Page:United States Statutes at Large Volume 18 Part 1.djvu/1067

 Trru; Lxn.——NATIONAL BANKS.—Ch. 1. 995 holdpdilce for one year, and until their successors are elected and have qua 1 e. Sec. 5146. Every director must, during his whole term of service, be Roflololio <loo·lia citizen of the United States, and at least three-fourths of the directors H°“"°"“ °f d""“*‘ must haye resided in the State, Territory, or District in which the asso- (L..- ciation is located, for at least one year immediately preceding their Ibidelection, and must be residents therein during their continuance in office. Every director must own, in his own 1‘l0'lll,, at least ten shares of the capital stock of the association of whichahe is a director. Any director who ceases to be the owner of ten shares of the stock, or who bpcomes in any other manner disqualified, shall thereby vacate his p ace. Sec. 5147. Each director, when appointed_ or elected, shall take an Oath required oath that he will, so far as the duty devolves on him, dili ently and hon- from di¤`o<‘*o¤*· estlv administer the affairs of such association, and wilF not knowin lv Ibid,, _ 9, ` violate, or willingly permit to be violated, any of the provisions of this Title, and that he is the owner in good faith, and in his own right, of the number of shares of stock required by this Title, subscribed by him, or standing in his name on the books of the association, and that the same is not hygxothecated, or in any way pledged, as security for any loan or debt. ueh oath, subscribed by the director making it, and ce1·- tified by the officer before whom it is taken, shall be immediately transmitted to the Comptroller of the Currency, and shall be filed and preserved in his Office. Sec. 5148. Any vacancy in the board shall be filled by appointment Filling vacanby the remaining directors, and any director so appointed shallxliold his ____M__ __ p ace until the next election. Ibid-. S- 10- Sec. 51-19. If, from any cause, an election of directors is not made at Proceedings the time appointed, the association shall not for that cause be dissolved, Whom oo election but an election may be held on any subsequent day, thirty da s’ notice ;h(f;‘l°“ *”°P’°1* thereof in all cases having been given in a newspaper publislied in the  W- city, town, or county in w ich the association is located; and if no news- Ib‘d·· S· 9~ paper is published in such city, town, or county, such notice shall be published in a newspaper ub ished nearest thereto. If the articles of association do not fix the day on which the election shall be held, or if no election is held on the day fixed, the day for the election shall be designated by the board of directors in their by-laws, or otherwise; or if the directors fail to fix the day, shareholders representing two·thirds of the shares may do so. Sec. 5150. One of the directors, to be chosen by the board, shall be _ Election of presthe president of the board.  .l‘°’!"‘l· l ., S. . 30 June, 1876, c. 156, s. 2, r. 19, p. 63. Sec. 5151. The shareholders of every national banking association lndividool liashall be held individually res nsible, equally and ratably, and not one ;’;‘tY°fSh“"°h°ld' for another, for all contracts, dgbts, and engagements of such association, .-;;_ . to the extent of the amount of their stock therein, at the par value 3 Jong- 18;*% o- thereof, in addition to the amount invested in such shares; except that lg?" L" V` 3* p' shareholders of any banking association now existing under State laws, " having not less than five millions of dollars of capital actually paid in, and a surplus of twenty per centum on hand, both to be determined by the Comptroller of the Currency, shall be liable only to the amount invested in their shares; and such surplus of twenty per centum shall be ke t undiminished, and be in addition to the surplus provided for in this '[litle; and if at any time there is a deficiency in such surplus of twenty per centum, such association shall not pay any dividends to its shareholders until the deficiency is made good; and in case of such deficiency, the Comptroller of the Currency may compel the association to close its business and wind up its affairs under the provisions of Chapter four of this Title. Sec. 5152. Persons holding stock as executors, administrators, guard- Execuwrs, trusians, or trustees, shall not be personally subject to an liabilities as stock- *°;”·,{g‘°,:a‘§' P"' holders; but the estates and funds in their hands shall be liable in like manner and to the same extent as the testator, intestate, ward, or per- Ibid-.¤·63.p-11&