Page:United States Statutes at Large Volume 44 Part 1.djvu/282

 § ].33` S TITLE 12.-—BANE specided in the preceding section, the Comptroller or the Currency, with the concurrence ot the Secretary of the Treasury, may appoint a special agent, or whose appointment immediate nodes shall be given to such association, {who shall immediately proceed to ascertain whether it has refused to pay its circulating, notes in the lawful money cet the United States, when demanded, and shall report to the comptroller the fact · so ascertained. ,If, from such protest, and the report ·so* made, the comptroller- is ss.t1sfled that such association has refused to · pay its circulating notes ‘ and is in default, ·—he shell, within thirty days after he has receiyed notice of suchfailure, declare _ the bonds deposited by such associatt0n‘forfeited_ to the United States.,-and they shall thereupon be so `forfeited. . (B. St 133. Continuing. business after default.-g?After a default on the part of an association to pay any otvits circulating notes hes heen ascertained by the comptroller, and notice thereof has _· been given byjlxixri to the association, tt shall not   layvful for the association suffering' the sanxeto pay, out any of its notes, discount any notes or bills, or otherwiselprosecute the business of.·bnnking,· except `to receiye and safely keep money belonging touit, nndtovdeliver special depositsi ·(R. S. 5 -5228; Feb;,__1§,_ 1875,.c. 80, {1, 18 Stat. 320.); - ‘ _. _;  ` ,,.134. Notice by comptroller to holders to present notes for c payment; redemption; cancellation j of. bends.—InE¤n1edintely` npongdeclnring the bonds of an association forfeited for nonpnyment otllts notes, the comptroller shall gite notice, at such ‘mnnner as the Secretary ot the Treasury shall, by general rules ‘ or otherwisé, direct, to the holders ot the circulating notes of meh association, to present them for payment nt the 'l‘reasury._ of the United States; and the same shall be paid as presented ‘ in lawful money of- the :United States; whereupon the comptroller ·maF, in this 1 discretion, cancel an amount ot bonds ' pledged by such association equal at current market rates, · not exceeding per, to the notes paid. (R. S. { 5229.) _ . [1%.  of redee;ed meta; qrernetuhtion of evi-‘ dence of pdyment;-The Secretary "of the Treasuryfmay, from time to time, mke such regulations respecting the disposition to be made of circulating notes after ptwntation at the Trees-·‘ ury ot   United States for payment, and respecting; the `perpetnation et the evidence of the payment thereof, as may seem _ to_him‘proper. (.11. S. § 5232.) ’ _ . ._ ‘ . . 138. Canmllation of redeemed notes.-?-Ag notes ot national bnnking,n$tattons presented at the Treasury of the United States for wyment shall, on being paid, be canceled. . (R. S. $52%.);   _ ¤  131,  Sale of bonds at auction; lien on assets.4-·Y\’henever the l comptroller has become satisfied, by the protest or the waiver {  and admission specided in section 131, or ·by the report pro- ° vided for In section 132, that any association has refused to pay its circulating notes, he may, instead of canceling its bonds, `cnnse so nmch or them as may be necessary to redeern lts _ontstnnding notes to be sold at public auction ln. the city ot New_‘£o.rk, after giving thirty days' notice ot such sale to the association. For any dedclency ln the proceeds. of all the bonds of an amoclatiou, when thus, sold, to reimburse to the United States the amount expended in. paying the - circulating `, notes of the association, the United Statw shall have a pasamount lien upon all its assets ;- and such dedciency shall be made Agood out ot such assets ln preference to any and all other c—lsirns` whatsoever, except the necessary costs and ex- otadnxinistering the same; V (R. S. §·5%0.) ' ‘ s. Sale of headset private sale.---·Th—e comptroller may, if deemsit for the interest of the United States, sell at pri- ./yate Sale any of the bonds ot an nssoclation shown to have U made default--in paying its notes, and receive therefor either money or the circulating notes ot the association. . But no such `bouds shall be sold by prlvatesale for less than por, nor tor

