54 °· ·*’ TITLE I2.——-—BANKS shali be paid in before it eholl be authorized to commence business; and the remainder of the czzpimtstock 0;‘such·Enss0l Ci8ti01l eheli be paid in installments of‘11t']é&St 10 per ceutum ez-tch, oo ziaewnoxe amount of the`eai»itul, as frequexitlyies one , ixnstatliment et the end of each sttoceediug month from the time it shall be; euthorized by the Comptroller of the Currency to commexme business; and the payment of i each`_ instal1ment__ ` shell he eertiiiedh to the comptroller, ui1de1··oeth_,'by the pres}: ° rtenter eeshier of the association. (R; S; § 5140):: _ 51, Feiiure to pay installments; remedy; effect if redqction of capital resulté.·—\$’11e11ever amy ehareholder, or his assigoee, · {sits to pay any installment on the stock when thesome is required by the preceding, _S€Ctibl1 to be paid, the directors of . strt·l1_a$oéiation may sell the stock of°such delinquent shhreholdefjat public auction, hayiug given. three ~weeks’ previous 1 notice thereof in e_ newspaper published end of general, circu- » lation in theeity for county where the assboiatiou is blocated, er, i.f_aw newspaper is pubi'ish—ed in sqiqkity or `couuty, then` ` tar a newspaper published nearest thereto, to any pereon whe; _ wviil pay the highest; priee therefor, to be not less` than the ·· amount then due thereon, with the expousesjbf advertisement _ rmt! sele: and the‘_éx<;·es$, if may, s”h;1ll be paid to 'thé delinqueuf. lehemholder. If no higlder c·:m` be found who will pay for such stock theamezmt due thereon to the association, and theoost U 0; edvertisesieexit end ·`sale, the muotmt iareviously paid shail · be forfeited to the association, and such étock shall besold as ``'` the Airecters ·mey order, within Six months, from the time . ‘of su·:;·h iorieiture, and if not sold it sltitllpe canoeled zmd`dé§ ducted from the Acepital `stock of the ess0é'iot·i0n. If any such e €&I}C{éHilfi0H;&?ld retductioh shall reduoejtlxe pzipitul `ofltheaesol oiatiorz below the minimum of C8[}iI21l`l’€it]HtiP8(l by- law, the e roepitel stoek shall, within thirty ·dz1ys fl'OiIl the date of ·such_— ceneeliatien, 'bel increase; to- the__requin·ed,amou~ut; in default ef which a, receiver may be appointed, `acczordinxg to the provisiorxetef section 192 *ot thie title, to close up the busiuess`=‘of , t the association. (R. S. § 5141..) _' · K . It · _ j:35. Eefercing payment ofdehciency in capieal stock %x§sess;· ‘ menter liquidation: reoeivership.·—eEv‘ery _ association wi c shalt here ijeiied to @:15* up its eupitai stock, as requ‘iredt by_ IQ exit! evsery association whose icapttal stock shall htwe becorpe e impaired hy losses or otherwise, 'shal1,~_sw*ithiu_threé months ’ after receiving notice thereof ¥1’jO_l1l the' Comptroller of the Cu1··j reuoy, peyt the dehcieney in the [capital, steek, by assessment upon the shareholders pro m`ta_ for the amoxmt ot capital stock g Greig by each); and the Treasurer Toto the Ux1ited_ States shell witlalttolsf th~e__i11teresti_1i§·on a11_b<mds"he1d'hY him .111 trust for _ . ,¤:13· such eesoetetiou, uinou notiheatioo from the Comptroller ___ ot the othemiee _ ziotmed ·by him. It. any such eee éetion shell fail to my up its capital stock, eud'she.l 1;
go, into! liquidation, as provided by law; for three
months hitter receiving notice from the oomptroiier, a receirer may he egpoioted to close op the business of the eesoejotion, t seeordiug to- the provisions oft section 192 ot_ this title. A ect t provided, That, it ,` 3 shareholder or shareholders of such bejk N shall neglect or rggxseg after` three mouth.? notice, ~ to my the M eeeéesmexxt, awprovie ed ir; this section, it shell be the duty of _ thehoard ~of~directore to cause a_ sumcieut emountof the cepit/dl to
ot such shareholder or shareholders be sold at publie
m1etto11`.`(a£ter"t1girety days' notice shalt be give¤~`by posting i such notice of sale jill the omoe of the bunk, and by publishing · such Ju a newspaper of the Yeity or town in {which the ‘ mh}; to ieeatml, or ,11153. newspaper published heerwt thereto), t · tejuteke good the deéciehcy, mac; the heloeee, if e¤y,` sha11—¥be‘ returned, to suchdelim;ueaxt»shg.reho1der e1··e1pereh¤1oers. _ (R., ~‘ ` S. § 5295; 5nmeé30, 1876, c. 156, $-4; 19 Stet. 64.) · ·- · ` ~ 5`6.;Prehihitien .»o:t uyithdrawsl of eapiti1:"ueeor¤ed*»divt— · dends.·——·—·No association, or guy member thereof, shalt, during Ache time it shall coutirme its banking operzttiohs, xvithomxxi, or _ t
