Page:United States Statutes at Large Volume 13.djvu/135

 THIRTY—EIGHTH CONGRESS. Sess. I. Ch. 106. 1864. 107 to execute to the Said treasurer a certificate setting forth the different EX**¤?l¥{¤*l°¤ vf kinds and the amounts thereof, and that the same are in the possession ass°°m1°°S' and custody of the treasurer at the date of such certiucate. Such examination may be made by an officer or agent of such association, duly appointed in writing for that purpose, whose certificate before mentioned shall be of like force and validity as if executed by such president or cashier; and a duplicate signed by the treasurer shall be retained by the association. Sec. 26. And be it further enacted, That the bonds transferred to and b D§P°¤l?d I deposited with the treasurer of the United States, as hereinbefore pro- egglfsfgel; Eid vided, by any banking association for the security of its circulating notes, secure circulashall be held exclusively for that purpose, until such notes shall be “°“· redeemed, except as provided in this act; but the comptroller of the cur- provision as w rency shall give to any such banking association powers of attorney to l¤i¢f¢¤f· receive and appropriate to its own use the interest on the bonds which it shall have so transferred to the treasurer; but such powers shall become inoperative whenever such banking association shall fail to redeem its circulating notes as aforesaid. Whenever the market or cash value of If_bonds de-_ any bonds deposited with the treasurer of the United States, as afore- €;€§*‘“€· ;“““Q said, shall be reduced below the amount of the circulation issued for the 8 me E gw ' same, 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 he deposited with the treasurer of the United States as long as such depreciation continues. And said comptroller, upon the terms prescribed by the Secretary of the Treasury, may permit an exchange to be made of Bonds may be any of the bonds deposited with the treasurer by an association for other excha¤ged,i£ bonds of the United States authorized by this act to be received as secu- &°‘i rity for circulating notes, if he shall be of opinion that such an exchange can be made without prejudice to the United States, and he may direct the return of any of said bonds to the banking association which transferred t TM5 be Y6- the same, in sums of not less than one thousand dollars, upon the surren- cg]l;i,0;1€,(Q°c€,.8ju` der to him and the cancellation of a proportionate amount of such cir- culating notes. culating notes: Provided, That the remaining bonds which shall have Prcviw been transferred by the banking association offering to surrender circulati ing notes shall be equal to the amount required for the circulating notes not surrendered by such banking association, and that the amount of bonds in the hands of the treasurer shall not be diminished below the amount required to be kept on deposit with him by this act: And provided, That there shall have been no failure by such association to redeem its circulating notes, and no other violation by such association of the provisions of this act, and that the market or cash value of the remaining bonds shall not be below the amount required for the circulation issued for the same. Sec. 27. And be it further enacted, That it shall be unlawful for any The c,,u,,t9,._ officer acting under the provisions of this act to countersign or deliver to signing and deany association, or to any other company or person, any circulating notes  §gt;g°“` contemplated by this act, except as hereinbefore provided, and in accord- cusp; as PQ,-. ance with the true intent and meaning of this act. And any officer who mimi byrhis Shall violate the provisions of this section shall be deemed guilty of a high ’ mak uma"' misdemeanor, and on conviction thereof shall be punished by fine not p,,,,,,;ty_ exceeding double the amount so countersigned and delivered, and imprisonment not less than one year and not exceeding fifteen years, at the discretion of the court in which he shall be tried. Sec. 28. And be it further enacted, That it shall be lawful for any Associations such association to purchase, hold, and convey real estate as fol- may l’°l‘l#f‘°·· lows : __- pggain rea es- First. Such as shall be necessary for its immediate accommodation in the transaction of its business.