« AnteriorContinuar »
tion of the Treasury and credited and added to the reserve
capital stock]. Act Jupe 3, 157. Sec. 5215.-In order to enable the Treasurer to 1864, c. 106, sec! i; 13 assess the duties imposed by the preceding section, each Stat. L., 111. 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 January 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.
NOTE.—The taxes on the average amount of deposits and capital stock having been repealed by the act of March 3, 1883, and the original provision therefor struck out of section 5214 as amended by act of May 30, 1908, there is no longer any obligation to make the return of those two items.
PENALTY FOR FAILURE TO MAKE RETURN. Act June 3, 158. Sec. 5216.—Whenever any association fails to make
, set 4i; -13 the half-yearly return required by the preceding section, stat. L., 111. 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].
NOTE.—See note under section 5215 stating that tax on deposits and capital stock had been repealed.
ENFORCING TAX ON CIRCULATION. Act June 3, 159. Sec. 5217.—Whenever an association fails to pay 1864, sec: 4i ; 13 the duties imposed by the three preceding sections, the Stat. L., 111.
sums 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.
REFUNDING EXCESS TAX. Resolution 160. Sec. 5218.-In all cases where an association has
1'4 paid or may pay in excess of what may be or has been stat. L., 572. found due from it, on account of the duty required to be
paid to the Treasurer of the United States, the associa
Mar. 2, 1867,
Internal revenue act Mar.
tion may state an account therefor, which, on being certi-
MARCH 1, 1879. 161. Sec. 22.—That whenever and after any bank has ceased to do business by reason of insolvency or bank- 1,. 1870, ruptcy, no tax shall be assessed or collected, or paid into Ž., 351. the Treasury of the United States, on account of such bank, which shall diminish the assets thereof necessary for the full payment of all its depositors; and such tax shall be abated from such national banks as are found by the Comptroller of the Currency to be insolvent. STATE TAXATION. 162. Sec. 5219.—Nothing herein shall prevent all the
1864, C. shares in any association from being included in the val-se. 41:13
Stat. L., 111. uation of the personal property of the owner or holder
Act Feb. 10, of such shares, in assessing taxes imposed by authority of 1868, c. ?; 18
Stat. L., 34. 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 two restrictions, that the taxation shall not be at a greater rate than is assessed upon other moneyed capitale in the hands of individual citizens of such State, and that the shares of any national banking association owned by nonresidents 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.
Act June 3,
DISSOLUTION AND RECEIVERSHIP.
163. 5220. Two-thirds vote required for 177. 5233. Redeemed notes to be can liquidation.
celed. 164. 5221. Notice of voluntary liqui- 178. 5234. Appointment and duties of dation.
receivers. 165. 5222. Deposit of lawful money to 179. 5235. Notice to creditors of insolredeem circulation.
vent banks to present claims. 166. 5223. No deposit required for con- 180. 5236. Dividends. Distribution of solidation.
assets of insolvent banks. 167. 5224. Reassignment of bonds and 181. 5237. When bank may enjoin furredemption of notes of liqui
ther proceedings. dating banks.
182. 5238. Fees and expenses. 168. Act June 20, 1874. Duty of Treas- 183. Act June 30, 1876. When receiver urer, assistant treasurer, etc.,
may be appointed. to return notes of failed or 184. Act June 30, 1876. Creditor's bill liquidating banks to Treasury
against shareholders. for redemption.
185. Act June 30, 1876. Appointment, 169. 5225. Destruction of redeemed
qualification, and duties of notes.
shareholders' agent. 170. 5226. Protest of bank circulation. 186. Act March 29, 1886. Receiver may 171. 5227. Bonds forfeited if circula
purchase property to protect tion is dishonored. Exami
his trust. nation by special agent. 187. Act March 29, 1886. Approval of 172. 5228. Suspension of business after
188. Act March 29, 1886. Payment. 173. 5229. Notice to present circulation 189. 5239. Penalty for violation of this for redemption. Cancellation
title. Forfeiture of charter. of bonds.
Individual liability of di174. 5230. Sale of bonds at auction.
rectors. First lien for redeeming cir- 190. 5240. Appointment of examiners. culation.
Compensation. 175. 5231. Bonds may be sold at pri- 191. 5241. Limitation of visitorial powvate sale.
ers. 176. 5232. Disposal of redeemed notes. 192. 5242. Transfers, when void. IlleRegulations for redemption
gal preference of creditors. records.
193. 5243. Use of the title “ National."
106, 8ec. 42; 13
TWO-THIRDS VOTE REQUIRED FOR LIQUIDATION. Act June 3, 163. Sec. 5220.-Any association may go into liquida1864, C.
tion and be closed by the vote of its shareholders owning Stat. L., 112. two-thirds of its stock.
