Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1840-10-03


rate, who shall have been refused gJ or silver IN
payment as afores III. to make an oath or airma
icn, bcfre any judge of any cou,t in the proper
counv, of the fact. rhis scciion dcfi,,es the mode
of proc' eding to forfeit the char err and provides
for q e appointment of trustees to take charge Of
the effects Of the hank
SEc. Provides that the trustees may use the
corporate tame Of the bank, for the purfose OF
settling It's ,irs.
SIC g. Provides the manner in which the trus-
ties shall make tcment
SEC 4. Prnvid against the fraudulent conceal
meni of any of the funds Of the bluk, by tie resi-
dent cashier or other officer.
SIC. s. Provides for the refusal or neglect Of the
trustees To execute their duty, &c.
SIC. 6. That the several courts OF common pleas
of this commonu eith shall have the power and
Jur sllcon OF courts of equity, so lar a relates TO
the management, coutrol and restraint Of banks;
and in the Of any banks ii,uficien
to pay the bills and other debts thereof, The sid
cours are au horzei, aud i, is hereby ma c their
duty to render DEGREES ag inst the directors and
stockholders the, Of. for such sum or sums of mo-
ney shall I've sufficient To redeem said bills, aud
hqnidatc the just debts OF the bank.
Src z. Provides the manner and order in which
tie trustees shall pay the tlelts If the bank
SIC g. That from and afier the passage of this
act shall not he lawful for any stockholder Of any
bank, savings institution, or loan company Within
this commnnw nlth, to vote at any election for d-
rectors off crs Of the same except ~ his or
own proper person, and that any act acts Of a.-
sembly heretofore passed. authorizing the stockhrl
ders of sdch banks. savings institutions and loan
companies, 10 vote by proxy at such elections, be,
and il is hereby repealed.
SIC. Q. II shall not I've lawful tho directors of
any bank, savings institution or loan company Of
this commonwealth. to drcl re a di,ideud ol more
than eight per cent. per anium on the cap tai &C.
tuallv paid in, or accu'nuate as contingent fluid
more than five per MT. per annum upon iheir s,id
capital and all the annual ro6ls arising from any
of such institutions, over and above the saij ei shi
per cent dividend. and the "a five per cent. "
ngent fund, shall be paid annually into the ,reas'
| ry fr The use oi the commonwealth Prouided
| hy,cerer. that when he said contingent, fund ~
c,eds twenty per cent. of The amoun, # the capital
actually PAID in, the excess shall be paid into the
state treasury.
SIC. 10. 1t shall not be lawful for any hank
within this commonw, al,h IT, purchase and Ito d
any bank or o;her st,,k except their own. or the
stock of this state "f the United ctses aud the
amount of such stock so Turch Iscd AMI held, shall
al no time exceed ten per cent of the capital stock
of such bank actually paid in.
SIC. IL. That from and after the first day of
January next, every bank within this common
wealth shall ncive at par the notes of all the char
tered specie paying banks within tho same, and no
bank shall pay out at its counter any thing but lis
own notes OF sp'cie.
Skc H. No hank shall issue notes in the firm
smiitude ofbink notes, pay able y, former day
usually called or dcnomirn ed pot notes
SIC l3. Provides for mon hIy statements by the
banks.
SEc. IA The st,ckhulh rs Of each and every
bank, swings ins,i uron and loan mpiny in the
commonwealth, shalt hr ptrsona5iy bdbie fhr the
redemi ton NJ the hills and notes, and payment al
the jut debts Of such bank, savings institution and
loan company; and such per,onal liability my lie
enforced in the manner rrescrb in The sixth sec
ton Of thi. act And II shall be the duty Of The pr
sident cashier of every such bank swing nstl-
tuition and loan mpany. he first Mond ,ys p
J nuary, April. July and Ocoher in each year, rc
furnish o,Ih affirm .tinn To the po,honotar, +,
Of thrir respective counties, conplee lis! uf H.
stockholders, Wi h the iumtcr of sha,es held ali,
owned Ivy each, which said lit laid prih,notLr,
shall ii in his flee hout charge, jet To tn
Inspection # all persons, tor the fee which is nov
paid fo q search.
SIC. Is. That if any banking institution, loar
company Swings institution sh II, when not &C.
dceming their notes and liihli les specie, drcir,
any dividend Of profits or legged profits among lht
s,ockh ders the declaration or payment al such dI
Vi lend sh.l ipso f,rtu work a fJriei,u Of ih
chatter
SIC. i6 No director or any other officer Of an,
bank sha directly or indirectly procure any 10
discount ,herefrom aud no l,an discount shal
be made ty any hank, EXCEPT by the board oi dircc
tors, maj jorliy e whom shall be necessary 10 con
siiiutr qporum for that Purp &c.
SIC. "a. Pfu,ldcs further jenates against h
volai n of the act N relation to sn III notes.
SEg. lS Ihp wIlfil and ueillaratp false swe RIM
iy any officer or other person, tourhng any state
ment made "r other duty eninIncd by this oct. shal
lie deem Il perjury, punish 'hle as such; tu
tn solitary C. nine lent IN any such Gaze shal no
= he les than ono nor moie than six wears.
j Src, la. The provisions cOntaiuel in the 70 c
going act, shalt not be construed rs legil zirg tn
sus ension of specie payments hy the banks OF III
y commonwealth, or my olnr act or acts C mniilte
: by them, rither of them, yol' ton OF the iaS
=. of this comm nwe,ith, the pro,i-,o consinu
, IN il,eir acl Of inc rporaiinn respectively.
SIC. 20. Tho l,gisia'ure reserves full pow t
u make such alterations, provisions and resIiicioL
it nay at any time think proper Ia enact, fr IT.
: regulation of the banks, savings insiiiutI'ns an
losn compani within this cnmmonwea III, an
shall he lalle to such take. are now Ia free, d
the lessl ture may 1T any iime here fi,r impnse,
y Sic2l. That 81 much & any law is III, II
D, and supplied by this i'll act is her 10y repc lei.
And on the question, sha he Till PASS
The yeas and nly- were loquired by Mr.. Pas
and Mr M'KinsIry, aud are as follows, vz
YEAS.
Me- srs. Anaer.on, Andrews, Baily, Barsiou
Benner, Bons II, Bro dhctd, B. uner, Cas>e
T. Chamber, C"le, Coolhaugh, Crahh, Crspin, Ficl,
l. filben Flannsry, Flenuik ~, ick, Foeel. For,
y Griffin, Gr.ililhs, iiamlin, tiarshonr HIGGINS ,
Northumberland, Heiensein, H,nry, Herr, Hi
ofA otf