Barbour County index., 1882-06-01
Provision. of the Banking Bill.

Il
The bill to enable the national bank
| ing associations to extend their corpor-
ate existence as it passed the house,
provides that any national banking as
sociation may at any time within two
years next previous to the date OF the
expiration of its corporate existence
under the present law, and with the
approval of the comptroller of the cur
rency, extend its period of succession
by amending its articles Of association
for a term of not more than twenty
years from the expiration of the period
of succession named in said articles OF
the association, and shall have the sue
cession for such extended period unless
sooner dissolved by act of the share
holders owning two-thirds of its stock,
or unless its franchise becomes forfeit
ed by some violation of law. Such
amendment TO the articles of association
must be authorized by a consent in
writing of shareholders owning not
less than two-thirds of the capital stock
of the association.
Section refers to the duties of the
comptroller of the currency in the
premises, providing for a special ex.
animation into the affairs of each asso-
citation, should he deem it necessary.
Section has reference to the juris-
diction of suits by or against the ma
tional banking associations, placing
such suits on the same footing in re-
spect to Jurisdiction as the suits by or
against private banks.
Section 5 provides that when any
national banking association has amend
ed its articles of association, as provid-
ed in this act, and the comptroller has
granted his certificate of approval, the
shareholder not asserting to such
amendment may give notice in writing
to the directors within thirty days
from the date of the certificate of ap-
proval, Of his desire to withdraw from
said association, in which case he shall
be entitled to withdraw the value of
the shares 80 held by him
Section 6 provides for the issuing of
new circulating notes to take the place
of the old.
Section z has reference to such banks
as do not desire to extend their char
ters and extends the franchises of such
associations for the sole purpose of
liQuidating their affairs, until such af-
fairs are finally closed.
Section 8 is in the following words
That national bank now organized
or hereafter organized, having a capital
of $4,000 or less, shall not be required
to keep or deposit with the treasurer
of the United States, United States
bonds in excess Of 10000 as security
for their circulating notes, and such of
these banks having on deposit bonds in
excess Of that amount, are authorized
to reduce their circulation by depoist
of lawful money as provided by law.
Section 10 provides that any national
banking association, now organized, or
hereafter organized, desiring to with
draw its circulating notes upon deposit
of lawful money with the treasurer of
the United States, as provided in Sec
tiOn four of the act of June 20, 1874,
entitled an act fixing the amount of
United States notes, providing for the
redistribution of national bank cur
rency, and for other purposes, shall be
required to give ninety days notice to
the secretary of the treasury of its in.
tentiOn to deposit lawful money and
withdraw its circulating notes, pro-
vided not more than $5,O0O,00O of law
full money shall be deposited during
any calendar month for this purpose
and, provided further the provisions of
this section shall not apply to the
bonds called for redemption by the secre-
tary of the treasury, but when the bonds
are called for redemption the banks
holding such called bonds shall surren-
der them within thirty days after the
maturity Of their call.
Section IL provides that on the de-
posit of bonds the association making
the same shall be entitled to receive
from the comptroller of the currency
circulation notes equal in amount to 80
per cent Of the current market value,
not exceeding the par of United States
bonds so transferred and delivered, ana
repeals sections 5,171 and SIG Of the
revised statutes.
The concluding sections reserves the
right to congress at any time to repeal
the act and acts Of which it is amenda-
tory.