Page:United States Statutes at Large Volume 12.djvu/704

 674 THIRTY—SEVENTH CONGRESS. Sess. III. Ch. 58. 1863. such association shall have been notified of the appointment of an agent, as provided in this act, apply to the nearest circuit, or district, or territorial court of the United States, to enjoin fhrther proceeding in the premises; and such court, after citing the comptroller of the currency to show cause why further proceedings should not be enjoined, and after the decision of the court or finding'of a jury that such association has not refused to redeem its circulating notes, when legally presented, in the lawful money of the United States, shall make an order enjoiuing the comptroller, and any receiver acting underfhisldirection, from all further proceedinvs on account of such alle ed re usa. Bondstr:msfer— Sm; 30. And be it further egactcd, That the bonds transferred to the ¤’¢d=¤¤¤°“*l*Y· treasurer of the United States, as hereinbefore provided, by any bank- ing association for the security of its circulating notes, shall be held expurpcsc,unri|,&c- clusively for that purpose, until such notes shall be redeemed, except as provided in this act; but the comptroller of the currency may give to any such banking association powers of attorney to receive and appropri- Interest. ate to its own use the interest on the bonds which shall have been so Mw M *¤*‘*‘<*¤· transferred to the treasurer by it; but such powers shall become inopera- five whenever such banking association shall fail to redeem its circulating notes as aforesaid ; and said comptroller may direct the return of any of said bonds to the banking association which transferred the same, upon the surrender to him and the cancellation of a proportionate amount of Pmviw such circulating notes: Provided, That ninety per centum of the current market value of the remaining bonds which shall have been transferred by the banking association ofering to surrender such circulating notes shall be equal to the amount of all the circulating notes retained by such banking association: And provided, further, That there shall have been no failure by such association to redeem its circulating notes, and that there shall have been no other violation by such association of any of the provisions of this act for the security of the creditors of such association; nor shall the treasurer be required to surrender such bonds in fractional sums of less than one thousand dollars; and if} at any time after said bonds shall be deposited with the treasurer of the United States, as aforesaid, the market or cash value shall be reduced, the comptroller of the currency is hereby authorized to demand and receive the amount of such depreciation in other United States bonds at cash value, or in money, from the association receiving said bills, to be deposited with the treasurer of the United States, as long as such depreciation continues. Ifmmketvulus SEO. 31. And be it further enacted, That whenever the price of any <>¤` i>¤¤<¥< <¥9P_r¤<>i- of the bonds pledged as aibresaid for the redemption of the circulating ;":0‘l'i;;;1° notes of any such banking association shall be, at the stock exchange in {‘;;c;*; '°*°’” m- at which they shall have been estimated when so pledged, and such de- ’ preciation shall not have been made good by a deposit of other bonds or money, it shall be the duty of the comptroller of the currency to notify the treasurer of the United States of such ihct, and the payment of interest upon such depreciated bonds shall be suspended, and such interest shall be retained by said treasurer until the same, when added to the current market value of the bonds so pledged, to be ascertained us before provided, shall be equal to the amount for which such bonds were pledged: Provided, That it shall be the duty of the comptroller of the currency, at the expiration of every period of three months, to cause the whole of the sums so retained, and then remaining in the treasury of the United and invest the States, to be invested in United States bonds, in the name of the compi):;¤;¤3Squ¤rten‘\yin troller of the currency, in trust for the respective associations by which ‘ the bonds on which such interest shall have accrued shall have been when mmm. pledged ; and whenever the price of such depreciated bonds at the stock nmrltct value is exchange in New York shall rise to the price at which they were pledged, "’·?'“‘“°d‘ and so remain for four consecutive weeks, such investment shall be as-
 * ,;<>od,c¤mptror the city of New York, for four consecutive weeks, at a rate less than that