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c. 106,

change or modify the obligation of any association or any
of its officers for the safe-keeping of public money: Pro-
vided further, That the rate of interest charged upon
such deposits shall be equal and uniform throughout the
United States.
CONVERSION OF STATE BANKS INTO NATIONAL BANKING

ASSOCIATIONS. Act June 3, 52. Sec. 5154.-Any bank incorporated by special law, 1864, sec44; 13 or any banking institution organized under a general law Stat. L., 112. of any State, may become a national association under

this Title by the name prescribed in its organization cer-
tificate; and in such case the articles of association and
the organization certificate may be executed by a ma-
jority of the directors of the bank or banking institution;
and the certificate shall declare that the owners of two-
thirds of the capital stock have authorized the directors
to make such certificate, and to change or convert the
bank or banking institution into a national association.
A majority of the directors, after executing the articles
of association and organization certificate, shall have
power to execute all other papers, and to do whatever
may be required to make its organization perfect and
complete as a national association. The shares of any
such bank may continue to be for the same amount each
as they were before the conversion, and the directors may
continue to be the directors of the association until others
are elected or appointed in accordance with the provi-
sions of this chapter; and any State bank which is a
stockholder in any other bank, by authority of State laws,
may continue to hold its stock, although either bank, or
both, may be organized under and have accepted the pro-
visions of this Title. When the Comptroller of the Cur-
rency has given to such association a certificate, under
his hand and official seal, that the provisions of this
Title have been complied with, and that it is authorized
to commence the business of banking, the association shall
have the same powers and privileges, and shall be sub-
ject to the same duties, responsibilities, and rules, in all
respects, as are prescribed for other associations origi-
nally organized as national banking associations, and
shall be held and regarded as such an association. But
no such association shall have a less capital than the
amount prescribed for associations organized under this
Title.
STATE BANKS HAVING BRANCHES.

53. Sec. 5155.--It shall be lawful for any bank or bank; 13 ing association organized under State laws, and having Stat. L., 484. branches, the capital being joint and assigned to and used

by the mother-bank and branches in definite proportions, to become a national banking association in conformity with existing laws, and to retain and keep in operation its branches, or such one or more of them as it may elect to

Act Mar. 3, 1865, c. 78, 8ec.

Act June 3,

retain; the amount of the circulation redeemable at the mother-bank, and each branch, to be regulated by the amount of capital assigned to and used by each. RESERVATION OF RIGHTS OF ASSOCIATIONS ORGANIZED

UNDER ACT OF 1863. 54. Sec. 5156.—Nothing in this Title shall affect any

1864, c. 106, appointments made, acts done, or proceedings had or sec 62; 13 commenced prior to the third day of June, eighteen hun- Stat. L., 118. dred and sixty-four, in or toward the organization of any national banking association under the act of February twenty-five, eighteen hundred and sixty-three; but ail associations which on the third day of June, eighteen hundred and sixty-four, were organized or commenced to be organized under that act shall enjoy all the rights and privileges granted, and be subject to all the duties, liabilities, and restrictions imposed by this Title, notwithstanding all the steps prescribed by this Title for the organization of associations were not pursued, if such associations were duly organized under that act.

CHAPTER III.

OBTAINING AND ISSUING CIRCULATING NOTES.

55. 5157. What associations are gov- 73. 5171. Repealed by act August 12, erned by chapters two,

1882. three, and four.

74. Act March 14, 1900. Delivery of 56. 5158. Registered bonds intended

circulating notes. by the terms “ United States 75. 5172. Printing denominations and bonds."

form of the circulating 57. 5159. Deposit of bonds required

notes. before issue of circulating 76. Act June 20, 1874. Charter number notes.

to be printed on notes. 58. Act December 21, 1905. Panama 77. Act March 3, 1875. Distinctive paCanal bonds have all rights

per for printing notes. and privileges accorded to 78. 5173. Plates and dies to be under other two per cent bonds of

control of the Comptroller. the United States.

