Year: 1864

| "ahe Soou suCu TeSerNe anu III SuCI
; association shall fail for thirty days
thereafter so to make good it's reserve
of lawful money Of the United States,
the Comptroller may. with the concur.
renee of the Secretary of the Treasu
ry, appoint a receiver to wind up the
business of such association, as provi.
ded in this act.


Sec. 80. And be it further enacted,
That each association organized in
any of the cities named in the forego.
ing section shall select, subject to the
approval Of the Comptroller of the
Currency, an association in the city
OF New York, at which it will redeem
IFS circulating notes at par. And
each OF such associations may keep
one half of its lawful money reserve
in cash deposits in the city of New
York. And each association not or
ganized within the cities named in the
preceding section shall select, subject
to the approval of the Comptroller of
the Currency an association in either
Of the cities named in the preceding
section at which it will redeem its cir
culating notes at par, and the Comp.
troller shall give public notice Of the
names of the associations so selected
at which redemptions are to be made
by the respective associations, and Of
any change that may be made of the
association at which the notes OF any
association are redeemed. If any
association shall fail either TO make
the selection or to redeem its notes as
aforesaid, the Comptroller of the Cur
rency may, upon receiving satisfacto-
ry evidence thereof, appoint a receiv-
er, in the manner provided for in this
act, to wind UP its affairs Prortded,
That nothing in this section shall re
lieve any association from its liabili-
ty to redeem its circulating notes at
its own counter, at par, in lawful mon
ey, on demand: And pr0ridci, further,
That every association formed or ex-
listing under the provisions of this act
shall take and receive at par, for any
debt or liability to said association,
any and all notes or bills issued by
any association existing under and
by virtue OF this act.


Sec. 33. And be it further enacted,
That the directors of any association
may, scmi-aunually, each year, de-
clare dividend Of SO much of the nett
profits Of the association as they
shall judge expedicnt but each asso-
citation shall, before the declaration of
a dividend, carry one-tenth part of its
nett profits of the preceding half year
to it's surplus fund until the same
shall amount to twenty per centum of
its capital stock. ..


Sec. "a. And be it further enacted,
That every association shall make to
the Comptroller Of the Currency re-
port, according to the form which may
be prescribed 10y him, verified by the
oath or affirmation of the president
or cashier of such association which
report shall exhibit in detail, aud under
appropriate heads, the resources and
| liabilities Of the association before the
commencement Of business on the
morning Of the first Monday of the
months Of January, April, July, and
October of each year. and shall trans
NIT the same to the Comptroller with
in five days thereafter. And any
bank failing to make and transmit
such report shall be subject to a pen
atty of one hundred dollars for each
day after FIVE days that such report is
delayed beyond that time. And the
Comptroller shall publish abstracts of
said reports in newspaper to be de-
signated by him for that purpose in
the city of Washington, and the sepa-
rate report Of each association shall
be published in a newspaper in the
place where such association is estab-
lishcd, or if there be no newspaper at
such place, then in newspaper pub
lished at the nearest place therto, at
the expense of the association making
such report. In addition to the quar-
terly reports required by this section.
every association shall, on the first
Tuesday of each month, make to the
Comptroller of the Currency state
ment, under the oath of the president
or cashier, showing the condition of
the association making such state.
ment, on the day next preceding the
date of such statement, in respect to
the following items and particulars,
to wit average amount of loans aud
discounts, specie, and other lawful
money belonging to the association,
deposits and circulation. And associ-
atoms in other places than those cities
named in the thirty-tirst section OF
this act shall also return the amount
due them available for the redemp-
tion of their circulation.


| Sec. 35. And be it further enacted,
That no association shall make any
loan or discount on the security Of the
shares of its own capital stock, nor
be the purchaser or holder Of any such
shares, unless such security or pur-
chase snail he necessary to prevent
loss upon debt previously contract
ed in good faith and stock 80 pur-
chased or acquired shall, within six
months from the time of its purchase,
be sold or disposed of at public or
private sale, in default Of which re-
ceiver may be appointed to close up
the business Of the association, ac.
cording to the provisions Of this act.


Sec. SO. And be it further enacted,
That no association shall at any time
be indebted, or in any way liable, to
an amount exceeding the amount of
its capital stock at such time actual
ly paid in aud remaining undiminish-
ed by losses or otherwise, except on
the following accounts, that is to say


First. On account Of it's notes of
circulation.


Second. On account of moneys de-
posted with, or collected by, such
association.


Third. On account Of bills of ex-
change or drafts drawn against mon
ey actually on deposit to the credit of
such association, or due thereto.


Fourth On account of liabilities to
it's stockholders for dividends and re-
served profits.