The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-11-08

And that any emission of their bills beyond the
rates aforesaid, shall subject them 10 injunction up
on complaint of the Bank Commissioners as provi-
ded by law, provided tha. any Bank the amount Of
whose bills now in circulation exceeds the limit here
fixed, shall be allowed reasonable time TO reduce
the same.
Section q Banks the amoun, of whose loans &
discounts now exceeds the amount authorized by
the first section of this Act shall so reduce said
loans and discounts as that the thereof shall be
brought within the rule in the first section prescrib
ed, within sixty days from the passage hereof, in
cases where their respective capitals exceed one
hundred and fifty thousand dollars, x within ninety
days where the capital is under that sum.
The first section of the Act passed at the June
session of the General Assembly 1887, entitled An
Act in addition to the several Acts regulating the
Banks IN this State, and for othei purposes shall
continue in force until the first day of June, 1888.
Sec. a. The second section Of the same Act Is
hereby amended that the rate Of interest to be paid
by the Banks upon deposits of their own bills here
after made, shall be three per cent. per annum, up
on such deposits, made by the same individual or
corporation, shall in the whole exceed one thou
sand dollars.
SEC. 5. In all cases where deposits of their own
bills upon interest, as authorized by law, shall
hereafter be made with any bank, or which having
been heretofore made, shall be continued for sixty
days from the passage hereof the bank il the whole
amount deposited by any one individual or corpor-
alton shall exceed five thousand dollars shall not be
required to pay the same in any other manner than
by instaments Of twenty-five per cent. thereof per
month, the first payment 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, statement or
recapituation Of such fthe aggregate amounts Of
the several items in the returns of the Banks made
to them as they may deem expedient
SEe T. The Supreme Judicial Court may appoint
any person persons to be receiver receivers Of
any Bank, upon an injunction being granted against
the same, Notwithstanding such person or persons
may be interested therein provided such interest be
not so great as in the opinion of the Court, to dis
qualify him them for the proper discharge Of the
duties of the appointments.
SEc 3. Whenever a complaint shall be made by
the Bank Commissioners against any bank in con-
formity with law, the Supreme Judicial Court shall
have power to grant partial or temporary injunction
against said Bank, staying the proceedings thereof
far and for such length Of time as in the opinion
of the Court may be necessary for the safety Of the
public aud the proper management Of the affairs Of
the Bank, without proceeding to the appointment Of
receiver or receivers.
SEC. g. In case ofthe insolvency OF any Bank, the
holders of the bills thereof shall have priority Of
claim for payment over other creditors Of the Bank
SEC TO- NJ. Bank, the loans and discounts OF
which are within the due limit prescribed BY this Act
shall be deemed by the Uank Commissioners to be so
conducting its business that the public are in danger
of being dcfrauded thereby, unless the said Bank
Commissioners shall have reason to suspect direct
and intentional fraud, or unless such of the obliga-
ons for the payment Of money held by the Bank, as
may have been given by individuals or corporations
known to be insolyent, or whom the Commissioners
shall have probable to suspect Of being insol
vent shall amount to great sum TO render the
Bank unable to pay its debts in full or unless the
Bank shall sell its specie otherwise dispose Of the
same for any other purpose than the redemption Of
its own bills at par or shall otherwise conduct its
affairs contrary TO law.
Provided, however, tina, the loans and discounts
limited and prescribed by this Act, shall be deemed
and taken TO include The value of the real estate and
other property owned by each Bank, over and above
the profits on hand and also the amount deposited by
each Bank in other Banks bearing interest.