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

ceeded against by said commissioners, in the
same manner and with like effect as any incor-
porated bank may be proceeded against for a
similar violation of its charter.
Sect. "a. Upon the application of creditors
or shareholders of any such association, whose
debts or shares shall amount to one thousand
dollars, and stating facts verified by affidavit
the treasurer may, in his discretion, order
strict examination to be made by some compe
tent person, of all the affairs of such association
for the purpose of ascertaining the safety of its
investments, and the prudence of its manage
ment, and the result of every such examination.
together with the opinion of the treasurer there
on, shall be published in such manner as he
shall direct, and the expenses of such examina-
tion and publication shall be paid out of the
trust funds of such association in his office
And if in the Judgment of the treasurer from
such examination made, there shall have been
any willful violation of any of the provisions of
this act, whereby holders of the bill or notes
of such banking association shall be exposed to
loss, or any fraud shall have been contem-
plated or attempted by such association, then
such proceedings shall be had by him in
respect to such association and the properly
thereof, as are prescribed by the seventy-sevcnth
chapter of the revised statutes, and BY the act
amending the same, in case of the failure of any
Incorporated bank to pay any of its bills but
the proceeds Of all sales of the property or ef-
fects of such association shall be paid by the re-
ceivers to the treasurer of State, which, togeth-
er with the securities deposited with the treas
urer, shall be holden to indemnify the bill hold
er of such association.
| Sect. 25. The shareholders, or a majority of
them in amount, who shall be owners of any in
corporated bank continuing the business of bank
Ing until the expiration of their charter, and
who shall have associated themselves for the
purpose Of banking under the provisions of this
act shall be entitled to receive from the treas
urer of State, who is hereby authorized TO issue
to the association so formed, circulating notes,
| i'll amounts of not less than ten thousand dollars
upon the deposite of securities of the kind re-
quired by the provisions of this act to an amount
| equal to the circulating notes so issued. But if
| such banking association so formed shall not
have deposited with the treasurer during the
three years next following the date of their ar
tcles OF association, an amount equal to that
now required by law of banking associations, ,as
security for circulating notes, previous TO COM
menclng The business of banking, the treasurer
is hereby empowered to retain the interest ac-
crulng upon securities SO deposited, until such
association has complied with the provisions of
OF security 10 be deposited in the office of the
treasurer.
Sect. 26. If the shareholders, or majority
OF them In amount, OF any incorporated bank,
within one year OF the expiration of its charter,
shall file with the president thereof note in
writing that they intend TO avail themselves of
the provisions of this act, to associate for the
purpose of banking, it shall be lawful for the
directors OF said bank 10 purchase and hold
such stock and other securities as the treasurer
is or may be authorized to receive for circulating
notes, under the provisions of this act. to such
| an amount as they shall Leem for the interest of
the shareholders thereof And any association
heretofore or hereafter formed to take the place
OF an Incorporated bank, whose charter has ex-
pred or Is about expiring ,may, where all the
stockholders of such incorporated bank have as
sented to Its organization under the act to auth
orize the business of banking, take and hold. in
addition to such real estate as is prescribed by
the seventeenth section of this act to authorize
the business of banking, such other real estate
as at the time of the transfer of the property of
the incorporated bank had been received by it
IN payment of debts previously contracted to
such bank, or purchased by it under judgments
or DEGREES In chancery, in favor of said incor-
porated bank according to law; said additional
real estate to form no part of the basis for its
circulation.
Sect. 27. 1t shall be unlawful for any as.
soclation, or any individual or individuals,
authorized ID carry on the business of bank
ing by virtue of this act 10 receive, pay out,
give or offer in payment, as money, 20 circu-
late or attempt 10 circulate as money, any
bill, note or other evidence of debt, issued or
purportlng to have been issued, by any cor
poratIon, association or individual, situated
or residing without this state, and which bill
note or other evidence of debt, shall, upon
any part thereof, purport TO be payable or re-
deemable at any place, or by any person, as,
socIation or corporation within this state.
Sect. %. 1t shall not be lawful for any
association, or individual or individuals, au-
thorlzed to carry on the business by virtue of
this act, directly or indirectly to procure or
receive from any corporation, association or
individual, situated or residing without this
state, any bank bill or note, or other evidence
of debt in the smilitude of a bank bill or
note, issued, or purporting TO have been is
sued, by such last mentioned corporation, as
sociaton or individual, with the intent TO is
sue and pay out, or in any way to utter or
circulate the same as money, or to issue, pay
out, or 10 Litter or circulate the same when
procured or received as aforesaid, as money.
But nothing in this section contained shall
prohibit the said banking associations and
individual bankers from receiving from their
dealers and customers such foreign notes as
are allowed by law TO be circulated within
this state, in the regular and usual course of
business, or from paying out the same when
SO received as last aforesaid.
Sect. %. 1t shall not be lawful for any
such association, or any such individual bank
er, directly or indirectly to lend, or pay out
for paper discounted, or purchased by them,
any bank bill, or note, or other evidence of
debt, which is not received at par, by the said
banking institution, association or individ-
ual.
Sect 80. Every such association and in
dividual, authorized to carry on the business
OF banking, who shall offend against any of
the provisions of the three last previous Sec
tions OF this act, shall forfeit for each and
every offence the sum of one thousand dol
lars, to be recovered with costs Of suit in the
name and for the use of any person who
shall sue for the same, and prosecute such
suit to judgment in any court having cogni,
zsnce thereof; and every officer and cashier
of such association, and every such indvid-
ual banker and his cashier. clerks and serv-
ants, who shall knowingly acl or assist in any
violation of any provision Of this act, shall
upon conviction, be deemed guilty of C. mis-
demeanor, and shall be punished by fine or
Imprisonment, or both, in the discretion of
the court before which such conviction shall
be had but such fine shall not exceed FIVE
| ILL hall