The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1882-06-23

ation to be made at the expense of the as
soelatlon, TO determine It's condition am,
IL alter such examination or otherwise i
appears TO him that said association is in /
satisfactory condition. he shall grant his
certihcate OF approval provided for in tn,
preceding section; or if it appears that tn,
condition of said association is not salts
factory, he shall withhold such certificate
of approval
Section 4. That any association SO ex
tending the period of its succession, shal
continue to enjoy all the rights, privileges
and immunities granted. and shall con
tinue to be subject to all du.
ties, liabilities and restrictions i'm.
posed by the revised statutes
of the United States and other acts having
reference to national banking associations
and it shall continue to be in all respects
the identical association it was before the
extension of its period of succession, pro-
vided, however, that Jurisdiction for suits
hereafter brought by or against any assos
citation established under any law provid
ing for national banking associations, ex-
cept suits between them and the United
States, or its officers and agents, and shall
be the same as and not on other than
jurisdiction for suits by or against banks
not organized under any United States law,
which do or might do banking bushes
where such national banking associations
may be doing business when such suits
may be begun; and all laws and parts of
laws of the United States inconsistent
with this proviso be and the same are
hereby repealed. And provided further
that no attachment shall be issued against
such national banking association or its
property before final judgment in any suit,
action or proceeding in any state, county
or municipal court.
Section 5, That when any national bank
ing association has amended its articles of
association as provided in this amendment
and the comptroller has granted his certif-
cate of approval, any share holder not as
senting TO such amendment may give notice
in writing to the directors within thirty
days from date of the certificate of approx
al, of his desire to withdraw from SAID
association. In which case he shall be en-
titled to receive from the said banking as
sociatiou the value of shares so held by him.
The value of which to be asertained by an
appraisal made by committee of three
persons one to be selected by such share |
holder, one by the directors and the third
by the first two; and in case the value so
fixed shall not be satisfactory to any such |
share holder, he may appeal to the comp
troller of currency, who shall cause re
appraisal to be made which shall be final |
and binding. And if the said |
shall exceed the value
fixed by said committee, the bank shall pay
the expenses of Teappraisal, and otherwise
the appellant shall pay said expenses and
the value so ascel tanned and determined
shall be deemed debt due and shall be |
forthwith paid to said shareholder from said
bank and the shares so surrendered and APP |
praised shall after due notice be sold it |
public sale within thirty days after the final
appraisal as provided in this section, pro
that on the organization of any banking as
intended to replace any existing |
banking association and retaining thereof |
The holders of stock IN the expiring associa-
ton shall be entitled to preference in the al |
otment of shares in the new association in I
proportion to the number of shares held |
by them respectively in the expiring associ- |
alton.
Section 6. That circulating notes of |
any association so extending the period of
its succession, which shall have been
issued it prior to such extension |
shall be redeemed at the treasury |
Of the United States, as provided in sec |
ion 3 of the act of June 20, 1874, entitled /
IAN act fixing the amount of United States
notes, providing for the redistribution OF
he national ba nix currency, and for other
And such notes, when re
roller of the currency and destroyed, as
now provided by law, at the end of three
Years from the date of the extension of the
corporate existence of each bank. The
association SO extended shall deposit law
ul money with the treasurer of the United
states sufficient to redeem the remainder
If the circulation which is outstanding at
he date of its extension, as provided for
n sections i, 1922, :, ,224 and 5,225 of the
evised statutes and any gain that may
rise from failure to present such circu-
ating notes for redemption1 shall inure
o the benefit of the United States; and
rom time to time as such notes
re redeemed, they shall be
eplaced by new circulating
otes bearing such devices to be approved
y the treasury, as shall make them readily
from circulating notes
eretofore issued, provided, however, that
ach banking association which shall OBJ
ain the benefit of this act shall reimburse
D the treasury the cost of prepareing the
late or plates for such new circulating
otes as shall be issued to it.
Section Z. That national bank associa-
ons who corporate existence has expired
r shall hereafter expire and which do not
vail themselves of the provisions of this
ct shall be required to comply with. the
,~f .aot;onS 0o1 and : 299 re-