New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-05-27
y,ssaehpsett. Free Bank Law.

The provisions of the Massachusetts, Free
Banking Bill. m IT'S amended shape, and which has
become A law, a. follow, via.
SIC Aay nAeF d psrsoas no. less than 6isy ma, BE-.
eoie ~ . pirate =. t-na.aS e1iSsSS 49, - ~
banks are now liable Tke SACK DO: - De less than siSos
1.-The stNcS o. banks hereby authorized ~ this law
sha.l - divided so SHARES ct Seo Oneaah the capital
n>t BE- aNi ecrr the conrencenent OF operations. Add
the ~ho.s within orr year thereafter
III Before the commencement. Of operations csrtincai-
wealth Sxue by the President ami Dr>tors stating
The corporate aaaIe ii the Bans The name Of to~s
The names aT residence u ho SsokAoaes Is aus
Der q S.ages hold eY oA~h When ha BaA lals
bark
" The capital stock n,ay X increased a. subsequent
cate. vote q majority q tne Stockhosters the same
rrocetsng s. shall ne Rad IS the IS, instance
Sech Bark snail car-v the Business q BANKING
dividends Sem-snnusly II shy sank neglect 70 carry
the business It banking forfeiture Of P'lesrs shss
VI The AudtoE II State suhorise-l and required TO
pgocsge he enSTasns asd PnRns 81 ercs.ss'.s ncte~
10 b REGISTERED, Numbered and eountorsisas BY the Aud
WI Ranks authorized BY tn. law NAV transfer to tao
Auditor a. rate not above Is value above is MAJ
kt value. any prhc stock issued BY CITY os town "A
states the state Of New Cork OF ~ the United States
VIII The Auditor authorized % eychsnge ary such
stocks r others deposited by the bank provided the secur
" equally so, and the u circulation
duoel below INV Thousand dollars
TX Ths AulioEis authorized "a deliver to Bankers une<
this act 81 attorney interest dividends
On their stocks held by HIM Such power H. revoked
Whenever occa&on may require A.
such Bank authorized 30 loan and circulate such
notes according 70 the ordinary course NJ banking
Nj In Of failure 70 such notes presentation.
they he protested and not redeemed within ten days
SITTER the Auditor authorized % public notice
thereof and that they VIII he redeemed out Of trust funds IN
his hands
XII Ranks established nnder this law are restricted IN
the VI alauon 10 the limit the old nsi
tuflonS-Vir twenty 1--WE q cent beyond their capital
XIII AT plates dies and materials Tor printing such CIR
cuatRg notes 60 the custody of the Auditor cf
state
XIV The Auditor o. be liable to fine II five thousand
dollars and less than i've years no pet
circulating notes 90 be issued 10 any Bank beyond is
collateral stocks
XIV Each Rank established under this act shau IN al
dOn % the ordinary returns required by la" specify The
stocks deposited With the Controller Tor rs circulation
XVI TIE Secretary OF she Commonwealth Is authorized
IN pcpayc separate abstracts Tor the Banks established IN
der th's act
XVII The Bank Commissioners shall have the same
the Banks eah shed boy this az 0s over chart
stock held hy the Auditor for such Banks;
XVIII Whenever amy Free Bans shall return ~ the Au
dor per II the bank notes received fm him.
aud shall deposit funds Cor the balance the Auditor may re
turn Ia this Bank an stocks previously received nom II
XIX Free Banks that gohnQush business must give siy
O. the Auditor E payment within yeags after tho lsSuo
II such notice
XX The Justices ofthe Supreme Court authorized 90
adopt proceedings against Free Banks similar q those
against Chartered Banks whenever the Court may deem
necessary
Xxi Whenever any Rank shall he placed In the hands OF
for hquhaton, boy che supreme Judcia
Count the Auditor shall transfer suph agent all stocks
MONEYS held nv hm m trust for such Bank.
XII This at be- amended &c repealed NJ ~ plea
9th Legislature