Page:United States Statutes at Large Volume 5.djvu/486

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450 TWENTY-SEVENTH CONGRESS. Sess. I. Ch.12. 1841 banks shall, each for itsehj from and of tcr the passage of t@1is sgt, rg. sumc and continue the payment of all 1ts notes and spegxp habxhues in spccic, on demand; and each and gvery of said banks faxling to resuusc species payments, as aforesaid, witbm ten days after the Passage of tk1s act, or hméng resumed spccic payrqcnss, sggin susp<·m§ling or refusing to pay any of its notes or other spccua liabilities in spcmc, when legally demanded, or shall pay out or lend out, aiiar the iirst day of March next, the notes of any suspended bank, or any paper cu1ge1E:y whatever which is not equivalent to gold and silver shall m the yst case be excluded from all participation in the privileges arid provnsnons of ihis act · and in the second cnsc shall zpsa facto forfeit all benefit and District mm., prix;ilcgc grantpd by it; and ii: shalfbc the dnt; of the district attorney my, on suspcn- of the United States for the District of Columbia, upon information af" °‘.’°f“°°} lodged with him of any such suspension or refusal to pay in specie by to £,% ;;B§$;:f any of said banks, to tqke forthwith the necessary and proper legal ccssary nqen- steps to enforce the forfmture hereby provndcd for such refusal or sysf;;°°£g’t:;’;§’:: pension; and to compel every such delinquent ba.nk tp proceed to wmd p,,1’Su,,h bank up its concerns, under, and agrccably to, the provnsxous of the act of to wind up ins Congress entitled “:A.n z1ct to continue the corporate CX1ST-GEOG of cer-

g;’*;‘;'5['5·»J'i '{d°’ tam banks m the DIStl:10t of Colunqbxa, for ccrtmn purposes, approved

184(L ch 40 y the thin; dg c&fg}u]y} in glu-: year céglgesrt hunilrcdjand fort;. B k hq,. Sxc. . n e zt ur: cr enacte , a cac gm evcryo S8.l an s @te3?r:n§::¤;<- shall bc, and they are hereby, expressly prohxbxtedfrons making any Lmgtagysgzf new loan or loans whatever, upon a pledge of stock m sand bank as so- ,,, ,,,,umy,&,c curity for the repnyxscqt of said loan; and they are hereby required, upgn all Eoin? now cxnsting Spon a11y such pgc-edge of ftgglgk ti) ;:q1;;·E an cxac , c ore any renew or ex cnsxon 0 any suc 0 s be granted other sufficient security for the same, in the form and to the pmsgdem ,,,.1 extent ususl in said banks upon making ordinary loans. Ami the presidirectors liable dent and directors of each of said banks are hereby made individually fj]; liable to all persons concerned, for the whole amount of any loan or cd with m,,;, loans hereafter made or renewed contrary to the aforegciug provisions, consent. by them, or any of them, or with their consent, from the funds of any of said banks; and the cashier of each of said banks shall keep a regular record of the attendance of the president and each director at every meeting of the board of directors of the bank of which he is cashier; and every president and director who shall be present at any meeting at which any loan upon a pledge of stock as aforesaid, shall be madc or what mmm extended, shall be deemed to have cguscnmd to the same, unless hc deemed to be a shall st that meeting enter lgis protest, in writing, against said loan on conscnc. the minutes of than procccdmgs. Any loan m Sec. 3. And be it further enacted, That in each and every of said bunk ¤fH¤¤r¤, banks, all loans now existing to any president, cashier, director, oxnother g§§;';;§3°};g°° officer, either as principal or security, ts a. greater amount than ten curtailed at least thousand dollars, shall be regularly curtailed or reduced, at the rate of 25 per ct, annu- at least twenty-five per cent. or one fourth of the whole amount annu- $5;; 3l'£lsK‘; ally, in a due proportion at each renewal at the expiration of ni11cty days successively, until the sum of such loan shall, in no instance, cx- No newlozm cccd the amount of ten thousand dollars aforesaid. And no new loan 19 be muqiz or loans shall hereafter, on any pretence whatever, be made to any presi-

  ding dent, cashier, director, or other oiHce1·, either as principal or security,

unpaid h34mm, to 21 greater amount in the whole including the unpaid balances of exceed $10·000· former loans than ten thousand dollars; and the same penalties, liabilities and pmsumptions shall in every case of a loan made contrary to P .d thespirit, intent, and me:mi;1g of this section, attach to the president dir;‘;§;r';’}{a"g‘fg and directors of the bank by which said loan shall be made, as is protherefor. Edci ixithe Sfccgadiag segionkjn the case of loans upon :1 pledge of esoc 0 c un ma mgt asame. Sec. 4. And be it further enacted, That cach and cvcry of said banks