The Sentinel. [volume] (Trenton, N.J.) 1880-1882, 1882-05-27

such extended period unless sooner
dissolved by the act of shareholders
owning two thirds of its stock. or un.
less its franchise becomes forfeited by.
some violation oflaw. Such amend
ment of articles of association must .ba
authorized BY the consent ia writing
Iof Shareholders owning Id le<sthan
I'two-thfrds Of the capital : ock Of Tie
association.
Section 8 refers to the duties of the
Comptroller of the sCarrency III the
premises, providing for special ex-
animation into the affairs Of each
association should he deem it neces-
sary.i i Vii
Section has reference to the juris-
diction of suits by or against national
banking associations, placiag such
suits on the same footing in respect to
jurisdiction as suits by or against pri-
vate banks.
Section 5 provides that when any
national Banking association has an
amendment to the articles of associa-
ton, as provided for in this act, and
the Comptroller has granted his certi-
ficate of approval, any Shareholder net
asserting to such amendment may
give notice in writing TO the Directors
within thirty days from the date OF
the certificate of approval efhis desire
to withdraw from said association, in
which case he shall be enuitIed to
Withdraw. from said banking ass ocia-
ton the value of the shares sosheld
by him.
Section 6 provides for the issuing of
new circulating notes to take the
place of the old.
Section has reference to such banks
as do not desire to extend their char
ters, and extends the franchises of
such associations for the sole purpose
of liquidating their affairs until such
affairs are finally clos ed. r. Fdt}
| Section is in the following words
That national banks now organized or
| herea fter organized, having a capital
of $3.50, 900 or less, shall not be required
to keep on deposit with the Treasurer
of the United States bends in ex-
cess of $4,000 as security for their
circulating notes, and such of those
banks having on deposit bonds in ex-
cess of that authorized to reduce their
circulation by the deposit of lawful
money, as provld, d by law. u Il otA
Section 10 provides that any ma
tlonal banking association now or.
gained or hereafter organized desiring
to withdraw its circulating notes upon
deposit of lawful money with the
Treasurer of toe United States, as
provided in section of the act of June
Goth, 1874, entitled IAN act fixing the
amount of United Stats notes provid-
ing for redistribution of the national
bank currency and for o,ht purposes"
shall be required to give. ninety days
notice to the Secretary Of the Treasury
of its Intention to deposit lawful money
and withdraw its circulating notes
provided that not more than S., 600, 900
of lawful money shall be deposited
during any calendar month for this
purpose, and provided further, that
the provisions of this section shall not
q
apply to bonds called for redemption
by the Secretary of the. Treasury, but
when bonds were called for 'redemp- |
ton the banks holding such called
bonds shall surrender them within |
thirty Gays after the maturity of their |
call.
Section II provides that on the de-
post of 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 the United
States bonds so transferred aud delfv-
cred and repeats sections 5171 and SIG
of the Revised Statutes. 4
The concluding section reserves the
right to Congress at any time to re peal
this act and the acts of which ii, is
anne ndatory. II
The vote was as follows: II
/ Yeas = Messrs Aldrich, Barr, Bayne
Beach, Belmont, Bingham, Bliss,
Briggs, Buck, Burrows of Michigan,
Butterworth, 5a Calkins, Campbell,
Gambler, Cannon, Carpenter, Caswell, /
Chase, Covipgton, Grape, Cullen, |
Davis of Illinois, Dawes, Deering, De |
Motto, Deuster, Dibble, Dingley. Dun
nell, Dwight, Ermentrout, Evins,
Ellis, Farwell of Iowa, Flower, Gar
rison, George, Godshalk, GrouI, Guen.
Their, Hall, Hammond of New York,
Hardenbergh, Harris of Massac huse it's, /
Harris of New Jersey, Haskell, He'll |
man, Henderson, Hiscock, Hoblitzell, |
HOuk Humnhrov HutobipS Iooobc