Arkansas intelligencer., 1849-01-27
AN ACT to facilitate the liquidation of the Bank
of the State OF Arkansas.

AN ACT to facilitate the liquidation of the Bank
of the State Of Arkansas.
Section l. Be 1t enacted By the General Aseen,-
bly, of the State of Arkansas, That all books, pa
pers and assets OF the Bank of the State of Ar
kansas shall be concentrated in the principal Bank
at Little Rock, and the branches of said Bank be
Withdrawn and that competent agent shall be
appointed by the Governor, who shall proceed
forthwith to the different branches, and receive
from each Financial Receiver and Attorney, all
the books, papers and assets OF said Bank belong
ing to said branches, and make flnal settlemenl
with such receivers and attorneys, ana give anu
take receipts, and as soon thereafter as is Prac-
tcable turn over such books, papers and assets 10
the Financial Receiver at Little Rock for which
services such agent shall receive the sum of tlve
dollars per day, for each day he may be engaged
in the performance Of such duty, to be paid out
of the State Treasury; and the account Of such
agent shall be made under oath. .... ..
Sec. 2. BE 1t further enacted, That before such
agent shall enter upon the duties of his office, he
shall execute bond and security TO the State of
Arkansas in the sum Of twenty thousand dollars,
to be approved by the Governor, conditi ioned that
he will faithfully and diligently proceed to the
different branches of the Bank of the State of Ar
kansas, and demand from each Financial Receiv-
er and Attorney, all the books, papers and assets
of each branch, and make final settlement with
each Receiver and Attorney; and as soon as
practicable thereafter he will turn over such
books papers, and assets he may receive, TO
the Financial Receiver at Little Rock, which
bond shall be deposited with the Secretary of State.
Sec. 3. Be 1t further enacted, That there shall
be elected by the General Assembly, and com.
mssoned by the Governor Financial Receiver
of the Principal Bank, who shall reside at Little
Rock, and an Attorney for the principal Bank
and each of the Branches.
Sec. 4. BE further enacted, That the Finan-
clal Receiver shall receive an annual salary of
one thousand dollars to be paid out of the State
Treasury; and each attorney shall receive ten per
cent on all moneys collected by him and paid over
to the Financial Receiver in the kind of funds
collected, the value Of which to be paid out of the
State Treasury upon the certificate Of the Finan.
cial Receiver; Provided, that such per centage
shall not EXCEED twelve hundred dollars in good
funds in any one year.
Sec. 5. Be 1t further enacted, That nothing
shall be received in payment of debts due the
Bank but specie, bonds of the State Bank, bonds
of the Real Estate Bank, which have been sold
by either Of said Banks, notes of either Of sa id
Banks, or Treasury Warrants, and if any attorn.
ey shall receive any State Bonds in payment of
debts, he shall endorse upon the same the date he
received them, from whom, and for wha amount
and when any such Bonds shall be received by
the Financial Receiver in payment of debts, such
bond or bonds, shall Immediately be filed with the
Treasurer, as provided for by an act passed 10Th
January. 1915, making appropriations for the
years lS45, &c.
Sec. 6. Be ii further enacted, That the Finan.
cal Receiver shall give to each of the attorneys
list of the notes due the Bank in his district,
with the credits thereon, who shall receive re.
newals of the same rs now provided for by law,
and shall make report of his collections and pro-
ceedings to the Financial Receiver, on the first
days of January and July in each year. and if
any note is not renewed within two months after
the same falls due, according to the regulations
OF the Bank. the Financial Receiver shall direct
suit to be brought on the same unless the proper
Attorney and Financial Receiver re satisfied tha
the parties totally insolvent, in which case an
entry to that effect shall be made on the Books of
the Bank.
Sec. 7. be IL further enacted, That the Finan-
clal Receiver is authorized to exchange any State
bonds in his hands sold by the Real Estate Bank.
for State Bonds sold by the State Bank. and
whenever such bonds sold by the State Bank. or
coupons of the same shall come to the (hisO
hands by virtue of this or any other act, he shall
cancel and file the same Immediately with the
State Treasurer prescribed by the 2nd section
OF an act making appropriations for the wears
lS45, &C., passed 10th January 1915.
Sec. s. BE ii further enacted. That in any suir
which IS or may be instituted by the Bank. the
Bank shall not be ruled to security for costs, but
the State shall be liable to pay costs rendered
against said Bank.
Sec .. lie IL further enacted. There shall no
bills of the State Bank, or State Bonds of this
State, or bills or bonds of the Real Estate Bank.
be sold at any sacrifice in order raise par funds
under any pretence whatever, by the officers of
the Bank, or the officers of the State Government,
Sec. TO- BE at further enacted, That at the end
of each month, the Financial Receiver and State
Treasurer shall count, register and publicly burn
all notes of the State Bank, and Branches in DOS
session Of the Financial Receiver.
Sec. III. BE 1t further enacted, That all laws
and parts OF laws inconsistent with the provisions
of this act, be, and the same are hereby repealed
APPROVED: Jan. 9th. ls49.
Report of the Adjutant General.-We learn
from this document. pubshvd in the Washington