The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1882-05-25
FINANCE AND COMMERCE


TINS esaonti,i provisions NJ The hlH w lh' Ivy.
tension on national bank charter VIZ" 49,
boeu under consideration NJ lle "'""' '''
week past may be stated ls lplloNM ,,uo.,,
"Th,' arst sr9tlnn provides that any hhuohnl
hank NAV at any time within we {vhIs P.eNl-
Gus tO the date Of the eNpft!ln'l y, w.
eSistence "cxtcrd lis period 81 SUCCESSION, by
smendin, its articles Of association, for term
of not NOR Than twenty yeais ,ro,, sio o e io
lion Of the period OF succession nN'ned III ihe
article Of association, ali s"% uaess so"oe, liz.
solved by tho act of shareholders owning two
thirds OF its stock, or unless Tvs ir9nchiSe DE-
concs( orfeted by some HioiStoh OF Jaw law ,,a
meut Of the articles OF association required by
the iir i section IN orSer to secure extension o.
cheTt.r snail be authorized by the CONSENT III
whiting of the shareholders owning not less
thai Igo-thirds ufIhe capital stock. This CON
sent must be certified TO the comptroller of the
cu7rrepey by the president and cashier oil the
6snk aud The ce-ti1cation must be accompanied
Nv an application for approval by thG comp
urniIar of the cnended articles of association
Thu amended articles are not 20 be valid untl
the comptroller shall have certified thLt the as
sotiat.on has complied with all the provisions
of law required to be complied with.
The third section provides that tfe comptrol
iler may If he Deans 1t necessary, caEse specla
examination TO be made at the expense Of thI
association TO determine whether its condition
Is such a. warrants an extension ot its corporate
life. ..,o.,,
lion extending the period of rs corporate sue
cessiop in accordance 18th the provisions OF thu
bill - all continue To be in alrespects lhe ldeh
teal association it was before the extension o
its period of succession, with the same llShls
immu-ities and liabilities"
The fifth section provides that any shHrehoi
der rot asserting TO the amendments 10 tne hr
ticles OF association that the owners oil TWO
thifSs of the stock III any case may nave outhOr
lied may give notice in writing TO the director
of the bank, within thirty days from tle uatc
the comptroller's certificate of approval, OF M
dnsira N Withdraw from tne association, Inerc
upon he shall be entitled to recelFe ON VIZ
bank the value OF hls'sh1res as aPflblheu u!
committee of three persons, one - 1e seSc ,S
by the shareholders one by the directors Oh w
bank anu the other one by the hrst TWO
II the appraisal by this committee be not satls
factory to him he may appeal to ile coiaPU 10,
ler and secure a reapprnisal THIS second ap
praisal is to be final and binding aGd II IL eX
ceeds the committee appraisal Ihe expenses =,
the reappraisal aIe to be borne by the uilhh
otherwise by the appellant The BANK mus
nav the Shareholder the appraised value OF hi
stock and the stock must be sold, after que no
t'ca, at public sale within thirty days ailer I'M
"a al appraisal e. .,o ratirar,an
and destruction of the outstanding notes OF an!
bank that may have rs period
succession e0Iended ana r,oc tae t tisee new
nstes TO bear such devices as to make then
readily dstingus haole from the old ones. I'M
redemption of old notes is To- proceed uhuer See
tion of the act of 1874, until those OUTSTANDING
have been reduced to an amount equal 70 pc
cent OF the capital stock of the bank, Wheh IN
bank must deposit enough lawful money 10 re
deem all its notes remaining unredeemed An.
gain arising from failure to present these note
for redemption is to inure to the oeneht OF Tn
United states.
the extension of the bank charters otherWis
than in he manner prescribed by the Dill. IRE
uuires banks not taking advantage OF the pro
vision of the bill as their charters expire 10 l 3
through the whole process OF Hquldatlon pre-
ncribed by law.