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Revised Statutes, and that the said State bank may be changed and converted into a national banking association under the foregoing title. In witness whereof we have hereunto set our hands this
The signatures of a majority of directors required.
Acknowledgement must be before a notary public or judge of court, and authenticated by the seal of such notary or court. STATE OF
directors of the aforesaid State bank, to me well known, who severally acknowledged that they executed the foregoing certificate for the purposes therein mentioned. Witness my hand and seal of office this
day of [OFFICIAL SEAL OF OFFICER.]
22. CERTIFICATE OF PAYMENT OF CAPITAL.
CERTIFICATE RELATIVE TO PAYMENT OF CAPITAL STOCK OF STATE BANK CONVERTING
INTO NATIONAL BANK.
.” in con
It is hereby certified that the
which is to be converted into “ The
Bank of formity with the provisions of section 5154 of the Revised Statutes of the United States, and acts amendatory thereof, authorizing the conversion of
any bank incorporated by special law or any banking institution organized under a general law of any State," has a paid in and unimpaired capital of
President or Cashier. STATE OF
of the said county, this day of
19[OFFICIAL SEAL OF OFFICER.]
23. DIRECTORS AND OFFICERS.
Duly qualified directors of a State bank being converted into a national bank may continue as directors, regardless of the number of shares owned, until the first annual election is held when, to be eligible for reelection, they must own the number of shares required by the national-bank act. The oaths should be taken as directors of the national bank. Unless officers are reappointed by the direc
. tors of the national bank subsequent to their qualification, the form requiring the signatures of the officers of the national bank (a copy of which follows) should show date of appointment by the directors of the State bank and the following explanatory clause should be added : “ Appointed at a meeting of the directors of the State bank.”
OFFICIAL SIGNATURES OF OFFICERS OF THE
Date of election or appoint
Names of predecessors.
[SEAL OF BANK.]
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.
BONDS AND CIRCULATION.
24. Deposit of bonds to secure circu
lation. 25. Withdrawal of bonds. 26. Authority to withdraw bonds.
27. Withdrawal of bonds under section
18 of the Federal reserve act. 28. Circulating notes.
24. DEPOSIT OF BONDS TO SECURE CIRCULATION.
Under section 17 of the Federal reserve act approved December 23, 1913, and the amendment of June 21, 1917, a national banking association is not required to deposit United States bonds with the Treasurer of the United States as a condition precedent to beginning business, nor is a bank required to maintain a deposit of such bonds unless it is desired to exercise or continue to exercise the circulation privilege.
If it is the purpose to issue circulation, United States interest-bearing bonds should be sent to the Comptroller of the Currency for transfer to and deposit with the Treasurer of the United States in trust for the association to the account of which they are to be credited. In assigning bonds care should be exercised to enter the exact corporate title of the association and to follow instructions on the bonds relative to their assignment.
Coupon bonds received will be exchanged for registered bonds, but should be accompanied by a request for their exchange and that the registered bonds be issued to and deposited with the Treasurer of the United States in trust for the association interested.
The Comptroller will authorize the payment of interest on bonds to the bank depositing them, and the Treasurer of the United States will pay the interest, by check, to the order of the bank, at the office of any United States assistant treasurer or at any United States depository.
Bonds to be deposited as security for circulation can not be procured from the Treasury Department, but may be purchased at prevailing prices from dealers in securities of that character. Circulation secured by United States 2 per cent “consols” of 1930, and 2 per cent Panama Canal bonds is subject to a semiannual tax of onefourth of 1 per cent. Circulation secured by bonds bearing a higher rate of interest than 2 per cent is subject to a semiannual tax of onehalf of 1 per cent, as provided by section 5214. The only bonds now acceptable as security for national-bank circulation are the 2 per cent consols, 2 per cent Panama Canal bonds, and the 4 per cent bonds of 1925.
25. WITHDRAWAL OF BONDS. The law permits national banking associations to retire their circulating notes and withdraw bonds held by the Treasurer of the United States in trust, with the consent of the Comptroller of the Currency and the approval of the Secretary of the Treasury, upon deposit of a like amount of lawful money with the Treasurer or an assistant treasurer of the United States to provide for the redemption of the currency secured by such bonds.
Authority to withdraw the bonds must be conferred upon the Comptroller of the Currency by the board of directors, and some one other than a Government official designated to sell and assign them, If an official of the bank is authorized to dispose of the bonds, the resolution should be certified by some officer of the association other than the one empowered to assign the bonds.
A copy of the resolution adopted by the directors authorizing the withdrawal of bonds should be sent to the office of the Comptroller of the Currency, accompanied by the Treasurer's duplicate receipts for the securities. If the receipts have been lost or destroyed an affidavit to that effect must be sent with the resolution.
26. AUTHORITY TO WITHDRAW Bonds.
AUTHORITY TO WITHDRAW BONDS.
19% At a meeting of the board of directors of the
held at their banking house,
194, the following resolution was adopted : Resolved, That the Comptroller of the Currency be, and he is hereby, authorized to withdraw $ U. S. bonds deposited with the Treasury of the United States by this bank to secure circulation, and described as follows:
of the loan of
of the loan of and that
be, and is hereby authorized to sell, assign, and transfer the bonds, and to appoint one or more attorneys for that purpose.
I hereby certify that the foregoing is a true extract from the minutes of said meeting.
Cashier, and Secretary of the Board of Directors. [SEAL OF BANK.] NOTE.—The Treasurer's receipts for the bonds proposed to be withdrawn must be forwarded (with this form properly filled) to the Comptroller of the Currency.
27. WITHDRAWAL OF BONDS UNDER SECTION 18 OF THE FEDERAL
RESERVE ACT. Section 18 of the Federal reserve act provides that any member bank desiring to retire the whole or any part of its circulating notes may file with the Treasurer of the United States an application to sell for its account, at par and accrued interest, United States bonds securing circulation to be retired.
The Federal Reserve Board is permitted in its discretion to require Federal reserve banks to purchase such bonds from the banks whose applications have been filed with the Treasurer of the United States, the Federal reserve banks, however, not being permitted to purchase an amount to exceed $25,000,000 of such bonds in any one year.
28. CIRCULATING NOTES. National banking associations are entitled to receive and issue circulating notes equal to the par value of the bonds deposited, not exceeding the amount of the paid-in capital stock, but no bank shall receive or have in circulation at any one time more than $25,000 in notes of the denominations of $1 and $2.
For information as to taxation of circulating notes see “ Deposit of bonds."
19To the COMPTROLLER OF THE CURRENCY.
SIR: You are requested to have plates engraved for this bank, and circulating notes printed therefrom, as follows:
No. of sheets ordered.
Denominations on sheets.
Amount of order.
$1, $1, $1, $1.
8 20 40 50 250
NOTE.—The act of October 5, 1917, provides for the issuance of $1 and $2 notes, repealing the act of June 3, 1864, which prohibited national banks from being furnished with notes of less denomination than $5 after the resumption of specie payments.
Circulation may be ordered from any one or more of the plates listed avove, but no bank shall receive or have in circulation at any one time more than $25,000 in notes of the denominations of $1 and $2.
The restriction as to the issue of $5 notes to one-third of a bank's circulation has been repealed, and notes of that denomination may be issued in any amount desired not in excess of the capital stock against the deposit of bonds.
It will ordinarily require about 40 days to engrave the plate and to print circulating notes, but the order will not be acted upon until either bonds are deposited for circulation or a draft in payment of cost of engraving is received by the Comptroller.
Bank plates cost $130 each for originals and $120 each for duplicates when the originals are worn out.