United States Statutes at Large/Volume 1/1st Congress/3rd Session/Chapter 11
Chap. XI.—An Act supplementary to the act intituled “An act to incorporate the subscribers to the Bank of the United States.”
Subscriptions to bank stock prolonged.
1791, ch. 10.Section 1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the subscriptions to the stock of the bank of the United States, as provided by the act, intituled “An act to incorporate the subscribers to the bank of the United States,” shall not be opened until the first Monday in July next.
Time of first payment.Sec. 2. And be it further enacted, That so much of the first payment as by the said act is directed to be in the six per cent. certificates of the United States, may be deferred until the first Monday in January next.
Not more than thirty shares to be subscribed at one time.Sec. 3. And be it further enacted, That no person, corporation, or body politic, except in behalf of the United States, shall, for the space of three months after the said first Monday in July next, subscribe in any one day, for more than thirty shares.
Specie proportion, when to be paid, and failure in future payments to forfeit sum first paid.Sec. 4. And be it further enacted, That every subscriber shall, at the time of subscribing, pay into the hands of the persons who shall be appointed to receive the same, the specie proportion required by the said act to be then paid. And if any such subscriber shall fail to make any of the future payments, he shall forfeit the sum so by him first paid, for the use of the corporation.
In what manner public debt funded at 3 per cent. may be paid to the bank.Sec. 5. And be it further enacted, That such part of the public debt, including the assumed debt, as is funded at an interest of three per cent. may be paid to the bank, in like manner with the debt funded at six per cent. computing the value of the former at one half the value of the latter, and reserving to the subscribers who shall have paid three per cent. stock, the privilege of redeeming the same with six per cent. stock, at the above rate of computation, at any time before the first day of January, one thousand seven hundred and ninety-three; unless the three per cent. stock shall have been previously disposed of by the directors.
Approved, March 2, 1791.