The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-05-25
NATIONAL BANKS.

The "bill to enable national-banking associ-
ations to extend their corporate existence ~
it passed the lower house OF Congress, provides
that any national-banking association may. at
any time within two years next previous to the
date OF expiration OF lts corporate existence
under tine prefent law, and with the approval OF
the Comptroller Of the Currency, extend its pe-
riod Of succession, by amending its articles Of
ASSOCIATION, for not more than twenty years
from the expiration of the period Of succession
named III said articles Of association. and shall
have succession for such extended period unless
sooner dissolved by act OF the shareholders
owning two-thirds Of it, stock, or unless its
franchise becomes forfeited by some violation
Of law. Such amendment Of articles Of asso-
writing Of shareholders owning not less than
two-thirds OF the capital stock.
Section refers to the duty Of the Comp
trOller OF the Currency in the premises provid-
ing for special examination INTO the Affairs OF
each ASSOCIATION should he deem il necessary.
Section has reference to jurisdiction Of suits
by or against national-b banking associations,
placing such suits on the same footing in re-
spect to jurisdiction a. suits by or against
private banks.
Section provides that when any national
banking association has amended its articles Of
association ~ provided in this act and the
Com ptroler 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
withdraw from eaid association, in which case
he shall he entitled to withdraw the value OF
the shares 90 held by HIM.
Section 10 as follows "That circulating
notes Of any association 80 extending the period
vr1,t hall m Il
prior to such extension shall be redeemed at the
treasury Of the United States, 81 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 forN arded to
the Comptroller Of the Currency and DESTROYED,
~ now provided by law. And when the amount
Of such notes shall be reduced to 5 per cent. Of
the 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 outstanding circu-
lation. as provided IN sections 8. 222,
5.22 and 5,225 Of the Revised Statutes ;
and any gain that may alise from failure to
present such circulating notes for redemption
shall inurc to the benefit Of the United States,
and from time to time M such notes are re-
deemed or lawful money deposited therefor, a.
provided by law, new circulating notes shall be
issued, bearing such devices, to be approved by
the Comptroller Of the Currency, IS shall make
them readily difting nishabie 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
preparing the plate or plates for such new cir
cnating notes AZ shall be issued by it, and all
other costs incident to the substitution Of such
new circulating notes for DID, III addition to the
tax now imposed on banking associations ey
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 Equidating their affairs until snch
affairs are finally closed.
Section Is in the following words '' That
national bank now organized or hereafter Or
ganized having capital OF .15O,O00 or less,
shall not be required to keep on deposit with
the Treasurer OF the United States United
States uonds III excess Of $4,000 as security for
their circulating notes: and such Of those banks
having on deposit bonds in excess Of that
amount are authorized to reduce their circn-
lation BY deposit Of lawful money as provided
BY law
Section 10 provides that any national-bank.
ing association now organized or hereafter or
Ranized, 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
IAN act fixing the amount OF United S.ates
bank currency. and for other purposes, /"
shall be required to give ninety days
notice 10 the Secretary OF the Treasury
Of its intention 70 deposit lawful money and
withdraw its circulating notes Prociiei, That
not more than $5,O0O,OOO lawful money shah
be deposited during any calendar month for
this purpose and prorid.d 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 surrender 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 80 trans
ferred and delivered, and repeals sections D Ill
and 5, l76 OF the Revised Statutes.
The concluding section reserves the right Of
Congress at any time to repeal this act and acts
OF which il il amendatOry.