Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1839-01-26
INDIANA LEGISLATURE.
!. ALL TO REGULATE PRIVATE BANKING.

SEC. 1. Be u endcted by the Genernt As /
.rblv of lie .State Of Hadiana, That it shall |
b lawful for any number of persons to asso- /
cate themselves together in a limited part |
sership, upon the terms and subject to the !
liabilities prescribed in this act; but the az
uegate amount of capital stock of any such
DDartnershp shall not be less than one hundred
thousand dollars.
SEC. .. Whenever such limited partner
dp shall be formed, the persons associated
Aerein shall make under their hands and seal, (
certificate which shall specify.
1st. The name assumed to distinguish such
,artnership, and to he used in its dealings.
End. The place where the business OF such
yartnership is to be transacted.
3rd. The amount of capital, and the num-
Der Of shares into which it is divided.
ith. The names and places Of residence of
he partners, and the number of shares held
BY each.
5th. The time when such partnership shall
commence, and the time when it shall termi-
ate; which certificate shall! be proven or
acknowledged, and recorded as Il deed, in the
uecorders office of the county in which such
,artnershp shall be established, and copy
hereof shall be filed and recorded In the Of
ice of the Secretary of State, and also in
the recorders office OF any county in which
Ashed.
! SIC. 3. The certificate aforesaid, or cop
Is duly certified by the Recorder or Score
tarv, may be used as evidence IN all courts or
PAGES, tor or against said partnership.
SEC. 4. Such partnership shall have pow
er as such, subec. to the restrictions herein
provided. and not otherwise, to carry OH the
business of banking in all its branches, and
TO exercise all such incidental powers neces-
sary therefor, as fully as any individual might
carry on such business or exercise such pow
ers: and NAV designate the firm, name or
style of such partnership in the articles of
Partnership, may choose one of their number
as President of the partnership, and appoint
a Cashier. and all such other officers and a.
gents as their business may require, and the
same, from time to time, may remove at
pleasure and appoint others.
SIC. 5. The shares of such partnership
| shall be deemed personal property, and shall
be transferable on the books OF the partner
shin in such manner as the articles of part
nership may direct. Every person becoming
a shareholder by virtue of any such transfer,
shall. in proportion to his shares succeed &c
all the rights and liabilities of prior share
holders; and no change shall be made in the
articles Of partnership, by which the rights
remedies or security of its existing creditors
shall be impaired and such partnership shall
not be dissolved by the death, insanity, OF
other disability of any shareholder.
SEC. 6. 1t shall be lawful for such part
Rership by their articles of partnership. t.
provide for any increase of capital, and o
the number of partners. from time TO time, a
they may think proper.
SIC. I. All contracts made and all note
or other evidences of debt issued or pot int,
circulation by any such partnership. shall b.
signed by the President or Vice Presiden
and the Cashier thereof.
SIC. s. All suits, actions, and proceed
sngs in favor OF any person or persons or bod,
corporate whatsoever; and all suits, actions
and proceedings IN favor of any person o
persons or body corporate VIVA tsoever. 4
gainst any such partnership, shall be institut
ed for OF against, as may be. the person VIII,
IS President OF such partnership at the tim
such suit, action, proceeding is commenc
ed. II at any time during the tendency O
any SUIT, action. or proceeding SO instituted
the person being President, shall, by death O
IN any other way. cease TO be such Presiden
the same shall be suggested by affidavit. sta
ing the fact. together with the name of tn
person appointed his successor; and on sue
suggestion, SAID suit, action, or proceedin
shall in no case abate. but shall proceed witt
out any delay whatever. IN the name of III
successor, precisely in the same manner
would have proceeded. if no change had t
ken place.
SEC. Q. No shareholder of any such par
nership shall be Liable in his individual cap
city, for any contract or debt of such par
aesship. unless the articles of partnership b
hfn signed. shall have declared him so liab
But all judgments or DEGREES rendered again
ihe President of any such partnership, sha
ee enforced only against the joint property
ne partnership; which property shall be Ii
Die 10 levy and sale accordingly.
SIC. 10. Such partnership may take ar
mold, and at its pleasure convey real estat
Tor the following purposes:
Isl. Such as may be necessary for lis II
mediate accommodation in the transaction
business.
Il End. Such as may be mortgaged to it.
due.
ord. Such as shall be conveyed TO ii.
satisfaction of debts previously contracted
4h. Such as it may purchase on sales u
&c, judgments or DEGREES in It's own favor.
An conveyances shall be made to or bv II
'es'dent at the time being; and all conve,
noaIa h,y. d.