Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-11-17

act,
Sec 30. II III. bank commissioner, on ex-
summation, shall ascertain, that any OF the cap
iisl stock Of any bank shall have been lost, as
provided in The preceding section, he may
make an order, requiring the directors, within
time to be fixed by him. to raise the amount
Of the deficiency, as provided in the proceed.
ing section, and give written notice Of such
order 10 the president or cashier of such bank;
and II the directors shall neglect to raise such
amount within the time limited, such corpora
ton may be proceeded against, by such com
missioner, and enjoined 10y the court OF Chan
Gerry, as an insolyent corporation, as provided
IN the cightieih chapter OF the revised statutes
Sec. 81. II any such bank shall, directly or
indirectly, make any loan or discount coEtrlry
TO the provisions OF this act, or il any such
bank shall directly or indirectly distribute or
divide any portion Of its capital stock, among
the stockholders Of such corporation before
the expiration Of such charter, such bank may
be proceeded against and enjoined rs an in
solvent corporation, as provided in the eight
ieih chapter Of the revised statutes.
| Sec 80. II any director or other officer of
any bank, or any person interested in or hav-
ing charge or control OF the same, shall, cor
ruptly or by design, put or cause TO be put in
circulation any amount of the bills of such
bank, beyond the amount limited and pre-
scribed by this act, he shall, on conviction
| thereof, be confiped to hard labor in the state
prison for period not exceeding ten years.
Sec. 30. II any director or other officer, or
| any person interested or having charge or con-
troll Of the same, shall wifully or corruptly loan
or pay any money, or cause the same to be
/ loaned or paid, to any director or other officer
or stakeholder, or individual, or company, or
corporation, or discount or cause to be dis
counted any bill, note, or other obligation or
| security, for any such director or officer, or
| stakeholder, or individual, company or corpo-
ration, shall thereby become indebted to such
bank 10 greater amount than is allowed BY
| the seventeenth sectivn Of this act, the person
so offending shall, on conviction thereof, be
| confined 10 hard labor in the state prison for
period not exceeding five years.
Sec. "a. The shares in any such bank shall
be transferable in such manner as NAV be pro-
vlded In tile act of corporation, or by the BY
laws; but no transfer shall be valid until re-
| corded in book kept in said bank for that
purpose, nor until the person making such
transfer shall have discharged all the liabli-
ties due from him to such corporation.
Sec. 80. All acts, Incorporating banking
companies, are declared to be public acts, and
shall be construed in all courts and places be-
ngn!y and favorably for every beneficial pur-
pose therein mentioned.
| Sec. SO. The bank commissioner is author
ICED TO visit and inspect the condition and az
fairs oil any banking corporation, at any time,
on the application Of any credi,o, or stockhold
er, ii ne shall judge the interest of the credit.
ors or stockholders shall require it.
Sec 81. The auditor of accounts shall audit
the accounts Of the bank commissioner, and
draw orders on the State treasurer, for such
sum as he shall find Justly due, which the treas
urer shall pay out Of the bank fund
Sec. 80. All bonds, taken according 10 the
provisions of this act, may be put in suit on
the application of the receiver appointed by
me Court oil Chancery, as provided in the
eIghtleth of the revised statutes, or by order of
the bank commissioner and the avails of all
such bonds shall be applied in the same man.
ner, as,provided in the twen,y-first section of
the eighiieth chapter of the revised statutes,
until the debts Of such bank shall be satisfied;
and the balance, If any, shall be returned to
the dlrectors, from whom the same was col
lecied, IN such proportion to each as the same
was collected, respectively.
Sec. 80. 1.-THE directors Of any banking cor
poration subject to the provisions of this chap.
ter, shall execute bonds TO the treasurer of the
State to the amount and with the security re-
quired in the ninth section of this act, 10 be
approved by the bank commissioner, and dc.
posted with said treasurer, conditioned that
such directors shall at all times pay and re-
deem, according to law, all tho bills issued by
such bank, and shall pay and refund all depos-
lis made IL such bank, when such payments
are demanded, while such directors are in of.
hce, such bank shall thereafter be exempt from
all payments required in the eightieth chapter
OF the revised statutes, to the bank fund, and
from all the provisions for the establishment,
preservation and regulation of said fund and
IN sush case, the bond required in this act TO
De gwen 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 IN making any examination required
by law.
Sec. 40. 1t shall be the duty of the bank
commissioner, annually, or ofener, 10 exam
me me condition OF the bonds required by this
ac' 10 be given by the directors; and he NAV
require the same to be renewed with addition
al security, within such time as he NAV pre-
scrioe and II such directors shall neglect to
'urnish security IN the manner and by the time
presented by the commissioner, and if the
commissioner shall deem the security of the
ponds insufficient, such bank may be proceed |
ca against by such commissioner, and enjoin. |
cd oy The court OF chsncery as an insolvent
corporation, as provided in the eghiieth chap |
ter OF the revised statutes.
Approved, Oct. 90, 1910
2: An Act, relating 10 Banks.--It is hereby |
enactedb by the General Assembly ofthe State |
ofFermont. That whenever any Commission |
ers are appointed by any act or INCORPORATION.
10 open books TO receive subscriptions TO The |
eapiiai stock IN such corporation, such COM