Chapter 28.
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CHAP. 28.— An act additional to an act entitled “An act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof,” passed June third, eighteen hundred and sixty-four.Mar. 29, 1886.Vol. 13, p. 99. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,Receiver of National bank to certify to Comptroller of the Currency the equity of bank in property to be sold.
That whenever the receiver of any national bank duly appointed by the Comptroller of the Currency, and who shall have duly qualified and entered upon the discharge of his trust, shall find it in his opinion necessary, in order to fully protect and benefit his said trust, to the extent of any and all equities that such trust may have in any property, real or personal, by reason of any bond, mortgage, assignment, or other proper legal claim attaching thereto, and which said property is to be sold under any execution, decree of foreclosure, or proper order of any court of jurisdiction, be may certify the facts in the case, together with his opinion as to the value of the property to be sold, and the value of the equity his said trust may have in the same, to the Comptroller of the Currency, together with a request for the right and authority to use and employ so much of the money of said trust as may be necessary to purchase such property at such sale.
Sec. 2. Approval of Secretary of Treasury, etc., to be filed with Treasurer. That such request, if approved by the Comptroller of the Currency, shall be, together with the certificate of facts in the case, and his recommendation as to the amount of money’ which, in his judgment, should be so used and employed, submitted to the Secretary of the Treasury, and if the same shall likewise be approved by him, the request shall be by the Comptroller of the Currency allowed, and notice thereof, with copies of the request, certificate of facts, and indorsement of approvals, shall be filed with the Treasurer of the United States.
Sec. 3. Purchase. That whenever any such request shall be allowed as hereinbefore provided, the said Comptroller of the Currency shall be, and is, empowered to draw upon and from such funds of any' such trust as may be deposited with the Treasurer of the United States for the benefit of the bank in interest, to the amount as may be recommended and allowed and for the put pose for which such allowance was made: *Provided, however*, That all payments to be made for or on account of the *Proviso*.purchase of any such property and under any such allowance shall be made by the Comptroller of the Currency direct, with the approval of Approval of payments.the Secretary of the Treasury, for such purpose only and in such manner as he may determine and order.
Approved, March 29, 1886.