dend, and the amount of net earnings in excess of such dividend. Such reports shall be attested by the oath of the president or cashier of the association.

Penalty for failure to make reports to Comptroller.— 89. (SEC. 5213.) Every association which fails to make and transmit any report required under either of the two preceding sections shall be subject to a penalty of one hundred dollars for each day after the periods, respectively, therein mentioned, that it delays to make and transmit its report. Whenever any association delays or refuses to pay the penalty herein imposed, after it has been assessed by the Comptroller of the Currency, the amount thereof may be retained by the Treasurer of the United States, upon the order of the Comptroller of the Currency, out of the interest, as it may become due to the association, on the bonds deposited with him to secure circulation. All sums of money collected for penalties under this section shall be paid into the Treasury of the United States.

Duty on circulation, deposits and capital stock. — 90. (SEC. 5214.) In lieu of all existing taxes, every association shall pay to the Treasurer of the United States, in the months of January and July, a duty of one-half of one per centum each halfyear upon the average amount of its notes in circulation, and a duty of one-quarter of one per centum each half-year upon the average amount of its deposits, and a duty of one-quarter of one per centum each half-year on the average amount of its capital stock, beyond the amount invested in United States bonds.

Thomp. N. B. Cas. 453; ante, 219.

Semi-annual return of circulation, deposits and capital stock-penalty for failure to make return.-91. (SEC. 5215.) In order to enable the Treasurer to assess the duties imposed by the preceding section, each association shall, within ten days from the first days of January and July of each year, make a return, under the oath of its president or cashier, to the Treasurer of the United States, in such form as the Treasurer may prescribe, of the average amount of its notes in circulation, and of the average amount of its deposits, and of the average amount of its capital stock, beyond the amount invested in United States bonds, for the six months next preceding the most recent first day of Jan

uary or July. Every association which fails so to make such return shall be liable to a penalty of two hundred dollars, to be collected either out of the interest as it may become due such association on the bonds deposited with the Treasurer, or, at his option, in the manner in which penalties are to be collected of other corporations under the laws of the United States.

Method of assessment if return is not made.-92. (SEC. 5216.) Whenever any association fails to make the half-yearly return required by the preceding section, the duties to be paid by such association shall be assessed upon the amount of notes delivered to such association by the Comptroller of the Currency, and upon the highest amount of its deposits and capital stock, to be ascertained in such manner as the Treasurer may deem best.

How tax may be collected if association fails to pay.-93. (SEC. 5217.) Whenever an association fails to pay the duties imposed by the three preceding sections, the suns due may be collected in the manner provided for the collection of United States taxes from other corporations; or the Treasurer may reserve the amount out of the interest, as it may become due, on the bonds deposited with him by such defaulting association.

Thomp. N. B. Cas. 521.

Refunding excess of duties paid,- 94. (SEC. 5218.) In all cases where an association has paid or may pay in excess of what may be or has been found due from it, on account of the duty required to be paid to the Treasurer of the United States, the association may state an account therefor, which, on being certified by the Treasurer of the United States, and found correct by the first Comptroller of the Treasury, shall be refunded in the ordinary manner by warrant on the Treasury.

Provisions relative to State taxation of associations.- 95. (SEC.* 5219.) Nothing herein shall prevent all the shares in any association from being included in the valuation of the personal property of the owner or holder of such shares, in assessing taxes imposed by authority of the State within which the association is located; but the legislature of each State may determine and direct the manner and place of taxing all the shares of National banking associations located within the State, subject only to the

*For sections 5220 to 5239, see pages 502-508.

two restrictions, that the taxation shall not be at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of such State, and that the shares of any National banking association owned by non-residents of any State shall be taxed in the city or town where the bank is located, and not elsewhere. Nothing herein shall be construed to exempt the real property of associations from either State, county or municipal taxes, to the same extent, according to its value, as other real property is taxed. Bank of Commerce v. New York City, 2 Bl. 620, Van Allen v. The Assessors, 3 Wall, 573; Thomp. N. B. Cas. 1; People v The Commissioners, 4 Wall. 244; Thomp. N. B. Cas. 9; Bradley v. The People, 4 Wall. 459, Thomp. N B. Cas. 459; National Bank v. Commonwealth, 9 Wall. 353; Thomp. N. B. Cas 341; Lionberger v. Rouse, 9 Wall. 468; Thomp. N. B. Cas. 41; id. 14, 15, 34, 100, 113, 130, 148, 191, 268, 300, 326, 327, 372, 381, 390, 409, 429, 445, 460, 465, 476, 520, 571 578, 592, 627, 629, 658, 684, 697, 715, 752, 776, 808, 903, 921, 926, ante, 57, 74, 85, 219, 252, 280, 343, 350, 415, 440.

