THIRTY·-SEVENTH CONGRESS. Sess. III. Ch. 58. l863. 679 payment of money, in the absence of contract between the parties, by the laws of the several States in whieh the associations are respectively located, and no more: Provided, however, That interest may be reserved or taken, in advance, at the time of making the loan or discount, according to the usual rules of banking; and the knowingly taking, reserving, or Usuryto charging of a rate of interest greater than that allowed by this section f°’f°l**h° d°b*— shall be held and adjudged a forfeiture of the debt or demand on which the same is taken, reserved, or charged; but the purchase, discount, or sale of a bill of exchange, drawn on actually existing values, and payable at another place than the place of such purchase, discount, or sale, at the current discount or premium, shall not be considered as taking, reserving, or charging interest. Sec. 47. And be it further enacted, That the total liabilities of any _ Limit ofliaoilperson, or of any company or firm, (including in the liabilities of a com- QQ1Q2mg5g2m?" pany or firm the liabilities of the several members thereof,) to any asso- I ciation, including liabilities as acceptor of bona fide bills of exchange, payable out of the state where the association is located, shall at no time exceed one third; exclusive of liabilities as acceptor, one fifth; and exclusive of liabilities on such bills of exchange, one tenth part of the amount of the capital stock of such association actually paid in. Sec. 48. And be it further enacted, That no association shall, at any wimmm as. time, pay out on loans or discounts, or in purchasing drafts or bills of ex- ¤°¢i¤*l°¤¤ Shall change, or in payment of deposits, nor shall it in any other mode put in mt my °°t' circulation the notes of any bank or banking association, which notes shall not, at any such time, be receivable, at par, on deposit, and in pay- ment of debts by the association so paying out or circulating such notes ; nor shall it knowingly pay out or put in circulation any notes issued by any bank or banking association which at the time of such paying out or putting in circulation is not redeeming its circulating notes in lawful money of the United States. Sec. 49. And be it further enacted, That all transfer of the notes, A11 transfers, bonds, bills of exchange, and other evidences of debt owing to any asso- gfih °°: ciation, or of deposits to its credit; all assignments of mortgages, sureties in ,,(,,,m,,p[,,};;:, on real estate, or of judgments or decrees in its favor; all deposits oF tlwrcvfi with iumoney, bullion, or other valuable thing for its use, or for the use of any of &°" t° b° its shareholders or creditors; and all payments of money to either, made after the commission ofan act of insolvency, or in contemplation thereoi with a view to prevent the application of its assets in the manner prescribed by this act, or with a view to the preference of one creditor to another, except in payment of its circulating notes, shall be utterly null and void. S20. 50. And be it further enacted, That if the directors of any asso- It- dimmm ciatiou shall knowingly violate, or knowingly permit any of the officers, knowingly vioagents, or servants of the association to violate any of tho provisions of ;:f\;i§gHs“;'f}'mS this act, all the rights, privileges, and franchises of the association derived act, me franchise from this act shall be thereby forfeited; such violation shall, however, be *0 l>l¤fi>¤‘*`¢l¤¤<h _ determined and adjudged by a proper circuit, district, or territorial court dd m` of the United States, before the association shall be declared dissolved; and in cases of such violation, every director who participated in or assented to the same shall be held liable in his personal and individual capacity for all damages which the association, its shareholders, or any other person, shall have sustained in consequence of such violation. Sec. 51. And be it further enacted, That the comptroller of the cur- Comptroller to rency, with the approbation of the Secretary of the Treasury, as often as €_*%;°0$*;:g*£‘ shall be deemed necessary or proper, shall appoint a suitable person or clam, to be S°` persons to make an examination of the affairs of every banking associa- made. tion, which person shall not be a director or other officer in any association whose alfairs he shall be appointed to examine, and who shall have power to make a thorough examination into all the affairs of the association, and, in doing so, to examine any of the officers and agents thereof
