The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1882-07-01
THE BILL RECHARTERING NATION
AL BANKS.
WASHINGTON. Juno

which passed the Senate to-day;
AN ACT to enable MISUNDERSTANDING associa.
tons TO extend their corporate existence,
ana for other purposes.
BE u enact d, That any National Ranking
association organized under the acts of FebrII.
airy %; 1898, June 2, 1864, aud February IA 1880,
or under Secs. 5,133, 5,l34, 5.135, bI36 and 5l5l
Of the Revised Statutes of the United States.
may at any time within two years next Dra.
vIous TO the date Of expiration of its cooperate
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 q 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
It's stock, or unless its franchise become for
st Dy some violation OF law, or unless here
SEQ r. Thatsuch amendment of said articles
OF association shall be authorized by the con-
sent IN writing of the shareholders owning not
less than two-thlrds of the capital stock of tho
association, and the b )ard of Directors shall
cause such consent to be certified under seal
OF the association, by Its President or Cashier
TO the Comptroller of the Currency, accompa-
MED ian application made by the President
or Sashier for the approval of the amended
artiles OF association by the Comptroller, and
such amended articles of association shall not
be valid until the Comptroller shall give to SUI CHI
ASSOCIATION certificate under his hand and
seal That the association has complied with
all the provisions required to beEom piled with,
and Is authorized to have succession for the
EXTENDED period named in the amended articles
of association. "
SEQ. B. That, upon receipt of the application
and certificate of association provided for in
the preceding. section, the Comptroller of the
currency shall CAUSE special examination to
be made AT the expense of the association, to
determine its condition; and If, after such ex-
ANIMATION, or otherwise, it appears to him that
sald association Is in a satisfactory condition,
he shall grant his certificate of approval pro-
vided for in the preceding section; OF, if 1t ap.
pears that the condition of said association Is
not satisfactory, he shall withhold such certif-
cate of approval. rD' iI .rJW IIh'
SEC. 4. That any association 80 extending the
period OF its success on shall continue to enjoy
granted, and shall continue to be subject to all
the duties, liabilities and restrictions imposed,
by the Revised Statutes of the United States
ana 0thef acts having reference to National
Bank ng associations, and it shall continue to
be In all respects the identical association it
was before the extension of its period Of sue
cesslon; proutded, however, that jurisdiction
for suits hereafter brought by or against any
association established under any law provid-
ing l9r Natlonal- Banki1g associations, except
suits between them and the United States and
its officers and agents, shall be the same as aud
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
parts of laws of the United States inconsistent
with this proviso be and the same are hereby
repealed; and proufded, further, that no at
tachmeut, injunction, or execution shall be
issued against such National Banking associa-
ton or is property before final judgment in
any SUIT action, or proceeding in any State.
county, or municipal court
SEC. b. That when any National Banking as
soc Ion has amended its articles of associa-
ton as provided in this act and the Comp
troller has granted his certificate of approval,
any share-hJ lder not asserting to such amend
ment mny give notice in writing 30 the Direc-
tors. within thirty days from the date of the
aDDlnynl IN
draw from said association. in which case he
shall be entitled to receive from said banking
association the value of the shares so held by
him, to be ascertained by appraisal made by a
committee of three persons, one to be selected
by such shareholder, one by Director, and
the third by the first two; and I'm case the
value SO fixed Shall not be satisfactory to any
such shareholder, he may appeal to the Comp
uoller OF the Currency, who shall cause re-
binding and II said re-appraisal shall exceed
the yalue fixed by said committee the bank
shall pay the expenses Of said re-apprasal, and
otherwise the appellant shall pay said ex-
penses and the value so ascertained and de-
ternined shallbe deemed to be debt due and
be forthwith paid TO said shareholder from the
SAID bank; and the shares 50 surrendered and
appraised shall, after due notice, be sold at
public sale within the thirty days after final
appraisal provided in this section; prOuided,
that in the organization of any banking asso-
citation intended to replace any existing bank
ing association and retaining the name there
OF, the holders of stock In the expiring asso-
cha ion 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. t. That the circulating notes of any as
soclat on so extan ling the period of its success
sion which shall have been issued to il prior to
such extension shall be redeemed at the Treas
ury or the United States as provided in Sec
OF the act OF June 20 1874 entitled IAN act
liking the amount of United States notes, pro
wang Tor redistribution of National Bank
currency, and for other purposes, and such
notes, when redeemed, shall be forwarded to
ase OF the Currency and destroyed
years from the date of the extension of the
corporate existence of each bank, the associa-
tl0n SO extended shall deposit lawful money
with the Treasurer of the United States sufif-
Gent 70 redeem tho remainder of the circula-
tion wn en- was outstanding at the date of its
extension, as provided for in Secs. 5,222 and
o,2Sf and 6,225 Of the Revised Statutes and any
gam th9t may arise from a failure to present
sucn circulatlng notes for redemption shall
lnure TO the benefit of the United States, and
from time to time, as such notes are re-
deemed, they she'll be replaced by new circIl-
latlng notes bearing such devices, to he APP
proved by the Secretary of the Treasury rs
shall m Ike them readily distinguishable from
the circulating notes heretofore issued; pro-
pided, however that each banking association
which shall obtain the benefit of this act shall
reimburse to the Treasury the cost of prepar-
ing the plate or plates forsuch new circulating
notes as shall be issued to it.
SEC. Z. That MISUNDERSTANDING associations
whose corporate existence has expired or shall
hereafter expire, and which do not avail them
selves OF the provisions of this act, shall be re-
CURED to comply with the provisions of Secs.
b,22l and 5,2s2 of the Revised Statutes in the
same manner as If the shareholders had voted
10 60 into liquidation. as provided in See. s. go
OF the revised Statutes, and the prov sions of
shall also be applicable to such associations,
except as modified by this act, and the fran,
cnlse OF such association is hereby extended
for the sole purpose of lquidating their affairs
unlll such AFFAIRS are finally closed
SEC. :, That National Banks now Organized,
or hereStter organized, having a capital of
$4,000 or less, shall not he reqiIire1 TO keen
on deposit or deposit with the Treasurer of the
United States United States bonds in excess of
one-thlrd of their capital stock as security