Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1839-11-07

STATE OF RHODE ISLAND AND
PROVIDENCE PLANTATIONS.
In General assembly, October Session, 1880

In General assembly, October Session, 1889.
An Act in addition Ia the several acts regu.
laiing the Banks in this State, and for other
purposes.
BE Il enacted by The General assembly as
foiio,cs:
SECTION I. The first section Of the act
passed at the June session of the General As.
sembly, 1887, entitled "an net in addition to
the several acts regulating the Banks in this
State, and for other purposes" is hereby re-
enacted, and shall continue in force until the
first day of February next.
Sec. 2. During tho suspension Of specie
payments il shall not be lawful for any Bank
TO sell or otherwise dispose of its balances
or funds in other States, in checks OF sight
or payable at n day certain, or the bills of
Banks o: other States, at a greater rate than
the par value thereof, but the same may be
discounted out by such Bnnk, or used for the
redemption Of its own bills or indebtedness
at par.
Sec. 8. The third section of an act entitled
ian act ascertaining damages on protested
bills of exchange" is repealed so far us the
same allows five per cent damages upon
bills of exchange protested for non-payment,
when the same have been discounted by any
Bank in this State.
Sec. 4. DLring the continuance Of The sus-
pension Of specie payments by the Banks,
each Bank shall be and hereby is required to
receive in dcposite its own bills, and allow
therefor an interest Of six per cent. per an
NUN during The time Of such deposlte, upon
sums not exceeding one hundred dollars. by
the same individual and for sums exceeding
one hundred dollars and up to one thousand
dollars, five per cent. per unnum, II deposited
by individuals; and for all sums exceeding
one thousand dollars, deposited by corpora
tons or individuals, three per cent. per an.
mum: provided, that snch last mentioned d
deposite be for a time exceeding sixty days
and provided also, that the president and
directors Of every Bank shall be responsible
for tho payment of all sums deposited by in
dividusls as aforesaid.
Sec. 5. In all cases Of deposites authorised
in the preceding section where the amount
deposited by one individual or corporation
shall exceed five thousand dollars, the Bank
shall not be required to pay The came in any
other manner than by instalments Of twenty
five per cent. thereof, per month--the first
payment to be made upon thirty days notice.
Sec.'6. Any Bank in this State refusing to
receive its own bills at par for any collections
due said Bank wherever payable, shall rc.
ceive no benefit from the first section of thi.
act.
Sec. z. The report which. by the act rcla
ting to Banks passed at the June session, A
ID. 1899, the Bank Commissioners are drec-
ted to make to the General Assembly at the
June and January sessions in each year
shall contain n statement of the condition o
the several Banks, as i, may be on such day:
previous to the said June and January ses
sion as the Bank Commissioners may in wri
| ting designate, instead Of the days named ir
said act; and so much Of said act as is incon
sistent herewith is hereby repealed.
Il True Copy-witness
HENRY BOWEN, Scc'y.
The following is the section OF tho &C
which is revived by the above act:
Section |. In all suits in which any Ban
in this State is party, and when the su
for the collection Of money is brought by sal
Bank, the Court rendering judgment in fave
Of the plaintiff, shall, in case said judgmer
is rendered by the defendants default, allo,
no costs to be taxed against the defendant
and in any suit against any Bank in thi
State, brought before any Justice of tn
! Peace. no cost shall be recorded against tn
defe ndant. And in no case at any term o
any Court in this State, shall cost be Above
against any Bank, by the same plaintiff q
| plaintiffs, after the passage Of this act bu
said actions shall be consolidated; and br
one cost taxed, and that the provisions c
this section shall continue in force until th
first day Of December next.