New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-24
Approved, May "a, 1873.
IPuBLIc No. 69.l
r = IFUBLIC No U5
AN ACT to incorporate the National Union Saving
Bank Of the District of Columbia.

| AN ACT to incorporate the National Union Savings
| Bank Of the District of Columbia.
Be it enacted by the Senate and House of Repre-.
gress assembled. That George H. Plant, William 5.
Huntington, Lewis Cl-phane. II: A. Willard George
| W. Adams, S. p. Brown, William Stekney, b. p.
Snyder. A. L. stnrtayant:. J. II. Lathrop,
Nathaniel Wilson. I. D; Mussey, Z'nas c.
o sI William Todd Edward W Smms
William H. Philip, Ale xander r. Shepherd, William
| p. Dole, Hugh McCulloch and Mathew g. Emery are
hereby created, and their Successors and signs
shall be- and they hereby declared to be, body
polite and corporate by the name and style OF the
the National savings Bank OF the District OF Coin-
capable in law to sue and be sued, plead and he i'm
pleaded answer and bc answered defend and be de-
tended in all courts Of law and equity, and else
where to make and to use a common seal, and the
same to alter renew at pleasure; and generally
to do and perform all things relative to the object
OF this nstit utiOn which is now shall be lawful
for any individual or body polite or corporate to do
SIC. 2 And be it further enacted That the Off
GERS of said corporation shall consist of president
and vice president, who together with seven trus-
tees shall constitute board of managers, four of
whom, if the president Or vicepresident be present
shall constitute Il legal meeting of such board for
the transaction OF business.
SEC. , And be it further enacted, That said cor
poration shall meet annually in the month OF April
and as much Oftener as they may judge eSpedicnt
| and any seven members of said corporation, the
be q quorum. aud the said corporation at their
annual meeting shall have power to elect
a president and treasurer. who shall give
for the faithful discharge of the duties of his
office, and all sueh other officers may be deemed
necessary; which officers shall continue in Office
year, 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,
SEC 4. And be it further enacted. That said cOrpo-
ration may receive on deposit, for the use and
benefit OF the dcpostOrs all sums OF money offered
for that purpose. All such SIMS may be invested
in the stock of any bank incorporated by Congress,
or may be loaned on interest TO any s!Ich bank or
curly Of the stock of such banks at not more than
ninety per centuns of its parvaue, they may be
States of the several states. or loaned on pledge
OF 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 time
i'll any one bank both by way of an investment and
as surety for loans shall not exceed one-haif o,
the capital stock OF such bank and that not moro
than three-Quartcrs OF the whole deposited i'll
the institution shall be ut any time invested i'll
mortgages of real estate The income or interest
of all deposits shall be divided among the deposit
TORS their legal representatives according to the
terms of interest stipulated; and the principal
as The CORPORATION shall in its bylaws dire.
SEC. 5. And he it further enacted, That Off
Ger, director, or committee. charged with the duty
OF investing the deposits shall borrow any portion
thereof or use the same, except in payment of the
expenses of the corpora ton; and if any officer,
director, agent, other person connected with
posits thereof shall enIbezzle or fraudulently con-
vert the same to his own use, he shall be deemed
sy any court competent to try the otfense. be ini
pIisoned in the penitentiary not less than nor
SEC s. And be it further ENACTED, That
the subordinate officers and agents of said
corporation shall respectively give such
clrity for their fidelity and good conduct
the board of managers may from time to time
quire, and said board shall fix the salaries of such
officers and agents.
SEC I. 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
hon 1px-t
as president, and one as vice-presdent, and there
upon shall proceed to elect such persons they
shall select, to be added to their board of managers
SO that the whole number of trustees, managers
including the president and vice president shall not
exceed nine persons.
SEC. g. And be it further enacted That this cor.
pOration shall make annual report to Congress of
their funds and Investments. said returns shall
humber of depositors; total amount of denosits:
amount invested in bank stock aud deposited i'll
bank on interest; amount secured by bank stock;
amount invested i'll 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. g. 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
pOratOn may make by laws for the more orderly
management of their business, not repugnant to
law; may have q common SEAL which they may
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 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
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
the United States, in the penal sum of two hundred
dollars, with 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 require a new bond, and new security, at any |
time they may deem it necessary for the interest
OF parties interested. |
SEC. Il. And be it further enacted That Congress
shall, at all times, possess the power to alter, |
amend, repeal this act. |
approved, May "a, 1870 |