tended to this Ter Proviso. with all legislative enactments of the Territory of New Mexico New Mexico exnot inconsistent with the provisions of this act, are hereby ex- ritory. tended to, and continued in force in, the said Territory of Arizona until repealed or amended by future legislation: Provided, That no salary shall be due or paid the officers created by this act until they have entered upon the duties of their respective offices within the said Territory. SEC. 3. And be it further enacted, That there shall neither be slavery nor involuntary servitude in the said Territory, otherwise than in the punishment of crimes, whereof the parties shall have been duly convicted; and all acts or parts of acts, either of Congress or of the Territory of New Mexico, establishing, regulating, or in any way recognizing the relation of master and slave in said Territory, are hereby repealed. Approved February 24, 1863. Slavery not to exist therein. CHAPTER LVIII. AN ACT to provide a national currency, secured by a pledge of United Feb. 25, 1863. Bureau of Currency. Comptroller of ment; term; salary. currency; appoint Deputy comptroller, salary; du Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be established in the Treasury Department a separate bureau, which shall be charged with the execution of this and all other laws that may be passed by Congress respecting the issue and regulation of a national currency secured by United States bonds. The chief officer of the said bureau shall be denominated the comptroller of the currency, and shall be under the general direction of the Secretary of the Treasury. He shall be appointed by the President, on the nomination of the Secretary of the Treasury, by and with the advice and consent of the Senate, and shall hold his office for the term of five years unless sooner removed by the President, by and with the advice and consent of the Senate; he shall receive an annual salary of five thousand dollars; he shall have a competent deputy, appointed by the Secretary, whose salary shall be two thousand five hundred dollars, and who shall ties. possess the power and perform the duties attached by law to the office of comptroller during a vacancy in such office, and during his absence or inability; he shall employ, from time to time, the necessary clerks to discharge such duties as he shall direct, which clerks shall be appointed and classified by the Secretary of the Treasury in the manner now provided by law. Within fifteen days from the time of notice of his appointment, the comptroller shall take and subscribe the oath of office prescribed by the Constitution and laws of the United States; and he shall give to the deputy. United States a bond in the penalty of one hundred thousand dollars, with not less than two responsible freeholders as sureties, to be approved by the Secretary of the Treasury, conditioned for the faithful discharge of the duties of his office. The deputy comptroller so appointed shall also take the oath of office prescribed by the Constitution and laws of the United States, and shall give a like bond in the penalty of fifty thousand dollars. Clerks. Oath and bond of comptroller and Seal of office. The comptroller and deputy comptroller shall not, either directly or indirectly, be interested in any association issuing national currency under the provisions of this act. SEC. 2. And be it further enacted, That the comptroller of the currency, with the approval of the Secretary of the Treasury, shall devise a seal, with suitable inscriptions, for his office, a description of which, with a certificate of approval by the Secretary of the Treasury, shall be filed in the office of the Secretary of State with an impression thereof, which shall thereupon become the seal of office of the comptroller of the currency, and the same Certificates, &c., may be renewed when necessary. Every certificate, assignment, under seal to be and conveyance executed by the comptroller, in pursuance of any authority conferred on him by law, and sealed with his seal of office, shall be received in evidence in all places and courts whatsoever; and all copies of papers in the office of the comptroller, certified by him and authenticated by the said seal, shall in all cases be evidence equally and in like manner as the original. An impression of such seal directly on the paper shall be as valid as if made on wax or wafer. received in evidence. Impression may be on paper. Rooms in trea bureau. SEC. 3. And be it further enacted, That there shall be assigned sury building for to the comptroller of the currency by the Secretary of the Treasury suitable rooms in the treasury building for conducting the business of the currency bureau, in which shall be safe and secure Fire-proof vaults. fire-proof vaults, in which it shall be the duty of the comptroller to deposit and safely keep all the plates and other valuable things belonging to his department; and the comptroller shall from time to time furnish the necessary furniture, stationery, fuel, lights, and other proper conveniences for the transaction of the said business. SEC. 4. And be it further enacted, That the term "United States bonds," as used in this act, shall be construed to mean all coupon and registered bonds now issued or that may hereafter be issued on the faith of the United States by the Secretary of the Treasury in pursuance of law. "United States bonds" to mean what. Banking associa SEC. 5. And be it further enacted, That associations for carrytions, how formed. ing on the business of banking may be formed by any number of persons, not less in any case than five. SEC. 6. And be it further enacted, That persons uniting to form such an association shall, under their hands and seals, make a certificate which shall specify First. The name assumed by such association. Second. The place where its operations of discount and deposit are to be carried on; designating the State, Territory, or district, and also the particular city, town, or