Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-04-27

lledzed she'll become an Insufficient sacuti vr Tie pay
mcDt Of such bills or notes.
H. IA case such person or association % persons
shall fail refuse ply such hills ar notes o." o. ''"
in the specified in the fourth section OF TINS aci
the comptroller after the days notice therein men
toned may proceed TO sell public auction The puoic
stock pledged or the bonds and mortgages so assg"e
or any or either of them and of the proceeds OF SUN
sale shall paw and cancel the said bills or notes, oeau
in paying which shall have been made as aioresu'u o
nothing in this oct contained shall D" c"ns'us''u "
implying any pledge on the part OF the o'ale 'o' e 1
msnt Of said bills notes beyond the proper HPie
OF the securities pledged the comptroller LOT te IT,
demption. ho
sic The public debt and bonds and mortgages |" oe
deposited with the comptroller by any sucn pers" VI as
ISOLATION shall be held by hun exclusively Tor Tue re
dsmuon of The bills or OF such person or ass"c
linn mn, in circulation money until The same are paia
Sl3 The plates dies and materials TO De pocuteu ny
the comptroller, for the printing anu making oil Inc r
culanu notes provided for hereby, snail remain J." 'S
cusodv and under his diTecon; aud the expenses ne
cassorIv incurred in executing the provisions at this
ACT, shall be audited and settled by the compliolrr ana
paid out of any moneys IN the Treasury mol o'ef"se
aruroDratcd and for the purpose OF rrimhufsing 'e
Same the said comptroller is hereby authorized ana re-
CURED to charge agans, and receive from such person
or association applying for such circulating notes such
rate per cent thereon may be sufficient Tor Tie Pu'
pose and as may be just and reasonable.
il II shall not be lawful for the comptroller or o'hef
officer TO countersgn bills notes for any person or u.s.
eociaon of persons to amount in the aggregate e1
cecdlng the public debt, or public debt ana oohus anu
mortgages their value provided IN the SECOND sec
ton OF this act deposited with The comptroller ny such
np,sou or association and any comptroller or other oil"
Ger who shall violate the provisions of this section SHALL
upnn conviction he adudged guilty OF mIsdeineanor
and shall be punished by fine not less than hive thou
sand dollars be Imprisoned not less than hive years or
by both such line and imprisonment.
II ANY number oil persons may associate 10 es'ao
lisi offices of discount depose and circuialon upon
the terms and conditions and subject TO the liabilities
prescribed in this act; but the aggregate amount OF The
capital stock OF any such association shall mol lie less
than one hundred thousand dollars .
SIG Such persons under their hands and scala, shall
make a certificate which shall specify:
l. The name assumed to distinguish such ASSOCIATION,
and to be used IN lis dealings
The place where the operations Of discount and de-
pos,e OF such association 10 be carried on desIgnat
lug the particular city, town, or village:
3 The amount OF the capital stock Of such associa.
ton and the number Of shares into which the same shall
be divided:
a. The names and places Of residence Of the share
holders aud the number of shares held by each of them
respectively:
s. The period at which such association shall com
mence and terminate; which certificate shall be proved
or md recorded IN the office OF The cerk
of the county where any office of such association shall
be established and copy thereof filed 10 the office Of
the Secretary OF State.
SI7 The certificate required by the last preceding
Sc con 10 he recorded and flied in the Offices n the Clerk
of the County and Secretary Of State aforesaid or
copies thereof duly certified by either Of those officers
may be used evidence in all courts aud places or and
agSust any such association
SIS Such association shall have power to carry on
the business Of banking By dscuuning bills, notes and
other evidences Of debt; by receiving drposes; by buy
ing and selling gold aud silver bullion foreign COINS and
bills OF exchange IN The manner specified IN their arli
cles Of association for the purposes authorized by this
ac by leaning money on Teal and personal security;
and ty exercising such incidental powers shall be ne
cessary carry such business 10 choose one OF their
number as president of such association and TO appoint
cashier and such other officers and agents as their bu
sness NAV require and TO remove such president ca
sher officers and agents pleasure and appoint Others
in their place.
SO The shares of said association shall be deemed
personal property and su be transferable on the books
of the association in such may be agreed on
in the articles of associnon and every person becoming
shareholder BY such transfer shall in proportion 10 his
shares succeed all the rights and liabilities of prior
Shareholders: and no change shall be made in the ar
Giles Of association by which the rights, remedies
CURLY Of It's existing creditors shall be weakened i'm
paired. Such association shni not be dissolved by the
death or insanity Of any Of The shareholders therein.
20 1t shall be lawful for any association of persons
organized under tbs By their articles OF association
provide COR an increase Of their capital and of the
number of the associates, from time TO time they may
think proper. .
sci CONTRACTS made by any such association, and all
NOES and bills by them issued and put in circulation as
money shall be signed by the President or Vice Prrsi.
den, and Cashier thereof and all suits actions and pro.
ceedings brought prosecuted BY or on behalf OF such
association be brought or prosecuted IN The name
Of the President thereof and such SUIT, action or
proceeding shall abate by of The death, resgna
ton or removal from office of such President, but may
BE- continued and prosecuted according to such rules
the courts Of law equity may direct, IN The name
OF his successor in office, who shall exercise the pow
ers enjoy the rights and discharge the duties OF his
predecessor.
S22 All persons having demands against any such
association maintain actions against the president
of the death resignation removal from oc" of such
tsent bnt be continued and prosecuted 10 1uug
men, against ms successor; and Judgments and de-
crecs obtained rendered agalL such president tor any
debt or liability Of such assocIatian shall he enforced on
IL anans, the Joint property Of the association and which
property shall be liable to he taken aud sold by eXecu'
ton under any snch judgment or decree.
% No shareholder OF any such ASSOCIATION small lie
liable his individual capacity for any contract debt or
Engagement Of such association unless the articles OF
association by him signed shall have declared that the
shars holder shall De so liable.
S2l II shall be lawful for such association TO pur
chase, hold ind convey real estate Tor The following PuT
poses
l. Such as shall be necessary for lis immediate &C.
commodaon in the convenient transaction Of lis bust
ness; or
9. Such as shall be morgaged TO it in coed faith, by
way Of security fer loans muGe by, moneys due TO-
such association;
3. Such shall be conveyed To it in satisfaction oil
debts previously contracted in the Of lis dealings
or
!. Such it shall purchase at sales under judgments
DEGREES or mortgages held by such association.
The said association shall not purchase. hold con-
vey real estate in any other case, for any other pur
pose aud all conveyances Of such real estate shall he
made to tie president such other officer, shall ne
indicated for that purpose in the articles of associations
and which president officer and his successors from
time TO time may sell, assign and convey the same free
from any claim thereon against any If The share holders
or any person claiming under them.
5 IS. Upon the application Of creditors or sharehLId
ers Of such association whose debts shares shall
amount thousand dollars and stating facts, v"r
fed by affidavit, The chancellor may in his discretion
order strict examination to be made by Of the mas
tiers Of bis court, OF all the affairs Of such alton
for the purpose OF nscerlainng the safety of its invest
mpnis and the nrudrncn Of lis mana emenf and lhe