CS AND BANKING 268 less than thee market value thereof at°‘the time of sale- and ~_ no sales of anyauch bonds, either: public or private, shall be complete tmtil the trarnsfer of the bonda shall have been made with the formalities prescribed by sections 170-172. (vR. S S 5231.) ‘ ' _· RESERVE CITIES ;` LAWFQL RESERVES t ` 141*. Central reserve arid reserve! cities; designation.¢—T1l¤ cities of Ney York and Chicago are hereby designated es ¢·e·`n_; ·tl'8]"1fQS€’1fY€ cities, and the following cities are designated as reserve`. cities: _ _ ‘ a " Bopton “Louisville. St. Louis Albany. _" Mengphis `Liucolxr · Brooklyn audBro1lx Nashville- Omaha . _ Buffalo __ i' Cil1CiDD&U Kansas GRY, Kane; g ,Philadelphia‘ __Cleveland ., ~ Topeka a Pittsburgh r Columbus Wichita, Baltimore Toledo  Helena _ Washington Indianapolis Denver ‘ Richmoxidj n Chicago ; Pueblo Atlaxitéf . Peoria Muskogee - Jacksonville Detroit . Oklahoma (`ity ,Bi1‘mingham _' Grand Rapids _ Tulsa l · ‘New-Orleaxls ‘Mi1waukee Seattle _ · ` _ Dallas · Y ·Mim·;eapolis Spokane El Baso ·· d St.`Pau1 ‘_ Portland Fort Worth · Cedar Rapids __ LosAugeles I Galveston · Dea Moines Oakland ‘ a y Horzstou _ . Dubuqtze   Sa¤‘Francisco _  "San Antonio r Siotzx City f ~ Ogden 1 ». L .Waco U, _ Kanms City, Mo. Salt Lake City s Little Rock` ,’ St. Joseph K _ ·· · ` The Federal Reserve Board may at any time reclassifyr cities so designated,as.reserve and eehtral reaerve cittea, may add to the number ao classified pr terminate tlie d tio¤ of apr cities as such; (¤R. S. ·§ 5191; Dec. H, 1913, c&_6. [2. 38 $€=l€· .251.) ‘ —- ·· ·. ,..c(~ - ·· r. . 142. {Banks  reserve cities; r¤erve;,·——National banking asaociatious located in reserrepitles or central reserve cities _` shall maintain reserves provided for in motion éw for be rrks so located. (B. S.} 5191 ;.Dec} 23, 1913, c. 6, SQ 19; 27, 38 Stat. 270; Aug. 4} 1914, c. 225; 38,Stat. %; Aug. 15, 1914, e. 252,_ 38 Stat. 691; June 21, 1911, cl 32, { 10, 40 Stat. @4 _ 113. Banks in Alukamw iasnluj  lawfitl more! reserves.-—·Exiery national bankirig omociation  in Alaska or in ··a dependency or· insular possession or my part of the _ · United States outeidejof the (continental United States, ood wi a member of the Federal reserve system, email at all times have —ou_l1:md in lawful. money of the United States an amoaut equal to at least 15 per cent of the aggregate amount of its deposits in all respects. Whenever the lawful money of en? such association shall fall below K 15 per cent of its deposits such association shall noteincreaae `ita liabilities by making any new loans or discouxzte other than by discounting or pur-. chasing bills of exchange payable at sight nor make any dividends of its prodta uuttldthe required proportion between the aggregate amount of its deposits and' its lawful money of the United States has been restored. And the Comproller of the { ‘Cu'rre¤cy shall notify any such association whose lawful move? l reserve shall be below the amouknt required to be kept oxrhand r to make good such reserve; and lf auch " association ehall fail for thirty`_da·ys_ thereafter so to make`- good lta lawful mow? the Comptroller may, with the concurrence oy the Secretary of 2 ` the Treasury, appoint arecelver to wind up the buaims of the ‘ aaaoclgtion as proelded in section 192. (R, S. S 5191.) 14ZsCertnin bnlmws "eeanted toward reserves  Alaska and ular poasesdonaw-—Three—¤£ths of the reserve of 15 wer