Chapter CX. *to incorporate the National Union Savings Bank of the District of Columbia*
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CHAP. CX.— An Act *to incorporate the National Union Savings Bank of the District of Columbia*. May 24, 1870. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, National Savings Bank of the District of Columbia incorporated. That George H. Plant, William S. Huntington, Lewis Clephane, H. A. Willard, George W. Adams, S. P. Brown, William Stickney, B. P. Snyder, A. L. Sturtavant, J. II. Lathrop, Nathaniel Wilson, R.
D. Mussey. Zenas C. Robbins, William B. Todd, Edward Simms, Joseph Casey, James M. Latta, Henry Willard, William H. Philip, Alexander R. Shepherd, William P. Dole, Hugh McCulloch, and Mathew G. Emery, are hereby created, and their successors and assigns, shall be, and they are hereby declared to be, a body politic and corporate, by the name and style of the National Savings Bank of the District of Columbia, and by that name shall have succession, and bePowers. capable in law to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in all courts of law and equity, and elsewhere ; to make and to use a common seal, and the same to alter or renewSeal. at pleasure; and generally to do and perform all things relative to the object of this institution, which is now or shall be lawful for any individual or body politic or corporate to do.
Sec. 2. *And be it further enacted*, That the officers of said corporationOfficers. shall consist of a president and vice-president, who, together with seven trustees, shall constitute a board of managers, four of whom, if the presidentQuorum of managers. or vice-president be present, shall constitute a legal meeting of such board for the transaction of business. Sec. 3. *And be it further enacted*, That said corporation shall meetAnnual meeting of corporation. annually in the month of April, and as much oftener as they may judge expedient, and any seven members of said corporation, the president, secretary, or treasurer being one, shall be a quorum, and the said corporationQuorum. at their annual meeting shall have power to elect a presidentOfficers. and a treasurer, who shall give bond in the sum of ten thousand dollars,Bond. for the faithful discharge of the duties of his office, and all such other officers as may be deemed necessary ; which officers shall continue inTerm of office. office one year, and until others arc chosen in their stead, and all officers so chosen shall be under oath to the faithful discharge of the duties of theirOath. offices, respectively.
Sec. 4. *And be it further enacted*, That said corporation may receiveDeposits and investments. on deposit, for the use and benefit of the depositors, all sums of money offered for that purpose. All such sums may be invested in the stock of any bank incorporated by Congress, or may be loaned on interest to any such bank, or may be loaned on bonds or notes, with collateral security of the stock of such banks at not more than ninety per centum of its par value, or they may be invested *at* [in] the public funds of the United States, of the several States, or loaned on a pledge of any of said funds, or invested in loans on mortgages of real estate: *Provided*, That the wholeProviso. amount of stock held by the institution at one time in any one bank, both138FORTY-FIRST CONGRESS.
Sess. II. Ch. 110. 1870. by way of an investment and as a surety for loans, shall not exceed one half of the capital stock of such bank, and that not more than three quarters of the whole sum deposited in the institution shall be at any one time invested in mortgages of real estate The income or interest of all deposits Division of interest.shall be divided among the depositors, or their legal representatives, according to the terms of interest stipulated ; and the principal may be Withdrawal of principal.withdrawn at such times or in such manner as the corporation shall in its by-laws direct.
Sec. 5. Certain officers, &c. not to borrow, &c.*And be it further enacted*, That no officer, director, or committee, charged with the duty of investing the deposits shall borrow any portion thereof, or use the same, except in payment of the expenses of Embezzlement.the corporation ; and if any officer, director, agent, or other person connected with said bank, and interested with the funds or deposits thereof, shall embezzle or fraudulently convert the same to his own use, he shall be deemed guilty of larceny, and shall, on conviction thereof by any court competent to try the offence, be imprisoned in the penitentiary not less than one nor more than ten years.
Sec. 6. Subordinate officers, bonds, and salaries.*And be it further enacted*, That the subordinate officers and agents of said corporation shall respectively give such security for their fidelity and good conduct as the board of managers may from time to time require, and said board shall fix the salaries of such officers and agents. Sec. 7. First meeting of corporation.*And be it further enacted*, That the persons named as corporators in the first section of this act shall be authorized to meet and organize said bank by the election of one of their number as president, and one as Trustees and managers.vice-president, and thereupon shall proceed to elect such persons as they shall select, to be added to their board of managers, so that the whole number of trustees, or managers, including the president and vice-president, shall not exceed nine persons.
Sec. 8. Annual report to Congress.*And be it further enacted*, That this corporation shall make an annual report to Congress of their funds and investments. Said returns Items.shall specify the following particulars, namely : The number of depositors; total amount of deposits ; amount invested in bank stock and deposited in bank on interest; amount secured by bank stock ; amount invested in public funds; loans on security of public funds; loans on mortgage of real estate; loans on personal securities; amount of cash on hand; total dividends of the year; annual expenses of the institution ; all of which shall be certified and sworn to by the treasurer; and five or more of the managers Oath.shall also certify and make oath that the said return is correct according to their best knowledge and belief.
Sec. 9. Books to be open.*And be it further enacted*, That the books of said corporation shall, at all times during their hours of business, be open for inspection and examination to the comptroller of the currency or depositors. Sec. 10. By-laws.*And be it further enacted*, That said corporation may make by-laws for the more orderly management of their business, not repugnant to Seal.Deeds, &c.law ; may have a common seal, which they may change at pleasure; that all deeds, grants, covenants, and agreements, made by their treasurer, or any other person by their authority, shall be good and valid; and said corporation shall have power to sue and may be sued, defend and be held to answer, by the name aforesaid.
Sec. 11. Bond, &c. to pay depositors.*And be it further enacted*, That the said corporation shall file a bond, with security, with the clerk of the supreme court of the District, to be approved by one of the judges of the said court, to the United States, in the penal sum of two hundred thousand dollars, with a condition to pay and to satisfy to every depositor or person entitled, such sum as the party may be entitled to, within thirty days after such deposit shall be demanded ; and which bond may be sued by any depositor or person entitled after such demand and refusal to pay; and that the said supreme court shall have New bond, &c.power to require a new bond, and new security, at any time they may deem it necessary for the interest of parties interested.
FORTY-FIRST CONGRESS. Sess. II. Ch. 110, 111, 113. 1870. 139 Sec. 12. *And be it further enacted*, That Congress shall, at all times,Act may be altered, &c. possess the power to alter, amend, or repeal this act. Approved, May 24, 1870.