Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1836-07-07
Lars or RIIOUE ISLAND.
STATE OF RHODE ISLAND AND
PRONi iDENCE PLANTATIONS.

! PRONi DENtE PLANTATIONS.
h, Generot .IsssmLlg Jne S,ssion,h d. is:H
AN ACT in addition to an act entitled "an
Ac, to regulate process against Banks. aud
for other purposes therein mentioned" aud
also. ~ addition Ia an act entitled "an Act
/ fixing the rate OF legal interest"
/ BE Il enacied by he Generm .lssemLiy, nnd
I Ly HE amLority Mer'ofd IS enacted as Jo'tors:
SECTioN |. Every act hereafter passed by
the General Assembly authorizing III" estab-
lIshmcnt oia Bank, Savings Banks except
.ed,) shall incorporate no other persons than
the stock ckholders of such bank, made ~ such
manner hereinafter provided, their SUCCESSORS
and assigns.
SIC =. In every such act there shall he
named and appointed not less than three
commissioners, whose duty II shall be at
time and place, or times and places, to be
specified in the act to open book ar hooks
of subscription for the capital stock ol the
bank Incorporated hy such act IN the town or
city, wherein such bank shall be located the
inhabitants Of which town or CITY, and the
inhabitants of any town IN the same county,
shall have preference IN the subscrptlon.j
Twenty DAYS public notice OF the time and
place for receiving such subscription shall be
by the Commissioners, in Mt least two news
papers printed within the State. u those
having preference as aforesaid shall sub
scribe for more than the whole number oi
shares limited IN the charter ot such Dank,
then the Commissioners shall distribute the
stock among them in rateabe proportion, as
: near as may be, reducing no subscription
however, below n certain limit to be fixed III
the charter If they shall subscribe tor less
;, than the whole number, and other persons
] |.h .,t.c,,h, G,r, than tnnIlOu ia
, ply the deficiency, then the commissioners
J, shall distribute in rateable proportion, ns near
= az may be, among such other persons so ma
% nv shares as in addition To the shares sub
scrlbed for bv said inhabitants shall make ur
: the number limited in the charter. When
y the subscription shall be Completed, the com
l. mlssoncrs shall, forthwith, cause a copy
thereof together with copy %! their appor-
tonment, If any shall hive been necessary
Il to be published at the expense Of the bank
: in newspaper of the town, wherein the
e bank shall be, by it's charter located, II any
d be printed therein; otherwise III some one oi
the newspapers printed in NewDort or Provl-
dence. The commissioners shall also make
y an immediate return of the subscription IN
=, detail, with their apportionment, To the sec
retary of State, who shall keep regular ME
of all such returns, and thereupon the persons
stock of the bank, shall have and exercise az
n body corporate all the rights, powers, and
y privileges conferred by the act of incorpora.
" lion, under the limitations and restrictions
imposed by law; and they shall be forthwith
A convened by the commissioners fr the pur-
.; pose of organizing the corporation, and pro-
" cecding in the transaction of their business
A majority Of the commissioners shall bt
lcompetent to act Their compensation shai
20 be provided for IN the charter. Before pro-
ceedng to the execution of their duties, they
shall be sworn or affirmed. before some com
pctcnt magistrate, faithfully and Impartial,
c to discharge the same according to law
u And the magistrate administering the oath o
" affirmation, SHALL without delay, furnish the
- commissioners with a certificate thereof
which certificate the commissioners shall
transmit with their returns ol the subscrp-
;. ton and apportlonmcnt to the Secretary o'
State.
SEC. g. No Bank shall be Incorporated with
- a less capital than City thousand dollars.
Src. 4. No bank shall go into operation IN
Iul one half its capital stock shall be actually
paid in. to the satisfaction of the commission
he ers, upon whose certificate to that effect fur
o nished to the Cashier, banking business ma.
;" be commenced. 4 copy of such certificate
10 shall be transmitted by the commissioners t
the Secretary of State, to be by him laid be
y, fore the General Assembly. The remaining
~ half OF said capital shall be paid in within 81
> months from the time the Bank shall CON
mence operations. The payment OF the Who'll
- shall be effected within one year from tn
date of the uct of incorporation, otherwise III
charter of the bank shall be forfeited.
n SEC. 3. The capital stock of any bank sha
ch not be reduced by division OF any part
a the same without the consent OF the nene
nd raj Assembly. Aud if by reason ol iosse
io: the capital stock of any bank shall be dI''''n
O. ,shcd one-fourth part or more OF The "ho''
Ilk sum fixed by the charter OF such oanR' ti'
en- same shall be filled up To It's original n'no"h
ck within one year after such loss sha'i haV'
gs been incurred Any violation OF the proWs
,s, ions of this section shall workN forfeiture U
do the charter ofthc offending bunk.
SIC. Il. Nobank shall be removed from th
town or city wherein 1t Is located by It's chat
tier. Nor shall any bank establish any brancl
or Office or agency thereof, tor discount, ~ aa
other place than tina, IN which such bank
located unless by PERMISSION OF the hener'
Assembly. lany bank shall violate the pr'
" Visions of this section, its charter shall DC io
fcted.
- Srr.7 No person shall he a director
any bank unlcss he be- n stakeholder thercl'
and citizen OF aud resident IN THIS o'a'