79. 5174. Examination of plates and 59. 5160. Increase or reduction of de

dies. posit to correspond with 80. 5175. Limit to issue of notes under capital.

five dollars. 60. 5161. Exchange of coupon for reg- 81. 5176. Repealed by act July 12, istered bonds.

1882. 61. 5162. Manner of making transfers 82. 5177. Repealed by act January 14, of bonds.

1875. 62. 5163. Registry of transfers.

83. Act January 14, 1875. Aggregate 63. 5164. Notice of transfer to be given

amount of circulating notes to association interested.

not limited. 64. 5165. Examination of registry and 84. 5178. Superseded by act January bonds.

14, 1875. 65. 5166. Annual examination of bonds 85. 5179. Superseded by act January by association.

14, 1875. 66. 5167. General provisions respecting 86. 5180. Repealed by act January 14, · bonds.

1875. 67. Act June 20, 1874. Withdrawal of 87. 5181. Superseded by act January circulating notes on deposit

14, 1875. of lawful money and with- 88. 5182. For what demands national drawal of bonds.

bank-notes may be received. 68. Act July 12, 1882. Amount of bonds 89. 5183. Issue of post notes, etc., prorequired to be on deposit.

hibited. Reduction of amount or re- 90. 5184. Destroying and replacing tirement in full of circulat

worn out and mutilated ing notes.

notes. 69. Act July 12, 1882, as amended May 91. Act June 23, 1874. Maceration of 30, 1908. Withdrawal of cir

national-bank notes. culating notes on deposit of 92. 5185. Organization of associations lawful money and with

to issue gold notes. drawal of bonds. Not more 93. 5186. Reserve requirements for than nine millions to be de

gold banks. posited during any calendar 94. Act February 14, 1880. Conversion month. Withdrawal of ad

of national gold banks into ditional circulation on de

currency banks. posit of lawful money or 95. 5187. Penalty for issuing circulatnational-bank notes.

ing notes to unauthorized 70. 5168. Comptroller to determine if

associations. association can commence 96. 5188. Penalty for imitating bank business.

circulation. Use of same 71. 5169. Certificate of authority to

for advertising purposes. commence banking to be is- 97. 5189. Penalty for mutilating circusued.

lation. 72. 5170. Publication of certificate.

28

ACT MAY 30, 1908, AUTHORIZING NATIONAL CURRENCY ASSOCIATIONS, THE

ISSUE OF ADDITIONAL NATIONAL-BANK CIRCULATION, AND CREATING A NATIONAL MONETARY COMMISSION.

98. Sec. 1. Formation of national | 107. Sec. 9. Amends section 5214, Recurrency associations.

vised Statutes. 99. Sec. 1 (continued). Conditions 108. Sec. 10. Amends act July 12, 1882, under which banks belong

as amended March 4, 1907. ing to national currency as

Inserted after section 5167. sociations may take out ad- 109. Sec. 11. Amends section 5172, Reditional circulation.

vised Statutes. 100. Sec. 2. Redemption fund below 110. Sec. 12. Circulating notes to be requirement. Duty of Treas

redeemed in lawful money urer of the United States.

of the United States. 101. Sec. 3. What national banks may 111. Sec. 13. All acts of the Comptrolapply for authority to issue

ler of the Currency and additional circulation on

Treasurer of the United bonds other than United

States under this act to be States bonds. What bonds

approved by the Secretary will be accepted for such

of the Treasury. additional circulation.

112. Sec. 14. Is amendatory of section 102. Sec. 4. Legal title of bonds de

5191, Revised Statutes. Inposited to secure additional

serted after that section. circulation. Assignment of 113. Sec. 15. Relates to deposit of bonds by Treasurer to be

public money and is insertcountersigned by the Comp

ed after section 5133, Retroller of the Currency.

vised Statutes. 103. Sec. 5. Additional circulation, how 114. Sec. 16. Expenses of act. treated. Limit to amount

115. Sec. 17. Appointment of monetary of circulation issued to each

commission. bank. Limit to total 116. Sec. 18. Powers of commission. amount outstanding under

Commission to report to this act.

