Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1840-11-09

SEC. 81. If any such bank shall, di-
rectly or indirectly, make any loan or dis
count contrary to the provisions of this act, :
or if any such hank shall directly or ind-
rectly distribute or divide any portion Of its
capital stock, among the stockholders Of
such corporation before the expiration of
its charter, such bank may be proceeded !
against and enoined as an insovent corp
Grafton, as provided in the eightieth chap
ter OF the revised statutes
SEC. 80. If any director or other of
ficer of any bank, or any person interested
in or having charge or control of the same,
shall, corruptly or by design, put or cause
to be put in circulation any amount Of the
bills Of such bank, beyond the amount
limited and prescribed by this act, he shall,
on conviction thereof, be confined to hard |
labor in the state prison for period not
exceeding ten years.
SEC. 50, If any director or other Off
Ger, or any person Interested in or having
charge or control of the same, shall wlul-
y or corruptly loan or pay any money, or
cause the same to be loaned or paid, to
any director or Their officer or stockholder,
or individual, or company, or corpora
ton, or discount or cause 10 be discounted
any bill, note, or other obligation or seeuri-
ty, for any such director, or officer or
stockholder, or individual, coiMpapy or cor
poration, so that such director, officer, or
stakeholder, individual, company or corlo.
ration, shall thereby become indebted to
such bank TO 81 eater amount than is al
lowed by the Seventeenth section Of this
act, the person 50 offending shall, OH con-
viction thereof, be confined to hand Labor
in the state prison for a period not exceed
ing five years.
SEC. 81. The shares in any such bank
shall be transferable in such manner as
may be provided in the act Of incorpora-
ton, or by The bylaws bat no transfer
shall he valid until recorded in box kept
in said bank for that purpose, nor until
the person making such transfer shall have
discharged all the liabilities due from him
to such corporation.
Sec. So An acts, incorporating bank
ing companies, are declared to be public
acts, and shall be construed in all courts
and places benignly and favorably for ev-
cry beneficial purpose therein mentioned.
SEC SO. The bank commissioner is
authorized to visit and inspect the condIt-
ion and affairs Of any banking corpora
ton, at any time, on the application OF
any creditor OF stakeholder, if he shall
Judge the interest of the creditors or stock.
holders shall require it.
SEC. 81. The auditor of accounts shall
audit the accounts of the bank commits
sioner, and draw orders on the State
treasurer, for such sum as he shall fine
Justly due, which the treasurer shall pay
out of the bank fund.
SEC 80. All bonds, taken according t.
The provisions Of this act, may be put il
suit on the application Of the receiver APP
pointed by the Court of ChanceTy, as pro
vided in the eightieth chapter of the revise,
statutes, or by order Of the bank commits
sioner and the avails Of all such bond
shall he applied in the same manner, a
provided in the twenty-fls' section OF tn
eightieth chapter of the revised statutes
until the debts Of such bank shall he satis
fed and the balance, If any, shall be re
turned to the directors, from whom tn,
same was collected, in such proportion t.
; each as the same was collected, respe ct
lively.
SEC. SO. If the directors Of any bank
ing corporation subject to the provision
of this chapter, shall execute bonds to tn
treasurer Of the State to the amount ar
wilhthe security required in the ninth sec
ton of this act, to be approved by tn
bank commissioner, and deposited wiz
said treasurer, conditioned that such di
rectors shall at all times pay and redeem
according to law, all the bills issued b
such bank, and shall pay and r-luud a
deposits made in such bank. when sue
payments are demanded, while such di
rectors are in office, such bank shall there
after be exempt from all payments requil
ed in the eightieth chapter of the revise
statutes, to the bank fund, and from a
the provisions for the establishment, pres
evalion and regulation Of said fund ; an
in such case, the bond required in this &C
to be given by the cashier, shall be give
and made payable to such corporation !
provided, that in such case, such ban
shall pay the bank commissioner, out c
its own funds, for bis services in maxim
any examination required by law.
: SEC. 40 1t shall be the duty of tn
bank commissioner, annually, or oftene,
10 examine the condition of the bonds re
CURED by this act to be given by the di
rectors; and he may require the same t
be renewed, with additional security, with
in such time as he may prescribe and
such directors shall neglect TO furnish Sc
cuiity in the manner and by the TIME pre-
scnocd hy the commissioner, and if th
commissioner shall deem he security {
the bonds insufficient, such bank may
proceeded against by such commissions
and enloined by the court of chancery a
an insolyent corporation, as provided i