The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1882-05-26
NATIONAL BANKS.

The Bill Passed by the Lower House
of Congress for the Renewal of their
Charters.
The bill to enable misunderstanding associ-
atoms to extend their corporate existence" as
it passed the lower house of Congress, provides
that any notwithstanding association may, at
any time within two years next previous to the
date Of expiration of its corporate existence
under tie present law, and with the approval of
the Comptroller of the Currency, extend its pc
Rod of succession, by amending its articles of
association, 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-
citation 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
tr0ler OF the Currency in the premises, proyid-
ing for special examination into the affairs of
each association should he deem it necessary.
Section has reference to jurisdiction of suits
by or against national banking associations,
spect to jurisdiction as suits by Or against
private banks.
Section 5 provides that when any national
banking association has amended It's articles of
association as provided in this act and the
Comptroller has granted his certificate of ap-
proval, 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 desire to
Il f,,,, ,xrhia
he shall be entitled to withdraw the value of
the shares SO held by HIM.
Section is as follows "That circulating
notes of any association SO extending the PERIOD
of its succession which shall be issued to it
prior to such extension shall be redeemed at the
treasury of the United States, SIS provided in
section of the act of June 20, 1874, entitled
AN act fixing the amount 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 now provided 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
the association extended shall deposit lawful
money W th the Treasurer OF the United States
sufficient to redetm all its outstanding cirru-
ltion, as provided in sections sop,
1924 and 1925 of the Revised Statutes /;
and apy gain that may alise from failure to
shall nure to the benefit Of the United States,
and from time to time as such notes are re-
deemed or lawful money deposited therefor, as
provided by law, new circulating notes shall be
issued, bearing such devices, to be approved BIZ
the Cor ptroler of the Currency, as shall mako
them readily dIsting Unstable from circulating
notes heretofore issued provided. however,
that each banking association which shall OBJ
tain the benefit of this act shall pay the cost of
prep Ean the plate OF plates for such new cir
callassss aoses. as shall be issued by it. and ali
other costs incident to the substitution of such
new circulating notes for old, in addition TO 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 the sole
purpose Of lquiiating 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 a capital of $4,000 or less,
shall not be tqured to keep OH deposit with
the Treasurer Of the United States United
States onds in excess Of $4,000 as security fer
their circulating notes; and such Of those banks
having on deposit bonds in excess of that
amount are authorized to reduce their circu-
lation Ly deposit of lawful money as provided
by law"
Section 10 provides that any nationa-bank.
ing association now organized OF hereafter Or
gan zed, 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
"An act fixing the amount of United ates
notes, providing for redistribution of national
bank currency. and for other purposes, y
shall be required to give ninety days
notice TO the Secretary Of the Treasury
of it's intention TO deposit lawful money aud
withdraw its circulating notes: Pro0ided, That
not more than $5.00O,000 lawful money shall
be deposited during any calendar month for
this purpose and preceded 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 render them thirty days after maturity
of their call.
Section II provides that on deposit Of the
bonds, the association making the same shall
be entitled to receive from the Comptroller OF
the Currency circulating notes equal in amount
to 80 per cent. of the current market value, not
exceeding par of United States bonds SO trans
ferred and delivered, and repeats sections {, III
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 it is amendatory.