THIRTY—SEVENTH CONGRESS. SESS III. Ch. 58. 1865. 669 association formed under this act, by its articles of association, 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 Real estate of such association to purchase, hold, and convey real estate as follows: “"‘°h ““°°'“°‘°°' 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. Sue. 15. And be it further enacted, That every association, after hav- Associations, ing complied with the provisions of this act preliminary to the commence- l°“°,‘;;nf{Ql‘;“"{)$';: ment of banking business under its provisions, shall transfer and deliver ,:,€S,mm§Qf·e,·t0 to the treasurer of the United States any United States bonds bearing ¤‘¤¤¤¤¤‘¤¤‘ U¤i¢¢d interest to an amount not less than one third of the capital stock paid in; Stms b°"d°’ which bonds shall be deposited with the treasurer of the United States, and by him safely kept in his office until the same shall be otherwise dis posed oi in pursuance of the provisions of this act. Sec. 16. And be it further enacted, That upon the making of any such and Shall b¢_ transfer and delivery, the association making the same shall he entitled ;';::;dPz_":;;3'° to receive from the comptroller of the currency circulating notes of dif- of mm Grimm ferent denominations, in blank, registered and countersigned as herein- Yam in °i*'°¤l*· after provided, equal in amount to ninety per centum of the current mar- §;,‘i;u"°n°y ket value of the United States bonds so transferred and delivered, but not exceeding the par value thereof; if bearing interest at the rate of six per centum, or of equivalent United States bonds bearing a less rate of interest; and at no time shall the total amount of such notes, issued to any such association, exceed the amount at such time actually paid in of its capital stock. Site. 17. And be it further enacted, That the entire amount of circu- Issue of cmu. lating notes to be issued under this act shall not exceed three hundred l¤¤jl¤e gates m111am or dollars. one hundred and fifty muisons of which sum shan ;§,‘,‘gg;g§gg$,°· be apportioned to associations in the States, in the District of Columbia, $300,000,000. and in the Territories, according to representative population, and the remainder shall be apportioned by the Secretary of the Treasury among How to be apassociations formed in the several States, in the District of Columbia, and P°’°‘°“°d‘ in the Territories, having due regard to the existing banking capital, resources, and business, of such States, District, and Territories. Sec. 18. And be it further enacted, That, in order to furnish suitable Circulating notes for circulation, the comptroller of the currency is hereby author- gggggrgw °° b° ized and required, under the direction of the Secretary of the Treasury, ° to cause plates to be engraved in the best manner to guard against counterfeiting and fraudulent alterations, and to have printed therefrom, and numbered, such quantity of circulating notes, in blank, of the denominations of five dollars, ten dollars, twenty dollars, fifty dollars, one hundred dollars, five hundred dollars, and one thousand dollars, as may be required to supply, under this act, the associations entitled to receive the same; which notes shall express upon their face that they are secured by Unit- Notes to exed States bonds, deposited with the treasurer of the United States, and PMS "h°·“· issued under the provisions of this act, which statement shall be attested
