The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-11-27
AN ACT RELATING TO BANKS
1t is hereby enacted by the General Assembly
IL Enlln.,.,.

1t is hereby enacted BY the General Assembly oil
the State of Vermont as follows:
SECTION |. Any banking company, chartered
or re-chartercd nlhe present scssion.or any future
session shall be subject TO the provision Of This act,
and to the control, ut all times, of the legislature,
to alter, amend, or repeal, as the public good may
require; and shall be bject to the provisions Of
the first twcnly-scven, and the iorlicth and forty
first sections Of the eghteth chapter of the revised
sections OF said eighieih chapter, except so Tar
the same are ru-cnurtcd in this act Provided, that
no such corporation shall be bound to contribute
for the payment of losses which shall have accrued
previous to their act of incorporation or re-charer,
by the failure of any safety fund bank.
SEC. No such banking company, Incorporated
as mentioned in the proceeding section, shall make
any loans or discounts, or issue any bills for crcu
lat. on, until at least one half of lis capital stock
shall have been paid into the bank in gold and sill
yer, and permanently deposited for the use of such
bank nor until the amount shall have been ascer-
tanned, and the certificate thereof deposited with
the treasuredo f the State as provided in the sue
ceeding secton-And no such bunk shall continue
to make loans or discounts for longer space than
two years after commencing business under such
act of incorporation, unless the whole Of the capt.
tai stock allowed in the charter shall have been
paid in subject to the provisions of the succeeding
section.
SEC. 8. The commissioner appointed according
to the provisions ofihe eighc,h chapter of the re-
viscd statutes, shall, on the application of such
banking company, examine the amount paid for
cppiial stock, and ascertain by the oathS ola ma
ioriiv of the directors that such money has been
paid in by the stockholders toward the payment of
their shares and not for any other purpose and that
it is indebted that the same shall remain in said
bank as a part of It's capital stock, and the said
commits, ioner shall make certificate thereof 10 the
treasurer of the State.
SEC. 4. No such banking corporation, recharer-
ed as mentioned in the first scctlon shall continue
in operation, or take any benefit by reason of such
reclarcr, unless such corporation shall have re-
naming in such bank or shall cause 10 be paid into
such bank for capital funds which shall be availu-
Bile at the time 10 the full amount of the capital
stock which shall have been paid in under its orig
ina charter, and the amount nscertained and the
certificate thereof deposited with the treasurer ac-
cordng to the provisions of the preceding section.
SEC. 5. Every such bank, whose charter shall
be extended, shall, within one year after such ex-
tension takes effect pay in all its capital, TO be
cerianed and certified in the manner provided in
the third section; provided that such corporation
NAV reduce is capital stock 10 any sun not below
the amount actually paid in at the time of the re-
newal of lis charter, and may, within one year
from the time of lis renewal file with the treasurer
of the State certificate under the seal of the
portion, setting forth the sum to which the capital
stock is to be reduced; and the sum so certified al
ter the filing of such cericath, shall be taken 10
be the amount of the capital stock Of such bank.
SEC. q. No part of the capital stock olnny bank
SHALL ut any time during the period for which II Is
authorized TO continue its banking operations, be
Withdrawn from such bank.
SEC. 7. The stock, property, and concerns Of
every such bank, shall be managed and conducted
by directors to such number aud appointed in such
manner rs the act Of incorporation shall erect.
who shall be stockholders and inhabitants OF the
STATE and shall hold their office until other APP
no;uted and qualified to act aud majority OF the
directors shall be required 10 constitute quorum.
SEC. z. The directors ofany such bank shall be
liable IN nav 10 the creditors and stockholders Of
sucb bank all losses which mny be sustained in
consequence of any violation, by them, of the pro-
visions of this act or Of any other law, or other
law or other unll,hinlness in the discharge OF their
official duries and any number Of such directors
NAV be sued in the same action by any claimant
under the provision of this section.
SEC. g. Further to secure the liabilities men
Toned in the eight section. each ci the directors
shall execute bond to the treasurer of the State,
in an iGual amount the aggregate amount Of which
bonds shall he equal to the amount of the capital
stock actually paid ill., with condition for the pay
ment and discharge Of the liabilities mentioned IN
said eighth secion and such bonds shall he secnr-
ed hy one or more sufficient sureies. residing III
this State and not directors. or by sufficient mort
r,rc Of real estate, TO b. examined and approved
y the said commissioner: and such bonds shall be