Page:United States Statutes at Large Volume 18 Part 1.djvu/1065

 T rrnn Lx1r.—NATIONAL BANKS.—Ch. 1. 993 SEC: 5136. Upon duly making and filing articles of association and an Corlmratc poworganizatron certificate, the association shall become, as from the date B" °f ““°"‘““°”¤‘- of the execution of its organization certificate, n body corporate, and as Ibid., s. 8. ` such, and in the name designated in the organization certificate, it shall have p0W0l‘—· Casevr Calli·34[?, First. To adopt and use a corporate seal. S., GV3; Main It Second. To have succession or the period of twentv years from its S°°°¤d National organization, unless it is sooner dissolved accordin to the provisions of g?":k·.,€h‘°“?"» °‘ its articles of association. or by the act of its shargiolders owning two- 1S` "` thirds of its stock, or unless its franchise becomes forfeited by some violation of law. Third. To make contracts. Fourth. To sue and be sued, complain and defend, in any court of law and e uity, as fully as natural persons. Fiffh. To elect or appoint directors, and by its board of directors to appoint a president, vice—president, cashier, and other officers, define their duties, require bonds of them and fix the penalty thereof, dismiss sifch officers or any of them at pleasure, and appoint others to fill their p aces. Sixth. To prescribe, by its board of directors, by-laws not inconsistent with law, regulating the manner in which its stock shall be transferred, its directors elected or appointed, its officers a pointed, its property transferred, its general business conducted, and the privileges granted to it by law exercised and enjoyed. Seventh. To exercise by its board of directors, or duly authorized oflicers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt; by receiving deposits; by buying and selling exchange, coin, and bullion; by loaning money on personal security; and by obtaining, issuing, and circulating notes according to the provisions of this Title. But no association s all transact any business except such as is incidental and necessarily preliminary to its organization, until it has been authorized by the Comptroller of the Currency to commence the business of banking. Sec. 5137. A national banking association may purchase, hold, and Power- to hold convey real estate for the following Purposes, an for no others: ml PMP6ft}'- First. Such as shall be necessary or its immediate accommodation in `§ij[,g,,,`1864’ c_ the transaction of its business. 106, s. 28, v. 13, p. Second. Such as shall be mortgaged to it in good faith by way of g _ security for debts previously contracted. Kansas Valley Third. Such as shall be conveyed to it in satisfaction of debts pre- Bank n Rowell, 2 viously contracted in the course of its dealings. DM 37]- Fourth. Such as it shall purchase at sales under judgments, decrees, gr mortgages held by the association, or shall purchase to secure debts ue to it. But no such association shall hold the possession of any real estate under mortga e, or the title and possession of any real estate purchased to secure any debts due to it, for a longer per·iod than five years. _ Srcc. 5138. No association shall be organized under this Title with a Requjsite amount less capital than one hundred thousand dollars; except that banks with °f*‘=*P¤*¤l· __ a ca ital of not less than fifty thousand dollars may, with the approval 1b1d,,a,7,,.,1oi, of the Secretary of the Treasury, be organized in any place the population of which does not exceed six thousand inhabitants. No association shall be organized in a city the population of which exceeds fifty thou- Sand persons with a less capital t an two hundred thousand dollars. Sec. 5139. The capital stock of each association shall be divided into Shares of stock shares of one hundred dollars each, and be deemed personal property, lld **¤¤Sf€f;__ and transferable on the books of the association in such manner as may Ibid_,,._12,p_ wg be prescribed in the by-laws or articles of association. Every person ··{,;1mI_H·_: becoming a shareholder by such transfer shall, in proportion to his A,,S,m0m,3w,,u_ shares, succeed to all the rights and liabilities of the prior holder of 573. such shares; and no change 51811 be made in the articles of association