The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1851-12-03
NUMBER 50.

vermont, Ohlo, New Jersey, or virgin
ia, such association OF persons shall be
entitled 10 receive from the said lreasur-
er an equal amount OF such circulating
notes, of different denominations, regis.
tered and countersgned as Aforesaid (
but such public stock shall in all cases
be, or be made 10 be, equal 10 stock
producing six per cent. per annum; and
it shall not be lawful for the treasurer
to take tuch stock at rate above its
par value, nor above its current market
value.
SEC. 8. Such association IS hereby
authorized, alter having executed and
signed such circulating notes in the
manner required by law, to make them
obligatory prom'ssory notes, payable on
| demand, at the place Of business. wilh>
in this State, OF such association, 10 loan
and circulate the same as money, sc>
cording to the ordinary course Of bank
ing business, regulated by the laws and
usages Of this State.
SEC. a. In case the makers Of any
such circulating note or notes, counter
signed and registered as Aforesaid, shall
at any time hereafter, on Law ful demand,
during the usual hours Of business, be-
tween the hours Of ten and three O'clock,
at the place where such note or notes is
or are payable, fail or refuse to redeem
such note in the lawful money Of the
United States, the holder Of such note or
notes, making such demand, may cause
the same to be protested for non-pay>
ment by a notary public. under his Off
cal seal, in the usual manner and the
treasurer, on receiving and filing in hip
office such protest, shall forthwith give
notice in writing, 10 the makers Of such
nole or notes, to pay the same; and il
they shall omit to do so, for ten days af-
ter such notice, the treasurer shall i'm
medlalely ihereupon, (unless he shall be
satisfied that there is a good and legal
defence against the payment OF such
note or notes. give notice that all the
circulating notes issued by such sssoc>
alton will be redeemed out Of the trust
funds in his hnods for that purpose.
which notice shall be given by publish~
ing the same in some newspaper printed
in the county where the business Of such
association is established, or in case
there is no newspaper printed in such
county, such notice shall be published
in some newspaper printed at Monips-
lier and the treasurer shall be required
10 apply the said trust funds. belonging
to the makers Of such protested note or
notes, to the payment pro rata Of all
circulating notes, whether protested or
not, put in circulation by the makers Of
such protested note or notes. pursuant
TO the provisions Of this act, and TO a>
dopt such measures for the payment Of
such notes as will in his opinion most
enec,ualIy prevent loss to The holders
thereof.
SEC. s. The treasurer may give to
any association, SO transferring stock,
in pursuance Of the provisions Of thls
act, powers of attorney to receive inter
ests or dividends thereon, which such
association may receive and apply TO
their own use; but such power may be
revoked upon such association failing to
redeem the circulating notes so issued.
or whenever in the opinion Of the treas
urer the principal Of such stock shall
become an insufficient security and
The said treasurer, upon application to
the owners Of such transferred stock in
trust, may, in his discretion, change or
transfer the same for other stocks OF tho
kinds before specified in this act, OF
may transfer the said stocks or any part
thereof. or the mortgages. or any Of
them hereinafter mentioned aud pro<
vided for, upon receiving aud cancelling
an equal amount Of such circulating
noies delivered by him to such assoeis-
ton, in such manner that the circuls~
ting notes shall always be secured in
full, either by stocks, or by stecks and
mortgages, as in this act provided.
SEC. 6 The bills OF notes so TO be
countersigned,a and the payment Of which
shall be so secured by the transfer Of
public stocks. shall be stamped upon
their face, secured by the pledge Of
$ public stocks"
SEC Z. Instead Of transferring pub
lie stocks, as aforesaid, 10 secure the
whole amount Of such bills or notes, il
T shall be lawful for such association, in
case they shall so elect, before receiving
, any of the said bills OF notes, to secure
: the payment Of one half of tho whole
e amount so 10 be issued, by transferring
r 10 the treasurer bonds and mortgages
, upon real estate, bearing al leas, siA PEP
4 cent. interest, payable annually or semi
e annually, in which case all such bills or
notes issued by the said association ,hsll
. be stamped on their lace, =" secured by
, the pledge of public stocks and real cs-
tate"
SEC. s. The real estate so mortga>
ged, must be improved, productive, un>
incumbered lands in this stale, exclu>
# sive of any buildings thereon, and The
amount for which said lands are so
mortgsged must not exceed two-fiiths
e of the value of said lands nor shall any
o mortgage be received for a greater a.
e mount than five thousand dollars each.
: and the treasurer shall prescribe such
g regulations for ascertsining the title and
n value of such lands, as he may deem
s necessary, and such bonds shall be pay
: able within such time as the treasurer
II may direct.
. SEC. Q. The treasurer may. in his
d discretion. re-assign the said bonds
h and mortgages, or any them, To tie as~
sociOlion who transferred the same, On
n receiving other approved bonds and
VI mortgages, or public stocks Of the de-
A srrin,ion nlenlioned in the second sec