Page:United States Statutes at Large Volume 18 Part 3.djvu/161

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FORTY-THIRD CONGRESS. Sass; I. UH.348, 849. 1874.. 131 ble notice to the parties, whose decision may be enforced by a court of Enforcement ofbis competent jurisdiction; Provided, That this act shall not prevent other d°f€F;§';“· f th railroads irom crossing the same at grade, and providedfurtlwr that the ,0,,5; , fc r gs S Q: right of Congress at any time to amend, alter or repeal this act is here- grade. by reserved. · Actmaybeameud.- Approved, June 20, 1874. ;d°;,,,°;ldY°"d’ ° I "' CHAP. 349.-An act amending the charter of the Freedman’s Savings and Trust June 20, 1874. Company, and for other purposes. """"'_"'_"` Bc it émwed by the Senate and House of Representatives of the United Stews of America in Congress assembled, That the act of Congress ap- §m°¤d¥¤¢¤* .9* proved March third, eighteen hundred and sixty-five, entitled “An act 186‘g1$,h‘5% '°1 "““• to incorporate the Freedmaivs Savings and Trust Company," be, and PP` ’ ' the same is hereby,'so amended that hereafter it shall be the duty. of the trustees and officers of said company to make loans, to the extent,t(g“f',{‘“g;,f({1,Ql;{Q?g of one half the deposits by them received, upon bonds or notes secured $,,,4,, 8.;;,,,,;, to M by first mortgages or deeds of trust upon unencumbered real estate sit- loaned upon realuate in the vicinity of the agency or branch of said company from which °¤*=**° i¤ V¤°*¤l*>’» such deposits are received, worth, upon cash appraisement, at least &§0gu1M,0u of double the amount of money loaned thereon. And the borrower shall 10,,¤S_ at his own expense, or the bunk shall at the expense of the borrower, keep the buildings upon said property insured in some good and sol- lnsu r a n o e or vent company, to the amount of one half of their cash value foxnthe *”}’1d*”8°· t f th benefit of the Freedman’s Savings and Trust Company. 'The other half 6r,'Q'1‘}°;’,}'§§P,:;,f,,,; they shall invest in' United States bonds, or keep on deposit in some United snambonds. national bank suchjums as may be necessary to meet current payments. Sec. 2. That it shall be the duty of said trustees and officers of said t 9°}1°°*'l°¤ °f °°" company to collect, as speedily as may be done without prejudice to the em °"°‘ interests of the depositors, all sums of money by them loaned upon real . estate outside of the States from which received; and when collected, h Wlfub °*;“°°**Zld» and as the same may be collected, they shall loan such funds as directed °w ° °r° °”’"° ` in the ilrst section of this aett · . Sino. 3. That when it shall appear that the interests of the depositors may require it, it shall be lawful for the trustees of the corporation, by A i and with the advice and consent of the Secretary of the Treasury, at bmn§,fo;‘ °m;; Q; any time to close any of the agencies or branches of the corporation ,,1,,,,,,; paying to the depositors of such agencies or branches a pro rata amount Payment uoqeposof the principal and interest which may be due them, and also a rata- gm f eg°¤°¤°¤ °*‘ ble proportion of any surplus which may have accumulated under the "“‘° °"‘ provisions of section eight of this act. And whenever it may be deemed _ advisable, or when so ordered by Congress, the general business and G°¤°’**} b“¤*¤°” alfnirs of the corporation shall, in like manner, be closed up by the trust- my b° ° °S°d' ees of the corporation, as provided for in section seven herein. Sec. 4. That said trustees and officers of said company shall not loan Limit upon loans to any person or company at any one time more than ten thousand dol- in i¤<l¤Yid¤¤l¤ ¤¤<l lars of the funds of said trust company. · °°"“‘¥““‘°“• _ _ Sec. 5. That even, officer clerk, or agent of the company who shall M¤¤¤·1>Ph¤¤*¤<>¤’ embezzle abstract, or wilthlly misapply any of the money, funds, or %Q$f “‘°“°”· &°" credits of the company, or shall, without authority of the trustees or P y' proper officers of the company, issue or put forth any pass book, certitl- ‘ cate of deposit, or other evidence of indebtedness, draw any order, bill of exchange, make any acceptance, assign any note, bond, draft, bill of exchange, mortgage, or con ess any judgment or decree whereby said company may be charged with any liability, or be deprived of any of its assets, or shall make any false entry in any book report, or statement of the company, or wilfully deceive any oillcer oi' the company, or * any agent appointed to examine the affairs or condition of the company, shall be deemed guilty of a misdemeanor, and upon conviction thereof, shall be punished by imprisonment for a period not exceeding live years.