Page:United States Statutes at Large Volume 44 Part 1.djvu/278

 V :4iJu 4 \. § 81 TITLE 12.-——BANKé REGULATIONIJF THE BANKING BUSINESS; POWERS ° AND DUTIES OF NATIONAL BANKS S1. Piece of business.-—·The usnl businefée of eeeh national banking association shall be transacted at an office ot banking house located in the place specided in its organization eertineate. {R. S. § 5190.) A. . 82. Limit on indebtedness incnrred by bank.·—·No national banking aesocintien shall at any time be indebted, or in any was liable, (to nn nmount exceeding the nmount of its capital stiork atsnen time actually paid in and remaining nndiminished by losses or otherwise, "exc·e;}t onnccouit demands ot the nntnre following: - _ _ Firot. Notes of ·circul:1tiont _ · · ‘ Second. Bioneys deposited witheor collected by the association. Tlxird. Bills ofexchange or drafts drawn, against money eetnnlly on deposit to the credit of the nssociation, or due thereto.!, · [ h l · ‘ Fourth. Liabilities to the stockholders of the association for dividends and reserve predts. _ ·   _ I z Fifth. Liabilities incurred under the provisions of gzgpter 3. Sixth, Liabilities incurred under life provisionsof c ‘ ter 10, of T3ge·15, Coiuninen l\N;B‘TRADE. o _ - » Seventh. Liabilities created by the indoreement of accepted bills of exchange payable, abroad 'actually owned by the indorsing bank and discounted `at home oi? abroad. - _ . _ _ Eighth. Liabilities inburred under the provisioné of sections @$1-1034 of this title. .(R.,S. § 5202} Dec. 23, 1913, e. 6, _§ 13, 88 Stat. 264; Sept; 7, 1916, c. 461, 39 Stat. 753; Apr. 5,`1918,_‘ c.a45,_§ %, 40 Stnt.`512'; Oét.‘22,- 1919, c..79, § 2, 41.Stat. 297; Liar. 4, 1923, c. 252, Title V, § 504,.42 Sti1t.' 1481.) . ’ 83.  en orpurchase bybgnk of own stock.--5No assoeintionehnll make any loan or dieeonut on the security of the shares of its own cepital stock, nor be the purchaser or holder of any such shares, unless Such security or. purchase shall be necessary to prevent lens upon a‘ debt previously contracted in good faith; and Stock sojmrehneed or aequlred shell, within six months from the time ot its purchase, be sold or disposed of l nt public or private snle; or, in default thereof, e receiver may be appointed to-close np the business of the association, accord- -lng· to section 192 of this title. (R. S. { 5201.) . — . . . 84.4 Limit of liability of  person to bank.-—The total linbilities to any-*essocietion· of; any person or of any company, corporation, or Erm for money borrowed, including in ‘ me lla; bilities or a company or Erm the liabilities of the several members thereof, shell at no time exceed 10 per eentum of the amount o£_;the capital stock of such. nssociation,`.nctunlly paid o in and nnimpnired, 'nndw 10 per centnmiof its uninnpuired surplus fund: Provided, ihoivcvér, That (1) the discount of bills of exchange drown in good faith ngajnst actually. existing ovalues, including draft; and. bills of ,ext·1m¤;ge_ secured by“shipping deeuments conveying .o1·,securing title to goods shipped, and including demand obligations when eeeured by documents %';ZUV€I’i1}g_.COI11il10fiil`iBS in actual process; of Shipment; and also including bnnkere’ acceptance-of the kinds described in, section 346, (,2) the discount of coninxerelnl or buslnxesepeper actually owned by the person, eonxpany, corporation, or firm negotiating. the same, (3) the discount 01 notes seenred by shipping -d0cu·= ments, warehouse receipts or Nether éuch documents conveying ‘ or securing title covering readily marketable nonperiehuble staples, including livegtoek, when the. actual xnarketyalné of the property sieeuring the obligation is not at any time less than 115 per eentuxn of the face amount of the notes secured by such documents, and when such property is iully covered _ by_ insurance, and (4) ul€·A(u$C0llHt oi any note ,_or_notee se- · cured bynot less than n like face amount et boids or notes _0t tire United Smtes. issued einee _Lpril 24, 1917, or eertidcatee of indebtedness ot the United 'Stntes; shall _ not be nensidered

