Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1840-03-12

be the duty of the President and Directors
/, each Bank in this State, twice year, 10 m al
out statement on oath, 10 be administered b
any civil officer, legally authorized to admins
tier oaihs, showing rhe amount fspecie at tina
time remaining in such hank as the basis of il
'Icrculaion, which statement so made, shall b
filed in The clerks office of the Circuit Court q
4 the county in WHICH the bank may be located
and the clerk Of said court shall record tn
same in a well bound book, TO be kept for tina
purpose, and shall receive as his compensation
therefor, The sum of fifty cents, payable out o
the Stale Treasury, upon the certificate of thu
Judge assigned TO the district
SEC. a. BE IL further enacted, That it shall
not ID lawful for any Bank in this State to is
sue any post note, or note, bill or other evidenc,
ofdebi, payable at Il day subsequent to its date
under any device or pretext whateverapor t.
pay from the counter Thereof any such poN-note
note, bill or other evidence of debt, in paymeu
ofany debt due by such bank
SEC, s. Belt further enacted, Tha, it shall
not be lawful for any Bank in this State to dea
in stocks of any kind, to purchase and hold, eli
Their in trust, by mortgage or otherwise, any
personal or real estate, except such alone, OF
so much as may be Necessary for the proper
conducting of the immediate affairs thereof
and at no time to exceed in value the sum oil
one hundred thousand dollars: Provided, that
this section does not apply tolhe estate owned
by any bank in any rail road constructed, or
to be constructed by the provisions of its char
ter: And provided, also, that such prohibition
shall not prevent any bank from taking mort
cages or other liens upon land or other proper
ty TO secure debts already existing.
SEC. 6. Be ii further enacteds That it shall
not be lawful for any Bank in this State to deal
in cotton or other commodity as security, or
collateral security for the payment of any loan
or loans made by such Bank, or 10 purchase as
an article of trade any cotton or other commod-
ity; and any contract or contracts Of whatever
kind made inrelation to such commodities, shall
be null and void.
SEC. T. Bet further enacted, That it shall
not be lawful for any Bank in this State to trans
fer by endorsement or otherwise, any note, bill
receivable, or other evidence of debt; and if il
shall appear in evidence upon the trial of any
action, upon any such note, bill receivable, or
other evidence of debt that the same was so
transferred, the same shall abate.upon the plea
ofthe defendant.
Sec: 8. Be ii further enacted, That from
and after the first day Of April next, all the
Banks and monled corporations in this State
shall be required TO pay specie at their coun.
ers, respectively, for all their notes or iabili-
les then due, of the denomination Of five dol
ars and under; and that from and after the first
lay Of July next they shall be required to pay
pecie on all their notes and liabilities OF the
OF ten dollars and under; and that
rom and after the first day of October next,
hey shall be required TO pay specie on all their
totes and liabilities of the denomination oil
wenty dollars and under; and that from and
.fter the first day Of January l841, they shall
Ne required to resume specie payments upon
III their notes, bills, bonds aud other liabilities
# whatever denomination then due.
Sec. 8. Be itJurther enacted, That should
ny Bank or !nonied corporation in this State,
rom and after the times prescribed in the pre-
:eding section Of this ACT, refuse to pay specie
n It's respective liabilities as therein specified,
nd in the manner therein prescribed, it shall
Z the dulv OF the President, Cashier or teller
{ such Bank, to place his name, together with
ne date, on the back OF such note or evidence
{ liability on presentation thereof, which SAID
ndursement shall be held and deemed sufficient
vIdence of protest and refusal of the bank to
ay specie; and should the President, Cashier
+ teller refuse SO TO endorse the same, he shall
e liable TO ndlclment, and on conviction there
fshal be fined one thousand dollars, and i'm
risoned three months.
Sec, 10. atturther enacted, That when I
yer the Governor, either from the certificate S
flhe President, Cashier or teller, as aior eSaid,
r by affidavit OF the holder of any such note,
i'll or otherevidence OF. debt, shall be satisfied {
nat such preSentment has been, duly made and {
ayment refused, he shall forthwith Issue his S
declaring that such corporation c
as forfeited all its banking powers and privl- Ii
ges;a copy Of which proclamation he shall t
,rward to said corporation, after which, such S
orporation shall retain. and use its corporate I
ame for the purpose of winding up and liqui-
ating its affairs, and for no other pur pose d
hatever
Sec H. Be ufurther enacted, That when t
yer any such Bank or other corporation, shall 4
ave been adudged and proclaimed by the Gov
NOR as aforesaid, to have forfeited its corpo. q
lte franchises, the President and Directors Of !
lch Bank or corporation Tor in default there {
} the ockboIders shall proceed Immediate
to appoint one DISTINGUISHED commissioner, &
I'd il shall be the duty ofihe Governor on be- .
g Informed thereof, also to appoint one disin- S
rested commissioner, which said commission
s shall proceed, under oath, to make out a S
,hedule of all the goods and effects, rights and
terests Of such corporation, and also, Of all I
er Liabilities whatever description; 10 effect {
hich, the said commissioner shall examine al
Q officers Of said corporation on oath, which 4