The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1836-07-06


same. Provided however. that il shall not DO /
construed TO be any violation hereof to demand
or receive interest or discount, for periods less
than one year. al the rate of six per cent. Tor
three hundred and sixty days and provided
further, that any bank may require and receive
besides the interest or discount limited herein,
at rate ofexchange on drafts, bills Of exchange,
or Promissory notes, payable at other places than
he town city w1ere the bank discounting
the same shall be located, mol exceeding in the
whole upon each security, the following, viz;
One-quarter Of one per cent on any place in this
State.
One-quarter Of one per cent on any place in
the States Of Massachusetts, aud Connecticut, and
on the city of New-York
Threeeightbs Of one per cent on the city of Phil
adelphia.
One-half of one per cent on any place within
the State OF Maine New Hampshire; Vermont
New York, other than the city OF New-YOTk; :; New
Jersey; Pennsylvania, other than the city Of Phil
adelphia; Delaware and Maryland; or within the
District Of Columbia.
One per cent on any place within the State OF
Virginia.
One and one-half per cent on any place within
the States of North Carolina, South Carolina,
Georgia. aud Ohio.
. Two per cent on any other place within the
United States.
Provided that nothing in this section contained
shall be construed 10 apply TO the rates OF exchange
on places without he limits Of the United States.
Sec. II. There shall be annually chosen by the
General Assembly atthe May session thereof, three
Bank Commissioner, who shall be duly cOmnlls-
stoned and whose duty it4shali be 10 visit and
anime al their discretion any Of the banks IN this
State, 10 inquire whether they have been and arc
managed aud conducted according To law TO in
qnire what abuses, If any OF the chartered priyIe.
ges of such banks require the correction Of the
General Assembly; 0nd generally, in the exercise
of the ylstatoral power OF the General Assembly,
with which they are hereby clothed, TO ascertain
the state and condition of the banks.
Sec. IL. majority of the bank commissioners
are hereby authorized to proceed IN the discharge
of the duties Of their appointment, with the same
powers as ID all were present. Each Of them, be-
fore entering upon the duties Of his Office shall be
sworn affirmed before solDe competent mags-
trate, faithfully and lmparla!y to perform the same
according TO law.
Sec. - The first section of the act entitled an
act TO regulate process against banks and for other
purposes therein mentioned and also the FIRST
and only section Of the act entitled AN act for al
tering the time of making the annual reports OF
the state of banks" are hereby repealed, 80 far as
they relate TO the day when the returns of the
banks shall be made, and so far also as they require
such returns TO be made TO the General Assembly.
Hereafter such returns as are required IN and by
tho first section of the act first mentioned, shall be
made TO the bank commissioners, as often AS they
shall think cxpedicnt once at least in every year,
condition of the several banks on such previous
day or days, as the bank commissioners may IN
writing designate. II the President or Cashier of
any bank shall neglect refuse for the space of
thirty days, TO furnish the bank commissioners
with such return as may be required by them IN
writing in conformity herewith, the charter ofsuch
bank shall be forfeited.
Sec IA. The Bank Commissioners shall have
power for the purpose specified IN tins act, TO eN-
anime on oath Al such times as they may deem
proper the President Directors Cashier and 9th
er officers, agents and servants of any Bank, aud
such other persons as they may deem necessary;
TO examine the books and papers Of such Bank,
except tho private acc QUITS of individuals IN such
books 10 send for persons and papers; 10 com
pei the attendance of Witnesses, and the produc
ton OF books and papers by wrts of summons or
attachment, and to commit for contempt OF their
process or for a refusal to answer such nterroga-
tores as may bo put by them in the performance
OF their duties.
Sec l5 The Bank Commissioners shall make
report of their proceedings To tho General Assem-
bly,, at the May session in each year, aud oiiner II
required. Their annual report shall be accompa-
MED by tabrlor statement of the returns of the
Banks, madc to them a. before provided
Sec. 10 ICany person upon being summoned
| TO appear before the Bank Commissioners, IN the
the prosecution OF their duty, shall neglect or re-
fuse to attend, or attending shall refuse 10 give
testimony ms required shall neglect refuse to
| produce any books or papers in his possession
which he may have been required To exhibit, such
person so offending, besides ncurrlng the peril of
| commitment for contempt, shall forfeit and pay
for each offence the sum of five hurdrcd dollars
TO and for the use of the State, TO be recovered by
action of debt, in the name oi the General Treas
urcr before any Court proper TO try the same
Sec a. The Supreme JudicRl Court M term
timc. or any two Justices thereof in vacation,
hereby authorized and directed, upon complaint
made 20 them in writing by any two The Bank Com
missoners setting forth that in their opinion any
bank in this State has forfeited its charter AT law,
or is so managing its concerns that the public are
i'm danger of being delrauded thereby, forthwith TO
issue citation to such bank, directed TO and TO be
served upon the President Directors and Cashier
thereof by leaving n copy with each of them or nt
their several last and usual places Of abode. com
mandng such President, Directors aud Cashier
personally to appear before said court, lin eD
lime or before any two of the Justices thereof, If
in vacation, on day and at place to be mention
ed i'm the citation then and there under cath or
affirmation. to show cause, If any they have, why
writ OF Injunction should not Issue, culoinIng
such bank from further exercising the powers and
franchises conferred by It's charter. And if upon
the examination of the President, Directors,
! Cashier and of such other witnesses aud evidence
! as may be produced 10y the compliments and de-
! PENDANTS, the court IN tcrm time, or two Justices
hereof in vacation, shall be of opinion that the
tharcr of each bank is forfeited taw, or that such
! bank is managed as that the public are IN dan
ger of being deirauded thereby, they are hereby
authorized and required TO issue an Injunction to
the President. Directors, Cashier and other Off.
GERS OF sucn bank eulolniug them IRON proceeding
further in lransocting the business thereof and to
appoint some discreet and dislnterested person or
persons to be receiver or receivers of all the evi.
dcnccs of debt goods effects, and property of cy-
cry description belonging 10 such bank, which ie-
cevor or receivers are hereby empowered and re-
qured to take the saue in TO his their possession
and collecting the debts and dsposiuc of the prop
erty, TO pay out of the proceeds thereof II the same
shall be sufficient. first rcsorvIng to himself or
themselves a reasonable compensation for his or
their services. the debts of the corporation. on