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53

PAGE,
NATIONAL BANKS-Continued:
REDEMPTION, in case of voluntary liquidation; notice to holders......

128
compulsory liquidation; notice to liolders.

132
by Treasurer, regulations concerning.......
Comptroller, provisions concerning.

156
provisions relating to, by banks while in operation........... 120-122, 135
REDEMPTION AGENCIES in New York city to be selected by banks in Albany, Bal-

timore, Boston, Chicago, Cincinnati, Cleveland, Detroit,
Louisville, Milwaukee, New Orleans, New York, Philadel-
phia, Pittsburgh, Saint Louis, San Francisco, and Washing-
ton City.........

122
to be selected by other banks; where......

122
selection of, subject to Comptroller's approval................. 122
public notice of, to be given by Comptroller...

122
failure to select; penalty for.........

122
selection of, not to relieve banks from obligation to redeem
at home.........

122
REMOVAL OF BANKING ASSOCIATIONS, from one state to another.......

157
REPEAL OF ORIGINAL BANKING ACT.............

141
REPORTS, not less than five, to be made by each bank during the year..... 149
form of, to be prescribed by Comptroller......

150
to be verified, and how; what to exhibit...

150
published; where and how; expense to be paid by banks; proof
of publication......

150
special, may be required; when..

150
penalty for failure to transmit.......

150
of dividends and of net profits to be made to Comptroller.............. 150, 151
RESERVES to be kept by currency banks for purposes of redemption. (See Gold
Banks.)......

120_122
not less than two-fifths to consist of United States notes.....

120, 143
three-fifths
may consist of three per cent. certificates....

28, 120
three per cent. certificates called in, not available for........ 147, 154
certificates of deposit may be used for...........

27, 28, 120
of banks in redemption cities to be not less than 25 per cent. of aggre-
gate circulation and deposits.........

120
of all other banks not less than 15 per cent........

120
when below the limit, to be restored to the required proportion...... 120, 121
until restored, liabilities, with certain exceptions, not to be increased... 121
no dividends to be made........

121
of banks whose notes are redeemed in New York may, to the extent

of three-fifths, consist of available balances : due at redemption
agency..

121
of banks in redemption cities may, to the extent of one-half, consist of
cash deposits in New York...........

122
of all banks may consist in part of clearing-house certificates..

121
RICHMOND, when to be added to list of cities, etc. (See Charleston.)..

121
SAN FRANCISCO, gold banks at, need not redeem at New York..........

122
SEAT, of Comptroller of the Currency, provisions relating to......

102
corporate, may be adopted by banking associations.......

105

PAGE
NATIONAL BANKS-Continued:

SECRETARY OF THE TREASURY:
His approval requisite as to sureties of Comptroller.

102
form of seal..........

102
organization of banks where population is not
over 6,000..............

101
appointment of receivers....

121
special agents....

132
bank examiners..

137
withdrawal of circulation from States having an
cxcess.....

155, 156
removal of banks from such States to States en-
titled to increase.....

157
To authorize the voluntary exchange of securities deposited.....

111
and to prescribe the conditions of exchange in case of depreciation....... 117
apportion circulation in certain cases......

114
control the manner of engraving plates and dies...

115
and the form and contents of circulating notes...

115
appoint one of four persons to superintend the burning of worn-out and muti-
lated notes..........

116
and prescribe regulations relative thereto........

116
designate banks as depositaries, and make regulations concerning them.......... 130
require from such depositaries satisfactory security............

130
regulate the manner of notifying holders of the notes of insolvent associations, 132
disposition of such notes after redemption.........

132
withdrawal of circulating notes by banks of issue...

146
issue temporary loan certificates........

28, 147
and redeem and cancel the same in proportion to increase of national
bank circulation.......

29, 153
SHARES, par value of, $100.........

108
of State banks when converted into national, may continue as before....... 129
held by executors or other trustees, subject to liabilities imposed on origi-
nal stockholders............

142
SHAREHOLDERS, names and residence to be stated in preliminary certificate....... 104
entitled to one vote on each share........

. 108
delinquent, may not vote........

108
may be sold out on notice........

110
by transfer, succeed to rights and liabilities of prior holders........ 108
liability of, several and not joint........

108
extent of, defined.......

108
in case of State banks converted...

108
may fix date of election in certain cases.......

107
by vote of two-thirds in interest may reduce capital stock........... 109
or go into liquidation......

127
limitation and conditions of reduction....

109
list of, provisions concerning..............

125
SOLICITOR OF THE TREASURY, to have supervision of suits, &c..

138
SPECIAL Agent for investigation of banks....

132
appointed by Comptroller with approval of Secretary...

132
to report to Comptroller.

132

..........

Pags
NATIONAL BANKS—Continued:
STATE BANKS, converted into national; liability of shareholders--when limited to

amount invested...

108
when to pay tax due from former bank.......

146, 147
conversion of, how effected..........

129
shares to remain as before; directors continued....

129
receiving assets, acquire liabilities of old banks.

129
such assets include right of action for damages resulting from
fraudulent misapplication of property of former bank..

129
may continue to hold stock in other banks.......

130
when to commence business; conditions annexed ...........

130
with branches, may keep branches in operation.....

129, 145
SUITS AND PROCEEDINGS, against banks under the banking laws, to be conducted

by district attorneys, subject to supervision of Solicitor......... 138
private counsel may appear in.........

138
where and in what courts to be had...

138
different opinions in Massachusetts and New York...... 138-139
to be instituted by Comptroller in his own name.....

136, 137
may be brought by as well as against banks.....

138
Tax, imposed by State authority .......

86, 126, 127
where to be levied..

