The National Bank Act, And Its Judicial Meaning, With An Appendix, Containing Official Instructions And Rules Relating to the Formation And Management of National Banks, United States Bonds, And the Issue And Redemption of Coins And Currency

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Sale of bonds at auction and lien of U.S.
Government has first lien.
Sale of bonds privately.
Disposition ot notes redeemed by Treasurer.
288. Cancellation of notes.
289. Fees for protesting, examinations and receivership.
283.
285.
286.
287.
^ 290. How oi^anized.
291. Eepeal of limit on amount of their circulation.
Associations for Issuing Gold Notes.
292. Reserve on gold-note circulation.
Amount of notes that may be is- sued.
Act July IJ, 1883.
Reduction of circulation by banks having 1150- 0
...00 or less.
Act July 12, 1883.
§ 238. The act of 1882 provided " that upoa a deposit of bonds as described by sections 5159 and 5160, except as modified by section four of an Act entitled ' An Act fixing the amount of United States notes, providing for a redistribution of the national bank cur- rency, and for other purposes,' approved June twentieth, 1874, and as modified by section eightof this Act, the association making the same shall be entitled to receive from the Comptroller of the Currency circulating notes of different denominations, in blank, registered and countersigned as provided by law, equal in amount to ninety per centum of the current market value, not exceeding par, of the United States bonds so transferred and delivered, and at no time shall the total amount of such notes issued to any such association exceed ninety per centum of the amount at such time actually paid in of its capital stock ; and the provisions of sections 5171 and 5176 of the Revised Statutes are hereby re- pealed." ' § 239.


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