Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1851-12-11
No. 22.-An act to authorize the business oI

No. 22-An act to authorize the business OF
| Banking.
II is hereby enacted by the General assembly
ofMc State Of Vermont, as toIlOwS:
SEC. |. The treasurer of the state is ..ereby
authorized and required to cause TO be engray-
ed and printed in the best manner to guard
against countcrfcitng, such quantity of clrcu-
lating notes in the simIlitude Of bank notes in
blark, of the different denominations author
ized to be issued by the Incorporated banks Of
this state, he may from time to time deem
necessary to carry into effect the provisions OF
this act, and of such forms as he may prescribe.
Such blank circulating notes shall be counter
signed, numbered, and registered in proper
books 10 be provided and kept Tor that purpose,
in the office Of said treasurer, under his dreC-
ton, by such person or persons as the sad
treasurer shall appoint for that purpose, 50
that each denomination Of such circulating
notes shall bear the uniform signature Of such
register, or any one of such registers.
SEC. 2 Whenever any association Of per-
sons, not less than ten in number, residents Of
this state, formed for the purpose of banking
under the provisions of this act, shall lawfully
transfer to the said treasurer any portion of the
pulic stock issued, or to be issued, by the
United States, the States of Massachusetts,
New York, Maine, Connecticut, Rhode Island
New Hampshse, Vermont, Ohio, New Jersey,
or Virginia, such association of persons shall
be entitled to receive from the said treasurer
! an equal amount OF such circulating notes, Of
different denominations, registered and counter
signed as aforesaid; but such public stock shall
in all cases be, or be made to be, equal to a
! stock producing six per cent. per annum; and
it shall not be lawful for the treasurer to take
f such stock at rate above its par value,
nor above its current market value.
SEC. 3. Such association is hereby authorized
r after having executed and signed such circulat-
Z ing notes in the manner required by law, tc
make them obligatory promissory notes, paya-
1 bic on demand, at the place of business, within
] this state, of such association, to loan and cir.
culate the same as money, according to the
ordinary course Of banking business, as regu-
lated by the laws and usages Of this state.
= SEC. 4. In case the makers Of any such cir
cuating note or notes, countersgncd and reg
n stered as aforc said, shall at any time hereaE
ter, on lawful demand, during the usual hours
c of business, between the hours OF ten and three
t o'clock, at the place where such note or note'
f is or are payable, fail or refuse to redeem sucE
note in the lawful money of the United States
h the holder Of such note or notes, making sucI
demand may cause the same to be protested
S for non-payment by notary public, under hi
official SEAL in the usual manner and th'
treasurer. on receiving and filing in his oiiic
such protest, shall forthwith give notice in writ
= ing, to the makers ofsuch note or notes, to pa
o the same; and ii they shall omit to do so 70
ten days after such notice, the treasurer sha
y Immediately thereupon, (unless he shall be sat
isfed tha' there is good and legal deienc
= against the payment Of such note or notes,
: give notice that all the circulating notes issue
Y by such association will be redeemed cut of til
y trust funds in his hands for that purpose, whIc
Il notice shall be given by publishing the same i
h some newspaper printed in the county wher
e the business Of such association is established
or in case there is no newspaper printed in sue
county, such notice shall be published in som
newspaper printed at Montpelier; and tn
If treasurer shall be required to apply the sal
trust funds, belonging to the makers of sue
y protested note or notes, to the payment pro rat
Of all circulating notes, whether protested G
n not, put in circulation by the makers Of sue
Is protested note or notes, pursuant to the provi'
l. ions of this act, and TO adopt such measure
&c for the payment of such notes as will in h
,, opinion most eflectually prevent loss to I'll
g holder thereof
al Src. 8. The treasurer may give to any asst