Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1882-07-06
THR NATIONAL BANK CHARTER
BILL.

WHICH paSSou the 0cuaLe To-Day:
AN ACT to enable National Banking aszocia-
and for other purposes.
Be Il enacted, That any MISUNDERSTANDING
ary IS. 1863, June ) 1854, and February Il, 1850
or under Secs. 1873, 1874. 5l15, l36 and 5,l54
of the Revised Statutes of the United States,
may may az any time within two years next pre-
existence, under the present law and with the
approval Of the Comptroller of the Currency. to
be granted as hereinafter provided, extend its
period of succession, by amending its articles
of association, for term of not more than
twenty years from the expiration of the peri
Cd OF succession named In said articles OF as
ISOLATION, and shall have succession for such
extended period unless sooner dissolved by
act of the shareholders owning two-thirdS Of
its stock, or unless its franchise become for
feited by some violation of law, or unless here
after modified or repealed. @
of association shall be authorized by the con-
sent in writing of the shareholders owning not
less than twodhird a Of tho capital stock othe
cause such consent to be certified undef seal
of the association, by its President or Cashier,
to the Comptroller of the Currency, accompa-
MED by an application made by the President
Cashier for the approval Of the amended
artiles of associationby the Comptroller. and
be valid until the Comptroller shall give to such
association certificate under his hand and
seal that the association has complied with
and Is authorized to have succession for the
extended period named in the amended articles
of association. -@e7szsSs gse5-
SEC. 8. That, upon receipt of the application
and certificate of association provided for in
the preceding section, the Com ptroilef OF the
Currency shall cause a special examination to
determine its condition; and if, after such ex-
animation, or otAerwise. it appears to him that
said association Is In a satisfactory condition,
he shall grant his certificate of approval pro-
vided for in the preceding section; or, If 1t ap-
pears that the condition of said association is
not satisfactory, he shall withhold such certifi-
SEC. 4. That any association soextending the
period of its succession shall continue to enjoy
all the rights, and privileges and fmmunitfes
granted, and shall continue to be subject to all
the duties, liabilities and restrictions imposed,
by the Revised Statutes of the United States
1 Si e 20 ~
be in all respects the identical association it
was before the extension ofits period of sue
cession; prOUided, however, that jurisdiction
for suits hereafter brought by or against any
association established under any law provid-
ing for misunderstanding associations, except
suits between them and the United States and
It's officers and agents, shall be the same and
not other than the jurisdiction for suits by or
against banks not organized under any law of
the United States which do or might do a
banking business where such NatiOnal-Bank-
ing associations may be doing business when
such suits may be begun, and all laws and,
parts of laws of the United States inconsistent
with this proviso be and the same are hereby
repealed; and prouided, further, that no at
issued against such National Banking associa-
ton or its property before final Judgment IN
any suit, action, or proceeding in any State.
county, or munic pal court.
SEC. 5. That when any misunderstanding as
sociat1on has amended it's articles OF assoc1a-
ton as provided in this act, and the Comp
troller has granted his certificate of approval,
any shareholder not asserting to such amend
ment may give notice in writing to the Direc-
tors within thirty days from the date of the
certificate or approval of his desire to with
said
shall be entitled to receive from said banking
association the value of ths shares SO held by
committee of three persons, one to be selected
by SUCH shareholder. one by Director. and
ns s Ho sS @ S f in 5ns
such shareholder, he may appeal to the Comp
troller of the Currency, who shall cause re
appraisal to be made which shall be final and
binding and II said re-apprasal shah exceed
the value fixed by said Committee the bank
shall pay the expenses of said re-appraisal, and
penses; and the value SO ascertained and DE-
termined shall be deemed to be a debt due, and
be forthwith paid to said shareholder from the
said bank; and the shares SO surrendered and
eppeSdsed shall, after due notice, be sold at
public sale within the thirty days. after final
s ~ snis asso
citation intended to replace any existing bank
ing association and retaining the name there
citation shall be entitled to preference in the
allotment of the shares of the new association
in proportion to the number of shares held by
them respectively in the expiring association.
SEC. s. That the circulating notes of any as
sociation so extending the period of its success
SIGN which shall have been issued to il prior to
such extension shall be redeemed ut thefreas-
nry of the United States, as provided in Sec.73
Of the act of June 90 1874, entitled !" An act
viding for redistribution of National Bank
currency, and for other purposes, azid sflch
notes, when redeemed, shall be forwarded to
the Comptroller of the Currency and destroyed
as now provided by law. At the end of fhree
years from the date of the extension ct 1.-THE
corporate existence s e,ch bank, the ass5c,a-
ton so extended shall deposit lawful money
with the Treasurer of the United STATES su!h-s
cient to redeem the remainder of the circula-A
ton which Was outstanding mt the date of its
extension. provided for in Secs. i, ~. and
5,24. and S, 225 of the REVISED Sratuues, and any
gain that may arise from a failure TO preseht
inure to the benefit of the United States, and
from. time to time as such notes are re-
deemed, they shall be replaced by new circu-
proved by the Secretary OF the Treasury, as
shall make them readily distinguishable from
the circulating notes heretofore issued; pro
Uiled, however, that each banking association
which shall obtain the benefit of this act shall
reimburse to the Treasury the cast of prepar-
ing the plate or plates for such new circulating
notes as shall be issued to it.
SEC. Z. That misunderstanding associations
whose corporate existence has expired or shall
selves of the provisions of this act shall be re-
CURED to comply with the provisions OF Secs.
5.22l and 8, ri OF the Revised Starufes in the
same manner as If the shareholders had voted
to go into liquidation. as provided in Sec 40
OF the Revised Statutes. and the provisions of
Secs. 5.2A and 5,2e5 of the Revised Statutes
shall also be applicable to such associations,
except as modified bY this. act, and the tran.
chise of{such ASSOCIATION Is hereby extended
for the sole purpose of liQuidatng their affairs
until such affairs are finally closed.
SEC. s. That National Banks now organized,
or hereafter organized, having capital of
$I0O.0oO or less, shall not be required to keep
on deposit or depositwfth the Treasurer of the
United States United States bonds in excess OF
one-third of their capital stock as security
for their circulating notes; and Asnch
of those banks having on deposit
bonds in excess of that amount are
authorized to reduce their circulation by the
deposit of lawful money as provided by law;
aforided, that the aulonnt of such circulating
notes shall not In any case exceed ninety per
cent of the pac value of the bonds deposited
as herein provided: provided, further, that all
National Banks which shall hereafter make
deposits of lawful money for the retirement in
full of their circulation shall at the time of
their deposit be assessed for the cost of trans
porting and redeeming their notes then out
standing sum equal to the average cost of re-
denption of National Bank notes during the
preceding year, and shall tn ereupon pay such
assessment and all National Banks hleh have
heretofoF or shall hereaf tier make deposits of
lawful money for the reduction of their ctrcu-
iation shall be assessed and shall pay the as
sessment in the manner specified in Sec.