whenever the Comptroller shall become satisfied of the insolvency of any association, he may, after due examination of its affairs, appoint a receiver to close up the same and to enforce the personal liability of the shareholders. (Act· June 30, 1876, Stats. 19, p. 63.) 824. He is required, with the approval of the Secretary of the Treasury, as often as may be necessary or proper, to appoint some suitable person or persons to make an examination of the affairs of every banking association, to whom is given power to thoroughly investigate the affairs of the association, and in doing so to examine any of the officers and agents thereof on oath, and who is required to make a full and detailed report of the condition of the association to the Comptroller. (R. S., § 5240.) 825. All savings banks or savings or trust companies organized under authority of any act of Congress are required to make to the Comptroller of the Currency, and to publish, all reports which national banking associations are required to make under sections 5211, 5212, and 5213 of the Revised Statutes. And all savings banks or other banks organized in the District of Columbia under any act of Congress, which shall have capital stock paid up in whole or in part, are subject to all provisions of the Revised Statutes and of all acts of Congress applicable to national banking associations, as far as the same may be applicable to such savings or other banks. (Act June 30, 1876, Stats. 19, p. 64.) THE OFFICE OF THE COMPTROLLER OF THE CURRENCY. This office is organized by the designation of four divis ions, corresponding to the number of chiefs of divisions. authorized by law, viz.: 1. Division of Organization. 2. Division of Issue. 3. Division of Reports. 1. THE DIVISION OF ORGANIZATION. 826. This division is charged with the superintendence of all matters pertaining to the organization of national banks, and the filing and preservation of the papers connected therewith; also with all correspondence relative to such organization. The statutes of the United States provide as to the manner in which a national banking associa tion shall be formed, what articles of association are to be entered into by the persons, not less than five, who intend to organize such an association, and how such articles shall be executed and attested. The law also declares the nature of the organization certificate; that it shall contain a statement of the following particulars, viz.: The name assumed by the association, which name is subject to the approval of the Comptroller of the Currency; the name of the place where its business is to be carried on; the amount of the capital stock, and the number of shares into which the same is to be divided; the names and places of residence of the shareholders, with the number of shares held by each; also that such certificate shall state that the same is made to enable such persons to avail themselves of the advantages of the laws authorizing the establishment of such associations. Such certificate must be properly acknowledged before a judge of a court of record or a notary public under seal, and transmitted to the Comptroller of the Currency, who is required to record the same and to carefully preserve it on file in his office. Upon duly filing these articles of association and the certificate just referred to the association becomes a body corporate, with certain specified powers given by the statutes, and on receiving authority from the Comptroller of the Currency it may commence the business of banking, under the limitations prescribed by law. The authority thus given by the Comptroller is to be exercised after a careful examination as to the condition of the association, as to whether an amount equal to at least onehalf of the capital stock has been paid in, and generally whether the association has complied with all the provisions of law entitling it to engage in business. To this end he may require a statement under oath of a majority of the directors, and of the president or cashier, of all the facts necessary to enable him to determine. And he may, upon being satisfied of a full compliance with the provisions of law, issue to the association a certificate under his hand and official seal authorizing it to commence business as aforesaid. The oath of office which each director is required to take and subscribe must also be transmitted to the Comptroller of the Currency and filed in his office; and likewise on the first of July of each year a copy of the list of shareholders of the bank, containing information of the residence of and the number of shares held by each. It is incumbent on this Division of Organization to make careful examination of the papers so required to be transmitted, and to see that the provisions of the law in their execution have been fully complied with; also to prepare the certificates of authority for the commencement of business, to require the proper execution and transmission of such papers as are required by law in connection with the organization of the association, and to keep proper records and files pertaining to the same. II. THE DIVISION OF ISSUE. 827. This division is charged with the issue of circulating notes to the national banks, with the safe-keeping of the unsigned and unfinished notes on hand to be furnished the banks when called for, and with all business and cor respondence connected with the issue of the national-bank currency. As already stated, these associations are required, in order to afford an absolute security for the notes issued to and put in circulation by them, to deposit with the Treas urer of the United States registered bonds of the United States, in trust, to an amount not less than thirty thousand dollars, and not less than one-third of the capital stock of the bank paid in. Such bonds are to be increased as the capital stock is paid up or increased. They are to be transferred to the Treasurer in trust, and so marked and receipted for by the Comptroller of the Currency, or by a clerk whom he may designate for the purpose, and are at specified times subject to inspection by the agents of the banks respectively. Upon making this deposit of bonds, the particular bank is entitled to receive from the Comptroller of the Currency circulating notes of different denominations, in blank, registered and countersigned, and having thereon the imprint of the seal of the Treasury, in amount proportionate to the amount of its paid-up capital, but not exceeding ninety per centum of the current market value of the bonds so on deposit. It is the duty of this Division of Issue to receive the orders of the numerous national banks for these circulating notes; also to examine as to whether the proper deposits have been made to secure the same, as to whether the other provisions of law entitling the banks to receive such notes have been fully complied with, and to cause the notes, of the proper amount and denominations, printed for the use of the particular bank to be forwarded. This division also causes circulating notes to be forwarded to supply the place of worn-out or mutilated bills destroyed in the Treasury Department, upon being notified by the Redemption Division of the redemption of the same. It also receives from the Bureau of Engraving and Printing the national currency which has been printed in that bureau, makes a record of the same, and places it in the vault of the Comptroller's office, there to remain in safe custody until required to fill orders from the banks. It keeps a complete record of all receipts and issues of this currency, and makes daily reports of the same, whether received, issued, retired, or on hand. III. THE DIVISION OF REPORTS. 828. This division is charged with the receipt and care of all reports from national banks of their condition, dividends, and earnings. It also receives the reports made by the examiners which the Comptroller appoints by authority of law to look into the concerns of these banks. It also makes up a tabulation from these various reports for publication and for the information of Congress, as required by law. It also has the care of the general correspondence and files of the office, and conducts the correspondence of the office with the bank officers relative to the affairs and management of their respective associations. It is the duty of this division to require, by letter, of all institutions which may be delinquent in this respect, the reports required by law as to the condition, resources, &c., of the same. These associations are so required by law to make not less than five reports during each year, in a prescribed form and properly verified; also to report specially when called upon by the Comptroller. The regular reports are required to be published by the banks respectively in newspapers at the places where the associations are established, or in adjacent places, proof of which publication must be forwarded to the Comptroller. It supplies also all blanks for these purposes to the banks, as the same may be required. |