Page:United States Statutes at Large Volume 12.djvu/697

THIRTY SEVENTH CONGRESS. Sess. III. Ch. 58. 1863. 667 Third. The amount of its capital stock, and the number of shares inbo which the same shall be divided; which capital stock shall not be less than fifly 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. Fifmh. The time when such association shall commence. Sixth. A declaration that said certificate is made to enable such pmsons to avail themselves of the advantages of this act. The said certificate shall be acknowledged before zz judge of some certilicatewbe court of record or a notary public, and the acknowledgement thereof °°:‘t{’;'gl°d§f‘l;8 certified under the seal of such court or notary, and shall be transmitted, §;,;€§i,§t,cl; of together with a copy of the articles of association which shall have been comptrolleradoptcd, to the comptroller of the currency, who shall record and carcfully preserve the same in his office. Copies of such certificate, duly 4¤*h°¤ti°¤*°d certified by the comptroller, and authenticated by his seal of office, shall °°Pl°°' bc legal and sufficient, evidence in all courts and places within the United States, or the jurisdiction of the Government thereof, of the existence 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 C¤Pl€¤l Pmkv the capital stock of such association shall be paid in at the time of the h°w Wd m' commencement of its banking business, and the remainder of the capital stock of 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 frequently as one instalment at the end of each succeeding two mouths from the time of the commencement of its banking operations, until the whole of the capital stock shall be paid in. S20. 8. And be it furthw enacted, That if any shareholder, or his as- Stock of delinsigucc, shall fail to pay any instalment on the stock when the same is ‘1“°“; f32z2S1d` required by the foregoing section to be paid, the directors of such asso- um y ` ciation may sell the stock held by such delinquent shareholder, at public Mode of sale. 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, than in 2. 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 fbund who will pay lbr such stock the amount due thereon to the association, and the costs of advertisement and sale, the amount previously paid shall be forfeited to the association, and such stock may subsequently be sold as the directors may order. Sec. 9. And be it further enacted, That whenever 0. certificate shall C¤¤}¤P¢¤>ll¢P tv have been transmitted to the comptroller of the currency, ns provided in ?§"‘;2E3;iQ2:SS°;‘} this act, and the association transmitting the same shall notify the comp- thjs acL am comtrollcr that at least thirty per centum of its capiml stock has been paid as Pl"'} “'**h· aforesaid, and that such association has complied with all the provisions of this act required to be complied with before such association shall bc authorized to commence the business of banking, and that such association is desirous of commencing such business, the comptroller shall immediatcly proceed, in such manner as he shall by general 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 association, 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-