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

shall make any loant OF. discounts, on ISSUE,
any bills for circulation, until Al loss, one half
Of ne capital stock shall haso been paid into
the bank IN gold aud silver. and permanently
deposited inr the use Of such bank; nor until
the amount shall have beoa asccraincd, aud
the certificate thereof deposited with tl,e treas.
uicr ofthc state, as provided in the sucrecding
section And no such bank shall continue 10
make loans or discounts for longer sgnce than
two years after commencing business under
such act OF Incorporation, unless tho whole OF
the capital stock allowed by tho charter shall
have been paid in, subject 10 the provisions Of
the succeeding sec,ion.
Sec, ,. Tbs commissioner appointed &C.
cording 10 the provisions Of the cighlieth chap
ter OF revised statutes, shall, on tho applica-
ton Of such banking company, examine tho
amour, paid for capital stock, and ascertain
10y the oa'hs OF majority OF the directors, that
such money has been paid in by tho stookhold-
crs townrd,ho payment OF their shares. and not
Tor any other purpose; and that IL In intended
that tie same shall remain in said bank rs q
part OF its capital stock, and the said commits
sioner shall make a certificate thereof 10 the
treasurer OF the Stale.
Sec. 4. No such banking corporation, re-
chartered as mentioned In the first section shall
continue in operation, or take any benefit BY
reason oil such rc-charior, unless such corpo-
ration shall have remaining in such bank, or
shall cause to be paid into such bank Tor cap
iial, funds which shall be available nj the tune,
10 the full amount OF the capital stock which
shall have been paid in, under it's original
charter, and the amount ascertained, and tho
certificate thereof deposited with the treasu-
Ier according TO tho provisions OF tho preco-
ding section.
Sec. s. Every such bank, whose charter
shall be extended shall, within ono year Of.
ter such extension takes effect, pay IN oil lie
capital, 20 DO ascertaiDed and certified in the
manner provided In the 81 section; provided
that such corporation may reduce its capital
stock 10 amy sum not below the amount sctu.
ally paid in at the time of the renewal of iss
charter, and may, within one year from tho
time Of IFS renewal, file with The treasurer Of
the state certificate under the seal Of the
corporation, setting forth the sum TO which the
capital stock is to be reduced; and the sum
so certified, after the filing Of such certificate,
shall be taken 10 be the ame ant Of the capital
stock Of such bank
Sec. o. No part Of the capital stock OF any
bank shall, at any time, during the period, for
which II is authorized 10 continue It's banking
operations, be Withdrawn from such bank.
Sec. 7. The stock property, and concerns,
OF every such bank, shall be managed and
conducted by directors 10 such number, and
appointed in such manner, rs the act Of incoT-
poration shall direct, who shall be siockhold-
ers and inhabitants Of the state, and shall hold
their offices until others are appointed and
qualified TO act; and majority fihe directors
shall be required 10 constitute quorum.
Sec 8. Tho directors Of any such bank
shall be liable TO pay 10 the creditors and stock
holders OF such bank, ali losses which may be
sustained in consequence ofauy violation, by
thu IN, OF the provisions Of this act, or Of any
other law, or other unlai,hiulness in tho dis
charge Of their official duties; and any num-
Der Of such directors may be sued in the Same
action by any claimant under the provisions Of
this section.
Sec. 0. Further TO secure the liabilities
mentioned in the 9Th section, each Of tho d.
rectors shall execute a bond 10 the treasurer
OF the state, in an equal amount, tho aggregate
amount ofwhich bonds shall be equal 10 the
amount of capital stock actually paid Ia, with
condition for the paymen, and discharge Of tho
liabilities mentioned in said eighth section;
and such bonds shall be secured by one or
more sufficient suriiies, residing in this state
and II ot directors, or by sufficient mortgage Of
real estate TO be examined and approved by
the said commissioner; and such bonds shall
be the security, and may be prosecuted for
the benefit OF any claimants under the proyis-
ions OF the eighth section.
Sec. 10. No director shall ener upon, or
discharge any Of The duties OF bis Office, nor
shall the bank go ito operation, until such
bonds have been executed and approved, -
mentioned in the proceeding section,
Sec. II. Any director who may have paid
more Than bis share Of the Liabilities mention
ed IA the proceeding sections, may have any
proper action. In law OF equity, against kuch
other directors rs shall not have paid their lsll
shares
Sec. ~. The directors, after being quali6edto
act a. such,in The manner required by lsw.ms
appoint one Of their number to be president Of
such bank and may appoint and remove q
pleasure, cashier, and other necessary OH
GERS and servants, and fix their compensation
and make all necessary bylaws and regpla-
lions not inconsistent with tie act Of iucorpo-
ration, or the laws Of ibis state, 10 regulates
!. The conduct and duties ofthe several o.
icers;
2. The times and places ofholJing, and he
manner II notifying the meetings Of ihe disse-
tors and Of the corporation;
.. The terms aud conditions on which al
loans and discounts shall be male. aad other
Derociaiioifs Of the corporation shall be trans
acted. t ~
4. Tie disposition Of the stock, properly.
and effects, II said corporations;
s The election " directors and filing w.
csneies in thsi Office:
And al other regulations necessary for the
pr"per management oflie business Of de bank.
and 70 carry INTO effect The purposes Of is ia
corporation ~.
See -. The cashier Of tic bank shall 10
requinei. before he enters upon iISo duties u
his oliiee, N rive fiopH 70 tho treasurer Of
TN. - lie s.sff anff faof sftrtfe- IA ,e auofos.