Page:United States Statutes at Large Volume 18 Part 1.djvu/1066

 994 Tum mx.-NAT10NAL BANKS.—Ch. 1. by which the rights, remedies, or security of the existing creditors of the association shall be imgaired. Howpayment, of 81:0. 5140. At least fty per centum of the capital stock of every assoihe capital Smck ciation shall be paid in before it shall be authorized to commence busi- ‘“““8g" m“d“ wd ness; and the remainder of the capital stock of such association shall be gmt'?  paid in installments of at least ten per centum each, on the whole amount Ibid-»$-WP- 103- of the capital, as frequently as one installment at the end of each succeeding month from the time it shall be authorized by the Comptroller of the Currency to commence business; and the payment of each installment shall be certified to the Comptroller, under oath, by the president or cashier of the association. Proceedinggq if Sec. 5141. Whenever any shareholder, or his assignee, fails to fay Sh”’f’h°ld°" 8***0 any installment on the stock when the same is required by the prece ing Ibid-, S- 15- such delinquent shareholder at public auction, having given three weeks’ previous notice thereof in a newspaper published and of general circulation in the city or county where the association is located, or if no newspaper is published in said city or county, then in a newspaper published nearest thereto, to any person who will pa the highest rice therefor, to be not less than the amount then due thereon, with the ex enses of advertisement and sale; and the excess, if any, shall be paid to 316 delinquent shareholder. If no bidder can be found who will pay for buch stock the amount due thereon to the association, and the cost of advertisement and sale, the amount reviously paid shall be forfeited to the association, and such stock shalll be sold as the directors may order, within six months from the time of such forfeiture, and if not sold it shall be canceled and deducted from the capital stock of the association. If any such cancellation and reduction shall reduce the capital of the association below the minimum of capital required by law, the capital stock shall, within thirty days from the date of such cancellation, be increased to the required amount; in default of which u receiver may be appointed, according to the provisions of section fifty-two hundred and thirty-four, to close up the business of the association. Increase of mpg- Sec. 5142. Any association formed under this Title may, by its articles ml stock. of association, Jnrovide for an increase of its capital from time to time, as ” may be deeme expedient, subject to the limitations of this Title. But ’ the maximum of such increase to be provided in the articles of association shall be determined by the Comptroller of the Currenc ; and no increase of cafital shall be valid until the whole amount of such, increase is paid in, an notice thereof has been transmitted to the Compti sller of the Currency, and his certificate obtained specifying the amount of such increase of capital stock, with his approval thereof, and that it has been duly paid in as part of the capital of such association. Reduction of Sm. 5143. Any association formed under this Title may, by the vote capital sfovk- of shareholders owning two-thirds of its capital stock, reduce its capital “ ]}]{j' " “'"*A"l to any sum not below the amount required by this Title to authorize the formation of associations; but no such reduction shall be allowable which will reduce the ca ital of the association below the amount required for its outstanding circul)ation, nor shall any such reduction be made until the amount of the proposed reduction has been reported to the Comptroller of the Currency and his approval thereof obtained. Right of shave- Sec. MM. In all elections of directors, and in deciding all questions at h<>ld€rS to VGW-  meetings of shareholders, each shareholder shall be entitled to one vote "jbilh   1], I,_ on each share of stock held by him. Shareholders may vote by proxies 102. dulK authorized in writing; but no officer, clerk, teller, or book-keeperof suc association shall act as proxy; and no shareholder whose liability is past due uml unpaid shall be allowed to vote. rectorés. than live directors, who shall be elected by the shareholgers at a meet- "3R€ 1864 é; ing to be held at any time before the association is authorized by the 106, B8_ 9,,10, v_’]3, Comptroller of the Currency to commence the business of banking; and p. W?. afterward nt. meetings to be held on such clay in January of each yBH1' as is specitied therefor in the articles of association. 'l`he` directors shall
 * 3i"‘“““"‘““?*E· section to be paid, the directors of such association may sell the stock of
 * .;m.tiO,, of di_ Sec. 5145. The affairs of each association shall be mana ed bv not less