Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1840-11-25

ito any director or other officer or stock
he.def' or individual, or company, or cor
pofatlon, or discount orr cause to be dis.
counted any bill, note, or other obligation
or security, for any such director, or Off
eef,or stockhotder, OF individual, compa-
Ellv.or corporation, SO that such director,
4effleef, or stoekholder, individual, ccmpa-
ny or corporation, shall thereby become
llndebted 10 such bank to greater amount
han s allowed By the seventeenth section
fHoftfis act, The person SO offending Shall,
on convletlon thereof, be confined to hard
Iaab,r IN the state prison for period no.
exceeding Eve Years. -.-..... T.
SEC. 81 The shares in any such bank!
snail be Transferable in such manner as
maybe provided IN the act of Incorpora-
ton or by the bylaws; but no transfer
shall Be vaifll1ntii recorded in BOOK kept
il said bank for that pprpose, nor until
+ person making such transfer shaiIba
discharged, all the Liabilities due from him
tosuc hscorpora II
SEC. 80. Aliacts, Incorporating bank
ing COMPANIES, afe declared to be public
laets, and shall be construed in alIscouFts
aud places benignly and iavorabIy for,ev-
cry Beneficial purpose Therein mentioned.
SEC. So. The bank commissioner is
authorized 10 visit and inspect the condi-
lion and Affairs of any banking corpora
ton, az any time, on the application Of
any creditor or s.ok holder, If be shall
Judge the Interest of he creditors or stock
| noders.shali' require ii.
SEC. 81 The auditor ofaccounts shall
audit the accounts of the bank commits
SsIoner, and draw orders Oh the State treas
urer, for Such sum as he shall fad justly
due, which{he treasurer shall pay out Of
the bank fund.
SEC. 80. An bonds, taken according
! to the provisions Of this act, may be pun IN
suit on the application of the receiver ap,
pointed by the Court on Ch3ncery, as pro-
vided in the eightieth chapter Of the revis-
ed statues, or by order Of The bankacom-
missioner; and the avaiIs ofaIl such bonds
ishall be applied in the same manner, as
| provided in the twe0tv-irst section OF the
eightieth chapter of the revised statues,
until the debts ofsuch bank shall be salts
fed; and the balance, if any, shall be re-
turned to the directors, from vhom the
same was collected, in such proportion to
each as the same was collected, respect
lively.
SEC. SO. 1.-THE directors of any bank
ing corporation subject to the provisions
Of this chapter, shall execute. bonds TO the
treasurer of the Stateto the amount and
with the security required ia the ninth sec
ton ofthissact, to be approved BY the bank
commissioner, and deposited with said
treasurer, conditioned that such directors
shall at all times pay and redeem, accord
ing to law, all The bills issued by such
bank, and shall pay and refund all deposits
madeein such bank, when such payments
are demanded, while such directors are in
Office, such bank shall thereafter be ex-
empt from all payments required 10 the
elghtleth cha pter OF the revised statutes, to
the bank fund, aud from all the provisions
for the establishment, preservation and
! regulation of said fund; and in sHch case,
the bond required in this act to be given
| by the cashier, shall be given and made
payable to such corporation provided,
that in such case, such bank shall pay the
bank commissioner, out Of its own funds,
for his services ia making any examina-
ton required by law.
Sec. 40. Il shall be the duty of the
bank commissioner, annual, or otlener, to
examine The condition of the bonds re
qaired by this act to be given by the d.
/ rectofs: and he may require the same to
be renewed, with additional security, with
! in sach time as he may prescribe; and il
such directors shall neglect to furnish Sc
curly in the manner and by the time pre-
seribed by the commissioner, and if the
4 commissioner shall deem the security Of
I the bonds insufficient, such bank may be
proceeded against by such commissioner
aud enjoined by the court of chancery as
an insotvent corporation, as provided in
the etghtIelh chapter Of the. revised stat,
utes. Approved, Oct. %, 1910.
2. AN ACT, relating to Banks.
1t is hereby enacted oy the General
Assembly Of the State Of Vermont, That
whenever. any commissioners are ap-
: pointed by any act of incorporation, te
o,,pn hooks IN receive stl hsrr ri nfions 10 the