The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-11-27
VOL. I. NO. 80.

charge any of the duties Of his office, nor shall the
bank 90 into operation, until such bonds shall have
been executed and approved as mentioned in the
preceding section.
SEC. IL. Any director, who may have paid more
than his share of the liabilities mentioned in the
preceding sections, may have any proper action, in
law equity against such other directors as shall
not have paid their full shares.
SEC. H. The directors, after being qualified TO
act as such, in the manner required by law, may
appoint of their number to be president of such
bank and may appoint and remove at pleasure, a
cashier, and all other necessary officers and SER
wants, and fix their compensation; and may make
all necessary bylaws and regulations, not inconsis-
tent with the act of incorporation, or the laws of
this State, to regulate
|. The conduct and duties of the several officers;
2. The time and places of holding, aud the man
ner of notifying, the meetings of the directors and
of the corporations;
3. The terms and conditions on which all loans
aud discounts shalt be made and other negotiations
Of the corporation shall be transacted;
4, The disposition of the stock, property, and
effects, of said corporation;
5. The election of directors and filling vacancies
in that office;
And all other regulations necessary for the proper
management of the business of the bank, and TO
carry into effect the purpose of its incorporation.
Sec 49, The cashier of the bank shall be rcQui-
red before he enters upon the duties Of his office,
10 give bond TO the treasurer of this State, with
sufficient surees, to be approved by the bank COM
missioner, in the sum of not less than twenty thou
sand dollars, conditioned for the faithful discharge
of the duties of his office, which shall be for the
security, and may be prosecuted for the benefit,
not only of the corporation, but of all others inter-
ested
Sec. II. Any such bank may loan and negoc-
ate its moneys and effects by discounling on bank
ing principles, upon such security as the directors
shall deem eXpedient; and dividends of the profits
of the bank may be made by the directors every
six months.
Sec. Is. Such corporation shall not receive or
demand any greater interest or discount, on any
note, draft or security, than at the rate Of six per
cent per annum; but such interest or discount may
be calculated and taken according TO the establish
ed rules of banking.
Sec. lG. No such corporation shall directly or
employ its moneys in trade or COM
merce or deal or trade in buying or selling any
goods, chattels, wares, or merchandise; provided
that such corporation may sell all kinds of proper
~ which shall come into its possession IN the ordi-
nary collection of It's debts.
Sec II. No stakeholder, director or other Off
Ger, shall at any one time, be, either directly or
i'Oun, Ihdn I'VE per cent. OF the cupal Stock ncu-
ally paid in; nor shall any individual, company or
corporation other than such stakeholder director or
other officer, be at any one time indebted to any
bank in greater amount than the sum of ten per
cent of the capital stock so paid in eXcop, for de-
posiics made by such bank for the purpose of re-
deemng their bills at the place of such redemption,
or on the purchase of bills of exchange and all
the directors and other officers shall not at amy
one time, be directly, or indirectly, indebted to the
bank, to a greater amount than the aggregate a.
mount of three per cent. of such capital stock, for
each director.
Sec. Is. No snch bank shall issue bills, or 9th
erwise contract debts to greater amount than the
amount of the deposiies, and twice the amount Of
the capital stock actually paid I'M but the violation
of this provision shall not avoid any contract or be
construed to prevent the collection Of any debt,
contracted By such bank
Sec. 10. All the bills and notes Of such bank
shall be deemed to be payable ut such bank, and
shall at all times be received by said bank, on all
judgments executions, or demands, made payable
10, or the property of such bank
Sec. 90 If the officers of any such bank shall re-
fuse or delay payment, in gold or silver money, Of
any bill or note of such bank, presented for pay
ment in their usual hours of business, the said
bank shall be liable to pay the holder of such bill
or note, as damages at the rate of twelve per cent.
a year, for the time during which such payment
shall be refused or delayed.
Sec 81 AT any time within Two years from the
time any such bank may be corporacd or rechar-
tered such corporation shall be- required when re-
quested by the legislature, to loan 10 hs State any
sum of money which may be 50 requested, TO be
repaid in three annual instalments. or sooner, at
the election of the State, with annual interest; pro-
ydcd, that the whole amount due TO such bank
from the State for such loans, nj any one time,
shall not exceed five thousand dollars, provided al
so that surh corporation shall not be required 10
make such loan, when il shall be in violation OF all
the provisions of the eighteenth section of this act
SEC. %. No loan shall be made, or any bill or
note discounted, without the consen, OF majority
of the directors.
SEC. %. No bank shall issue bills Of less de-
nomination than one dollar, or bills which contain
fractional parts of dollar, under penalty of one
hundred dollars, payable to the treasurer of the
State which may be recovered of such bank. in an
action of debt in the name of said treasurer.
SEC. ~ All such banking corporations shall
sem-annually, at the times AT which the directors
shall usually declare the dividends of the profits Of
such bank. pay into the treasury of this state one
per cent of The capital stock actually paid in. as
tax upon the income Of such bank provided that
if the directors shall keep sufficient dcposiie of
funds in the city Of Boston in the Commonwealth
of Massachusetts, and shall at that city uniformly
cause their bills to be redeemed at par, such cor
poraiion shall he exempt from such payment but
if they shall Gail so TO redeem their bills for the pc
Rod of ten DAYS in the whole, IN any one year, the
said tax shall be paid for only that year.
SEC. 25 The directors of ANY bank shall not
loan or pay out any money. or allow The same 10
be loaned or paid out, on the pledge Of any stock
in said bank
Src. 26. The real estate which il shall be law
ful for any such bank to hold shall be- ouly such
as shall be needed icr the accommodation Of said
bank. in the transaction Of is business, such rs
shall have been morigagcd 10 it, by way Of securi-
~, or conveyed to it by payment Of d,bl. previous
" contracted or set off on execution in satisfaction
of the debts Of such bank.
Src %. Each sockholdcr shall be entitled 10 a
number Of votes, proportional to The number OF
shares which may have been held by spch Stock
holder, at least three months before The Tine OF tot
ing, according to the following raics-onc vote for
each share not exceeding four five votes Tor six
shares. and seven votes for ten shares. one vote for
every five shares above ten provided that no
stakeholder shall he entitled to more tb7n twenty
st,ri h,,'irr may vote hy pTOXy.