Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1851-12-04

Sec. "a. 1t shall be lawful for such asssocia-
ion to purchase, hold and convey real estate for
he following purposes l. Such as shall be
necessary for its immediate accommodation in the
convenient transaction Of its business or, I'd,
such as shall be mortgaged to it in good faith, by
way of security for loans made by, or money due
%, such association or, Sd, such as shall be con-
veyed to it in satisfaction of debts previously
in the course of its dealing or, 4th,
such as it shall acquire by way Of execution
The said association shall not purchase, hold, or
convey real estate, in any other case, or for any
other purpose and all conveyances of such
real estate shall be made in the name of the asso-
citation.
Sec. %. Upon 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, chancel-
lor thereon, shall be published in such manner
as the chancellor shall direct, who shall make
such order in respect to the expense of such ex.
animation and publication, as he may deem
proper.
SEC. 26. If any portion of the original capt.
tai of any such association shall be withdrawn
for any purpose whatever, whilst any debts of
the association shall remain unsatsfied, no dlv-
dends or profits on the shares of the capital stock
of the association shall thereafter be made, until
the deficit of capital shall have been made good,
either by subscription of the shareholders, or out
of the subsequently accruing profits Of the asso-
citation and if it shall appear that any such div
idends have been made, it shall be the duty of a
chancellor, on application of any person in int.
rest, to make the necessary orders and DEGREES
for closing the affairs of the association and dis
tribute its property and effects among its credit
ors and shareholders.
Sec. 81 Such association shall be liable to
pay the holder Of every bill or note put in circu
lation as money, the payment Of which shall
have been demanded and refused, damages for
non.payment thereof, in lieu of interest, at and
after the rate of welve per cent. per annum,
from the time of such refusal, until the payment
Of such evidence of debt and the damages there
on.
Sec, %. The president and cashier of every
association formed pursuant to the provisions of
this act, shall at all times keep true sad cor
rect list of the names of all the shareholders of
such association, and shall file copy of such
list in the Office of the clerk of the county, where
any Office of such association may be located,
and also in the office of the treasurer, on the
first Mondays of January and July in every year.
Sec. 49, 1t shall not be lawful for any asso-
clatlon formed under the provisions of this act,
to make any Of its bills or notes. to be put in
CT culaton as money, payable to any other place
tn at the office where the business of the as
ISOLATION is carried on and conducted, and said
bills or notes shall be made payable on demand,
and without interest.
Sec. so. 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;
on all stocks, as well as the interest on all bonds
and mortgages, and shall deposit the same in
some safe bank or banking association in this
state in his name, in trust for the association tc
which the same may belong the deposit to be
made on such terms and at such rate Of Interest
as the treasurer may deem most conducive tc
the interest of such association, and to be with.
drawn and paid over, whenever, in the opinion
of the treasurer the securities of such association
shall be sufficient to warrant it.
Sec. 81. The bonds and mortgages mention
in this act, for securing the payment of the crcu
latlng bills or notes, may be made or executed t.
the treasurer.
Sec. 80. All fees for protesting the crcula
ting notes issued by any banking association, shall
be paid by the person procuring the services t,
be performed, for which such association shall b,
liable, but no part of the securities deposited b,
such association shall be applied to the paymcn
of such fees
Sec. 49, 1t shall be the duty fthe bank com
missioner, at least once year, and oftener if he
shall deem 1t necessary, TO inspect every bank
established under the provisions of this act, anC
report to the state auditor 1st The amount Of
the certified stock of the capital stock of the bank
ing association, paid in or invested according tc
law, or in pursuance of its articles of associations
and the amount Of such stock as then possessed
I'd. The value of the real estate ofth assoca.
ton, and specifying what PORTIONS occupied by
the association, for the transaction of business
Sd. The shares of stock held by such associa-
ton whether absolutely, or as collateral security
specifying each kind and description of stock and
the number and value Of the shares of each
4th The debts owing to the association, speci-
flying such as are due from moneyed or other cor
porations or associations, the names of such cor
poratlons, or associations, and the amount due
from each, and also specifying the amount secur-
ed by bond and mortgage the amount which
ought to be included in the computation of losses
and the total amount of debts then collectable
9th. The amount of debts owing by the associa.
ton, specifying such as are payable on demand,
and such as are due to moneyed and other cor.
poratons, associations, or individual bankers. the
names of such corporations, or associations, or in
dlvldual bankers, and the amount due to each ;
9Th. The amount of claims against the associa-
ton not acknowledged by it as debts 9TH.
The amount for which the association is bound as
surety, or for which it may become liable on the
happening of contingent events: 8th The a.
mount of the notes or bills then in circulation of
said association of loans and discounts and specie
on hand 9th. The amount of losses of the as
ISOLATION Gf any, charged, specifying whether
charged on its capital or profits, since the last
preceding statement, and of the dividends de-
clared and made during the same period 10th.
Inc amount, OF real estate, mortgages, and of
stocks, together with description of such stocks
deposited by each association with the treasurer
as security for the circulating notes issued the
market value of said stocks, as near as the same
can be ascertained, and the date which payment
OF interest has been made upon such real estate,
mortgages and stocks, and whether said interest
has been paid to such banking association, or
passed to their credit on the books of the treas
urer.
Sec. 81. In case any of the said associations
shall refuse to submit its books, papers and con-
Germs to the inspection of said commissioner. or
whose officers shall be refuse to submit to be ex-
ahmed on oath, touching the concerns of such
association, by said commissioner or which shall
be found to have violated any law of this state,
binding upon such association, such association
shall be liable to be proceeded against by said
commissioner in the same manner and with like
effect as any Incorporated bank may proceed a.
galnst for violation Of its charter
Sec. 49, The shareholders, or majority of
them in amount, who shall be owners of any cor
porated bank continuing the business of banking
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 treasurer, who is
hereby authorized to issue to the association, so
formed, circulating notes, amounts of not less
than ten thousand dollars, upon the deposit of Sc
cunties 1.-THE kind before described and requir-
by the provisions of this act, to an amount equal
to the circulating notes so issued Bnt If such