New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-06-13
consistent with these provisions be, and the
same are hereby, repealed.
Approved March g. 1873.
GENERAL NATuRE-NO. 81

GENERAL NATURE-NO. 81
An act to require national banks to restore
their capital when impaired, and to amend
the national currency act.
Be it enacted by the Senate and House OF
Representatives of the United States Of
America in Congress assembled, That all
national banks which shall have failed to
pay up their capital stock, as required by
law, and all national banks whose capital
stock shall have become impaired by losses
or otherwise, ehall, within three months
after receiving notice thereof from the Con
troller of the Currency, be required to pay
the deficiency in the capital stock by assess
ment upon the shareholders, pro rata, for
the amount of capital stock held by each;
and the Treasurer of the United States
shall withhold the interest upon all bonds
held by him in trust for such association,
upon notification from the Controller OF
the Currency, until otherwise notified by
him; and if such banks shall fail to pay up
their capital stock, and shall refuse to go
into liquidation, as provided by law, tor
three months after receiving notice from
the Controller, a receiver may be ap-
pointed to close up the business Of the assO-
citation. according to the PROVISIONS OF the
fitch section of the national currency act.
SEC. ,. That section ffty-seven OF said
act be amended by adding thereto the fol-
lowing: ''And provided further, that no
attachment, injunction or execution shall
be issued against such association or its
properly, before final judgment in any such
suit, action or proceeding IN any State,
county or municipal court
SEC. 3. That all banks not organized and
transacting business under the national cur
rency act, and all persons, companies or
corporations doing the business OF bankers,
brokers or savings institutions, except saw
ings banks authorized by Congress to use
the word national as part of their cor
porate name, are prohibited from using the
word national as portion Of the name
| or title of such bank, corporation, firm or
partnership: and every such bank, cOrpO-
national as a portion of their corporate
| title or partnership name six months after
! the passage of this act, shall be subject TO a
! penalty of fifty dollars for each day there
| after in which such word shall be employed
| as aforesaid as part of such corporate name
| or title, such penalty to be recovered by
| action in any court having jurisdiction.
SEC. 4. That it shall be the duty of the
Controller Of the Currency to cause to be
examined each year the plates, dies, but
pieces, and other material from which the
| national bank circulation is printed in
| whole or in part. and file in his Office an
| nually correct list of the same; and such
! material as shall have been used in the
printing Of the notes Of national banks
| which are in liquidation, or have closed
| business, shall be destroyed under such
| regulations as shall be prescribed bv the
Controller Of the Currency and approved
by the Secretary Of the Treasury; and The
expense of such examination and destruc
tion shall be paid out OF any appropriation
made by Congress for the special exami
nation Of national banks and bank plates.
Approved March 3, 1873.