Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1840-11-25
BRANDON, WEDNESDAY,. NovEMBER Is, =rs4o.

a less denomination than one dollar, or bills
which contain fractional parts of dollar,
undera penalty of one hundred dollars,
payable TO the treasurer Of the state, which
may be recovered of such bank, Ia an ac-
tion of debt 10 the name of said treasurer.
SEC. "a. All such banking corpora
Itioas shall, .semianaualy, al the times al
which the directors shall usually declare
the dividends ofthe profits Of such bank,
pay into the treasury. Of Ibis state one per
cent. ofthe capital sloca actaaily paid ID,
as q tax upon the income of such bank
providei, that ifthe directors Shall keep
q sufficient deposit Of funds IN the city Of
Boston in the Commonwealth Of Massa-
chuseus, and shall at that city uniformly
cause theirsbills to be redeemed at par
such corporation shall be exempt from
such payment; bns ifthey shall fail 50 10
|redeem-their bills f5rs the period of ten
DAYS ia the whole, in any one year, the
said tx shall be paid for that year.
SEC. 25. The directors Of any bank
shall not loan or pay out any moacy,sa.Ff
allow the same'to be looed or paid onf,
on the pledge of any stock in such bank,
SEC. 26 The real estate. which it shall
be lawful for any suchbanlk 10 hold, shall
be only such as shalt be needed for the
accommodation Of said bank, in the trans
action of IFS business, such as shall have
been mortgaged to i, BY way Of security,
lorsconveyed to it in pa yment. OF debts pre-
(viousiy contracted, or set off on execut ion
in satisfaction of the debts Of such bauk.
SEC. 81. Each stakeholder shall be en-
Titled to number Of votes, proporlioned 10
the number OF shares which may have
bees held by such stockholder, at least
three months before the time of voting,
according TO the following rates,-oae
vote for each share not exceeding fout;
| i've votes for six shares, SIX votes for eight
shares, and seven votes for ten shares, one
vote for every five shares above ten; pro-
vided that 10 s.ockholder shall be entitled
to more than twenty votes; and absent
stockholders may vote by proxy, aathor-
Iized In writing; but no stock holder resid-
ing out of the stale snail be entitled to
vote. in any way, in the meetings of the
lcorporation, nor shall any siockholder be
fentitled 10 more votes in his own right
and, by proxy than one fourth Of all the
votes given. H.: .."... ..-
SEQ. %. The directors may determine
at what times, and il what-proportion, ,he
stockholders shall yinto the bank the
amount unpaid or theii shares ofthe CAPT
tai stock and they shall give notice there.
Of, by publishing their order, three weeks
successively, in some onesor more of the
newspapers printed in the county, where
the bank is located or If no newspaper
shall, at the time, be printed in such coun
Ity, 10 one or more newspapers IN an ad.
ijoining county, which shall most generally
Icircula9e in the vicinity of such bank; the
| last Of which publications shall be at least
thirty days before the time appointed for
Isuch payment and ifany stockhoIder shall
neglect to make payment on any share
according to such order, for the period of
thirty days from the lime appointed for
previously paid thereon. and all dividends
accruing or due thereon, shall be forfeited
to the use of such corporation.
SEC. 20. If, by any means, the CAPT
tai stock of any such bank shall BE- reduc.
ed, the amount of five per CEN, belowth the
amount which shall have been paid into
the bank, it shall be the duty Of the direct
ors, Immediately TO raise the amount o.
deficiency, by asss ssments on the several
! s'lares, in the manner and subject to al
{ the regulations provided 10 the preceding
section, and the stockholders shall be sub
Iiect to the liabilities and the shares to tbs
forfeiture provided in that section; and
the amount so raised shall be held anl
deemed part of the capital stock, within
the meaning Of this act.
: SEC. 80 If the baak commissioner
on examination, shall ascertain, that any
of the capital stock of any bank shall hav,
been lost, as provided in the precedln:
: section, he may make on order, requirin!
!. the directors, within a time to be fixed b,
him, to raise the amount Of the deficlency
t as provided in the preceding section, an
: give written notice of such order to III
: president or cashier Of such bank and
: the directors shall neglect to raise sue
+ amount within the time limited, such col
poration may be proceeded against, b
] such commissioner, aud enjolned by tn
d court Of Cnancery, as an insolvent corpc
e ration, as provided in the eightieth chal
0 ter Of the revised statutes.
/ Sec. 81. If anv such bank shall, d
J reclly or indirectly, mike any loan or di
# count contrary to the provisions OF this &c
r or If any such bank shall directly or ind
i rectlv distribute or divide any portion
its capital Stock, a nong the stockholdel
o of such corporation before the ex9ifa'le
e Of its charter, such bank may be procee
l. ed against and enjoined as an inSolve
v corporation. as provided in the eightie
y chapter of the revised statutes.
SIC. 50. H any director or other Of