Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1882-06-01
Tho House Bank. Charter Bill.

WASHINGTON, May H.
The bill to enable National Banking asso.
Citations to extend their corporate existence
| "a II passed the House to-day provides that any
| Nations l. Banking association may at any time
within two years next previous to the GATE OF
| the expiration of its corporate existence unoer
the present law, and with the approval of the
| Comptroller of the Currency, extend its period
| of succession by amending its articles of ASSOC
citation for a term of not more than twenty
| years from the expiration of the period of suo'
| cession 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 py SONS
violation of the law.
Section two provides that such amendment
| of the articles of association must be author.
| tied by consent in writing Of the shareholders
| owning not less than twothirds of the capitaS
stock. .
Section three refers to the duty of the Comp
troller Of the Currency in the premises, pro-
viding for special examination into the affai 70
of each association should he deem it neces'
sary.
Section four has reference to the jurisdio-
| ton of suits by or against National Banking
associations, placing such suits on the same
footing in respect to jurisdiction rs suits by or
against private banks.
Section five provides that when any Nation
al Banking association has amended its articles
of association, provided in this act and
the Comptroller has granted his certificate OF
approval, 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 de-
sire to withdraw from said association, in
which case he shall be entitled to withdraw tho
value of the shares so held by him.
Il. &C. f,lI< l hot fNn SaiYn
lating notes of any association so extending
the periods of its succession which shall DO
issued to it prior to such extension, shall no
redeemed at the Treasury of the United States
as provided in section three of the act of Juno
20, 1874, entitled An act fixing the amount OF
United States notes providing for a redistribu-
ton of the National-Bank currency, and for
other purposes and such notes, when re-
deemed, shall be forwarded to the Comptroller
of the Currency and destroyed, now pro-
vided by law; and when the amount of such
notes shall be reduced to five 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 outstand-
ing circulation, as provided in sections 5 ,2222,
5,oe24 and 5225 of the Revised Statutes, and
any gain that may arise from the failure to
present such circulating notes for redemp-
ton shall inure to the benefit Of tho United
States, aud, from time to time, as such notes
are redeemed or lawful money deposited
therefor, as provided by law, such notes shall
be deposited new circulating notes shall issue
bearing devices to be approved by the Comp
troller of the Currency as shall make them
readily distingushable from the 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
circulating notes as shall be issued by it, and
all other costs incident to the substitution Of
such new circulating notes for old in addition
to the tax now imposed on banking associa-
lions by law" .-- .5t.. .s.I.s.EF
Section seven has reference to such banks aG
do not desire to extend their charters, and exc
tends the franchise of such associations for
the sole purpose of lquidating their affairs I'M
til such affairs are finally closed.
Section eight is in the following words: "That
National Banks now organized, or hereafter
organized. having capital Of $l50,0l0, or less,
shall not be required to keep or deposit with
the Treasurer Of the United States United
States bonds in excess Of $4,000 as security for
their circulating notes land such of those banks
having on deposit bonds in excess of that
amount are authorized to reduce their circu-
lation by the deposit of lawful money as pro-
vidcd by law
Section ten provides that any National Bank
ing assoc alton now organized, hereafter
organized, desiring to withdraw its circulating
notes upon deposit of lawful money with the
Treasurer of the United States, as provided in
section four of the act of June % 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 the Secretary of the Treasury of its
intention to deposit lawful money and with
draw its circulating notes, provided that not
more than IS. 100000 of lawful money shall be
deposited during any calender month
fer this purpose, and provided fur
Their that the provisions of this section
shall not apply to bonds called for redemption
by the Secretary of the Treasury; but when
the bonds are called for redemption the banks
holding such called bonds shall surrender
them within thirty days after maturity of
their call.
Section eleven provides that on deposit of
the bonds the association making the same
shall be entitled to receive from the Comp
troller of the Currency circulating notes equal
in amount to ninety per cent. of the current
market value. not exceeding par of the
United States notes SO transferred and deliv.
cred; and repeats sections Sill and 5,l7o of the
Revised Statues. --- .-..
The concluding section reserves the right to
Congress at any time to repeal this act and the
act Of which it is amendatory.