The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1851-03-01
Tho General Banking Law.
A BW for an Act 10 eStaJIi,h Genera! Bank
ing Lar.

We nave not learned that IL underwent any es-
sential change previous to its passage
SEC. |. That the auditor of public accounts is
hereby authorized and required to cause to be
engraved and printed, III the best manner, to
guard against counterfeiting, such quantity Of
circulating notes, in the sublimItude Of bank
notes in blank, of different denominations, not
lezs than one dollar he may, from time to
time, deem necessary to carry into effect the pro
visions Of this act such blank circulating notes
shall be coun.er-igned numbered and registered
in proper books, to be provided and kept for
that purpose in the Office Of the auditor, under
bis direction, by such person or persons as the
said auditor shall appoint for tina! purpose, 50
that each denomination Of each circulating note
shall bear the signature Of such register, or one
OF such registers.
SEC. 3 Whenever any person, or association
Of persons formed for the purpose of banking
under the provisions Of this act, shall lawfully
transfer to, and deposit with the auditor any por
ton OF the public stocks issued or to bc issued
by the United States the latter stocks to be val
ued at a rate twenty per centum less III value
than the market price of such stocks to be cst-
mated and governed by the average rate which
such stocks have been sold in the city Of New
York, within the previous six months, preceding
the time when such stocks may be left on deposit
with the audltor-such person, or association Of
persons shall be entitled to receive from the ali-
ditor an eqnal amount Of circulating notes. of
different denominations registered and counter.
signed as aforesaid; and it shall not bo lawful
for the auditor to take such stocks at Il rate
above its par value Proyided that stock shall
in no instance be received by tie auditor at q
rate above the market value at the time Of the
deposit By said banker or association,
Z 4 flasrripliy. li.t ~ tl,. Sirc,,la tin,
notes registered and signed, shall be delivered
TO the treasurer, who shall copy the same in the
book hereinafter required to be kept by him, for
recording descriptive lists Of securities deposited
with him for safe keeping
SIC, t. Such person, or association Of persons,
are hereby authorized, after having executed and
signed such circulating notes, IN the manner pre-.
scribed by this act, payable on demand, ut the
place Of business, within tins State, to loan and
circulate the same rs money, according to the or
dinary course Of banking business
SEC, .. Three descriptive lists of the securities
transferred TO the auditor aforesaid, shall be
made and signed by the auditor aud person or
persons making the transfer one in n wellbound
book TO be kept by the auditor for that purpose
one in like book to be kept by the treasurer,
and one in book TO be kept by the association
and said securities shall then be delivered to the
treasurer for safe keeping, who shall receipt to
the auditor for the same, and who shall be re
sponsiUie for any loss or destruction thereof
growing out Of or resulting from negligence, or
the want OF reasonable precaution and care.
The whole or any part of said securities may be
redellvered to the auditor for the purpose of be-
ing sold under the provisions Of this act or being
used or disposed of under any order or decree OF
court or of being returned to- the owner in con
furmlty with the provisions of this act The au.
dltor m either case giving receipt upon the
book kept BY the treasurer aforesaid, specifying
therein the purpose for which such 70 delivery
was made which receipt shall discharge the
treasurer from all further responsibility.
SEC. 6. ANY number of persons may associate
to establish Offices of discount, deposit aud crcu-
laion, and become incorporated upon the terms
and conditions. and subject to the liabilities pre-
scribed TO this act, but the aggregate of the cap
ital stock Of any su,h ASSOCIATION shall not be
less than thousand dollars.
SIC. Z. Such persons under their hands and
seals, shall make a certificate, which shall spe
cify;
l,t The name assumed to distinguish such as
socintion and to bc used in it. dealings
ID. The place where their business is To be
carried on-dcsignating the particular city, town
or village
Sd, The amount Of capital stock, and the mum.
Der Of shares into which the the same shall be
divided
4th, The names and residence Of the share
holders aud the number OF shares held by each
Of them respectively.
9th. The period at which such association shall
commence or terminate, which certificate shall be
acknowledged and recorded in the office Of the
recorder of the county, where any office of such
association shall he established and copy there
Of shall be filed in the office Of the secretary Of
State, and the auditor Of State, and upon the
recording of which certificate the person or assn
citation Of persons aforesaid shall become body
polite and corporatS by the name assumdI as
aforesaid, for and during the time fixed in the
certificate, and by such name .hall have power
to make contracts to grant and receive, tu sue
and be sued to plead and be implicated in courts,
and places wherein legal or judicial proceedings
may be had, to have and use = common seal, and
alter the same at pleasure to have hold, use,
and enjoy property, real, personal and mixed,
with the rents, issues and profits thereof, aud to
execute all other powers conferred by this act,
and all grants or conyeyances of real estate shall
be under the seal of the corporation, signed by
the president, and countersigmed by the ceshier,
! SEC 8. A copy Of the certificate required by
the section Of this act duly certified by the
recorder OF the comfy, and secretary Of State,
or by either of those officers, may be used as
evidence in all courts and places. against any
such association or any other person for against
whom any such evidence may be necessary, on
any civil OF criminal trial
| SEC .. Such associations shall have power to
carry on the business of banking, 10y discountng
bills, notes, and other evidence Of debt--by de.
posts, by buying and selling gold and silver
bullion, foreign coins, and bills Of exchange by
loanilg money on real and personal securities
and exercising such incidental powers As may be
necessary to carry on such business, may choose
one OF their number as president, and appoint a
cashier and other officers and agents as their
business may require,
SEC 10, The shares of said associations shall
be deemed personal property, subject to taxation,
ami shall be transferable on the books of the as.
sociation, in such II manner Us may be agreed on
in the articles Of association; and every person
becoming shareholder by such transfer shall in
proportion to his shaIes, succeed to all the rights
aud liabilities of shareholders 10y whom the
transfer was made. No change shall be made in
the articles OF association by which the right
remedies or securities Of its existing creditors
shall be impaired Such association shall not be
dissolved by the death or insanity Of any of the
shareholders therein, when there is more than
! 4 4 i = Ill