The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-05-24
FINANCE AND COTTON.
FINANCIAL

THE essential provisions of the bill for tho eS.
tension Of national bank charters, which has
been under consideration in the house for
week past, may be stated rs follows
The first section provides that any national |
bank may, at any time within two years preyi'
Gus u the date Of the expiration Of its corporate
existence, extend its period OF succession, by
amending its articles of association, lur term
otnJt NOR than twenty years from the eXprs-
ton of the period of succession named In the
article of association. aud shall have succession
for such extended period unless sooner dis
solved by the act of shareholders owning two
thirds Of Its stock, or unles, it, franchise be-
COMES forfeited by some violation of law
The second section provides that the amend
mcut OF the articles of association required by
the first section In order To secure extension OF
charter shall be authorized 10y the consent In
writing of the shareholders owning not less
than twO.thirds Of the capital stock This con
sent must he certified tn the COMPTROLLER ot the
currency by the president mud cashier of the
bank aud the ccrtihcationmust be accompanied
by an application for approval by the comp
uoller Of the amended articles of association
The amended ar icles ARE not "a be valid until
the comptroller shall have certified that the as
ISOLATION has complied with all the provisions
0ilaW required To be complied with,
The third section provides that the Comptrol.
Ter may, II he de.ms IL necessary, cause special
examination to br made ut the expense oi the
association, 10 determine whether It's condition
ssuch us warrants an extension oft corporate
lie
The fourth section provides that any associa.
Hon extending the period OF It's corporate sue
CcsSiou IN accordance with the provisions ol the
bill shall continue To be IN all respects the luen.
teal association 1t was before the extension ot
It's period of succession with the same rights,
immuniucs and liabilities
The fifth section provides that any shOrch"
der not asserting tn the amendments To the ar
tccs of association that the owners of two
thirds Of the stock IN amy case may have auth ~
Ted may give notice In wiring IL the directors
OF the bank, within thirty days rom the date ct
the COmptrOllcrs cCrtlu,utc OF approval oi hls
desire to withdraw from the association There
upon he shall be- entitled to receive { ON The
bank the value of his shares as appraised 10y =
committee Of three persons, one 70 " selected
by tho shareholders one by the directors OF the
bank, aud the other one by the nrit Two
II the appraisal by this committee be not salts
factory 10 him he may appeal 10 the comlWol
Ter and secure reHppraisal, This second an
praisal Is To be final and binding, and II II *
ccSeds the commilteesapptasal ths eNpenses
the reappralsal are N he borne by the banI
otherwise by the appellant The bank mu'
pay the Shareholder the appraised value ol ~
stock and the stock must he sold, after que Nc
tic, ut public sale within thirty days after IL
final apnrasl.
The sixth section provides for the rctiremsi
nnh destruction of the outstanding no'es 81 nm
bank that may have. lis period
succession extended, and tue ISSUE
nstes to hear such devices as to make the
readily dlsllnguis hable from the OLD ones III
redemption Of old notes Is TO proceed under Sc
ton Z of the act Of 1874, until those uustanuli
have been reduced to an amount eQualt T. y
cent uI the capital stock OF the bans when u
bank must deposit enough lawful money to :
deem all Its notes remaining unredeemcd Al
gain arising rom failure TO present these not
fOt redemption IL 10 inufe 70 Tue ucncht VI
United states. A.,
The seventh aud last section In effect prohib
the extension of the bank charters othotw
than In he manner prescribed by the bill. IL
Quirrs banks not taking advantage OF the y
Vision of the bi 4 as their charters expire 20
through the whole process OF liquidation
scribud by law