Madison Whig advocate., 1840-03-21
CANTON, nlssIssIppI, SATURDAY, MARCH 81, 1910

ed; and the clerk Of said court shall re-
cord the same in a well bound book, to
De kept for that purpose, and shall re-
ceIye as his compensation therefor, the
sum of fifty cents, payable out of the
State Treasury, upon the certificate Of
the Judge assigned to the district.
SEC. A. Be Il further enacted, That it
shall not be lawful for any bank in this
State to issue any post note, or note, bill
or other evidence of debt, payable at a
day subsequent TO its date, under any
evidence or pretext whatever; nor to
pay from the counter thereof. any such
post note, note, bill or other evidence of
debt, in payment of any debt due by
such bank.
SEC. s. Be Il further enacted, That il
shall not be lawful for any bank in this
State, 10 deal in stocks of any kind. TO
purchase and hold, either in trust, by
mortgage, or otherwise; any personal or
real estate, except such alone, or so much
as may be necessary for the proper con-
ducting Of the immediate affairs thereof;
and at no time to exceed in value the
sum of one hundred thousand dollars;
Provided, that this section does not ap-
ply to the estate owned by any bank in
any Rail Road constructed, or TO be con-
structed by the provisions of its charter;
and Provided, also, that such prohibition
shall not prevent any bank from taking
mortgages or other liens upon lands or
other property, to secure debts already
existing.
SEC. 6. Be II further enacted, That it
shall not be lawful for any bank in this
State, to deal in cotton or other commo-
dity as security or collateral security for
the payment of any loan or loans made
by such bank, or to purchase as an arti-
Gle of trade, any cotton or other commo-
dity; and any contract or contracts of
whatever kind, made in relation to such
commodities, shall be absolutely null and
void.
SEC. 7. Be II further enacted, That 1t
shall not be lawful for any bank in this
State, to transfer by endorsement or
otherwise, any note, bill receivable or
other evidence of debt, and if it shall
appear in evidence upon the trial of any
action upon any such note, bill receiva-
bic or other evidence of debt, that the
same was transferred, the same shall
abate upon the plea of the defendant.
SEC. Q. Be 1t further enacted, That
from and after the first day of April next,
all the banks, and moneyed corporations
in this State, shall be required to pay
specie at their counters respectively, for
all their notes and liabilities then due,
of the denomination of FIVE dollars and
under; and that from and after the first
day of July next, they shall be required
to paw specie on all those notes and liza
bilities of the denomination of ten dol
lars and under; and that from and after
the first day of October next, they shall
be required to pay specie on all their
notes and liabilities of the denomination
of twenty dollars and UNDER and that
from and after the first day of January
1S41, they shall be required to resume
specie payments upon all their notes,
bills, bonds, and all other liabilities, of
whatever denomination then due.
SEC. 9. Be ii further enacted, That
should any bank or moneyed corporation,
in this State, from and after the times
prescribed in the preceding section of
this act. refuse to pay specie on its res
pective liabilities, and therein specified,
and in the manner therein prescribed, it
shall be the duty of the president, cash
Ter, or teller of such bank, to place his
name together with the date on the back
of such note or evidence of liability, on
thereof, which said endorse
ment shall be held and deemed sufficient
evidence of protest and refusal of the
bank to pay specie; and should the pre-
sident, cashier, or teller refuse to endorse
the same. he shall be liable to indictment,
and on conviction thereof, shall be fined
one thousand dollars and imprisoned
three months.
SEC. 10. Be IL further enacted, That
whenever the Governor, either from the
certificates of the president, cashier, or
teller as aforesaid, or by an affidavit of
the holder Of any such note, bill, or
other evidences of debt, shall be satisfied
that such presentment has been duly
made, and payment refused, he shall
forthwith issue his proclamation, declar-
ing that said corporation has forfeited all
its banking powers and privileges; a
copy of which proclamation he shall for
word to said corporation, after which
such corporation shall retain and use its
corporate name for the purpose of wind
ing up and liquidating its affairs, and for
no other purpose whatever.
SEc. II. Be IL further enacted, That
whenever any such bank or other cor
porafion shall have been adjudged and
proclaimed by the Governor as aforesaid
to have forfeited it's corporate franchise,
the president and directors of each bank
or corporation, Cor in default thereby
the stockholders shall proceed immedi-
ately to appoint one disinterested COM
missioner, and it shall be the duty of the
Governor on being informed thereof, also
TO appoint one disinterested commission
er, which said commissioner shall pro-
ceed, under oath, to make out schedule
Of all the goods and effects, rights and
interests of such corporation, and also
of all her Liabilities, of whatever des
cription; to effect which. the said com
missioners shall examine all the officers
of said corporation on oath, which oath
shall be administered by any person
authorised by law TO administer oaths
touching the same, one copy OF which
schedule shall be forwarded TO the Gov
arnor duIy cerfifie5 nv said commissions