The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1882-05-27
The House Bin c-Chartering National
-LII Banks.

inc OH 10 enable National Banking assO-
cationsto extend their corporate existence"
as il passed the House to-day provides tn II any
Nationat-Bank M association may at any time
within twn.years heNt lns,s ioiis 20 the date OF
the expiration of its corporate existence under
the present law. ami with the approval OF the
Cumrtr Her OF the Currency extend its period
OF succession 10y amending is articles of asso-
citation Tor term OF not more than twenty
years from the expiration of the period of sue
cesSon named in said articles OF association,
and shall have success on for such extended
period. unless sooner dissolved by act of the
shareholders owning two-thirds of its stock, or
unless ito franchise becomes forfeited by some
violation of the law
Section two provides that such amendment
Of the articles OF association must be author
lied 10y consent IN writing Of the shareholders
owning not less than two-thirds of the capital
stock. Lu..at.I.
Section three refers TO the duty of the Comp
troll,r of the Currency in the premises, pro-
viding FOR special examination into the afra rs.
OF each association should he deem it neces-
sary.
Section four has reference to the iursdic.
ton of suits by or against National Banking
associations placing such suits on the Same
footing in respect to jurisdiction as suits by or
against private banks.
Section Ave provides that when any Nation.
al-Banking 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 to
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 +" That the circu.-
lating notes of any ass )ciation so extending
the periods of its succession which shall be
issued to ii prior to such extension, shall be
redeemed at the Treasury of the United States
as provided in section three of the act of June
20 1874. entitled An act fixing the amount Of
United States notes providing for redstribu-
ton of the National-Blnk 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 tho
capital stock of the bank issuing the same, the
association extended shall deposit lawful
money with the Treasurer Of the United
States sufficient to redeem all its outstand-
ing circulation, as provided in sections 5,222,
5,224 and 5,225 of the Revised Statutes and
any gain that may arise from the failure to
present such circulating notes for redemp-
ton shall nure 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 shall
be deposited, new circulating notes shall issue
bearing devices to be approved by the Comp
troler of the Currency as shall make them
readily dstinguishable from the circulating
notes heretofore issued, provided, however,
that each banking association which shall OBJ
tain the benefit of this act shall pay the cost
a lata nj tn fpr no
circulating notes rs 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 as
do not desire to extend their charters, and ex-
tends the franchise of such associations for
the sole purpose of liquidatng 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 $4,000, 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-
lstion by the deposit of lawful money as pro-
vded by law"
ing association now organized, or hereafter
organized, desiring to withdraw its circulating
notes upon deposit of lawful money with the
| Treasurer of the United States, as provided in
section four of the act of June %, 1874, entitled
San act fixing the amount of United States
notes; providing for 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 its
| intention to deposit lawful money and with
draw its circulating notes, provided that not
more than $5,0000O0 of lawful money shall be
| deposited during any calender month
| for this purpose, and provided fur
| ther 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 10 receive from the Comp
| troler 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 5,7l and 3, 100 of the
Revised Statues.
The concluding section reserves the right to
| Congress at any time to repeal this act and the
| act of which il is amendatory
.