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

f ings, which name shall not be that of any Other
bank in this state >. The place where the
operations Of discount and deposit of such asso.
citation are to be carried on, designating the
particular city, town or village. 3. The a.
mount OF the capital stock of such association
and the number of shares into which the same
shall be divided. 4. The names and places o
residence ofthe share holders, and the number
of shares held by each Of them respectively
8. The period at which such associotion shall
: commence andtermnate; which certificate shall
be acknowledged and recorded in office of the
clerk Of the county where an office of such as
sociation shall be established and copy there
of filed in the Office ofthe secretary ofstate.
SEC. II. The certificate required by the last
| preceding section to be recorded and fled in
the office oi the clerk of the county, and secre-
tary Of the State aforesaid, or copies thereof,
duly certified by either of those, officers, may
be used as evidence in all courts and places,
for and against any such associations.
| SEC. Is. All banking associations organized
under the provisions otthis act, shall be banks
Of discount and deposit; as well as of circula-
| ton, and shall have power to carry on the
business Of banking, by dscounting bills, notes
and other evidences Of debt; by receiving de-
postes, by buying and selling gold and silver
bullion, foreign coin and bills of exchange, in
the manner specified in their articles Of assoc-
alton tor the purposes authorized by this act;
by loaning money on real and personal security;
and by exercising such incidental powers as
shall be necessary to carry on such business
to choose one Of their number rs president Of
such association, and to appoint a cashier, aud
such other officers and agents as their business
may require, and to remove such president,
cashier, officers and agents at pleasure, and to
appoint others in their place. And the usual
business Of banking Of said association shall be
transacted at the ACE where such banking as
sociation shall he located agrecably to the To-
cation specified in the certificate directed to be
made by the second clause of the sixteenth Sec
ton of this act and not elsewhere.
SEC. 10. The shares of said association shall
be deemed personal property, aud shall be
transferable on the books of the association, in
such manner as may be agreed on in the arti-
cles Of association; and every person becoming
Il shareholder by such transfer, shall, in pro-
portion to his shares, succeed to all the rights
and liabilities Of prior shareholders; and no
change shall be made in the articles of aSs0ci-
alton, by which the rights, remedies, or sccuri-
ties OF its existing creditors shall be weakened
or impaired. Such associotion shall not be dis
solved by the death or insanity Of any of the
shareholders therein. ..
SEC. 20. II shall be Lawful toraHy association
Of persons, organized under the provisions Of
this act, by their articles Of association, to pro-
vide for an increase Of their capital, and of the
number of their associates, from time to time,
as they may think proper, the aggregate capt
tai not to exceed two hundred and fifty thousand
dollars, as before provided.
SEC. 81. Contracts made by any such csso-
citation, and all notes and bills by them issued
and put in circulation as money, shall be signed
by the president or vice president and cashier
thereof; and all suits, actions and proceedings
brought or prosecuted by or on behalf OF such
association, may be brought in the name OF
such association.
SEC. %. All persons having demands against
any such association, may maintain actions at
law or in equity, according to the nature of the
case, against such association by their name
and all judgements and DEGREES obtained or
rendered against such association, for any debt
or liability of such association, shall be cnfor-
ccd only against the joint property the asso-
citation, which property shall be liable to be
taken and sold by execution under any such
judgement or decree.
SEC. %. No shareholder Of any such ass ci-
alton shall be liable in his individual capacity,
for any contract, debt, or engagement OF such
association, unless the articles of association
by him signed shall have declared that the
shareholders shall be so liable, except as here
in after provided.
SEC. a. 1t shall be lawful for such associa.
ton to purchase, hold and convey real estate
for the following purposes: |. Such as shall be
necessary for its immediate accommodation il
the convenient transaction of its business; or
I'd, such as shall be mo,tgaged to it in goo(
faith by way of security for loans made by, o
moneys due to, such association; or, Sd, suci
| as shall be conveyed to it in satisfaction ofdebt
, previously contracted, in the course OF its deal
ing; or. 4th, such as it shall acquire by way o
, execution. The said association shall not Pur
5 chase, hold, or convey real estate, IN any othe
case, or for any other purpose; and all convey
ances of such real estate shall be made IN the
name of the association.
SEC. 25. Upon the application OF tcredlors o
p shareholders of any such association, whose
, debts or shares shall amount to one thousan'
dollars, and stating facts, verified by aiidnvt
- chancellor may, in his discretion, order
! strict examination TO be made by master il
. cbonccry, of all the affairs of such association
2 for the purpose of asccrtainlng the safety OF 1t
= investments, and the prudence of its manage
i mcnt; and the result ofeycry such examination
together with the opinion of the master, an
, ofthe chancellor thereon, shall be published il
h such manner as the chancellor shall direct, wh
shall make such order in respect to the expense
6 of such examination and publication, as he may
deem proper
4, SEC. 26. lfany portion ofthc original capita
4 of any such association shall be withdrawn 70
:. any purpose whatever, whilst any debts OF tn
|; association shall remain unsatstied, no divi