Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1839-08-30
AN ACT, REGULATING THE
CHARTERING OF BANKS.

sion ofthe Legislature, or which shall be
hereafter created, or re-chartered, shall be
subject to the provisions of this act.
Sec. 2 II is hereby further enacted, That
for the purpose ofcreating and continuing
the fund herein established, every such cor
poration shall, on or before the third Thurs.
day OF October, in every year, pay TO the
Treasurer this State, sum equal TO three
fourths of one per cent, on the capital stock
of such corporation, paid in, after excepting
,herefrom, such part Of said capital stock, as
is, or may be held by this State, and at that
rate for the time such corporation, If less
than one year.
Sec. 8. 1t is hereby further enacted. That
al the time Of making any such payment,
the corporation making the same, shall cause
to be delivered 10 the Treasurer ofthis State,
a statement, signed by the President and
Cashier OF the corporation, and verified by
their oath, duly made before some officer, au-
thorized to administer oaths, specifying the
actual amount Of the capital stock OF such
corporation paid in, and designating In
such statement, the amount of such capital
stock, as shall be owned by the State.
Sec 4. 1t is hereby further enacted, That the
said annual payments shall continue 10 be
made, until every such moned incorpora-
tion shall have paid into the Treasury four
and one half per cent, upon its capital stock
which shall be. and remain, q perpetual
fund, to be denominated the Bank Fund, and
10 be inviolably appropriated, and applied to
the payment of such portion of the debts, ex-
elusive ofihe capital stock, of any Of the said
corporations, which shall become insolvent,
as shall remain unpaid after applying the
property and effects Of such insolvent corpo-
ration. as hereafter provided.
Sec 5. 1t is hereby further enacted, That
the treasurer of this state shall keep proper
accounts Of the said bank fund, separate, and
distinct from the funds ofths state, and shall
from time to time, report to the Legislature
the condition thereof
Sec 6. 1t is hereby further enacted, That
the said fund shall be the property Of the
corporation, by which the same shall be
paid in proportion to the amount which each
of such corporations shall have contributed
thereto, but the treasurer shall have power,
and it shall be his duty from time to time, to
invest the same, and all monies belonging
thereto, in the manner provided by law, in
respectto the common school fund.- And
whenever it shall become necessary, for the
purpose of meeting any charges on the said
fund, to sell any securities, in which such
fund, or any part thereof may have been in
vested. the treasurer shall have such power
20 make such sale
Sec. 7. II is hereby further enacted, That
the income arising from said fund, after de-
Quoting thereout the salaries of the bank
commissioners hereinafter mentioned, shall
annually be paid by the treasurer, TO the sew
cra corporations by which the said fund
shall be created, in proportion TO the amount
which each OF the said corporations shall
have contributed thereto out no corporation
shall be entitled to any part of said income,
after il shall become insolvent, or shall be
dissolved, or its charter expire
Sec. 8. Il is hereby further enacted, That
whenever the fund, created BY this act, shall
be reduced, by the payment Of the debts Of an
insolvent corporation, to be made as hereai.
ter provided, below the sum, as provided in
the fourth section OF this act. every monied
corporation then existing, which shall be
subject 10 this act, and every such corpora
tion thereafter to be created shall, on, or
before the third Thursday Of October. in eve-
ry year thereafter pay into the treasury OF
this state such sum to be designated BY the
Treasurer, not exceeding a SUN equal to
three fourths OF one per cent, on its capital
stock, as herein before provided which last
mentioned annual payments shall continue to
be made, by every corporation, subject to the
operation Of this act, until the aforesaid fund
shall be reimbursed and made to amount to
the sum. as provided in the fourth section of
this act, after which such annual payments
shall be suspended until it shall become nee
essary again to resort TO the said fund, by
reason ofthe insolvency Of any such corpo-
ration, as hereinafter provided when the
said payments shall be resumed. in man
ner aforesaid, and so on from time 10 time, as
occasion may require.
Sec 9. Ii is hereby furherenacted, That when.
ever any corporation subject to the operation
oithis act. shall become insolvent, and shall
be proceeded against, as hereinafter provided
ii shall be the duty OF chancellor immedi-
ately after final dividend of The property
and effects Of such insoivent corporation shall
have been made among the creditors there
of to cause an order to be entered on its min
ules. setting forth first the total amount Of
debts against the said corporation. ascertain
ed and established by the said chancellor, in.
GLIDING lawful interest thereon Second,
The nett amount Of money derived from the
properties and effects of the said corporation.
and applied under the direction of the said
chancellor, towards the satisfaction of such
debts and Third, the total amount of mon
eys. :hen requisite TO pay off and discharge
the said debts. Such order shall also direct
the receiver appointed to take charge of the
4 r