Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1836-08-03


loans, discounts or issues.
Sec. IA. That the lands, tenements and
Entertainments which it shall be lawful for
the said corporation to hold, shall be only
such as shall be required for its accomoda-
ton, in relation to the convenient transaction
offs business, or such as shall have been bona
6de mortgaged to it by way of security, or
conveyed to it in satisfaction of debts previ.
ously contractedin the course ofits dealings,
or purchased at sales upon judgments which
shall have been obtained for such debts; and
the said corporation shall not, directly norin-
directly, deal or trade in buying or selling
any goods, wares or merchandise, unless
in selling the same when truly pledged by
way of security for debts due the said COR
poration, or purchasing the same at sales
on judgments which shall have been OBJ
tanned for any debts previously contracted
in the course of its dealings, and afterwards
selling the same.
Sec. Is. That the bills obligatory and
of credit, under the seal of the said corpo-
ration, which shall be made to any person
or persons, shall be assignable by indorse-
ment thereon, under the hand or hands Of
such person or persons, his, her or their as
signee or assignees, so as absolutely to
transfer and vest the property thereof in
each and every assignee or assignees res
pectvely, and to enable such assignee or
assignees, respectively to bring and MAN.
tain an action thereupon, in his, her, or
their own name or names; and bills or notes
which may be issued by order Of the said
corporation, promising the payment to any
person or persons, his, her or their order,
or to bearer, though not under the seal Of
the said corporation, shall be binding and
obligatory upon the same, in like manner and
with like force and effect, as uponany private
person or persons, if issued by him, her or
them, in his, her or their private or naturul
capacity or capacities, and shall be assign
able and negotiable in like manner, as if
they were so issued by such private person
or persons; and if such bills, obligatory and
of credit, and such bills and notes, issued
as aforesaid, are not paid when the same
are due and demanded at the banking house
of said Bank, or within sixty days thereaf-
ter, together with twenty per cent damages
thereon, in the lawful currency Of the Uni
ted states, the said corporation shall be dis
solved.
Sec. 16. No loan or discount shall be
made to the directors of the said corpora
ton, or to any individual or firm or compa-
ny, or upon paper on which such directors,
or any of them, or any such individual. or
firm or company, shall be endorsers or liza
BILE to any amount exceeding one sixth of
the amount which said bank is entitled to
issue.
Sec. II. That the property of every in
dividual member of the said corporation,
vested in said corporate funds, shall be La
bic in the same manner as other personal
property is liable by the laws of this state,
to the payment and satisfaction of his just
debts, to any Of his bona fde creditors:
and when any executisn or attachment
shall be issued against the personal proper
ty of any such individual member, and the
creditor is DESTROYS thar the same should be
levied upon the property of such debtor in
the said corporte funds, the officer to whom
such execution or attachment may be di-
rected, shall levy the same by leaving with
the cashier of said bank an ettested copy
of such execution or attachment, and a
written notice that the said execution or at.
tachment is levied upon the property of the
said debtor in the said corporate funds; and
such property thus levied upon, shall be
sold in the same manner, as is or shall by
law be provided for the sale of personal
property taken in execution OF attachment;
and such corporate funds, thu levied upon
and sold, shall be transferred to the pur-
chaser by entering in the pr,per book of
such corporation copy of the said execu-
ton or attachment and statement of the
sale of such property by vitue thereof,
which entry the officer serving such exc
cution or attachment shall be permitted to
make; and upon any execution or attach
ment being levied upon any shares in said
bank, it shall be the duty of the cashier of
said bank to expose the proper book of the
corporation to the officer, and tc furnish him
a certificate, under his hand ard in his Off.
cial capacity, stating the numbr of shares
the debtor holds in the said baIk, and the
amount of dividends thereon die.
Sec. Is. That the said corpration shall
not take more than seven Der cent. per
annum in advance on loans O discounts,
and the directors shall make semi.annua
dividends, commencing on the first Wed.
nesday of January in the year one thousand
eight hundred and thirty Eight.
Sec. 10. That no note or bill shall be is.
sued by said bank of a less denomination
than one dollar.
Sec. 20. That the stock of thb' said cor.
poration, shall be assignable according to
the rules prescribed in the by.hws of the
said corporation; but no assignment shall
be valid or effectual, until such assignment
or transfer shall be entered or registered in
book to be kept for that purpose nor shall
any stockholder be capable of assunino or
transferring his or her stock in the said
bank, until all notes, dues and debts of
whatsoever nature due to the said cornora.
| ton, from such stockholder -.