Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1851-12-11
Whole Number GO2.


: effects among its creditors and shareholders.
SEC. o. Such association shall be liable to
pay the holder of every bill or note put in cir
f culaton 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 twelve per cent. per annum,
from the time OF such refusal, until the pay
ment of such evidence Of debt and the damages
thereon.
SEC. % The president and cashier of eve
ry association formed pursuant to the provls-
ions Of this act, shall at all times keep a true
and correct list Of the names of all the share
holders OF such association, and shall file a
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 20. 1t shall not be lawful for any as
sociation formed underthe provisions of this act
to make any Of its bills or notes, to be put in
circulation as money, payable at any other
place than at the Office where the business of
the association 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
the opinion Of the treasurer become insufficient
for that purpose, he may receive the dividends
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
to which the same may belong; the deposit to
be made on such terms and at such rate Of in
torest al the treasurer may deem most condu-
/ 10, l,o ;,t 1fS IN
be withdrawn and paid over, whenever, in the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
ed in this act, for securing the payment of the
circulating bills or notes, may be made or en-
ecu,cd to the treasurer.
SEC. %. Ail fees for protesting the circula-
ting notes issued by the banking association,
shall be paid by the person procuring the SER
vices to be performed, for which such assoca-
ton shall be liable, but no part Of the securities
deposited by such association shall lie applied
to the payment Of such fees
SEC. 80. II shall be the duty Of tho bank
commissioner, at least once year, ard ct.cner
ifho shall deem it necessary, to inspect every
bank established under the provisions of this
act, and report to the state auditor: lst. The
amount ofthe certified stock ofthe capital stock
OF the banking association, paid in or invested
according to law, or in pursuance Of its articles
of associations and the amount OF such stock as.
then possessed: I'd. The value ofthe real estate
of the association, and specifying what portion
is Occupied by the association, for the transac-
tion Of business: Sd. The shares Of stock held
by such association, whether absolutely, or as
collateral security specifying each kind and
description Of stack and the number and value
orthe shares Of each: 4th, The debts owing
to the association, specifying such as are due
from moucycd or other corporations, or associ-
atoms, the names Of such corporations, or asso-
Citations. and the amocnt due from each, and
also specifving the amount secured by bond and
mortgage; the amount which ought to be in
cludcd in the computation Of losses and the
total amount of debts then coectable: 9th. The
amount of debts owing by the association, spc-
cifying such as are payable on demand, and
such as are due to moneyed and other corpora
tions. associations, or individual bankers, the
names of such corporations, or associations, or
individual bankers, and the amount due to each:
Gth The amount of claims agains the associa-
ton not acknowledged by it as debts; 1th The
amount for which the association is bound as
surety, or for which it may become liable on
the happening of contingent events: Sth. The
amount of the notes or bills then in circulation
fof said association olloans and discounts, and
sDecic on hand; 9th The amount Of losses of
, the association (f any charged, specifying
} whether charged on its capital CT profits, since
the last proceeding statement, and Of the diyi-
dcnds declared and made during the same
period; lOth The amount of real estate, mort
! rares. and Of stocks, together with dcscrip-
. ton Of such stocks deposited by each associ-
alton with the treasurer as security for the cir
= culating notes issued; the market value Of said
f stocks. as near as the same can be ascertalned
and the date which payment Of interest has
r been made upon such real estate, mortgages
and stocks. and whether said interest has been
mid to such banking assoratlon or passed to
their credit on the books Of the treasurer
+ SEC. 81. in case any Of the caid associations
e shall refuse to submit its books, papers and
! concerns to the inspection OF said commissioner
or whose officers shall be refuse to submit to
A be examined on OATH touching the concerns OF
D such association, by said commissioner, or
which shall be found to have violated any law
S ofthis state, binding upon such association,
= srch association shall be liable to be proceed
, cd nrainst by said commissioner IN the same
monner and with like effect as any incorporated
n bank may proceed against for violation of its
0 charter.
, SEC. 35. The shareholders, or a majority
Iorthem in amount, who shall be owners of any
incorporated bank continuing the business of
| banking until the expiration OF their charter,
r and who shall have associated themselves for
c the purpose of banking under the provision of
: tbis act, shall be entitled to receive from the
i treasurer, who is hereby authorized to issue TO
o the association, so formed, circulating notes, in
e amounts of not less than ten thousand dollars,
G upon the deposit of securities the kind before
= described, and rCQurad .T tae pgor"gNs az