Page:United States Statutes at Large Volume 12.djvu/703

 THIRTY-SEVENTH CONGRESS. Sess. HI. Ch. 58. 1863. 673 specting the perpetuation of the evidence of the payment thereof, as may Proceedings. seem to him proper; but all such notes, on being paid, shall be cancelled; and for any deficiency in the proceeds of the bonds pledged by such association, when disposed of as hereinaher specified, to reimburse to the United States the amount so expended in paying the circulating notes of such association, the United States shall have a first and paramount lien upon all the assets of such association, and such deficiency shall be made good out of such assets in preference to any and all other claims whatsoever, except the necessary costs and expenses of administering the same. Sec. 27. And be it further enacted, That whenever the comptroller Instead of canshall become satisfied, as in the last preceding section specified, that any °"“l“§ *H° b°“d§ such association has refused to pay its circulating notes as therein men-  °;,':3[l. tioned, he may, instead of cancelling the United States bonds pledged by lic auction, such association, as provided in the next preceding section, cause so much of them as may be necessary to redeem the outstanding circulating notes of such association to be sold at public auction in the city of New York, after giving thirty days’ notice of such sale to such association. Sec. 28. And be it further enacted, That the comptroller of the cur- orprlvate sale, rency may, if he shall be of opinion that the interests of the United States will be best promoted thereby, sell at private sale any of the stock so transferred to him by such association, and receive therefor either money or the circulating notes of such failing association: Provided, That no but not for less such bonds shall be sold by private sale for less than the par, nor less than Pa'- than the market value thereof at the time of sale. And provided further, $¤l<=,Wh¤n wm- That no sales of any such stock, either public or private, shall be complete pl°t°' until the transfer thereof shall have been made with the formalities prescribed in this act. Sec. 291 And be it further enacted, That on becoming satisfied, as Comptrpner specified in this act, that any such association has refused to pay its circu- ;‘;`fe‘;f’P°"‘°“ "` lating notes as therein mentioned, and is in default, the comptroller of' the currency may forthwith appoint a receiver, and require of him such bond and security as he shall deem proper, who, under the direction of _ P"Q;°¤<U¤S¤ the comptroller, shall take possession of the books, records, and assets of m °u° °”°’ every description of such association, collect all debts, dues, and claims belonging to such association, and, upon the order of a court: of record of competent jurisdiction, may sell or compound all bad or doubtfitl debts, and, on a like order, sell all the real and personal property of such association, on such terms as the court shall direct; and such receiver shall pay over all moneys so made to the treasurer of the United States, and also make report to the comptroller of the currency of all his acts and proceedings. The comptroller shall thereupon cause notice to be given, by advertisement in such newspapers as he may direct, for three consecutive months, calling on all persons who may have claims against such association to present the same, and to make legal proof thereof; and from time to time the comptroller, after full provision shall have been first made for refunding to the United States any such deficiency in redeeming the notes of such association as is mentioned in this act, shall make a ratable dividend of the moneys so paid over to him by such receiver on all such claims as may have been so proved or adjudicated in a court of competent jurisdiction, and from time to time, as the proceeds of the assets of such association shall be paid over to him, he shall make further dividends, as aforesaid, on all claims previously proved or adjudicated; and the remainder of such proceeds, if any, shall be paid over to the shareholders of such association, or their legal representatives, in proportion to the stock by Association d0_ them respectively held : Provided, however, That if any such association, Dying {aime may against which proceedings have been so instituted on account of any al- Elllalgcgyozvzlgjof leged refusal to redeem its circulating notes as aforesaid, shall deny hav- ,,;,,8 nm gsm ing failed to do so, such association may at any time within ten days after tried. vcr,. xrr. Pun —— 85