Litchfield enquirer. [volume] (Litchfield, Conn.) 1829-current, 1850-08-08
General Assembly.


j. p C. MArHER, Secretary of State.
General Assembly.
May Session, 1850 !
The Joint Select Committee on the business
of General Banking, to which was referred SO
much of the Message Of His Excellency' the
Governor, as relates to that subject, toge'hei
with various Petitions presented TO the Genes
raj Assembly in aid thereof, have attended to
the duties develving upon them, and ask leave
to report the accompanying bill for Pubic
Act 10 authorize the business OF Hawking.
All of which is respectfully submmittec
VIM. w. EATON, Chairman.
An Az, 70 authorize the business Of Banking.
Sec. /. Be it enacted by the Senate and
House Of Representatives, 10 General ,Nssem-
bly convened, The Treasurer oil this Stale IS
hereby authorized and required to cause to be
engraved and printed in the best manner to
guard against countelfeiting, such quantity OF
Circulating notes, in the simiiitude OF bank
notes in blank. OF the different denominations
authorized to be issued by the incorporated
banks Of this State, as he may from time to
time deem necessary TO carry into effect the
provisions OF this act, which shall be stamped
on their lace with the words secured by the
pledge OF public stocks and ct such form as
he may pIescr be.
Such blank circulating notes shall be eoun>
tersigned numbered aud registered III proper
books 10 be provided and kept for that puI-
nose in the Office of said Treasurer. under his
direction, by such person as he shall appoint
as register for, that purpose, so that each de-
nomination of such circulating notes shall
pear The uniform signature Of such register.
Aud il shaII b. the duty Of the Treasurer to
receive mutiIated circulating notes issued by
H.m-n 18th nPs FIr TSh-
iating notes to the same amount, whenever re-
auested SO to do by the makers of said mutila-
ted notes.
Sec. 2. ANY person or any number pf per-
sous NAV establish offices Of discount. deposit
and circulation upon the terms aud conditions
and subject TO the liabilities prescribed IN this
Act but the aggregate amount of the capitaIs
stock Of any person or corporation organized
under this act shallfnot be less than nifty thou
sand dollars. such persons, under their
hands and seals, SHALL make certificate which
shall specify
i. The name assumed to distinguish such
corporation or association and 10 be used in
its dealings.
2. The place where the operations of dis
count and dsposits Of such corporation or as.
sociation are to be- carried on, designating the
particular city, town or village.
3. The amount OF scapital stock Of such
corporation or association and the number Of
/. shares into which the same shall be divided.
4. The names and places Of residence O
shareholders, and the number Of shares held
by each Of them respectfully.
S. The period at which corporation or as
ISOLATION shall commence and Terminate
which certificate shall be acknow lodged before
proper authority and recorded in the Town
Clerks office in the Town where such cofpo-
ration or association shall be established, and
a copy thereof filed in the Office of the Secre>
fary of State-and said certificate or any copy
thereof, certifad by either the Secretary Of
State, or by the Clerk OF any town where
auch corporation or association shall be tocdt>
ed, may be used in evidence in all courts and
places for and against any such corporation or
association.
Sec. 3. Any number of persons who may
associate themselves together tor the purpose
4 Df Banking under this act, and any individual
banker doing business pursuant to this act.
shall constitute and make corporation, under
fhe name or title stunned by him or them in
his or their articles of association, and are
hereby made corporation under such name
and title with power tosue and be sued, plead
and be implicated, answer and be answered un>
70. appear and prosecute to final judgment, in
any court or elsewhere; to have common
Real and to alter the same at pleasure--to elect
IN such manner as the corporation shall de.
iermine. all necessary officers--to fix their
compensation and define their duties; to or
tia:n and establish by lawsfor the government
flf its affairs, and TO alter and repeal the same
land to employ all such agents as it shall
think proper. And the corporation shall |
have power under theiragticles Of association,
80 provide for an increase Of capital and Of The |
humber OF their associates from time to time |
Us they may think proper.
Sec. 4: Such person or association of per-
sons or corporation having transferred to the
Treasurer securities according to the provis
ions Of this Act. shall have power TO carry on
the business Of banking hy disconntihg bills,
notes and other evidences Of debl--by receiv-
sag deposits; by buying and selling gold and
silver bullion, foreign coins and bills OF ex-
change, in the manner specified in their arti-
ries OF association. for the purposes authorize
Fd by this Act-and by exercising such incis
dental rowers as shall be necessary to carry on
puch business--to choose one Of their number
president OF such corporation, aud to appoint
cAsnier, officevs and agents at pleasure, and
appoint others in their places
Sec s. Whenever any person ~ co.no..
ton or association Of persons formed sar M
purpose 81 banking under the PROVISIONS az
this Act, shall legally transfer 5 The. Traasn.
rer OF this Staae any sufficient portion hv IN
provisions Of this Actof the public deb, now
created or hereafter 70 be created by the Uni.
ted States. or by the states oi New York. Mas
pachusetts and Ohios or OF The cities OF New
York and Boston. or Of any incorporated city
ia the state Of Connecticut.
SUCH person, corporation or association OF
persons shall be entitled to receive from the
treasurer an equal amount of such Giro ulating
noles a. are mentioned in the first section 81
tn!s Aci, Of different denominations registered
Alu coun1efsigned a. aforesaid. Eut such Sc.
Surlties shall be OF be made Ia be. eonal q :
stock producing d per rant ~. !. !. sI u 1