The name, etc., of each subscriber to the stock is required to be given in the fourth subdivision. Signatures are not desired and the names should be typewritten if practicable. Each person who signs the articles of association is also required to sign the organization certificate and make acknowledgment before a judge of court of record or a notary public having a seal.

Inasmuch as the laws of the several States differ as to the rights of married women in regard to their separate estates and property, and as to the effect of covenants and agreements made by them, and also as to the forms of acknowledgment of instruments executed by them, any organization papers bearing the signatures of women must be accompanied by evidence that under the laws of the State they have the power to be parties to the organization.

The authority of a guardian or trustee to subscribe for stock must be shown in every case, giving, if necessary, the order of court authorizing such subscriptions. In cases where a guardian subscribes for a ward, the name of the ward should be given, and in the case of a trustee subscribing for stock the name of the beneficiary of the trust should be given. Stock subscriptions should not be taken in the name of an estate. If the heirs of an estate subscribes for stock, it should be taken in their individual names. If it is subscribed for by the executor, his authority to make such subscription should be shown. An administrator has no authority to subscribe for stock, as his duty is merely to close up the estate and to distribute the property among the heirs, and he has no authority to make investments. No subscriptions to stock should be received in the name of any State, county, township, or municipality.

Where stock is subscribed for in the name of an order or association, it will be necessary to furnish evidence that said order or society is authorized by its articles or charter to subscribe for the stock and also that it is legally and financially responsible for assessment thereon in case one become necessary under the national-bank act.

When the organization of a bank is effected and stock subscriptions paid, certificates should be issued in the names of the shareholders and for the numbers of shares of stock listed in the organization certificate, transfers to be made in the regular manner in the case of any stock which changes ownership.

8. ELECTION AND OATHS OF DIRECTORS.

After the execution of the organization certificate, if the directors are not designated in the articles of association, the shareholders should proceed to elect directors as provided in section 5145. Each director must, after his election or appointment (but not prior to the date of acknowledgment of the organization certificate), take an oath of the following form:

being a citizen do solemnly swear

of the United States, and resident of the State of (affirm) that I will, so far as the duty devolves on me, diligently and honestly administer the affairs of said association; that I will not knowingly violate, or willingly permit to be violated, any of the provisions of the statutes of the United States under which this association has been organized; and that I am the owner in good faith and in my own right, of the number of shares of stock required by said statutes, subscribed by me or standing in my name on the books of the said association; and that the same is not hypothecated or in any way pledged as security for any loan or debt.

of

Subscribed and sworn (affirmed) to before the undersigned this

19-.

[OFFICIAL SEAL OF OFFICER.]

day

Notary Public.

NOTE. Each director when elected must take oath of office, and, under section 5147, U. S. R. S., the oath should be transmitted to the Comptroller of the Currency immediately after the election. If the officer administering the oath has no seal, a certificate of the proper State, county, or court official, to the effect that such officer is authorized to take acknowledgments, must be attached. In case two or more directors qualify jointly the following form should be used:

do, each for

of the United States, and all residents of the State of himself, and not one for the other, solemnly swear (affirm) that we will severally, so far as the duty devolves on us, diligently and honestly administer the affairs of said association; and that we will not knowingly violate, or willingly permit to be violated, any of the provisions of the statutes of the United States under which said association has been organized; and each, for himself, does solemnly swear (affirm) that he is the owner in good faith, and in his own right, of the number of shares of stock required by said statutes, subscribed by him or standing in his name on the books of the said association; and that the same is not hypothecated, or in any way pledged as security for any loan or debt.

Subscribed and sworn (affirmed) to before the undersigned this

day of

Notary Public.

Every director must own in his own right at least 10 shares of the capital stock of the association of which he is a director, unless the capital of the bank shall not exceed $25,000, in which case he must own in his own right at least 5 shares of such capital stock. Any director who ceases to be the owner of the required number of shares of the stock, or who becomes in any other manner disqualified, thereby vacates his place under section 5146 as amended February 28, 1905, and the vacancy should be at once filled by the remaining directors under section 5148. The former director may be re

appointed if his disqualification has been removed.

At least three-fourths of the directors must have resided in the State, Territory, or District in which the association is located for a year or more immediately preceding their election, and must be residents therein during their continuance in office.

