Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-03-03
NUMBER XIV.
BILL

10 be entitled an act requiring the several l.
Banks of this State TO pay Specie. and for
other purposes.
SEC. 1. Be Il enacted By the Legislature Oh
The State Of Mississippi, That floln and after
the. first day of April next, all the banks and
other monied corporations IN this State shall
be required to pay specie on all Their. notes of
whatever denomination, their five dollar notes,
and from and after the first day Of July next,
on all their ten dollar notes, and from and after
the first day ofOctober next on all their twen-
| fy dollar notes, and from and alter the first day
of January next, on all their bills, checks, GER
tIficates of deposite, and all other evidences of
debt, upon personalities Of the same at their
respective banking houses, and upon failure 10.
fconnply with the foregoing provision their cor
porate powers. privileges and tralchise, shall
Thereafter cease. be null and void, andofno eff
feet, except for the purposes heEemafter men,
toned.
SEC. 2. Be Il further eaac at should /
any bank or other monied corporation IN this
State, from and after lifetime prescribed in the
first section Of this act, refuse to pay specie on
It's obligations, IN the manner thereinpr |
ed, it shall be the duty of the president, cash.
Ter or teller Of the same, to endorse his name |
with the date of presentation and refusal on
the back of such bill, note or other obligation,
which endorsement shah be held and deemed, |
to all intents and purposes, as evidence of The |
refusal of said bank TO pay specie, and should
the president. cashier or teller refuse to en-
dorse his name, as above required, he shall be
liable to Indictment, and on conviction thereof,
shall be fined one thousand dollars. and Inn
prisoned six months.
SEc. 3. Be IL further enacted, That when
ever the Governor, either from the certificate
of the president, cashier or teller as aforesaid,
or by affidavit of the holder Of any note, blor
other evidence of debt shall be satisfied that
: such presentation has been made, and payment
: withheld, he shall forthwith issue his procla-a
nation declaring the charter of such bank or
other monied corporation forfeited. null and
void, except that such corporation or corpora
tons, may remain competent to sue and be
sued in their corporate names, for the purpose
of liquidation only, and it shall be the dutv of
!. the e oyernor forthwith, TO appoint one CON-
2 missioner, resident in the county where the
e bank maybe, who shall proceed forthwith to
take an inventory of allthe assets of said insti-
G tuition, which inventory when taken, shall be
n filed by him in the office of the Secretary of
/ State; and in order that he may be enabled
: to take correct inventory of the same, the
s said commissioner shall have power to examine
, on OATH the directors and other officers of said
81 institution, orany other person, and to send for
r persons and papers, and compel the attendance
% of witnesses; and the directors of said bank or
N monied corporation, shall forthwith proceed to
ID have its affairs put in astate of liquidation by
the collection of all debts due it, and the pay
OF ment of all It's liabilities, without preference OF
partiality, foreng collection alike, upon stock
m notes as upon other bills receivable: Prouided
e. hoacerer, that said bank or. monied institution
a. shall have the liberty of extending the time Of
OF payment to one, two, three and four years, in
equal annual instalments to its debtors, OF
condition that security, either collateral or per-
fy sona, or by mortgages on personal estate be
5, given, to the satisfaction of the aforesaid com
le missioner, who shall have full force and who's
re duty it shall be to supervise all the affairs ant
10 be acquainted with each and every transaction
of said bank or momed corporation.
SEC. a. Be Il further enacted, That when
ever any such bank or other monied corpora
OF ton or Association, shall have been proclaime
raj by the Governor as having forfeited its coTpo
OF rate franchise, the commissioner appointed b
~ the Executive shall forthwith proceed to per
OF form the duty specified il the third section {
this act. and should said commissioner, appoir
ted BY and in behalf of the State, be refuse
the examination of the assets, profits and a
fairs of any such bank or monied corporation
ub in order to the discharge of his duty as com
NIX missioner, on application in term time or vacs
ton on giving five days notice to the opposit
ors party, to any chancelIor,. Judge of the hig
ng court of errors and appeals, or Judge of th
circuit court, may have awarded to him th
III States writ of injunction, restraining the of
cIe GERS of any such bank or other monled assoc
OF stion from exercising any control or authorii
ed over the assets and property of the bank
ay- which they are attached, and such Judge {
RAJ chancellor shall forthwith appoint, not excee
ION of all the evidences Of debt. goods, effect
AN books, papers aud property of every deserlptlo
sa. belonging to said bank, " no shall give bond
ion the Governor and successors, IN such penal
Pc and with such sureties and conditions as Il
300 iudge or chancellor shall direct, and also tai
ich an oath for the faithful discharge of such bns
co. said Injunction aud receiving orders, shall
ler returnabe and returned to the superior cot
ere of chancery where the said matters shall
the under the drecsiln, order and control OF sa
!1i- court, according TO the course OF the Jaw
IN Ike cases oftrauduent debtors, for the disob
ate dience to the process Of injunction and the
lso, der of any such Judge, the said judge may !
dnk rect an attachment for contempt, to issue FRI
the any CLERK Office, returnable before him fort
red, with, and shall have power to impose Fl
for and Imprisonment for such contempt' Pro
tate ded, that such fine shall not exceed one tho
und sand dollars, and the term Of imprisonment
exceed six months; and in addition there
any officer or officers of any such bank
t. monied corporation, for any such refusal
surrender the assets and property IN hls poss'
mes sion and charge, may be subject to lndlctme
but and on conviction; shall be fined IN a sum I
any less than two thousand dollars, and be impr
oned for a fern of not less than six months.
the SEC s. BE It further enacted, That if. af
our, the Governor shall have issued his proclan
dol ton, as provided for in the first section of
act, declaring the charter Of any bank or ms
es- Incorporation forfeited and annulleds the
pro- rectors1of such bank or monied corporation,
zach any individual or individuals, under cover
We the same, shall. upon any pEetence whatev
ON make an issue of any note Of bill, or do orp
Tory form any act except for the purposes of llqni
= be ton, the offender or offenders shall, on cony
! TO ton, be sentenced to Che penltentlary, TO
IS to term not less ton one year nor more than Il
ause nor shall said directors or other otceTsof 81
and bank or monied corporation, allow divide
hist to be declared, until every liability ofthe BE-
they shall have been paid.
tend SEC. 6. Be Il further enacted, That thenoi
call certificates of deposites checks bills OF
and change, brother Evidence of debt ofeach b.
e at or nnonied corporation IN this State, shall be
the ceiyed al par IN payment Of SAID debts due
mat same, nor shall the act transferring the sa
impair the right ofthe holder Of any OF the s
axes notes, certificates of deposite, checks bills
hard exchange, Oh other evidence Of debt, from
hing ferinQ the same as an Offset or payment to-
NV debt due the said banks or nnoned corporate