The national banks are governed by the provisions of the national banking act, with the amendments thereto. Whenever a national bank has failed to make specie payments upon its notes or has become insolvent, the power is given to the secretary of the treasury, exercised in fact through the comptroller of the currency, to take possession of the bank by a receiver. This power has been frequently decided to be not a power granted to the comptroller to perform a judicial act, so that the Supreme Court of the United States has peremptorily refused to reopen the question.1 This proceeding may be obviated where the capital is simply impaired by the imposition of a voluntary assessment upon the stockholders, wherein the assessment is collectible only by a forfeiture of the shares of stock.2 The sale of the stock is void unless it brings the amount of the assessment.3 Another method of meeting losses would be a reduction in the capital stock, which has been frequently resorted to in order to obviate an assessment. But where the comptroller decides that the v. Chapman, 24 Ga. 249; Belcher v. Willcox, 40 Ga. 391 (for what was paid for them by the holder); Dun-lap v. Smith, 12 111. 399; Exchange Banking Co. v. Mudge, 6 Rob. (La.) 397; Union Bank v. Ellicott, 6 Gill & J. 363. In Mel v. Holbrook, 4 Edw. Ch. 539, the set-off was allowed for the same notes the debtor received for his note.

8 Williams v. Planters' Bank, 12 Rob. (La.) 125; American Bank v. Wall, 56 Me. 167; Mandeville v. Bracy, 31 Miss. 460: Niagara Bank v. Rosevelt, 9 Cow. 409; Mann v. Blount, 65 N. C. 99; Clarke v. Hawkins, 5 R I. 219.

9 Exchange Bank v. Knox, 19 Gratt. 739.

1 Bushnell v. Leland, 164 U. S. 684, citing the former cases.

2 This assessment is under section 5205, Revised Statutes. The directors cannot levy it. Hulitt v. Bell, 85 Fed. R 98.

3 Merchants' Nat Bank v. Foucho, 103 Ga. 851.