New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-20
PUBLIC No. 69.1
AN ACT TO incorporate the National Union Saving:
Bank of the District OF Columbia

Approved, May "a, 1870.
| PUBLIC No. 6e1
AN ACT TO incorporate the National Union Savings
Bank of the District OF Columbia.
Be it enacted by the Senate and House of Repre-
scnt;tives OF the United States OF America in Con-
Huntington, Lewis Clephane II. A. willard, George
W. Adams S. P. Brown, William Stickney, Il. p
S Snf,i a. wilson. R. b. Mussey. zrnas '' E
Robins, william B. Todd, Edward Simms
Joseph Casey, James NJ Latta, Henry Willard
William H. Philip Alexander r. Shepherd, William
I. Dole. Hugh McCulloch and Mathew q. Emery
hereby created, and their successors and assigns,
shall be-. and they hereby declared to be- body
the National Sa ving Bank of the District of Column
ia, and by that name shall have succession and be
capable in law to and be slled plead and b. i'm
p"ated. answer and he 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; ana generally
to do and perform all things relative to the object
OF tins inStltuton. which is now or siail be lawful
for any indV dua! or body polite corporate to do.
SEC. >. And be it 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 vice president be present
shall constitute a legal meeting of such board for
the transaction of business.
SIC. 8. And be it further enacted, That said
poration shall meet annually in the month OF April,
and as much ottener rs they may judge eAIedient,
ana any seven members OF SAID coilolaton, me
president, secretary or treasurer being one. shall
annual meeting shall have power to elect
president and d treasurer, who shall give
boni i'll The sum OF ten Thousand dollars
for the faithful, discharge of the duties OF his
office. and AL such other officers as may be deemed
NECESSARY; which officers shall contiune III office
oney ear and until others chosen in their stead
and ali officers chosen shall be under oath the
faithful discharge OF the duties OF their offices,
respectively.
Slc. t. and he it further enacted That said corpo-
rat ion may receive on deposit, Tor the and
brelit of the dcpositors all sums OF money offered
for that purpose All such suns may be invested
in the stock of any bank Incorporated by Congress,
or May he loaned on interest 10 any such bank or
mat he loaned on bonds OF notes, with collateral Sc
Guilty OF the stock OF such banks at nor more than
niiHv per ccntum OF its par value. or they may be
INFESTED At in the public funds OF the United
81 ties the several States loaned on pledge
OF kny Of said funds OF invested il loans mort
Cages OF real estate: 0Iided. That the whole
anl,nt of stock held by the institution at time
i'll Any enc bank, boJh by way OF an investment and
rs b surety for loans shall not exceed oHe-idlf
thts capital stock OF such bank and that rot more
th;tn thTee-guarteTs OF the whole deposited in
thu institution shall be at any time invested in
mdrtgdGcs of real estate. The income ar interest
OF all deposits shah be divided among the deposit
tors. or their legal representatives. according TO the
terms of interest stipulated; and the principal
MAY be Withdrawn at stIch time, or in such manner
as the corporation shall in its bylaws direct.
SEC. 5. And lie 1t fur her enacted, That off
cer director commit tee, charged with the duy
OF investing the deposits shall borrow any portion
thereof or use the same, except III pay mcnt of the
expenses of the corporation; and IL any officer,
director. agent, or other person connected with
posits thereof shall embezzle or tl;ludulenty con
vert the same TO his own use he shall be deemed
guilty ct larceny, and shall, on con1lctlon tleItt
by any court competent to try the oifeuse br i'm
piisoned III the peniteh;iry not less than one nor
mere than ten years.
SEC. 6. And be it further cnnacted, That
tle subordinate officers and agents of said
corporation snail respectively give such
clrity for their fidelity aud good conduct as
the board of managers may from time to time
qire and said board shall liz the salaries OF such
officers and agents.
L.. tn,
sChs named as corporatorS in the first section OF
Jlis act shall be authorized to meet and organize
said bank by the election of one OF their number
as president and vice president. and there
UPON shall proceed to elect such persons they
Shall select, 10 be added to their board Of managers
sd that the whole number of trustees, managers
including the president and vice president shall
exceed nine persons.
SEC. 3. And be it further enacted That this cor
ptrat0n shall make annual report TO Congress of
their funds and Investments. Said returns shall
specify the following particulars, namely: The
amount invested iii bank stock and deposited
bank interest amount secured by bank stock;
aInount invested in public funds loans on security
OF public funds; loans mortgage of real estate;
loans personal securities; amount OF cash
HAND total dividends of the year annual expenses
OF the institutions; all Of which shall be certified
and sworn to by the treasurer; and five of
the managers shall also certify and make oath that
tine said return is correct according to their best
knowledge and belief.
SIC. 8. And be it further enacted, That the books
OF said corporation shall, at all times during their
animation to the Comptroller of the Currency or
ds.postors.
SEC. II. And he it further enacted That said cor
I'oration HAY make bylaws for the more orderly
management of their business, not repu.nant to
lt.w; may have common seal, which they NAV
change at pleasure: that all deeds, grants coven-
ants and agreements, made by their treasurer, or
any other person by their authority, shall be good
and valid; and said corporation shall have pow TO
she and may he sued defend and be held to an
sFwer, by the name aforesaid.
SEC. ii. And he it further enacted That the said
hTnI III FL,
tine clerk of the supreme court Of the District 10 he
approved by of the judges OF the SAID court to
tlc Unit states, i'll the penal sum OF two hundred
Thousand dollars, with a condition to pay and 10
Satisfy 10 every dcpostor or person entitled, such
gum III" party may be entitled TO- within thirty
days after such deposit shall be demanded; and
which bond may he sued by any deppsitor OF per
Son entitled after such demand and refusal to pay;
and that tic said supreme court shall have mower
10 rcqIIre new bond, and new security at ANY
time they may deem 1t necessary for the interest
pi parties interested.
SEC. y. And belt further enacted, That Congress
thau. nj all uidrs, possess the power 10 .te.,
ameud. repeal tins act.
/ approved, May -, 1870.