The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1882-06-29
THE BILL RECHARTERING NATION.
AL BANKS.

Be It enacted, That any National Banking
association organized under the acts of Febru-
or under Secs. 5lS3, 5, la. 51a5, 5136 and 5,l51
of the Revised Statutes of the United States
may at any time within two years next pre-
vious to the date of expiration Of its coporate
existence, under the present law and with the
approval Of the Comptroller of the Currency, to
be granted as hereinafter provided, extend its
of association, for q term of not more than
twenty years from the expiration of the peri
Cd of succession named in said articles of as
sociation, 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 become for
after modified or repealed.
SEC. 2. That such amendment of said articles
of association shall be authorized bv the con-
less than two-fhirds Of the capital stock Of the
association, and the Board OF Directors shall
cause such consent to be certified under seal
the co%ptroiler u the aecempa
MED BY an application made by the President
or Cashier for the approval Of the amended
such amended articles Of association shall not
be valid until the Comptroller shall give to such
association q certificate under his hand and
all the provisions required to be complied with
and 10 authorized to have succession for the
extended period named in the amended articles
of association. 1890" HlF ~ ~ p
/
and certificate of association provided for in
the preceding section, the Comptroller of the
Currency shall cause special examination to
be made at the expense of the association, to
determine its condition; and if, after such ex-
animation, or otherwise, it appears to him that
said association is in a satisfactory condition,
he shall grant his certificate of approval pro-
vided for in the preceding section; or, if 1t APP
pears that the condition of said association is
not satisfactory he shall withhold such cert
SEC. 4. That anv association an extondfno the,
period of it's succession shall continue to enjoy
all the rights, and privileges and immunities
the duties, liabilities and restrictions imposed,
by the Revised Statutes of the United States
and other acts having reference to National
be in all respects the identical association it
was before the extension of its period Of sue
cession; provided, however, that jurisdiction
association established under any law provd-
ing for MISUNDERSTANDING associations, except
suits between them and the United States and
its officers and agents, shall be the same as and
not other than the Jurisdiction for suits by or
against banks not organized under any law of
the United States which do or might do a
banking business where such NationalBank-
ing 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 prouided, further, that no at
tachment, Injunction, or execution shall be
issued against such National Banking assoca-
any suit, action, or proceeding in any State,
| county, or municipal court. ,..
SEC. S. That when any National Banking as
sociatfon has amended its articles of associa-
ton as provided in this act and the Comp
troller has granted his certificate of approval,
any shareholder not asserting to such amend
ment may give notice in writing to the Dircc-
tors within thirty days from the date of the
certificate or approval of his desire to with
draw from said association. in which case he
shall be entitled to receive from said banking
nj "a 81 M nv
him, to be ascertained by appraisal made by a
committee of three persons, one to be selected
by such shareholders, one by Director, and
the third by the first two; and in case the
value 80 fixed shall not be satisfactory to any
such shareholder, he may appeal to the Comp
troller OF the Currency, who shall cause a re,
appraisal to be made which shall be final and
binding, and if said re-appraisal shall exceed
the value fixed by said committee the bank
shall pay the expenses of said re-appraisal, and
otherwise the appellant shall pay said ex-
penses; and the value SO ascertained and de-
termined shall be deemed to be debt due, and
be forthwith paid to said shareholder from the
said bank; and the shares so surrendered and
appraised shall, after due notice, be sold at
public sale within the thirty days after final
Appraisal a provided in this section Proudsd
citation intended to replace any existing bank
ing association and retaining the name there
cs aae sha s OF sf9cd IN the expiring asso
allotment of the shares of the new association
IN proportion to the number of shares held by
Iucm respectively IN Cno expiring aSSOClaClOn.
SEC 6. That the circulating notes of any as
ISOLATION so extending the period of its success
sion which shall have been issued to it prior to
such extension shall be redeemed ut the Treas
ury OF the United States, as provided in Sec. 3
Of the act of June 20, 1874, entitled IAN act
liking the amount of United States notes, pro-
currency, and for other purposes, and such
notes, when redeemed, shall be forwarded to
the Comptroller of the Currency and destroyed
as now provided by law. At the end of three
corporate existence of each bank, the assoca-
ton so extended shall deposit lawful money
cient to red sem the remainder of the circula-
ton hich was outstanding at the date Of it's
extension as provided for in Secs. ~, and
SRA and 6, rs of the Revised Statutes, and any
gain that may arise from a failure to present
such circulating notes for redemption shall
inure to the benefit of the United States and
deemed, they shall be replaced by new circu-
latfng notes bearing such devices, to be ap-
proved by the Secretary of the Treasury, as
shall make them readily distinguishabe from
the circulating notes heretofore issued; pro
uided, however that each banking association
which shall obtain the benefit of this act shall
@ fh TO tne treasury sur the cost OF preRar
notes as shall be issued to it.
SEC. 7. That misunderstanding associations
whose corporate existence has expired or shall
selves of the provisions of this act shall be re-
CURED to comply with the provisions of Secs
same manner as if the shareholders had voted
to go into liquidation. as provided in Sec. 5,22O
of the Revised Statutes, and the provisions of
shall also be applicable to such associations,
except as modified by this act, and the fran
chise of such association is hereby extended
until such affairs are finally closed.
SEC. 8. That National Banks now organized,
or hereafter organized. having a capital Of
1000 or less, shall not he required to keep
on deposit or deposit with the Treasurer of the
United States United States bonds in excess of
one-third of their capital stock as security
of those banks having on deposit
bonds in excess of that amount are
authorized to reduce their circulation by the
deposit of lawful money as provided by law;
provided, that the amount of such circulating
notes shall not in any case exceed ninety per
cent. of the par value of the bonds deposited
National Banks which shall hereafter make
deposits of lawful money for the retirement in
full OF their circulation shall at the time of
porting and redeeming their notes then out
standing sum equal to the average cost of re-
demption of National Bank notes during the
preceding year, and shall thereupon pay such
assessment. and all National Banks which have
heretofore or shall hereafter make deposits of
lawful money for the reduction of their circu-
lation shall be assessed and shall pay the as
sessment in the manner specified in Sec. 3
of the act approved June 20, 1874, for the cost
OF transport and redeeming their notes re-
UccLicN lIOM buCu uepOSlI subsequently W
June 30. 1881.
SEC. 9. That any National Banking association
now organized or hereafter organizing desir-
ing to withdraw its circulating notes upon de-
post of lawful money with the Treasurer of
the United States, as provided in Sec. 4 of the
act of June 20, 1874, entitled IAN act fixing
the amount of United States notes, providing
for redistribution of National-Bank cur
rency, and for other purposes" as provided
in this act, is authorized to deposit lawful
money and withdraw a proportionate amount
of bonds held as security for its circulating
notes in the order of such deposits, and no
NationalBank which makes such deposits Of
lawful money in order to withdraw it's cir
culating notes shall be entitled to receive any
increase of its circulation for Q period of six
months from the time it made such deposit
of lawful money for the purpose aforesaid;
provided, that not more than So 5000 900 of law
full money shall be deposited during any cal
endar month for this purpose. q f.1
SEC. TO- That, upon, deposit of bonds as de-
scribed by Secs. 5, l59 and 8, 160 of the Revised
Statutes Except as modified by the sections of
the act entitled - An act fixing the amount of
United States notes, providing for redistribu-
ton of the NatiOnalBank currency, and for
other purposes. approved June co. 1874, and as
modified by Sec. of this act,) the association
making application shall be entitled to receive
from the Comptroller of the Currency circulat-
H,~r- 80 A.