Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1912-01-25


principal fiscal agent OF the Govern
ment OF the United States. The auth
DRIED capital Of the National heser9e
Association shall be 20 per cent Of
tho capital Of the banks eligible for
membership approximately 300 mil
llons.J The length Of rs charter
shall be 50 years The head office
Of the association shall BE- In Wash
ington. d. c.
Membership.
z. All national banks and all State
banks aud trust companies which
comply with the requirements for
membership hereinafter set forth
Csscs. G0-s4j may subscribe 10 the
capital stock Of the National Reserve
Association. THE word bank" when
used hereinafter, shall be understood
10 refer 70 all such national banks.
State banks. and trust companies as
shall comply with the requirements
Tor membership hereinafter detined)
A bank having a minimum capital o.
81. 900 may subscribe to an amount
OF capital stock Of the National Re
serve Association equal to 20 per
cent OF the stock OF tho subscribing
bank. aud not less. and each OF such
subscrlbing banks shall bceome a
member OF a local association as
hereinafter provided. Fifty per cent
81 the subscriptions 10 the capital
stock Of the National Reserve Assoc
citation shall be called In cash; the
balance Of the subscriptions will re
main a liability Of the subscribers
subject 70 call
Q. Shares Of the capital stock OF
tho National Reserve Association
shall not BIO transferable. and un-
der 40 circumstances may they be
owned by any corporation other
than the subscribing bank nor by
any Individual nor may they be
owned by any bank In any other
amount than In the proportion here
In provided. In case a subscribing
bank lncreaae0 its capital. IL shall
thereupon subscribe for an addition
Al amount Of the capital stock OF
the National Reserve Association
equal to 20 per cent OF the banks
Increase OF capital. paying there
for is then book value. aa shown
BY the last published statement Of
the Association. A bank applying
Tor membership In the Association
after ito formation must subscribe I
Ter proportional share Of It's cap
ltai stock. paying therefor its then
book value. In case subscribing
bank reduces It's capital, II shall sur
render proportionate amount of
ia holdings OF the capital stock OF
the National Reserve Association. II
a bank goes into liquidation Il shall
surrender all Of ita holdings OF the
capital stock OF the National Ro
serve Association. The shares sur
rendered shall be cancelled and the
bank shall receive In payment thore-
for sum equal to their book val.
ae.
Earnings and Dividends.
4. The earnings Of tho National
Roser e Association shall be distrib-
lted in the following manner:
After the payment OF all expnes-
's aud taxes the stockholders shall
receive por cent Further earn
uga shall be divided. ono,half TO go /
10 the surplus OF the National Re- /
lervc Association until that surplus 4
hall amount 20 shall amount TO 4
% per cent OF the paid.iu capital. one G
ourth 70 80 TO the Government OF {
DO United states. and onesfourth I
o the stockholders; but when the I
tcckholdors' dividends shall roach I
per cent they shall receive no adj d
ltlonal distribution Arter tho O
lockholdcrs receive per cent the o
aralnEs shall bc divided. onehalf
, be added TO the surplus OF the $
'atlonai Reserve Association and b
aehalf 10 so to the Government 3
after the stockholders receive
or cent per annum and the surplus o
{ the National Reserve Association "
mounts 70 20 per cent OF the paid
/ capital an excess carnlgns shalt Il
b TO the Government The mint a.
nm dividends 10 the stockholders al
iall be cumulative q
Organization. q
8. An subseribins banks shall be
rmed into associations OF banks. to 70
, designated as local sssociators. AZ
very local association shall have
irrorate powers and shall be com In
,sed % not less than 10 banks. gr
"a the combined capital and sur co
has Of the members OF each local In
,sociation shall aggregate not less hy
AN $4,000 900 The territory includ. ca
IN the local associations shall be on
appor,ioued that every bank will
} located within tho boundaries Of sh
me local association. Every sub DO
riding bank shall become mem sh