or dispose of the same at public auction or private sale....................... 133 call for special reports from banking associations... CONFLICT OF OPINION, in decisions of State courts relative to taxation of national banks.... ... CONVERSION OF STATE BANKS. (See State banks.).. COUNTERFEITING, uttering false notes, engraving, possessing, or using false plates, 150 127 129 105 105 Currency BUREAU, establishment and functions of.. where to be located...... DEBTS DUE FROM STOCKHOLDERS, banks have no lien on shares for, unless expressly DEBTS Owing to banks and collectable by receiver, the term defined...... 140 101 102 106 134 130 to receive at par all national bank notes paid to the Government....... 131 DEPUTY COMPTROLLER, appointment, functions, and salary of.... how qualified..... DIRECTORS, qualifications of, oath of office.. may be appointed in first instance by association...... 123 101 102 106 105 may make by-laws, appoint and dismiss officers, and fill vacancies... 105-107 personally and individually responsible for damages in such cases...... 137 DISTRICT ATTORNEYS, to conduct suits under banking laws.. but private counsel may also be retained DISTRICT COURTS OF UNITED STATES, may make order allowing receiver to compro- 138 138 mise doubtful claims in favor of bank....... 134 NATIONAL BANKS-Continued: PAGE DIVIDENDS, may be declared semi-annually. 122 none to be made while a deficiency in the lawful money reserve exists, 121 124 one-tenth of net profits for the six months next preceding, to be carried 123 capital not to be diminished in form of.. 124 not to exceed net profits on hand after deducting losses and bad debts, 124 ELECTION OF DIRECTORS, after those first chosen, to be annual.. may be regulated in by-laws.... 107 106 omission of, at usual time, not to work a dissolution of association........ 107 107 108 each share entitled to one vote at... ENGRAVING, to be done under supervision of Comptroller.. objects of, and how made...... and comparison of bonds deposited 108 115, 125 111 112 116 to be made by banks or their agents annually...... 116 as to condition of banks, to be made from time to time. FIRE PROOF VAULTS, for preservation of plates, dies, etc...... to keep reserve in coin equal to 25 per cent. of outstanding notes...... 154 155 subject to provisions of general banking law, with certain exceptions, 155 122 need not receive currency notes at par.. 122 HOLDERS OF NOTES, when and how to be notified in case of voluntary liquidation 128 HOLDING OF SHARES AS SECURITY, when prohibited.. INDEBTEDNESS, never to exceed capital stock paid in.. exceptions to the rule................ INDIVIDUAL LIABILITY. (See Directors. Shareholders.) INSOLVENT OR FAILING BANKS, notes of, not to be paid out or put in circulation. (See Liquidation.). INTEREST, rate of, on loans and discounts..... 123 124 123 123 124 119 PAGE. NATIONAL BANKS-Continued: INTEREST-Continued: when limited to seven per cent...... in excess of legal rate, penalties for charging or taking..... 119 120 120 INJUNCTION, to prevent liquidation, when and how obtainable by banks.................... 135, 136 limit of, par value of shares, exclusive of amount in- 108 for equitable contribution applies to all who can be reached 108 when enforced, action of Comptroller indispensable....................... 134 125 125 125 125 LIST OF SHAREHOLDERS, to be kept by president and cashier..... what to contain..... to be subject to inspection.. who may inspect, and when...... copy of, to be transmitted annually to Comptroller....................... 125 LIQUIDATION and Closing of Banks.... voluntary, by two-third vote of shareholders in interest.................... 125 127-129 127 128 128 holders of notes and other creditors to be notified of....... 128 128 otherwise bonds may be sold by Comptroller......... 158 for deficiency in surplus required to be maintained by notes to be protested unless protest is waived...... .... 131 mediate notice given to bank........................ 132 within thirty days from notice of failure, bonds on de- 132 holders of notes to be thereupon notified................................ 132 Loans and DISCOUNTS, never to exceed one-tenth of capital stock paid in................................ 119 rates of interest on, regulated. (See Interest.). not to be made on security of stock of banks making loan... to be made in notes of solvent banks receivable at par.. MEMORANDUM, on bonds transferred to Treasurer, may be signed by officer making the deposit................... MISDEMEANORS. (See Officers.)..... MUTILATION OF NOTES, &c., penalty incurred for...... MUTILATED AND WORN-OUT NOTES, may be exchanged for new. to be burned...... NAME OF ASSOCIATION, to be stated in preliminary certificate.. subject to approval of Comptroller......... OFFICERS, to be appointed and dismissed by board of directors. manner of appointment to be regulated by by-laws... and employés not to act as proxies.................. 119 119 123 124 112 137 139 116 116 103 129 103 105 106 108 OFFICERS, EMPLOYÉS, OR AGENTS, when to be deemed guilty of misdemeanor... 137, 138 what acts of, forbidden, and how punished......................... no change, impairing rights of creditors, to be made in. Not less than five persons competent to organize. to be acknowledged, authenticated, and transmitted to Comptroller, 104 When Comptroller's certificate may be withheld... PAR VALUE OF SHARES, one hundred dollars................ 111, 112 104, 109 108 the measure of liability over and above amount invested.. 108 troller indispensable. (See Receiver.)...... 134 NATIONAL BANKS-Continued: PAGE. PLATES AND DIES. (See Engraving. Circulating Notes. Counterfeiting.).... 115, 125 POST NOTES, issuing of, for circulation, prohibited.. PRESIDENT to be selected from and appointed by board of directors........ or cashier to certify payment of instalments of capital..... may sign annual certificate upon examination of bonds depos- 125 125 116 105, 106 105 110 112 117 or cashier to certify to comptroller vote of liquidation.. of redemption bank may waive protest may be removed at any time by board of directors. PRIORITY OF PAYMENT, no right of, in the United States as against private creditors, except for amount expended in redeeming notes of insol- 128 131 105 debts to which proceeds of assets may be applied by.. Purchase of SHARES, by banks, when prohibited..... REAL ESTATE may be bought, held, and conveyed by banks.... may be taxed by state authority.. RECEIVER, appointed by Comptroller, and subject to his direction.. to give security and take possession of books and assets.. his power over residue of proceeds of bonds deposited, diversity of opin- 123 118 118, 119 127 133 133 134 133, 134 134 succeeds to right of appeal in certain cases.. 134 is a United States officer, and may bring suits in his official capacity in 134 may obtain from a district court of United States authority to compro- 134 is the statutory assignee who must institute suits for recovery of debts 134 a proper party in proceedings for adjudication of claims against bank .. 135 134 may, if necessary to pay debts of association, enforce individual liability |