The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-11-17

Tl7T MsNlTTY
such bank pny into The treasury at tins s'ale ""e
ncr cent, nfthe capaI stock uGuialiy pad nv ns
lax upnn Ito income Of such bank pfoN,ueu, '',
If thG directors shall Keep u stflrlep' u''P, ,n
fluids in the city of Boston in the No"'h''W""',"
of Massachusetts, aud stall At that r''y uh'"r"'s
cause their bills to be redeemed II par, s"ch cor.
pnraliun shalt be exempt h"n Su'h p'yT'e"t nu'
il they shall fail So t"fed'en 'her "''' 'o' ''' ~,
Rod of ton Days in Tho "ho'"' ~ h''y """ i''' "'
said TAX shu be paid far ih4i year
Sro. o. phe directors of ANY bank shalt not
loan or pay uut any money, or allow tho same !"
be loaned or paid out on The P'edgs of any stock N
$50 % Tho real estate, which it shall be law
f,l foe my such bank to hold, slnIl BE- only such
as shall be ne 0dcd for the on;ntdai"n 81 sand
hank in the transaction Of its business, such rs
shall have been mortgagod to it, by way of secnr
", or conveyed 10 il in pay ment OF debts PreVl'
nuSly contracted, set Off execution IN sa'i>ac'
ton of the debts ofsuch hank.
SEC ~ Encll suckh"lder shall 90 entitled 10
number Of votes, proporlioned 10 he number OF
shares which may have been held 10y such stock
holder, at least tlroe months before the me oiV"-
ling, according 10 the following raes,-one vole
for each share not exceeding four; five votes For
six shares, six votes for eight shares, and seven
for ten shnrns, one vote for every five shares
above ten; provided that no Stockholder shall ba
entite to moro than twenty votes; and absent stock
no ders may vote by proxy, authorized IN WIRING;
but stakeholder resdng out Of lhs state shall be
emitted 10 IA vote, IN any way, in The meeting o.
The corporation, nor shall any stakeholder be rntI.
tea 10 more VnlGs IN HIS own rikHL ana ny tioAN
than one fourth Of all tho votes giVcn.
SEC. %, The directors nny determine at what
tnes and ia what proportion, the sockhold els
sha paw into tie bnnk The amount unpaid on their
slnes of The capital stock; and they shall give no.
lice there cot, by publising their order, three weeks
successfully, III some one more newspapers
printed in the county, where The bank Is located;
or ifuo newspnpes shall, nj the time be printed in
S1ch a county, in ono or more newspapers in an
adjoining county, which shall most generally cIrcu.
late in the vicinity OF such bank; the last Of which
publications shall be Ut least III rty days before the
time appointed tor such payment; and If any stock.
holder shall Eegect 10 make payment on any share,
according to such order, for lie period of thirty
days from the Time appointed for such payment
sUch share aud all moneys previously paid thereon.
aud all div ideus aGcruing duo thereon, shall be
forfeited to the use Of such corporation.
SEC. - II, by any means, The capital stock OF
any su"h bank shall Ia reduced tho amount OF 81
per cent below the amount which shall have been
paid n'o the bank, it shall be the duty Of The direc
tors, Immediately To rinse The amount Of deficiency
by assessments The several share in the manner
and subject to all tie regulations provided in the
preceding section, and the Stockholders shat he
subject TO the liabilities, and the shares to the oro
ieture provided in the section; aud the amount s.
raised shall be held and deemed part OF the capi
tai sock. within tho moaning Of this act
SSEc. 80. Ifthe bank commissioners on exam
nation, shall ascertain, that any of the captu
stock of any bauk shall have been lost, as provd
ed m the preceding section, he maymake an order
requiring tho directors, within time be fixed
10y him, To raise tire amount Of tho deficiency AS
provided in the preceding section, and give written
notice Of such order to he president cashier of
such bank and il he directors shall neglect raise
such amount within The i!nle limited, such cotpo'
ration may be- proceeded against, by such com,ns
siuner, and enjoued by the court of Chancerv, as
an ins"iyent corporation, provided in the eigh
SEC, 81. Irany such bank shall, directly or in. |
directly, make any loan or discount contrary 10 the
provisions OF ilis act, or if any such bank shall di
rer'y or indirectly distribute OF divide any portion
%! its capital stock, ainnng tho stociholdcrs of
snch corporation before the expiration Of its char.
ter, such bank may be proceeded against and en-.
Joined as an nsvlvent corporation as movled in |
the eightieth chapter of Tho revised statutes.
Sac. 80. 1t any director or "thor officer of any
bank, any person Interested in or having charge
or control ofthe same. shall, corruply or by de.
sign, put or cause To '.G put III circulation any o.
mount Of bills Of such bank, beyond the anoun,
limited and prescribed by this act, he shaIl on con
Yiciion thereof, be confined TO hard labor ia the
state prison for period not exceeding ten wears.
SEC. So. any director or other Officer or any |
person interested in ar hay ing charge or control Of
HE same. shall wlful!y or cf,rrupt!y loan or pay
any money,or cause tie to be loaned or pa
to any director or other officer stock holder,
or individual, or company. corporatinn or dis.
COUNT or cause to be discounted any bill, note or
othe, obIlgatIon or security, for any such director
or officer, stockholder. or Individual company
or corporation, 90 that such director, otlicar or
stakeholder, individual, company or corporation
shall thereby become Indebted 10 such bunk To
greater amount 'hnn is allowed by the seventeenth
Ia,
on conviction thereof be confined to hard labor
in the state prison for period not exceeding five !
years.
SEc. 81. Tho shares in any such bank shall be
transferable in such manner may DO provided in |
the act OF incorpuraiion or by the by laws but no
transfer shall bn valid until recorded in a hook !
kept IN said bank for that purpose nor until the
person making such transfer shall have DISCHARGED
all the liabilities duo from BIN TO snch corpora. |
ton.
SEC. 80. All nets, inco, porting banking com.
Panes, are declared 10 he public actr and shall be
construed in all our courts aud places benignly and
favorably for every beneficial purpose therein men
toned.
SEC. 36 The bank commissioner is authors.
cd To visit and inspect the condition and affairs of
any banking corpora inn at any TINA on the apnii-
cation of any creditor stockholder if he shall
judge The interest oflhe creditors or stockholders
shall require it.
SEC. 81 Tho auditor OF accounts shall audit
the accounts Of the bank commissioner, and draw
orders on the state treasurer, tor such sum as he
shall find justly due, which the treasurer shall pay
out of the banx fund.
Sec. SO All bonds, taken according to the pro
visions of this act, may be put in suit on applica,
ton of the receiver appointed by the Court Of