New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-07-11


coSS HA;s5aLrTE, Pags H WsTssr,
cox LEVITT q. W, bssfs,Rs. 4 Ta,sn IT,
cor s. s. H HSf%cn t PSsSgi, W WIZ D.
eSTin % n Ho osip ifeGga% we H. rs.
Cslberson, JONES, G.wr Scales
The following the full toxt OF the bill passed the
House:
Be it enacted, etc, That any National banking asso
citation organized the acts of February %, 1863
S,iss 5,i3i, 5,i35, $3.50 and 5,i54 Of the Revised
Statutes of the United States may at any time within
the next previous to the date OF the expiration
the approval OF the Controller OF the Currency 10 be
granted as hereinafter provided extend s perod OF
succession by amending Its articles OF association
for term of not more than twenty years
succession named in said articles OF association. and
shall have succession for such extended period unless
dissolved y the act of shareholders owning two
thirds OF Its stock unless ifs franchise becomes for
feted by violation of lawor unless hereafter modi
ned or repealed.
SEC. 2-rhat such amendment of said articles of as:
ISOLATION shall be authorized by the consent In writing or
shareholders owning not ieSs tban two-thrds OF me
capital stock Of the association and the board or direc
shall cause such consent TO be certned under tae
seal Of association by its president cashier to the
Controller OF the Currency accompanied by AN appcd-
ton made by the president or cashier Tor the app oval OF
the amended articles association by the Controller;
and such icd articles OF association shall not be
yaia untl the Controller shall give to such association
certificate under mis- hand aud seal that the association
has complied with all the provisions required 10 De cPn-
pied with aud authorized TO have succession for tG
EXTENDED period named il the amended articles OF Gsso
SEC. 3.-That upon the receipt OF the application
and certificate of tue association provided for III the pre-
cedug section, the Controller OF the Currency snail
a special examination to be made at The expense
of the ASSOCIATION, determine It's condition ana II
after sucn examination or otherwise appears to him
that said association Is satisfactory condition, he
sla grant his certificate OF approval provided for the
preceding section or, appears conairon of
said association is not satisfactory he shall withhold
such certincIte OF approval.
4-Ihat any association extending the period
of its succession shall continue TO ENJOY all the rights
and privileges and nmunities granted, and shall CON
time TO be sn1eet to all the duties liabilities ana re
strcti0ns imposed by the Revised Statutes OF the
United states and other acts having reference to Ma
tional banking assoeatohs, ana II sha continue TO De
ali Respects the identical association was before tine
extension OF its period oil succession, provided however
that Jurisdiction Tor suits hereafter brought by
against any association established under any law
yidng for National banking associations, except suits
between them anu the United states Oh It's OCeis ana
agents snail be the same as anu not otherwise than
the jurisdiction for suits by or against
banks not organized under any law OF the United states
which do might do banking business where sucn
National banking associations may De doing business,
when SUCH suits may be begun And that all laws ana
parts laws OF the United states inconsistent with tins
SEC. 5-ruat when any National banking association
has articles OF association provided in
approval, any shareholder not nssenting 10 such
amendment may give notice in writing TO the directors
win thirty days from the date OF the certificate of APP
prOya OF desire to withdraw from said association,
T., "a icb case he shall he entitled 10 receive frnl said
banking association the value OF the shares held by
Inn, TO be ascertalned by an appraisal made BY
a committee OF three persons, ~ he selected by
shareholder, by the directors aud the third by the
first and IN case the value so fixed snail not be sat
isfctory any shareholder lie may appeal to The
Controller OF the Currency who shall cause reapprasa
be made which snal be nHal and binding; ana II said
reappra sal shall exceed the value fixed by said commit
tee bank shall the expenses OF said reappasal,
otherwise the appellant shall pay said expenses;
and tine value so ascertaned and determined snal be
deemed To debt due and be JOrhbcih pad to SAID
shareholder, from said bank anu the shares
dered and appraised SHALL after due notice. be sold at
public sale, within thirty days alter the nna appraisal
provided In TINS secon provided, that In the
OF any banking pclati0n intended To replace
istiLg banking association, and retaining the name
thereof holders OF stock in the expiring assOcIa zion
shall be entitled To preference III tue allotment Of the
of the association, In proportion to the
Der of shares held by them respectively In the expiring
SEC 6-That tho circulating notes Of the association
extending the period Of Its succession which snail
redeemed at the Treasury of the United states pro-
An act fixing the amount OF United states notes. pro
vding for "A redistribution Of National bank currency,
when redeemed sna Be forwarded to the Controller of
tue Currency ana destroyed, now PROVIDED by law
and the end OF nree years the date OF the
sion of the corporate existence OF each bank the
calion extended shall deposit lawful money with the
Treasurer OF the United states, sufficient to redeem
remainder Of the circulation which outstanding
the date of lts extension as provided in sections 3D.
may arise from the failure TO present such circulating
notes for redemption sIa lnure To- the benefit OF the
United states; and from time 10 time notes
redeemed, or lawful money deposited therefor pro-
vded berein circulating notes shall be used pro-
vded by this act, bearing such devices, to
be approved by the Secretary of the
circulating therefore issued; provided
however that each banking association winch shall OBJ
benefit of this act shall reimburse the Treas
ury the cost preparing the plate plates for
new circulating notes as shall be issued to it.
SEC. 7-IhsG National banking associations whose
corporate mas expired or snail hereafter
pre- and when do not await themselves OF the pro
visions of shall be required comply
the provisions OF sections 5221 ana 5222 OF the
Revised Statues in the same hanner as If tne share
holders bad voted into liqdatiOn provided In
section 1920 OF the Revised Statutes, and the pro-
Visions sections j,224 aud 5,225 Of the Revised
Statutes shall also be applicable to such associations
oept modified by tins acc; and the franchise of such
association hereby extended for the sole purpose Of
hqu d4ting their affairs until such affairs finally
closed.
herr after organized having capital OF $4,000 or
lees snal lot required Ia keep deposit, deposit
with the the Treasurer OF the United
States, United States bonds In excess OF
onefourth of their capital stock Sc
curity their circulating notes, ana such banks
shall keep deposit deposit with the Treasurer OF
quired those banks having deposit bonds
amount authorized to reduce their
circulation by the deposit OF lawful money rs provided
by law PROVIDED, tnat the amount OF such circulating
shall not exceed IN 30 cent OF the
value the deposited as nereIn provided prOVid
cd mrher that all National banks when shall hereafter
flake Osits OF lawful money Tor the retirement IN tu
OF The circulation snail, at the time OF their deposit,
he the Transporting aud redeemlng
their then outstanding SUN equal To the
redemption OF National bank notes during
sucn assessment ana all National banks when have
made shall hereafter make dcpOsls OF law
money for reducuon of their circulation shall be
assessed and SHAH pay an assessnent ia tue manner
specified secilon U the act approved June 20 1874,
transporting redeenlng their notes
such deposits subsequently ~ june 30.
1881
SEC o-That any National bank association now organ
ized hereafter Organized, desiring TO withdraw It's
circulating notes upon deposit of lawful money with
of the Uhted states provided section
OF United states notice. providing for rels
Lrbution of National bank currency and Tor other