Eastern times. [volume] (Bath, Me.) 1846-1857, 1850-10-10
VOL. ".

seventh chapter, as amended, of the revised
statutes, shall be liable to be attached on mes.
ne process, and levied upon, as well for the
damages, as for the original demand and in.
terest and costs.
Sect. s. The treasurer may give to any per-
son or association of persons transferring stock
in pursuance of the provisions of this act, pow
ers of attorney to receive interest or dividends
thereon, which such person or association may
receive and apply ito their own use but such
powers may be revoked upon such p4rson or
association failing to redeem the circulating
notes so issued, or whenever, in the opinion of
the treasurer, the principal of such stock shall
become an insufficient security; and the said
treasurer upon the application of the owner or
owners of such transferred stock in trust, may,
IN his discretion, change or transfer the same
for other stocks OF the kinds before specified in
this act, or may transfer the said stocks, or any
part thereof, upon receiving and canceling an
equal amount of such circulating notes deliver
ed by him to such person or association in such
manner that the circulating notes shall always
be secured in full, either by stocks or by stocks
and mortgages as is in this act provided.
Sect. 6. The bill, or stocks SO to be coun-
tersigned, and the payment of which shall be
so secured by the transfer of public stocks,
shall be stamped on their face, Secured BY the
pledge of public stocks transferred TO the state
treasurer
Sect.7. Whenever the securities deposited
for the redemption of circulating notes shall, in
the opinion of the treasurer become insufficient
for that purpose, he may receive the dividend
of all stocks, and shall deposit the same in some
safe bank or banking association in the city of
Portland, of Bangor, or Augusta, in his name,
IN trust for the association or banker to whom
the same may belong. The deposit to be made
m Suoh nd Of &c into IL
treasurer may deem most conducive to the in
terest of such association or banker, and to be
withdrawn and paid over, whenever, in the
opinion of the treasurer the securities of such
association or banker shall be sufficient to war
rant it.
Sect. s. The public stock TO be deposited
with the treasurer by any such person or asso-
ciaton, shall be held by him exclusively for
the redemption of the bills notes of such per-
son or association, put in circulation as money.
Sect. 9. The plates, dies. and materials to be
procured by the treasurer for the printing and
marking of the circulating NOES provided for
hereby, shall remain in his custody or under
his direction and the expenses necessarily in
CURED in executing the provisions of this act,
shall be audited and settled by the treasurer,
and paid out of sny moneys in the treasury not
otherwise appropriated and for the purpose of
reimbursing the same, the said treasurer is
hereby authorized and required to charge a.
eainst and receive from such person or assoca-
rion applying for such circulating notes such
rate per cent thereon as may be sufficient for
that purpose, and as may be just and reasona-
BILE
S ct. 10. Every individual banker who shall
obtain circulating notes OF the treasurer of state.
under this act shall thereupon and before issu-
ing the same on loan or otherwise, file in the of
hce of SAID treasurer certificate signed by him
and verified by o-th, stating the town, or city
in which he resides; and thereafter it shall not
be lawful for such individual banker to transact
business under said act in any other place than
in that in which he resides or usually trans
acts business; and in Gase of any change of resi-
dence of such individual banker, he shall forth
with file a notice thereof in the treasurers Of
flee as aforesaid. Said certificate shall also set
forth:
|. The name assumed to distinguish the bank
so established and TO be used in its dealings.
2. The amount of capital stock paid in or in
vested according TO law, and the number Of
shares into which the same shall be divided.
5. The period for which such bank shall be
instituted; and any person neslecting to COM
ply with the requirements IF this section, or Ell
ther of them, shall for each neglect or violation
forfeit one thousand dollars, to b. sued for and
recovered BY the attorney general, in the name
and for the benefit of the people of this state.
But nothing in this section contained shall pro-
hibit the employment OF agents for the redemp-
ton of the notes Of any individual banker in
the city of Portland, of Bangor, or Augusta.
Sect. IL. Every banking associ alton formed
under this act, when first obtaining notes for
circulation, Of the treasurer Of this state shall
file certificate, signed by the persons so asso-
cated, and verified by their oaths, with the
said treasurer, which certificate shall specify
l. The name assumed to distinguish such as
sociation, and to be used in its dealings.
2. The place where the operation of issue,
discount and deposit of such association are to
be carried on, designating the particular city or
town.
8. The amount of capital stock of such asso-
citation, and the number of shares into which
the same shall be divided.
4. The names and places of residence of the
shareholders and the number Of shares held by
each OF them respectively.
5. The period at which such association shall
commence and terminate.
Sect. II. Copies of any certificate filed as re-
quired by either of the last two preceding Sec
tons of this act, drli verified under the hand
and seal of the treasurer of this state, may be
used in evidence in all courts and places, for or
against any person or association interested
other certificate, authenticated as aforesaid
made at any time pursuant to the requirements
of this act.
Sect. Is. Every such association and individ-
ual banker iustituting a bank under this act
shall have power to carry on the business of
banking, by discounting bills, notes, and other
evidences of debt; by receiving deposits; by
buying and selling gold and silver bullion, for
eign coins and bills of exchange, in the manner
specified in their articles of association for the
purposes authorized by this act; by loaning mo-
ney on personal and real security; and by exer.
cising such incidental POWERS as shall be neces.
sary to carry on such business; to appoint pre-
sident and cashier, and such other officers and
agents as their business may require, and to re-
move each at pleasure, and appoint others in
their place; and all such banks shall be banks
ofdiscount and deposit as well as of circulation
Sect. IA. The shares Of all banking capital
instituted under this act, shall be deemed per-
sonal property, and transferable pursuant to the
provisions of chapter seventy.six of the revised
statutes and the same shall be subject to attach
ment and sale on execution as provided in chap
ter one hundred and fourteen and one hundred
and seventeen of the revised statutes; and every
person becoming shareholder by such transfer,
or sale, shall, in proportion to his shares, sue
ceed to all the rights and liabilities of prior
shareholders and no change shall be made in
the articles of association by which the rights,
remedies, or security of its existing creditors
shall be weakened or impaired. Such banks
shall not be dissolved by the death or insanity
OF any of the shareholders therein. if there be
more than one Shareholder in such bank.
Sect Is. 1t shall be lawful for any associa-
uon OF persons organized under this act, by
their articles of association, to provide for an
increase of their capital and the number of The