The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-04-23

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GENERAL NATURE--No. 97.[ ss5
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, shall, within three months
after receiving notice thereof from the
Comptroller Of the Currency, be required
to pay the deficiency in the capital stock
by assessment 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 assocl-
alton, upon notification from the Comp
troller of the Currency, until otherwise
notified by him |; and if such banks shall
fail to pay up their capital stock, and shall
refuse to 60 into liquidation, as provided by
law, for three months after receiving notice
from the Comptroller, a receiver may be
appointed to close up the business of the
association, according to the provisions of
the fiftieth section of the national-currency
act.
Sec. 2. That section fifty-seven of said
act be amended by adding thereto the fol-
loving; And provided further, That no
attachment, injunction, or execution shall
be issued against such association or its,
property, before final judgment in any such
suit, action, or proceeding in any State,
county or municipal COURT W. .ssgiei
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
ing-banks authorized by Congress to use
the word nationaP1 as a part of their cor
porate name, are prohibited from using the
word : national" as q portion of the name
or title of such bank, corporation, firm, or
partnership and every such bank, corpo-
ration, or firm, which shall use word & ma
tionaF' 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 many court having jurisdiction.
SEC. 4. That it shall be the duty of
the Comptroller 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
annually d 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 by the
Comptroller of the Currency and approved
by the Secretary of the Treasury; and
the expense of such examination and de-
struction shall be paid out of any appro-
priation made by Congress for the special
examination of national banks and bank
plates.
Approved, March 3. 1873.