Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1840-09-26
An Act,
For the regulation Of the several Banks, Savings
Institutions and Loan Companies of the Com.
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January, 1871, refuse TO redeem any one of its
notes or bills or pay any of its deposits other H.
abilities in gold or silver coin, its charter shall be
forfeited and it may aud shall he lawful for any
person or persons, or he agents of any body corpo.
rate who shall have been refused gold or silver in
payment as aforesaid, to make an oath aflirma.
tirn, bcf,re any judge Of any count in the proper
county, of the fact. This section defines the mode
of proceeding TO forfeit the char er and provides
for the appointment of trustees to take charge of
the effects of the bank
SEC. 2 Provides that the trustees may use the
corporate name of the bank, for the purpose of
settling It's aff,irs.
SIC. g. Provides The manner in which the trus-
tees shall make $ ttlcment.
SEC. A. Prnvid, against the fraudulent conceal.
ment of any of the funds of the bank by the presi
dent cashier or other officer.
Sfc. s. Provides for the refusal or neglect of the
trustees to execute their duty, &c.
SEc g. That the several courts of common pleas
Of this commonwo cath shall have the power and
jurs iiction of courts of equity far relates to
the management, cOutfol and restraint of banks;
and III Case the assets Of any banks e iusufiicicn
to pay the bills and other debts thereof, The said
conrs are authorized, and it is hereby made their
duty to render dcc,ees against the directors and
stockholders thereof for such sum or sums of mo-
noy as shall be sufficient to redeem said bills and
hquiduto the just debts OF the bauk.
SEc. 7. Provides the manner and order in which
the trustees shall pay the debts Of the bank.
SEc g. That from and after the passage of this
act, it shall not be lawful for any stakeholder Of any
hank, savings institutions, or loan company within
this commonw alth, to vote at any election for di
rcctors Off crs Of the same, except in his hr
own proper person, and that any act acts of AS
semby heretofore passed, authorizing tie stockhol.
ierS Of such hanks, savings institutions and loan
companies TO vote by proxy at such elections, be,
and il is hereby repealed.
Sc o. 1t shall not I've lawful for the directors of
any INK, savings institution or loan company of
this commonwealth TO deci re dividend OF more
than eight per cent per annum on The cap tai
tually paid in, or accunulate as a contingent. fund
more than five per nj. per annum upon their said
clpital and all the annual profits arising from any
of such institutions, over and above the said eight
per cent. dividend, and the sad five per cent con-
tlngent fund shall I've paid annually iuto the trrasu
ry fr The use OF the commonwealth PrOrided
hO,cerer. that when Inc slid contingent fund ex-
cecds twenty per cent. of the amount Of the capital
actually paid in, the excess shall be paid into the
state treasury
Src TO- 1t shall not be lawful for any bank
within this commonwealth to purchase and bod
any bunk or her stick, except their own, the
amount of such stock purchased AMI held, shall
al no time exceed ten per cent, of the capital stock
OF such bank actually paid in
SEC. |. That from and after the first day of
January next, every bank within this common
wealth shall receive at par the OF all the char
tered specie paying banks within tho same, ami no
bank shall pay out at its counter any thing but its
own notes or specie.
SEC. IL. No hank shall issue notes in the form
| .I...,.
usually called or dcnomina'ed post notes.
SEc -, Provides fJr monthly statements by the
banks.
SEc. Ia The stockholders of each and every
bank, savings institution and loan company IN the
commonwealth, shall be- personality liable for the
redemption of the ills and notes, and payment of
the just debts of such bank savings institution and
loan company; and such personal liability mly he
enforced in the manner lrescr,h in the sixth Sec
ton of this act. And 1t shll be the duty of the pr
sdent cashier of every such bank savings nsti-
tuition an1 loan mpany, on the first MOnd ,ys Of
J ,nuary, April, July and October in each year, to
furnish oath or affirmation TO the pro'hunnta'y
Of th,ir respective counties, complete list Of lis
stockholders, WI h the rumher of shares held and
/ owned by each, which said list ad proihonotary
shat file IN his flee without charge, su' cct to the
| inspection Il all persons, Tor the fee which is now
! paid 10 search.
SIC. 10. hat il any banking institution, loan
company savings institution sh Ill, when not o.
dccming their notes and lrhili les specie, declare
any dividend Of profits or alleged pIoiits among the
srockh lders the declaration or payment Of such d..
! yliend shall ipso idclo work IA forfeiture Of the
| charter,
! SEC. l6. No director or any other officer of any
bank. shall directly or indirectly procure any 10 n
discount lherefrom, and loan or discount shall
be m-de ly any bank, excei, by the board of direc
tors, majority of whom shall b. necessary to con-
stilute quorum for tina, purpose.
SIC. II. Provides further penalties against the
viola n OF the act IN relation to sm ,ll notes.
SEc, fs. The wlltul ond delibarale false swc ring
ty any officer or other person touching any state
meni made or Other duty enjolned by this act shall
he drem'd perjury, aud punish ble such bu,
the solitary confinement Ia any such case shall not
| be les than one nor more than six years.
SIC. 10 The provisions contained in the fo'e-
! gong act, shall not be construed as lrgllzing The
susl ensiou OF specie payments by the banks OF this
communicate, or any other act acts c mmiiled
| hy them, OF either of them, IN violation of the law
OF this c 'mm nweIlth, OF The proyi-io IS contained
! IN their act of inc rpOratiIn respectively.
SIC. 20. The legislature reserves full power TO
make such alterations, provisions and restrictions
As 1t may at any time tank proper to enact, for the
| regulation of the banks, savings Institutions and
loan cpmponlts wlIh,n This commons wealth, and
slah VIC ''ao 10 suci laAeS as are now IN force, or
| the lesisl tuTc may al any lime hereafter impose
Sic.2l. lha, much Of any law as is altered
ind supplied by this sand act, is hereby repealed
And on the question, shall the hIll laSs
The yeas and nays were required by M Park
aud Mr.. NJ kInsIIy, and ave as follows, w:
YEAS.
Ne frs. Andcr-on, Andrews, Baily, Barstow,
Bonner, Bons,ll, Brotdhegd, B uner, Cas-cl,
! thautltr Cole Coalhaulh crahb CTispin, Field,