126, 148
limitations concerning.

126, 148
notes and decisions relative to.

126, 127
by federal authority; existing taxation.......

125, 126, 159
amount of, may be reserved by Treasurer out of in.

terest falling due on bonds deposited................ 126
semi-annual returns to be made, relative to circulation, deposits, and capital. 126
verified by oath of president and cashier...

126
in case of default in making returns, how assessed..

126
penalty for such default, and how collected...........

126
of ten per cent. on notes of State banks paid out; held by Supreme Court
of United States to be constitutional........

145
applies to notes which a bank pays out of its own issue.... 145, 146
on notes of towns, cities, or municipal corporations paid out......... 148
regulations for ascertainment and payment of..........

160-164
TRANSFER OF STOCK, when binding as to transferee in good faith; bank when
liable for value of stock........

106
UNITED STATES BONDS, definition of, as used in banking laws........

103
VICE-PRESIDENT, to be appointed by board of directors....

105
may sign circulating notes.....

115
VOLUNTARY LIQUIDATION, may be ordered by vote of shareholders............. 127

notice of, to be certified by president and cashier, under
seal, to Comptroller, and published......

128
in case of, how notes may be redeemed under regulations.. 53
NAVY PENSION FUND:
Origin and object of......

29
Amount of..............

30
NOTES:

Fractional, not to be issued by individuals, private corporations, or banking asso-
ciations........

45

Paas.

NOTES-Continued:

Of individuals and of State banks, paid out, len per cent. tax on............
Of towns, citics, and municipal corporations, do. do...........

(See United States Notes. Old Demand Notes. National Banks.)

145, 146

148

0.
OBLIGATION:
Of the United States to pay in coin, according to contract.......

79, 82
OLD DEMAND NOTES:
Originally limited to fifty millions........

43
Increased to sixty millions, and date of issue limited.....

43
Superseded by United States notes, under act of February 25, 1862..

35
but equivalent to coin for public dues, duties, &c........

44, 82
When presented, are redeemed in coin and canceled.......

44
No longer issued......
OREGON WAR DEBT;
Origin of..........

21
Bonds payable to order, with coupons payable to bearer..

22
transferable by assignment only........

22
OVER-DUE COUPON BONDS:
Legal rules applicable to ..........

64, 65
OVER-ISSUE:

Of bonds, notes, or currency; none ever redeemed or presented for payment......... 25

44

P.
PACIFIC RAILWAY BONDS:
Known as "currency sixes;" description of...

31
Are all registered and payable in lawful money.

31
Are purely Government obligations......

31
Schedule of bonds issued.........

32
Acts authorizing issue ........

33, 34
Security of the Government, conditions annexed, &c......

33, 34
Provisions relative to priority of liens.........

34
Preference in transportation reserved to the Government.....

34
POSTAGE CURRENCY:
Origin of, and laws relating to..........

44, 45
Withdrawn, and fractional currency substituted. (See Fractional Currency).......... 47

R.
REBATE OF INTEREST:
When exacted; what interest subject to.......

71
Detached coupons, when subject to. (See Interest.)......

77
REDISTRIBUTION OF CURRENCY NOTES: (See National Banks).........

155
REDUCTION OF THE PUBLIC DEBT:
By purchase of bonds ; authority for.....

72
By operation of the sinking fund......

82-85
Comparative statement of........

92, 93
Monthly debt statement......

78
REGISTERED BONDS:
Transfer of, regulations concerning.........

55-60
86
How taxed, and to what extent, under Federal authority..
SINKING FUND:
Law establishing.......

Taon
REGISTERED BONDS- Continued :
Transfer of, by representatives of deceased owners...........

57
in case of owners dying abroad......

57
general forms for...........

58-60
books, when closed and for what period .............

56
of stock during such period; how it affects payment of interest........... 57, 69
Power of attorney to collect interest......

70
Interest on, of funded loans, payable by check sent through the mails.............. 69
of all other loans, payable at designated offices........

69
Designation to be made by holders........

69
Interest on, when not claimed..........

70
When lost or stolen, notice to be given ..

60, 62
Lost or destroyed, may be duplicated..

...... 61
Mutilated or defaced; regulations concerning.

63, 67
Acts authorizing issue of duplicates........

...... 31, 66, 68
Cannot be converted into coupon bonds......

68
RESERVES:
Of United States notes in Treasury, authorized by law; acts relating to........... 37, 39
construction of the law as practically adopted.........

38
limit of reserve forty-four millions........

40
Of coin in Treasury. (See Coin).........

72
Of lawful money to be kept by banks. (See National Banks)...... 27, 28, 120–122, 147
Of coin to be kept by gold banks. (Seo National Banks)......

154
RULES AND REGULATIONS:
For redemption of mutilated and defaced currency.

49-54
transfer of registered bonds.....

55-60
duplicating certificates, when lost or destroyed........

62-64
defaced bonds, coupon or registered......

66-68
payment of interest on registered bonds.....

69, 70
sales of gold and purchase of bonds.......

73-75
payment of detached coupons..........

76, 77
Practically governing the management of the sinking fund........

82-85
Relating to the payment of duties by national banks.......

160-164

..........

S.

75

SALES OF BONDS, in case of insolvent banks. (See Comptroller of the Currency.) 133, 156, 157
SALES OF GOLD:
Act of authorization.........

72
Practice of the Department since March, 1869.........

73
Public notice given; form of.........

73
Proposals for purchase; form of......
SAVINGS BANKS:
Deposits in, may be taxed by State authority..........

82
When fund commenced ..........

83
Bonds purchased for, canceled and destroyed........

84
Act of Congress requiring cancellation...

83, 84

144, 159

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