as money borrowed within the meaning of this Lzction. The tote}, llatrrlities to e11y.aSSosi&ti¤¤. Gi RQ! DQYBOD or, of {1;,;, corporation, or tlrru, or oompzmy, or the several m_en¤l»t»¤:s thereof upon any note or xlotw ‘purehaml or discounted by sues association and secured by b0¤d8, qvfés, 02* eertiticéntesjr mf debtedness as oescribed in (4) hereof shell not exceed (extwl to the extent permitted; by rules and regul'ations’prescribed°l»x· the Comptroller of the ‘Cm·reucy, with the approval of tls; Secretary ot the Treasury); 10 Der centum of such capita; stockand surplus ftmdeot suclrasmciation and the total lis- ` bilities to any, association of any person or of may corporzntios, or iirm, or eompany, or the several members tmreot for ¤m»ms—,, borrowed, including theliebilities upon notes secured in me mzmncr described under (3) hereof, except transactions •_1 (2), and (4), shz£lru0f at any time exceed 25 peifeeotum es the amount of the- associgitionfs paid-in audtmimpairéd cupim stoek and smfplus.__ The QXCQBUOD Ibikdé ¤¤£l& (3,) hereofsllllll not `apply to the notes of anyone person, corporation or tim; or company, or the several members thereof for more Gli1ll_#§\; mouths in any consecutive twelve mo¤§hS. ° (R. S. ·§ 5200, June 22, 1906, c. 3516, 34 Stht. 451; Sept. 24, 1918,jc. U6, { of 49 E Stat. 967 ; Oct. 22, 1919, c.· 19, § 1, 41 Stat. @6*) Q _ · ?‘ Bonds " as ixiblugling notes dssued umer Victory. Liberty Lone Act.5-Seo section _753(d)-ot Title 31, piosu no Futucni . 9 85. Rate- of " interest on  discounts and purchases.-· ·.Any_ essociatiou`m:1y· take, receive, rwerveyaetl charge on any loan or discount made, or. upon aixy note, bill of exelienge, or other. evidences of debt, interest: atj the rete allowed by the , lows .0t the Stgxte, Territory, o{¤¥District    tk book is located, and no` more, excepf tha where. by? he laws ot any Stete a different rate is limited torbanks   ».~»· ergnnizeé _ under State laws, the rate so. limited shell »e :  ;’•wed for asso. ole-tioins organized or existing ineny    under this _ title. .Wl1en no r:1te_is.··Hxed by the laws .ot_ ~ l tete, or Téril ‘ tory, or Distggytgjeuk maj take, receive, reserve, or che rge ‘a rate not exceeding {1 per éentum,’and_ sxiclrintereq may be. l taken 111 advaixoe, 'reckonlug tlie dqys. for whleh me note, bill, or othexfevidexmee ot debt bas, to rum Amftlxe purchase, dis- éount, orsnle ot a bona Bde bill ot `exeheog, mysble at smotllxer place than the place of such purchase, dtscomit, or wie. __ at not-more than the `current~ mice of exebenge for sight dgufts io addition to the interest, shall notbe- considered as tekiog 0F recelviog a greater rate ot lntered. (R. S. §~ 5197.) _ ‘ 86{ Usurioosiinterest; benalty for tslxinggieeue of seitL—·~ The talting, receiving, reserving, or charging s rateot iote.rest greater than is allowed by the preceding. sectioh, when Kew'- ingly done, shall be deemed a forfeiture of  emiirelinterest which the note, bill, or otberevielehce of debt carries, with it,. or which has b£·en['ugreecl 'to be paid thereon. In cose the greater rate of interest? has been paidsthe persons by tvhonrit. has been 'puid,’0r his legal re;ix:esentatire·s,` may recover befk, an anection ltr the ·H8t\1l‘QI`O{ ee action of debt, twice tbe amount of `tbe interest thus poidfrom `_tl1e` assotrietiontakius or receivlug~tl1e`some:· .Pr0vidc·d, That ·si1ch action is colomehced withlzftwo years from the timetlle usurious treus;1e·· tion occurred. (R. S. § 5198l)._. _ . . -_ `_ . _ 87. Restriction on use by beak of its circulating notes.--5 No dssociation slmll, either directly or inklirect1y,`pletlg‘e or Q hypothotzate siny.ot·lts notes of circulation, for the purpose of proeurfug mooey to be peld lnjon its eepltgl stoek, or to be in its banking operatloixs, or otherwise; ner shall MY association use its circulating notes, or any part thereof, in en! tmaimerl or form, to create or increase lts capitel-stock. `(1i.S,.§5203.)  ‘ t · e ’— Q ‘ _. " . 88. Ratrictionon use by bank of notes of other banks.-;j.No I esswiatloxi shall at any time poy out oe loses or tliscounts. M in purchasing drafts or bills of exchinge, or in payment of
 * 4,2:0 BAlt?K1NG Q, 264