Baton-Rouge gazette. [volume] (Baton-Rouge, La.) 1819-1856, 1842-02-12
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And all proceedings 10 court under this act,
shall be by summary process, and shall be
disposed ofwith tie least possible delay, and
in prefer nee to all ether cases, both in the
court of first instance and on the appeal.
Sec. II. Be it further &c, That it shall
be the duty Of the banks in which the coun-
try is entitled to a proportion Of The loans
OF said banks, so to apportion their loans az
to main min as much as practicable The res
.~pectiye rights ofihc coontry and Of the city
of New Orleans; and, provided, that here-
after no bank shall have the power Vi with
drawing any Of its branches in the coDtrv
without the consent Of the Legislature Of
the State.
And the members of said Board Of Cur
rency shall also be liable 10 criminal prose-
cution by Indictment for any wiIfai viola
ton of any of the fundamental rules or pro-
visions contained in this bill, and shall on
conviction be punished by n fine not ex-
| ceeding $4,000 OF by imprisonment not ex-
ceeding FIVE years, at hard labor or OF or
wise, al the discretion Of the court, and the
place of the member oil the Board 50 PFo-
sccuted shall be deemed vacant on the find
ing of an indictment, and shall be flied
according to law.
Sec. ls. Be it further enacted, &c That
the provisions of the I'd and 7ih sections o.
this act relating to the extension Of !1net to
be granted 10 the debtors ofthe banks Stall
not apply TO the bonds and Dotes OF the
stockholders Of property banks, gwen Tor
loans on stock. a
Sec. 10. Be il further enacted &c iaaf
in order to aid in the arrangement coh,c5a-
! plated by this act, the Governor oftht STATE
is hereby authorised TO isstle bonds ptyGbI-
in fifteen years, and bearing five per cent,
interest. payable semi a annually, fer the tuii
amount now due to the respective banks
by this state, which bonds shall! be guara",
tied hy a sinking fund to be hereafter pro
yided for bv the legislature, and it shall ta
the duty Of the State Treasurer to efiecS
such settlements as required BY the respcc'
tive parties.
Sc. 90. Be it further enacted&c. Tint
aficr the passage Of this act, no bank shaii
issue any no.e Of a less denomination than
g., and the director Of any bank voting
f,r an issue Of notes of smaller danomlnc.
ito, contrary TO the intent of this section.
shall be liable TO prosecution, and on ind'ct-
ment and conviction, shall be punished By
fine or Imprisonment, OR both, at dlscresien
OF the court, and it shall be the duty of all
Dire. ters and members ofthe Board ofCur-
rencv, to give fhe necessary nformationt TO
the Attorney General: and that no dividend
: shall be made by the banks during the sns-
pension Of payments in specie, and so long
i as the movements provided By this act Of
the banks, shall not have been restored, IN
der penalty for each director voting for the
{ same to be az above provided.
Sec. 81. Be it further enacted, &c. That
i the Merchants Bank and Gas Light q
g Banking Company are hereby prohibited
r from issuing any circulation whatever un-
8 I'll after the resumption Of specie payments.
L Sec. 20. Be it further enacted. DC. lnat
n from and after the 30th of September nexf'
the stock Of 10 bank shall ever be held by
!. a lass number O findiyidua.s than fifty, each
IF whom shall own at least thirty shares
of said stock; and that no pctson shall be
permitted to vote at any election Of stock
q holdersunless he shall previously make oash
hal he or the person he represents is bona
fde. = s~:ocklolder Of said bank to the a
!. mount OF the shares upon which he votes
# provided that the person voting as agen
Of an absent stakeholder may swear TO the
=, best of his knowledge and belief. And M
h Cashier or officer of a bank who shall kno"
insIy permit or authorize a transfeTof steel
=. in violation Of this section, shall be liable
ar to a fine not to exceed one hundred dollar
il for each and every share so transferred ane
" toimprisonment during ten days.
OF Sec. %. Provides Tat either branch OF tii'
n legislature may examine at any time, the al
n fairs OF any bank and any officer THROWN
ne obs.ructfoas in the war of such examination
y shall ss faca $1,000 and imprisoned not oTe
- twelve month";.