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


teeds Of The pso6fs al the bank may he made
ny DIE directors every aiS months.
Sec. -, Soch corporation shall not receive
90 demand ANY greater Interest OF discount. on
any note, drsfi OF security, than at the rate oi
sf per cent per Rnnum. but such interest of
discoofa may be calculated and taken accord
,nR TO ibe established rules Of banking
Sec. 10. No such cOr,otaiio shall, direct
" OF indirectly, employ its moneys 10 trade OF
commerce, OF deal 90 trade In buying OF sell
ing sns goods, chsiiels. wares, or merolian-
dire. provided that such corporation may sell
oil kinds Of properly which shall come into its
Possession Ia ,bo ordinary collection Of lis
debts.
Sec. ~. No sfockholder. director. or other
officer, shall, q, any one time, be, either di-
secily or Indirectly, indebted 10 the bank, in a
greater amount than five per cent, OF the CAPT
tal stock actually paid IN, nor shall any indi-
sidnai company or corporation other than such
ssockholder, director or other officer, be at any
one time indebted 10 any bank in a greater a.
noun, Than the sum Of ten per cent. Of the
capital Stock 50 paid in, eIcep, for deposites
made BY such bank for the purpose Of re-
dceming their bills at the place Of such re-
demption, or on the purchase Of bills of ex-
change; and all the directors aud other Off
Gers shall not a, any one time, be directly or
indirectly, indebted 10 the bank, 10 a greater
smoopt than the aggregate amount Of three
Per cent ofsnch capital stock, for each diIec-
Tor.
Soc. i6. No such bank shall issue bills. or
otherwise contract debts, TO a greater amount
than the amount OF the deposiies, and twice
the amount OF capital stock actually paid in,
but the violation Of this provision shall not a.
void any contract, or be construed 10 prevent
the collection ofsny debt, contracted by such
bank.
Sec. 10. All the bills and notes of such bank
shall be deemed 10 be payable at such bank,
and shall at all times be received by said bank,
on all judgments, executions or demands made
payable to, or the property Of such bank.
Sec. 20. IL the officers OF any such bank
shall refuse or delay payment, in gold or sill
YER money, Of any bill or note Of such bank,
presented for payment in their usual hours of
business, the said bank shall be liable 10 pay
the holder OF such bill or note, as damages, al
the rate Of twelve per cent. year, for the
Time during which such payment shall be re-
fused or delayed.
Sec. 81. At any time, within two years from
the time any such bank may be incorporated
or rechartered, such corporation shall be re-
CURED, when requested by the Legislature, to
toan to this state any sum of money which NAV
DC 20 requested, to be repaid in three annual
instruments, or sooner, at the election of the
state, with annual interest; provided, that the
whole amount due TO such bank from the state
Tor such loans, at any one time, shall not ex-
coed I'VE thousand dollars; provided Also that
such corporation shall not be required TO make
such loan, when II shall be in violation of the
provisions Of the 18th section of this act.
Sec 20. No loan shall be made, or apy bill
OF note discounted, without the consent of
majority Of the directors.
Sec. %. No bank shall issue bills of lie AZ
denomination than one dollar, or bills which
contain fractional parts Of dollar, under the
penalty OF one bundled dollars, payable to the
treasurer ofthe state, which may be recovered
oi such bank. in an action Of debt, in the name
Of said treasurer.
Sec. "a. All such banking corporations shall
semi annually, at the times at which the direc-
soFs shall usually declare the dividends of the
profits OF such bank, pay into tho treasury of
This state one per cent Of the capital stock ac-
soally paid in, as tax upon the income of
such bank; provided, tina, if the directors shall
keep sufficient deposit OF funds in the city of
Boston in tho commonwealth of Massachusetts,
and shall At that city uniformly cause their bills
TO be redeemed at par, such corporation shall
DC exempt from such payment but il they
snail fail so 10 redeem their bills for the peri
I'd oil ten days in the whole, in any one wear,
che said tax shall be paid for that year.
Sec. rs. The directors Of any bank shall
not loan or pay out any money, or allow the
same TO be loaned or paid out, on the pledge
OF any stock in such bank
Sec. %. The real estate, which il shall be
lawful for any such bank to hold, shall be oulv
such - shall be needed for the acoommoda-
ton OF said bank, in the transaction of its bu-
sincss, such as shall have been mor,QaQed to
u, oy way OF security,or conveyed to il 10 pay.
mens OF debts previously contracted, or set Off
on execution in satisfaction OF the debts of
such bank
Sec. a. Each stakeholder shall he entitled
10 number OF votes, propor,ioned 10 the num-
Der OF shares which may have been held INV
such stakeholder, at least three months before
TIE time OF voting. according TO the following
rases,--one vote for each share not exceeding
ioufi i've votes for six shares, six votes for
eight shares, and seven votes fot ten shares.
one vote for every hve shares above ten; pro
'vided that no siockholder shall be entitled to
more than twenty votes; aud absent stock
holders may vote by proxy, authorized in wri-
ting but no stakeholder residing Out of the
state shall be entitled TO vote, in any way. in
the meetings Of the corporation, nor shall any
stakeholder be entitled TO more votes in his
own RICH, and by proxy than one fourth of all
the votes given.
Sec; %. The directors may determine a,
what umcs, and in wha, proportion, the stock
boldcrs shall pay into the bank the amount un,
paid on their shares Of the capital STOCK: ana
they shall give notice thereof, by Publishing
their order, three weeks successfully, in some
cse OF more Of the newspapers printed in The
county, where The hank is located O, II no
newspaper shall, al the time be ny;n,aI =;