'l`rri.u Lxu.-—NAT1ONAL BANKS. —Ch. 4. 1011 or upon receiving such admission, shall forthwith forward such admission or notice of protest to the Comptroller of the Currency, retaining a co y thereof. If, however, satisfactory proof is produced to the notary public that the payment of the notes demanded is restrained by order of any court of competent jurisdiction, he shall not protest the same. When the holder of any notes causes more than one note or package to be protested on the same day, he shall not receive pay for more than one protest. Sec. 5227. On receiving notice that any national bankin association Examination by has failed to redeem any of its circulating notes, as specified in the pre- ”P°°l”l ”€°“*· ceding section, the Comptroller of the Currency, with the concurrence of i Ibid.,s.47,p]]i the Secretary of the Treasury, may appoint a special agent, of whose appointment immediate notice shal be given to such association, who s all immediately proceed to ascertain w ether it has refused to pay its circulating notes in the lawful money of the United States, when demanded, and shall report to the Comptroller the fact so ascertained. 1f, from such protest, and the report so made, the Comptroller is satisfied that such association has refused to pay its circulating notes and is in default, he shall, within thirty days after he has received notice of such failure, declare the bonds delposited by such association forfeited to the United States, and they shal thereupon be so forfeited. Sec. 5228. After a default on the part of an association to pay any of Continuing busiits circulating notes has been ascertained by the Comptroller, and notice >=·= after default. [qfjbrfeiture of the bonds] [thereof, has been given by him to the associ- rb;d_,s_46,p_1};;Q ation, it shall not be lawful for the association suffering the same to pay 18 Feb., 1875, v. out any of its notes, discount any notes or bills, or otherwise prosecute 8°» "· 18· P- 320- the business of banking, except to receive and safely keep money belonging. to it, and to deliver special deposits. bac. 5229. Immediately upon eclaring the bonds of an association Notice to holdforfeited for non-pa ment of its notes, the Comptroller shall give notice, °”i “’d"'f*P**°¤ 3* in such manner as the Secretarv of the Treasury shall, by general rules ]I;,,?°“n";}'{,0$,°:,';°°l` or otherwise, direct, to the holders of the circulating notes of such asso- —————-— ciation, to present them for payment at the Treasury of the United wg ·;“';$· {SQ; "· States; and the same shall be paid as presented in lawful money of the Inf ‘ ’ `° ’P‘ United States; whereupon the Comptroller may, in his discretion, cancel an amount of bonds pledged by such association equal at current market rates, not exceeding par, to the notes paid. Sec. 5230. Whenever the Comptroller has become satisfied, by the ro- Sale of bonds at test or the waiver and admission specified in section fifty-two hund,red §¤°*l<>¤· and twenty-six, or by the report provided for in section fifty-two hundred 3 June, 1864, c_ and twenty-seven, t at any association has refused to pay its circulating 106, es. 47, 48, v. 13, notes, he may, instead of canceling its bonds, cause so much of them as P- 11*- may be necessary to redeem its outstanding notes to be sold at public auction in the city of New York, after giving thirty davs’ notice o such sale to the association. For any deficiency in the proceeds of all the bonds of an association, when thus sold, to re-imburse to the United States the amount expended in paying the circulating notes of the association, the United States shall have a paramount lien upon all its assets; and such deficiency shall be made good out of such assets in preference to any and all other claims whatsoever, except the necessary costs and expenses of administering the same. Sec. 5231. The Comptroller may, if he deems it for the interest of Sale of bonds at the United States, sell at private sale any of the bonds of an association P“"·*° **1*- shown to have made default in paying its notes, and receive therefor Ibid., s. 49. either mone or the circulating notes of the association. But no such bonds shall be sold by rivate sale for less than par, nor for less than the market-value thereof) at the time of sale; and no sales of any such bonds, either public or private, shall be complete until the transfer of the bonds shall) have been made with the formalities prescribed by sections fifty-one hundred and sixty-two, fifty-one hundred and sixty-three, and fifty-one hundred and sixty-four. Sec. 5232. The Secretary of the Treasury may, from time to time, mDt;posu1¤t promake such regulations respecting the disposition to be made of circulat- ¤°*¤¤- ing notes after presentation; at the Treasury of the United States for Ibid., s. 47.
