The Freedmen's Savings Bank

Bibliographic data

Monograph

Identifikator:: 175265076X

URN:: urn:nbn:de:zbw-retromon-129631

Document type:: Monograph

Author:: Fleming, Walter Lynwood http://d-nb.info/gnd/120660560X

Title:: The Freedmen's Savings Bank

Place of publication:: Chapel Hill

Publisher:: Univ. of North Carolina Press

Year of publication:: 1927

Scope:: x, 170 S.

Digitisation:: 2021

Collection:: Economics Books

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138 THE FREEDMEN’S SAVINGS BANK mortgage, or confess any judgment or decree whereby said company may be charged with any liability, or be de- prived of any of its assets, or shall make any false entry in any book, report, or statement of the company, or wilfully deceive any officer of the company, or any agent appointed to examine the affairs or condition of the com- pany, shall be deemed guilty of misdemeanor, and upon conviction thereof, shall be punished by imprisonment for a period not exceeding five years. Sec. 6 . . . hereafter the officers or agents of said trust company shall not pay interest on the deposits exceeding five per centum. Sec. 7 . . . whenever it shall be deemed advisable by the trustees of said corporation to close up its entire busi- ness, then they shall select three competent men, not con- nected with the previous management of the institution and approved by the Secretary of the Treasury, to be known and styled commissioners, whose duty it shall be to take charge of all the property and effects of said Freedmen’s Savings and Trust Company, close up the principal and subordinate branches, collect from the branches all the deposits they have on hand, and proceed to collect all sums due said company, and dispose of all the property owned by said company, as speedily as the interests of the corporation require, and to distribute the proceeds among the creditors pro rata, according to their respective amounts; they shall make a pro rata dividend whenever they have funds enough to pay twenty per centum of the claims of the depositors. Said commis- sioners, before they proceed to act, shall execute a joint bond to the United States, with good sureties, in the penal sum of one hundred thousand dollars, conditioned for the faithful discharge of their duties as commissioners afore- said, and shall take an oath to faithfully and honestly perform their duties as such, which bonds shall be executed in presence of the Secretary of the Treasury, be approved by him, and by him safely kept; and whenever said trus- tees shall file with the Secretary of the Treasury a certified copy of the order appointing said commissioners, and they shall have executed the bonds and taken the oath afore- said, then said commissioners shall be invested with the

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