Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1840-10-10

this commonwealth shall st any time after the 18th
January, lS4l, refuse TO redeem any one Of its
notes or bills, or pay any of its deposits or other H.
abilities in gold silver coin, its charter >hal he
fotfritej and it may and shall be lawful for any
person or persons OF The agents Of any body corpo
rate, who shall have been refused gold or silver in
payment as aforesaid, to make an oath affirms
tion, bef,re any judge Of any court in thc proper
county, of the fact This section defines the mode
Of proceeding 10 forfeit the char er /; and provides
for the appointment Of trustees to take charge of
the effects Of the bank y
SIC. 3 Provides that the trustees may use the
corporate name Of the bank for the purpose Of
settling its aft ,irs.
SEC. 8. Provides the manner in which the uus-
tees shall make t,lement.
SIC. 4. Provides against the fraudulent conceal
ment Of any of the funds of the bank, by the presi-
dent cashier or other officer.
SKc. s. Provides for the refusal or neglect of the
trustees to execute their duty, &c.
Src. s. Thatthe several courts of common pleas
of this commonwealth shall have the power and
jurisdiction of courts of equity so far As relates TO
the management, control and restraint Of banks;
and 10 the srscts of any hanks insufficient
to pay the bills and other debts thereof, The said
conrls are authorized, aud !, is hereby made their
duty TO render DEGREES against the directors AID
stockholders thereof. for such sum or SUNS of mo-
ney as shall be sufficient to releem said bills and
hquidate the just debts OF the bank.
SIC. 7. Provides the manner and order in which
the trustees shall pay the debts Of the bank.
| SEc That from and after the passage OF this
act, it shall not be lawful for any stockholder of any
! hank, savings institution, loan company within
this commoRw alth, to vote at any election for di-
rectors off ers of the same, except IN his or h.
own proper person, and that any act acts Of As
sembly heretofore passed Authorizing the stockhol-
ders of such hanks. savings institutions and loan
companies, TO vote by proxy at such elections, be,
and i, is hereby repealed.
SIC. 9. II shall not he lawful fir the director; Of
any b INK, savings institution or loan company of
! this commonwealth, to decl a dividend OF more
than eight per cent. per annum on the cap tai &C.
tuullv paid in, accumulate as q contingent fund
more than five per mt. per annum upon their said
capital, and all the annual profits arising from any
of such institutions, and above the ,aid eight
per cent dividend, and the SAID five per cent. CON-
iingent fund, shall be paid annually into the teasu
ry for the use Of the commonwealth Prouided
ho,oeper. tha, when the said contingent fund ex-
ceejs twenty per cent of the amount Of the capital
| actually paid in, the excess shall be paid into the
state treasury.
Sac TO- II shall not be lawful for any hank
within this commonwealth to purchase and ho'd
| any bank or oher stock, except their own, OF the
stock OF this state Of the United States and the
amount of such stock so purchased AMI held, shn;l
al no time exceed ten per of the capital stock
of such bank actually paid in.
SEC. IL. That from and after the first day Of
January next, every bank within this alnmon
wealth shall receive at par the OF all the char
tered specie paying banks within tho same. and no
bank shall pay out at lis counter any tn ng hut its
| own notes or specie.
SIC. IL. No bank shall issue notes in the form
or simitude fb,nk notes, pay able q former day
usually called or denominaled post notes.
SEC Is. Provides f,r monthly statements by the
| banks.
Src. II The stockholders OF each and every
bank, savings insii uon and loan cimpiny in the
comm nnweal,ii, shall be personality liable for The
redemltio oi the Ills and note>, and payment Of
the Just debts Of such hank, savings Institution aud
loan company; and such personal liability may he
enforced in the Irescr.h IN the sixth zee
tinn Of this ac And It shai be the daty of the pr =
sident cashier Of every such bank. saving inst-
tution AMI loan mpany, nn The first Mondi iys OF
Jinuary, April. July and October in each year, ia
furnish oath affirm ,tlon to the pro hpnotary
of their respective counties, complete list Of IT,
stockholders with the umber of shares held and
owned by each which said list laid prothnnoti iry
shall iie IN his ufice without charge ect t. tht
inspection f all lersons, Tor the fee which is now
paid 70 a search.
SIC. Is. That If any banking institution, iosr
comlsny swings institution sh ~, when not
deeming their notes and Liabilities specie declare
any dividend Of profits or alleged plofts among The
sockh lders the declaration payment oi such d.
vi!end shall ipso fac,o work a forfeiture Of tn,
charter
SEC. l6. No director or any other officer Of any
bank shall directly or Indirectly procure any lolr
or discount therefrom and no luan or discount shal
be made 10y any bank, except by the board OF drec
/, tors, majority of whom shall be necessary to con
h, stilutr quorum for that purpose.
, SEc. II, Provides further penalties against th,
violaihn of the act in relation to SIN III notes.
SEc. IT, The wilful and delilara,e falsc swe rim,
6 y any officer or other person, touching any state
ment made or othrT duty enjoined by this ct, shal
bc deemed perjury AID punish 'hle such bu
the solitary confinement in any such case shall no
u be less than one more than six Years.
SIC. 10. The provisions contained in the 70 Q
gsng act, shall not be construed as leg zing tn
susl en-on of specie payment. by the bank. of iii
a commonwealth, or any other act acts mmiite
. by them, either of them, m violation Of the Law
OF this comm nwe ,lth, or the provisio containc
: in their act OF inc rporaiihn respectively.
s SEc. 90 The l. kgisaiure reserves full power /
e make such alterations, provisions and restriction
as 1t mry at any time think proper to enact, for th
regulation of the banks, savings institutions an
' loan companis within this commonwealth. an
1t shall he liable such taxes in force
the lee lsature may Of any time hereafter impose.
SIC. 2l That mueh Of any law as Is hlere
d ,nd supplied by this said act is hereby repealed.
}, Ard on the question, shall The bill pass
d The yeas and nays were required by Mt Par
!, and MIR. M'Kins,ry, and are as follows, via:
YEAS.
Me srs. Anderson, Andrews, Baily, Barstov
benner, Bons'il, Broadbtsd BIuner, Case
l. Chandler, CHE, Coolbaugh, Crabh, Crispn Fiel
EiIheIi Elannnry EiannIinu EhnL EnnaI Enr