Appointment, powers and duties of bank examiners. compensation of examiners—not to examine banks of which they are officers.—96. (SEC. 5240.) The Comptroller of the Currency, with the approval of the Secretary of the Treasury, shall, as often as shall be deemed necessary or proper, appoint a suitable person or persons to make an examination of the affairs of every banking association, who shall have power to make a thorough examination into all the affairs of the association, and, in doing so, to examine any of the officers and agents thereof on oath; and shall make a full and detailed report of the condition of the association to the Comptroller. All persons appointed to be examiners of National banks not located in the redemption cities specified in section fifty-one hundred and ninetytwo of the Revised Statutes of the United States, or in any one of the States of Oregon, California and Nevada, or in the Territories, shall receive compensation for such examination as follows: For examining National banks having a capital less than one hundred thousand dollars, twenty dollars; those having a capital of one hundred thousand dollars and less than three hundred thousand dollars, twenty-five dollars; those having a capital of three hundred thousand dollars and less than four hundred thousand dollars, thirty-five dollars; those having a capital of four hundred thousand dollars and less than five hundred thousand dollars, forty dollars; those having a capital of five hundred thousand dollars and less than six hundred thousand dollars, fifty dollars; those having a capital of six hundred

thousand dollars and over, seventy-five dollars; which amounts shall be assessed by the Comptroller of the Currency upon, and paid by the respective associations so examined, and shall be in lieu of the compensation and mileage heretofore allowed for making said examinations; and persons appointed to make examination of National banks in the cities named in section fifty-one hundred and ninety-two of the Revised Statutes of the United States, or in any one of the States of Oregon, California and Nevada, or in the Territories, shall receive such compensation as may be fixed by the Secretary of the Treasury upon the recommendation of the Comptroller of the Currency; and the same shall be assessed and paid in the manner herein before provided. But no person shall be appointed to examine the affairs of any banking association of which he is a director or other officer.

See act of Feb. 19, 1875, amending Rev. Stat.

Limitation of visitorial powers.-97. (SEC.* 5241.) No association shall be subject to any visitorial powers other than such as are authorized by this title, or are vested in the courts of justice.

Use of the word "National " in title, prohibited to other than National banks.-98. (SEC. 5243.) All banks not organized and transacting business under the National Currency laws, or under this title, and all persons or corporations doing the business of bankers, brokers or savings institutions, except savings banks authorized by Congress to use the word "National" as a part of their corporate name, are prohibited from using the word "National" as a portion of the name or title of such bank, corporation, firm or partnership; and any violation of this prohibition committed after the third day of September, eighteen hundred and seventy-three, shall subject the party chargeable therewith to a penalty of fifty dollars for each day during which it is committed or repeated.

*For section 5242, see page 508.

CHAPTER FIVE.

DISSOLUTION AND RECEIVERSHIP.

Voluntary liquidation.—99. (SEC. 5220.) Any association may go into liquidation and be closed by the vote of its shareholders owning two-thirds of its stock.

Notice of intention to go into liquidation.-100. (SEC. 5221.) Whenever a vote is taken to go into liquidation it shall be the duty of the board of directors to cause notice of this fact to be certified, under the seal of the association, by its president or cashier, to the Comptroller of the Currency, and publication thereof to be made for a period of two months in a newspaper published in the city of New York, and also in a newspaper published in the city or town in which the association is located, or if no newspaper is there published, then in the newspaper published nearest thereto, that the association is closing up its affairs, and notifying the holders of its notes and other creditors to present the notes and other claims against the association for pay

ment.

Deposit of lawful money to redeem circulation.— 101. (SEC. 5222.) Within six months from the date of the vote to go into liquidation, the association shall deposit with the Treasurer of the United States lawful money of the United States sufficient to redeem all its outstanding circulation. The Treasurer shall execute duplicate receipts for money thus deposited, and deliver one to the association and the other to the Comptroller of the Currency, stating the amount received by him, and the purpose for which it has been received, and the money shall be paid into the Treasury of the United States, and placed to the credit of such association upon redemption account.

Consolidating banks need not deposit lawful money.102 (SEC. 5223.) An association which is in good faith winding up its business for the purpose of consolidating with another association shall not be required to deposit lawful money for its out. standing circulation; but its assets and liabilities shall be reported by the association with which it is in process of consolidation