The herald and news. [volume] (Newberry S.C.) 1903-1937, 1908-06-16
EMERGENCY CURRENCY ACT.
Adopted Just Before Congress Ad-
Observation-Disclosures
Measure.

banking laws.
Be it enacted by the senate and
house Of representatives OF the Unit
ed States of America in congress u.s.
sembled, That national banking as
sociations, each having an unimpair-
ed capital and su-pJds Of not less
than twenty per ccntum, nor less than
ten in number, having an aggregate
capital and surplus of ut least five
millions Of dollars, may form volun-
tary associations to be designated rs
national currency associations. The
banks united to form such association
shall, by their presidents, vicc-prcsi-
dents, acting under authority from
the board of directory. make and file
with the secretary Of the treasury
n certificate setting forth the names
Of the banks composing the associa-
ton, the principal place of business
Of the association, and the name of
the association, which name shall be
subject to the approval Of the sccrc-
tary Of the treasury. Upon the filing
of such certificate the associated
banks therein named shall become Il
body corporate, and by the name so
designated and approved may sue and
be sued, and exercise the powers Of n
body corporate for the purposes here
matter mentioned: Provided, That not
more than one such national cur
InfI .hn1 In -
any city: Provided further, That the
several members Of such national
currency association STALL be taken,
as nearly as conveniently may be,
from a territory composed Of State
ar part OF 4 State. or contiguous parts
Of one or more States: And provided
Further, That amy national bank in
such city or territory, having the
qualifications herein u~rscribcd for
membership in such national currency
association. shall, upon its application
to and upon the approval Of the see
rctary Of the treasury, he admitted
t" membership in Il national currency
association for that city or territory
and upon such admission shall be
deemed and held part Of the body
corporate. and rs surh entitled to all
tho rights and privileges and subject
10 all The liabilities Of an original
member: And provided further That
each national currency association
shall be composed exclusively Of banks
not members Of any other national
currency association.
The dissolution, voluntary or other
wise, Of any bank in such association
shall not affect the corporate existence
of the association unless there shall
then remain less than The minimum
number of ten banks: Provided, how
ever, That the reduction of the num-
Der Of said banks below The minimum
Of ten shall not affect the existence Of
the corporation with respect to the
assertion Of all rights in favor Of or
against such association. The affairs
nf the association shall be managed by
a board consisting of one representa-
tive from each bank. bylaws for The
government of the association shall
be made by the board. subject TO the
approval of the secretary Of the trca-
snry. \ president, vicc-prcsidcnt. see
rctary. treasurer. and an executive
committee of not less than five mem
bcrS. shall be elected by the board.
The powers of such board. except in
the election of officers and making Of
bylaws. may be exercised through its
executive committee.
The national currency association
herein provided for shall have and
exercise amy and all powers necessary
t" carry out The purposes or this see
tion. namely. to render available. un-
der the direction and control Of The
secretary of the treasury, as Il basis
for additional circulation and sccuri-
ties. including COMMERCIAL paper. held
by 4 national banking association. For
the purpose of obtaining such addi-
tional circulation. any bank belong
ing to any national ,.:rrcncy associa
ton. having circulating notes out
standing secured by the deposit of
bonds Of the United States to an
amount not less than forty per cen
tum Of its capital stock and which has
its capital unimpaircd and Il surplus
Of not less than iw-rry per ccntum,
may deposit with and transfer to the
association. in trust for the United
States. for the purpose hereinafter
provided. such Of the securities above