Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1882-05-20
I:ANK CHARTERS.
Tho f;iil Passed for Their Extension.

The bank charter extension bill provides
that any national banking association may
at any time within two years next previous
to the date of the expiration of its cOrpor-
ate existence under the present law, and
with the approval of the comptroller of
the currency, extend it's period of success
sion by amending its articles of association
for term of not more than twenty years
from the expiration of the period of sue.
cessiOn named IN said articles of aSSOcia-
tiOn and shall have succession for such cx
tended period unless sooner dissolved by
the act of shareholders owning two thirds
of it's stock, or unless its franchise becomes
forfeited by some violation of the law.
Such amendment of articles of association
must be authorized by the consent in
writing of shareholders owning not less
than two thirds of the capital stock Of the
association.
Section refers to tho duties of the comp
troller of the currency in tho premises pvO.
viding for special examination into the
affairs of each association should he deem ii
necessary.
Section has reference to the jurisdict-
ion of suits by or against national banking
associations, placing such suits ON the
same footing in respect to jurisdiction as
suit by or against private banks.
Section 5prOvides that when any nation
al banking association has an amendment
to it's articles of association, as provided
for in this act, and the comptroller has
granted his certificate of approval, any
shareholder not asserting to such amend
ment may give notice in writing to tho
directors within thirty days from the date
of The certificate of approval of his desire
to withdraw from SAID association, in
which case he shall be entitled to with
draw from said banking association the
value of the shares so held by him.
Section provides for the issuing of
new circulating notes to take the place of
tho old.
Section has reference to such banks as
do not desire to extend their charters, and
extends the franchises of such associations
for the sole purpose of liquidating
their affairs until such affairs are finally
closed.
Section 8 is in the following words :
That national banks now organized or
hereafter organized, having a capital of
} $3.50, 600 or less, shall not be required to
keep on deposit with the treasurer of the
United States bonds in excess of 800, 900
as security for their circulating notes, and
such of those banks having on deposit
bonds in excess Of that authorized to re-
duce their circulation by the deposit of
lawful money, as provided by law.
Section 10 provides that any national
banking association now organized or
hereafter organized desiring to withdraw
it's circulating notes upon a deposit of
lawful money with the treasurer of the
United States as provided in section of
the act of June 20, 1874, entitled ian 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 tho secretary of the treasury
of its intention to deposit lawful money
and withdraw its circulating notes pro
viding that not more than S5, 900 900 of
lawful money shall be deposited during
any calendar month for the purpose, and
provided further, that tho provisions Of
this section shall not apply to bonds called
for redemption by the secretary Of the
treasury, but when bonds were 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 the deposit
Of bonds the association making the same
shall be entitled to receive from the comp
trollor 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
and delivered, and repeals sections 5171
and 5176 of the revised statues.
The concluding section reserves the
right to Congress at any time to repeal
this act and the acts of which it is amend.
atOry.