Page:United States Statutes at Large Volume 16.djvu/172

 138 FORTY—F1RST CONGRESS. Sess. II. Ch. 110. 1870. by way of an investment and as ss surety for loans, shall not exceed one half of the capital stock of such bank, and that not more than three quar. ters of the whole sum deposited in the institution shall be at any one time invested in mortgages of real estate. The income or interest of all deposits Division of shall be divided among the depositors, or their legal representatives, acl“*°"°“· cording to the terms of interest stipulated; and the principal may be Withdrawal withdrawn at such times or in such manner as the corporation shall in its Ot ¤=¤¤¤iP··*· by—laws amt. Certain ctn- Stat:. 5. And be it further enacted, That no officer, director, or com- §g*§bf¤;&*;°* *<° mittee, charged with the duty of investing the deposits shall borrow any ’portion thereof, or use the Szlmté, except in payment of the expenses of Embozzlo- the corporation; and if any officer, director, agent, or other person conm°¤*· nected with said bank, and interested with the funds or deposits thereotQ shall exnbezzle or fraudulently convert the same to his own use, he shall be deemed guilty of larceny, and shall, on conviction thereof by any court competent to try the otlencc, be imprisoned in the penitentiary not less than one nor more than ten years. S“b°*'di¤***° Sr:0. G. And be it _/im?/ter enacted, That the subordinate officers and g,f?f:5;,,l),g:d°’ agents of said corporation shall respectively give such security for their fidelity and good conduct as the board of managers may from time to time require, and said board shall tix the salaries of such officers and agents. First nwqtiug Sec. 7. And be it furdlcr enacted, That the persons named as corpora- °f °°rl’°m°’°"‘ tors in the first section of this act shall be authorized to meet and organize said bank by the election of one of their number as president, and one as Trustees and vice-president, and thereupon shall proceed to elect such persons as they m"""¥°“· shall select, to be added to their board of managers, so that the whole number of trustees, or managers, including the president and vice-president, shall not exceed nine persons. ·‘\““““l '°P°"’* Sec. 8. And be it further enacted, That this corporation shall make an to Longross. . . . _ _ ., . annual report to Congress of their funds and investments. band returns Items. shall speeily the thllowing particulars, namely : The number of depositors; total amount of deposits ; amount invested in bank stock and deposited in bank on interest; amount secured by bank stock; amount invested in public funds; loans on security of public funds; loans on mortgage of real estate; loans on personal securities; amount of cash on hand; total dividends of the year; annual expenses of the institution ; all of which shall be certified and sworn to by the treasurer ; and five or more of the man- 0,,,,, agcrs shall also ccrtity and make oath that the said return is correct according to their best knowledge and beliefl Books to be Sec. 9. And be it further enacted, That the books of said corporation °P°“· shall, at all times during their hours of business, be open for inspection and examination to the comptroller of the currency or depositors. By-laws. Sec. 10. And be hfurlbcrenacted, That said corporation may make by- laws for the more orderly management of their business, not repugnant to Sent. law ; may have a. common seal, which they may change at pleasure; that Deeds, Sto. all deeds, grants, covenants, and agreements, made by their treasurer, or any other person by their authority, shall be good and valid; and said corporation shall have power to sue and may be sued, defend and be held to answer, by the name aforesaid. B<>¤d» 8{¤· to Sec. ll. And be it further enacted, That the said corporation shall filo d°p°m'°"’ a bond, with security, with the clerk of the supreme court of the District, to be approved by one of the judges of the said court, to the United States, in the penal sum of two hundred thousand dollars, with a condition to pay and to satisfy to every depositor or person entitled, such sum as the party may be entitled to, within thirty days after such deposit shall be demanded ; and which bond may be sued by any depositor or person entitled after such demand and refusal to pay; and that the said supreme court shall have Newbond,&c. power to require a new bond, and new security, at any time they may deem it necessary for the interest of parties interested.