Page:United States Statutes at Large Volume 21.djvu/357

 FORTY-SIXTH CONGRESS. Sess. III. Ch. 64. 1881. 327 man’s Savings and Trust Company, and for other purposes," approved 1874, ch. 349, June twentieth, eighteen hundred and seventy-four, as authorizes the Smw 18rwL selection and appointment of three commissioners, be, andthe same is hereby repealed. . Sec. 2. That the Secretary of the Treasury is hereby authorized and Comptroller of directed to appoint the Comptroller of the Currency a commissioner, C““`°I‘°¥ ’"¤·d° who shall execute a bond to the United States, with good securities, in °°E;¥3”`°“‘”"‘ the penal sum of twenty thousand dollars, conditioned {br the faithful ' discharge of his duties aforesaid, and take an oath faithfully to perform his duties, which bo11d shall be executed in the presence of said Secretary and approved by him, and by him safely kept, and when said bond shall have been executed and oath taken, then said commissioner shall be invested with the possession and legal title to all the property of said company for the purposes of this act and the said act of June twentieth, eighteen hundred and seventy-four, and shall have all the rigl1ts, prerogatives, and privileges, and perform all the duties that were conferred Dum-,,_ and enjoined upon the three commissioners in said act of June twentieth, eighteen hundred and seventy ibur; and from and after the qualification of said Comptroller as said commissioner the duties, rights, and authority of said three commissioners shall torthwith cease a11d determine: Provided, That nothing contained in this act shall in any way impede Prooéso. or delay any case or cases instituted in any court by or against the commissioners appointed under the provisions of the act to which tl1is act is amendatory, but every such case shall, upon suggestion of the appointment of the Comptroller aforesaid, and due entry of the change 011 the docket of the court in which said case may be pending, be proceeded with in the name of such Comptroller in the same manner as if such change had not been made. Sec. 3. That said commissioner, with the approval of the Secretary D<>l¤¤¤- of the Treasury, shall have the right and authority to compound and compromise debts due to and liabilities of the company. _ SEO. 4. That said commissioner, with the approval of the Secretary Sm of I>P<>P<>1‘W· of the Treasury, shall have the right and authority to sell any of the real and personal property of said company at public or private sale, as in his judgment he may deem best, and to buy in for the benefit of the company any property which may be offered for sale to pay debts and liabilities to said company, if in his judgment said property is being sacrificed by said sale, and to make to the purchasers of property sold by him deeds of conveyance for their respective purchases. Sec. 5. That said commissioner shall, by the tenth day of each annual RBPOYV *° 00** session of Congress, make a written report to Congress of his proceed- gms' ings up to the nrst day of said session; and for his service as commissioner aforesaid he shall, in addition to his present salary as Comptroller, Compensation. receive an annual salary of one thousand dollars, to be paid out of the funds of said institution. _ _ Sec. 6. That whenever said commissioner is prepared to make a div- D1V1d°¤d¤» MW idend to the depositors, he is authorized and directed through the m“d°‘ United States Treasurer to place in the various depositary banks of the United States which are convenient to said depositors an amount sufficient to pay them, and the officers of said banks shall pay the depositors or their assignees, and take receipts from them in such way and manner as shall be prescribed by said commissioner and the Secretary of the Treasury ; and said evidences of payment shall be returned by said ofiicers to the commissioner, and by him preserved: Provided, That Promo. where there are no depositary banks of the United States, then said commissioner may, with the approval of the Secretary of the Treasury pay the depositors in said localities in such way as he may deem best. Sec. 7. That said commissioner, with the approval of the Secretary Transfer of asof the Treasury, may prescribe such form as he may deem right and P°°l*°'”*’ °1”·lm“· proper for the depositors to transfer their claims : Provided, Every sucl1 Promo. transfer shall state the amount of the claim transferred, and the amount actually received for the same.