Chapter 64. amending the charter of the Freedman’s Savings and Trust Company, and for other purposes
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CHAP. 64.— An Act amending the charter of the Freedman’s Savings and Trust Company, and for other purposes.Feb. 21, 1881. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,Freedman’s Savings and Trust Company. That so much of the seventh section of the act entitled “An act amending the charter of the Freed- 327 FORTY-SIXTH CONGRESS. Sess. III. Ch. 64. 1881.man’s Savings anti Trust Company, and for other purposes,” approved1874, ch. 349,[Stat., 18, 131](/us/stat/18/131).
June twentieth, eighteen hundred and seventy-four, as authorizes the selection and appointment of three commissioners, be, and the same is hereby repealed. Sec. 2. That the Secretary of the Treasury is hereby authorized andComptroller o f Currency made commissioner. directed to appoint the Comptroller of the Currency a commissioner, who shall execute a bond to the United States, with good securities, in the penal sum of twenty thousand dollars, conditionedBond. for the faithful discharge of his duties aforesaid, and take an oath faithfully to perform his duties, which boud shall be executed in the presence of said Secretary and approved by him, and by him safely kept; and when said bond shall have been executed and oath taken, then said commissioner shall be invested with the possession and legal title to all the property of said company for the purposesDuties. of this act and the said act of June twentieth, eighteen hundred and seventy-four, and shall have all the rights, prerogatives, and privileges, and perform all the duties that were conferred and enjoined upon the three commissioners in said act of June twentieth, eighteen hundred and seventy four; and from and after the qualification of said Comptroller as said commissioner the duties, rights, *Proviso.*and authority of said three commissioners shall forthwith cease and determine: *Provided*, That nothing contained in this act shall in any way impede or delay any case or cases instituted in any court by or against the Commissioners appointed under the provisions of the act to which this act is amendatory, but every such case shall, upon suggestion of the appointment of the Comptroller aforesaid, and due entry of the change on the docket of the court in which said case may be pending, be proceeded with in the name of such Comptroller in the same manner as if such change had not been made.
Sec. 3. That said commissioner, with the approval of the Secretary Debts.of the Treasury, shall have the light and authority to compound and compromise debts due to and liabilities of the company. Sec. 4. That said commissioner, with the approval of the SecretarySale of property. of the Treasury, shall have the right and authority to sell any of the real and personal property of said company at public or private sale, as in his judgment he may deem best, and to buy in for the benefit of the company any property which may be offered for sale to pay debts and liabilities to said company, if in his judgment said property is being sacrificed by said sale, and to make to the purchasers of property sold by him deeds of conveyance for their respective purchases.
Sec. 5. That said commissioner shall, by the tenth day of each annualReport to Congress. session of Congress, make a written report to Congress of his proceedings up to the first day of said session; and for his service as Commissioner aforesaid he shall, in addition to his present salary as Comptroller, Compensation.receive an annual salary of one thousand dollars, to be paid out of the funds of said institution. Sec. 6. That whenever said commissioner is prepared to make a dividendDividends, how made. to the depositors, he is authorized and directed through the United States Treasurer to place in the various depositary banks of the United States which are convenient to said depositors an amount sufficient to pay them, and the officers of said banks shall pay the depositors or their assignees, and take receipts from them in such way and manner as shall be prescribed by said commissioner and the Secretary of the Treasury; and said evidences of payment shall be returned by said officers to the commissioner, and by him preserved: *Provided*, That*Proviso.* where there are no depositary banks of the United States, then said commissioner may, with the approval of the Secretary of the Treasury pay the depositors in said localities in such way as he may deem best.
Sec. 7. That said commissioner, with the approval of the SecretaryTransfer of depositor’s claims, of the Treasury, may prescribe such form as he may deem right and proper for the depositors to transfer their claims: *Provided*,*Proviso.* Every such transfer shall state the amount of the claim transferred, and the amount actually received for the same. 328 FORTY-SIXTH CONGRESS. Sess. III. Ch. 64, 68, 69. 1881. Sec. 8. That said commissioner shall make payments to those depositors Time tor presenting claims of depositors, when barred.only whose passbooks have been properly verified and balanced, unless said passbooks have been lost or destroyed; then, upon satisfactory proof of such loss or destruction, and the amount due them, he may pay as though they had pass books.
But all claims founded on passbooks or otherwise not presented to said commissioner for examination and credit within six months from and after the passage of this act, as well as all dividends declared upon andited accounts not called for within two years from the date of their declaration, shall be barred, and their amounts shall inure to the benefit of the other depositors of the company. Sec. 9. That it shall be the duty of the solicitor of the Treasury, underSolicitor of the Treasury, duties. the direction of said commissioner, to investigate the manner in which said company has been managed by its trustees and others having control thereof} and if, in the judgment of said solicitor, the affairs of said company have been mismanaged, or managed frandently and corruptly, then said solicitor, under the direction of said commissioner, shall cause such civil and criminal proceedings to be instituted in the courts against those participating in said mismanagement or frandulent and corrupt management as he shall deem right and proper to attain Fees and costs Of suits, how paid.the ends of justice.
He shall pay fees and costs of suits out of the fluids in his hands as commissioner aforesaid; and said solicitor shall attend to all the suits in the courts held in the District of Columbia in which such company is in any manner a party, and he shall be the legal adviser of such commissioner in all matters in which such company is interested. Sec. 10. That if from any cause there shall be any considerable delayFunds invested in United States bonds. in making a dividend to the depositors, then said commissioner shall, under the direction of the Secretary of the Treasury, invest the funds on hand in United States bonds, until such time as he may be prepared to make a dividend, as directed under the act of June twentieth, eighteen hundred and seventy-four.
Approved, February 21, 1881.