CONGEESS, U. S. 



297 



impression of such seal directly on the paper shall be 

 as valid as if made on wax or wafer. 



SEC. 3. And be it further enacted, That there shall 

 be assigned to the Comptroller of the Currency by the 

 Secretary of the Treasury suitable rooms in the Treas- 

 ury building for conducting the business of the Cur- 

 rency Bureau, in which shall be safe and secure fire- 

 proof vaults in which it shall be the duty of the Comp- 

 troller to deposit and safely keep all the plates and 

 other valuable things belonging to his department; 

 and the Comptroller shall from time to time furnish 

 the necessary furniture, stationery, fuel, lights, and 

 other proper conveniences for the transaction of the 

 said business. 



SEC. 4. And be it further enacted, That the term 

 "United States Bonds," as used in this act, shall be 

 construed to mean all coupon and registered bonds 

 now issued or that may hereafter be issued on the faith 

 of the United States by the Secretary of the Treasury 

 in pursuance of law. 



SEC. 5. And be it further enacted, That associations 

 for carrying on the business of banking maybe formed 

 by any number of persons not less in any case than 

 five. 



SEC. 6. And le it further enacted, That persons unit- 

 ing to form such an association shall, under their 

 hands and seals, make a certificate which shall spe- 

 cify- 

 First. The name assumed by such association. 



Second. The place where its operations of discount 

 and deposit are to be carried on ; designating the 

 State, Territory, or district, and also the particular 

 city, town, or village. 



Third. The amount of its capital stock, and the 

 number of shares into which the same shall be divid- 

 ed ; which capital stock shall not be less than fifty 

 thousand dollars ; and in cities whose population is 

 over ten thousand persons, the capital stock shall not 

 be less than one hundred thousand dollars. 



Fourth. The names and places of residence of the 

 shareholders, and the number of shares held by each 

 of them. 



Fifth. The time when such association shall com- 

 mence. * 



Sixth. A declaration that said certificate is made to 

 enable such persons to avail themselves of the advan- 

 tages of this act. 



The said certificate shall be acknowledged before a 

 judge of some court of record or a notary public, and 

 the acknowledgment thereof certified under the seal 

 of such court or notary, and shall be transmitted, to- 

 gether with a copy of the articles of association which 

 shall have been adopted, to the Comptroller of the 

 Currency, who shall record and carefully preserve the 

 same in his office. Copies of such certificate, duly 

 certified by the Comptroller, and authenticated by his 

 seal of office, shall be legal and sufficient evidence in 

 all courts and places within the United States, or the 

 jurisdiction of the Government thereof, of the exist- 

 ence of such association, and of every other matter or 

 thing which could be proved by the production of the 

 original certificate. 



SEC. 7. And be it further enacted, That at least thirty 

 per centum of the capital stock of such association shall 

 be paid in at the time of the commencement of its 

 banking business, and the remainder of the capital 

 stock ot such association shall be paid in instalments 

 of at least ten per centum each on the whole amount 

 to which the association shall be limited, as frequent- 

 ly as one instalment at the end of each succeeding two 

 months from the time of the commencement of its 

 banking operations, until the whole of the capital stock 

 shall be paid in. 



SEC. 8. And be_ it further enacted, That if any share- 

 holder or his assignee shall fail to pay any instalment 

 on the stock when the same is required by the forego- 

 ing section to be paid, the directors of such association 

 may sell the stock held by such delinquent shareholder 

 at public auction, having given three weeks' previous 

 notice thereof in a newspaper published and of general 

 circulation in the city where the association is located, 



if the same be located in a city, and if not so located, 

 then in a newspaper printed or of general circulation 

 in the county where the same is located, to any person 

 who will pay the highest price therefor, and not less 

 than the amount then due thereon, with the expenses 

 of advertisement and sale ; and the excess, if any, shall 

 be paid to the delinquent shareholder. If no bidder 

 can be found who will pay for such stock th<> amount 

 due thereon to the association, and the costs of adver- 

 tisement and sale, the amount previously paid shall be 

 forfeited to the association, and such stock may sub- 

 sequently be sold as the directors may order. 



SEC. 9. And be it further enacted, That whenever a 

 certificate shall have been transmitted to the Comp- 

 troller of the Currency, as provided in this act, and 

 the association transmitting the same shall notify the 

 Comptroller that at least thirty per centum of its cap- 

 ital stock has been paid in as aforesaid, and that such 

 association has complied with all the provisions of 

 this act required to be complied with before such asso- 

 ciation shall be authorized to commence the business 

 of banking, and that such association is desirous of 

 commencing such business, the Comptroller shall im- 

 mediately proceed, in such manner as he shall by gen- 

 eral rules prescribe, to examine the condition of such 

 association, to ascertain especially the amount of money 

 paid in on account of its capital stock ; the name and 

 place of residence of each of the directors of such as- 

 sociation, and the amount of the capital stock of which 

 each is the bona fide owner, and generally whether 

 such association has complied with all the require- 

 ments of this act to entitle it to engage in the business 

 of banking ; and shall cause to be made, and testified by 

 the oaths of a majority of the directors and by the pres- 

 ident or cashier of such association, a statement of all 

 the facts necessary to enable the Comptroller to de- 

 termine whether such association is laNvfully entitled 

 to commence the business of banking under this act. 



SEC. 10. And be it further enacted, That if, upon a 

 careful examination of the facts so reported, and of 

 any other facts which may come to the knowledge 

 of the Comptroller, whether by means of a special 

 commission appointed by him for the purpose of in- 

 quiring into the condition of such association, or other- 

 wise, it shall appear that such associatio.-i is lawfully 

 entitled to commence the business of banking, the 

 Comptroller shall give to such association a certificate 

 under his hand and official seal, showing that such as- 

 sociation has complied with all the provisions of this 

 act required to be complied with before being entitled 

 to commence the business of banking under it, and 

 that such association is authorized tolcommence said 

 business accordingly ; and it shall be the duty of such 

 association to cause said certificate to be published in 

 some newspaper published in the city or county where 

 such association is located, for at least sixty days next 

 after the issuing thereof: Provided, That if no news- 

 paper is published in such city or county, such certifi- 

 cate shall be published as the Comptroller of the Cur- 

 rency shall direct. 



SEC. 11. And be it further enacted, That every asso- 

 ciation formed pursuant to the provisions of this act 

 may make and use a common seal, and shall have suc- 

 cession by the name designated in its articles of asso- 

 ciation and for the period limited therein, not, how- 

 ever, exceeding twenty years from the passage of this 

 act ; by such name may make contracts, sue and be 

 sued, complain and defend in any court of law or 

 equity as fully as natural persons, and may make by- 

 laws, approved by the Comptroller of the Currency, 

 not inconsistent with the laws of the United States or 

 the provisions of this act, for the election of directors, 

 the management of its property, the regulation of its 

 affairs, and for the transfer of its stock ; and shall haVe 

 power to carry on the business of banking by obtain- 

 ing and issuing circulating notes in accordance with 

 the provisions of this act ; by discounting bills, notes, 

 and other evidences of debt ; by receiving deposits; by 

 buying and selling gold and silver bullion, foreign 

 coins, and bills of exchange ; by loaning money on- 

 real and personal security, in the manner specified in 



