Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1836-07-07

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commissioners, as often as they shall think
expedient. once at least in every year, at
such time or times, aud setting forth the con-
dition 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 or refuse
for the space of thirty days, TO furnish the
bank commissioners with snch returns as may
be required by them in writing IN conforinl-
~ herewith, the charter Of such bank shall be
forfeited.
SIC. IA. The Bank Commissioners shall
have power for the purposes specified IN tins
act, TO examine on oath, at such times as they
may deem proper, the President, Directors,
Cashier and other officers, agents and SER
wants of any Bank, and such other persons as
they may deem necessary; to examine the
books and papers of such Bank, except the
private accounts of individuals in such books;
10 send for persons and papers; to compel the
ATTENDANCE Of Witnesses and tho production OF
books and papers by wrts Of summons or at
tachnent, and TO commit for contempt OF their
process, or for refusal to answer such inter
rogatories as may be put by them in the per-
formance of their duties.
SIC. Is. The Bank Commissioners shall
make report Of their proceedings to the Gene
raj Assembly, at the May session in each
year, and oftener IL required. Their annual
report shall I've accompanied by tabular
statement Of the returns of the Banks, made
TO them as before provided.
SEo. IL. If any person upon being sum-
moned to appear before the Bank comms-
sioners, in the prosecution OF their duty, shall
neglect or refuse to attend, or attending
shall refuse to give testimony rs required, or
shall neglect or refuse to produce any books
or papers in his possession which he may
have been required to exhibit, snch person so
offending, besides incurring the peril OF COM
mitment for contempt, shall forfeit and pay
for each offence, tho sum Of five hundred dol
lars to and for the use of the State, TO be re-
covered by action of debt, in the name of the
General Treasury, before any Court proper
10 try the same.
SEc. H. The Supreme Judicial Court in
term time, or any two Justices thereof in va
cation, are hereby authorized and directed,
upon complaint made to them in writing by
any two of the Bank Commissioners, setting
forth that in their opinion any bank in this
State has forfeited it's charter at law, or is so
managing its concerns that the public are in
danger Of being defrauded thereby, forthwith
10 issue citation to such bank, directed to
and TO be served upon tho President, Direc-
tors and Cashier thereof, by leaving a copy
with each Of them, or at their several last and
usual places of abode, commanding such
President, Directors and Cashier personally
to appear before said court, il in term time,
or before any two Justices thereof, if in vaca-
ton, on day and at place to be mentioned
in the citation, then and there under oath VI
affirmation, to shcw cause, if any they have,
why a writ Of Injunction should not issue, en-
Ioining such bank from further exercising the
powers and franchises conferred by its char
ter And if upon tho examination of the
President, Directors or Cashier, and Of such
other witnesses and evidence as may be pro-
duccd by the compliments md defendants,
the court IN term time, or two Justices there
of in vacation, shall be Of opinion that the
charter Of such bank is forfeited at law, or that
such bank is SO managed MS that the public
are in danger of being defraudcd thereby,
they are hereby authorized and required to
issue an Injunction to the President, Direct
ors, Cashier, and other officers Of such bank,
enloining them from proceeding further in
transactIng the business thereof, and to mp .
point some discreet aud dislnterested person
or persons to be receivers Of all the eylden-
ces Of debt, goods, effects, and property of
every description belonging to such bank,
which receiver or receivers are hereby Cm-
powered and required to take the same into
his or their possession, and, collecting the
debts aud dlsposiny of the property, to pay
out of the proceeds thereof, if the same shall
be sufficient, first Teserying to himself, or
themselves reasonable compensation for his
Or their services, the debts Of the corporation,
or rateably if there shall not be sufficient to
pay the whole. In case there shall be any
surplus after paying such receiver or recciv-
crs Tor his or their services, and after paying
The debts OF the corporation, with incidental
expenses, such receiver or receivers shall dis
tribute the same in due proportion among the
stockholders Of such bank. Such receiver
Or receivers shall be clothed with all the pow
ers and rights in respect to the collection of
debts due to such bank, which the corporation
in virtue of it's charter or otherwise,
before such injunction issued; and may be re-
moved by the Supreme Judicial Court, and
others appointed in his or their stead. And
he Supreme Judicial Court shall havo the
same power and authority over such receiver
)r receivers, their acts, proceedings, and ac-
counts, as is exercised by courts Of equity in
ike cases. And the said court, at any term
hereof subsequent to the issuing OF said i'll
unetson, shui upon hearing Of all the par
les upon said complaint, If the court zee
cause, declare the charter of said bank null
and void. And it shall be the duty Of the
said court to make return Of their proceed
ngs in the premises to the General Assem-
bly,.
SIC. Is. " the President, Directors. Cash
cr, agents or servants, Of any bank which
shall be cnloned ~ before mentioned, or any
person, upon being required thereto, shall
Neglect or refuse TO deliver to the receiver or
Ieceivers, Of such bank who may be appoint
ed by virtue Of this act, such evidences Of
deo'' goods, effects, and property of every de-
scr'pt,on, and evidences of, and titles to prop
.rty, belonging to such bank as may be in