The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1829-03-18

ulents as shall have been made thereon by such
debtor, and after sale of such mortgage, TO de-
liver said note or obligation TO the purchaser
thereof. No gift, sale, transfer, conveyance OF
endorsement Of SUCH note mortgage made
By such Bank, after notice duly filed at the
Office Of the Register of Deeds of said County
or District, or otherwise given to the party to
be affected thereby, of the secure thereof on
execution by such officer, for the purpose OF
sale under this act, shall have any validity, force
or effect against such purchasers under such
sale at auction but the same shall be adludged
null and void except only between the Bank
and the person to whom the Bank shall make
such gift, SALE transfer, conveyance or endorse
mcnt, his heirs, executors, administrators and
assigns
SEC 25. BE II further enacted, That all bills
issued from any Bank shall be signed by the
President and Cashier thereof: Provided, how
ever, that all bills which shall get into circnia-
ton signed by either the President or Cashier
thereof through the agency or neglect OF any
officer of the Bank, shall be binding on the
Corporatoin. Every Bank within this Com
nonwealth may issue bills under five dollars TO
the amount of twenty five per centum OF ITS
Capital actually paid in, and no more: but no
Bank shall issue bills of lrss denomination
than one dollar under a penalty of one hundred
dollars for each offence. All bills shall be issu
ed in the name of the President, Directors and
Company of the Bank issuing them but no
Bank shall issue any note, bill or check, draft,
facility certificate payable at a future day or
bearing interest No Bank in this Common
wealth shall be permitted to take any greater
rate of interest or discount any note, draft
or security than at the rate Of six per centum
per annum, hut such interest or discount may
: be calculated and taken according to the estab-
.tnlr 1f d. hat
in discounting drafts or inland bills of ex-
change, the Bank discoInting the same may
charge over and above the rate ofinterest afore
said the then existing rate OF exchange, be-
tween the place where such draft may be dis
counted and the place where the same IS paya-
BILE. No Bank shall issue any bill, note, check
or DRAFT redeemable at such Bank in any other
manner than by payment in specie. Every in
corporated Bank which shall issue any bill,
note, check or draft redcenahle in any other
manner than by payment in specie on demand
or payable at any place, other than the place
where such Bank is by law established and
kept shall be liable to pay the same in specie to
the holder thereof demand at said Bank
without previous demand at the Bank or place
where the same is on the face of such bill. note,
check or draft made payable. And if the Bank
which issued the same shall neglect or refuse
to pay on demand made aforesaid, any bill,
note check or draft, such Bank shall be liable
tn pay to the holder thereof two per cent per
month damages as before provided for in this
act Provided, however, that nothing herein
contained shall extend to any check or draft
drawn BY the President Cashier of any Bank
within this Commonwealth any other Bank
either within or without this Commonwealth.
for any sum exceeding one hundred dollars:
but all such checks drafts shall first be pre-
sented FOR payment at the Bank on which the
same shall be drawn, and in default of payment,
the holder shall be entitled to recover against
the Bank which issned the same, the amount
of such check draft with two per cent. per
month on the amount thereof from and after
the time when such check or draft shall have
been refused payment at the Bank issuing the
same as additional damages, in any action
against such Bank for the recovery of such
check or draft. Provided, however, that moth
ing herein contained shall restrain any Presi-
dent or Cashier from drawing any check or
draft Tor any balance due TO said Bank.
SEC. %. Be Il further enacted, That any
President. Director, Cashier or other officer
servant Of any Bank incorporated within this
Commonwealth for the purpose OF issuing bills
or notes, who shall embeZzle or fraudulently
convert to his own use, or fraudulently take or
secrete, with intent to convert to his own use.
any money, note, bill, obligation, security. bull
lion or effects of, and belonging to, such Bank.
and in its possession. belonging to any per-
porate, and deposited in such Bank, and every
person assisting and aiding therein, being there
Of duly convicted in any Court of this Common
wealth having jurisdiction of such offence shall
be deemed in so doing Ia have committed the
crime of larceny, shall be punished by solitary
imprisonment in the common Gaol nr the State
Prison for period not exceeding one year. and
by confinement afterwards 10 hard labor in the
common Gaol or State Prison for period not
less than three years, nor exceeding ten years.
according to the degree and aggravation of the
offence
SEC. q. Be Il further enacted, That the
Cashier Of every Bank shall in every year make
return Of the state of such Bank it existed
at two o'clock, afternoon, of the first Saturday
in each preceding month as the Governor may
direct, and shall transmit the same soon
nay be, not exceeding fifteen days, to the Sec
rotary Of this Commonwealth, which return
shall specify the amount due from the Bank,
designating in Jistinc: columns the several
particulars included therein, and shall also spec
ify the resources of the Bank, designating in
distinct columns the several particulars includ-
ed therein land the said return shall be in the
following form: