The mountain sentinel. [volume] (Ebensburg, Pa.) 1844-1853, 1850-03-28
Bank Bill.
Commission

We have already alluded 20 the final
passage by the House, of MIR. Laird s
General Banking Bill. The measure is
now before the Senate The object to to
regulate all Banks that may be chartered
or re-chartered. We annex an outline of
all the leading provisions:-
"The presidents and cashiers are re
quired TO enter into bond to the Com
monweallh in any sum not less than one
fifth Of the capital stock.-The sureties
I'M the bond to be approved of oy the Court
of Common Pleas of the county in which
the bank is located, and recorded in the
Office of the recorder within ten days
thereafter.
The clerks and other officers are re-
quired to give security in such sums as
the board of directors shall order.
The presidents, cashiers, directors and
other officers, before they enter on their
duties, shall severally take an oath to OBJ
serve faithfully and honestly the provis-
ions of this act, and that during their con-
tinuance in office they will not violate
any of its provisions. The oath thus
subscribed by them to be fled in the off.
ice of the Auditor General.
If any officer of a bank, after having
taken this oath, shall wilfulIy violate any
provisions Of this act, he shall be ad-
juged to have committed misdemean-
or, and, upon conviction, shall be fined in
any sum not exceeding $1,000, and be
imprisoned in ajail or penitentiary not
exceeding three years.
The total liabilities of the banks incor-
porated under this charter, not to exceed
three times the amount of the capital
stock paid in.
No director shall appear as drawer
or endorser at any one time, for greater
amount than three per cent. upon the
capital stock; and the gross amount loaned
to all directors shall not exceed six per
cent. on the capital stock. The banks
are not allowed to pay out any notes ex
cept those issued by them, and the notes
of specie-paying banks tha! are at par
where they are paid out.
The stockholders are made jointly lIa-
tor all the debts of bank, and this liza
bility binds for one year after they have
trans ferred their stock, unless they shall
show that the insolvency Of the bank was
occasioned by acts done after they had
assigned the stock.
Ii the insolvency OF bankis fraudulent,
tn. directors by whose acts or omissions
it was caused, whether then in office or
not, shall be liable to the creditors of the
bank, and the stock holders must make up
any loss that may have occurred by their
mal-adminstration of the affairs of the in
stitution.
All the banks heretofore chartered, or
which may herefter be chartered, are pro-
hibited from paying out an v notes other
than the notes of Pennsylvania banks of
less denomination than ten dollars.
Penalty for violation of this provision,
$1,000, and Imprisonment in the Jail of
the county where the conviction is had,
for any time not exceeding nj nety days.
And all public officers Of the State are
also prohibited from paying out any bank
notes other than those of Pennsylvania,
of less denomination than ten dollars.
Penalty for violation of this provision
$500, and imprisonment not exceeding
ninety days. All private individuals.
not being public officers, are prohibited
the same, under penalty of $50, and i'm
prisoment not exceeding, ninety days.
Ill the banks chartered under this bill,
are prohibited from issuing notes of a
less denomination than ten dollars.