The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1873-11-06
GENERAL NArURE-No. 97.1

TGgNERAL NArURE-Mo. 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 Repre-
sentGtives 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 al national banks
whose capital stock shall have become impaired
by losses Or otherwise shall, within three months
after receiving notice thereof from the Comp
troller of the Currency, be required to pay the
deficiency in the capital stock by assess
ment upon the shareholders, prorata, 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
Comptroller Of the Currency, until otherwise no.
tilted by him and if such banks shall fail to pay
up their capital STOCK aud shall refuse to go in
to liquidation, as provided ly law, for three
months after receiving notice from the Comp
troller. q receiver may be appointed TO close up
the business of the association, according the
provisions of the fit eth section of tie national
currency act.
SEC 2 That section ffty-seven Of said act be
amended by adding thereto the following; " And
provided further, That no attachment, injunction,
or execution shall De issued against such asso-
clatl0n or lis property, pelote hidi jug Hehe
i'll any such suit, action, or proceeding IN any
State county, or municipal COURT
SEC. That all banks not organized and
trausacting business under the acknowledgements
cy act, and all persons, companies, or corpora
lions doing the business Of bankers, brokers, or
savings ms ttutions, except saving-banks author
izeu by Congress 10 use the word ''nafiona as
part of their corporate name, are prohibited
from using the word national" as a portion Of
The name or title of such bank, corporation, firm,
or partnership; and every such bank, corpora
ton, or firm, which shall use word ''national
as portion of their corporate title or partner
ship name sig mouths after the passage OF this
act, shall be subject to penalty Of fifty dollars
70 each day thereafter in which such word shall
be employed as aforesaid part of such corpo
rate name or title, such penalty to be recovered
by actit n in any court having jurisdiction
SEC That it shall be the duty of the
Comptroller Of the Currency to cause to be
amined each year the plates, dies, bui-pieces and
other material from which the national bank cir
culaton IS printed in whole or in part and file
in his Office annually correct list Of the same !;
and such mat erial as shall have been used in the
printing of the notes of national banks which are
ii liquidation or have closed business, shall he
destroyed under such regulations as shall be
p, escribed by the CqHptroller of the currency
and approved by tn Secretary of the Treasury !;
and the expense Of such examination and de
sfruction shall he paid out of any appropriation
made by Congress for the specia examination OF
national banks and bank plates.
APPROVED, March 8, 1873