9. APPOINTMENT OF OFFICERS.

The directors having been elected, made payment of at least 50 per cent on the requisite number of shares, and taken the required oath, should, as soon as practicable, elect a president and vice president of the association, a cashier, and such other officers as may be desired, a report of the election, with signatures, of officers being required, in the following form:

The following instructions should be observed to avoid return of paper for correction: (1) Insert title and place of location of bank. (2) Give the signatures of officers, with date of election or appointment. (3) In case of a vacancy, the word "None" should appear in the space for the signature of the officer. (4) Affix seal of bank in the space designated. (5) The signatures of all of the officers, with date of election or appointment of each, and name of predecessor, in case of a change, are required.

10. PAYMENT OF CAPITAL.

When at least 50 per cent of the capital stock of the association is paid in cash, not in assets of another corporation, notes, or other like

evidences of debt, each shareholder or his assignee having paid not less than one-half on each share subscribed (certifications need not be confined originally to 50 per cent, and subsequently to 10 per cent of capital stock, larger payments and in advance of the prescribed time being permissible), and all other legal requirements complied with, a certificate, in substantially the following form, should be executed and sworn to by the president, or cashier, and a majority of the directors and sent to the Comptroller. The certificate should cover all amounts paid in on capital, but should not include any amount paid in as surplus, or any interest which may have been received on funds collected.

CERTIFICATE OF PAYMENT OF CAPITAL STOCK AND COMPLIANCE WITH LEGAL

REQUIREMENTS.

The undersigned officers and directors of The

located at

now organizing under the provisions of the Revised Statutes of the United States authorizing the organization of national banking associations, do hereby certify that of the authorized capital stock of $been paid into said bank in cash, as permanent capital, $

there has exclusive of

any payments on surplus, and that no part of this sum is represented by promissory notes or other evidences of debt; and that each shareholder has individually paid in cash fifty per cent of his stock subscription; also, that the name and place of residence of each director, and the amount of stock individually owned in good faith, are as follows:

Name of director.a

Place of residence.
(Town or city and State.)

Number of shares of stock.

aThe names, etc., of all the directors of the association must appear on this page. A majority of the directors, exclusive of the president or cashier, must sign on the following page and make acknowledgment.

It is further certified that the association has in good faith complied with all of the provisions that are required to be complied with before receiving authority to commence the business of banking.

named directors and other officers of the aforesaid national bank, and made

115635-19-2

oath that the foregoing certificate and the matters and things therein set forth are true, to the best of their knowledge and belief.

Witness my hand and seal of office this [OFFICIAL SEAL OF OFFICER.]

day of

19-.

It will also be necessary to send to this office a statement showing the total amount collected on stock subscriptions. The difference between this amount and the expenditures in connection with the organization should be deposited with a disinterested bank, and the president or cashier of the depositary bank requested to certify to this office the amount on deposit to the credit of the organizing bank. The depositary bank should also be requested to advise this office whether any loan was made to any of the officers, directors, or stockholders of the new institution, and, if so, on what security.

11. CERTIFICATE OF AUTHORITY TO COMMENCE BUSINESS.

All organization papers having been filed, the Comptroller of the Currency, if satisfied from the examiner's report that the association has complied with the requirements of law, and that the shareholders have, in good faith, organized for the legitimate objects contemplated by the bank act, will give to the association a certificate authorizing it to commence the business of banking (secs. 5168, 5169). This certificate, upon its receipt, must be published in a local or county newspaper for a period of 60 days, as required by section 5170, and proof of publication sent to the Comptroller at the proper time.

This and other certificates referred to elsewhere may be published for the period of time required by law, either in a weekly newspaper, a weekly edition of a daily newspaper, or in every issue of a daily having no weekly edition.

The certificate of authority to commence business or, as is generally understood, the charter issued to a national banking association reads as follows:

Whereas, by satisfactory evidence presented to the undersigned, it has been made to appear that

and State of

has complied with all the provisions of the statutes of the United States required to be complied with before an association shall be

authorized to commence the business of banking.

and State of

is authorized to commence the business of banking, as

provided in section fifty-one hundred and sixty-nine of the Revised Statutes of the United States.