Page:United States Statutes at Large Volume 13.djvu/142

 114 THIRTY—EIGl·ITH CONGRESS. Sess. I. Ch. 106. 1864. Notes ¤9f to be satisfactory proof be produced to such notary-public that the paymepi; Sjf l’£;1°°::°sg8‘" °“` any such notes is restrained by order of any court of competent Jumsdm. I tion, such notary-public shall not protest the same; and when the holder of such notes shall cause more than one note or package to be protested Fees of notary. on the same day, he shall not receive pay for more than one protest. U on notice Sec. 47. And be it further enacted, That on receiving notice that any of fahure to re- such asseciation has Failed to redeem any of its circulating notes, as specid°°m °l’°“l”*i°"¤ fied in thepnext preceding section, the comptroller of the currency, with
 * §;2lp;;,°£?;lt° the concurrence of the Secretary of the Treasury, may appoint a special

ugentwascertuin agent (of whose appointment immediate notice shall be given to such ‘a“°*°· association) who shall immediately proceed to ascertain whether such association has refused to pay its circulating notes in the lawful money of the United States, when demanded as aforesaid, and report to the comptroller the fact so ascertained ; and if; from such protest or the report so made, the comptroller shall be satisfied that such association has refused to pay its circulating notes as aforesaid and is in default, he shall, within when to cc- thirty days after he shall have received notice of such failure, declare the g:;§t‘;°;““"°S United States bonds and securities pledged by such association forfeited ’ to the United States, and the same shall thereupon be forfeited accordto notify hold- ingly. And thereupon the comptroller shall immediately give notice in °‘;;;;"mx‘;0r such manner as the Secretary of the Treasury shall, by general rules or Suymwt, otherwise, direct, to the holders of the circulating notes of such association to present them for payment at the treasury of the United States, and the same shall be paid as presented in lawful money of the United topay notes States; whereupon said comptroller may, in his discretion, cancel an md °¤¤°°lb°“dS· amount of bonds pledged by such association equal at current market rates, not exceeding par, to the notes paid. And it shall be lawful for the Secretary of the Treasury, from time to time, to make such regulations respecting the disposition to be made of such circulating notes after presentation thereof for payment as aforesaid, and respecting the perpetuation of the evidence of the payment thereof as may seem to him proper; but all such notes, on being paid, shall be cancelled. And for any deliciency in the proceeds of the bonds pledged by such association, when The United disposed of as hereinafter specified, to reimburse to the United States the Stmsmhave amount so expended in paying the circulating notes of such association, priority oflien the United States shall have a first and paramount lien upon all the redemption of such assets in preference to any and all other claims whatsoever, except ¤if¢¤l==¤¤i<>¤· the necessary costs and expenses of administering the same. Bonds pledged Sec. 48. And be it further enacted, That whenever the comptroller gi ;g§;‘;f{u";“Y shall become satisfied, as in the last preceding section specified, that any tion; association has refused to pay its circulating notes as therein mentioned, he may, instead of cancelling the United States bonds pledged by such association, as provided in the next preceding section, cause so much of them as may be necessary to redeem the outstanding circulating notes of such association to be sold at public auction in the city of New York, after giving thirty days' notice of such sale to such association. or at Prints Sm. 49. And be it further enacted, That the comptroller of the cursale. rency may, if he shall‘be of opinion that the interests of the United States will be best promoted thereby, sell at private sale any of the bonds _ pledged by such association, and receive therefor either money or the P*°"*S°· circulating notes of such failing association: Provided, That no such bonds shall be sold by private sale for less than par, nor less than the market value thereof' at the time of sale: And provided, further, That no sales of any such bonds, either public or private, shall be complete until the }transfer thereof shall have been made with the formalities prescribed in this act. Sec. 50. And be it further enactei That on becoming satisfied, as specified in this act, that any association has refused to pay its circulating
 * ’£;“d‘;z§;;£‘;}`in assets of such association ; and such deficiency shall be made good out of