National Bank Organization (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1904 Excerpt: ...of such portion of the old circulation as may then remain outstanding. This deposit of lawful money may be made in full at any time prior to the expiration of the three-year period if it is desired to provide at any one time for the redemption of the old issues. It is not necessary for a bank extending its corporate existence to make any transfer of bonds held by the Treasurer in trust, as the exAssent of Shareholders tended association is in all respects the same as before extension. There may be occasions when a shareholder does not wish to assent to the extension of the corporate existence of a national bank. In this event he may, within thirty days from the date of the Comptroller's Certificate of Approval of Extension, give notice in writing to the directors of his desire to withdraw from the association. He will then be entitled to receive from the bank the value of the shares held by him. This value is to be ascertained by an appraisal made by a committee of three persons, one to be selected by the shareholder, one by the Directors, and the third by the two persons so chosen. If the value fixed by this committee is not satisfactory to the shareholder, he may appeal to the Comptroller of the Currency. The Comptroller must then cause a reappraisal to be made. This reappraisal shall be final and binding. If the reappraisal exceeds the value fixed by the committee, the expenses of the reappraisal must be paid by the bank, otherwise the shareholder appealing to the Comptroller must pay the expense connected with the transaction. The value ascertained and determined in the manner Sale of Shares set forth, must be paid to the shareholder by the bank. The shares thus surrendered must be sold at public sale after due notice within thirty days after the final ...