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

actually paid in but the violation OF this
provision shall not avoid any contract or
be construed to prevent the collection OF
any debt contracted by such bank.
SEC. 10. All the bills and notes of
such bank shall be deemed to be payable
at such bank, and shall at all times be re-
ecvcd by said bank, on all judgments, ex-
ecutions, or demands, made payable TO, or
the property of, such bank.
Sec. 30. If the officers of any such
bank shall refuse or delay payment, in
gold or silver money, of any bill or note
of such bank, presented for payment in
their usual hours of business, the said bank
shall be liable to pay the holder Of such
bill or note, as damages, at the rate OF
twelve per cent. year, for the time dur
ing which such payment shall be refused or
delayed.
Sec. 81. At any time, within two years
from the time any such bank may be in
corporated or recharteted, such corpora
ton shall be required, when requested by
the Legislature, TO loan to this State any
sum OF money which may be SO requested,
to be repaid in three annual instruments,
or sooner, at the election of the State, with
amount due to such bark from the State
for such loans, at any one time, shall no,
exceed five thousand dollars; provided alsot
that such corporation shall not be required,
to make such loan, when it shall be in vio-
laton OF the provisions of the eighteenth
! section of this act.
f SEC. %. No loan shall be made, or any
, bill or note discounted, without the consent
, OF majority of the directors.
| SEC. 90. No bank shall issue bills Of a
| less denomination than one dollar, or bills
r which contain fractional parts of dollar,
: under a penalty of one hundred dollars,
/ payable to the treasurer of the state, which
r may be recovered of such bank, in an ac-
s ton Of debt, in the name OF said treasurer.
t SEC. "a. All such banking corpora
d tons shall, semi-annually, at the times at
/; which the directors shall usually declare
3, the dividends of the profits of such hank,
f pay into the treasury Of this state one per
e cent. of the capital stock actually paid in,
as tax upon The income of such bank !;
|, provided, that if the directors shall keep
:, a sufficient deposit of funds in the city Of
il Boston in the Commonwealth of Massa-
d chusetts, and shall at that city uniformly
9 cause their bills to be redeemed at par,
such corporation shall be exempt from
c such payment; but if they shall fail so to
IS redeem their bills for the period Of ten
y days in the whole, in any one year, the
7, said tax shall be paid for that year.
II SEC. 25. The directors of any bank
shall not loan or pay out any money, or
g allow the same to be loaned or paid ont,
: on the pledge of any stock in such bank
If SEC. &c. The real estate, which it shall
ID be lawful for any such bank to hold, shall
a be only such as shall be needed for the
ID accommodation of said bank, in the trans
ID action of its business, such as shall have
: been mortgaged to it. by way Of security,
,f or conveyed to ii in payment of debts pre-
e, vlously contracted, or set off on execution
in satisfaction of the debts of such bank
= SEC. 81, Each stakeholder shall be en-
titled to number of votes, proportional
g, to the number Of shares which may have
IS been held by such stakeholder, at least
three months before the time of voting,
h according to the following rates, one
I'd vote for each share not exceeding four
III live votes for six shares, six votes for eight
shares, anG seven votes for ten shares, one
r vote for every five shares above ten pro-
vded that no sockholder shall be entitled
,g to more than twenty votes; and absent
stockholders may vote by proxy, author
5r lied in writing but no stakeholder resd-
of ing out Of the state shall be entitled to
r vote, in any way, in the meetings Of the
corporation, Tor shall any stakeholder be
all entitled to more votes in his own right
IL and by proxy than one fourth of all the
ne votes given.
u SEC. 49, The directors may determine
n al what times, and in what proportion, the
n stockholders shall pay into the bank the
he amount unpaid on their shares of the CAPT
e; tai stock; and they shall give notice there
ay Of by publishing their order, three weeks
of successfully, in some one or more of the
S. newspapers printed in the county, where
the bank is located or if no newspaper
I'd shall, at the time, be printed in such coun-
is ty, in one or more newspapers in an adj
Cd joining county, which shall most generally
e. circulate in the vicinity of such bank; the
he last Of which publications shall be at eas,
ry thirty days before the time appointed fol
such payment; and if any stakeholder shall
OF neglect TO make payment on any share,
or according to such order, for the period OF
y, thirty days from the time appointed fol
n such payment, such share and all money.
ay previously paid thereon, and all dividend,
ne accruing or due thereon, shall be forfeited
to the use Of such corporation.
H. SEC. 20. Ii, by any means, the CAPITA
in stock of any such bank shall be reduced
in the amount of five per cent below the
Is, amount which shall have been paid into
at the bank, it shall be the duty of the direc,
Of tors, immediately to raise the amount %