Page:United States Statutes at Large Volume 13.djvu/138

 110 THIRTY-—EIGHTH CONGRESS. Sess. I. Ch. 106. 1864. G<>¤¢¢¤f¤ <>f ¤‘¤· ident or cashier of such association ; which report shall exhibit in detail, W"' and under appropriate heads, the resources and liabilities of the association before the commencement of business on the morning of the first Monday of the months of January, April, July, and October of each year, and shall transmit the same to the comptroller within five days thereafter. And any bank failing to make and transmit such report shall be subject renalty for to a penalty of one hundred dollars for each day after five days that such f““‘“g *° ‘°P°”‘ report is delayed beyond that time. And the comptroller shall publish abstracts of said reports in a newspaper to be designated by him for that Comptroller to purpose in the city of Washington, and the separate report of each asso- Pltbllsh “bS“"‘°”· ciation shall be published in a newspaper in the place where such association is established, or if there be no newspaper at such place, then in a newspaper published at the nearest place thereto, at the expense of the association making such report. In addition to the quarterly reports required by this section, every association shall, on the first Tuesday of each month, make to the comptroller of the currency a statement, under M°¤*hl.Y Sim the oath of the president or cashier, showing the condition of the associam°m' tion making such statement, on the morning of the day next preceding the date of such statement, in respect to the following items and particulars, to wit: average amount of loans and discounts, specie, and other lawful money belonging to the association, deposits, and circulation. And associations in other places than those cities named in the thirty-first section of this act shall also return the amount due them available for the redemption of their circulation. Associations Sec. 35. And be it further enacted, That no association shall make £;>;n*;> Egkim the any loan or discount on the security of the shares of its own capital stock, Sw,,},), J} tm, nor be the purchaser or holder of any such shares, unless such security own stock, &c- or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith ; and stock so purchased or acquired shall, within six months from the time of its purchase, be sold or disposed of at public or private sale, in default of which a receiver may be appointed to close up the business of the association, according to the provisions of this act. Inhbtedness Src. 36. And be it further enacted, That no association shall at any not_tc exceed time be indebted, or in any way liable, to an amount exceeding the 2:E;,“gl2?°°k¤°X' amount of its capital stock at such time actually paid in and remaining undiminishcd by losses or otherwise, except on the following accounts, that is to say:- First. On account of its notes of circulation. Second. On account of moneys deposited with, or collected by, such association. Third. On account of bills of exchange or drafts drawn against money actually on deposit to the credit of such association, or due thereto. Fourth. On account of liabilities to its stockholders for dividends and reserved profits. Associations Sec. 87. And be it further enacted, That no association shall, either ggéizmqggié directly or indirectly, pledge or hypothecate any of its notes of circulation, ,,0;,,,, g,,,, gw; thr the purpose of procuring money to be paid in on its capital stock, or to be used in its banking operations, or otherwise; nor shall any association use its circulating notes, or any part thereof, in any manner or form, to create or increase its capital stock. A not to with-_ Sec. 38. And be it further enacted, That no association, or any mem- 0tE‘QQe§fZal;Q{;{?“ ber thereof, shall, during the time it shall continue its banking operations, withdraw, or permit Ito be withdrawn, either in form of dividends or Losses. otherwise, any portion of its capital. And if losses shall at any time have been sustained by any such association equal to or exceeding its undivided profits then on hand, no dividend shall be made; and no dividend shall ever be made by any association, while it shall continue its banking operations, to an amount greater than its nett profits then on hand, Bad debts. deducting therefrom its losses and bad debts. And all debts due to any