Year: 1864

TectIy OF indirectly, pledge or hypothe-
J cate any of its notes of circulation,
} for the purpose Of procuring money to


be paid in on its capital stock, or to
be used in its banking operations, or
otherwise ; nor shall any association
use it's circulating notes, or any part


thereof, in any manner or form, to Gre
ate or increase its capital stock.


Sec. 3S. And be it further enacted.


That no association, or any member
thereof, shall, during the time it shall
continue its banking operations, with
draw, or permit to be withdrawn,
either in form Of dividends or other
wise, any portion of its capital. And


if losses shall at any time have been
} sustained by any such association
equal to or exceeding its undivided
; profits then on hand, no dividend shall


be made and no dividend shall ever


be made by any association, while it
shall continue its banking opera.
tions, to an amount greater than its
nett profits then on hand, deducting
therefrom its losses and bad debts.
And all debts due to any association,
on which interest is past due and un-
paid for period Of six months, unless
the same shall be well secured, and
shall be in process of collection. shall
be considered bad debts within tho
meaning Of this act Prorided, That
nothing in this section shall prevent
the reduction of the capital stock Of
the association under the thirteenth
section Of this act.


| Sec. 80. And be it further enacted,
That no association shall at any time
pay out on loans or discounts, or in
purchasing drafts or bills of exchange,
or in payment of deposits, or in any
other mode pay or put in circulation
the notes of any bank or banking
association which shall not, at any
such time, be received, at par, on de-
posit and in payment of debts by the
association so paying out or circula-
/ ting such notes nor shall IL know
ingly pay out or put in circulation any
notes issued by any bank or banking
association which at Che time of such
paying out or putting in circulation is
not redeeming its circulating notes in
lawful money of the United States.


Sec. 40. And be it further enacted,
That the president and cashier Of eve
ry such association shall cause to be
kept at all times full and correct
| list Of the names and residences of all
the shareholders in the association,
and the number of shares held by each,
in tue office where its business is
transacted aud such list shall be
subject to the inspection of all the
shareholders and creditors of the asso-
citation, and the officers authorized to-
assess taxes under State authority,
during business hours of each day in
which business may be legally trans
acted ; and copy of such list. on the
first Monday Of July in each year,
verified by the oath of such president
or cashier, shall be transmitted TO the
Comptroller of the Currency.


Sec. Al. Aud be it further enacted,
That the plates and special dies to be
procured by the Comptroller of the
Currency for the printing of such cir
culating notes shall remain under his
control and direction, and the expens-
es necessarily incurred in executing
the provisions of this act respecting
the procuring Of such notes, and all
other expenses of the bureau, shall bo
paid ont Of the proceeds Of the taxes
or duties now or hereafter to be asses
sed on the circulation, and collection
from associations organized under.
this act. And in lieu of all existing
taxes, every association shall pay to
the Treasurer of the United States, in
the months of January aud July, du-
ty of one half Of one per centum each
half year from and after the first day
of January, eighteen hundred and
sixty-four, upon the average amount
of It's notes in circulation, aud duty
of one quarter of one per centum each
half year upon the average amount of
Its deposits, and duty of one-quar-
ter OF one per centum each half year.
as aforesaid, on the average amount
of its capital stock beyond the amount
invested in United States bonds and
in case of default In the payment
thereof by any association, the duties
aforesaid may be collected in the man
ner provided for the collection of Uni
ted States duties of other corporations,
or the Treasurer may reserve the
amount of said duties out of the in
terest, as it may become due, on the
bonds deposited with him by such de.
faulting association. And it shall be-
the duty of each association, within
ten days from the first days of Janua-
ry and July of each year, to make
return, under the oath of its president
or cashier, to the Treasurer Of the Uni
ted States, in such form as he may
prescribe, of the average amount of
its notes in circulation, and of the av-
erage amount of its deposits, aud of
the average amount of its capital
stock, beyond the amount invested in
United States bonds, for the six
mouths next preceding said first days
OF January and July AS aforesaid, and
in default of such return, and for each
default thereof, each defaulting asso-
citation shall forfeit and pay to tue
United States the sun of two hum
dred dollars, to be collected either out
OF the interest as it may become due
such association on the bonds deposit
ed with the Treasurer. or, at his op-
tion, in the manner in which penalties
are to be collected of other corpora
tions under the laws Of the United
States and in case Of such default
the amount Of the duties TO be paid by
such association shall be assessed up.
on the amount Of notes delivered to
such association by the Comptroller
OF the Currency. and upon the highest
amount of its deposits and capital
stock, to be ascertained in such other
manner as the Treasurer may deem
best I: Proridsd. That nothing in this
act shall be construed TO prevent all
the shares in any of the said associa-
tions, held 10y any person or body corr
porate, from being included in the