Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-12-04
,,x sholl he Maid for that wear.

SEC. %. The directors OF any BANK shall not lonn
or pay out any money allow the same to be loaned
or ia i'll out OF, the pledge of any stock such bank
SEC. 20. The real estate, which shall be lawful
for any such bank hold shall be only such MS shall
be needed for the accommodation OF said bank, in the
transaction of its business, such shall have been
mortgaged 10 il, by way of security, or conveyed to II
in pa ymcnt of debts previously contracted, or settled
on execution in satisfaction Of the debts of such
bank.
SEC. 81. Each stakeholder shall be entitled to
number of votes proporioned TO the number Of shares
which may have been held by such stockholdCr at
least three months before the time Of voting according
to the following raes-one note for each share not
exceeding four; five for six shares six votes for
eight shares, and seven for ten shares vote
for every five shares above ten provided that no
stakeholder shall be entitled to more than twenty
votes; and absent stockholders may vote by proxy,
authorized in writing; but no stakeholder residing out
of the state shall be entitled 10 vote in any way in the
meetings of the corpoation nor shall any stakeholder
be entitled to more votes in his own right and BY
proxy than one fourth of all the votes given
| SEE 2a The directors may determine at what
times and in what proportion the stockholders shall
nav into the bank the amount, unpaid on their shares
of the capital stock and they shall give notice there
Of BY Publishing t.r order three weeks successfully
in some one or more of the newspapers printed in the
county, where the bank is located; or if no new saper
shall at the time be printed in such county, in one or
more newspaper in mn adjoining county, which shall
mos, generally circulate il, the vicinity of such bank
the last of which publications. shall be at least thirty
DAYS Def re the tine appointed for such payment;
and if any stakeholder shall NEGLECT to make m ynont
sIch share and nil previously Dalu thereon,
and all dividends occruing or due thereon, shall be
FORTE, ted to tho use of such corporation
SEC. 20 If by any means. the coptal stock of
any such bank shall be reduced the amour, of five
p,r cent bu low the amount which shnll shall have
n,en maid into the hank il shall bc the duty of the d.
tccors umrdia,lv IN misc tho omount of deficiency
nv assessments ON the several shares in the manner
and subject to all the regulations provided in the pre-
rcding srcion and the stockboders shall he subject
IN The lo irs and the shor.s n tho forfeiture proy
dc in that section and the amount so raised shall
. IN the meaning of ,his ,ct
: SIC TO- If lii, bank commissioner. on cxouina-
ton shall ascertain that any of the copt,l stock of
an hank shall have been lost, ms proydrd i'm The pre-
ceiling sociion he NAV make an order recurring the
directors within time To- be fixed bv him TO raise
The amount of the deficiency as proyied in the pre.
rcdnu section and Give written notice Of such order
to the prcs rnt or cashier of such bank; and if the
directors shall neglect 10 raise slch amount within the
r Time limited, such corporation may be proceeded
,oins, bv sch conn,,n;ssnnrr mi cn;,;nrd bv the
court of Cnnccrv as an solvent corporntion AZ pro
vcd in the rich 10th rhnnirr of the revised Stainless
i SEC 81 If any such bank sh, directly or indi-
recv, make any loan or discount contrary to the pro-
visions of this ac, or if any such hank shall directly
ar ipdrccv dis,rbu,r ar divide any uor,ion Of lis cnn
: ;,,i stock among ,he s,ockholdms Of such cnrpnrn
! ,;n ht,c ,b .v ,;r nf ~" l,r,e srh h,nL
moy br rnce,d,J Amin :. a,l i mod nc nm irsol
vnnt cnrunr,,ior ne ,,rn,. lei H., :, ,.n,c,h chsn,cr
i Of the revised statute
i Src 20 If onv director mr. other officer of ouy
Lo,k nr ,uv mrs -, ;n,,rrs,od !, mr. t,yrr h,rco or
centred of tla sn,nn aho cnrrr,lv mr. l,y n.;un mt
e or cause to be pit in circulation nny amour, Of the
so siGm nS ;. n'yonh NE amour. 'tu r ana
be confined to hnrd labor in the state prison for me-
Z Rod rot .yccc,nI ron vn,re
# Src 81? If ,ny director or other officer or any
rc,snn noros,J !, nr ,n charnc mr. con,rol If th
same .h,ll. yi,f,Iiv or r,rTnn,ly lo,n or NV onv
money or csIsa The SAME To be loaned or paid to AM
director or other officer or sorkholdr or in ;luol or
Il cnmranv or r,rnnro,i,n mr. d;srnrnt nr c,s, IN he
Il Iisrn,,,d INV XII no or othar oblination ar secn
rtv for INV s1 drcc,,r or uiIicrr nr sockboll,r
e or individual comrnny or corporn,io. 40 that such d.
rector officer or stock individual compnny or
u corpor,,on shall liner, Inv hron, indebted To- sncn
Y bank to greater amount than IS allowed by the sew.
u enicen,! section of this .et th rcrson 80 offending
IS shall on conviction thereof he confined to hard Labor
" in IL .,,c n,son FIR nr;od n,t e,cecjnr Eve
'f SEC. "a. The shares in ,nv .mrh hank shall h,
transferable in such manner as NAV be nroydci in tho
e act of incorpoton or by the bylaws: but no trans
% shall h.. valid until recorded IN book kent in sni,
, bark for that purpose nor until the rerson MAKING
such transfer Shall have DISCHARGED all the Liabilities
due frrn, him 10 such coruorat.,n
Re SEC. 35 All acts incorporating banking compa
mes are declared 10 he ,,bjc ,ct. and shall b., con
.trued in all courts and n,cps bcu;unly and (ayorob,
'' for every beneficial pa, pose therein mentioned
, SEC. 50. The bank commits ioncr is authorized 4
~ wish and nsncc the condition and affairs of any bank
II ing CORPORATION At any time n the appli alton o
any .rpC or or och holder if he shall Judge the in
r. ercs of the rctors or stockho crs >h,ll require il,
IN SEC a. The anil or of ,r,.o ms shall audit thu
y counts of the bank COMMISSIONER and draw order
Vi on the S ate treasurer for such sum as he shall fin,
Justly due Viii h the treasurer shall pay GU, of thu
> bank fund.
h. SEc. 80. All bonds. taken according to the pow
nc SONS of his act may be nut in il on he arpcaol
=, Of The receiver n poirl ed v the Court of Chancery
a. provi ed IN the erhlic chap,cr # the revised sta
trcs, or by order ri Ic bank "ominls lonor; an
o. the avail Of all su.i b. n s hall be applet in tn
~ same manner a. prov ed in he twenty fir sector
T., of he e'ghcth chapter OF the revised statute, unit
III the debts of uch bank shall be satsie ; and he a
~ lance, if any shal! be returned to the directors, ro
IA, whom the same co lrrtcd, such proportion t
each as the 5 t!.c was cole ted re pcclively.
d SEC. 49, II he directors of any banking corpora
hon sa Ject I" the provisions Of this chapter, shH
i- execute ondS ~ me treasurer OF me Sa!c u" IN
in amount and with the ecury required IN the n!nt
rs section OF THIS act 20 be approve by the bank CON
of missioner, and deposited with aid rca urer, condl