Page:United States Statutes at Large Volume 18 Part 3.djvu/162

 132 FORTYTHIBD eommnss. suse. 1. on. 349. 1874. Limit to interest Sine. 6. That hereafter the officers or agents of said trust company °¤ d°P°°i*°· shall not pay interest on the deposits exceeding five per ceutum. Closing bu¤i¤<=¤¤· Sec. 7. That whenever it shall be deemed advisable by the trustees . Selection of mm- of said corporation to close up its entire business, then they shell select missioners. three competent nien, not connected with the previous management of the institution and approved by tho Secretary of the Treasury, to be Powers and du- known and styled commissioners, whose duty it shall be to take charge Company, close up the principal and subordinate branches, collect from the branches ell the deposits they have ou hand, und proceed to collect all sums due said company, and dispose of all the property owned by said company, as speedily as the interests of the corporation require, and to distribute the proceeds among thecreditors pro rata, according to theirre-· Dividends. speetiveamouuts; they shall make a. pro rata dividend whenever they have funds enough to pay twenty per eentum of the claims of depositors. Jolutboudofeom- Said commissioners, before they proceed to act, shell execute a. joint mi¤¤i¤¤¤¤‘¤· bond to the United States, with good sureties in the penal sum of one hundred thousand dollars, conditioned for the tzeithful discharge of their Oath. duties as commissioners aforesaid, and shall take 2111 oath to faithfully and honestly perform their duties as such, which bonds shall be exe App ,.0,,,,1 and cuter] in presence of the Secretary of the Treasury, be approved by him, custody or bonds. and by him safely kept; and whenever said trustees shall me with the Secretary of the Treasury a cert-ined copy of the order appointing said commissioners, and they shall have executed the bonds and taken the Commissioners to oath aforesaid, then said commissioners shall be invested with the legal be inreswd wwh title to all of said property of said company, for the purposes of this L‘;;§“·1 um *’° P‘°P‘ act, and shall have full power and authority to sell the same and make y' deeds of conveyance to any and all of the real estate sold hy them to Empicymvpt wd the purchasers. _Sa.id commissioners may employ such agents as are Comp,,,,,,,,,,,, of reasonable compensation for their services out of the funds ofsaid eogucommissioners. pany; and the said commissioners shall retain out of said funds a. rensonable compensation for their trouble, to be iixed by the Secretary of All commons to the Treasury und the Comptroller of the Currency and not exceeding be qcposimd in three thousand dollars each per annum. Said commissioners shall de- 16; ;; g si the posit gillhsumskcogected py dtherubiuf the fT‘rleasury of the United States . - 1 ymae proma. ismuiono sesame. Future dopositsto Sec. 8. That trom and after the passage of this act and until the urst ggtsvgwi day of July, eighteen hundred and seventy-ive, all the deposits made L {Bm Y m sand Trust_Oompeny shell be held by the trustees- of said company as Investment Ofspecml depos1ts,_2.ud any investments made_ of sand depos1ts shall he ,,1,,,0,,, deposits_ made and held for the_use and beuetit of said depositors only; and IU hmm W mlm shall be the duty of said trustees on or before the first dey of July, Mmmm of mm eighteen hundred and seventy-five, to make a full and complete state- ,,,,,1 ;,,,,,m,,.,,_ ment of ull the assets and liabilities of said company and lay the same before the Secretary of the Treasury, and if said Secretary and the trustees shall at that time after investigating the condition of said com- W h 8 D deposits panly lvelieve the same to he solvent then the trustees and said Secretary may ,,0 d 0 ,,1 M od sha. l issue an order declaring that thereafter all deposits shall be general ; general. _ butsmd order_shall_in uowise effect the special deposits, unless said demipegnalm details positors shall in writing: consent that said special deposits shall become umm byconmm general deposits. But if the Sfeeretary and trustees of said company shall ou the_iirst day qulg, eighteen hundred and seventytlve, after the exa.m1uution a.foreso.1d oubt the propriety of making the deposits Deposit, to com thereafter general then the deposits made shall still be special until the meets bu special, first day ot July, clgbteeu hundred and seventy-six, or until the said wml, &¤- Secretary and trustees deem it prudent to make said deposits general. Approved, June 20, 1874. `
 * i°¤· of all the property and eifects of said Freedmau’s Savings and Trust
 * ‘;‘l§‘;f’““*‘°“ ° necessary to assist them in closing up said company, and pay them a