Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1842-03-12
THE RESUMPTION BILL,

| Section /. BE il enacted by the Senate and
House of Representatives Of the Commonwealth OF
Pennsy lvania, in General Assembly met, and il is
hereby enacted 10y the authority of the same, That
",he banks of this commonwealth, from and after
the rssssge Of this act, sall redeem their notes and
depostcs, and other liabilities. in gold and silver
coin upon demand being made at their banking
houses during banking hours; and refusal or
failure to pay in gold or silver, aforesaid, shall
he deemed and taken TO be absolute forfeiture Of
their respective charters; Provided, Tha, no con-
tract previously made as TO the paymen, of depos
ties, shall be affected by the provisions of this
ton
SIC .. Upon application 10 any court of com
mon pleas or dslric, court of the proper county or
single Judge thereof in vacation, on the oath or
affirmation of any person, setting forth that lie or
she had presented TO the proper officer or officers of
any banking institution within aid county, note,
or notes or certificates of deposites other liah-
ties issued 10y same, except the notes issued by au.
,hory of the act of the fourth of Nav, one thou
sand eight hundred and forty one and demanded
the plynent thereof in gold silver coin, which
said bark had refused failed to pay, it shall be
the duty of the laid court if in session, or Judge
in vacation, TO direct citation to be issued by the
prothonotary Of said court TO the said bank in the
nature Of summons, which it shall be the duty Of
the sheriff coroner of the proper county, forth
with TO serve, commanding the said bank 10 appear
at the time and place designated by the said court
or judge, not less than five more than ten days
thereafter. And Upon tie hearing Of the parties,
il the said court Judge shall he satisfied OF the
truth Of said complaint, and that the provisions of
the first section Of this act have been violated then
the directors of any such bank of this common.
wealth shall make and execute under their corpor.
ate seal and general assignment Of all their estate
real and personal, to such pelson persons they
may select (suhject to the appreciation Of the stock
holders at general metting) in trust for the bene-
fit Of all their creditors. Such assignment shall be
approved by the court Of common pleas of the coun-
ty in which such bank may be situated ahd Shall
be recorded in the office of the recorder Of deeds OF
the proper county, within thirty days from the exc
cuiion thereof. The said assgnees shall proceed TO
sell at public sale all the real and personal estate of
said bank. and shall collect by receiving new Sc.
curities, by renewals, by compromises, by suit at
law, or otherwise, all their outstanding debts; and
for this purpose may use the corporate name of
such bank Prorided, ho,ceper, Tha, the said as
signees shall receive in payment of debts due to
said bank its own notes and obligations and the
checks ofits depositors at par. The said as,ienecs
before entering upon the duties of their office shall
take and subscribe an oath or affirmation 10 execute
the trusts confded to them with fidelity, which oath
or affirmation shall be filed in The office oflhe pro.
thonotary of the proper county, and shah give such
security the court may deem sufficient to secure
the execution of the faithful trust, and shall once
in every six months file account of their receipts
and expenditures, vereiied by their oalhs or afrma
tons, in the office of,he pro,honotsry of the said
court. The said assigneos shall at leat once in
every six months make pro rata dividend Of the
balance i'll their hands among the several creditors
lice given IN such manner and form as shall be d.
rected hy the court, have made claim and delivered
up the evidences Of their claims if such evidence be
in writing TO the said assigntes, ard received from
the said assgnees certificate of the amount there
Of The said assignecs shall be allowed such
commission or compensation for their services as
may he agreed upon in such assignment with the
appreciation of said court, and shall he subject ex.
cePt as herein otherwise provided, to- he several pro-
visions ofthe act of Assembly passed the fourteenth
day of June one thousand eight hundred and thirty.
six, entitled San act relating to assignees for the
benefit Of creditors, and other trustees" That the
corporate powers of the said bank shall after the
said assignment shall be made and executed as a.
ioresald, cease and determine, except far as the
same may be necessary for the following purpose
to wit:
First For the purpose Of suing and heing sued
and for continuing all suits and proceedings a, law
or in equity, now pending for or against such
bank;
Second: For the pnrpose of making such assu
RANGES, conveyances and transfers, and doing all
such acts, matters and things as may be necessary
or exPedient to make the said assignments or the
trusts thereof eiirctusl
Third! For the purpose OF citing the said trus-
tees to account aud compelling them to execute the
said trusts
Fourth For the choosing of directors for the
purpose of receiving and distributing amongst the
stockholders of the said bank such surplus as shall
remain al er dischaging all the debts of the said
bank andi is further enacted that the said court
or any judge thereof on application and proof as
aforesaid NAV for the protection of parties interest.