Congress. 104. Sec. 6. Amount of redemption 117. Sec. 19. Expenses of commission. fund.

118. Sec. 20. When act expires by limi105. Sec. 7. Equitable distribution of

tation.
notes.
106. Sec. 8. Secretary of the Treasury

to furnish information as to
the value and character of
securities.

WHAT ASSOCIATIONS ARE GOVERNED BY CHAPTERS

TWO, THREE, AND FOUR. 55. Sec. 5157.—The provisions of chapters two, three, and four « of this Title, which are expressed without restrictive words, as applying to “national banking associations," or to “associations," apply to all associations organized to carry on the business of banking under any act of Congress. REGISTERED BONDS INTENDED BY THE TERM “ UNITED

STATES BONDS." 56. Sec. 5158.—The term “ United States bonds,” as used throughout this chapter, shall be construed to meanse 4:13

Stat. L., 100. registered bonds of the United States. DEPOSIT OF BONDS REQUIRED BEFORE ISSUE OF CIR

CULATING NOTES. 57. Sec. 5159.- Every association, after having com- Act June 3, plied with the provisions of this Title, preliminary to get 16; the commencement of the banking business, and before it Stat. L., 104.

Act June 3, 1864,

c. 106,

1864,

106,

13

a Chapters three, four, and five of this compilation.

shall be authorized to commence banking business under this Title, shall transfer and deliver to the Treasurer of the United States any United States registered bonds, bearing interest, [to an amount not less than thirty thousand dollars and not less than one-third of the capital stock paid in.] Such bonds shall be received by the Treasurer upon deposit and shall be by him safely kept in his office, until they shall be otherwise disposed of, in pursuance of the provisions of this Title.

NOTE.—The italicized words are held to be modified by the acts of June 20, 1874, and July 12, 1882. Section 4, act of June 20, 1874, which follows section 5167, provides in part that the amount of bonds on deposit for circulation shall not be reduced below $50,000. This determines the amount of bonds required to be deposited by banks organizing with capital stock over $150,000.

Banks having a capital of $150,000, or less, are not required to keep on deposit bonds in excess of one-fourth of the capital stock as security for their circulating notes, by act July 12, 1982, chapter 290, section 8. This act follows section 5167, Revised Statutes. PANAMA CANAL BONDS HAVE ALL RIGHTS AND PRIVI.

LEGES ACCORDED TO OTHER TWO PER CENT BONDS

OF THE UNITED STATES. ACT DECEMBER 21, 1905. Act Dec. 21, 58. That the two per cent bonds of the United States 1905 ; 34 Stat. L., 5.

authorized by section eight of the act entitled "An act to ma canat bonds provide for the construction of a canal connecting the Issued under aet waters of the Atlantic and Pacific oceans," approved June receivablo

as ses twenty-eight, nineteen hundred and two, shall have all curity forecircus the rights and privileges accorded by law to other two 108.)

per cent bonds of the United States, and every national banking association having on deposit, as provided by law, such bonds issued under the provisions of said section eight of said act approved June twenty-eight, nineteen hundred and two, to secure its circulating notes, shall pay to the Treasurer of the United States, in the months of January and July, a tax of one-fourth of one per cent each half year upon the average amount of such of its notes in circulation as are based upon the deposit of said two per cent bonds; and such taxes shall be in lieu of existing taxes on its notes in circulation imposed by section fifty-two hundred and fourteen of the Revised Statutes. INCREASE OR REDUCTION OF DEPOSIT TO CORRESPOND

WITH CAPITAL. Act June 3,

59. Sec. 5160.—The deposit of bonds made by each as1864, sec 16; 213 sociation shall be increased as its capital may be paid up Stat. L., 104.

or increased, so that every association shall at all times have on deposit with the Treasurer registered United States bonds to the amount [of at least one-third of its capital stock actually paid in]. And any association that may desire to reduce its capital, or close up its business and dissolve its organization, may take up its bonds upon returning to the Comptroller its circulating notes in the proportion hereinafter required, or may take up any excess of bonds beyond [one-third of its capital

c.

106,

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