NOTE.—For enforcement of shareholders' liability when bank is in liquidation see act of June 20, 1876, following Revised Statutes, 5238.
NOTICE OF VOLUNTARY LIQUIDATION. Act June 3, 164. Sec. 5221.-Whenever a vote is taken to go into
, sec! 42; 13 liquidation it shall be the duty of the board of directors Stat. L., 112.
to cause notice of this fact to be certified, under the seal 68
Act June 3, 1864, c.
106, 42, 43; Stat. L..
of the association, by its president or cashier, to the
165. Sec. 5222.-Within six months from the date of the
Act July 14, ing circulation. The Treasurer shall execute duplicate 1870,stat. 257. receipts for money thus deposited, and deliver one to the 274. 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. NO DEPOSIT REQUIRED FOR CONSOLIDATION.
166. Sec. 5223.—An association which is in good faith Act July 14, winding up its business for the purpose of consolidating 18 Ostat. L.; with another association shall not be required to deposit 274. lawful money for its outstanding circulation; but its assets and liabilities shall be reported by the association with which it is in process of consolidation. REASSIGNMENT OF BONDS AND REDEMPTION OF NOTES
OF LIQUIDATING BANKS. 167. Sec. 5224 [as amended 1875].-Whenever a suffi
Act June 3, cient deposit of lawful money to redeem the outstanding
Stat. L., 112. circulation of an association proposing to close its business has been made, the bonds deposited by the associa- 1976. c. 80; 18 tion to secure payment of its notes shall be reassigned to it, in the manner prescribed by section fifty-one hundred and sixty-two. And thereafter the association and its shareholders shall stand discharged from all liabilities upon the circulating notes, and those notes shall be redeemed at the Treasury of the United States. And if any such bank shall fail to make the deposit and take up its bonds thirty days after the expiration of the time specified, the Comptroller of the Currency shall have power to sell the bonds pledged for the circulation of said bank, at public auction in New York City, and, after providing for the redemption and cancellation of said circulation, and the necessary expenses of the sale, to pay over any balance remaining to the bank or its legal representatives.
c. 106, 42; 13
Act. Feb. 18,
Siat. T... 320.
DUTY OF TREASURER, ASSISTANT TREASURERS, ETC., TO
RETURN NOTES OF FAILED OR LIQUIDATING BANKS
1874. Act June 20,
168. Sec. 8.—And it shall be the duty of the Treasurer, 1874, 343,
18 assistant treasurers, designated depositaries, and national Stat. L., 125.
bank depositaries of the United States to assort and return to the Treasury for redemption the notes of such national banks as have failed, or gone into voluntary liquidation for the purpose of winding up their affairs, and of such as shall hereafter so fail or go into liquidation.
DESTRUCTION OF REDEEMED NOTES. Act June 3, 169. Sec. 5225 [as amended 1877].--Whenever the 1864, c. 106, sec! 43; 13 Treasurer has redeemed any of the notes of an association Stat. L., 112., which has commenced to close its affairs, under the five 1877, c. 69 ; 19 preceding sections, he shall cause the notes to be mutilated Stat. L., 262. and charged to the redemption account of the associa
tion; and all notes so redeemed by the Treasurer shall, every three months, be certified to and [burned] in the manner prescribed in section fifty-one hundred and eighty-four.
NOTE.-See act of June 23, 1874, following Revised Statutes, section 5184, directing that bank notes be macerated and not burned.
Act June 3, 1864, C. 106, Bec. 46;
PROTEST OF BANK CIRCULATION.
170. Sec. 5226.—Whenever any national banking asso
ciation fails to redeem in the lawful money of the United Stat. L., 113. States any of its circulating notes, upon demand of pay
ment duly made during the usual hours of business, at the office of such association, or at its designated place of redemption, the holder may cause the same to be protested, in one package, by a notary public, unless the president or cashier of the association whose notes are presented for payment [or the president or cashier of the association at the place at which they are redeemable] offers to waive demand and notice of the protest, and, in pursuance of such offer, makes, signs, and delivers to the party making such demand an admission in writing, stating the time of the demand, the amount demanded, and the fact of the nonpayment thereof. The notary public, on making such protest, or upon receiving such admission, shall forthwith forward such admission or notice of protest to the Comptroller of the Currency, retaining a copy thereof. If, however, satisfactory proof is produced to the notary public that the payment of the notes demanded is restrained by order of any court of competent jurisdiction, he shall not protest the same.
When the holder of any notes causes more than one note or package to be protested