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


following, each Of said corporations shall
choose one delegate, and the delegates so
chosen, shall meet at the courthouse in
Montpelier, ON the third Thursday Of Octo.
Der, in each year, and Ut the hour Of four in
the afternoon, shall proceed TO vote for said
commissioners, by ballot, each delegate be.
ing entitled, TO, one vote, for every FIVE thou
sand dollars actually paid in of the capita
stock ofthe corporation he represents, which
shall be ascertaned by the affidavit Of the
president and cashier, and the person receiv-
ing majority ofall the votes so given, shall
be deemed duly appointed, and the commits.
sioners so chosen, shall be under oath, for
the faithful discharge OF their duty, and shall
be entitled to four dollars per day, including
all expenses TO be paid out Of the bank fund,
before mentioned.
Sec %. 1t is hereby further enacted, That
il any such monied corporation shall issue,
or have outstanding, or in circulation at any
time. an amount OF notes or bills loaned or
put in circultion, us money, exceeding three
times its capital stock, then paid in, and ac-
tually possessed, or shall neglect 10 make
any annual payment 10 the treasurer Of this
Wy tuio att, lOl tue oIuCt VI
three months after the time when the same
oughtlo have been made, or shall have lost
one half of its capital stock paid in, or shall
have suspended the payment OF its bills in
specie, for sixty days, or shall refuse to al.
low the officers Of such corporation TO be ex-
amined upon oath, by the said commission
els, in relation to the affairs and condition of
such corporation. every such corporation
may be proceeded against, by the said com.
missioners and injoined, by chancellor as
an insolvent corporation as herein before
provided.
Sec. 20. 1t is hereby further enacted, That
every officer agent or clerk, OF monied
corporation who shall make any false state.
ments or false entries in the books Of such
corporation, or shall exhibit false papers,
with the intent to deceive said commission
ers, as to the condition of said corporation,
shall be deemed guilty Of felony aud shall
be subjected TO imprisonment in the state
prison. for term not less than two years,
nor more than ten.
Sec. "a. 1t is hereby further enacted, That
no stakeholder of any bank, shall be appoint.
ed commissioner by virtue Of this ncl, nor
shall it be lawful for any commissioner d.
rectly or indirectly. to purchase, or in any
manner to beconcerned in any bank stock,
in this State
Sec. 25. II is hereby further enacted, That
every corporation subject TO the operation of
this act created at the present session Of the
legislature, or hereafter to be created, shall,
before it makes any loans or discounts, have
at least fifty per cent oil its capital stock ac
tually paid in, which payment shall be prov
ed on oath, to the satisfaction of the bunk
commissioners. before any such loans OF dis
counts shall be made and every moned
corporation whose charter shall be hereafter
extended, shall, within one year after such
extension takes effect, pay in all its capital,
to be proved in like manner, 10 said bank
but esery such monIe,l cor
poration, whose charter shall be so. hereaE
ter extended, shall be permitted to reduce its
CT pital sto~, - L..la,s al
amount actually paid in, at the time Of the
renewal Of its chatter But such corpora.
lion shall, within one year, from and after
the time of such renewal, file with the treas.
urer. certificate. under the seal of the cor.
poraion, setting forth the sum to which its
capital stock is to be reduced, as aforesaid
The filing of which certificate, shall exempt
such corporation fromihe operation of this
section, and to so much Of its capital stock
as shall! be reduced in the manner above sta.
ted.
Sec 26. 1t is hereby further enacted, That
If any banking company hereafter incorpo-
rated, chartered or rechartered, shall by their
act of incorporation, make the private prop.
erty of the stockholders holden TO redeem
the bills by them issued, it shall not be re-
quired TO comply with The conditions OF this
act. Passed Nov Q, 1871