Page:United States Statutes at Large Volume 12.djvu/705

 THIR.TY—SEVENTH CONGRESS. Sess. III. Ch. 58. 1863. 675 signed to such association, and all accruing interest on such pledged bonds shall thereafter be paid to such association on demand thereofi Sec. 32. And be it fur!/zer enacted, That it shall be the duty of the Worn-out or comptroller of the currency to receive worn-out or mutilated circulat- m“*·“"·*°d ”°t°“ . . . . . . . ma be exchanging notes issued by any such banking association, and to deliver in place ed A- mW_ thereof to such association other blank circulating notes to an equal amount; and such worn-out or mutilated notes, after a memorandum Proceedings. shall have been entered in the proper books, in accordance with such regulations as may be established by the comptroller, as well as all circulating notes which shall have been paid or SIl1'l'6Il(181'0d to be cancelled, shall be burned to ashes in presence of three persons, one to be appointed by the Secretary of the Treasury, one by the comptroller of the currency, and one by the treasurer of the United States, under such regu- Iations as the Secretary of the Treasury may prescribe ; and in case such notes shall have been delivered to the comptroller by an officer or agent of such association, then in the presence, also, of such officer or agent; and a certificate of such burning, signed by the parties so appointed, shall be made in the books of the comptroller, and 21 duplicate thereof given to such officer or agent. Sec. 33. And be itfurthm enacted, That it shull be unlawful for any Notes not to be officer acting under the provisions of this act to countersign or deliver d°“"°"‘?g ‘;1X5’°l’° to any such association, or to any other company or person, any circulat- E,??; c m ing notes contemplated by this act, except as hereinbefore provided, and in accordance with the true intent and meaning of this act; and any officer who shall violate the provisions of this section shall be deemed guilty of a high misdemeanor, and on conviction thereof shall be punished Penalty. by line not exceeding double the amount so countersigned and delivered, and imprisonment not exceeding fifteen years, at the discretion of the court in which he shall be tried. Sec. 34. And be it further enacted, That all fees for protesting the com or P,-0mg_ notes issued by any such banking association shall be paid by the person procuring the protest to be made, and such banking association shall be liable therofor; but no part of the stock pledged by such banking association, as 2\l"01`GSRld, shall be applied to the payment of such fees; and all expenses of any preliminary or other examinations into the condition of any association shall be paid by such association; and all expenses of I‘§¥P9“$°$ of any receivevsliip shall be paid out of the assets of such association before £:iK;`;;,°:;y °x` distribution of the proceeds thereofl of ,cm,,c,.Sh,p_ Sec. 35. And be it further enacted, That the stockholders, collectively, Indebtedness 0; of any such association shall at no time be liable to such association, either st<>ck§v>[ders_w as principal debtors or sureties, or both, to an amount greater than three ff;f°‘°‘°'°“ l"“' fifths of the capital stock actually paid in and remaining undiminished ' by losses or otherwise; nor shall the directors be so liable, except to of d;,.c,,t,,,,_ such amount and in such manner as shall be prescribed by the by-laws of such association, adopted by its stockholders to regulate such liabilities. _ Sec. 36. And be it jiut/cer enacted, That the capital stock of any as- ag;g:gL;*°§l;‘:f sociation formed under this act shall be divided into shares of one hundred divided_ ’ dollars each, and shall be assignable on the books of the association in such manner as its by-laws shall prescribe; but no shareholder in any association under this act shall have power to sell or tmnsfei· any share sh,,,-es, how held in his own right so long as he shall be liable, either as principal, ¤SSi§¤}>·bl¢- debtor, surety, or otherwise, to the association for any debt which shall l;;*z}*;‘l?,°;* $**1** have become due and remain unpaid, nor in any case shall such share- ml g Se ' holder be entitled to receive any dividend, interest, or profit on such shares so long as such liabilities shall continue, but all such dividends, interests, and profits shall be retained by the association, and applied to the discharge of such liabilities; and no stock shall be transferred without the consent of a majority of the directors while the holder thereof is thus indebted to the association.