302 



CONGRESS, U. S. 



and until their successors are elected and qualified. But 

 any director removing from the State, or ceasing to be 

 the owner of the requisite amount of stock, shalfthere- 

 by vacate bis place. Any vacancy in the board shall 

 be filled by appointment by the remaining directors. 

 The director so appointed shall hold his place until 

 the next annual election ; and if, from any cause, an 

 election of directors shall not be made at the time ap- 

 pointed, the association shall not for that cause be dis- 

 solved, but an election may be held on any subsequent 

 day, thirty days' notice thereof having been given in a 

 newspaper printed, or of general circulation, in the 

 city, town, or county in which the association is lo- 

 cated, and if no newspaper is published in such city, 

 town, or county, such notice shall be published in a 

 newspaper in the county adjoining. 



SEC. 41. AAd be it further enacted, That every such 

 association shall at all times have on hand, in lawful 

 money of the United States, an amount equal to at 

 least twenty-five per centum of the aggregate amount 

 of its outstanding notes of circulation and its deposits, 

 and whenever the amount of its outstanding notes of cir- 

 culation and its deposits shall exceed the above-named 

 proportion for the space of twelve days, or whenever 

 such lawful money of the United States shall at any 

 time fall below the amount of twenty-five per centum 

 of its circulation and deposits, such association shall 

 not increase its liabilities by making any new loans or 

 discounts otherwise than by discounting or purchasing 

 bills of exchange, payable at sight, nor make any divi- 

 dend of its profits, until the required proportion be- 

 tween the aggregate amount of its outstanding notes of 

 circulation and its deposits and lawful money of the 

 United States shall be restored: Provided, however, 

 That clearing-house certificates, representing specie or 

 lawful money specially deposited for the purpose of any 

 clearing-house association, shall be deemed to be law- 

 ful money in the possession of any association belong- 

 ing to such clearinghouse holding and owning such 

 certificates, and considered to be a part of the lawful 

 money which such association is required to have, 

 under the foregoing provisions of this section: Pro- 

 vided further, That any balance due to any association 

 organized under this act in other places from any as- 

 sociation in the, cities of Boston, Providence, New 

 York, Philadelphia, Baltimore, Cincinnati, Chicago, St. 

 Louis, and New Orleans, in good credit, subject to be 

 drawn for at sight, and available to redeem their cir- 

 culating notes and deposits, may be deemed to be a 

 part of the lawful money which such association in 

 other places than the cities of Boston, Providence, New 

 York, Philadelphia, Baltimore, Cincinnati, Chicago, St. 

 Louis, and New Orleans, are required to have by the 

 foregoing provisions of this section, to the extent of 

 three-fifths of the said amount of twenty-five per cent- 

 um required. And it shall be competent for the Comp- 

 troller of the Currency to notify any such association 

 whose lawful money reserve as aforesaid, shall fall be- 

 low said proportion of twenty-five per centum, to make 

 good such reserve ; and if such association shall fail 

 tor thirty days thereafter so to make good its reserve 

 of lawful money of the United States, the Comptroller 

 may, with the concurrence of the Secretary of the 

 Treasury, appoint a receiver to wind up the business 

 of such association, as provided in this act. 



SEC. 42. And be it further enacted, That no associa- 

 tion shall at any time be indebted, or in any way liable, 

 to an amount exceeding the amount of its capital stock 

 at such time actually paid in, and remaining undimin- 

 ished by losses or otherwise, except on the following 

 accounts, that is to say: 



First. On account of its notes of circulation. 



Second. On account of moneys deposited with, or 

 collected by, such association. 



Third. On account of bills of exchange or drafts 

 drawn against money actually on deposit to th credit 

 of such association, or due thereto. 



Fourth. On account of liabilities to its stockholders, 

 for money paid in on capital stock, and dividends 

 thereon, ana reserved profits. 



SKC. 43. And be it further enacted, That no association 



shall, either directly or indirectly, pledge or hypothe- 

 cate any of its notes of circulation for the purpose 

 of procuring money to be paid in on its capital stock, 

 or to be used in its banking operations or other- 

 wise. 



SEC. 44. And be it further enacted, That no associa- 

 tion, or any member thereof, shall, during the time it 

 shall continue its banking operations, withdraw, or 

 permit to be withdrawn, either in form of dividends, 

 loans to stockholders for a longer time than six months, 

 or in any other manner, any portion of its capital ; and 

 if losses shall at any time nave been sustained by any 

 such association equal to or exceeding its undivided 

 profits then on hand, no dividend shall be made ; and 

 no dividend shall ever be made by any association, 

 while it shall continue its banking operations, to an 

 amount greater than its net profits then on hand, de- 

 ducting therefrom its losses and bad debts ; and all 

 debts due to any association, on which interest is past 

 due and unpaid for a period of six months, unless the 

 same shall be well secured, and shall be in process of 

 collection, shall be considered bad debts within the 

 meaning of this act. 



SEC. 45. And be it further enacted, That the direc- 

 tors of every association shall semi-annually in the 

 months of May and November, declare a dividend of 

 so much of the profits of such association as they shall 

 judge expedient ; and on each dividend day the cashier 

 shall make, and verify by his oath, a full, clear, and 

 accurate statement of the condition of the association 

 as it shall be on that day after declaring the dividend ; 

 which statement shall contain 



First. The amount of the capital stock annually paid 

 in and then remaining as the capital stock of such as- 

 sociation. 



Secondly. The amount of the circulating notes of 

 such association then in circulation. 



Thirdly. The greatest amount in circulation at any 

 time since the making of the last previous statement, 

 as shall be exhibited by the weekly statements of the 

 cashier, specifying the times when the same occurred. 



Fourthly. The amount of balances and debts of 

 every kind due to other banks and banking associa- 

 tions. 



Fifthly. The amount due to depositors. 



Sixthly. The total amount of debts and liabilities of 

 every description, and the greatest amount siuce the 

 making of the last previous statement, specifying the 

 time when the same accrued. 



Seventhly. The total amount of dividend declared on 

 the day of making the statement. 



Eighthly. The amount of lawful money of the United 

 States belonging to the association and in its posses- 

 sion at the time of making the statement. 



Ninthly. The amount subject to be drawn at sight in 

 lawful money of the United States then remaining on 

 deposit with'any associations, banks, or bankers, spe- 

 cifying the amounts so on deposit in tbe_ cities of Bos- 

 ton, Providence, New York, Philadelphia, Baltimore, 

 Cincinnati, Chicago, St. Louis, and New Orleans. 



Tenthly. The amount then on hand of bills or 

 notes issued by other banks and banking associations. 



Eleventhly, The amount of balances due from other 

 banks, bankers, and banking associations, excluding 

 deposits subject to be drawn at sight as aforesaid. 



Twelfthly. The amount on hand of bills, bonds, 

 stocks, notes, and other evidences of debts, discounted 

 or purchased by the association, specifying particularly 

 the amount of suspended debt, the amount considered 

 bad, the amount considered doubtful, and the amount 

 in suit or judgment. 



Thirteenthly. The value of the real and personal 

 property held for the convenience of the association, 

 specifying the amount of each. 



Fourteenthly. The amount of real estate taken in 

 payment of debts due to the association. 



Fifteenthly. The amount of the undivided profits of 

 the association. 



Sixteenthly. The total amount of the liability to the 

 association by the directors thereof collectively, spe- 

 cifying the gross amount of such liabilities as princi- 