village. Third. The amount of its capital stock, and the number of shares into which the same shall be divided; which capital stock shall not be less than fifty thousand dollars; and in cities whose population is over ten thousand persons, the capital stock shall not be less than one hundred thousand dollars. Fourth. The names and places of residence of the shareholders, and the number of shares held by each of them. Fifth. The time when such association shall commence. Sixth. A declaration that said certificate is made to enable such persons to avail themselves of the advantages of this act. The said certificate shall be acknowledged before a judge of some court of record or a notary public, and the acknowledgment served in office of thereof, certified under the seal of such court or notary, and shall certified, and prebe transmitted, together with a copy of the articles of asso- Comptroller. ciation which shall have been adopted, to the Comptroller of the Currency, who shall record and carefully preserve the same in his office. Copies of such certificate, duly certified by the Comptroller, and authenticated by his seal of office, shall be legal and sufficient evidence in all courts and places within the United copies. States, or the jurisdiction of the government thereof, of the existence of such association, and of every other matter or thing which could be proved by the production of the original certificate. Authenticated Capital stock, SEC: 7. And be it further enacted, That at least thirty per centum of the capital stock of such association shall be paid in at the how paid in. time of the commencement of its banking business, and the remainder of the capital stock of such association shall be paid in instalments of at least ten per centum each on the whole amount to which the association shall be limited, as frequently as one instalment at the end of each succeeding two months from the time of the commencement of its banking operations, until the whole of the capital stock shall be paid in. Stock of delin may be sold. Mode of sale. SEC. 8. And be it further enacted, That if any shareholder, or his assignee, shall fail to pay any instalment on the stock when quent shareholder the same is required by the foregoing section to be paid, the directors of such association may sell the stock held by such delinquent shareholder at public auction, having given three weeks' previous notice thereof in a newspaper published and of general circulation in the city where the association is located, if the same be located in a city, and if not so located, then in a newspaper printed, or of general circulation, in the county where the same is located, to any person who will pay the highest price therefor, and not less than the amount then due thereon, with the expenses of advertisement and sale; and the excess, if any, shall be paid to the delinquent shareholder. If no bidder can be found who will pay for such stock the amount due thereon to the association, and the costs of advertisement and sale, the amount previously paid shall be forfeited to the association, and such stock may subsequently be sold as the directors may order. Comptroller to examine and see if act are complied with. SEC. 9. And be it further enacted, That whenever a certificate shall have been transmitted to the Comptroller of the Currency, requisitions of this as provided in this act, and the association transmitting the same shall notify the Comptroller that at least thirty per centum of its capital stock has been paid as aforesaid, and that such association has complied with all the provisions of this act required to be complied with before such association shall be authorized to commence the business of banking, and that such association is desirous of commencing such business, the Comptroller shall immediately proceed, in such manner as he shall by general rules prescribe, to examine the condition of such association; to ascertain especially the amount of money paid in on account of its capital stock; the name and place of residence of each of the directors of such association, and the amount of the capital stock of which each is the bona fide owner, and generally whether such association has complied with all the requirements of this act to entitle it to engage in the business of banking; and shall cause to be made, and attested by the oaths of a majority of the directors and by the president or cashier of such association, a statement of all the facts If lawfully entitled to banking, Comp tificate to that effect. necessary to enable the Comptroller to determine whether such association is lawfully entitled to commence the business of banking under this act. SEC. 10. And be it further enacted, That if, upon a careful examination of the facts so reported, and of any other facts which troller to give cer- may come to the knowledge of the Comptroller, whether by means of a special commission appointed by him for the purpose of inquiring into the condition of such association, or otherwise, it shall appear that such association is lawfully entitled to commence the business of banking, the Comptroller shall give to such association. a certificate under his hand and official seal, showing that such association has complied with all the provisions of this act required to be complied with before being entitled to commence the business of banking under it, and that such association is authorized to commence said business accordingly; and it shall be the duty Certificate to be of such association to cause said certificate to be published in some newspaper, published in the city or county where such association is located, for at least sixty days next after the issuing thereof: Provided, That if no newspaper is published in such city or county, such certificate shall be published as the Comptroller of the Currency shall direct. published. Association may have common seal, tinue not over twenty years. ciation. SEC. 11. And be it further enacted, That