Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-01-23

QeDtS WDlcn now are, or hereafter may
/ become due TO the state, or to any coun-
ty, or to said bank: Provided, That the
said six per cent. shall be retained al the
time OF granting all loans under the au-
thority Of this act.
Sec. Is. BE it .further enacted, Thai
/ all loans made under the authority of his
! act, shall be considered as standing ac-
, commodatlons, subject to the control OF
! the board oil directors, or the president,
when he shall be attending in other coun-
/ ties, than lhe one i'll which the said bank
! is located, for the transaction of bank
business in pursuance OF this act, and
! the notes given shall be renewable all
nuaily; and all notes, bonds and mort
cages shall be drawn in favor oil the pre-
sident and directors OF the State Bank oil
! Illinois, for the use OF the people OF the
| said state; and all such notes and bonds,
shall be payable twelve months after
! date Provided however, that the board
of directors or president aforesaid, may
! from time to TIME examine the situation
of any debt due the bank, and require
additional security and pledges, when
those which may have been given may
be considered Insufficient or unsafe; pnd
the president and directors OF said bank
The Cashier and the acting agents, in the
several counties, shall not be permitted
10 become security for any person or
persons borrowing from SAID bank.
Sec. 49, Be il farther enacted, That
the president and directors as aforesaid,
shall have power and discretion in all
matters relative 10 the security and col
lection of debts which may hereafter be-
come due to the institution; and when
they shall be Of opinion, that the said
bank is in danger OF loosing any debt,
they shall have power, and it shall be
their duty, to notify the drawer or draw
els OF such note or mortgage, SO suspect
ed, to be in danger, that he will be re-
! CURED, on day therein specified, to give
| additional security or NOR, cages and IN
Case OF the drawer or drawers ui such
note, refusing to give such additional Sc
curly, ii shall be the duty of the SAID
board of directors or president, to have
such note protested in manner and form
as in other cases ma.c and provided;
and they shal! proceed immediately to
the collection OF the same by plant, bill
or otherwise, in any court having juris-
diclion Of the same.
Sec. 90. BE ii furtter enacted, That
it shall be the duty of tn acting agents
in their respective counties, to transmit
a report quarter yearly to the president
and directors of said bank, in which they
shall be required to state the situation OF
the debts in their respective counties,
whether there is a probability of any
failures; and in general every thing
which relates to the welfare OF the insti-
tutiaa; which reports, SO made and
transmitted, shall, by the said president
and directors, be laid before the general
assembly, together with their next bien-
| NAL report.
Sec. 81. Be it f4rther enQctcd, That
1t shall be the duty Oh the president and
directors Of said bank, to lay before the
general assembly on or before the tenth
day OF every session, true statements OF
the amount Of capital stock on hand, Of
the debts due the SAID bank, OF what de-
scription, and how secured, of specie on
hand, notes Of other banks, SC. and The
persons names accommodated, and to
what amount, the description Of bank
buildings and other apparatus, expenses
incurred. &c. designating every thing
particularly. And the general assembly
shall likewise appoint committee or
committees, whose duty it shall be to
examine the condition Of said bank,
whenever they may deem it necessary;
whereupon, the general assembly shall
proceed 10 adopt such measures as they
may think eXpcdient, not inconsistent
with the nature of the Institution.
Sec. %. Be it frrther enacted, Tina,
the president and cashierof the said bank,
shall receive as compensation for their
services, as follows, 10 wit: The presi-
dent, twelve hundred dollars, and the
cashier the like sum, for each years
services; which sums, they shall be en-
titled 10 receive half yearly out of the
moneys reserved for that purpose.
Sec. IS. BE it further enacted, Tha,
the directors Of SAID bank, and the acting
agents in the several counties, shall, as a
compensation for their services, have a
standing accommodation in said bank rs
follows, to-wit Each director and each
acting agent, the sum of seven hundred
dollars, which shall not be liable to BIZ
called in until they shall cease to be di-
rcctors or agents, unless the safety otthe
institution require it. And all such ac-
communications shall be secured in the
same manner as is required in the thir-
teeath section; and they shall be further