New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-02-18


Project infroducsd by Mr. Ayrsult INTO Legslatufe-
Ne tias we kuow enough Of the Of opinion Ia the
Legislature TO predict that such exploded notions -
are eontsiusd ia This Bill viii ind favor
Any nuuter of persons majority Of whom are resi-
6eas of ibis Slate, may engage 10 ne business o.
81 Get On ne provisions Of th act The capita n no
rsss 70 be than $4,000; n in ne Cry Of
go 90 o. u sny oihef city s%yVy ~ D-.ino'-
fl- b4k iost be conducted 10 Us place OF location ana
CGsate. 20 be filed setting forth the name Of the bank,
f. eaton capital number Of shares snd names, resi-
~nces number Of shares held BY Stockholders Inc
Tank. TO continue twenty years snd those eeasns 70 90
h. s~ed 70 withdraw their portion Of The safety Juno
TIE certificates be fled with The seereiary u STATE
AID County Clerks, and them the capa Dshs 81 Pau H.
the tsas Is allowed 10 commence business ,
Ofce and Directors may not be indebted 70 me ttio
,.is o ttslr bank % more ihsa tns ai"''n' " On "
NJ b.ss snder the act shall hold soy Of ts stock except
sr..If lr loans sc and then 10 shall be sold within
$50 DAYS after the deb. shall have insured and The pro
esed. sited upon the debt and n more than enough 70
.sfnsuish IT, tho balance paid over TO the hypohecaio
Ths B.nk 10 hold or convey real estate beyond thai
rscessary accommodate 10 owe b1sness purposes ena
received 10 ssusiaetion Of debts previously con-
Not 10 des IN merchandise or United States state
gtos.s ibsrse than by selling tbs where pledged
for debt and except 90 far a. may be necessary % pl
onase and hold the stocks Of this state In securing Us CIR
Al notes issued shall be- redeenable on demand
Banks under this lag 70 be subject to the Irovoa' o.
fns acts Of May T. 1870 April l6 1913 aud May 49, le'
Zach shsi Keep in ro.t with the Controller SIX 2 Ct
Of This State % the amount Of ~ CT on its
10
rbeb n. esistencs Is limited. This 10 Constitute
fund 70 protect the circulation Of The banks 80 If,
An impartial agent may be appointed by the Controller
~ examine the condition Of hack, upon the application
Of ary other two banks.
TIE circulation Of each bank 10 be equal to it, actual
,,s add the taxation upon II not 10 be less than the
ount Of circulating notes delivered 70 II BY the Con
No dividends be made while the capital stock is i'm
fsIrod.
sof open for ns pectOn Of any holder Of note or
~ s.siou payment Of which has been refused.
g5nss no existence after dischsrgng all their obii-
.af11s ~ any they have " the safety fund may organize
Under This law, on the following terms;
rqey shall pro dep0pt with the Controllers IA SIX
per cent stock OF this State equa 10 the amount VI
ttef circulating notes. the end Of year after such oe-
rot II tue Controller think proper, he return 70
sd hank one third Of said deposit aud at the end OF the
second year anoher third Of said depot and AZ the end
ofte third year the condition Of the bank warrants IT,
he .y return he bank the balance OF said depOst eA
espt the amount Of per cent upon Us circulating notes.
- prescribed IN the twelfth section Of this let
3 provides that n the securities deposited with the
Controller As provided Ia the 18th aud 18th sections o.
h, Act shall 30 mpared reduced By the redempto on OF
The circulating notes Of any dsiauing bank the provision
s1e the n section cf the 9Th article OF tho Consttl-
on FOR tho redemption Of .uch circuatns notes shall BE-
applicable aud held good 70 replace the said seeurtesso
fet 10 their or giuhl value