The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1851-12-06
WHOLE NO. 749.


Sec. q. Thsra si.AI " APPoin,ca, Annu-
ally, a Joint ron,pilirO of lie Legislature.
whose duty Il slall ~ % ssAmine such of tha
securities deposited 10 The treasurers ofIlce.
~ banking assooatonS, together with tho
books and papers therein relating % the bss-
iness of banking, ~ tho said committee u,ay
deem necessary 70 enable them 10 renart ths
true state aud condition Of that department 20
Sec. t2. The report ofthe bank ronmds4
sinneE shall shoM the nmDnnt ofloans and dis.
counts over drails doc from banks, due from
dircciors'of said hanks, due from broker. real
estate, specie. cash itonis, stock and promi,so,
~ neieu, billN oi Solvent hunks. bills af sus-
pended banks, loss aud sXpcHse nreouhi, rAp.
LA ilflIL1a il1l prlhl i-linnnL due 10 hank
amount due 10 Individuals uiiount due treas
nrer oi state, amount due doposfnrs on hand,
an'oun, doe ooI included undur either Of tho
above heads .. ..- - -.
SEC. -as.-7l, he eaf,ital sis..l, ,f ,,,r, i.ssk.
ing associaiion. cIaaiishod undcf tho rprovI.-
ions Of this act, sliall lie liable To taxation,And
u, shhll ~ the duty of the oQshicr Of such
banking asso 'liiion, 10 transmit to the clerks
~ the several fpwnv within this state iB which
any shareholders of the same shall reside,
trne list Of tia, naJnrS 0f all such shareholders.
with the amount rtorv surh shhrelinlher may
own on the hrt day of April in each ycnr.
Z
the list ol such Shareholder ~ ia actual mar
/ kct value. ...
! See. ~ Tho Il rcc'ors &C Arv ,ueh banI-
/ ing asso o'iation shall be liable 10 pay 10 tic
creditors and stoskhodcrs Of any ~ Il blnk
all Losses which my be sustained in oanso-
! quoncc ofany violation by them. az jhc proviS-
I IONS Hi ihis act or 0l any other law. 81 o;hor
unihthiuncn 10 the discharge OF their OLE
/ cial dntlrsi and Any numlur of such directors
tn ls FIaIl in fl.aa
ant under the provisions OF this section
! Soc. a. Any diruytor, who NAV havn paid
more than his STARE of the Liabilities ununtion-
toned ia the preceding section of this act,
may have any proper action IN law or in rqui-
~ against7s,ch other directors a. shall not
have paid thcirill sharra.
! See. 90, Such banking association shall
no. receive or demand any greater Interest
or discount on any note, dran, or serurip
than nj the rate Of six pcr cent. per annum
but such interest or discount may be caruaI-
ed aud mkcn according TO tho established
rules Of banking.
Sec. a.. No 'nch hiuking association shall
ldirc'iv or indirectly employ its Money ia
trade or commerce. other than isin this Aet
i'r"s'ld, 'lsal of tratls ia la stag Kulliag
ANY goods, chaucls wares or merchandise:
Prorlded, That such banking a,so. .iation may
sell all kinds of property which shall ,onic
into ils possession in the ordinary collection
Of its debts .....
See. As. Al bills and notes Of such bank.
ing association shall ~ times be received by
srid asso"iation, on all Judgments; executions
or demands made payable 90, or the properly
Of such banking association.
Sec. 40. All sucA banking associations
shall. scmi-annually AZ the times at which tho
dividends ofprofts shall usually be declared,
ig4ia tl..4 tFsssssy sE-i -iha siai0-an ,,aE
aent. ot the capital OF such banks; Iropildd,
| That if such banking association shall keep
sufficient deposit Of funds, in the city of Bos-
ton, in the commonwealth OF Massachusetts,
and shall at that city uniior,nly cause their
hNl- - h.. redeemed A. par, such hank shall
I bc exempt from such payment Lut ii they
shall iGi to redeem their bills or notes, for
the period often days in the whole, in any
ono yA.ar, the said tax shall pe paid for that
year.
Sec. so. Before any banking asspciation,
formed under this act, shall receive from the
treasurer any circulating notes, as provided
( IN the second section ofthis act the directors
or SIC tirutdur5 -tFea4,+EeF-
/ good and sufficient bonds, 10 the amount Of
/ the notes that said association shall propose To
receive, an additional security TO indemni-
| ~ the h,llholdels against any loss that may ba
sustained, in ease said norigagcsor other SC.
curiucs shall bc Insufficient, and also to secure
the bill holdurs for all costs and interest that
may accrne in case of asuspension Of pay.
meut by such institution, and for all other
| liabilities or indebtedness OF said institution
Sec. 81. II a majority of the shareholders
of any Incorporated bank shall agree to 10
into operation, under the provisions Of this
Ecri s--f,rovidad in sections thiriy-Iive and
thirty-six, and any individual shareholder
tshall bc opposed thereto, aud shall signify
such opposition 20 tho president, cashier or
directors, in writing, such bank shall not A.
vail itseltoi the provisions of this act until the
amount due to such shareholder shall have
been first paid which amount shall be an g.
quail proportion ofthe whole Sfoperty of such
institution, according to the number ofshares
that such individual shall own.
| See o. The legislature may at any timc
alter or repeal this act
Sec. 3d. This act shall take effect from i,s
pasSagui
Approved November IL, 1851.