every association name, and con- formed pursuant to the provisions of this act may make and use a common seal, and shall have succession by the name designated in its articles of association and for the period limited therein, not, Powers of asso- however, exceeding twenty years from the passage of this act; by such name may make contracts, sue and be sued, complain and defend in any court of law or equity as fully as natural persons, and may make by-laws, approved by the Comptroller of the Currency, not inconsistent with the laws of the United States or the provisions of this act, for the election of directors, the management of its property, the regulation of its affairs, and for the transfer of its stock; and shall have power to carry on the business of banking by obtaining and issuing circulating notes in accordance with the provisions of this act; by discounting bills, notes, and other evidences of debt; by receiving deposits; by buying and selling gold and silver bullion, foreign coins, and bills of exchange; by loaning money on real and personal security, in the manner specified in their articles of association, for the purposes authorized by this act, and by exercising such incidental powers as shall be necessary to carry on such business; to choose one of their number as president of such association, and to appoint a cashier and such other officers and agents as their business may require; and to remove such president, cashier, officers, and agents at pleasure, and appoint others in their place; and their usual business shall Business, where be transacted in banking offices located at the places specified respectively in its certificate of association, and not elsewhere. to be transacted. Shares to be personal property. How transferable. SEC. 12. And be it further enacted, That the shares of associations formed under this act shall be deemed personal property, and shall be transferable on the books of the association in such manner as may be prescribed in the by-laws or articles of association; and every person becoming a shareholder by such transfer shall, in proportion to his shares, succeed to all the rights and liabilities of the prior holder of such shares; and no change shall be made in the articles of association by which the rights, reme sonally liable to dies, or security of the existing creditors of the association shall be impaired. For all debts, contracted by such association for Shareholder percirculation, deposits, or otherwise, each shareholder shall be liable twice the amount to the amount, at their par value, of the shares held by him in of his shares. addition to the amount invested in such shares. how may be in SEC. 13. And be it further enacted, That it shall be lawful for Capital stock, any association formed under this act, by its articles of association, creased. to provide for an increase of its capital from time to time as may be deemed expedient, subject to the limitations of this act; but no such increase shall be valid until the increased capital shall be paid in, and notice thereof shall have been transmitted to the Comptroller of the Currency, and his certificate obtained, specifying the amount of such increase of capital stock, and that the same has been duly paid to such association. SEC. 14. And be it further enacted, That it shall be lawful for any such association to purchase, hold, and convey real estate as follows: First. Such as shall be necessary for its immediate accommodation in the transaction of its business. Second. Such as shall be mortgaged to it in good faith by way of security for loans made by such association, or for moneys due thereto. Third. Such as shall be conveyed to it in satisfaction of debts previously contracted in the course of its dealings. Fourth. Such as it shall purchase at sales under judgments, decrees, or mortgages held by such association. Such association shall not purchase or hold real estate in any other case or for any other purpose than as specified in this section. SEC. 15. And be it further enacted, That every association, after having complied with the provisions of this act preliminary to the commencement of banking business under its provisions, shall transfer and deliver to the Treasurer of the United States United States bonds bearing interest to an amount not less than one-third of the capital stock paid in; which bonds shall be deposited with the Treasurer of the United States, and by him safely kept in his office until the same shall be otherwise disposed of, in pursuance of the provisions of this act. any SEC. 16. And be it further enacted, That upon the making of any such transfer and delivery, the association making the same shall be entitled to receive from the Comptroller of the Currency circulating notes of different denominations, in blank, registered and countersigned as hereinafter provided, equal in amount to ninety per centum of the current market value of the United States bonds so transferred and delivered, but not exceeding the par value thereof, if bearing interest at the rate of six per centum, or of equivalent United States bonds bearing a less rate of interest; and at no time shall the total amount of such notes, issued to any such association, exceed the amount at such time actually paid in of its capital stock. Real estate of such association. Associations, bebanking business, fore commencing to transfer to Treasurer United States bonds. And shall be entitled to receive ninety per cent. of their current value rency notes. in circulating cur lating notes under SEC. 17. And be it further enacted, That the entire amount of Issue of circucirculating notes to be issued under this act shall not exceed three this act not to exhundred millions of dollars. One hundred and fifty millions of ceed $300,000,000. which sum shall be apportioned to associations in the States, in the District of Columbia, and in the Territories, according to representative population, and the remainder shall be apportioned |