Page:United States Statutes at Large Volume 26.djvu/680

 626 FIFTY-FIRST CONGRESS. Sess. I. Ch. 1246. 1890. stock amounts to the sum of not less than one million two hundred thousand dollars. E>rz¤¤i¤-won ¤¢r¤i¤- Sec. 2. That such persons shall, under their hands and seals, exe- °° °` cute, before some officer in said District competent to take the acknowledgment of deeds, an organization certificate, which shall specifically statecomms First. The name of the corporation. Second. The purposes for which it is formed. Third. The term for which- it is to exist, which shall not exceed the term of fifty years, and be subject to the alteration, amendment, or repeal bg Congress at any time. Fourth. he number of its directors, and the names and residences of the officers who for the first year are to manage the affairs of the company. hF1fth. The amount of the capital stock and its subdivision into s ares. 0,D*gg¤‘¢¤i9¤4;;5•;Wg S111c. 3. That this certincate shall be presented to the Commi sionommr. ers of the District, who shall have power and discretion to grant or to refuse to said persons a charter of incorporation upon the terms ` set forth in the said certificate and the provisions of this act. °f,*¤· Sec. 4. That previous to the presentation of the said certificate to om. the said Commissioners notice of the intention to ap ly for such charter shall be inserted in two newspapers of general circulation printed in the District of Columbia at least four times a week for three weeks, settin forth briefly the name of the proposed company, its character and object, the names of the roposed corporators, and the intention to make ap lication for a cllarter on a specified day, and the proof of such pudlication shall be presented wit said certificate when 'phresentation thereof is made to said Commissioners. !'¤i¤¢¤f¤1¤¤¤·¤»¤¤¤- Sec. 5. at if the charter be granted as aforesaid it, together with the certificate of the Commissioners granting the same indorsed thereon, shall be filed for record in the office of the recorder of deeds ~ for the District of Columbia, and shall be recorded by him. On the Organization. filing of the said certificate with the said recorder of eeds as herein provided, approved as aforesaid by the said Commissioners, the persons named therein and their successors shall thereupon and thereby be and become a body corporate and politic, and as such shall be vested with all the powers and charge with all the liabilities conferred upon and imposed by this act upon companies organized unzvcmo. der the provisions hereof: Provided, howevelr, hat no corporation rmt compmes. created and organized under the provisions hereof, or availing itself of the provisions hereof as provided in section eleven, shall be authorized to transact the business of a trust company, or any business of Ccemnone from a tiduciary character, until it shall have filed with the Comptroller C§’,',‘{}.,’f,'§,‘j.'}°' °' °‘° of the Currency a copy of its certificate of organization and charter, and shall have obtained from him and filed the same for record with the said recorder of deeds a certificate that the capital stock of said company has been paid in, and the de osit of securities made with said Comptroller in the manner and to fha extent required by this act. c0§’,§’,,,"‘·;& °* '·'“°° Sec. 6. That all companies organized hereunder, or which shall under the provisions hereof become entitled to transact the business of a trust company, shall report to the Comptroller of the Currency R·1§b;¤~iggh5211·¤¤3, 111 the manner prescribed b sections fifty-two hundred and eleven, pp` " ‘ fifty-two hundred and twelve, and fifty-two hundred and thirteen, Revised Statutes of the United States, in the case of national banks, and all acts amendatory thereof or supplementary thereto. and with similar provisions for compensating examiners. and shall be subject Cglgwzjmercf. tgt to like penalties for failureto do so, The Comptroller shall have and cungiwy, ° ° GXGICISG the same visitorial powers over the affairs of the said cor— 10% s., sec. sac, p. poration as is conferred upon him b section fifty-two hundred and ‘ orty of the Revised Statutes of the llnited States in the case of national banks. He shall also have power, when in his opinion it is