further enacted, That said corpo
ration may receive deposit, for the use and
hene Git OF the deposiors, all sums OF money offered
fer that purpose. All such may be invested
IN the stock of any bank incorporated by Congress-
or may be loaned on interest to any such bank or
may he loaned on bonds or notes. with collateral Sc
culity of the stock of such banks at not than
ninety per centum of its par value, or they may be
invested AT fin the public funds OF the United
States. of the several States, or loaned on pledge
of amy of said funds or invested n loans on mort
cages OF real estate: Provided, That the whole
amount of stock held BY the institution at time
i'll any one bank, both by way of an investment and
the capital stock OF such bank. and that not more
thall three-1uarter, OF the whole sum deposited in
the institution shall be at any time invested in
mortgages o. real estate. The income or interest
of al deposits shall he divided among the dcposi-
tors their legal representatives according to the
terms of interest stipulated: and the principal
NAV be withdrawn at such times or in slIcl manner
as the corporation shall in its BYLAWS direct.
SEc. ). And be il further enacted, That no Off
Ger director or committee. charged with the duty
OF nvfstlns the deposits shall borrow any portion
THEREOF or use the same. except in payment OF the
EXPENSES Of the corporations and il any officer,
drettor, agent or other person connected with
said bank. and interested with the funds or de
posits thereof, shall embezzle or fraudulently
vert the same to his own use. he shall be deemed
guilty of larceny, and shall on conviction thereof
by any court competent 10 try the ofense. be I'M
prlSened IN the pententiary not less than one nor
SEC 6. And he it further ennacted. That
the subordinate officers and agents Of said
coritoratl"n' shall respectively give sGcn So
curly for their fidelity and good conduct as
the board of managers may from time to time
quire. and said board shall III the salaries of such
officers and agents.
SKC :. And be it further enacted. That the per
sons named as corporators in the first section of
this act shall be authorized to meet and organize
said bank by the election of one of their number
as president and one as president, and there
upot shall proceed to elect such persons as they
shall select, to be added to their board of managers,
that the whole number of trustees, managers,
including the president and vice president shall not
exceed nine persons.
SD. g. And be it further enacted, That this cor
por5tiOn shall make annual report to Congress of
theit funds and investments Said returns shall
speedily 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 security
OF public funds loans on mortgage of real estate;
loans on personal securities; amount OF cash on
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.
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 eX-
animation TO the Comptroller OF the Currency or
deptsitors..
SIC. 10. And be it further enacted That said cor
poration may make y-laws for the more orderly
management of their business. not repusnant to
law; may have 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 be good
and valid and said corporation shall have power to
sue and NAV M, sued defend aud he hold IN an
sweF, 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 TO be
approved by one Of the judges OF the said court TO
Thousand dollars, with a condition to pay and to
satisfy to every depositOr person entitled such
sum as the party may be entitled to, within thirty
days after such deposit shall be demanded and
which bond may be sued by any depOsitOr or per
son entitled after such demand and refusal to pay
and that the said supreme court shall have power
to .feguire new bond. and new security at any
time they may deem 1t necessary for the inte1est
OF parties interested.
Sic. II. And be ii further enacted. That Congress
shall, at all times, POSSESS the power to alter
amend, or repeal this act.
Approved, May "a, 1870.
[PrBLIC-No. 7c.[
AN ACT TO incorporate the Trustees sf the Cor
coran Gallery of Art and for other purposes.
Be it enacted by the Senate and House of Repre-
sent atives Of the United States of America in Con
gress assembled, That James H. Carlisle. James c.
Hall, George W. Riggs Anthony Hide, James q.
Berret, Janss C. Kennedy Henry ID. Cooke and James
g.. McGUire, OF the city of Washington, and OF
Georgetown District of Columbia, and William r.
Walters, of the city OF Baltimore, State of Mary
land and their successors be and the are hereby
created and constituted a body polite and corpo-
rate i'll law b. the name and style OF the Trustees
ft,aH Coll -Nf
may sue and be sued, irnplead and be implicated,
have perpetual succession. and shall and may take,
hold, manage, and dispose Of at all times, real and
personal estate, and shall and may do and perform,
all other acts and things necessary appropriate