The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1851-03-01
N. OTTAWA, U.L, SATURDAY, MARCH 1,

pointed, OI the Affairs Oi such association for the
purpose OF ascertainlng the safety of its invest
ments and the prudence of its management; and
the result of such examination, together with the
opinion OF the Judge thereon, shall be published
IN such manner as hc shall direct. aud who shall
make such order in respect to the expenses Of such
examination and publication as he may deem
proper.
SEC. 20. In case the maker or makers Of any
such circulating notes, countersisned aud register
ed, as aforesaid shall, at any time hereafter, on
lawful demand, during the usual hours of bust
ness, between the hours Of ten aud three clock
at any place where such note or notes is or are
payable, fail refuse 10 redeem them in the law.
ful money Of the United States, the holder of such
note or notes, making such demand, may cause
the same to be protested, ior noli,payment, by
notary public, in the usual manner, aud the audi
tor, on receiving and filing in his office such pro-
test, shall forthwith give notice in writing, to the
association or banker, the maker OF makers of
such notes, to pay the same and if he or they
shall omit to 60 So, the auditor shall immediately
therenpon (unlesS such association or banker shall
satisfy him by adavts filed in his Office that they
or he had good defence as against the person
presenting the same 10 a recovery tnercoi) give
notice IN at least one paper printed Of any paper
Is so printed or pubilshed) at the place Of bust
ness OF such person or persons, or associations so
refusing payment ol any notes, and in one news
paper published at the seat of government of the
State Of Illinois, that all the circulation issued
10y such persen or association will be redeemed
out OF the trust funds belonging to the maker or
makers OF such protested note to the payment.
pro rdta, of all such circulating notes, whether
protested or not, and to adopt such measures for
the payment Of such notes as will, in his opinion,
most eIectually prevent loss to the holder there,
oi Aud so soon as any such note he protested
as aforesaid, copy Of such protest shall be de-
livered to the president cashier or principal clerk
at the Office or place Of business Of the associa-
ton. The powers and duties Of any such associa.
ton or banker over or with the same shall cease
and determine, and all the officers connected with
the same shall be prohibited from exercising any
control whatever ever the same unless bv the de-
clson or decree OF the court in which proceedings
may be had for the appointment Of receivers aud
winding up the affairs Of the association, it shall
be determined that such association was not bound
to pay tue note or protested as aforesaid the pro-
test thereof TO the contrary notwithstanding
Pfovtded, that the legal existence of the ccrpora-
ton shall continue for purposes of proceedings in
courts for and against the same, and of avoiding
the loss of property of any kind, for want Of a
person i'll being able to hold the same, but for no
other purpose whatever. And it shall be the
duty Of the auditor to apply to any Judge of the
circuit court Of this State, whose duty il shall be
to appoint a disineres,cd person or persons a
receiver or receivers TO take the assets and pro-
pety Of every such banker or association into his
0r their possession, and collect debts due and ap.
ply all such assets and property as may come
into his or her posse s,ion, under the direction OF
the circuit court of the county in which the cor.
poration was located first to the redemption or
payment OF circulating notes; second, to the pay.
ment of all other Indebtedness, and third, to the
payment Of stockholders on account of stocks in
vested Receivers appointed under the provis
ions of this act shall give bond and security n.
may he required 10y the pledge or court appoint
ing them.
SEc. o. That the distribution and application
OF all the means, assets, and property Of any such
banker or association as shall come into the hands
OF any such receiver or receivers or as shall be in
the hands Of the auditor shall first be applied in
payment and satisfaction Of all votes issued as and
for circulating medium, by any such banker OF
association.
SEC. 9s, The amount of stock owned and held
by any individual banker, or by any stociholdel
III any such association shall be held and control.
~,
payment of any note put IN circulation; the sale
liability To continue for the space of ,ix month
after the assignment by lin Of any such stock
and any stochho!der. WHO is really the party il
interest, shall be liable a- aforesaid although suci
stock may be held and recovered IN the name o
some other Iarty ar individual
SIC. 40. That tie name of all stockholders ir
any such association shall be written, ut length
and IN ltgible characters, and shall be continual
ly exposed, during bank hours, for public inspec
ton, and every transfer Of stock. with the date Of
tha assignment shall be exhibited in like man
ner.
Src. 30. That each and all the provisions Of th
act shall apply To, and control in all respects, any
banker who shall conduct business under the pro
visions OF this law, whether the word banker i
or Is not used IN any such provision.
SEC, 81. At the next session Of the General As
sGmbly, after this act takes effect. and every al
wear thereafter the governor shall nominate, AM
by, and with the advice Of the senate appoint
citizens Of the state rs bank commissioners who's,
duties shall he 10 make annual examinations il
respect to the affairs and business of associations
Incorporated under the provisions Of this act an,
IN respect 10 the condition and management there
O aud also to inspect the securities filed with tn
auditor and treasurer, So rs tu be able 10 deter
mine whether or not any change has been mad
IN said securities well Us in respect To the sui
hceucy OF such securities To meet the Liabilities o
the corporation. and To report thereon, to the au
ditor, and TO each corporation. Such commission
ers shall have power To examine all books, paper
and documents appeitaining 10 the business Of tn
corporation, kd 10 swear, or affirm all officers
gents, and Others connected with the corporation
IN respect 10 any matter, or thing, about which
they have the right to inquire, and their repor,
shall bc published at the scat Of government an
such other papers as they may direct
SEc. 50. l.the bank commissioners shall ascer
tain, upon any examination, which they may max,
that any change has been made in the sccuri,e
deposited with the treasurer, or that any par
thereof has been lost destroyed, or improper
Withdrawn or IN any way misused or mlsappliet
or that securities have from any cause become los
sencd IN value, or Insufficient AS the security f.
the redemption Of bills or circulation, they sha
notify the president aud cashier of each associa
/ ton or corporation, liable 10 be affected bv an
such state of facts, OF the discovery thereof, an
require the transfer and deposit Of other srcur
/ ties oi like kind, and value, with those orginal
trans ierred; to supply the place Of those changed
lost, destroyed or improperly withdrawn, or whc
shall have become insufficient security as afor,
said, in reasonable time, TO be fixed BY said con
missioners or that said association, or corpora
ton, surrender to the auditor, to be burned a su
. n