1010 Tins Lx1r.——-NATIONAL BANKS.—Ch. 4. Yoluntyry diego- S1-:0. 5220. Any association may go into liquidapi0n and be closed by $*3;** 0* ‘“°°°"*‘ the vote of its shareholders owning two-thirds of its stock. 3 June, 1864, c.106, s. 42, v. 13, p. 112. 30 June, 1876, c. 156, n. 2, 1:. 19, p. 63.—I»¢rc Manufacturers' National Bank, 5 Bias., 499. N9¢i¤¢ vf i¤¢¤¤¤ Sec. 5221. `VhBDBV€I` a vote is taken to go into liquidation it shall be
- 0 d‘“°l"°· the dutv of the board of directom to cause notice of this fact to be certi-
3 June, 1864, c. fied, unvder the seal of the association, by its president or ca.shie1·., to the 10*% · 42» V- 13» P- Comptroller of the Currency, and publication thereof to be made for a u2' period of two months in a newspaper published in the city of New York, and also in a. newspaper published in the city or town in which the ass0· ciation is located, or if no newspaper is there published, then in the newspaper published nearest thereto, that the association is closing up its affairs, and notifyin the holders of its notes and other creditors to present the notes and ogher claims against the association for payment. Depositof lawful Sec. 5222. \Vithin six months from the date of the vote to go into m°“°Y *9 "°‘i°°'“ liquidation, the association shall deposit with the Treasurer of the United Ysgitsnding °"°“` States, lawful money of the United States sufficient to redeem all its out- -—-e¥—~————— standing circulation. The Treasurer shall execute duplicate receipts for {h"§··l€“·1‘gb43· money thus deposited, and deliver one to the association and the other 257 \._l§ p_ 2y3f to the Comptroller of the Currency, stating the amount received by him, 26 Jun}, 1874, e. and the purpose for which it has been received; and the money shall be 343, P- 18, D- 12*1 paid into the Trca.sury of the United States, and placed to the credit of such association upon redemption account. E¤¢m}>ti¤¤ ¤¤ to Sxac. 5223]. An association which is in ood faith winding up its busi-
- 3m“t’°3 ness for the purpose of consolidating witg another association shall not
m,0th,,,_g be required to deposit lawful money for its outstanding circulation; but
assets and liahiiibies sléaii be reported by the association with which
257, v_ lg, _ 2;·4_ I is ln POCGSS 0 COHSOI R ION. Ream xg,-,nt0g Sec. E224. `Vh€D8V€l` u siniizicient deposit of lawful money to redeem nondsandnredemp- the outstanding circulation of an association proposing to close its busimn of **0**% &°· ness has been made, the bonds deposited by the association to secure 3 Jung, 1864. ,_·_ payment of its notes shall be reassigned to it, in the manner prescribed 106, s. 42. v. 13, p. by section fifty—0ne hundred and sixty-two. And thereafter the associa- 11%; Fd 1875 tion and its shareholders shall stand discharged from all liabilities upon 80 A uf'}, 326. "‘ the circulating notes, and those notes shall be redeemed at the Treasury ’ ’ of the Unite States. [And if any such bank shall fail to make the deposit and take up its bonds for thirty days after the expiration of the time specified, the Comptroller of the Currency shall have wer to sell the bonds pledged for the circulation of said bank, at pubiig auction in New York City, and, after providing for the redemption and concellution of said circulation and the necessary expenses of the sale, to pay over any balance remaining to the bank or its legal representative.] Dévtmvtivn of Sec. 5225. Whenever the Treasurer has redeemed any of the notes of an "’d"°“"’d “°°°‘· _ association which has commenced to close its affairs under the [sim] [five; 3 June, 1864, c. preceding sections, he shall cause the notes to be mutilated and charge Wi S- 43- V- Wn P· to the re emption account of the association; and all notes so redeemed ugéhm 1874 C hy the Treasurer shall, every three months, be certified to and burned 455, ,._ 18,*1, 20g_in the manner prescribed in section fifty-one hundred and eighty-four. 27 Feb., 1877, c. 69 v. 19 .25 . i\i0de hfpmtist- Sec. 5226. Whenever any national banking association fails to redeem mz notes. in the lawful money of the United States any of its circulating notes, 3 _;,,,,,,, 1864, ,,_ upon demand of payment duly made during the usual hours of business, 106, s. 46, v. 13, p. at the office of such association, or at its designated place of redemp- 113. tion, the holder ma? cause the same to be protested, in one package, by a notary public, un ess the president or cashier of the association whose notes are presented for payment, or the president or cashier of the association et the place at w ich they are redeemable offers to waive demand and notice of the protest, and, in pursuance of such offer, makes, signs, and_del1vers_t0 the party making such demand an admission in writing, stating the time of the demand, the amount demanded, and the fact of the non-payment thereof. The notary public, on making such protest,