r AND BANKJNG 2G° perm;. to be’}vit{l1dravs7n,Yeitl1er ua the mm of azmaemlx; pr ptherwiée, any portion of its capital. If losses llama {lghéllh'. time bequ sustainccl by gnyisuch nswiation, Lequal to dr wg- 'ceeding its urglliylded proH_ts_thex1 <m_ lmml, `nu dividemfl slum {sv made; and po dividend shall. ever be mad; by amy as=so<·i;1tM while lt_ continues its banking opexjationsxo xm mncunt gre·;m=;, than its het proiltsthen op `haud, décixlqtting therefrom nits 1<;>¤4,.; and had débts, All debls 0\1€_t0 my &$S<>€i&tions, du $\ihiL·h' intezjést i pzist due-and unpaid for giperiod of six xnmmzs unless the same slré \vell,séc¤;‘®d,_ and in proce: of c<lm{·;;.,,{ lghall be.ga11sidex;ed baifidebts within the mwniné of this;:{»{·;' tion. But nothing iii this section; shall prc§·c¤t_the 1·é€ln1<l·t;mi (ly the [capital stock of the assoeiation under wctimx 59 oi this I title. (R. S. §_, 520-1.) _ A .. L . .» · ` 57t Imgrbasc bf pépital by proviniéwin nrtigleg of aSS0c;a_ ltioxil-—-Any aSs0ciati0u°for1ned uudér this chdpte: nmy, lash &1°{;,léi€S·Of gssociation, provide for q¤`iug1‘ease ot im kmpgmy from tlme to lime, xls may be deemed expedient, lsubjm;1 gg . the limitations of tl1lS-C]If\plZBl'· "But the maximam or s,uq·n_i¤- . grease t0"be providéd in the affiélés of 8889£i3ti0B Shall be {lp, iQ1‘1l1fDBd· by the Comptroller of the Cmirténcyl; and Hf;) in<·n?¤·;m pf czipital- shall be valid until the whole amount of Such iim·o:¤»<>. is .paid` iu, and n0»;lce·tl1ere0f has- beeritmnsmitted to the Couijmtrollexy or the Currency, and hidcertmcate obtained sp;·{ ·1.. {ying the amount of such increase dt capitalastock, with- ml approval thereof, and that it has beeuwduly 'paid in as p;{;·z bf“tI1<; Vcapilgal cfjsuch association. (R. `S. I 5142.-) · 58. Increase of capita! by vote of slurehddcszsle-#Au;·_ my- tioual baukiug'·a$s0cihtion may, with lim épp1‘oml·_af {lm Comptroller of the Currency, by tha vote bf sha£re1:mldgrs`¤£%·;¤- i11g°two-thirds ot the Stock 01 such asmcial;l¤m increase igsi capital sfock,'i¤ accordance with- existing laws, ca, any sum` apptoved by the ‘ said comptroller, ll0lZ\¥IthSL&§HiBg the limi: iixad in its original articles of ·ass0éla{tion and héétermised by S11i(]_C0lll[)l.l“0ll€Y§" and n0 lncresgée nf the capital stock of `mly
- 1il£{£l5hz\l banking assoclailonvelther wlfhié 0; beyond the limita =
fixédmlu its (lfiglll&I arti<.Slcs`pt· association shall be iadé excjeixt · in thexmmuer. herein provided. (May 1,_18S6, ic. $3, {1; 21 -smt..1s.>j e._~- l ‘l - . » 2 59. Reduétiénr of capitgl by vcte `af sharewlwrs.-——·Any aswciatitml formed wider this chapter lxiayg by th,é~-vote? of sha*rc—_ _ , holders owning two-thirds cit ltstcapltnl. stock, reduce its <:api· _ .
@0 any sum I10t_b¢10~W'l_C}Zl€ amount required by this chapter.
"to authorize the {animation; of a3soctat.iom_; but no méli redukr·‘ tion_ shall be rallowable which will the mpital `ct they ’as»s¤clati0z;xiqw the amount requifcd tp: its éumtnndlng pirculation, Bar shall zany reduction. ba made qptll the mimmt of the prowscd reduction lgem repogted th Comptroller ot the Cmjxjancy aud, such reduction has hem Sppmved by the _ wid »G0mpf1*0Iler `of thé{ Currency mq by the Federal` Reserve Béard. . (R. S. it 514,3; ·23,.1Q13,‘ c.* §, ·§ $_Stat. 2743 .” 60.. Dividends and surplus funds.-—;—»Tm directors. ofjhny =u<sr··>j ciation may, .sezi1i&pnually, declhre, a dlvldmgdét m `much of l` thé net p;·oHts of the associating as‘t.l1¤)* shall judge expedient:_ but each asSociation·sbal1,Y before the décldxjatlczi of a divuleml, _ . Garry <me#t’0nth pmt of its;,1et~p;·o§ts'¤£ `thé pmmcllng iw-YK ` year to lté szirplué mm!. pgutll the sgme amount to 20 pe1·`°ce¤tum` of ,1tS Q¤PUQ§.l smirk. -(R. 8. { 5199.) _ 61. Right. of slmrehoikxjs to `vote.—-—-gin all election; of di¤‘¢<3·_ {tors, and inf décfiling all "qumtlozm gt meetings at ¤ha,1*eh01d9¤‘S·, _ éatrh shénmhultder shall be entifled to one wréte on each slmrc _ pt Zstock helel `by him. Shareholders may mtg by pz·¤xles·_¢lpI~y authorized in wtitihg} but nb omcer, clerk, téllermr bonkkcerw?
such; B»S$OCiRt{OEL` $,8 3nd·l1(}.$h&f2h0}d€P \¥'h‘¥$*`__
llubllitgyls past due and nmiwald &11all·be·all0wéd to {vote. (R. 5-514:4-)* l i - _, , 62Q List of shawlwldmjs.—-fI‘he pmsideng and ,cnsbfG¤‘· *•f · awry national banking assbclétion shall cause fa be kept at ¤u·
