Evening star. [volume] (Washington, D.C.) 1854-1972, 1876-01-19
The Freedman's Savings Bank.
IN AMENDATORY BILL PASSED BY THE
SENATE.

AN AMENDAToRY BILL PASSED By THE
SENATE.
The bill to amend The act entitled "An act
amending the charter OF the Freedman's
Savings and Trust Company, aud for other
purposes" approved June TO- 1914, passed the
Senate to-day. 1t provides that In case OF
The resignation, death, or disability OF any
of the commissioners of the Freedman's
Savings and Trust Company, their sur vivors
or survivor shall be invested with the pos
session and legal title to all the property of
said company. and the said act OF June 20,
1s74, and shall have all the rights and per-
form all the duties that were conferred upon
the three commissioners mentioned In said
act: Provided, That IL all of said commits
sioners shall resign, die, or become disabled
before the final execution OF their trust, then
the Secretary of the Treasury shall appoint
posed by this act and the act to which it is
amendatory, who, upon giving a bond TO the
amount OF 500, 600, and taxing the neces-
sary oa1 gs,s snail ad oe invested with the
same duties that were conferred and
enjoined upon the three commiss toner's.
DEAN upon S the
commissioners, the survivors or Survivor
shall give new and separate bonds, or a
bond, in the penal sum OF 100000. The Sec
rotary of the Treasury Is authorized,
il, in his jud gment, not detrimental to the
trust imposed upon them, to accept the res
commissioners or commissioner, with the
approval OF the Secretary of the Treasury,
shall have the right to compromise debts
due to and liabilities of the company, and to
sell any OF the property of said Company as,
In their or his judgment, they or he may
deem best, and to buy in any property which
may be offered for sale. Whenever said COM
missioners or commissioner shall be pre-
pared to make a dividend to the deoositors,
the United States Treasurer shall, at their
Of The United States, located in eacR of the
cities where the several branches o. the
Freedmans Savings and Trust com
10 pay the depositors of sid branch
The commissioners or commissioner may
prescribe such form as they or he may deem
right and proper for the depositors 10 trans
fer their claims; but no assignment of s-ch
claims shall be valid unless it is signed by
the depositor, or, If dead, by his legal repre-
sentative, and is accompanied by the pass
book, or other evidence OF the company's in
deDtedness, or the certificate OF the commits
sioners or commissioner IN lieu thereof. The
commissioners or com missioner shall be au-
thoriZed, at the option OF the creditors of the
company, upon the surrender of the pass
books, or other evidence of the company's
Indebtedness, to issue certificates of inde0t-
ness, payable to the order of the respective
depoSitors, or their assigns, which certifI-
Gates shall state the amount due the claim
ant, the number OF the deposit az
count upon which each is based, and
the name OF the branch from which
the account was reported to them; said
certificates shall take the place, and be OF
the same value and effect as the pass books
rendered; and that said commissioners or
commissioner shall issue certificates of in
debtedness and make payments to those de-
positors only whose pass books have been
properly verified and balanced, unless said
pass books have been lost or destroyed; then
upon satisfactory proof OF such loss or de-
structiou, and the amount due them, they q;
he may issue certificates of indebtedness am,
pay as though they had pass books; but all
claims not presented 10 the commissioner
or commissioner for examination and audit
within three years from and after the pas
sage of this act as well as all dividends de
within three years from the date of their de-
clarstion, shall be barred, and their
amounts shall inure TO the benefit OF
the other dCpOSitOrs of the cOmDanv.
The commissioners or commissioner are
hereby authorized and directed, by consent
Of the Secretary of the Treasury, TO employ
some suitable and proper attorney at-Iaw
10 look into and investigate the manner in
which said company has been managed by
its Trustees and others having control of the
same; and II. in the Judgment Of said attor-
ney, the affairs OF said company have been
m1snanaged or managed fraudulentiy and
corruptly, then, upon the advice of the said
attorney, and with the approval of the Sec
rotary OF the Treasury, they or he shall
cause such civil and criminal proceedings
10 be instituted in the courts against those
participating in said acknowledgement or
fraudulent and corrupt management as they
or he shall deem right and proper to attain
the ends OF justice. They or he shall pay
fees and COSTS OF sui IS and all Their proper ex-
penses out of the funds in their or his hands
as commissioner or commissioners aforesaid.
The commissioners or commissioner shall,
by the 18Th day OF each annual session Of
Congress, make written report to Con-
greSs; and, upon the final execution of their
trust, they or he shall render an account of
their receipts and expenditures to The Secre-
tary OF the Treasury, and, If found correct
the bonds or bond OF said commissioners or
commissioner shall be surrendered to them,