The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1851-12-06

Ing deposits, by huying and selling gold and
silver bullion foreign coin and bills Of ex-
rhange, "a ihb manner FpeFihed In their hi-
iires Of aHoriHu0n for The purposes Auth0Tix-
81 by this act by inaning monoy on real aud
personal seonriiyi and w eAerrising such IN
cidenial powers as shall be- necessary 10 oAFry
on such business 10 choose one of ilIeir nun
Der ~ president Of, surh astociaton, and 10.
Hpi-,ini q sasliisF sit4 s,ieii other alleaEs and
agenit ~ their business may require, and %
remove such prosidant, cAshier officers and
agents, az pleasure. and 70 appoint others w
their place Aud the usual business OF bank
ins oftald assuciaton shall be- transacted at
the place where surh banking Hssociati0n
slAH 10 loI aind, RerroHhiS 10 Jho location
speclhcd in the cirlilraio directed 10 be made
By the second clause of tho sixteenth section
Of tlas act and moi elsew here
'- src' 80 Firr shurvs Of ssiri nssorintior
EhHit butUumad porsdnAt -pf6BeFTy, Abd siiali
be transferable ou thp hooks oflhe Rsoriaion
~ such manner ag nav boz agreed on the nF-
ticloH Of assorinlioE aud every persoa bccom-
ing a shareholdcr by such transfer, shall. in
proportion 20 his shares, succeed 10 nll the
rights and liabilities Of prior rsharchnlderhAnd
HO change shalt be made ia the articles Of AZ
su-iatipu NV -viIith the rights, rurrriir-, ,r
securities OF its existing creditors shall bc
weakened or impaired, Such association
shall nobbo dissolved by the death or insani-
~ Gfany a. the shareholders therein.
SEE 20, 10 shall hc lawful Tor any asso-
citation OF persons organized under the proyis-
ions Of this hctby their articles of a-socintion.
70 provide for an increase OF their capitnl and
Of the lumber ofthoir associates. from time 20
time, NJ Ihry may think propcr,thc aggregate
capital not 10 exceed two hundred aud Ghy
thousand dollars, a. before provided
Sec ~. Contracts made by any such as
ISOLATION, and all notes aud hills by them ~.
sued aud put ln circulation as money, shall bc
siFncd by the president ar vice president aud
cusnor thereof aud all suitl actions pnd pro.
cccd.nss, brought or prosecuted by or on 10.
half oi such association, may Lo brought in
The name Of such association,
Socu 20. All person, having dcm,nls n
gainai any such association, may maintain ac.
lions az law or in equity, acrorling TO the ma
tur OF the case, against such association by
their nauc; aud al Judgments and decree,
obtained or rendered against such association
io- any debt or liablity of such a,,o.iation
shall be onlorccd only hgninst the Joint prop.
CRY %, HE n.spg1atiuu, which property shall
bo liable 20 he taken aud -old hY nSccuiion
under any sueh judmcni or dcrrpc,
Soc. 80. No shareholder nf any such MS
s0p,a.iun shall hc Liable IN his ind.tidunl ca
pacity i0r any contract. doaJ, or culalomvn nt
OF sugh association, unlrss the articles of asso,
station by him signed shall have dcclaEcd
lharlhc shareholders shall be- 10 liablo, cx-
copi NJ hereinafter provided
sec. 20. II shall hu lawful for such asso.
citation 10 purchase, hold and convey real cs-
taio Tor the following purposes l, such hs
shall be necessary for ~ immediate accom-
mhdatlon IN the convenient transaction uf ~
business; or, "a, such a. shall be- morigagyd
~ rs''i tiTitii iii soourity INV usus
made hy,or moneys due to,such as,oriation;dr,
Sd, such as shalt be- conveyed TO il in satisiaS.
ton OF debts previously CONTRACTED. in the
course oi its dealing, o', ath, such ~ j. shall
laGGlle- by MAY Ole cAeruiinn.- The Aaaucia-
ton shall not purchase, hold OF convey real
estate, ~ any ether rasr, or tor any, other
purpose; aud all couNcyanccs of such real cs-
jsjs SHALL be IIda iu tllr name nI tic usso ,ia.
ton.
See 25, Upon the application OF credit.
ors ar shareholders OF any such association,
whose debts or shares shall amount To one
thousaHl dollars, aud stating facts, verified
u siiIrsJyTt thurrrttur TI1J, IN
ton, order stTlet examination 10 be- made
by master IN chnuccry, tall the Affairs of
such association, for the purpose OF ascertain
ing the saiuty OF iis investments, aud tho pru-
dcncc oiits management; and the result ot cy-
~ ehAA NAahlitAAlbAf ANRtANtF WIN the o.
pinion OF the master, and of the chancellor
thereon, shalt be published in such manner
rs the chancellor shall direct, who shall make
such srdcr Ia respect TO the expense OF such
examination and publIcauOn,as hu may deem
proper.
Doc. 90 II any portion Of the original
capital OF any such association shalt be with
drawn Tor any purpose whatever, whilst amy
debts oithc association shall rcmain unsatls-
hcd no dividends Or profits on the shares OF
the capital stock bi the association shall there
ailer be madc,uutil the deficit OF capital shall
have been made good either by subscription
OF the shareholders, or out of the subsequent
lvNccruing profits OF the association and il
II shalt appear that any snch dividends have
buon made, It shall -be the duty OF chancul-
lor, on application OF any person in interest,
TO make tno necessary orders aud decrces
for closing the Affairs OF tho association, aud
distributing It's property and effects among its
creditors aud shareholders
Sec 81 Such association shall loo liable
to pay the holder OF every bill or note put in
circulation as MONEY, the payment of which
shall have been demanded and refused, dam.
ages for non-payment thereof, in lieu of IN
terost, at and after the rate Of twelve per
cent per annuui, from the time of such rciu-
sal, until the payment of such evidence Of
uoDt ana the damages thereon.
See. 2S. The president aud cashier Of
every association formed pursuant to the pro-
visions OF this act, ,hall at all times keep a
true and correct list Of the names OF all the
shareholders of such association, and shall Gle
a copy of such list in the office of the clerk of
the county, where any Office of such associa-
ton may bo located, and also in the Office of
the treasurer, ON the first Mondays OF Janua-
~ and July in every year.
See, 20. IL shall not be lawful for any as
sociation formed under the provisions OF this
act to make any OF its bills or notes, to be
put in circulation as money, payable at any
other place than at the Office where the bust
ness OF the association is carried on aud con-
Quoted, and said bills or notes shall be made
payable on demand and without interest.
See. 50. Whenever the securities depos-
ited for the redemption of circulating notes
shall, in the opinion ofIhe treasurer, become
insuiliciunt for that purpose, he may receive
ting dividends on all stocks, as well as the in
terest on all bonds and mortgages, aud shall
deposit the same in some safe bank or bank
ing pEsociAunn in this state, in his name,