Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1840-11-25
LAWS OF VERMONT.
Ann ACT
RELATING no BANKS.

|SEcTIoN !. Any banking company,
|hrtered or rechahered, at the present ses-
Do. or any future session, shall be subject
the provisions of this act. and to she
tn!r /. al all times. oflhe Legislature, 10.
Der, amend, or repeal, as the public good
BAY reqlife and shall be subject 10 the
DIVISIONS Of the first twenty seven, and
! \ fortieh and fony-first section or the
ghtieth chapter Of the revised slatutes;
"A shall not be subject TO the remaining
ftions Of said eightielh chapter, except
Tar asthc same are re.enacted 10 this
Ia Provided, that no such corporation
laIl be hound to contribute for the pay-
bot Of losses which shall have accrued
|eyious 70 their act Of Incorporation or.
"a barter. By the failure ofany safety,fandl
.pk
BIC. 2. No such banking COMPANY, la
|poratrd rs mentioned in the pfcctdioe
lion, shall make any loans Or discou0ls,
slle any bills for circulaii0ns unit III
~ one halt Of its capital stock shall have
b pai into the bank in gold snd Silver,
n pernaucntly deposited iof the use Of
a b bank; nor.uniil the amount shall
y been asceFtained. and the ceflificate
reof deposred with he treasurer Of the
re, aSplovdel IN the succeeding sec
q. And no such bank shall continue
|nake loans OF discounts for a longer
n &C han two years after commencing
klness under such net Of Incorporation,
a ess Hlc wholpm the capital stock al
NED u the charter shall have been paid
. Subject to the provisions Of the succeed
D section.
SEC. 3 The commissioner appointed
fcerding to the provisions Of the eight.
M chapter Of the revised statutes, shall,
p BE application of such banking comp
nE exaQsine t5e-amount paid for capital
|otlS, and ascertain by the oaths of a ma
niiy Of the direc'o rs, shat such money has
"a paid in gy The stockholders toward
y payment q their shares, and ROT for
ii other purpose; and thai il is intended
a the same Shall remain in said bank as.
part Of its capital stock, and the said
1pmssoner shall make certificate
'|reot 10 the treasurer Of the State.
5 sc. a no such banking corporation,
'.hlrtered as miu,ianed in The frs. Sec
d, shall continue in operation, or take
nl benefit by reason of such rechafter,
III IS such poraton shall have remain
aid IN such bank, or shalt cause to be paid
40 such bank lof capital, funds which
IIl be Available aithe time, to the full
"a quot Of the capital stock which shall
"a been paid.in. under i,soriginal char
81 aud the amount. ascertaned. and The
|fiifate thereof deposited with the treas
- eScording to the provisions Of the
'Ifreding seton
bFc 3 Every such bank, whose char
Nf shall beeeMendcd, shall, within one
'Iar afer SUCH extension takes effect, pay
n n lis capital, 10 be ascertaincd and Ger
iiiNh in the raanuer provided in the third
.t1| on; provided that such corporation
0||f reduce It's capital stock to any sum
.| below The amount actually paid in al
..tlme Of the renewal Of its charter, and
WITHIN one year from The time of It's
oval file with The treasurer ofthe State
F rtfirate under The seal OF The corpora
I'd, se,tiag forth the sun 10 which the
'| ital stool; IS 10 be reduced; and the
.| , 50 certified, after the filing Of such
r.|iifcate, shall be taken to be the amoun
oil be capital stock Of such bank.
SEc 6 No part Of the capital stock O.
ems b.uk shall, ii any time, during the
I||i oA, for which lsaulhoriztd to coniin
p. Il binkiag operations. be withdraw
I|.|r such bank.
fir. Z. TIE stock, rroTeriy. ard con
co.'s, OF every shch bank, shall be man
o1| aud condlcted BY directors to sact
nIhber, and appointed IN such manner
n| be act Of Incorporation shall direcl
U.p Shall be stockholders and inhabitan,
0' be STATE, and shall hold :helr Office
0.| Others are appointed and qualified L
1t| and a majority OF the directors shsl
BEL qnircd tocons,it1te quorum.
Ec. 3. The directors Of any sucl
BANS shall be Liable 10 pay to The credit
olsphd stockholders OF such bank. all los
sN<Fhch may be saStliuel IN consequence
"' by violation, bE them, of lhesprovis
'.'f Of thls acl, o. Of any other law, 0
|.'er pallitafllncss in Tie discharge Z
|' 6ff.ial dlitieS; and any number {
II directors may be used IN the sam
ION bv any claimant under the provi.
#. IS Of this section.
SEc,-9. Fnuhcr 70 secure The liabili,i,
ntioued in the eighth section, each
|. directors shall execute a bond 10 Il
feasurer oflhe Stte. 10 an cqlal amolI
aggregate amonni OF which bon
hll b. equal TO The amount OF the ca
stock actually pai! in with a conditi
the payment aud discharge of the !
ites mentioned in said eighth seciio
d.such bonds shall be secured by one
pre- sufficient snreties, residing in Il
pie and not directors, OF by suffice
p,'gage Of real estate, TO be examin
approved by the said commissions