_ <2(;g TITLE 12.—·—-BANKS alttiws a fullwand correctlleft of the names zmd residences of all
Snarellolders in the association, and the number of slmyres
· held py_ eaeh, in the ofdce where ite business is trapmcted; E l S;z·i¥1\li¤st shall be stxbjetet to the inspection · of ell the sllare- t
- t·iclhrs and creditors of the_nss<>clatim1, and the edicers 8,\IIh01'·· — t
izui me assess thxes under State atathorlty, zduring ·buelnese I
- .»lu~»
- of each day in which may be legally trensected. E
A wgzg of such list, on the Efst Monday of July 015 each year, i ‘—,.;·sm·<l by the with of such president or caehier, _ shall be t tr::·:asmittetl·_ to the Ccmptrolleriot the Currency. ·(R. S. .§ ( Aww,) - ` ' ~ #$3. Individual liability of §hni·elmlders.#-——The shmehfrltlers of at ,;tl·§~—y hatitmel banking awociatioa sliall be held individinally `{ rl·~;¥~u·$it•le. equally and mtably, andinot one for lmutlaer, for I 3;: {··mtmcts,¤ debts, and engagements of sueh association, td ,1 me t·>;at·z¤t of théamoutnt ctztheir stock therein, at the mr value 1
- z;m·¤»f. in addition to the amount invested. lr1··such·sha1‘es; Q]
W-.·;»r thet shmiehelders at guy lspauklug associatioii mw*exist¢‘ ( xm; under State laws; having ilot less thm} $5,000,000 of cgpitdl ( I ;;l·m;¤lly pald iu, and- a sumus of 20 per ‘centum·em hand;-tboth ,E ha sw deterrilined by. the Cqmptrcller ot tie Currency, `shall The. ( iméde only to the amount invested in théixj shares; land. such i >ui·i¤1us‘0f 20 ber centhm shall be kept ¤¤diminlshe§d,· and be luv -( Qatlllitieu to the surgimbmvlded for in this gchapter; and if at _, {Ht}, time-tberéalsln deécieucy in such ·em·plus’-of 20 per Ieentum; { · slllfll z1emt:inti01l·shal1‘u0t< `aqy di‘vidends"‘to its shareholders I mlzllghe deécieucy is made good ; end ih case et such dellciency, I me ulmgtroller at the Currency may compel the association tb _ twée its and wind tgp` its attalrs jmder the provisions { Ht this clmpterrelatlxag to "dissclutiem and recelvershlp; (R. Sl _( §_,`}l_5l.) · [ ’ A ‘ · _ I · 4 64. Individual liability of shareholders; transfer af sluu·res.—g " 'l`ln·· stockholders ot every, national banking association shsill ( he — held responsible for dll contracts, debts,` gud `E t%llg;2lg0.lHEht of sueh essoclntlcn, each · to the amount ot his _; stuck {h§¢”T¤11,m‘Hlt— the pdr ·v4lue the1*eof*iu‘add·Ltion to the g unwuut invested in such, stock. '1‘l1e`st0cl:l10lderé ih any ria- 1 shammi &nki¤g iwociatioh who ishell have transferred their 1 elhares or registered the·trs,usier thereof within eixty days q hex; before thedate-qi the {allure _0t Such asspclatiou to meet _; its-obligations, or with kxtcwledge of ·such,·ixi1i$ex—1ding" failure, 4 elzall be liable tq_ Lbeesame extent as if they hed made no 1 suvh trgngim; te- the extentf that the subseqtiént tranéferée iq fails to meet such liability; but tbl; provision shall] mot be y lwstmed to n¤ect in _ any way any recourse which such _'1 slmreholklers might- otherwise have against those - in whose ; names eueb S!)&1’€5°`8l`B registered at the time of euclx failure. I ‘ *h**¢- %,J1913,_*c.*8, E ·23, 38 Stat. 273.) · ‘ ‘ . ° . _ . 65. Enfémemegt of shnreholderif individual liability by l i·reditm·s‘ en liq¤id$ti¢¤.———When any national banking assoclzx- ; lint; Shall hate. game- late liquidation under the pwvisiolls of { ¥~»£:*t?Lif$H 181 of this title, the individual liability 01; the shm*e·». · holders pmvldm iq: by section 63 of tllis title may beenfofced ,1 l hy any ereditqr ctjsuch- ·s,ee9clati0u,°l»y bill in equity, in the l zlzuupe pta erediterfd bill, brought by eut·h_é1§edlt0i··;0x1‘behal£ 1 of himself aixtl ot all other creditors ot. the association, against 1 ·m1m.gllareh0lders" theretiti, in anylcmxrt of tlie United rStateé .1 having original jtirisdietlou in equlty` ter the district in which; 1 Such ugsecletion `mey have been located gg atabllshcd. (June ¢ $9, 18fl'6,.c.'158,·§ 2, 19 Stat. 63.) l -_ _ ‘ · ._ 1 65.‘Pe&nl of repsaentatives af — steeklwlderéa-e _1 Wxisuns lwldlng,;st0ek as exeeutms, ·admin`lstreLt0rs,‘wguprcllaus,· _1 .»g~~,1x·esteg,' mall not lie personally spbjwt te may liabilities *1 hs stockhclderagb; but the- estates and funds lu their huudsyslmll < be liable lmlike manger and tp the same extent is the teetgtoijb 1
