United States Statutes at Large/Volume 5/25th Congress/2nd Session/Chapter 185
Chap. CLXXXV.—An Act to prevent the issuing and circulation of the bills, notes and other securities of corporations created by acts of Congress which have expired.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,Any director, &c. who shall put in circulation any bill, &c. purporting to have been made by any corporation whose charter shall have expired, shall be deemed guilty of a high misdemeanor. That in all cases where the charter of any corporation which has been or may be created by act of Congress of the United States shall have expired or may hereafter expire, if any director, officer or agent of the said corporation of any trustee thereof, or any agent or officer of such trustee, or any person having in his possession or under his control the property of the said corporation for the purpose of paying or redeeming its notes and obligations, shall knowingly issue, re-issue, or utter as money or in any other way knowingly put in circulation, any bill, note, check, draft, or other security purporting to have been made by any such corporation whose charter has expired or by any officer thereof, or purporting to have been made, under authority derived therefrom, or if any person or persons shall knowingly aid and assist in any such act; every person so offending, shall be deemed guilty of a high misdemeanor, and on conviction thereof shall be punished by a fine not exceeding ten thousand dollars,Penalty.
Proviso. or by imprisonment and confinement not less than one year nor exceeding five years, or by both such fine and imprisonment: Provided, That nothing herein contained shall be construed to make it unlawful for any person not being such director, officer or agent of the said corporation, or any trustee thereof, or any agent or officer of such trustee, or any person having in his possession or under his control the property of the corporation for the purpose aforesaid who shall have received or may hereafter receive such bill, note, check, draft or other security, bona fide and in the ordinary transactions of business, to utter as money or otherwise circulate the same.
All corporations created by act of Congress, or in which U. S. was a stockholder, whose charters have expired, and which have any bills or notes in their possession, may be prevented from issuing or re-issuing said bills, &c.Sec. 2. And be it further enacted, That in all cases in which any corporation has been or may be created by acts of Congress of the United States, and in which the United States shall have been interested as a stockholder the term of which corporation has expired, and in which any bills, notes, checks, drafts or other securities, made under authority derived, or alleged to have been derived from such act, shall be in the possession or under the control of any director, officer or agent of the said expired corporation, or any trustee thereof, or any agent or officer of such trustee, or any person having in his possession or under his control, the property of the said corporation, for the purpose of paying or redeeming its notes and obligations, the several circuit courts of the United States shall have jurisdiction on the bill or petition of the United States to grant injunctions to prevent the issuing, reissuing, or transfer of any such bills, notes, checks, drafts, or other securities; and also to cause such of the said bills, notes, checks, drafts, or other securities, as have been redeemed, to be delivered up and cancelled; and the said several courts shall have power to make all necessary decrees and orders for the purpose of carrying into effect the jurisdiction hereby conferred, and to execute the same by due process of law.
Approved, July 7, 1838.