The Rutland herald. [volume] (Rutland, Vt.) 1850-1852, 1851-12-11
laws OF VERMONT,
1851.
p.se. tTEp ron Pt ptlCArtON
~ INt. sk1 1kElAkN ~ NIATk.
AN ACT 70 authorize the bus,ness oil
Banking.

:. Iastci Of raa,ierr.n. pahic
stock, "a aforesaid. 10 .ecus2 ,h- whole
ataoun, {. such bills or notes. !, .hsil b.
lawful for sucn a.~ociatigt. ~ case they
shall 5, elect, b b3iore receiving any of
the said bills or a5tes. 10 secure the
psymrn; OF one hall OF tic whole
aGaouut 50 to he it.ued 0y transferring
10 ,he treasurer honts aul mortgage,
upon real estate, bearing y; least six pen
! cent. interest, uavabse aAUual!y or SEM
! annually. in which case all sdch s'''s "t
note. i,sucd hv the said a>,9ciaiioa
.hs.l be stamped on their faces. secured
Wy he pl"dse Q: pubic stocks and real
estate.
5. The real estate 80 n'r. .cag"d,
mus, he improved, productive, nam
! cumbercl lands in this state. exclusive
% any building, thereon. and the amount
| for which snii lands are sn mpits 'grd
mu., not exceed Two 'iiths ii the vLUc
pf said land- nor .hn'i any mortgage
| lie received i"y a greater amo'.n; .Es1
jvc ;ion.aa,! dollars each, and ,'r
treasurer shall prescribe SUCH r'sn'a-
lion, fof a>rrr,aining the tilc and 'a'ue
Of sac. Lands, u. he may deem necessary
and such bond, shall DC payable within
such time as the treasurer may direct.
g. Ine treasuicr may. n has dis
crelion, re-assi.n the SAID bo'ds ahd
NOR sa:-s. or any Of them. 10 HE asso'
cialion who Transferred the same. on
receiving other approved bonl' and
rr.a,-s, or puh!ic stocks OF the dos
orip,o mentioned in the second section
u this act. of eqna! amount; and when
any sum o.' the Irin,ipai of tnr bonds
and mortgages, transferred TO the treas
vrer, shall be paid to him, he shalt noti'
fy the association that transferred the
oonas and nor Cages, Of such payment
and may pay the same TO such ns'ocia-
tion. on receiving other approved uond'
and mortgage, Of equal amount.
10. The association, assigning
such bonds and mortgages to the treas
urc-, may receive the annua! inleres;
70 come thereon. unless default sha,, br
made in paving the bills or notes TO be
undersigned ~ aforesaid, or unless, in
the opinion Of the treasurer. the bond:
. and mortgage, or stocks so pledged
shall Income an insufficient security so'
s ii. II case such association s"a
,,.;i ,r r,,us. to pay such bills or note
on demand, in the manner SPcc'he'' u
III. fourth section Of this act, The 'rca'
nrer ,rer the ten days noi'cr 'here''
mentioned. may proceed to sell AZ Po"
Il, ,nc,ion the pubic stock so p'ease'
Or the bonds aud mortgages so a'''s'r'
- or any or either of them, and "u' o' " "
n,oce.d, of .uch sale shall pay an
couce, the said bills or note'' "e'"n''
pa, ing which shall hnVe been mA'c
aforesaid but nothing in thus ac' COZ
Il tainel shall be- considered as 'mPsy'r
- any uledge On the par, of the state l'
tho r,vmen, Of said bills or notes d
yonl i!.e proper application OF the ;
TO cnri,ies pledged TO !he treasurer /
n, their redemption.
=" -" S -. The public stocks and h'h
and NOR, racc. 10 be deposited "nh =
- treasurer. hv any such association, ~
he held bv lin exclusively ter the
", l.mp,ion of III. 5i1'' OF notes OF 10
association. put in circulation as msnt
Of until the same are pa'd' =.
IAN sl3. The plates, d'es ana 'n"'f''
x. ,o he procarad by TIE treasures Tor
nr;u,in. and making Of the c'rc"''''
-, r,,.s nro, lied tor hereby, 'hali rem
md in his custody. and under h'' d'r'ch,
rel the espensr' n-'"SsaT''y 'ncorre d,
Nv executing tho provisions % 'h'- a'': .
10 n,ia hv the treasurer out OF
money in the treasury not o'h"r"
anprepriatcd ani~for the pnrPos'
T.,,n5rrsins the same. the ta'I 'Fea'
" er !. hereby al,hori,r ! and r.q''fe
c,.r-e arain,., aod ftcc''s iio'a
a.sofla,ion, ap2Ajns for such e'' -
ESQ ;nr no,r.. .lch ;a's per c"f'. '''''
AVE nav be sn('icieu, for that Harr' s.
site a. nav b. il.. and reasonable
1 ,,n, Ii. |, shall not be la"'a. '''
!; be ,-e,s,re- or other o.ice-, to COZ
ch- s;cn bills or notes for any as'oc''"o
We On amount in the aggregate exc"
~
Nv ,h. ,oh,ic stocl. and bonds ana I"
ST.. ." ,,,,a. +, l..e.. va.ae, as before rroT
she" n ,h,. ac,. deposited = IN lie 'f'"'
" hy .,ci, association and any 'te''
'. a, o,her officer, who shah ',''a'e
r,oyi,iens Of this section, sha.l'
- c,ny;ction, hr adJa,!sel en''y O. a
- ,,sp.rnor, and shall be pun''hea
soes fre 10, less than five Thousand DO
,.s. psTs Of be imprisoned no' less ''an
Gas YEAR, in the State Prison or oy
tkhs .uch fine and Imprisonment
I. srd IS. Any number OF peF,' n,
y cot les. ,l,,o ten, resident. o. Wv
Or may associate 10 c''aoA - ,'"" ''''+ n.y..
Is co;n,, depo,i, and circulation W
- term, ss ms and coalitions, aad '',l,
,U H.. bab,lhies prescribed in Il"
80 bot the aggregate amount oil 'oe
sock Of any such association '"a
be les, than fifty thousand 10 I''
Halls; more than two hundred aud thy
ed, re, sand Gollars.
M.- l6. sach persons, under
Green. hand. and seals, shall make esr'
(which shall specity IL. Tie
assumed TO distinguish such assoc
H." .ni 10 BE- usei IA All 'a de
rhien nArae ,ban no, be 'h.,
,,, ,,h.r Asek ,-'th-. s'1'e. ?, In