The Russellville Democrat., 1882-06-01
National Banking Bill.


 The following is the text of the national bank charter extension bill, as passed by the lower house of con gress on the 18th:
 The bill to enable national bank ing associations to extend their cor porate existence provides that any national banking association may, at any time within two years next pre- vious to the date of expiration of it's corporate existence under the present law, and with the approval of the comptroller of currency, ex- tend it's period of succession by amending it's articles of association, for term of not more than twenty years from the expiration of the pc riod named in said articles of associ- ation, and shall have succession for such extended period unless sooner dissolved by an act of shareholders owning two-thirds of it's stock, or unless it's franchise becomes forfeit cd by some violation of the law. Such amendment of the articles oi association must be authorized by consent in the writing of the share holders owning not less than two thirds of the capital stock of the as sociation.
 Section 3 refers to the duties of the comptroller of the currency in the premises, providing for special examination into the affairs of each association should he deem it neces- sary.
 Section has reference to the ju- risdiction of suits by or against the national banking associations, plac- ing such suits on the same footing in respect to jurisdiction as suits by or against private banks.
 Section 5 provides that when any national banking association has amended It's article of association, as provided in this act, and the comp troller has granted his certificate of approval, a shareholder not assenting to such amendment may give notice in writing to the directors, within thirty days from the date of the cer- titicate of approval, of his desire to withdraw from said association, Ill which case he shall be enti. .led to withdraw the value of the shares so held by hlm.
 Section 6 provides for issuing new circulating notes to take the place of the old.
 Section ' has reference to such banks as do not desire to extend their charters, and extends franchises to such associations for the sole pnr- pose of hquidating their affairs until such affairs are finally closed.
 Section s is in the following words: "That a national bank now organ ized or hereafter to be organized, having capital of $150,000 or less, shall not be required to keep or de. posit with the treasurer of the United States. United States bonds in excess of $l00,O00, as security for tEeir cir cu!ating notes, and such of those banks having on deposit bonds in excess of that amount, are author ized to reduce their circulation by the deposit of lawful money, as pro vided by law"
 Section 10 provides that any na tlonal banking association organized or hereafter organized, desiring to withdraw it's circulating notes, upon the deposit of lawful money with the treasurer of the Uni ted States as provided in 1 section of the act of June 20, 1874, entitled 'an act fixing the amount of United States notes, providing for the re- distribution of national bank cur rency, and for other purposes" shall be required to give ninety days no tice to the secretary of the treasury of it's intention to deposit lawful money and withdraw Its circulating notes; provided, that not more than S5,000,000 of lawful money shall be deposited during any calendar month for this purpose; and, provided further, that the provisions of this section shall not apply to bonds called for redemption by the secre. tary of the treasury, but when the bonds are called for redemption, the banks holding such called bonds, shall surrender them within thirty days after the maturity of their call
 Section II provides that on deposit Of bonds the association making the same shall be entitled 10 receive from their comptroller of currency circulating notes equal in amount to 90 per cent of their current market value, not exceeding the par value of United States bonds so transferred and delivered. ard re- peals sections 5171 cnd 5I76 of the revised statutes.
 The concluding section reserves the right to congress at any time to repeal this act and acts of which it is amendatory.