Page:United States Statutes at Large Volume 35 Part 1.djvu/565

 SIXTIETH CONGRESS. Sess. I. Ch. 229. 1908. 547 banks therein named shall become a body corporate, and by the name so designated and approved may sue and be sued and exercise the ppwers of a body corporate for the purposes hereinafter mentioned: _ ovided, That not more than one such national currency association €{,'{f§Qif°S‘ shall be formed in any city: Provided further, That the several mem- c0§g“'*g’” ,321,,3)*; ,°* bers of such national currency association shall be taken, as nearly as gu us f conveniently may be, from a territory composed of a State or part of · a State, or contiguous parts of one or more States: Ar d provided further, That any national bank in such city or territory, havin the s,§;Q’¤°¤“°¤° °°¤“S· qualifications herein prescribed for membership in such national cur- ` rency association, shall, upon its application to and upon the approval of the Secretary of the Treasury, be admitted to membership in a national currency association for that city or territory, and upon such admission shall be deemed and held a part of the body corporate, and as such entitled to all the rights and privileges and subject to all the liabilities of an original member: And provided further, That each 0n¥;¤:Sggc!¢€{Q1¤*¢d *0 national currency association shall be composed exclusively of banks m ° ' not members of any other national currency association. The dissolution, voluntary or otherwise, of any bank in such asso- fyggeml em ciation shall not affect the corporate existence of the association Zsiicmcmilcr. u mu unless there shall then remain less than the minimum number of ten banks: hméded, however, That the reduction of the number of said {maria, below banks below the minimum of ten shall not affect the existence of the mnmnumiu corporation with respect to the assertion of all rights in favor of or against such association. The affairs of the association shall be mam M¤¤·z¤¤¤¤*~ aged by a board consisting of one representative from each bank. By-laws for the government of the association shall be made by the · board, subject to the approval of the Secretary of the Treasury. A °¤`¤<=·=¤~ president, vice-president, secretary, treasurer, and an executive committee of not less than live members, shall be elected by the board. The powers of such board, except in the election of officers and mak- m§*°°“°i"° °°'°¤*"‘ in of by-laws, may be exercise through its executive committee. ' The national currency association herein provided for shall have and P°w°”’ exercise any and all POW€1‘S necessary to carry out the purposes of this section, namely, to render available, under the direction and control of the Secretary of the Treasury, as a basis for additional circulation any securities, including commercial paper, held by a national Mdmoml bank banking association. For the purpose of obtaining such additional cncuuncn. circulation, any bank belonging to any national currency association, .i$,,‘Z’,.`i£,ti°$;ifil'L.l..f...iiY having circulating notes outstanding secured by the deposit of bonds ¤**<>¤· of the United States to an amount not less than forty per centum of its capital stock, and which has its capital unimpaired and a surplus of not less than twenty per centum, may deposit with and transfer to the association, in trust for the United States, for the purpose hereinafter provided, such of the securities above mentioned as may be satisfactory _ to the board of the association. The officers of the association may C0*}n¥;,{’x},§fc';‘},}"‘,,§§ thereupon, in behalf of such bank, make application to the Comptroller Curmucr. of the Currency for an issue of additional circulating notes to an amount not exceeding seventy-tive per centum of the cash value of the securities S _ f m or commercial paper so deposited. The Comptroller of the Currency -r,,§§u§.§°*},f,,§-°dirsci shall immediately transmit such application to the Secretary of the *5****- Treasury with such recommendation as he thinks proper, and if, in the jud ment of the Secretary of the Treasury, business conditions in the locaditv demand additional circulation, and if he be satisfied with the character and value of the securities proposed and that a lien in favor of the United States on the securities so deposited and on the assets of the banks composing the association will be amply sufficient for the protection of the United States, he may direct an issue of additional circulating notes to the association. on behalf of such bank, to an amount in his discretion, not, however, exceeding seventydive per ccntum of