THIRTY—EIGHTH CONGRESS. Sess. I. Ch. 106. 1864. 109 the required proportion between the aggregate amount of its outstanding notes of circulacion and deposits and its lawful money of the United States shall be restored: Provided, That three Hfihs of said fifteen per M°*§°¥_’ d°" ceutum may consist of balances due to an association available for the §Z:;i0,°;r0}°Q;,_ redemption of its circulating notes frosy associations approved by the cqlatigq in cercomptroller of the currency, organized pndcr this act, in the cities of ::3;*;*;:;** *0 °° Saint Louis, Louisville, Chicago, Detroit, Milwaukic, New Orleans, Cin- ` cinnati, Cleveland, Pittsburg, Baltimore, Philadelphia, Boston, New York, Albany, Leavenworth, San Francisco, and Washington City: Provided, ako, That clearing-house certificates, representing specic or lawful money C]¢¤¤`i¤K·h°¤=‘° · · · - - certxiicatcs to be specially depomtcd for the purpose of any clearmg-house assocmtnon, deemed lawful shall be deemed to be lawful money in the possession of any association money for mis belonging to such clearing-house holding and owning such certificate, and P¤¤'P°¤¤· shall be considered to be a part of the lawful money which such association is required to have under the foregoing provisions of this section: Provided, That the cities of Charleston and Richmond may be added to Chgrlwton and the list of cities in the pational associations of which other associations Ri¢b¤¤¤¤d· may keep three fifths of their lawful money, whenever, in the opinion of the comptroller of the currency, the condition of the southern states will warrant it. And it shall be competent for the comptroller of the currency to notify any association, whose lawful money reserve as aforesaid shall If association be below the amount to be kept on hand as aforesaid, to make good such fails, after uotibe, reserve; amiif such association shall fail for thirty days thereafter so to ;‘_gs?_’;l;° g°°d M make good its reserve of lawful money of the United States, the comp- ` trollcr 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. 32. And be it further enacted, That each association organized g;,cu;,,t;0,, to in any of the cities named in the foregoing section shall select, subject to be redeemed in the approval of the comptroller of the currency, an association in the N" Y°'k "P"' city of New York, at which it will redeem its circulating notes at par. And each of such associations may keep one half of its lawful money reserve in cash deposits in the city of New York. And each association Qertain associnot organized within the cities named in the preceding section shall sclcclz, gffcgsftg Qjfgp subject to the approval of the comptroller of the currency, an association mm of circulain either of the cities named in the preceding section at which it will *i<>¤- redeem its circulating notes at par, and the comptroller shall give public notice of the names of the associations so selected at which redemptions are to be made by the respective associations, and of any change that may be made of the association at which the notes of any association are redeemed. Ifany association shall fail either to make the selection or to Proceedings in redeem its notes as aforesaid, the comptroller of the currency may, upon W6 °*` ml¤'°· receiving satisfactory evidence thereof, appoint a receiver, in the manner provided for in this act, to wind up its affairs : Provided, That nothing in this section hall relieve any association from ins liability to redeem its circulating notes at its own counter, at par, in lawful money, on demand: , 4nd provided, further, That every association formed or existing under Each associatbc provisions of this act shall take and receive at pm-, for any debt; or ;;?';t;°e;“;:0%?;f“ liability to said association, any and all notes or bills issued by any asso- fi0ug . ciatiou existing under and by virtue of this act.
- Sec. 33. And be it further enacted, That the directors of any ass0cia— D$Vid¢¤d¤·
- tion may, scmi·am1ua.l1y, each year, declare a dividend of so much of the
g nett profits of the association as they shall judge expedient ; but each g association shall, before the declaration of a dividend, carry one tenth part:
- of its nett prodts of the preceding half year to its surplus fund until the S“"Pl“’ f“”dS·
E same shall amount to twenty per centum of its capital stock.
- Sec. And be it further enacted, That every association shall make Associations to
5% to the comptroller of the currency a report, according to the form which 2g’1‘;;;t° °°mp' . . . . quarterly.
- may be prescribed by him, vcmficd by the oath or aiirmahon of the presv0r.. xm. Pm
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