stock subscribed, and subject to redemption at the pleasure of the United States: Provided, that no single certificate shall be issued for an amount greater than ten thousand dollars: And provided further,Proviso as to reimbursement.
Notice to be given previous to reimbursement.
At what rate credits are to be given for 3 per cent. stock subscribed. that no reimbursement shall be made except for the whole amount of any such new certificate, nor till after at least six months’ previous public notice of such intended reimbursement.
Sec. 3. And be it further enacted, That for the whole or any part of any sum which shall thus be subscribed in three per cent. stock, credits shall likewise be entered to the respective subscribers; and the subscriber, or subscribers, shall be entitled to a certificate, purporting that the United States owe to the holder or holders thereof, his, her or their assigns, a sum to be expressed therein, equal to sixty-five per centum of the amount of the principal of the stock thus subscribed,Sums subscribed to bear an interest of 6 per cent.
When reimbursable. bearing an interest of six per centum, per annum, payable quarter yearly, from the first day of the quarter, during which such subscription shall have been made, and transferable and subject to redemption in the same manner, and under the same regulations and restrictions, as the stock created by the preceding section of this act: Provided, that no part of the stock thus created, shall be reimbursable without the assent of the holder, or holders of such stock, until after the whole of the eight per cent. and four and a half per cent. stocks, as well as all the six per cent. stock which may be created by virtue of the preceding section, shall have been redeemed.
Commissioners of the sinking fund to appoint agents in London and Amsterdam; their duties.Sec. 4. And be it further enacted, That the commissioners of the sinking fund shall be, and they are hereby authorized to appoint an agent in London, and another in Amsterdam, whose duty it shall be to receive subscriptions and transfers, and to issue new certificates in the manner, and at the times above mentioned, and as the officers of the treasury department, or the commissioners of loans might do; that is to say, the agent in London in favour of such stockholders residing in the dominions of Great Britain, in Europe, and the agent in Amsterdam, in favour of such stockholders, residing in any other part of Europe, as may respectively become subscribers:Interest on certificates issued by agents. Provided, that the certificates issued by the said agents shall bear interest only from the first day of the quarter next succeeding that in which the subscription shall have taken place, and that in relation to subscriptions made in old six per cent. or deferred stocks, the sums expressed in such new certificates shall be equal to the amount of the principal of the old six per cent. or deferred stocks thus subscribed, which shall remain unredeemed after payment of the dividend payable on such stock, on that day from which the interest on the new certificates shall commence.Dividend on the old 6 per cent. stock to be paid to subscribers.
Agents to transmit abstracts of the certificates of stock subscribed to the register of the treasury, &c. The foreign stockholders thus subscribing with either of the said agents shall be entitled to receive the dividend on the old six per cent. deferred, or three per cent. stock subscribed by them, respectively, which shall be payable on that day, from which the interest on the new certificates shall commence. And it shall be the duty of the said agents, respectively, to transmit, before the end of each quarter, to the register of the treasury, and to the several commissioners of loans, respectively, triplicate abstracts of the certificates of stocks subscribed, and of the new certificates issued by them, during such quarter, in order that the proper credits may be entered on the books of the treasury, and of the commissioners of loans, as the case may be, to the holders of such new certificates. And the said agents before theyAgents to take an oath, &c. enter upon the execution of their several offices, shall, respectively, take an oath or affirmation for the diligent and faithful execution of their trust, and shall also become bound with one or more sureties to the satisfaction of the commissioners of the sinking fund, or of the Secretary of the Treasury, in the penal sum of twenty thousand dollars, with condition for their good behaviour in their said offices.
