Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1837-11-09

And that any emission Of these bills be-
yond the rates aforesaid, shall subject them
to injunction upon complaint Of the Bank
Commissioners as provided BY law, provided
that any Bank, the amount of whose bills now
III circulation exceeds the limit here fixed,
shall be allowed reasonable time 10 reduce
the same.
| SIC. 2. Banks the amount of whose loans
and discounts now exceeds the amount au
thorzed by the first section of this Act, shall
so reduce the said loans and discounts as that
the amount thereof shall be brought within
the rule in the first section prescribed, with
in sixty days from the passage hereof, in
cases where their respective capitals exceed
one hundred and fifty thousand dollars, and
within ninety days in cases where the capital
is under that sum.
SEC. 3. The first section Of the Act passed
at the June session of the General Assembly,
1887, entitled IAN Act in addition to the Sc
veral Acts regulating the Banks in this State,
and for other purposes" shall continue in
force until the Isl day of June, 1888.
SEC. 4. The second section of the same
Act is hereby So amended, as that the rate of
interest to be paid by the Banks upon depos-
its Of their own bills hereafter made, shall be
three per cent per annum upon such deposits,
made by the same individual on corporation.
as shall in the whole exceed one thousa nd
dollars.
SEC. 5. In all cases where deposits ofiheir
own bills upon interest, rs authorized by law,
shall hereafter be m.Ie with any Bank, or
which, having been heretofore made, shall be
continued for sixty days from the passage
hereof, the Bank, if the whole amount depo-
si,ed by any one individual or corporation
shall exceed five thousand dollars, shall not
be required to pay the same in any other
manner than by instalments of twenty five
per cent thereof per month, the first pay ,nent
to be made upon thirty days notice.
SEC. 6. The Bank Commissioners shall
publish monthly in two of the newspapers
published in Newport and two in Providence,
a statement or recapitnlation Of such Of the
aggregate amounts of the several items in
the returns of the Banks made to them Ms
they may deem expcdient.
SIC. Z. The Supreme Judicial Court may
appoint any person or persons to be receiver
Or receivers of any Bank, upon an Injunction
being granted against the same, ,notwiihs,and-
ing such person or persons may be interest
ed therein, provided such interest be not SO
great as, in the opinion of the Court, to dis
qualify him or them for the proper discharge
,f the duties of the appointments. \
SEC. 6. Whenever a complaint shall be
made by the Bank Commissioners against
my Bank in conformity with law the Supreme
Judicial Court shall have power to grant n
partial or temporary injunction against said
Bank. staying the proceedings thereof so far
md for such length of time as in the opinion
If the Court may be necessary for the safety
If the public and the proper management of
he affairs of the Bank, without proceeding
o the appointment OF a receiver or receivers.
SIC. 9. In case Of the insolvency Of any
Sank, the holders Of the bills thereof shall
ave priority Of claim for payment over 9th.
r creditors Of the Bank. II
SEC. 10. No Bank, the loans and discounts
f which are within the due limit prescribed
y this Act, shall be deemed by the Bank
to be so conducting its bust
ess that the public are in danger of being
efrauded thereby, unless the said Bank
shall have reason to suspect
ircct and intentional fraud, or unless such
{ the obligations for the payment Of money
eld by the Bank, rs may have been given
Y individuals or corporations known to be
nsolvent or whom the Commissioners shall
ave probable cause to suspect Of being in
olvent, shall amount 10 so great n sum ms to
cnder the Bank unable 10 pay its debts in
MI; or unless the Bank shall sell its specie
= otherwise dispose of the same for any 9th.
r purpose than the redemption Of its own
ills ut par; or shall otherwise conduct its af.
hrs contrary to law.
Provided, however, that the loans and dis
cunts limited and prescribed by this Act. .
hall be- deemed and taken to include the val
Q of tho real estate and other property own.
d by each Bank, over and above the profits .
n hand, and. also tho amount deposited by
ach Bank in other Banks bearing interest.