National Republican., 1876-01-20
The PREEDMAN's BANK.
The Amendatory Bin Passed by the Senate
Yetterdsy.

The bill to amend the act entitled An act
amending the charter Of the Freedmans Savings
and Trust Com any, sn1 for other purposes" ap-
proved June 10, 1874, passed the Senate yester-
day. 1t provides that in case OF the resignation,
death or disability Of a3y OF the commissioners Of
the Freedman's Savings and Trust Company,
their survivors or survivor shall be invested with
the possession and legal title to all the property
of said company, and shall have all the rights
and Ierform all the duties that were conferred
upon the three commissioners mentioned In said
act: Provided, That If all Of said commissioners
shall resign, die or become disabled before the
final execution Of their trust, then the Secretary
Of the Treasury shall appoint Q commissioner to
perform the duties imposed by this act and the
act TO which II is amendRtory, who, upon giving
bond to the amount uf 100000, and taking the
necessary oath, shall be invested with the same
were conferred and enjoined upon the three COM
missIoners. That Immediately upon the resig
nation, death or disability Of any OF the present
commissioners. the survivors or survivor
shall give new and separate bonds, or q
bond, in the penal sum Of $100, 900. The Secre-
nary S Ie no rs y, tSs T.
upon them, to accept the resignation Of any OF the
commissioners. Said commissioners or commits.
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
and to buy in any property which may be offered
for sale. Whenever said commissioners or COM
fss De % seass
SHALL at their or his request, place In one OF the
repositories Of the United States, located in each
Freedm1n's Savings and Trust Company were To-
Gated an amount SUFFICIENT to pay the depositors
Of said branch; Ihe cSmmissioners 9d OF r commits on mi
deem right and proper for the depostors to trans
fer their claims; but no assignment Of such
claims shall be valid unless 1t Il signed by the
depositor, or, II dead by his legal representative
and is accompanied by the pass-book or
other eyieence Of The eOmPany's indebted
sioners or commissioner in lieu thereof. The CON-
missioners or commissioner shall be authorized,
at the option Of the creditors of the company,
dence Of the company's Indebtedness, to issue
certificates of Indebtedness, payable to the order
which certifcates shall state the amount due he
claimant, the number Of the deposit account 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
same value and effect as the pass-bo and other
that said conmissIopefs or Commissioner shall
issue certificates of Indebtedness and make pay
ments to those depositors 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 destruc-
tion, and the amount due them, they or he may
though they had pass-books; but all claims not
presented to the commissioners or commissioner
and alter the passage Of this act, as we'll as all
dividends declared upon audited accounts not
called for within three years from the date of
their declaration, shall be barred, and their
amounts shall inure to the benefit of
the other depositors OF the company. The
commissioners or commissioner are hereby au-
thoriZed and directed, by consent of the Secre-
tary Of the Treasury, to employ some suitable
and proper attorney-at-l TO look into and in
yestig6te the manner in which said company has
been managed by Its trustees and others having
control OF the same; and If in the Judgment of
said attorney the affairs of said company have
been mismsn snaged or managed fraudulently and
cOrTuptly, then, upoA the advice of the said at
torney. and with the approval of the Secretary
of the Treasury, they or he shall cause such
civil and criminal proceedings to be instituted In
the courts against those participating in said mis-
or fraudulent and corrupt manage
ment as they or he shall deem right and proper
to attain the ends Of justice. They or he shall
pay fees and costs Of suits and all other proper
expenses out OF the funds in their his hands as
or commissioners aforesaid. The
or commissioner shall, by the
tifteenth day OF each annual session of Congress,
make a written report to Congress, and upon the
final execution Of their trust they or he shall
render an account Of their receipts and expsnd-
itures TO the Secretary of the Treasury, and, If
found correct, the bonds or bosd Of said commits
sioners or commissioner shall be surrendered to
them