Page:United States Statutes at Large Volume 18 Part 1.djvu/1071

 TITLE Lxu.—-NATIONAL BANKS.—Ch. 2. 999 transferred to the Treasurer; but such powers shall become inoperative whenever such association fails to redeem its circulating notes. Whenever the market or cash value of any bonds thus deposited with the Treasurer IS reduced below the amount of the circulation issued for the SSJIIB, the Comptroller may demand and receive the amount of such depreciation in other United States bonds at cash value, or in money, from the association, to be deposited with the Treasurer as long as such depreciation continues. And the Comptroller. upon the terms prescribed by the Secretary of the Treasury, may permit an exchange to be made of any of the bonds deposited with the 'lreasurer bv any association, for other bonds of the United States authorized to be lreceived as security for circulating notes, if he is of opinion that such an exchange can be made without prejudice to the United States; and he may direct the return of any bonds to the association which transferred the same, in sums of not ess than one thousand dollars, upon the surrender to him and the cancellation of a proportionate amount of such circulating notes: Hmvided, That the remaining bonds which shall have been transferred by the association offering to surrender circulating notes are equal to the amount required for the circulating notes not surrendered b such association, and that the amount of bonds in the hands of the 'llreasurer is not diminished below the amount required to be kept on deposit with him, and that there has been no failure by the association to redeem its circulating notes, nor any other violation by it of the provisions of this Title, and that the market or cash value of the remaining bonds is not below the amount required for the circulation issued for the same. Sm. 5168. Whenever a certificate is transmitted to the Comptroller Comptroller tc of the Currency, as provided in this Title, and the association transmit- ‘l°“?"”“¤° if ¤¤¤<>· ting the same notifies the Comptroller that at least fifty per centum of 3i2z8mbé?';;.?"` its capital stock has been duly paid in, and that such association has —-el-L complied with all the provisions of this Title required to be complied Ib‘d··’·17· P· 10*- with before an association shall be authorized to commence the business of banking, the Comptroller shall examine into the condition of such association, ascertain especially the amount of money paid in on account of its capital, the name and lace of residence of eac of its directors and the amount of the ca ital)stock of which each is the owner in ood faith, and generally whether such association has complied with all; the provisions of this itle required to entitle it to engage in the business of bankin ; and shall cause to be made and attested by the oaths of a majority of the directors, and by the president or cashier of the association, a statement of all the facts necessar to enable the Comptroller to determine Kfelpher the association is lawfully entitled to commence the business of n . S¤:€169. lf, upon a careful examination of the facts so reported, Certlllcateofauand of an other facts which may come to the knowledge of the Comp- *h°¤W *0 QO m · troller, whether by means of a special commission appointed by him for ?6°{‘S;°;J§““k’“g m the purpose of inquiring into the condition of such association, or other- é-; wise, it appears that such association is lawfully entitled to commence 10g ';;»1},86‘*a§· the business of bankin, the Comptroller shall give to such association pp] IgM_""' ’ a certificate, under hisghand and official seal, that such association has ’ complied with all the provisions required to be complied with before commencing the business of bankin, and that such association is authorized to commence such business. gut the Comptroller may withhold from an association his certificate authorizing the commencement of business whenever he has reason to sup that the shareholders have formed txhc same for any other than thelegitimate objects contemplated by this itle. Sec. 5171. The association shall cause the certificate issued under the Pglbllution GY preceding section to be published in some newspaper printed in the city or county where the association is located, for at least sixty days next 3 June, 1864, c. after the issuing thereof; or, if no newspaper is published in such city }&*· “- l8· "·13vP· or county, then in the newspaper publishe nearest thereto. ‘ Sec. 5171. Upon a deposit of bonds as (prescribed by sections fifty-one Delivery of cirhundred and fifty-nine and fifty-one hun red and sixty, the association "“l“*“‘¥ “°“’“· sr-0?r-(S8