Madison Whig advocate. [volume] (Canton, Miss.) 1839-1841, 1840-02-15

Z 'iii9 dCt' refuse 10 pay specie on all It's
: o0iigatlenss IN the manner therein nre.
5 scribed, It shall be the duty OF the pFesi.
{ dent, cashier, or teller Of the same. te
endorse his name on the back of such
a bill, note, or other obligation, which en-
dofsement shall be held and deemed. ID
! all lntents and purposes, as evidence oil
! the refusal Of said bank 10 paw specie
and, should the president, cashier. or
. teller refuse to endorse his name. as
! above required, he shall be liable 10 in
dictment, and on conviction thereof shall
be fned one thousand dollars, and i'm
: tprisoned six months.
SEC. 3. Be a. further en4cted. That
! whenever the Governor, either from The
: certificate Of the president, cashier or
teller, as aforesaid, or by affidavit OF the
holder Of any note, bill or other evil
dence Of debt, shall be satisfied that such
presentation has been made and payment
withheld, he shall forthwith issue his
proclamation, declaring the charter Of
such bank, or other moneyed CORPORA
ton, forfeited, null and void, except tn 1t
it, or they, may remain competent to sue
and be sued, in their corporation names.
for the purposes of liquidation only; and
it shall be the duty Of the Governor
forthwith TO appoint three competent com
missioners in each case, who shall imme-
diataly take possession Of the assets and
property of the delinquent institution,
and shall forthwith proceed to the col
4 lection Of all debts due it, and TO the pay
ment Of all its liabilities, without pre-
/ ference or Partially, forcing collection
alike upon stock notes as other bills re-
ceivabIe.
SIC. 4. BE u further enacted, That
whenever any such bank, or other mo
neyed corporation or association, shall
have been proclaimed by the Governor,
as having forfeited its corporate fran
chise, the commissioners appointed by
the State shall proceed to take charge Of
the assets and property Of such bank, or
other cooperate body, and proceed forth
/ with to adjust, IN liquidation only, the af-
/ fairs thereof; and should said commits
/ siouers, appointed By and on behalf of
+ the State, be refused the possession of
/ the assets and property of any such
bank, or other monied corporation, IN
order to the discharge of their duties.
said conmi ssIOuers, on application IN
term time or vacation, on giving five day
notice to the opposite party, to any chan
ccIor, Judge Of High Court OF Errors
/ and Appeals, or Judge Of the circuit court,
/ may have awarded to them the States
/ writ of Injunction, restraining the officers
Of any such bank, or other monIed asso-
citation. from exercising any control or
authority over the assets and property
Of the bank to which they are attached,
as any Judge, so applied to, may order The
surrender to such commissioners OF said /
assets and other property, aud for dis
obedience TO the process of Injunction, /
and the order Of any such Judge, the /
said Judge may direct an attachment for I
contempt, to issue from any clerks Office /
returnable before him forthwith, and /
shall have power TO impose a fine and /
imprison for such contempt: Proriaed, I
That such fine shall not exceed one thou /
sand dollars. and the term of imprlson-I
ment not exceed six months. And, in adj
dillon thereto, any officer or officers Of
any such bank, or other moHeyed corpo-
ration, for any such refusal to surrender
the assets and property in his possession
and charge, may be subject to Indictment,
and on convection, shall be fined in
sum not less than two thousand dollars,
and be imprisoned for a term not less
than six months.
SEC 5. Be il further enacted, That if,
after the Governor shall have issued his
proclamation, as provided in the first Sec
ton Of this act. declaring the charter Of
any bank, or monoyed corporation, for
feited and annulled, such bank or money
ed corporation, or any individual or IN
dividuals, under cover Of the same, shall
upon any pretence whatever, make an IS
sue Of any note or bill, or DO or perform
any act, except for the purpose Of liqui-
dation, the offender or offenders shall, on
conviction be sentenced to the peniten-
tiary. for term not less than one year,
nor for more than five: nor shall said
commissioners. appointed by The Execu-
tive. allow a dividend 10 be declared until
every liability Of the bank shall have
been paid.
SEC. 8. Be Il further enacied, That the
notes. certificates of dePosite- checks.
bills of exchange, or other evidence q
debt Of each bank or moneyed 1nstItu- ;
ton in this State, shall be received a.
par in payment Of debts due the same,
nor shall the act transferring the same
impair the right OF the holder Of any of
the said notes. certificates of deposited
checks, bills Of exchange, or other eYI- !
dences OF debt. from ole ring the same as
or moneved corporations; but all the !
notes or other evidences Of debt issued I
or due by said banks or moneyed cor
porafions, shall, at all times, be received /
in payment Of any debt contracted with {
them spectiveiy- whether such eyiden-
ccs Of debt shall have been transferred {
from the bank. either before or after the
passage Of this act. to the hands Of ano- :
Their or not; nor shall il be lawful for /
any bank to transfer any properly, spe-
Gle, notes, bill Of exchange, bond any
ether description of assets. for any par-
pose whatever. until final resumption
Of specie payments by such bank; nor
shall it be lawful for any bank TO issue
any note or bill for circulation, or make.
any new liability, unless it be to execaio
The bonds Of the bank for longer period
than two years, until after final re-