Full text: The Freedmen's Savings Bank

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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