The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1851-03-01


be continued and prosecuted according to such
rules as the court Of law and equity may direct.
SEC IL. All persons having demands against
such association, may maintain actions against
the corporation, which suits or actions shall not
abate ey reason of the death resignation, or re-
moval from Office of any president, but may DC
continued and prosecuted TO judgment against
the corporation; and all judgment. and DEGREES,
obtained against such corporation, for any debt
or liability OF such association, shall be enforced
against the property Of the same, except such
Judgments or DEGREES as may be obtained against
shareholders as herein provided
SEc 10. The auditor may give TO any person
or association OF persons, SO transferring stock, IN
pursuance OF the provisions of this act powers
OF attorney TO receive interest OF dividends there
on, and apply the same TO their own use but
such powers may be revoked upon such person
or association failing to redeem the circulating
notes go issued, or whenever in the opinion Of
the auditor, the principal Of such stock shall be.
come insufficient security; and the auditor may.
upon the application Of the owner OF owners Of
such stock rc-transfcr to such owner or owners,
upon receiving and canCeling an equal amount
of such circulating notes delivered to him by such
person or association, in such manner that the
circulating notes shall always be secured in full
by the pledge of stocks, which circulating notes
after descriptive lists thereof have been made
and recorded by the auditor and treasurer, shall
in presence OF these officers be consumed by
burning
SEC. H. In case such person or association of
persons shall fail or refuse pay any bill or note
on demand, in the manner specified in the 26th
section Of this act the auditor, after ten days no.
tcc given in two newspapers printed in the city
OF New York, therein mentioned, may proceed
to sell, at public auction in the city of New
York the public stock so pledged, or such por-
ton as may be necessary. and out Of the proceeds
of such sale shall cancel and pay the said bill or
note, default in paying which shall have been
made as aforesaid but nothing in this act con,
tanned shall be considered as implying any pledge
on the part Of the State Tor the payment Of said
bills or notes beyond the proper application OF
the securities pledged TO the auditor for their re-
demption
SEC. Is. The public stock to be deposited
with the auditor by any such person or associa
ton shall be held first for the redemption Of the
bills or notes of such person or association, put
in circulation as money, until the same Is paid
second, for the payment Of all other liabilities
and the excess for the use of stockholders
SIC. lG. The plate dies, and materials to be
narkin, of the notes nrovidaa far hereby sboI,
remain in b;s cretodv and rrJsr b;s d;roc,;on
,,J ,l, ,x,,,- ;,,,r.|.I T., ,..,,,,,;,,. a., ,,.,
,,;s;ons of IL, 40, ,bau ba o,,,ii,~, ooa II,
H., ,ho ar,,i,nr arJ ,sa;l o,,t 80 a,,, -. +,
tc. ,roos,,rr ,ot o,Larn,;sa o,,rrn,yri.,,J. a. nj
t.s ,,o - .. i,'L,,pp 81, 81
sa;a o,,,ho.;,aa a,,J .e.,;I %. IT, ""~
a',ains, anI rooa;nn ta,,, "n 'o W ,;,
,i,,r a,,,I,.;a,, soh 9,;, a,,.h ra.a
,,.r orn, ,Soroa ,s rar h s"eso;,,, s", uo,
,,,rno,a
Sc - 7, s,.,, ro.bo1ou g.. ,ho ord;.o.
othor O. -, ,n,,,,,ors;,,,, hni, ~ ,,".aa 49,
,rv nerson or ossocio,ion 70 arc n,,nrr, in ,ba
o,,.,,e,,,o ovcnoJ;r,, tba ,,nbI;r s,ncl,
witb 10 orJ;,,r h,7 sro, ,arr,,, 49, s,ar;n,i,,r
w. nro,ils,I j., ,ho o. -, as IL. 80. o,i a,'.
ar.i;,or or n.har oecor ,,bo shau r;'ia,s tI.
r,ov;s;nrs of ,ls soc,;,n I'LL ,,rnr corr;c,;,,,
bo od;,,d,,oJ ,,,,;l, or ,,,;sIa,,oaor and sL,Ii
bo nmhIisI.i Iv a fn, of mot ,a.. th,n fyc ,bom'
s,,a do,I,r, and h., ;ron,;,oroJ nn. I.ss ,La,
Ave- ycnrs trn ,ho non;,ont;arrl
81 IL Eycrv osioc;a,iom Indor ,bo rro,;.
sions nf hi. not shall be IalIa ~ nav tbe holI.
OPP of ayrrv bill or nnto nm, in crcra,;1, as r,nn
ey ,ba ,oymar, of ,I;eh Hi hov. Lnan ia
rarI ond yoy,sol d,n,o,,.s e., ,L ,,, ra,.,,,,,,,
,beroof in lion of ;ntornst a, IL. ratio = ;r,ly,
and one. .L,If NOR con, re, orrr,, fro,, ,lo ,;r,,
If such ,.f,snI rn,n ,ho na,.n,ont ,f srch oyi
,I,nca or dol, and tIo daan,,c. t,o,son T,,,
rrcsidcrt and ,sI;er nj oyer, @ssor;,,o, f,r,,,J
nprsunnt 70 fine nrovi.iop. of This oct sb,II kner
true snI correct list or tbo names oC ou H.,
.barebold4-s Of such association and shall file Il
conv of sucb I-t in tIo ofice or ,I,a cl.,k of II -
comfy where auy Office Of anv sucb ossoriatinn
NAV be located and also in the Office Of the onJi.
tor on the first Monday in Jonuorv in every
wear
Src. 10 II shall not be lawful for onv ossocia.
tion undor this net to make anv Of i,s hills -,
notes mt in circulation ns money n,yoblr :.
any other nlacn tLan ot any ntbrr ofFr. vbsrr
the business of the association is carried an dam
conducted
$40 90 No BANKING association or indivdpo,
bank.r snail ssuo or mt into circnl,ton a,,, IilI.
or notes Of such ossnrintion or b,nkrr rnle.s IN,
same shall be made payublp ON demand And
ov.ry such association mr. b,nl,rs shall ,ly,ys
ke,.n an hand s,it;cant or,nunt of sn,cin IN ~,
deem MI surh I'M. or no,rs ns ,hev NAV hc nr,.
sontod n, tbo nloc. NJ rovr,ont
Src u II shall he the dntv of the andi,or 70
receive mutilatcd notes is.ned bv him onJ rode
liver in lion thereof other circul,,inr notes I,
the same omonnt And two de.rrinfivo Ests n
such mutilatod notes SO received pnd of note,
re.d,hycrod shall he mad. one TO he retoine,
by the auditor the other bv the treasurer, and