Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1839-01-26

sequentv accrunc profits of the partnership.
and II 1t shall appear that any such dv-
bends have been made, il shall be the duty of
the Court of Chancery to make the necessa-
ry orders and DEGREES for closing the affairs
OF the partnership, and distributing It's prop
erty and effects among its creditors and share
holders.
SEC. %. Such partnership shall be liable to
pay the holder OF every bill or note put in
circulation as money, the payment of which
shall have been denanded and refused. DANA
ges Tor non-payment thereof IN lieu of inte
rest, at and after the rate OF fourteen per
cent. per annun, from the time of such refu-
sal until the payment OF such evidence of
debt, and the damages thereon.
! SEC. 81. The President and the Cashier
! of every partnership formed pursuant to the
provisions of tins act. shall at all times keep
a true and correct list of the names of all
the shareholders OF such partnership, and shall
file copy of such list in the office of the
Clerk OF the County where any office of such
partnership may be located, and also in the
office of the Auditor, on the first Mondays of
January and July in every year.
SEC. %. No partnership authorized to
carry on the business OF banking under this
act, shall at any time, for the space of TWEEN
ty days, have on hand at their place of bust
ness. less than twelve and and half per
cent. IN specie, on the amount of the bills and
notes III circulation money.
SEC. %. That all notes in writing pava-
bic at the place of business of any partner
: ship carrying on business under this act. and
all promisory notes, payable at any particular
place. to any person or persons, or to order
or to bearer, on demand or at any particular
S time, and for the payment of money, shall
\ have the same effect and be negotiable as in
V and bills of exchange by the law merchant
r and that the rights and liabilities of the hol
: ders, and of the parties to such notes, re
e spectlvely shall be the same as the right ant
Il liabilities of the holders and parties to inlanC
/ bills respectively In every respect.
n SEC. 80. All partnerships conducting bu
l. siness under this act shall, whenever requires
by the Treasurer and Auditor of State or e
e Their, or by act of the Legislature, perform a
h such fiscal duties may be judged necessa
r, ry for the public advantage.
; SEC. 81. Every partnership conductln
i business under this act, shall, whenever r.
A. quired by an act of the Legislature, loan
the State, such sums of money may /
ID required tor the public service. not exceedln
,r from any one partnership, an amount ecu
to the one fourth of its capital paid up; sue
lie loan to be made for space of time not e
u ceeding twenty years, and at a rate of int
lie rest not exceeding four per cent. For whit
loans the said partnerships may receive Il
t. State bonds, executed in the usual form, wi
al the usual condltions-and all bonds so recei
p ed by any such partnership may be transe
of red to the Auditor, and registered notes f
an equal amount may be received thereto
TT as above provided.
o. SEC. 80. Whenever any partnership sh;
IS; have been organized according to the prov
by ions of this act; the State may, where Il
"a same shall be directed by act of the Legis
m ture, become a shareholder to an amount n
RI Of tha
CHI capital owned by individuals or corporation
Die by subscription to be made accordingly
ed the Auditor or some agent by him duly 4
thorlsed. And the amount of such capt
he or shares held by the State, shall be paid
IS: State Bonds executed in the usual form a
Ter with the usual conditions, payable at pc
er- cd not less than twenty years, and bear
interest at rate not more than four per ce
ch per annum: which Bonds may be transfer
on TO the Auditor and registered notes to
nc equal amount NAV be received thei cfor, as
nd above provided. In case any such subscr
ion of capital on the part of the State sh
lth be directed to be made, to the capital of a
BITS such partnership, the State may. at any I'll
age direct the mode and manner in which its
du- terests may be secured. through the inter
md siton of the Courts of Law and Equity
in And the Governor by agent. or the Treas
nst er or Auditor in person may at any time
OF anime all such partnerships. all their Boo
effects and funds and all their officers I'M
nth oath, for the purpose Of ascertaining their
the tinss ans! doings, and of thus securing
the public interest.
to SEC. So. The Legislature may at any Ii
SIX alter or repeal this act.
lch This act to be IN force from and after
passage.
of
du- From the Springfield Pionee
Ill