Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1838-10-09
NEW YORK GENERAL BANKIN G
LAW.

AN ACT to authorize the business of
banking-passed April 18, 1888.
The people of the State of New York,
represented in the Senate and Assembly,
do enact as follows:-
l. The comptroller is hereby au-
thorsed and required to cause to be en-
graved and printed in the best manner, to
guard against counterleitng, such guam
tlty of circulating notes, in the similitude
Of bank notes in blapk, of the different
denominations authorised to be issued by
the incorporated banks of this state, as he
may from time to time deem necessary
to carry into effect the provisions of this
act, and Of such form as he may prescribe.
Such blank circulating notes shall be coun.
tersigned, numbered and registered in
proper books to be provided and kept for
that purpose in the office of said comp
troIler, under his direction, by such per-
son or persons as the said comptroller
shall appoint for that purpose, SO that each
denomination of such circulating notes
shall all be of the same simiIitude and
bear the uniform signature of such regis
ter, or one of such registers.
5 2. Whenever any person or associ-
alton Of persons formed for the purpose
Of banking under the provisions Of this
act, shall legally transfer to the comptrol-
Ter any portion of the public debt now
created or hereafter to be created by the
United States or by this state, or such
other states of the United States as shall
be approved by the comptroller, such per-
son or association Of persons shall be en-
titled1o receive from the comptroller an
equal amount of such circulating notes,
of different denominations, registered and
counte signed as aforesaid; but such pub.
lie debt shall in all cases be, or be made
to be, equal to stock Of this state pro4uc-
ing five per cent per annum; and it shall
not be lawful for the comptroller TO take
any stock at a rate above its par va
lue.
5 8. Such person or association of
persons are hereby authorized, after hav-
ing executed and signed such circulating
notes in the manner required by law, to
make them obligatory promissory notes
payable on demand, at the place of busi-
ness within this state, of such person or
association of persons to loan and circu-
late as money, according to the ordinary
course of banking business as regulated
by the laws and usages Of the state.
4. In case the maker or makers of
any of such circulating notes, counter
signed and registered as aforesaid, shall
at any time hereafter, on lawful demand
during the usual hours of business, be-
tween the hours of ten and three o'clock
at the place where such notes is payable,
fail or refuse such note in the lawful
money of the United States, the holder of
such note making such demand may cause
the same &c. be protested for non payment
by a notary public, under his seal Of Office
in the usual manner; and the comptroller
on receiving and filing in his Office such
protest, shall forthwith give notice in writ
ingto the maker or makers of such note
to pay the same;. and if he or they shall
omit to do so for ten days after such no
tice, the Comptroller shall Immediately
thereupon (unless. he shall be satisfied that
there is a good and legal defence against
the payment Of such note or notes1 give
not ce in the State paper that all the cir,
culating notes issued by such person q
association viii be redeemed out OF the
trust funds ID his hands. Tor that purpose;
and it shall be lawful for the Comptroller
to apply the said trust funds belonging e
the maker or makers Of such protested
notes to the payment Of all such clrculat
ing notes put in circulation by the make
Of such protested notes, pursuant to TIC
provisions Of this act, as viii ii his opini
on most etiectually prevent loss to tn
holders thereof.
5. The comptroller may give 4
any person OF association Of persons s.
transferring stock ii the pursuance
the provisions Of act, powers Of attor
/ nev to receive interests Or dividend
thereon, which person d association lals