New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-15
PUBLIC No. eo.7
AN ACT to incorporate the National Union Sayin
Bank OF the District OF Columbia.

AN ACT to incorporate the National Union SAVING
Bank OF the District of Columbia.
Be it enacted by the Senate and House Of Reprd
sentatives of the United States of America in Cols
@ress assembled. That George II. Plant, William !
Huntington, Lewis Clephane. II: A. Willard, GeOrgs
". Adams. S. p. Brown William Stickney, 3.
Snyder, a. L. Sturtavant, j. H. LathroH
Nathaniel Wilson, R. D. Mussey, zenas 3
k osnmh Mald mel D. IGad Ewa dwarf Smm
William IL. Philip, Alexander r. Shepherd, WilGaa
p Dole, Hugh McCulloch and Mathew g. Emery al
hereby created, and their successors and assign&
shall be, and they are hereby declared TO be- GOD
polite and corporate, by the and stye Of m
the National Savings Bank of the District q Colus1
bl, and ny that name shall have success Ion and u
capable in law to and be sued, pie .,d and he II
pleaded. answer and be answered. defend and be a
tended in all courts of law and. equity, and elsl
where: to make and to Use Common seal and tfA
sane TO alter or renew at Pleasure, and generally
10 do and perform AL things relative to tie obetf
81 li,is INSTITUTION which is now or shall he lawfaI
for any individual or body polite or corporate 70 Co
SEC. 2. And he it further enacted That the of.
GERS OF said corporation shall consist OF president
| and vce.presdent, who, together with seyen trus
tees, shall constitute board of managers four ii
whom ii the president Or vice president be pgesen
shalI constitute legal meeting OF such board ID
the transaction of business.
SEC. ). And be it further enacted, That said CO.
polatlon shall meet annually in the month OK Apr
and rs much oitener as they may judge expedited
and any seven members of said CORPORATION, III
president secretary or treasurer being one, slE1
| be quorum, and the said corporation At the5
annual meeting shall have power TO eled
| president and a treasurer, Who shall gd1
| nond III the sum of ten thousand do!a4
| for The faithful discharge of the duties OF b
once. and all such other officers may be (eeme
necessary: which officers shall continue il otl@
one year, and until others choson IN their stea&
ana AL officers so chosen shall be under oath 70 III
la'htui discharge of the duties Df their othcet
| respectively,
SEC. I. And he it further enacted That said corS
| ration may receive on deposit Tor tie use ans
benefit OF the depositors, all sums oh money offered
Ter that purpose. All such sums MAY be invested
Ill the stock of any bank Incorporated ~ Congress
l.,o rrtfa ~
may he loanedon bonds notes, with collateral Sd
cGity Of the stock of such banks alt net lno-e thai
ninety per ccutum of its par value or thev NAV ID
invested AT lin the public funds OF tie, United
States, Of the several States. loaned ora edg!
OF any OF said funds, or invested in loans on nor
cages ~ real estate Provided. Ehat the Wh0ad
amount of stock held by tine institution at one tmd
III any ore bank both by way of aninvest lt.e and
q surety for loans shall not cxcerd ole-t.af Cd
the capital socI, of such bank and that nor nerd
ylIau tIleeqaYtcrs uf<he whole SHIN demos ted n
III" institution shall he ut any time ive s;ed IN
mortgages or real estate The Income or oterest
OF alLdcposits shall be divided among +Ie ,eposi.
I"I', or tcIr legal representative accortg 10 the
terms 81 Interest stipulated; and the p,iucipal
may be withdrawn at such times on in smell uiapne1
as ti;e corporation shall III its by-laLSs direct
SEC. 8. And he il further enacted That 10 off{
Ger. director. or committee charged with he lutl
o. investing the deposits shall borrow am crtio
thereof or use the same, except in pavnel. Of til
expenses OF the corporation: and If any OiiceT
director. agent, or other person connected viii
st1t bdNk. and interested with ulie fulis dt
posts thereof, shan embezze or ftaudu!e1tlv cor
vert the same To his own use, he shall he deelne
gulity OK larceny and shall ON conviction ,hereG
~ any court competent try tile oteuse. oe III
lhlSoned IN the penitentiary not less than one no
more than ten Years. 0xS
SEE. g. And be il further etuacted Thai
the subordinate officers and aEsel!ts If SAID
corporation shall respectively t1ve such e
ct,rity fox their fidelity -and gold conduct a.
the board of managers may from time - -ime re
itire. and said board snail fix the SALARIES OF sue1
officers and agents.
SECS. And be II further enacted That The per
SONS named coI1lorators in the first section o.
this act shall be authorized TO meet and organize
said bank by the election Of one Of tleir nJn0ef :.
president aud one as vice-presd dent, and here
upon shall proceed to elect such persons as Theg
shall select to be added to their osid of managers
that the whole number of TRUSTEES, or manager.
including the president and viceprt Gent, shall ao'
exceed nine persons.
SEC. 8. And be it further enactedJ That this GU
poration shall make annual report 10 CongressoMt
their funds and Investments Sail returns s. a
specify the following particulars namely; il INC
number of depostOrs; total amount OF depos'ts,
amount invested in bank stock add deposited ~
bank on interest; amount secured by bank stot,h,
amount invested in public funds: lIals on security
of public funds; loans mort1agd real eslate,
loans on personal securities: amojlut OF cash Oh
hand; total dividends Of the year annual expenses
OF the iLstituIion all Of which shll be eert'pe"