Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1836-07-14
Lars or RHODE LSL.I.ND.

4 Whereas it has been made to appear to this
/ General Assembly, that the affairs of the
! Sctuate Bank cannot be longer conducted in
their present condition with safety to the pub
, lie, therefore
BE IL enacted by The General .1ssembly and
By The authority thereofH is enacted, as .)oiio'cs:
, SECTION |. Samuel Y. Atwe,l, George
! Curtis, and Thomas w. Dorr are hereby ap-
pointed commissioners in trust for the pur-
poses hereinafter mentioned, with full power
and authority forthwith to take into their pos
1 session, management and control, all the prop
erty, books, papers, bank bills, evidences of
debts, securities and funds Of every descrlp
ton belonging to said bank, or in which it is
Interested; and the President, Directors, and
Cashier of said bank and other persons having
| possession ofsaid property as above enumera-
ted, or any part thereof, are hereby required
and strictly enjoined to deliver up the same
| to said commissioners on demand. In case
| Of the neglect or refusal Of any person or per.
sons to comply with such demand, the com
missioners are authorized to seize upon the
property aforesaid, wheresoever it may be-
| Provided, however, that this act shall not be
construed to authorize the commissioners to
take possession of any property while the
same shall be under an attachment made pri-
and the President, Directors and Cashier
thereof, are hereby enjoincd from using or
exercising any Of the powers granted by the
charter of said bank, to said bank or to the
stockholders or officers thereof, without the
consent and appreciation of said commission
ers to be expressed in writing, under the pen
atty Of ten thousand dollars to be sued for
and recovered by the General Treasurer to
the use of the State.
SEC. 2. The commissioners shall have pow
er to summon before them all persons, whom
| they, or any stockholders in, or creditor OF,
said bank, shall suspect Of holding or conceal
ing, or having any knowledge Of any other
person or persons who hold or conceal any
Of the property, effects, funds, or credit of
said bank, or of having any knowledge of the
names Of the stockholders, or the names of
any persons who may be indebted TO said
bank, or in any way liable for the debts due
thereto; and the commissioners shall have
power to examine such persons so summoned
before them, under oath or affirmation, con-
cerning oil the matters aforesaid; and they
shall have power to issue compulsory process
to obtain the attendance of such person or
persons. Upon the refusal Of any person so
summoned to testify concerning all or any of
the matters upon which the commissioners are
hereby authorized to examine him, the com
inissioners are empowered to make such or
der or decree against him, and to issue such
process as Courts of Law within this State
are authorized to issue in cases where witness
ses refuse to appear and testify in causes
pending before them. The sheriffs and their
deputies in this State, are hereby commanded
to serve and execute the summonses and 9TH
er process Of the commissioners in the same
,lay p,,f nf haI
Courts Of this State.
Sec. 3. The commissioners are invested
with all the powers granted by the charter of
said bank to the President and Directors, ex-
cept the power of making new loans or dis
counts, or issuing bills, notes, or paper of any
description; permitting, however, renewals OF
securities for debts due to the bank in cases
where they may deem it for the interest OF the
creditors Of the bank to do so.
SEC. a. The commissioners are empower
ed to take all legal measures necessary to
enable them to carry this trust into execution;
to collect all debts due to said bank. using
due discretion and diligence, and to dispose
Of all the property which shall come into their
possession to the best advantage; proceeding
with as much despatch as the interest of all
parties will permit; and rescrving from the
proceeds thereof sufficient amount to pay
all expenses attendant upon the execution Of
this trust, together with reasonable compen-
sation for the discharge Of the duties they
shall have performed; subject however, to
the future control and revision of the Gene
raj Assembly. Il
SIC. 5. The commissioners shall proceed
to pay and satisfy out of the residue, from
time to time, as they shall be enabled, in
whole or in part, and if in part only, in ratea-
be proportion, all debts due from said bank,
by bond, bill, note, or otherwise, which shall
be presented and proved to them by the cred
ltors on or before certain day to be fixed by
said commissioners, reasonable public notice
being given requiring such presentation and
proof. And after the expenses Of the trust
created by tins act, the compensation Of the
commissioners, and the debts due from the
bank shall have been paid as aforesaid, the
remainder Of the proceeds, if any, shall be
paid over TO such directors or agents as the
ockhoders of the bank shall appoint at a
meeting TO be called for that purpose by the
commissioners. The books and papers re-
naming in the possession of the commission
crs shall then be by them delivered to the
General Assembly; whercupon the powers
conferred upon them by this act shall cease,
and their trust shall be considered as COM
pleted and ended.
SEC. 8. During the execution Of this writ,
oil legal process against said bank shall be
suspended, except such as shall have been
commenced before the passage Of this act
SEC. z. Any two Of the commissioners shall
have power to proceed under this act; and
they shall make report of their proceedings
10 the General Assembly at every session
until their trust shall be completed.
A true copy: witness,
HENRY BOWEN, Secretary.