Year: 1864

from the time it shall be authorized
by the Comptroller to commence bust


ness and the payment of each in


sta'ment shall be certified to the Comp


troller, under oath, by the president
or cashier of the association. .Hs a"


Sec. Is. Aud be it further enacted


That if any shareholder, or his assg,
nee, shall fail to pay any instalment
on the stock when the same is reunir
ed by the foregoing section to be paid


the directors of such association may
sell the stock Of such delinquent share


holder at public auction, having given
three weeks previous notice thereof
in newspaper published and Of gen.
eral circulation in the city or county
where the association is located, and
if no newspaper is published in said
city or county, then in a newspaper
published nearest thereto, to any per.
son who will pay the highest price
therefor, and not hess than the amount
then due thereon, with the expenses
of advertisement and sale and the
excess, If any, shall be paid to the de.
linquent shareholder. If no bidder
can be found who will pay for such
stock the amount due thereon TO the
association, and the cost of advertise
ment aud sale, the amount previously
paid shall be forfeited to the associa-
tion, and such stock shall he sold as
the directors may order, within six
months from the time of such forfeit.
nre, and If not sold it shall be cancel.
led and deducted from the capital
stock of the association and il such
cancellation and reduction shall re-
duce the capital Of the association be.
low the minimum Of capital required
by this act, the capital stock shall,
within thirty days from the date of
such cancellation, be increased TO the
requirements of the act in default of
which receiver may be appointed to
close up the business Of the associa-
ton according to the provisions Of the
fillieth section of this act. -Iaa 2a a@


Sec l6. And be it further enacted


That every association, after having
complied with the provisions of this
act. preliminary to the commencement


of banking business under its provis.
ions, and before it shall be aut!. !.,orized
to commence business, shall transfer
and deliver to inc Treasurer of the
United States any United States reg
issered bonds bearing interest to an
amount not less than thirty thousand
dollars nor less than oue-third of the
capital stock paid in, which bonds
shall be deposited with the Treasurer
Of the United States and by him safe
.ly kept in his Office until the same
shall he otherwise disposed of, in pur-


suance Of the provisions of this act !;
and the Secretary Of the Treasury is
hereby authorized to receive and can
Gel any United States coupon bonds.
and to issue in lieu thereof registered


bonds of like amount, bearing like
rate of interest, and having the same
time to run and the deposit Of bonds


shall be. by every association, increas-
ed as its capital may be paid up or
increased, so that every association


shall at all times have on deposit with
the Treasurer registered United States
bonds to- the amount Of at least one
third of its capital stock actually paid
in: Prorided, That nothing in this
section shall prevent an association
that may desire to reduce its capital
or TO close up it's business aud dis
solve its organization from taking up
its bonds upon returning to the Comp
troller its circulating notes ia the pro-
portion hereinafter named in this act.
nor, from taking up any excess Of
bonds beyond one-third Of its capital
stock and upon which no circulating
notes have been delivered. " HG7''
Sec. II. And be it further enacted,
That whenever certificate shall have
been transmitted to the Comptroller
Of the Currency, as provided in this
act, aud the association transmitting
the same shall notify the Comptroller
that at least fifty per centum of its
capital stock has been paid IN as afore-
said, and that such association bas
complied with all the provisions Of
this act as required to be complied will
before such association shall be au-
thorized to commence the business OF
banking, the Comptroller shall exam.
inc into the condition of such associa-
tion, ascertain especially the amount
Of money paid in on account Of its
capital, the name and place OF resi-.
dence Of each Of the directors Of such
association, aud the amount of the
capital stock of which each is the
bona fide owner. and generally wheth.
er such association has complied with
all the requirements of this act to en-.
title il to engage in the business OF
banking and shall cause to be made
and attested by the oaths Of majori


ty of the directors and by the presi
fdent or cashier Of such association, a
statement Of all the facts necessary
to enable the Comptroller to determine
whether such association is lawfully
entitled to commence the business o.


banking under this act. "A cav gr3.I
! Sec, lS.. Aud be il further enacted


That il, upon a careful examination o.


the facts so reported, aud Of any other
facts which may come to the knowi


edge Of the Comptroller, whether by
means Of special commission, ap
1 pointed by him for the purpose Of in
quiring into the condition of such as


sociation or otherwise, it shall appeal


that such association is lawfully enti


tied to commence the business o


banking, the Comptroller shall Civ.
4 to such association certificate. undel
his hand and official SEAL that sucl


association has complied with all tn,
provisions of this act required 70 b,
3 complied with before being entitled t


commence the business Of banking


under IL. apd that such association il


authorized to commence said business
| accordingly and it shall be the dot,
fof the association to cause said certi


6cate to be published in some news


paper published in the city or count,


where the association 10 located for a


least sixty days next after the issuing