Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1841-09-11
rPRvArE-No Il.

lPRvArE-NO. |
AN ACT 20 revive and cntend the charters uT Ger.
tao banks ~ the District of Culumbiu.
he % enacfsf by me SENATE and House n ReD.
'''e"tii'o 8 II he United States If America ~ Con.
gress dsscwiLi. That the charters % fthc Bunk Of
he Metropolis, of the Bank Of Washington. and OF
vac rair'uc Bank Of Washington, The charter Of the
Farmers and Mechanics 81 nk Of Georgetown; and
me ohar'ers OF ihe Farmers Bank OF Nlcxandrln and
OF the Bank Of Potomac, m the Town Of Alexander,
De- aud The same are. srverally and RESPECTIVELY
hereby revived; and all The powers. rights pryiIr-
res. immunIties. limitations, pruhthitinus. and rc-,ric-
lions contained in said charters ar, hcrcbv re,.,v-
ell. extended. and made applicable iu full c,rce q,
each OF said banks. respectively. aud To the nresi-
dents, directors, other officers and stockholders OF
each OF them, IA the same manner and 10 the samu
extent a. was granted and provided by the said sew
eral and respective charters. and the laws in force
on the first day Of January. IA the year eighteen
hundred and thirty eight. subject to the limitations
and provisions ereiuafer contained: Proridsd. said
banks shall, each Tor itself. from and after the pas.
sage oi tins act. resume aud continue the payment
OF all lis notes and specie Liabilities m specic. on
demand; and each aud every OF said banks failing
To resume specie payments. as aforesaid. within ten
days alter the passage ofIhIs act, or having resumed
specie payments, again suspending or refusing 10
pny any Oi ITS notes or specie Liabilities in specie
when legally demanded. or shall pay out or lend
out. after the first day of March next, the notes OF
any suspended bank, or any paper currency whateV-
u NulC u not cQulN0Ieni 10 Eplu anu silver. shall.
IN the first case, be excluded from all participation
in The privileges and provisions Of this act; and. IN
The second case, shall, ipse fnclo. forfeit all benefit
and privilege granted by a.; ard II shall be the du.
" Of The District Attorney Of the United States for
the District o. Columbia, upon information lodged
with him OF any such suspension or refusal 10 pay
IN specie by any of said banks, 10 take forthwith
the necessary AMI proper legal steps to enforce tho
forfeiture hereby provided Tor such refusal or sus.
pension, md To compel every such delinquent bank
10 proceed 10 wind mp IT'S concerns, under, aud a
greeable TO, the provisions of an act Of Congress en-
titled. An act 10 continue the corporlie existence
Of certain hanks IA the District Of Columbia, for
certain purposes. approved the third day of July, IN
he year eighteen hundred and forty.
SEC =. Aud be Hfurhcr cHnctei, That each and
every ofIhe said banks shall be. and they are here.
by expressly prohibited from making any new loan
or loans whatever, upon a pledge OF stock in said
bank rs security for the repayment Of said loan; and
they are hereby required, upon all loins now exist
ing upon any such pledge Of stock, 10 require and
exact. before any renewal or extension OF any such
stock loan shall be granted. other sufficient security
Cor the same, - The form Sod To the extent usual va
said banks upon making ordinary loans. And the
president and directors uc each Of said banks ara
hereby made individually liable to all persons con.
cerncd for the whole amount Ut any loan or loans
hereafter made or renewed, contrary 10 The iOrcgu-
ing provisions, by them. or any of them. or With
their consent. from the funds Of any Of SAID bnHks,
and the cashier Of each OF said banks snail keep n
regular record ofihc attendance Ofthe president aud
each director nj every meeting Of the board Of dIroc-
tors Of the bank Of which he T. cushier; and every
president and director WHO shall be present at any
meeting al v hich any loan upon n pledge or stock.
A. aforesaid, shall be made or extended, shalt be
deemed To have consented io the same, unless he
shall at that meeting, enter hrs protest, in writing.
against said loan. upon the minutes vi her pro-
Ceedings.
