Page:United States Statutes at Large Volume 13.djvu/132

 104 THIRTY-EIGHTH CONGRESS. Sess. I. Ch. 106. 1864. Stock of delhi- having given three weeks’ previous notice thereof in a newspaper pub. ggfgsrgzfgi lished end of general circulation in the city or county where the association sold. is located, and if no newspaper is published in said city or county, then in a newspaper published nearest thereto, to any person who will pay the highest price therefor, and not less than the amount then due thereon, with the expenses of advertisement and sale; and the excess, if any, shall be paid to the delinquent shareholder. If no bidder can be found who will pay for such stock the amount due thereon to the association, and the cost of advertisement and sale, the amount previously paid shall be forfeited to the association, and such shock shall be sold as the directors may order, within six months from the time of such forfeiture, and wif not sold it shall be cancelled and deducted from the capital stock of the association; and if such cancellation and reduction shall reduce the capital of the association below the minimum of capital required by this act, the capital stock shall, within thirty days from the date of such cancellation, be increased to the requirements of the act; in default of which a receiver may be appointed to close up the business of the association according to the provisions of the iiftieth section of this act. Wiud $*****8 Sec. 16. And be it further enacted, That every association, after having fggéztzrggoggiigls complied with the provisions of this act, preliminary to the commencewith treasurer to ment of banking business under its provisions, and before it shall be Q;‘0Ql‘;‘:lQi';,flf)‘}‘m authorized to commence business, shall transfer and deliver to the treasc,pn,,1,u.ci;, urer of the United States any United States registered bonds bearing interest to an amount not•less than thirty thousand dollars nor less than one third of the capital stock paid in, which bonds shall be deposited with the treasurer of the United States and by him safely kept in his office until the same shall be otherwise disposed ot; in pursuance of the provisions of this act; and the Secretary of the Treasury is hereby authorized to receive and cancel any United States coupon bonds, and to issue in lieu thereof registered bonds of like amount, bearing a like rate of interest, and having the same time to run ; and the deposit of bonds shall be, by every association, increased as its capital may be paid up or in- _ Deposittobe creased, so that every association shall at all times have on deposit with '°°"°”°di the treasurer registered United States bonds to the amount of at least one third of its capital stock actually paid in: Provided, That nothing in _ may be dimin- this section shall prevent an association that may desire to reduce its "h°d' capital or to close up its business and dissolve its organization from taking up its bonds upon returning to the comptroller its circulating notes in the proportion hereinafter named in this act; nor from taking up any excess of bonds beyond one third of its capital stock and upon which no circulating notes have been delivered. C°*PP**'°Ug*‘;<> SEO. 17. And be it further enacted, That whenever a. certificate Shall
 * ,L?;;;°i;2“0§f have been transmitted to the comptroller of the currency, as provided in

ation em gem- this act, and the association transmitting the same shall notify the compm°“°° b‘”’“‘°“· troller that at least fifty per centum of its capital stock has been paid in as aforesaid, and that such association has complied with all the provisions of this act as required to be complied with before such association shall be authorized to commence the business of banking, the comptroller shall examine into the condition of such association, ascertain especially the amount of money paid in on account of its capital, the name and place of residence of each of the directors of such association, and the amount of the capital stock of which each is the bona fide owner, and generally whether such association has complied with all the requirements of this act to entitle it to engage in the business of banking; and shall cause to be made and attested by the oaths of a majority of the directors and by the president or cashier of such association, a statement of all the facts necessary to enable the comptroller to determine whether such association is lawfully entitled to commence the business of banking under this act. Sec. 18. And be itfiorther enacted, That if} upon a careful examination