New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-22


SEC. a. And be it further enacted, That all the
provisions of the act incorporating the Washington
and Georgetown Railroad Company, requiring re-
ports of expenditures, earnings, and otherwise,
Shall beapp!icable TO the company herein incor-
porated, which shall make reports as i'll said act
SEC. a. And be It further enacted, That all acts
and parts Of acts heretofore passed Which are in
consistent with any Of the provisions OF tis act oe
and the same are, for the purposes OF this act,
hereby repealed, far as the same are Inconsistent
herewith.
.,a u- IPuBLic No. 6S.1 r
AN ACT to incorporate the National Union Savings
Bank OF the District OF Columbia.
sentativcs of the United states OF America in Con
gress assembled, That George II: Pant, William s.
Huntington. Lewis clephane, H. A. Willard! George
s S DEANS T. l. p ss"rtsvan.. !. IL Eatirop,
Nathaniel Wilson, R. D. Mussey, zenas {.
Robbins William Todd f HsnrT w sMms,
william H. Philip, Alexander K. Shepherd, William
T. Dole, Hugh McCuoch and Mathew 6. Emery are
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
bin and by that name shall have success sion and ne
capable in law TO and be sued plead ana he I'M
pleaded answer and lie answered. defend and be de
Tended, in all courts CT law and equity, and else
where; to make and tc use u common seal and the
same alter renew Mt pleasure; and generally
to DO and perform all things relative 10 ne object
of this institution, which is now or shah he lawful
for any individual or body polite orceJorate to do
SEC. D. And be it further enacted, That the OH.
GERS of said ccroratienvhall consist Of president
and vicepresident, who, together VITA seven trus.
tees, shan constitute board OF managers, four OF
whom, fthe president or vice-presdent be present
shall constitute legal meeting OF such board Tor
the transaction Of business.
SsC. ). Ard he it further enacted, That said cor
poration shall meet annually IN the month OF April
ard as much oftener as they may judge expedient
and any seven members OF said corporation the
president, secretary or treasurer being one shall
a. hk.ll
annual meeting shall have power. to elect
q president and treasurer, who shall give
fond a hs of fe Of se dntes o hrs
office, and all such other officers as may he deemed
necessary; which officers shall continue IL office
year, and until Others are chosen in their stead
and ali officers chosen shall be under oath to the
faithful discharge Of the duties OF Their ofnces
respectively, ESQ.
ration may receive on deposit, for the use ind
beneti. OF the depostors all sums OF llo,ey offered
for that purpose. All such SUMS may DE invested
in the stock any bank Incorporated BY Congress-
or may be loaned on interest to amy such bank or
may he loaned on bonds or notes With colla1erai Sc
cuIity OF tie stock of such banks at not more ian
ninety per centun of its par value they may be
invested At I'm the public funds OF the United
States of the several States, loaned on pledge
of a,ly OF said funds or invested loans mort
cages o. real estate: Provided. That the Whole
amount OF stock held by the institution at one time
in any bank. both by way Of an investment aud
as surety for loans. snail not exceed one-af o,
the capital stock OF such bank and that not more
the institution shall be at any one time invested ~
mort ga yes of real estate. The income or interest
OF all deposits shall be divided among the deposi-
tors their legal represen tatives according to the
terms of interest stipulated ana tie principal
may lie withdrawn at such times or in such manner
as the corporation shall i'll its bylaws direct.
SEC s. And lie it further enacted, That no Off
Ger, director, committee, charged with the duty
OF investing the deposits shall borrow any portion
thereof, use the same except i'll payment OF the
expenses Oh the CORPORA tloIE and II any othcer,
director agent. or other person connected with
said bank. aud interested with the IIlnds or de-
posts thereof shall embezzle trauduiently con-
vert the same to his own use he shall he deemed
guilty of larceny, and shall, on CONVICTION thereof
by any court competent 20 try the otfense be I'M
prisoned i'll the penientary not less than one nor
SEC g. And be it further ENACTED, That
corporation shall respectively give such Sc
| culity for their fidelity and good conduct as
the board Of managers may from time to time re-
quire, and said board slal fix the salaries Of such
officers aud agents.
SEC :. And he it further enacted That the per-
sons named as corlorators in the first section Of
this act shall be authorized to meet aud organize
said bank by the election of one Of their number
president ami one vice-president and there
upOu shall proceed to 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 president, shall not
exceed nine persons.s
SEC 8. And be it further enacted, That this cor.
pOratOn shall make an annual report TO Congress OF
their funds and Investments said returns shall
specify the following particulars, namely: The
number OF depOSitOfS; total amount of deposits;
amount invested III bank stock and deposited in
bank 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
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 Of
the managers shall also certify and make oath that
the said return is correct according TO their best
knowledge and belief.
SEC 8. 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
deposit3nrs IT,, ..,
poraton may make by laws for the more orderly
management Of their business, not repugnant 10
law; may have q common seal, which they may
change at pleasure: that all deeds, grants, cover
ants, and agreements made by their treasurer or
any other person by their authority, shall be good
and valid; and said corporation sau have power to
sue and may be sued, defend and be held to an
swer BY the name 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 lie
approved by of the Judges Of the said court to
the United States in the penal sum of two hundred
satisfy to every deposition person entitled such
sum as the party may he entitled to- within thirty
days after such deposit shall be demanded and
which bond may he sued by any depositor or per
entitled after such demand and refusal to pay;
and that the said supreme court shall have power
to require a bond. and new security at any
time they may deem it necessary for the interest
of parties Interested.
SEC IL. And lac it further enacted. That Congress
SHALL at all times. possess the power to alter,
amend repeal this act
Approved, May "a, 1870.