New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-09-07
fPUBLIC No. GEL

lbLiC w. w.
an ACT 70 incorporate the National Union Savings
bank OF the District of Columbia.
Be it enacted by the Senate and House of Repre-
sentatives Of the United States Of America in Con-
Huntington, Lewis Clephane, H. A. willard, George
W. Adams, S. P. Brown, William Stiekney, B. p.
kssbns w MsEn Rodd nns Edward 7es snms
Wa f lanes r. sh afnsS Wa
p. Dole, Hugh McCulloch and Mathew G. Emery are
hereby created and their successors and assigns,
shall be and they are hereby declared to be, body
polite and corporate by the and style OF the,
The National Savings Bank of the District of Column
bia and by that name shall have succession and be
capable il law to sue and 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
t" do and perform all things relative to the object
OF this institution which is now shall be lawful
for any individual or body polite corporate to do
SIC. O. And be it further enacted That the off,
and vice president, who together with seven trus-
tees shall constitute board of managers, four of
whom II the president vice president be present
shah constitute legal meeting Of such board for
the transaction OF business
SEC: 3. And be it further enacted That said cor
polatlon snail meet annually in the month of April
and as much oftener as they may Judge expedient
and any seven members of said corporation the
president, secretary or treasurer being one shall
be quorum, and the said corporation at their
annual meeting shall have power to elect
bond in the sum Of ten thousand e sha1 do Gase
for the faithful discharge of TIE duties OF his
Once and all such other officers may be deemed
necessary; which officers shall continue in office
one year and until others chosen in their stead
ana all ohcers SO chosen shall be under oath to the
IMthlul discharge OF the duties OF their Offices,
respectively,
SEC l. And be it further enacted, That said corpo-
Ialon may receive on deposit for the use and
oeneht OF the depOstOrs, all sums OF money offered
for that purpose. All such sums may be invested
IN the stock of any bank incorporated by Congress-
or may be loaned interest to any such bank or
may De loaned bonds notes with Hat
curty of the stock of such banks at not more than
hinesy Per centrum Of its par value or they may be
invested AT I'm the public funds of the United
States of the several States or loaned on a niedoa
OF any OF said funds or invested in loans on mort
amount Of stock held by the institution at one time
IN any one bank, both by way of an investment and
.he capital stock OF such bank, and that NOT moro
.han three-quarters OF the whole sum deposited in
of rs sha be at any one time invested IN
OF all deposits shall be divided among the denos;
,ors or Their legal representatives according to the
.edins OF interest stipulated; and the principal
may he withdrawn at such times OF in such manner
as tue corporation shall in it's bylaws direct.
SEC D. And be it further enacted That no off,
GER director, or committee charged with the dnfv
o. investing the deposits shall borrow any nor,ioH
expenses OF of use TN tne same except in payment OF the
director, agent, or other person Connected will,
SAD SUI oank and interested with the funds or de-
PosIVs thefeof shall embezzle or fraudulentlv con-
s ven, the same TO his own use he shall be deemed
LILLY S o. iarceny, and shall conviction thereof
more than ten Years. A0A
!, SEC g. And be it further ennacted. That
the subordinate officers and agents of said
ooi Eoiatlon SHAH respectively give such Sc
the board of managers may from time to time ra,
lure ana said board shall fix the salaries of such
oi.lcers and agents. $1,000
SEC. :. And be it further enacted Tho. .b
soi4s named as corporators in the first section of
i5 ict sn,il be authorized to meet and organize
H%lu pank by the election of one of their nnn,her
Is president, and one vice-president and there
S ion snali proceed to elect such persons as thew
'la select, TO he added their board of ,s
;" thar the whole number of trustees mr. rns,'ar'
icdAdng the president and vice president Shall mot
Exceed nine persons. N' ~ Aos
SEC. g. and be il further enac.e5 ,,,.. ~.
20 in stan make an annual report to Coueressof
I Iuias and investments. Said returns shall
lumber OF depositors; total amCnpt of 5enosits.
imonnt invested in bank stock and denoS;teJ in
5000 U ;.e,es,; amount secured by bank stock;
=, iHsested IN public funds; loans on security
u Pubic funds; loans mortgage of real estate:
and tn+ Pe J securities; amount OF cash
tnH; total dividends of the year; annual expenses
u .le INSTITUTIONS all OF which shall be certified
nv sworn 10 oy the treasurer; and five or more of
IN, SID shal also certify and make oath that
knowledge and belief "
= M y AND DC it further enacted That the books
60 T tu pofatlon shall at all times during their
ours OF business, be open for inspection and ex-
n,d;. 10 the Comptroller of the Currency OF
ssc: I'D. And be If further enacted That said cor
,a.a may make bylaws fer the more orderly
wv & OF their business, not repugnant to
j. Nv, lay nave a common seal, which they may
rs AZ pleasure; that all deeds, grants, c0ven-
MS .ld agreements, made by their treasurer or
~ otntr person by their authority, shall De sood
~, 40 nanu; and said corporation shall have power TO
ue ara may ne sued defend and be held TO an
wtr, by the name afOresiaid
Sac. u And be it. further enacted, That the said
20 poiaton snail hle bond, with security, VIII
c.erk OF the supreme court of the District, 10 10
ppIoved by one OF the judges of the said court y
&c United states in the penal sum OF two hundEo
,t'ss no dollars with condition to pay ANA saes
'isiS 70 every depOsitor person entitled s ~
: ~ as me party may be entitled to- within ~
.Ss after such deposit shall be demandeG r.
men bond may be sued by any depositerofS
~ emitted after such demand and refusal y -
~ mat the said supreme court shall haveke@ -
} require u new bond, and new secMlys ax -