Act June 3, 1864, 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.

52. Sec. 5154. Any bank incorporated by special law, sec. 44; 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 certificate; and in such case the articles of association and the organization certificate may be executed by a majority of the directors of the bank or banking institution; and the certificate shall declare that the owners of twothirds 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 provisions 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 provisions of this Title. When the Comptroller of the Ĉurrency 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 subject to the same duties, responsibilities, and rules, in all respects, as are prescribed for other associations originally 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.

1865,

sec.

C. 78,

STATE BANKS HAVING BRANCHES.

Act Mar. 3, 53. Sec. 5155.-It shall be lawful for any bank or bank7 ; 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

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.

1864, c. 106.

54. Sec. 5156.-Nothing in this Title shall affect any Act June 3, 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 all 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 governed by chapters two, three, and four.

56. 5158. Registered bonds intended by the terms "United States bonds."

57. 5159. Deposit of bonds required before issue of circulating notes.

58. Act December 21, 1905. Panama

Canal bonds have all rights
and privileges accorded to
other two per cent bonds of
the United States.

59. 5160. Increase or reduction of de-
posit to correspond with
capital.

60. 5161. Exchange of coupon for registered bonds.

61. 5162. Manner of making transfers
of bonds.

62. 5163. Registry of transfers.
63. 5164. Notice of transfer to be given
to association interested.
64. 5165. Examination of registry and
bonds.

65. 5166. Annual examination of bonds
by association.

73. 5171. Repealed by act August 12, 1882.

74. Act March 14, 1900. Delivery of circulating notes.

75. 5172. Printing denominations and form of the circulating notes.

76. Act June 20, 1874. Charter number to be printed on notes.

77. Act March 3, 1875. Distinctive paper for printing notes.

78. 5173. Plates and dies to be under control of the Comptroller. 79. 5174. Examination of plates and dies.

80. 5175. Limit to issue of notes under five dollars.

81. 5176. Repealed by act July 12, 1882.

82. 5177. Repealed by act January 14, 1875.

83. Act January 14, 1875.

Aggregate

amount of circulating notes not limited.

84. 5178. Superseded by act January

14, 1875.

85. 5179. Superseded by act January 14, 1875.

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

national-bank notes.

92. 5185. Organization of associations
to issue gold notes.
93. 5186. Reserve requirements for
gold banks.

69. Act July 12, 1882, as amended May 91. Act June 23, 1874. Maceration of 30, 1908. Withdrawal of circulating notes on deposit of lawful money and withdrawal of bonds. Not more than nine millions to be deposited during any calendar month. Withdrawal of additional circulation on deposit of lawful money or national-bank notes.

94. Act February 14, 1880. Conversion of national gold banks into currency banks.

95. 5187. Penalty for issuing circulat-
ing notes to unauthorized
associations.

96. 5188. Penalty for imitating bank
circulation. Use of same
for advertising purposes.
97. 5189. Penalty for mutilating circu-
lation.

ACT MAY 30, 1908, AUTHORIZING NATIONAL CURRENCY ASSOCIATIONS, THE ISSUE OF ADDITIONAL NATIONAL-BANK CIRCULATION, AND CREATING A NATIONAL MONETARY COMMISSION.

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 mean sec. registered bonds of the United States.

DEPOSIT OF BONDS REQUIRED BEFORE ISSUE OF CIR-
CULATING NOTES.

57. Sec. 5159.-Every association, after having complied with the provisions of this Title, preliminary to see. 16: 13 the commencement of the banking business, and before it Stat. L.,

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

Act Dec. 21, 1905; 34 Stat. L., 5.

Aug. 5, 1909, not

lation. See page

108.)

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, 1882, 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. 58. That the two per cent bonds of the United States authorized by section eight of the act entitled "An act to (NOTE-Pana: provide for the construction of a canal connecting the Issued under act waters of the Atlantic and Pacific oceans," approved June receivable as se- twenty-eight, nineteen hundred and two, shall have all curity for circu- the rights and privileges accorded by law to other two 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.

Act June 3, 1864, C. 106,

sec.

Stat. L., 104.

INCREASE OR REDUCTION OF DEPOSIT TO CORRESPOND
WITH CAPITAL.

59. Sec. 5160.-The deposit of bonds made by each as16; 13 sociation shall be increased as its capital may be paid up 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