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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APPENDIX 139 legal title to all of said property of said company, for the purpose of this act, and shall have full power and authority to sell the same, and make deeds of conveyance to any and all of the real estate sold by them to the purchasers. Said commissioners may employ such agents as are neces- sary to assist them in closing up said company, and pay them a reasonable compensation for their services out of the funds of said company; and said commissioners shall retain out of said funds a reasonable compensation for their trouble, to be fixed by the Secretary of the Treasury and the Comptroller of the Currency and not exceeding three thousand dollars each per annum. Said commis- sioners shall deposit all sums collected by them in the Treasury of the United States until they make a pro rata distribution of the same. Sec. 8 . . . from and after the passage of this act and until the first day of July, eighteen hundred and seventy-five, all the deposits made in said Trust Company shall be held by the trustees of said company as special deposits, and any investments made of said deposits shall be made and held for the use and benefit of said depositors only; and it shall be the duty of said trustees on or before the first day of July, eighteen hundred and seventy-five, to make a full and complete statement of all the assets and liabilities of said company and lay the same before the Secretary of the Treasury, and if said Secretary and the trustees shall at that time after investigating the con- dition of said company believe the same to be solvent then the trustees and said Secretary shall issue an order declaring that thereafter all deposits shall be general; but said order shall in nowise affect the special deposits, unless said depositors shall in writing consent that said special deposits shall become general deposits. But if the Secre- tary and trustees of said company shall on the first day of July, eighteen hundred and seventy-five, after the exami- nation aforesaid doubt the propriety of making the de- posits thereafter general then the deposits made shall still be special until the first day of July, eighteen hundred and seventy-six, or until the said Secretary and trustees deem it prudent to make said deposits general.

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