Edwardsville spectator. [volume] (Edwardsville, Ill.) 1819-1826, 1821-01-23
ILLINOIS STATE BANK BILL.
AN ACT establishing the Stats Bank of HI
nois.


Sec. |. Re ii enacted By the Peofie
" fhe State IF Minoia, Represented in
fht General .4s&em5iy, That a bank 10
be emitted = The State Bank of Illinois,"
shall be established at Nandalia, the seat
Of governa ent OF said state, the capital
stock of which shall not exceed three
hundred thousand dollars, to be owned
by The state, ana 10 be managed ard su-
perintended in the manner hereinafter
pointed cut.
Sec. ,. BE IL further enacted, That
the SAID institution Is hereby created and
made body corporate and poiIjic, to be
known and distinguished by the name
and style Of the * President and Directors
Of lhe State Bank OF Illinois" 4nl shall
Sc continue for and during the space OF
1e. 'ars, from anu after the passage OF
THIS ..ct; and by thai name shall be, and
hefeby are, made able ana capable II law
TO purchase, receive, hola, pOss, SIS, and
eHlpy, for the use of the state, lands,
Il IS, tenements and helcditamcnls,
goo, chatlolS, AID effects, of what kim,
n IRE, or quality soever, to an amour,
no. exceeding double the amount of
capital stock, with the interest from time
10 Ii le acelulng thereon, and the same
TO sell, grant, demise, alien, dispose of,
Snd convey, under the control, and by tn
al ohy of the genera assembly; 10 sue
az - sued, plead and be implicated,
al IN be answered, defend and be
def noed, in all courts.
Sc. 5. BE ii .fur!her enacted, That
the SAID corporation shall max have,
and use common seal OF such device
as H." president and directors shall ADOPT,
an ae same to alter at their pleasure
and also TO ordain, establish and put in
execution such bylaws, ordinances, ana
regulations as shall be necessary and
Consenlen, Tor the government OF SAID
ba k, not beng contrary TO the laws and
Constitution OF this state; for which pur-
Pose there Snail be meetings of the pre-
81 nj and directors al stated times and
On such extraordinary occasions as tic
business OF the institution may require
an .,enarally to do AMI perform all and
ST. lar, matters, acts, and things, which
to thcm Il shall or may appertan 70 do,
Suhlct, nel ertheiess 10 the rules, regu-
lat7's, am restrictions hereinafter pre-
SCrlbed nj declared; being at all times
antnable and subject to the Instructions
and control of the general assembly.
Sec. A. BE ii further enacted, That
tor the wall ordering of1he affairs OF ne
sald bank, there shall be elected by Joint
ballot OF The senate and house OF repre-
sentatiVes, at the present session, and
ever liter biennially, president and six
dir ctprs. And the first president and
directors first chosen under ibis act shall
81 ,nll the first Monday in January,
1928, ans until Their successors shall be
duly elected and qualified; and if any
vacancy snail happen IN said directory,
by death, refusal to act, disqualification.
Or otherwise, during the recess OF the
general assembly, the president and
directors nt said bank shall proceed a;
their next stated meeting of the board
after such vacancy Shall occur, to aD-
point day for the election of a person
70 d such vacancy, giving public notice
T. cIeol; and shall on said day, a ma
1or.ty Ut directors being present, proceed
to The election OF new director who
Shall continue in office until the cxpira-
ton of the term of service of those by
whom he shall nave been elected.
Sec. 5. BE it further enacted, That
the general assembly, ID the manner and
at the respective times as aforesaid, shall
likewise proceed to the election of
Cashier for the said bank, who shall con-
hDue in office Tor the same time as the
president and directors and who, before
he enters on the duties of his Office,
shall be required to give bond, with two
or more securities, to the satisfaction of
the president and directors, in a sum not
less than fifty thousand dollars, payable
to the said president and directors forthe
use of the people of the state OF Illinois,
CoDd tioned for his good behaviour, and
the faithful discharge of the duties of his
Office.
Sec. 6. Be it further enacted, That
the general assembly shall likewise, at
the respective times as aforesaid, pro-
coed to the election OF six agents in each
and every county in this state, to be num-
bered from one to sic, the three first OF
whom, viz. numbers |, 2, and 8, shall
only be permitted or required to act,
whose duty it shall be to examine into
the circumstances of each and every
person or persons applying for loan,
and ascertain whether the real estate
offered in pledge or mortgage be free
IRON membranes or not-alSO to in
qulre into the situation and circum-
stances of any person or persons who
may be offered as secnrity-whether the