intestate, waid, be perecan l¤tex·esf&-in such trust {unda ·•i¤uld' _
be, it llying and competent to act aud hold the stock in his ownn I Hume. ·(B,._8.§§162.) l ‘ — ‘ ·‘ `· · __ 4
arp BANKING, § 76 o DIRECTORS 71. Election.-——The shiairs of each assoelation·shall be mam iged by not less than five directorsgwho shall be elected by
- he shareholders at u meeting to be held at_ any- time before
he association is authorized by the Comptroller of the Curency to 'cornmenéenthe business of banking; and afterward it meetings to he held on such day in Januar? of each year ns is specihcd therefor in thelartlclcs of association. The direc-
- ors shall hold oillce for one year, and until their successors are
elected and have qualified; (R; S. -§ 5145.) · A 72. Qt;~aliiicatiens.—e-Every director must, during his whole
- erm of service, be a citizen ot the United States, and at least
- hree—fourths of the directorsmust have resided in the State,
l`errit0ry, or District in fivhich the association is located, or within fifty miles*0f the location of theomce of the association, E01? at least gmc yesrtm ediately preceding their election, and mist he residents of sv}d?'State or within a fiftyanilc territory >f the location of·thej_ass0ciation,during'their continuance. in mice. Every director must,_own~ in his own right, at least ten shares of the capital stock or tbeassociation ofwhich he is a lireqtor, unless the capital of thebank shall not e;ceed $25,900, .11 which case he must own in his own rightat leastthre shares if such capital stock. Any director who ceases to be the aivnerof the required number of shares of the stock, or who aecomw in any .0tl1er_.mtmuer dlsqunliied; shall thereby vacate mis place., — (lt. S. § 5146; Feb. Q, 1905, c. 1163, 33 Stat. 81S§ liar. 1, 1921, c. 100, _41 Stat; 1199.) - . ° ·‘ 73. Oath.--Each director, when appointed or elected, , shall zake an oath that he will, so (ar ss_ the duty devolres on him, lillgeutly and honestly adminlsterthe affairs of such associa-
- i0n, and will not knowinglyyiolate for willingly permit to he
rlolatedi any of the provisions of this title, and thnt'?he, is the awner ln good faith, andjn his own right, of the number ot sl1a'res_0f stock required by this tltge, subscribed hy hiin, or gtaudingln his name Yon the books ot the association, me that
- he samels not hypothecatcd, or in any way pledged, as mcurity ;_
for any loanor debt. The oath shall be token before a notary public, properly"auth0rized and commissioned by the State in which he resides, or before any other cmcer an omclal mal unchauthorimd by;the State to administer oaths, except
- hat' the oath shall notibe taken before any such notary ptzblic .
>r `bther 'omceii who is an omcer of the directors bank} The t mth, subscribed by the director making lt, 'and ccrtmcd by the ` notary public or other before whom it is taken, shall be imniccllately transmitted to the Comptroller , of the `(ljrrency nnd,sha1l'be med and preserved in his omce for a periodef ten p·e§¤·s._· (12. S. 5 5l47; Feb: zo, 1925, c. 274, 4.2 smqsos.) » 74. Vacancies.-—-·A—ny vacancy in the board shall be Blled hy ziipointment by the remaining `directors, andoany director so appointed shall hold his place until the` next election.? »(R. S."‘ §5148.),—‘· __. ~- - ·. ' 75. Proceedings where no election held en proper,da.y.—+;·.l,{, from any cause, au election oi'. directors is not made,_nt the tirne appointed, the association shall not for that cause be dissolved, ‘· but an election may be held on any subsequent day, thirty days' notice thereof in all cases, having been given in a newspaper published in the city, townqsgr county in which the association is located; and it no n\ewsmpcr is published in such city, town, ir county, such notice shall be published in a= newspaper pub-_ gtshed nearest thereto. If the articles of association- do not ilx the dayi on which the electionsshnll (held, or if noelectionjs held on the day Hxcd, the day for the election shall·be deslgnated byeithé board of directors in their by-laxrs, or otherwise; mr the directors. fall to Hx the day, shareholders representing &_w"5hl;ds otythe shares may dose. ‘ (R. S. § 51~f9·)_`* ` 76. -@cction of presidcgnt of. board.--0ne of the, directors; to bcchosen by the board, shall be the·president of the board'. ma s_..g»»»¤i¤o.> ·‘ `
