Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1851-11-27

chancellor may in his discretion order strict examination to
be made by choncery Of all the affairs Of such
socaon for the purpose of acertanng the safety of its in
vemens and the prudence its and the result
of every such examination together with the opinion of the
MASTER and of the chancellor thereon shall be published in
such manner the chancellor shall direct who shall make
such order respect to the expense OF such examination and
publication, as he may deep proper
SEC % Ifany portion OF the original capital of amy such
association shall be withdrawn for any purpose whatever
whilst any debts of the association shall remain u1satsod,
dividends or profits on the shares of capital stock the
association shall thereafter be made until the deficit of capital
shall have been made good either by subscription Of the share
holders of the subsequently accr0ng profits of the
ciaton and shall appear that any such dividends have been
made, shall be the duty OF chancellor on application Of any
person the necessary orders and DEGREES for
closing the affairs of the and distributing its proper
ty and effects among It's creditors and shareholders
SEC. r. Such association shall he liable ay the holder
OF every bill note put 10 circulation as money the payment
which shall been demanded aud refused damages for
payment thereof lieu of interest ;ud after the of
twelve per per from the time of such refusal
I'll the payment of such evidence Of debt aud the damages
thereon.
Src Is The president and cashier of every association
formed pursuant to the provisions of this act shall all
keep true and correct list of the of AL the sharehod
ers OF such association and shall file COPY OF such list in the
office Of the clerk of the county whore office of such
ISOLATION may be located aud also the office OF the
er on the FIRST Mondays OF January and July IN every year
SEC 20 1t Shall not be lawful for amy association formed
under the provisions of this act make any OF bills
notes. be put in circulation money! payable any other
place than at the office where the business OF the association
carried ON and conducted and said bills notes shall be made
payable ON demand and without interest
ton OF circulating notes SHALL in The opmion Of the treasurer
become insufficient for that purpose he may receive the dv
bends on all stocks as we'll the interest ou all bonds and
mortgages aud shall deposit the same m some safe bank or
banking association lh> state. in s name. in trust for
the association to which the may belong the der sit
be made such and the
ucr may deem conducive the interest Of such assoca
ton mud to be withdrawn and ad over. Whenever. the opn
ion OF the treasurer the securities of such shall Ice
sufficient warrant
SIC 81 The bonds aud mortgages mentioned in this
for securing the payment o the circulating bills notes, may
be made or executed to the treasurer
SIC 81 All fees tor protesting the circulating notes issued
by any banking associations shall be paid by the procu
ing the services to be performed o which such association shall
be iRbe b no part OF the securities deposited by uch ASSOC
caton shall be applied to the payment OF such fees.
SEC 80 1t shall be the duy of the bank commissioner at
least once Year and occr IL he Shall deem necessary to
Inspect every bank established under the provisions Of this act
and report the auditor lst The of the
tied stock of the capital stock of the banking association paid
~ or invested according to law, IN pursuance of It's articles
OF association and the amount of such stock then possessed
I'd The value of the real estate OF the association and spec
flying what portion occupied by the for the
"u"n OF business 3D. The shares of stock held by such as
soca m whether absolutely collateral security specify
rug each KIND and description OF stock a the number and val
ue I'd Inc shes OF each @'. NAe Aeb' 90 tho as
socton specifying such due from moneycd other
pouons or associations the names Of such corporations
associations ana the amount due from each and also specifying
the amount secured by bond and mortgage the amount which
ought to be included ia the computation Of losses, and the
of debts then coectlhe The amount of debts
owing by the association, secyrg such pay able d.
mand aud such due nouoyc and other corporations
associations individual bankers the of such corpora
each 9th 1hc amount Of claims against the association
not acknowledged by us debts, 7th The for which
the assocon bolul as surety, for which may become
Liable on the happening ot Sth The
Of the bills then circulation Of said aSsocacn Of
loas and discounts and specie hal 9th The amount of
losses OF the osoclouon % any, changed, specifying whether
charged on lis capital profits last preceding
and OF M dividends declared aud nldc the
period 10Th The of real estate mortgages and of
stocks together with description such stocks deposited by
each assoaol with the security the
notes issued The market value of said stocks,
be ascerael and the date which payment of
eesi has been made upon such real and stocks
and whether SAID inter has bee paid such banking
c1ton passed tcr dit the books of the treasurer
SEC 81 In amy OF The said shall refuse
submit ITS books papers and the inspection of said
commissioner, whose officers shall submit ex-
amned on oath touching the such association. bv
said commissioners which shall be found to have violated
law OF tins state binding upon such associations such
ton shall be liable TO be proceeded against by said commission
or m the same manner and with like effect amy Incorporated
bauk may be proceeded for violation of lis charter
SEC 80 The shareholders majority OF them amount
who shall be owners of amy incorporated bank continuing the
business OF banking until the expiration Of their charter aud
who shall have associated themselves for the purpose of bank
ing under the provisions this shall be entitled
from the treasurer who hereby aapuzed
81 socaton, 50 formed circulating notes, of not less
au thousand dollars upon the deposit of of
kind before described and required by the provisions this
amount equal the circulating issued, But
if such banking association, formed shall have deposit
ed with the treasurer during the three years following the
date of then articles of association amount equal to that
CURED by the provisions of tins security for circulating
notes. previous commencing the business OF banking the
treasurer hereby empowered the accrung
upon securities deposited until such has oOmp
cd with the provisions of this relation the of
trfttrt, ia ertoI, !, tta