The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1882-06-02

Ths Hsuss Bank. Charter BID.
WASHINGTON. May n
Tne bin ITO enable National Banking 49,
Citations to extend their corporate existence
a IL passed the House to-day provides tnata
National Banking association may at any um0
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 Currency, extend its period
of succession by amending its articles Of assoc
citation for a term Of not more than twenty
wears from the expiration of the period of suo
eesson named in said articles of association,
and shall have succession for such extended
Der;od. unless sooner dissolved by act of the
shareholders owning two-thirds of its stock. OF
unless its franchise becomes forfeited by some
violation of the law.
Section two provides that such amendment
Of the articles of association must De author.
tied by consent in writing OF the snarenoioen
owning NOT less than tWo-thirdS of the capita1
stock.
Section three refers to the duty of the Comp
troller of the Currency in the premises, pro-
viding for special examination into the affai -
of each association should he deem 1t neces'
sary.
Section four has reference to the 5urisdio'
tion of suits by or against NationaFBanKinS
associations, placing such suits on the same
footing in respect to jurisdiction as SUITS Dy OF
against private banks.
Section five provides that when any Nation
alBanking association has amended its articles
of association, as provided in this act. and
the Comptroller has granted his certificate Of
approval, any shareholder not asserting 10
such amendment may give notice in writing
to the Directors 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 six is as follows: I" That the circu-
lating notes of any association so extending
the periods of its succession which shall b
issued to it prior to such extension. shall bo
redeemed ut the Treasury of the United States
as provided in section three of the act of juno
20 1874 entitled An act fixing the amount OF
United States notes providing fora redistribu-
ton of the National-Bank currency, and for
other purposes and such notes, when re.
deemed, shall be forwarded to the ComptrOller
of the Currency and destroyed, as now pro.
vided by law; and when the amount of such
notes shall be reduced to five per cent. OF the
capital stock Of the bank issuing the same, the
association extended shall deposit lawful
States sufficient to redeem all its outstand-
ing circulation, as provided In sections 5,222s.
5,224 and 5,2l5 of the Revised Statutes, and
any gain that may arise from the failure 10
present such circulating notes for redemp.
ton shall inure to the benefit of the United
States, and, from time to time, as such notes
are redeemed or lawful money deposited
therefor, as provided by law, such notes shah
be deposited, new circulating notes shall issue
bearing devices to be approved by the Comp
troller of the Currency as shall make them
readily distinguishable from the circulating
notes heretofore issued, provided. however,
that each banking association which shall oh.
tain the benefit of this act shall pay the cost
of preparing the plate or plates for such new
circulating notes as shall be issued by it. and
all other costs incident to the substitution OF
such new circulating notes for old in addition
to the tax now imposed on banking associa'
tons by law.
Section seven has reference to such banks a.
do not desire to extend their charters, and ex.
tends the franchise Of such associations for
the sole purpose of liquidating their affairs I'M
til such affairs are finally closed.
Section eight is in the following words: THAT
National Banks now organized, or hereafter
organized, having a capital Of $150,0)O, or less,
shall not be required to keep or deposit with
the Treasurer Of the United States United
States bonds in excess of $4,000 as security for
their circulating notes land such of those banks
having on deposit bonds In excess of that
amount are authorized to reduce their circu-
lation by the deposit of lawful money as pro
vided by law"
Section ten provides that any National-Bank-
ing assoc alton now organized, or hereafter
organized desiring to Withdraw its circulating
,f ,f,,I ~ fhA
Treasurer Of the United States, as provided in
section four of the act of June % 1874, entitled
IAN act fixing the amount of United States
notes; providing for a redistribution of the
National-Bank currency, and for other pur.
poses," shall be required to give ninety-dayS
notice to the Secretary of the Treasury of it,
intention to deposit lawful money and with
draw its circulating notes, provided that not
more than s., 100000 Of lawful money shall be
deposited during any calender month
for this purpose, and provided fur.
Their that the provisions Of this section
shall not apply to bonds called for redemption
by the Secretary of the Treasury; but when
the bonds are called for redemption the banks
holding such called bonds shall surrender
them within thirty days after maturity Of
their call.
Section eleven provides that on deposit Of
the bonds the association making the same
shall be entitled to receive from the Comp
troller of the Currency circulating notes equal
In amount to ninety per cent. Of the current
market value. not exceeding par, Of the
United States notes so transferred and deliv.
cred; and repeats sections ., III and 5l76 Of the
Revised Statues.
The concluding section reserves the right to
Congress at any time to repeal this act and the
act Of which it is amendatory.
Another ssSplurye' by Guiteau.
WASHINGTON, May n.