SIC. 3. And be IL FURTHER enacted. That incach
and every of said banks. oil loans now existing ~
any president, cashier, director. or other officer. ct
Their as principal or security, % alarger amount than
ten thousand dollars, shall be regularly curuiled or
reduced. at the rate off least twenty five per cent,
or one fourth of the whole amount. annually, IN =
due proportion TO each renewal at the expiration Of
ninety day. successfully, until the sum ofsuch loan
shall. in no instance, exceed the amount of ten
thousand dollars aforesaid. And no new loan or
loans snail hereafter. on any preieuce wha,evcr. be
made TO any president, cashier. director. or other Of
fcer, either as principal or security. 10 a greater a.
mount ~ the whole, including the unpaid balances
Of former loans. than ten thousand dollars: aud the
same penalties. liabilities, aud prrsum .fi0ns shall.
IN every case Of a loan made contrary 10 the spirit.
intent and meaning Of thIs section. attach 10 the
aud directors Of The bank by which SAID
loan shall be made, a, Is provided in The preceding
sCCtIOR, IN the case Of loans upon a pledge Of the
stock ofIhe bant making The same;
SIC. 4. And be II f4rhcr enacted. That each and
every Of said banks are hereby expressly prohibited
from issuing mr. paying out. or offering in payment.
any bank note or oiner paper IN discharge OF their
debts and Liabilities ct any hind on any preience
whatever which The particular bunk making tho
payment or tender Is not. al the time Of such pay
menf, in the hUbil OF receiving at par, IN payment
Of all notes and other debts due and payable and at
bank, under pain Of i%OTleIting for every such Of
fence double the sum 50 paid out or offered in pay.
mont Of Us own debt or debts; one half to the in
former. and one hall 10 the use 1t the town or city
in which the offending blak may be situated. To DO
recovered by action OF debt ~ any court Of cOmpc-
tent jurisdiction in the District Of Columbia
Sec. ,. And BE- % further enacted, That each anil
every ofsnid banks be. and hey are hereby, express
y prohibited from issuing OF paying out, under any
pretoncc whatever. any bill. note. or other paper.
designed o5 INTENDED 10 be used aud circulated as
money. ofa less denomination than five dollars, and
for any violation Of The provisions Ofihis section The
offending bank shall incur al the penalties and or.
FIXTURES 10 Ice pro, idrd and directed by line first sec.
ton Of this act Tor the case Of sus pension or refusal
10 pay 10 specie; to be enforced in like manner, a.
j. directed by that section.
Sec. 6. Aad he IL further enacted, That each AMI
every Of Inc bazks aforesaid shall. within forty days
after thc passage Of this act. hold on election fn The
form and manner prcst rbrd by their respective orr
grnal charters. ior nine directors, which shall. in
future, bo Inc number Of directors iOr each OF The
said banks, md Tire persons elected az SAID election
shall sevenlly remain 90 office until Inc recurrence
Of The time prescribed. by the original charorOfc1ch
Of SAID banks respectively, icr an annual election OF
directors. at which last mentioned lime. and az tho
same time in every year thereafter, each Of SAID
banks shall make its election Of dirCcfJr aud ulhor
uficers a1rccably 90 Tie provisions oi its original
. rh1ucr. except ~ 10 lac number o. directors. which,
/ shall. in every case hereafter. be nine. And there
shall be chosen Coz each Of said banks, NJ the special
election hereby provided ior. on as soon thereafter
ne may hr fu conformity 10 he provisions Of their
respective original charters, a president and SUCH
other officers ~ may hy the particular charter be co..
quirrI t1 bc elected. whu stall bold heir offices l0r
fhc ame time ond iu nc -lmo manner as o. slid
charters b1I ult expired GOD slij officers hui been
. chosen 1t fIr lsst 1unu1i election
Sec. z. And tc 30 G.fier enacted. That HIs act
. shall continue iu free until the fourth Jay ofJuly.
which .haIl he iu .h9 seer eighteen hundred and
forty four
Sec. 4. dr9 Dc ufsrir mated. That ihc Get en-
Iuled An act foo extend Hc charter of ihc IrIUi
r.t .ff.......u,. rf the District uf Columbia