The Romance And Tragedy of Banking Problems And Incidents of Governmental Super
The Romance And Tragedy of Banking Problems And Incidents of Governmental Super
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Murray left the Comptroller's office in 1899 and the date of his appointment as Comptroller in 1908. But these provisions of law, while generally admitted to be defective and inadequate during his former connection with the office, were allowed to stand as they were because of the apparent impossi- bility of impressing upon the legislative branch of the Govern- ment the necessity for their amendment.
The faultiness of Mr. Murray's objections to the amendments proposed, however, was his lack of ...familiarity with the banking laws and their practical operation. This ignorance was further displayed by his dissent to the proposition to amend Section 5220 of the Revised Statutes in regard to the voluntary liquidation of banks.
A bank under existing law may be placed in voluntary liqui- dation by the stockholders owning two-thirds of the stock, with- out the consent or approval of the Comptroller. When such a bank has deposited lawful money with the Treasurer of the United States to provide for the redemption of its outstanding circula- tion, as it is required by law to do within six months after being 358 ROMANCE AND TRAGEDY OF BANKING voted into liquidation, it passes from under the supervision of the Comptroller of the Currency into the hands of its shareholders and the Comptroller does not again exercise supervision over it, except in event of default in the payment of a creditor.
What to read after The Romance And Tragedy of Banking Problems And Incidents of Governmental Super?
You can find similar books in the "Read Also" column, or choose other free books by Thomas P Kane to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Murray left the Comptroller's office in 1899 and the date of his appointment as Comptroller in 1908. But these provisions of law, while generally admitted to be defective and inadequate during his former connection with the office, were allowed to stand as they were because of the apparent impossi- bility of impressing upon the legislative branch of the Govern- ment the necessity for their amendment.
The faultiness of Mr. Murray's objections to the amendments proposed, however, was his lack of ...familiarity with the banking laws and their practical operation. This ignorance was further displayed by his dissent to the proposition to amend Section 5220 of the Revised Statutes in regard to the voluntary liquidation of banks.
A bank under existing law may be placed in voluntary liqui- dation by the stockholders owning two-thirds of the stock, with- out the consent or approval of the Comptroller. When such a bank has deposited lawful money with the Treasurer of the United States to provide for the redemption of its outstanding circula- tion, as it is required by law to do within six months after being 358 ROMANCE AND TRAGEDY OF BANKING voted into liquidation, it passes from under the supervision of the Comptroller of the Currency into the hands of its shareholders and the Comptroller does not again exercise supervision over it, except in event of default in the payment of a creditor.
What to read after The Romance And Tragedy of Banking Problems And Incidents of Governmental Super?
You can find similar books in the "Read Also" column, or choose other free books by Thomas P Kane to read onlineMoreLess
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