SIXTIETH CONGRESS. Sess. I. CII. 229. 1908. 549 other than bonds of the United States. The Comptroller of the Cur- mg,*;{{$§*,Q€,*;;'e_§°,‘j’°· rency shall transmit immediately the application, with his recom-S ry` mendation, to the Secretary of the Treasury, who shall, if in his gudgment business conditions in the locality demand additional circuation, approve the same, and shall determine the time of issue and fix the amount, within the limitations herein imposed, of the additional circulating notes to be issued. Whenever after receiving notice of Issue pn deposit of such approval any such association shall deposit with the Treasurer b°"dsw1°hTr°”“r€r' or any assistant treasurer of the United States such of the bonds described iuthis section as shall be approved in character and amount by the Treasurer of the United States and the Secretary of the Treasury, it shall be entitled to receive, upon the order of the Comptroller of the Currency, circulating notes in blank, registered and countersigned as provided by law, not exceeding in amount ninety per centum mms exceed 90per of the market value, but not in excess of the par value of any bonds °°“‘°* ‘“‘“k"‘ "“1“"· so deposited, such market value to be ascertained and determined under the direction of the Secretary of the Treasury. The Treasurer of the United States, with the approval of the Secre- c,§‘Qjf§c_ Qfceftggfgj tary of the Treasury, shall accept as security for the additional circu- i latin g notes provided for in this section, bonds or other interest-bearing obli tions of any State of the United States, or any legally authorized ,,,g°‘§QYf‘{§‘,§‘,,dQ’ °° bonds; issued by any city, town, count , or other legally constituted ` municipality or district in the United States which has been in existence for a period of ten years, and which for a period of ten years previous to such deposit has not defaulted in the payment of any part of either principal or interest of any funded debt authorized to becontracted by it, and whose net funded indebtedness does not exceed ten per centum of the valuation of its taxable property, to be ascertained by the last receding valuation of property for the assessment of _ taxes. The Treasurer of the United States, with the approval of the m{,’f‘°‘°"°“ °f T'°“" Secretary of the Treasury, shall accept, for the purposes of this section, securities herein enumerated in such proportions as he may from time to time determine, and he may with such approval at any time require the deposit of additional securities, or require any association to change the character of the securities already on deposit. Sec. 4. That the legal title of all bonds, whether coupon or regis- ,,;,1`,_‘Q“‘*"" °’ ***1** l" tered, deposited to secure circulating notes issued in accordance with the terms of section three of this Act shall be transferred to the Treasurer of the United States in trust for the association depositing them, under regulations to be prescribed by the Secretariiy of the Treasury. A receipt shall be given to the association by the reasurer ,,,{$j°°*¤°¤f*°¤*'*"°°* or any assistant treasurer of the United States, stating that such bond ` is held in trust for the association on whose behalf the transfer is made, and as security for the redemption and payment of any circulating notes that have been or may be delivered to such association. No assignment or transfer of any such bond by the Treasurer shall be $§"§'{’},‘{,"§.'f‘2,,,__ of deemed valid unless countersigned by the Comptroller of the Currency. *><>¤¤¤- The rovisions of sections fifty·0ne hundred and sixty-three, fifty-one 5z§,j,£,j¤¤¤·5g9‘>grfgfg; hundlied and sixty-four, fiftyone hundred and sixty-five, fifty-one wiz. 'pp` ' hundred and sixty-six, and fifty-one hundred and sixtv—seven and sections fifty-two hundred and twenty-four to fifty-two hundred and thirty-four, inclusive, of the Revised Statutes respecting United States bonds deposited to secure circulating notes shall, except as herein modified, be applicable to all bonds deposited under the terms of section three of this Act. _ Sec. 5, That the additional circulating notes issued under this Act c§,“§§},“¤j,’f,*},‘},‘2§§{°““l shall be used, held, and treated in the same way as circulating notes of national banking associations heretofore issued and secured by a deposit of United States bonds, and shall be subject to all the provisions of law aifecting such notes except as herein expressly modi ed:
