Northern tribune. [volume] (Cheboygan, Mich.) 1875-1885, 1882-05-27
The Bank Charter MI.

associations to extend their corporate
existence" as it passed the house provides
that any national banking association
m az at any time within two years next
previous to the date of the period of sue
cessiOn by amending its articles OF
association for term Of not more than
20 years from the expiration period OF
succession named in said articles OF
association, and shall have succession
for such extending period unless sooner
dissolved by the act of shareholders
owning twO-thirds of its stock, or unless
its ranchise becomes forfeited by some
violation of law. Such amendment to
the articles of association must be
authorized by the consent in writing or
share holders owning not less than two
thirds of the capital stock of the assOcia-
ton. Section refers to the duties of
the comptroller of the currency in the
premises, providing for special examina-
tiOn into the affairs of each association
should he deem 1t necessary, Section
has reference to the jurisdiction of suits
by or against national banking ass0-
Citations, placing such suits OH the same
footing in respect to jurisdiction as suits
by or against private banks. Section
provides that when any national bank
of association as provided in
the 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 direct
Ors, within 30 days from the date of the
certificate of approval, of his d9sire to
withdraw from said association, in which
case no shall be entitled to withdraw
the value of the shares so held by him.
Section q provides that circulating notes
of any association so extending the
period of it's succession which shall be
issued to it prior 10 such extension shall
be redeemed at the treasury OF the
United States as provided in section 3Of
the act June 20, 1874, entitled IAN act
fixing the amount of the United States
notes, providing for the redistribution OF
National bank currency and for other
purposes" and such notes when redeemed
shall be forwarded to the comptroller
of the currency and destroyed as prOvid-
ed by law; and when the amount OF such
notes shall be reduced to per cent, of
the capital stock of the bank issuing the
same, association so extended shall de-
post lawful money with the treasurer OF
the United States sufficient to redeem all
its outstanding circulation as provided
in sections 1929 1924 and 1925 revised
statutes, and any gain that may arise
from failure to present such circulating
notes for redemption shall inure to the
benefit of the United States, and from
time to time as such notes are redeemed
or lawful money deposited there shall be
replaced by new circulating notes bear
ing such devices to be approved by comp
trOller of the currency as shall make
them readily distinguishable from cir
culating notes heretofore issued; prOvi-
ded, however, that each banking assOcia-
ton which shall obtain the benefits of
this act shall pay the cost of preparing
plate or plates for such new circulat-
ing notes as shall be issued it, and all
other costs incident to the substitution
of such new circulating notes for old in
addition to the tax now imposed on bank
ing association. Section has reference
to such banks as do not desire to extend
their charters and extends the franchises
of such associations for the sole purpose
of liquidating their affairs until affairs
are finally closed. Section is in the
following words: "That a national
bank now organized, having a capital of
$4,000 or less, shall not be required to
keep on deposit with the treasurer of the
United States bonds in excess of $780,
100 as securitv for their circulating
notes, and such of those banks having on
deposit bonds in excess of that amount
are authorized to reduce their circula-
tiOn by the deposit of lawful money as
provided by law. Section 10 provides
that any national banking association
now organized desiring to withdraw its
circulating notes upon deposit of lawful
money with the treasurer of the United
States as provided in section Of the act
of June 20, 1874, entitled ian act fixing
the amount of United States notes pro-
vIding for the redistribution of national
bank currency and for other purposes"
shall be required to give 80 days notice
to the secretary of treasury of its inten-
tiOn to deposit lawful money and to
withdraw its circulating notes, provided
that not more than 100000 lawful
money shall be deposited during any
calander month for this purpose, and
provided further that the provisions of
this section shall not apply to bonds
called for redemption by the secretary of
the treasury, but when bonds are called
for redemption banks holding such called
bonds shall surrender them within 30
days after the maturity of their call.
CoCtIOu IL piONluco tldO VII uopOolV VI
bonds the association making the same
shall be entitled to receive from the
comptroller of currency circulating
notes equal in amount to 80 per cent. of
the current market value not exceeding
par of United States bonds SO transferred
and delivered, and the repeats sections
5171 and SIG revised statutes concluding
section reserves the right to congress at
anv time tn rannaI this AFT and tho acts
of which it is amendatOry.