Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1839-08-30

vent cOrpOratlOn, sum SUFFICIENT W suusly
the residue Of such debts as shall remain
unpaid, shall be paid to such receiver, in the
manner provided in the last preceding sec
ton, out of the first moneys that shall thereaf-
ter be paid to the treasurer, pursuant 10 the
eigh nth section OF this act, and the moneys so
paid TO such receiver, shall be paid out by
him, in the manner required in the last pre-
ceding section.
Sec. 2. II is hereby further enacted, That
the moneys paid out Of the treasury, and all
other moneys required by this act TO be paid
out ofthe treasury, shall be a charge upon
the bank fund, hereby created
Sec. 8. 1t is hereby further enacted That
whenever the charter of any monied corpo-
ration, subject TO the provision of this act,
shall expire every such corporation shall be
entitled to receive its proportional share OF
said bank fund, which said corporation may
have contributed thereto, after deducting
thereout, proportional part of the charges
upon the said fund, and which share The
treasurer is hereby authorized 10 pay 10 said
corporation.
Sec d. It is hereby further enacted, That
no creditor ofany insolvent corporation, shall
| by virtue of this act, receive interest upon
his debt against such corporation, from and
after the time such order is made, as is re-
quired by the ninth section OF this act nor
shall such creditor be entitled TO interest, an.
terror TO the presentation OF his demand
againt such corporation, to the receiver that
shall be appointed 10 take charge oflhe prop
erty and effects Of such corporations.
| Sec. ! s. 1t ishereby further enacted, That
three persons, TO be styled the shank com
missioners The state of Vermont" shall be
appointed in the manner hereinafter provi-
ded, whose duty or the duty OF one of whom
it shall be, al least once in Twelve months, to
visit every monied corporation, upon which
the provisions ofihis act shall be binding, &
thoroughly to inspect the affairs OF said cor
porations, to examine all the books, papers
notes, bonds, and evidences of debt of said
corporations, TO compare the funds and prop
erty of said corporations, with the slate
ments 10 be made by them, MS hereinafter
provided. to ascertain the quantity of specie
the said corporations have on hand. and, gen.
orally, to make such other enquiries as may
be necessary to ascertain the actual condi-
ton Of the said corporations, and their atili-
ty to fulfil all the engagements made By
them.
Sec l6. 1t is hereby further enacted That
it shall be the duty OF the said commission
ers, or some of them, to visit, and inspect the
condition and affairs ofany monied corpora.
zion, more frequently than once in twelve
months, if required so TO do. by any one of
the monied corporations, subject TO the provis.
ions Of this act
Sec. II. II is hereby further enacted That
the said commissioners, or either of them.
shall have power to examine upon oath, all
the officers, servants, or agents OF said cor
porations, or any other person. in relation to
the affairs and condition of said corpora
iions. which oath the said commissioners,
or either ofthem, are personally authorized
10 administer.
sec. 10. IL is hereby further enacted, That
if the said commissioners shall ascertain,
from such inspection and examination, or in
any other manner, that anyof said corpora
tons are insoveni, or shall have violated
any ofthe provisions of this act, or acts Of in
corporation or of any other acts, binding on
such corporations, the said commissioners,
shall, Immediately applyto chancellor. up
on bill or petition, for an injunction against
such corporation, and its officers, and said |
chancellor shall, thereupon. issue notice TO
the cashier, or to the cashier and president,
OF said corporations, to appear, at a time and
place therein named, and shew cause why |
an injunction should not issue against such |
corporation, and its officers and il no suflic-
lent cause be shown to the contrary. he
shall, thereupon, issue such Injunction
against such corporation and its officers
Sec. 10. 1t is hereby further enacted. That
upon the issuing OF such injunction. and in
any stage OF the proceedings lhereupon the
chancellor may appoint one or more receiv-
ers TO take charge of the property and effects
ofsuch corporation-and TO collect. sue for,
and recover the debts and demands that may |
be due, and the property that may belong to
such corporation, who shall in all respects,
be subject to the control Of the chancellor
and such receivers shall give bonds 10 the |
treasurer of this State, in a sum to be fixed
by the chancellor. granting the injunction,
with one or more sufficient suretes, for the
faithful discharge Of the duties, of his or
their appointment, and for the due account
ing for all moneys received by them And
such receiver, or receivers shall have full
power and authority and it is hereby made
their duty, to sell and convert into cash, the
personal aud real estate of such corporations,
and execute good and sufficient titles TO the
purchasers thereof, and shall apply the
cash. so received, as well as the money
which shall becollected, or in possession of
such corporation, exclusively to the redemp-
ton Of the bills and notes, of such corpora
ton, and shall, as soon as may be- render an
account TO such chancellor, of the condition
l