APPENDIX 137 
received, worth, upon cash appraisement, at least double 
the amount of money loaned thereon. And the borrower 
shall at his own expense, or the bank shall at the expense 
of the borrower, keep the buildings upon said property 
insured in some good and solvent company, to the amount 
of one half of their cash value, for the benefit of the 
Freedmen’s Savings and Trust Company. The other half 
they shall invest in United States bonds, or keep on deposit 
in some national bank such sums as may be necessary to 
meet current payments. 
Sec. 2 . . . it shall be the duty of said trustees and 
officers of said company to collect, as speedily as may be 
done without prejudice to the interest of the depositors, 
all sums of money by them loaned upon real estate outside 
of the States from which received; and when collected, 
and as the same may be collected, they shall loan such 
funds as directed in the first section of this act. 
Sec. 3 . . . when it shall appear that the interests of 
the depositors may require it, it shall be lawful for the 
trustees of the corporation, by and with the advice and 
consent of the Secretary of the Treasury, at any time to 
close any of the agencies or branches of the corporation 
paying to the depositors of such agencies or branches a 
pro rata amount of the principal and interest which may 
be due them and also a ratable proportion of any surplus 
which may have accumulated under the provisions of sec- 
tion eight of this act. And whenever it may be deemed 
advisable, or when so ordered by Congress, the general 
business and affairs of the corporation shall, in like man- 
ner, be closed up by the trustees of the corporation, as 
provided for in section seven herein. 
Sec. 4 . . . said trustees and officers of said company 
shall not loan to any person or company at any time more 
than ten thousand dollars of the funds of said trust 
company. 
Sec. 5 . . . every officer, clerk, or agent of the company 
who shall embezzle, abstract, or wilfully misapply any of 
the money, funds, or credits of the company, issue or put 
forth any pass-book, certificate of deposit, or other evi- 
dence of indebtedness, draw any order, bill of exchange,