Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1840-02-22


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h' '# H ia- g'hrr a' tire SECRETARY O.. Sat-. arf
DOB 1-lgg iaat ae rny te enabled t1t5kr ID cnrrert l.
NtH.as. 4 I.t slur, ..e sand comm. >s1ugr >.a.
nave power 'c esIm.He eu dall tHe directors saa
other u.Eys-~ OBJ. sad Institution er any other p, -,5q
5"d ta send Coz Persons and papers au8 c1urr. rag
a''rH-aHca "' Witnesses auj the directors %. said
. Dams or Heof4 corporation. shall. urtuW.th proceed
'' nave li> affairs pat n >'lie %. liquidation O., tHr
r'.tvi'oH at debt, due b, aud the payment nf 1l
BIS iIo.#Iie>. without preference or Parua.ry. aT-
eng eoagctuu s,AC. upan >tnCa-ul'r, as ulau o.f-
. n DIS UccV3hg Provided however, lllt sand
/ blnA ny m1ned institution shaa have the ..grty of
1 extending tie time al payment % aHe tVa, three
ana Four yrars, u equal annual instruments To irs
debtors an condition that security, tffHtr ra.a,fr.
or personal oy real estate ur both. or by mortgages
oa persona. estate b. gwen o. the satisfaction of
/ lht directory and Aforesaid commissioner WHO shah
: nave TOLL power, and whose luty t sia be o super
7 ',e all Tie affairs and be acquainted with each and
, every maiers transaction OF ihe sad baDk or mo-
uc+ coparatpn.
/ Sec. ! BE- It further enacted TIA, whenever
any such bank or other mou.gi corporation cor asst
/ citation, sha have been proclaimed by the Governor
/ as having forfeited h earp-rlte franchise, the COM
/ missioner appointed hy the Executive shall forth
/ wth proceed TO perform the duty specified IN the
third section o. this act and should sad commissnn,
/ rr,appnrted 10y aud Ia behuj ct the STATE, hc re-
fused the examination 81 lue assets, profits aud ai-
'lrs OF any such blnk or mJutd corporation, iu or
. der % tie discharge of BIS duty as c mmSSouer
! on aIpit5iun m term time or vacation, on gyug
i've days notice 10 tae opposite party. to any chan
. ccyor Judge o. the hugh court OF errors and APP
peaIs, ar Judge Of the circuit court may have awar-
/ ded ohm TIE States writ OF IHIuuclun, restrain
/ M The officers of any such bfnl or other mpnled
association, from exercising ANY control or autbori-
ty over the asset, and property OF the bank 70 which
4 hey are attached, and such Iajge or Chancellor
shall forthwith appoint not exceeding three dSm-
crcsted persons; 70 be receivers OF all the eviden-
ces OF debt, goods effects, books, papers aud pro-
! perry Of every description, belonging Ia SAID bank
who shat give bond 10 the Governor and success NJ,
/ N such penalty, and with such surctes and condo
4 tons as The Judge or chancellor shaDi direct; and all
/ so take an oath Tor the faithful Discharge o, such
trust SAID Injunction and receiving orders, shall be
! returnabc aud ret rned to the superior court o
NNtlttiN hlltIG me SAID matters NiA ne NNutE the
direction order and control OF sand court according
/ to the course at the law Ia Ike cases OF fraudulent
1 debtors, Tor the dlsobed-cnCe 10 The process OF M.
Junction ami the order Of any such Judge, the said
Judge may direct an attachment for contempt, 60 is
/ sue from any clerks office rcturuable before him
/ lor'With, aud shall have power 10 impose "a fine
anu imprisonment for such contempt. Pryvd d.
that such fine shall not exceed one thousand dollars
and the term al imprisonment mt exceed SIX months,
aud m addldon thereto any officer officer, nl any
/ such bank or mJu.td corporation, for any such re-
lu>al to surrender the assets and properly 20 bis
possession and charge, may be subject to indictment
/ and Oh convection shall be fined m q sum not less
1 than ten thousand dollars, ana be imprisoned for
/ term Of not less than SIX months
! Sec ), BE il further enacted, That H. after the
! Uovennr shall have Issued hs reclamation, as pro-
yldcd Tor n the first section Of this act declaring
I the charter OF any bank or noued corporation, or
any individual or individuals, under cover vi the
same shah, upon any preteuce whatever, make an
issue Of any note Or biz or do or perform any act,
except lor the purposes Of hquIdaiinn the offender
or offenders, Slallun conviction, be sentenced to The
penllentiary Tor term not less than one year nor
Tor more than five nor sha said directors or other
officers oI such bank Or monlcd corporation, allow a
dividend To be declared, Until every liability ui lhc
bank Shall have been paid.
Sec. G. BE u further enacted, That the notes,
certificates OF depo>cs, checks, bills Of eA-
change, or other evidence Of debt, of each bank
or munled corporation IN this STATE, or voluntary
uncharlcred associations for bankin1l purposes,
Shall he received at par IN paymentol sad debts
due the same, nor shall the act transferring the
same impair the night OF the holder Of any OF the
SAID nclv,, certificates OF deposlles, checks, bills
of exchange, OF other evidences of debt, from Of
erng the same as an offset or payment TO any
debt due the said banks or monIcd corporations,
or voluntary unauthorized associations for bank.
IN purposes, either before or after judgment 4;
but all the notes other evidences Of debt, lssu-
ed or done by sad banks or mouIed corporations,
I or voluntary Unauthorized associations for bank
lng purposes, shall at all times, be received m
| payment OF any debt contracted with them re.
sppcliveiY, whether such evidences OF debt Shall
have been transferred from the bank, either be.
fore or after the passage Of this ACT, 10 the hands
Of another or not, nor shall 1t be lawful for any
bank 10 transfer auy property, specie, note, oil OF
exchange, bond OF other description of assets,
except tor purposes oil liquidation Of debts due by
SAID back, unul final resumption d specie pay.
tnens by said bank nor shall Il be lawful for any
bank to issue any uote OF bill Tor circulation, OF
make any new liability, unless II he to execute
the bonds Of the bank for longer period than two
years after a final resumption, and IN case Of suit
by any bank to recover on any cause OF acton Of
the defendant may prove and show that the same
was founded on loan Of the paper Of any bank
or other monied corporation, and the jury may
find the fact specially which finding shall be en-.
tered Of record, and shall authorize the defendant
upon execution Of otherwise, to discharge the
same, Judgment IN the notes aud debts Of The
bank, or other monlod corporation, whose paper
constituted consideration Of the contrac; sued
on.
Sec. 7. Be It further enacted, That the hold.
cr Of any note, bill or other evidence of debt Of
any Of the banks Of this State, whose charters
shall have been forfeited under Ibe provisions Of
this act, may institute suit for he same before any