Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1840-02-13

the SAID circuit court; and before receiving the i
assets as aforesaid Of such forfeited bank. shall
execute and deliver TO the sheiiG, in manner
as herein before provided, receipt for the
same; and any commissioner who shall wilful-
Iy violate said oath shall be guilty Of purury.
r & ON conviction, shall be punished accordingly.
SEC 6. Belt further enacted. That the
president, directors, managers, cashier or a.
gent Of any bank which shall be adludged for.
leited, or against which the writ quo warranto
may be prosecuted successfully, as is provided
| in The former sections Of this act, or aay oil
them, or any other person on being requested
thereto, shall wilfuly neglect or refuse to de-
liver to the sheriff as aforesaid, Or shall con-
ceal or secrctc, any such books, papers, evil
dences Of debt ortiiIc, goods, effects or proper.
" as aforesaid, as is or may be in his or their
possession or control, each person so offending
Shall be guilty ola misdemeanor, andNn con.
viction, shall pay fine of twenty thousand
dollars, and be imprisoned not less than six nor
more than eighteen months.
SEC. Z. BE IL further enacted, That the said
Commissioners, as such, shall by the Judgment
and proceedings described in the fourth section
of this act, be invested with all the property
and rio hts Of said Bank SO forfeited as Aforesaid,
except its banking privileges; in trust, howev-
er, for the management oflts property, settle
ment Gifts affairs and payment of its llabll-
ties equal proportions, and for the use and
enjoyment ofthe surplus by the Stockholders,
according to their respective shares, and for
no other purpose. Said Commissioners or u
majority Of them, shall manage the affairs of
said trust, shall keep regular entries OF all
their proceedings, may use the corporate seal
ofthe Bank for which they may be appolenied
1 Commissioners may sue and be sued by the
corporate name Of 'the Commissioners of the
said Bank or Banking Company, or Company
having had banking powers, according to the
original name thereof: Procided, that no OBJ
lection shall be allowed in any proceeding on
account OF said name, if it sufficiently dlstin-
guish or identity the institution intended. Said
Commissioners may sue for, collect, compro-
mise, or arrange the debts, demands and rights
Of said Bank, sell its property, if deemed neces.
sary, at public sale to the highest bidder, on
terms aud at times and places to DO advertised
, at least thirty days previously, and convey
said property, may take mortgages or other
writings for securing the debts due said Banks,
and generally act as trustees may, for the man
aging, securing and collecting the property,
interests and claims conGded to them; srbIect
at all times to such duties, restrictions and d.
rections, as are or may be provided by law.
They shall, Immediately after taking charge of
such Bank, give public notice to all creditors
thereof to present their claims to be audited by
said Commissioners; which notice shall be pub
lished at least six months in two newspapers
in this State, and one in each Of tho following
places, 10 wit: Boston, Philadelphia, New Or
leans, New York, Charleston, Mobile, Pitts
burg, Louisville, st. Louis and Nashville
! The manner Of collecting, securing and dis
tributing the funds Of said Bank, shall, from
time to time, be regulated by law In the
meantime, however, the said Commissioners
are forbidden TO pay any debt, except such as
may now be reduced tojudgment against such
bank and such debts as may necessarily be con-
tracted in liquidatng its affairs, managing its
property and rights and completing any por-
ton of its works of internal Improvement
which is partly executed but still unfinished,
so as to be capabcof profitable use: Provided
however, that when any claim, presented TO the
said Commissioners to be audited, shall be bv
them refused, the persons, or corporation own
ing the same, or his or their assigns, may at
any time within the Limitation prescribed, in
Istitute suit in any court.of competent jurisdc
ton against said Commissioners totry the va
lidity OF said claim, or the amount due thereon;
and if the plaintiff or plaintiffs succeed, the
court shall pronounce judgment that said claim
is just for the amount ascertaincd to be due, and
that the same be audited and allowed by said
Commissioners; ProUidsd, also, that either
party may prosecute an appeal or writ Of error
from such Judgment as in other cases.
SEC. 9. BE further enacted, That all
SUITS or actions. whether at law or in equity,
now depending in any court in this State, in
the name ofsuch Bank, or which may be SO
pending at the time of forfeiture as aforesaid.
shall remain in such name, and SO progress To-
final determination, as il no change had taken
place IN the rights Of said corporation: Proci-
aed, howercr, that said suits shall be controlled
by, and be for the use Of, said Commissioners
as trustees Aforesaid.
SEC. 8. he u further enacted, That the
said Commissioners shall each have and re-
ceivc torhis services, an annual salary Of one
thousand dollars, payable quarterly, il appoin-
ted iorany bank whose entire account Of re-
sources shall fall Short Of one millions Of dol
lars; with the addition Of fifty dollars on each
one hqndread thousand dollars above that a.
mountof resources, to DO calculated at the
time when such Bank may be adjudged lorlci
ted; which salaries and all other necessary ex-
Pens'es shall be paid out Of the assets Of such
Bank. IN. 's1
u PEG, ~ BcU further enacted, That said
Commissioners shall, within the first three
days q every regular term Of the circuit court
of the county IN whcb s,i,,. .,.;.a4~i Rorl, W