Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1840-09-12
An Act.

this cOnmo wealth shall 81 any time ate me TON
January, isii. refuse TO redeem one of IT.
notes hills, ay ary Vt its sits or other Il.
ties in gold silver coin, its chart, hall bt
fortified and it NAV a d shalt ne Lawful for 'ny
person or persons, r he ageiis Of any iody cHpo |
rate who shall have heen refused Id or silver in
rayment a azores d to make IN oah or aiirma
Tin, bef,re an, judge If any couit in the pr pr
county, If the fact. Thi> SECTION defne> the m 'le
Of proc' eding TO forfeit the char er; a'd provides
for appointment o trustees to take charge Of
the If els Of the nank
SEC. . Pr vids thtt the trustees NAV use the
c.rp rat anne Of the bank, for the pur. ose If
settling is aft irs.
&C 3 Provides he manner in which the tius-
es shsl make uement.
SEC. d. Pr,vld az 'ius, IN fraudulent conre cal.
men, OF any Of the fund. Of The bauS, BY tue resi-
dent cashle, o. other 'trer.
SIC. s. Provides for thc refusal or neglect of the
u in execute their duty, &C..
SEC. 6. That the several cour,s Of common pleas
nf this common e,th sh III have the power aud
ju fiction OF coufs ot equ iy. 20 Tar a relaes to
the miuagemtn CT ttOl and restraint OF h, nks
and in the lsscis any hanks ~ufhcirn
to p y the hills aud Other debts tn reof, he id
coor a'e au horZed a"d il is herby ma e 'her
duty to render docies az ,insl the directors a. d
stockholders the', Of I sucn sum or suns Of mo-
i
lquidate the just debts OF the ba k.
SEC. 7. P,oviles the manner and order in which
the trustees shall pay thc debts of the bank.
SIC T'ha, from and ner The p, cage Of This
act, shall not be lawful for any -tnckhoder # a,y
ha k, savings in -'itu'i,n, or loan company wi'hit
this cummpaw hh t, vote at my lection for d.
rectnrs off of he same. except his nr r
| own trop,r persop. ,nh that an, act ~ acis "f As
emily here ofo passrd. au'hn ~ g tie sto k l.
dets OF sch hanks savings institutions an.i lnar
coupan cs tp vot by proxy at such le,tlons, be
aud 1t Is reb, repealed.
Sc 8. II ,hsll not he lawful r thr director {
| rny INK. savings institution or loan COMPANY OF
ths comm 'nwe .th to drc a Dividend Of mor
tban eight per cent. per N um on b. cap tai ac
lualt, pad in accu nul T. as a contingent fund
moe han five per nt. pei aruum up N their sail
cipial, and all the annual profits sing fro any
Of ch inst ulions, over and sbov thc All ei n
per ceut dividend. aud the "A five per cent. cnII-
ungent fund, shall be pad anuu,lly Ito the
~ { he use OF the comn ,nwenlth: {: PrUuided
h4Werer thai WHEN he sid contingent fund y
eds twenty pr cent. "i The smru unt 4 the 'api,
actuall pad in. the exec shall BE- pad into Ihe
state treasury.
SIC. 10. II shall not be wful for my nenk
wdh'n this comm"nw atn t. pur base nd d 4
any nA or D her stpk..ex e,t their own T th,
q.
amount Of sucn stock 81 urch s.d ,nl ell. h
a, no time exceed ten Yer crnt oft e csphti stock
of such hauk actually paid in
, SEc. IL That from and af er the first day a.
/ January next. every bank within this common
wealth shall rrc i've Il pr the lies oi al the char
3 tered sp'ce paying banks within tho s'm mi M
, aDk shall tay ut at ils coun er aHy thing hut it
o"n notes OF sp Gle.
SIC. I2. NJ aux shall iss e noes IT, the f rn
IL. a.
, u>u, y calico NJ demon ed pot notes
SIC IL. Provhc- { mon hiy sta ienenls by III,
banks.
SIC. IL The st tkhollr rs of each and every
bank, wi g. insli ulion and loan mpmy in tn
commn' wealth, shall b. personality liable f'r h'
4 REDEEM, tho, oi The III aud note, aud pa m"nt "
IN, ju drrs of such tank. savings INST ton al,
Ic;U company /; and such personal liahlli'y may Ia
enforced in the miuner rescrh q ~ The sixth sec
tiun ofthis act. And II sh / be duty of n, pr
sidrnt r C rr OF every such bank saV ng- inst
tut on sni han ml'sny nn The fir,I Mund
] nusry, Aprh, July AMI OconeI in zach yesr,
| furnish un III ufF IN u N Ia ihr p hunntl',
of their respect We count es a CO uplre lis If II
stockholders, WI the uu,t er ut sha,e- held act
owned by each. which said .t aid pruth 'nnt =
shsl fl IN his flee wi hout chars', III j ct III
ispe,t"n all Iersois, Tor tne fee wluch - no'
paiI fo seafcn.
com any or wings instituu n sh II, ~h,u not
dctming their notes AMI II bi ns s,r, ir, d cIir
sry dividend of p'"GI- or legged p'ofts a"o h
ockh ilrrs he eclaTatun "r rny meut ni sucli d
Vi end sh,l ipso fec,o work a forieuu Of III
4, after
SEC. l6. No direrior or any ether officer rf an
hank h | dir ctl, i, directly procure any lo
~ discount lher.fiom, sud no an discount 5 u
b. IN de- ly anN II nix, exec Il by hr b nd oi lire,
lore mai. r h.,, n. n
stuut q Drum for that purp e.
SIC. II Pro,ide fuuhei iega!ties against ih
v,ola n of TIL act N riati'n to SIN II notes.
Sku ls. The wiltu and dehar ,le falls 1--WE rim
g any officer Y other per-. i"u hing any state
a msnt made II" duy enjo ID by lis c., sha
rc d EN- d pei jnrs, pun sh ale as such; hu
- it'Iy "e "enl IN any such saa n,
he h.n on nor ole tian SIX ears.
Sc. 10. The pr,is on nianeI in the fo
q ing act shall 10 b. Ilstrued % lrg ri Z II,
SUI, .n-i"n n speie Ta>m"ni yt.eb"k of
a. comm"nweai or any other ac, or &C, C nm te
9 hy tn IN, az 'IIhor If rhem IN VIZ ton OF the II,
y oi This nwe lrh ,r the Irovi 10 contain
g N II cir act OF inc rP raj nsfec.He'.
q SIC. 20. The eis alGTe TrsrINes full n w'T
q make such alerati n, provisions aud ,e-t,ic on
i II may al any time trnik prooer enact, f.rt
8 regulation Of the banks, savings inslitutuns ait
2 losn cnmpani wnh IN this mmonN ea tn an
| $ all h. l'a 10 o such iaxe IL rc'. q
n th' le= i iuTe my 1 lime IA, re Il, impose
2 Sc.2l hat muc, at any tw is lr'r
IS u, sup I'D b, thl- Id act, ,s her by rpe l,I.
= A,d "a the que-uun. sh II be i'll pass a!
10 Tn yeas and nay we ,equr,d hs NJ Pa
II aud Mr.. h'kinsty, and ne a oIi"w-,
2 YEA>.
IS Nc SIS. Ander on, Andrews, Baiy, Brrstop
. Benne,, Bnns II, hro dhr d, Is uue,, Cas- -,
- GhaudhI, e. e COoir .ugn, Crab CTIs in Firl