Lancaster gazette. [volume] (Lancaster, Mass.) 1828-1830, 1829-05-26

which such payment snail be delayed or re-
fused.
SEC. l2. Be 1t further enacted, That in
case of any loss or deficiency of the Capital
Stock in any Bank aforesaid, which shall
arise from the official Encouragement ofthe
Directors, the persons who are Stockhold-
ers at the time of such mismanagement,sh shall,
| in their private and individual capacities, be
Respectively liable to pay the same: Provi-
ded, however, that in no case shall any one
Stakeholder be liable to pay sum exceed
ing the amount of the stock actually then
held by him.
SEC. 10. Be It further enacted, That the
holders of stock in any Banking Corporation
aforesaid, in this Commonwealth, when its
charter shall expire, shall be chargeable in
their private and individual capacities, and
shall be holden for the payment and redemp-
ton of all bills which may have been issued
by said Corporation, remaining unpaid, in
proportion to the stock they may respective
Ily hold.
SEC. IA. Be It further enacted, That any
Stakeholder of any Bank, who shall have
been obliged to pay any debt or demand
against said Bank out of his individual prop
erty. shall have bill in equity, originally to
be tried in the Supreme Judicial Court, to
recover the proportional parts OF such sums
of money as he may have so paid, from the
other Stockholders, who may be equally la
BILE for the same and such damages and costs
as the Court may decree, and said bill In
equity may be inserted in writ of attach
Inent on original summons.
| SEC. l5 Be 1t further enacted, That ev-
| d., LII 10 Io .,,t hn Mt or
in which it is or shall be originally establish
ed, and in such part of such city or town as
is prescribed by its charter.
SEC. Is. BE 1t further enacted, That up
on any requisition of the Legislature each
Banking Corporation shall loan TO the Com
monwealth sum not exceeding five per
icentum on its Capital Stock at any one time,
reimbursabe by five annual instalments, or
at any shorter period, at the election of the
Commonwealth, with the annual payment of
interest at rate not exceeding five per
centum per annum; Provided, that the Com
monwealth shall never at any one time stand
indebted to any Corporation, without its con-
sent, for larger sum than ten per centum
of its Capital :-It shall be the duty OF the
Treasurer of this Commonwealth, whenever
\ iC Stldll nave OCCdSlOl W uOilOW oily SuhA VI
money of any incorporated Bank, under and
/ by virtue of any authority for that purpose
lgiven by any act or resolve of this Common
wealth, to give notice in writing to the Pres
ident or Cashier Of any such incorporated
Bank, of the amount which he has so occa-
sion to borrow, and demanding of said Bank
loan of the same, conformaby to the pro-
visions of this act, and the Commonwealth
will hold itself responsible for any money
borrowed of any Bank by the Treasurer
And if any incorporated Bank, aforesaid
shall neglect or refuse for the space of thirty
| days after notice given as aforesaid to
loan to the said Treasurer a sum so de-
manded, said Bank shall forfeit and pay into
the Treasury of this Commonwealth the sum
of two per cent. per month upon the amount
of any sum so demanded, and so after that
rate for shorter or longer time, so long as
said neglect or refusal to comply with such
demand of said Treasurer shall continue
Provided, that the notice demanding such
loan shall be accompanied by an attested
copy of such act or resolve, and shall be ap-
proved by the GOVERNOR in writing, and il
shall be the duty of the Treasurer at the
respiration of one month after said demand
shall have been made, to institute an action
in the name of, and for the use of, this Com
|monwealth, in any court of competent juris-
dicton, against the Bank so neglecting OF
refusing, for the recovery of the penalty, and
$50 from month to month, to institute similar
suits for the recovery of the penalty afore-
said, so long as such neglect or refusal shall
continue. And it shall also be the duty oil
said Treasurer, upon obtaining judgment and
execution on any such action or actions, tc
cause the amount thereof to be forthwith
levied upon the goods, chattels or lands Of
the Bank against which the same shall have
been obtained. 1t shall be the duty of the
treasurer, in making the demand aforesaid Of
any Bank or Banks, to equalize, as far as is
conveniently practicable, the amount of such
demand among the several banks within the
Commonwealth, having reference to the
amount of the obligation at each Bank tc
loan to the Commonwealth, and to the amount
previously borrower of each bank, under
authority thereof.
i SEC. II. Be 1t further enacted, That any
committee specially appointed by the Legis
lature for the purpose, shall have right tc
examine into the doings of any Banking
corporation chartered under the authority o
this Commonwealth, and shall have free &C.
cess to all their books and vaults, and ifupor
such an examination, it shall be found, and
after full hearing of said corporationt there.
on, be determined by the Legislature that
said Corporation have exceeded the powers
granted them, or failed to comply with any o.
the rules, restrictions, and conditions provid-
ed in the laws relating to them, their char.
ter there upon may be declared forfeit and
void And if any officer of any Bank, OF
other person having charge of the books and
property ofany Bank, shall refuse or neglect
to exhibit said books and property, or shall
in any way obstruct said examination by a
committee as aforesaid, he or they so offend
ing shall be guilty of misdemeanor, and on
conviction thereofshall be punished by a fine
not exceeding ten thousand dollars, or i'm
prisonment not exceeding three years; at the
discretion of the Court.
SEC. Is. Be 1t further enacted, That in
addition to the capital stock to which any
Bank NAV be entitled by its act of incorpor-