Hand County press. (Miller, Dakota [S.D.]) 1882-1893, 1882-05-31
NATIONAL BANKS,

The Biu Passed 6y the Lorer House of Con-
grtss for The Renetcat Of Their Charters.
The ''bill to enable national-banking associ-
stions TO extend their corpora'e existence" as
1t passed the lower house OF Congress- provides
that any national-banking association may, at
any time within two years next previous to the
date Of exniration Of ITS corporate existence
under the present law, and with the approval of
the Comptroller Of the Currency, extend its pc
riod Of succession, by amending its articles Of
ASSOC alton, for not more than twenty years
from the expiration of the period Of succession
named in said articles Of association. 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 becomes forfeited by some violation
Of law. Such amendment Of articles Of asso-
ciatIon must be authorized by the consent in
writing OF shareholders owning not less than
two-thirds Of the capital stock.
Section refers to the duty Of the Comp
troiler Of the Currency in the premises, provid-
ing for special examination into the affairs OF
each ASSOCIATION should he deem 1t nee ssary.
Section hhs reference 10 jurisdiction Of suits
by or against national banking associations,
placing such suits on the same footing in re-
spect to jurisdiction as suits by or against
private banks.
Section provides that when any national
banking association has amended Its articles Of
association as provided in this act, and the
Comptroller has granted lis certificate of ap-
proyal, any shareholder not asserting to such
amendment may give notice in writing to the
Directors. within thirty days from the date of
the certincate OF approval, OF his desire TO
withdraw from said association, in which case
he shall be entitled 10 Withdraw the value of
the shares so held Ivy HIM.
q =. f-alz - .l-As.
notes of any association 70 extending the period
of its SUCCESSION which shall lie issued to it
prior to such extension shall be redeemed at the
treasury Of the United States, as provided IN
sections 9f the act Of June 70, ls74, entitled
An act fixing the amount OF national-cauh
currency, and for other purposes, and such
notes, when redeemed, shall he forwarded 10
the Comptroller Of the Currency and destroyed,
as now rovided by Law, And when the amount
OF such notes shall be reduced to 5 per cent. OF
the capital stock of the bank issuing The same,
the association extended shall deposit lawful
money with the Treasurer OF the United States
sufficient to redet m all its outstanding circu-
lstion, as provided in sections 5 222,
5,224 and 5,225 of tbs Revised Statutes |;
and any gain that may alise 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 re-
deemed or Law full money deposited therefor, as
issued, bearing such devices to ce approved by
the Comptroller Of the Currency, rs shall make
.se.. readily aist;ncuishahic .rcn, circulating
notes heretofore issued; provided, however,
that each banking association which shall OBJ
tain the benefit Of this act shall pay the cost OF
preparing the plate or plates for such new cir.
culating notes as shall be issued by 1t, and all
other costs incident to the substitution OF such
new circulating notes for old IN addition 10 the
tax now imposed on banking associations by
law"
Section has reference TO such banks as do
not desire to extend their charters, and extends
the franchIse Of such associations for tho sole
purpose Of bquiiating their affairs until such
affairs are finally closed.
Section Is in the following words " That a
national bank now organized or hereafter Or
gained, having q capital Of S150,0O0 or less,
shall not be required to keep on deposit with
tho Treasurer OF the United States United
States bonds in excess Of $4,000 as security for
their circulating notes; and such Of those banks
| having on de,,osit bonds in excess OF that
| amount sre authorized to reduce their circu-
lation by deposit Of lawful money as provided
| by law"
Section 10 provides that any national-bank-
| ing association now organized or hereafter or
ganzed, desiring to withdraw its circulating
| notes upon deposit Of lawful money with the
| Treasurer Of the United States Ms provided in
| section 4 Of the act OF June 20, 1874, entt.ed
| "An act fixing the amount OF United ates
notes, providing for redistribution OF national
bank currency. and for other purposes, "
| g, ali lie required to give ninety days
notice 10 the Secretary OF the Treasury
| of its intention 20 deposit lawful money and
| withdraw its circulating notes /: Proridtd, That
not more than So,00U,000 lawful nicOey sball
be deposi ed during any calendar month Tor
this purpose and procidti further, that the
provisions OF this section shnll not apply to
bonds called for redemption by the Secretary
of the Treasury, but when bonds are called Tor
redemption banks holding such called bonds
shall SURE nder them th rty days after maturity
of their call.
ton II provides that, on deposit OF the
bonds, the sstocistion making the same shall
be entitled TO receive from the Comptroller Of
the Currency circulating notes equal in amount
10 90 per cent OF the current market value, not
exceeding par, OF United States bonds 70 trans
fei red and deliyerco aud repeals sections q Ill
and s. l76 OF the Revised Statutes.
The concluding section reserves the right OF
Congress at any time to repeal this act and acts
of which y, i- .r'ord" torv.