NaTioNAL BANK ORGANIZATION 
the examiner will present his bill covering the expenses incurred in the 
examination, whereupon the applicant should deliver to him a draft 
payable to the order of the Comptroller for the amount of the bill, the 
draft to accompany the examiner’s report. The Comptroller also ob- 
tains reports on the situation from the Federal Reserve Bank of the 
district, from the State Banking Department, and from other sources. 
Upon the approval by the Comptroller of the organization of the 
proposed bank, all the necessary blanks for use in connection with 
the organization will be furnished, with instructions for their proper 
execution. The title applied for will be reserved for sixty days 
more, during which period it is expected the organization of the bank 
will be completed. 
8. Disposition of capital stock—After the bank has received per- 
mission to organize, subscription contracts, to be signed by the pro- 
spective shareholders, are usually drawn up. Forms for such con- 
tracts are Nor furnished by the Comptroller, but it will be found 
serviceable if each subscriber is required to give not only his signa- 
ture, but his address, occupation, statement of his net financial 
worth, and the number of shares to which he subscribes. 
The stock of a national bank must be divided into shares of $100 
each, or such less amount as may be provided for in the articles of 
association, and the Comptroller recommends that all organizing 
national banks sell their stock at a premium, thereby creating a 
surplus from which to pay organization expenses, which, with salaries, 
frequently prove a drain upon capital during the early months of the 
bank’s existence. Where no surplus is created through premium, the 
Comptroller recommends that no dividend be paid until a substantial 
surplus has been created by earnings. 
Payment of the capital stock is treated in Paragraphs 8 and 10 
of this chapter. 
4. Articles of Association—At least five persons, the Ses of 
whom are subscribers to stock of the proposed bank, mus i 
institutions Articles of Association, which are drawn hn 4 
cuted in duplicate. One copy is retained by the bank, i ole 
is filed in the Comptroller’s office. The persons uniting to i 
a national bank must be individuals who can hold and control Ph 
erty in their individual right—not corporations, firms, or associations 
of anv character. 
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