Instructions of the Comptroller of the Currency Relative to the Organization and Powers of National Banks: 1919 (Classic Reprint)

Excerpt from Instructions of the Comptroller of the Currency Relative to the Organization and Powers of National Banks: 1919

Organization expenses should not include any commissions paid for the sale of stock, or promotion fees, but only such legitimate other expenses as are incident to the actual organization of banks. The capital and surplus must be paid in money and in money only. If any agreement, whether verbal or written, exists to use subsequently any part of the capital stock, surplus, or undivided profits to pay promoters' expenses, or commissions contracted prior to organization, this fact must be reported with the application for charter, as favor able consideration will not be given to any application if there is an agreement to pay expenses not properly allowable.

Information is also desired whether any of the applicants or other persons interested in any manner in the proposed organization have at any time been connected with, or interested in, the organization or attempted organization of any bank, either State or national; if so, the name of the bank or banks and the conditions under which they were organized should be stated.

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