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

the treasurer, during the three years next fol-
loving the date OF their articles of association,
an amount equal to that required by the pro-
VISIONS OF this act, as security for circulating
notes, previous to commencing the business
OF banking, the treasurer is hereby empowered
to retain the interest acCruing upon securities
so deposited, until such association has COM
piled with the provisions of this act in relation
to the amount Of security to be deposited with
the treasurer.
Sec. SO, If the shareholders, or majority
OF them IN amount, Of any incorporated bank,
within one year of the expiration of its charter,
shall file with the president thereof a notice in
writing that they intend to avail themselves OF
the provisions of this act, to associate for the
purpose Of banking, it shall be lawful for the
directors of said bank to purchase and hold
such stock and other securities as the treasurer
is or may be authorised to receive for circulate
ing notes under the provisions of this act, to
such an amount as they shall deem for the IN
terest of the shareholders thereof
SEC. 81. An association hereafter formed to
take the place of an Incorporated bank, whose
charter has expired, or is about to expire, may
when all the shareholders of such Incorporated
bank have assented to its organization under
this act. take and hold, in addition to such rcal
estate as is prescribed by the twenty-fourth
section of this act, such other real estate as
such bank may hold at the time of the transfer
of the property of the Incorporated bank, hay
ing been received by it in payment OF debts
previously contracted to said bank, according
to law
SEC. 80. When the officers Of any banking
association, DESTROYS ofrelinquishing the bank
ing business, shall have redeemed at least nine
ty per cent. OF their circulating notes, and shall
produce to the treasurer certificate Of a de-
post to his credit in such bank as he shall ap-
prove, to an equal amount with the circulating
notes of such bank unredeemed, it shall be law
full for him to receive the same, and to give up
all the securities heretofore deposited by such
banking association, for the redemption of cir
Cuatng notes issued.
Sec. 80. Such banking association, after
having complied with the provisions of the last
preceding section, shall give notice for two
years in some newspaper in the county where
such bank shall have been located that all the
circulating notes issued by such banking asso-
citation must be presented at the treasurer's Of
flee within two years from the date of such mo-
tice, or that the funds deposited for the rcdemp-
ton of the notes will be given up to the bank
proof of the giving of such notice for the time
aforesaid, the treasurer shall surrender to the
order of such association or bank, any secur-
ties which he may hold tor the payment of any
unrodeemed notes of the said association or
bank
SEC. 40. It shall be the duty of the trcasur-
er to receive mutilated circulating notes issued
by him, and after making record of them,
their denomination and amount, to deliver in
lieu thereof other circulating notes to the same
amount
Sec. Al. There shall be appointed, annually
JOINT committee of the legislature, whose duty
1t shall be to examine such Of the securities de-
posted In the treasurer's Office by banking as
soclatlons, together with the books and papers
therein relating to the business of banking, as
the said committee may deem necessary to en-
able hem to report the true state and condi-
ton OF that department to the Legislature.
SEC. AZ. The report of the bank commits
sloncr shall show the amount of loans and dis
counts, over drafts, due from banks, due from
directors of said banks, due from brokers, real
estate, specie. cash items, stock and promis-
sorry notes. bills of solvent banks, bills of sus-
pended banks, loss and expense account, CAPT
tai, circulation, profits, amount due to banks,
amount due to individuals, amount due treasur-
er Of state, amount due depositors on hand
amount due not included under either of the
above heads
Sec. 43 The capital stock of every bank
ing association, established under the provis-
ions of this act, shall be liable to taxation, and
it shall be the duty of the cashier OF such bank
ing association to transmit to the clerks of the
several towns within this state, in which any
shareholders of the same shall reside, true
list Of the names of all such shareholders, with
the amount every such shareholder may own
on the first day of April in each year, which
amount shall by the listers be set in the list of
such shareholder, at its actual market value.
Sec. Al. The directors of any such banking
association shall be liable to pay to the credi-
tors and stockholders of any such bank all
losses which may be sustained in consequence
of any violation by them of the provisions of
this act or of any other law or other unfaith-
fulnoss in the discharge of their official duties;
and any number of such directors may be sued a
in the same action by any claimant under the f
provisions ofthis section.
Sec. As. Any director, who may have paid
more than his share of the liabilities mentioned
in the preceding section Of this act, may have r
any proper action in law or in equity against r
such other directors as shall not have paid their
full shares.
SEC. 46 Such banking association shall not
receive or demand any greater interest or dis v
count on any note, draft, or security, than at t
the rate OF SIX per cent. per annum; but such {
interest or discount my be calculated and taken
according to the established rules of banking. :.
SEC a. No such banking association shall L
directly or indirectly employ its money in trade G
or commerce, other than is in this act provided, +
or deal or trade in buying or selling any goods, {