The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1882-05-25
THE NEWS
THE NATIONAL BANKS
Provisions of the Bill to Extend Their
Charters.

| Provisions of The Bill tGs Extend Their
Charters
WASHINGTON, May 19.-The bill to
enable national banking associations u
| extend their corporate existence as il
| passed the house today, provides that
any national banking association may al
| any time within two years next previous
| 10 the date Of expiration of its Corporate
existence under the present Law, and
with the approval of the comptroller of
the currency, extend its period of sue
cessiOn by amending its articles of Asso-
citation for term of not more than TWEEN
~ years from the period of succession
named in said articles of association,
and shall have succession for such ex-
tended period unless sooner dissolved
by an act of the share holders owning
two-thirds of its stock, or unless its fran
C hise becomes forfeited by some viola
ton OF the law. Such amendment of ar
ticles of association must be authorized
by consent in writing OF the share hold
eTs owning not less than two-thirds of
the capital stock of the association.
Section 3 refers 10 the duties of the
comptroller of the currency in the preui-
Uses, providing for special examination
into the affairs of each association,
should he deem it necessary.
Section 4 has reference To the jurisdic-
ton of suits by or against national
banking associations, placing such suits
on the same footing i'll respect to juris-
diciiOn as suits by or against private
banks.
Section provides that, when any ma
tional banking association has amended
its articles of association, as provided in
this act, and the comptroller has granted
his certificate of approval, any share
holder not asserting to such amendment
may give notice in writing to the d.
rectors within thirty days from the date
of the certificate of approval OF his de-
sire to withdraw from said association,
in which case he shall be entitled To
withdraw the value of the shares so held
by him.
Section provides for issuing new
circulating notes to take the place of the
old.
Section has reference to such banks
as do not desire 10 extend their charters,
and 10 extend the franchise of such asso-
Citations for the sole purpose of liquidat-
ing their affairs until such affairs are
finally closed.
Section s is in the following words:
That a national bank now organized or
hereafter organized, having Il capital of
$l50,000 or less, shall not be required to
excess of $4,000 as security for their
circulating notes. and such of those
banks having on deposit bonds in excess
OF that amount are authorized to reduce
their circulation by the deposit of law
full money as provided by law.
Section 10 provides that any national
banking association now organized or
hereafter organized desiring 10 withdraw
its circulating notes upon the deposit OF
lawful money with the treasurer of the
United States, as provided in section 4
of the act of June 20, 1874, entitled ian
act fixing the amount of United States
notes, providing for the redistribution
of national bank currency and for other
ninety days notice 10 the secretary of
the treasury of its intention to deposit
lawful money and withdraw its circu-
latinS notes; provided, that not more
than So, 000,0 900 of lawful money shall
be deposited during any calendar month
for this purpose; and provided further,
that the provisions of this section shall
not apply to bonds called for redemp-
ton by the secretary of the treasury, but
when bonds are called for redemption
banks holding such called bonds shall
surrender them within thirty days after
the maturity of their call.
Section IL provides that on deposit of
bonds the association making the same
shall be entitled to receive from the
comptroller of the currency circulating
notes equal in amount to 80 per cent. of
the current market value, not exceeding
par, of the bonds SO transferred and de-
livered, and repeats sections 5,172 aud
5,176, revised statutes.
The concluding section reserves the
right to congress at any time to repeal
this act and acts of which it is amenda-
tory.