Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-04-23


4 The Names and plasss x rssidsnss II the share
holdsrs and the number q shares held each ofthsn
) The period .. whi.h such association shah com.
mence and terminate which certificate shall be proved
or acknowledged and recorded IN the Office OF the clerk
OF the county where any Office ofsush association shall
be established and copy thereof fled in the sfce OF
the Secretary Of State.
The certificate to be recorded with county clerk and
Secretary Of State, and duly certified by them, can be
used evidence any where against the association
Is. Suck association shall have power carry the
business Of banking by dissosntng bills notes and ether
evidences OF debt by receiving depcsites by buying
and selling gold and silver bullion, foreign coins and
bills OF exchange in the specified in their ar
ces OF association for the purposes authorized by this
act; by loaning money real and personal security
and by exercising such Incidental powers shall be
necessary to carry such business; TO choose of
their number president of sach association and APP
point cashier, and such other officers and agents, as
their business may require, and TO remove such pres-
dent cashier officers. and agents at pleasure, and APP
point others in their place.
49, The shares faid association shall be deemed per-
sona property and shall be transferable the books OF
the association in such manner may be agreed in
the articles of association and every person becoming
shareholder by such transfer, shall proportion 10
his shares succeed all the rights and liabilities of
prior shareholders and change shall be made in the
articles Of association by which the rights remedies
security of It's existing creditors shall be weakened
impaired. Such association shall be dissolved by
the death insanity of any of the shareholders there
in.
The association can increase their numbers and
capital from time to time. Their notes and contracts
must be signed by the president, vice. and cashier |;
all their suits to be brought in the presidents name,
or if he dies, by whoever exercises the powers pos
sessed by him. All actions can also be brought
against him and his successor; Judgments TO be en-
forced only against the JOINT property of the associa
ton.
g. No shareholder OF any such association shall
be liable in his individual capacity for any contract
debt arrangement of such association, unless the
articles of ASSOCIATION by him signed, shall have de-
cared that the shareholder shall be so liable.
The association can hold and convey real estate for
transaction of its business security for its oans
or for debts previously contracted purchases under
judgments or mortgages, held by it, but for no other
purpose; the csnveyances to be made by an officer
designated in their articles.
On an affidavit of thousand dollar creditor, the
chancellor can have the whole affairs Of the assoca
ted ripped up and exposed, and make them pay the
expenses.
26 Such association shall, on the first Mondays of
January and July in every year after having COM
menceI the business of banking prescribed by this
act, make out and transmit to the comptroller, in the
form to be provided by him, full statement of the
president or CASHIER which statement shall contain
The amount of capital stock; the value Of their
real estates the shares of stock held by in any way
with kind, number, and value Of shares; amount of
debts due to with specifications of each; amount Of
debls owing by il specified; amount of claims against
it, not owned debts, and the mount of bills issued
by it; amount of losses with specifications average
amount of debts due to, and from, each month; ave.
rage of specie each month, and bills in circua
ton each month; average amount due each month from
each and all the shareholders; and amount Of increase
of capital, and names of additional, or withdrawn
shareholders within six months. The whole to be
published in two papers, the association to pay the
expense.
81 If sach association shall neglect to make out
and transmit the statement required in the last prece
ding section, for one menth beyond the period when
the is required TO be made, or shall violate any
of the provisions of this act such association may be
proceeded against and dissolved BY the court of chan
Gerry, in the same manner as any noneyed corpora
ten may be proceeded against and dissolved.
No dividends 10 be made if any of the capital is
withdrawn, before all debts paid, under penalty Of
closing its affairs and distributing the property among
creditors and shareholders.
Fourteen per cent interest to be paid on notes the
spesie for which has been demanded and refused
foil list Of all the shareholders to be filed twice
year with the county clerk and comptroller.
81 Ii shall not be lawful for any ASSOCIATION form
ed under the provisions Of this act to make any of its
bills or notes Of denomination less than one thou
sand dollars TO be put in circulation money, pay
BILE at any other place than the Office where the bu-
siness Of the ASSOCIATION is carried on and conducted.
3D. The legislature may at any time alter or repeal
this act.
80. No association of persons authorized to carry
on the business under this ACT shall any
time, for the space of twenty days have hand al
their place Of business less than twelve and half per
cent in specie on the amount of the bills notes in
circulation money.
SUPERIOR CoURT, Saturday, April 2l.-The jury in