Lancaster gazette. [volume] (Lancaster, Mass.) 1828-1830, 1828-05-20


euer that in no case shall any stakeholder be liza
BILE to pay sum exceeding the amount of the stock
actually then held by him.
SEC. IL. BE it further enacted That the holders
of stock in any Banking Corporation aforesaia in
this Commonwealth when its charter shall expire.
shall be chargea6le in their private and individual
capacities, and shall be holden for the payment and
redemption of all bills which may have been issued
by said Corporation, remaining unpaid, in proper
ton to the stock they may respectively hold.
Sec. l3 Be 1t further enacted, That every Bank
shall be kept in the city or town in which it is or
shall be originally established.
Sec. H. BE 1t further enacted, That whenever
the Legislature shall require it, of any Banking Cor
poration, it shall loan to the Commonwealth sum
not exceeding ten per centrum on its capital stock at
any one time, reimbursable by five annual install
ments, or at any shortefperiod at the election of
the Commonwealth, with the annual payment of in
terest at rate not exceeding fUe per centu per an
num- PROVIDED, That the Commonwealth shall
never at any one time stand indebted to any Corpo-
ration, without its consent, for larger sum than
twenty per centum of its capital
1t shall be the duty Of the Treasurer of this Com
monwealtn, whenever he shall hive occasion to Dor
row any sum OF money q. any Incorporated Bank
under and by virtue Of any authority for that purpose
given, by any act or resolve of this Commonwealth
to give notice in writing to the President or Cashier
OF any such incorporated Bank of the amount which
ne has so occasion to borrow and demanding of said
Bank loan OF the same, comfortably tD the provi-
sions of this act.
And if any incorporated Bank aforesaid shall neg
ect or refuse for the space of thirty dAys after no.
tee given as aforesaid to loan to the sad Treasurer
the sum SO demanded, said Bank shall forfeit and
pay into the Treasury of this Commonwealth the
sum OF two per cent. per month upon tie amount of
any sum so demanded, and so after thlt rate for
shorter or longer time long said neglect or re-
fusal to comply with such demand of sad Treasurer
shall continue
And it shall be the duty of the Treasurer, at the
expiration OF one month after said demand shall
have been made, to institute an action In the name
| OF, and for the use of this Commonwealth, in any
Court OF competent Jurisdiction, against the Bank
SO negectng or refusing, for the recovery of said
penalty and so from month to month to institute
similar suits for the recovery of the enalty afore-
sad SO long as such neglect or refusal shall contin-
ue And it shall also be the duty of sid Treasurer,
upon obtaining judgment and execution on any such
action or actions to cause the amountthereof to be
forthwith levied upon the goods, chatIes or lands
OF the Bank against which the same sIall have been
obtained
1t shall be the duty of the Treasurer in making
the demand aforesaid of any Bank BIZ Banks, to
equallze as far as is conveniently practicable the
amount of such demand among the leveral Banks
within the Commonwealth having reference to the
amount OF the obligation of each Bnk to loan to
the Commonwealth, and to the amount previously
borrowed Of each Bank under authority thereof
SEC. ID. BE 1t farther enacted, That any COM
mittee specially appointed by the Legislature for
the purpose, shall have right to examine into the
the dolngs OF any Banking Corporation chartered
under the authority of this Commonwealth and
shall have free access to all their books and vaults
and IT upon such an examination it shsl be found
and after full hearing of said Corporation thereon
be determined by the Legislature that said Corpo-
ration have exceeded the powers granted them,
failed to comply with any of the rules, restrictions,
ana ale Charter thereupon may be 10
forfeit and void And if any officer Of any Bank or
other person having charge of the books and prop
erty of any Bank shall refuse or neglect to exhibit
said books and property, shall in anyway obstruct
said examination by committee aforesaid, he or
they so offending, shall be guilty of misdemeanor,
and, on conviction thereof shall be punished by
fine not exceeding ten thousand doa,s, or imprs-
onment not exceeding three years, at the discretion
| of the court.
SEC. 16 BE 1t further enacted, That in addition
to the capital stock to which any Bank may be en-
titled by its act of incorporation, the Common
wealth may DE interested in, and shall have a right
to subscribe thereto, to an amount not exceeding
fifty per centum of its authorized capital, whenever
provision shall be made therefor by law. And the
Commonwealth from the time Of making any such
payment toward the capital Of any such Bank, shall
be entitled to their proportonate amount itheprof
its and dividends arising from the amount thereof.
| Sec. II. Be 10 further enacted, That in addition
to the directors authorized by law 70 be chosen by
the stockholders in the several Banks, the Legsla
ture shall have right from time totme, to appoint
a number of Directors in any Bank in proportion as
the sums paid from the Treasury If the Common
wealth towards the stock of said Bnk shall bear to
the whole amount of the stock a,tually paid into
said Bank if at any time hereafterth shall fit
to exercise that right
SEC. 49, BE 1t further enacted, That every Bank
shall be liable to pay to any bona tide holder
the original amount Of any note Of said Bank alter
ed in the ofits circulation large amount,
notwithstanding such alteration.
SEC. 10. Be 1t further enacted, That the Corpo-
ration of each and every Bank which is now in
operation within and by the authority OF this Com
monwealth, or which shall hereafter come into
operation as aforesaid shall within ten days after
the first Mondays in October and April annually pay
to the Treasurer of this Commonwealth for the use
of the same, a tax of one half Of one per centum
on the amount of such part of their original stock
as shall have been actually paid in by the stock
holders in the respective Banks; Provided, That If
any portion of the capital stock shall not have been
paid in six months previous to sad days, then the
tax, on such portion, shall be paid in proportion to
the time that has elapsed since twas actually paid
IN.
1t shall be the duty of such Banking Incorpora-
tons which have not yet completed the payment of
their several instamens, and OF all such as shall
hereafter be incorporated, to furnish the Treasurer
of the Commonwealth on OF before the first Mon
days in October and April with an abstract of the
amount of stock actually pad by the stockholders
into their respective Banks together with the time
when the several instaments were paid: And if
any Bank shall neglect to pay the aforesaid tax for
the space of thirty days after the same shall become
due It shallbe the duty of the Treasurer to issue
warrant of distress directed to the Sheriff of the
County in which such Bank is situate or his Deputy
commanding them to levy and collect the sum due
from the estate and effects of such Bank, which