Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1851-12-05

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such fine and Imprisonment
SEC. l5. Any number of persons, not les,
than ter, residents of this state, NAV assuciai /,
10 establish offices Of discount deposit md ci :
culatOn, upon the terms and conditions and
SUBJECT 10 liabilities prescribed in this act; bu,
:, The aggregate amount Of the capital stock OF
any such association shall not be less than ffty
thousand dollars, nor more than two huudrr j
aud fifty thousand dollars.
SfC. Ii. Such persons, under their hand,
and seals, shall make certificate which shall
specify -. ! he name assumed to distin.
gushed such association, and to be used in nil
It's dealings, which ntme shall not be that of
any other bank III this state. = he place
where the operations of discount and deposit of
such association are to be carried on desipna
ting the particular city, town or village 3.
he amount OF the capital stock of such asso.
citation, and the number of shares into which
the same shall be divided 1. ! he names and
places of residence Of the share holders. and
the number Of shares held by each of tn m re.
specuveIy. >. he period ut which such asso-
clatlon shall commence and terminate; which
certificate shall be acknowledged and recorded
ID the office OF the clerk of the county where
any office of such association shall be eSt,b
IlShed, and a copy thereof filed in the Office of
the secretary Of state.
last preceding section to be recorded and filed
III the office OF the clerk of the county, and
secretary OF the State aforesaid, or cope,
thereof, duly certified by either of those Off
GERS, may be used as evidence in all courts and
places, Tor and against any such associations.
SEC. II. All banking associations orpan
lhed under the provisions Of this act. shall b.
bInks of discount and deposit, as well as of
circulation, and shall have power to cary on
the business OF banking, by discountinv bills
notes. and other evidences of debt; by IeccIy.
ing depoSltes, by buying and selling gold and
silver bullion, foreign coin and bills of ry
change, III the manner specified in their artl-
cI"S OF association for the purposes authorized
by this act by Iolnng money Oh real and
personal security; and by exercising such in
cidehtal powers as shall be necessary to carry
on such business to choose one of their NUM-
Der It's president of such association and TO an
point cashier, and such othcc officers and a.
gents as Their business may require and to re-
move such president cashier officers and arep,.
at pleasure, and to appoint others in their place.
And the usual business Of banking of SAID as
Socintpn shall be transacted at the place wher.
snch banking association shall be located, a
groeaby to the location specified in the certif,
lcate directed to be made by the second claus.
OF the sixteenth section Of this act. and nor
elsewhere.
SEC. 10. 7 he shares of said assoco,;on
shlll be deemed personal property. and shall
oe transferable on the books of the associotiou
IN such mlnncr As may be agreed on in the ar
tIcIeS OF association: AMI every person becom-
ING Il shareholder by such transfer. shall. in
proportion to his shares. succeed TO all th,.
rights ana liabilities Of prior shareholders: ana
no change shall be made in the articles of as.
ISOLATION, by winch the rights, remedies, or se-
cnrlties OF It's existing creditors shall be weak
ened or inquired, Such association shlll not
DE dissolved by the death Or insanity of any of
the shareholders therein.
SEC. 20. II shall be lawful for any assocla
ton OF persons, organized under the provision,
of this act, by their articles of association To-
provide tor an increase of their capital. and of
the number Of their associates. from time tn
time, as they may tn nk proper, the aggrep,t.
capltiI NOT to exceed two hundred ana fifty
thousand dollars, as before provided.
SEc' II. ontractS mad By any such asso-
ciatlon, and all notes and bills by them issued
and put IN circulation as money shlll be signed
by the president or vice president and cashier
thereof; aud all suits, actions an proceedings.
Drought or prosecuted by or on behalf of such
association, may be brought in the I ame Of
such association.
SEc, -. All persons having demands "A.
tons at law or in equity according to the m
ture of the case againSt such association h,
their name and all judgments and DEGREES OBJ
tanned or rendered against such association. for
any debt or liability of such association, shall
pe enforced only against the Joint property of
''e asSu% %llt!oh, which property shall be liable
20 be taken and sold by execution uuler anv
such Judgment OF decree
SEC % No shareholder of any such asso.
'latlon shall be liable in his individual capaci.
y Tor any contract debt or engagement, of
uch association, unless the articles of assocm-
ION by hlm signed shall have declared that th.
natehoiuefs shtIl De 50 liable, except as here
natter provided
SEC. n. 1t shall be lawful for such as,o.
latlon to purchase, hold and convey real estate,
or The following purposes: Such as shall be
accessory tor It's Immediate accommodation in
ne convenient transaction of It's business: or.
~ such as shall be mortgaged to it IN good
dlll, ny way OF security for 10 ms nude bv. or
Aoheys due to, such association; or 3D. such
5 snail be conveyed to it in satisfaction OF
ebts previously contracted, in the course of its
ealing; or, ith such il shall acquire by
'ay OF execution he SAID association shall
ot purchase, hold, or convey real estate. in any
tlc' cdSe' or ior any other purpoSe and all
ohveyances OF such real estate shall be made
the name OF the association.
SEC 20 Upon the apple cltlon of creditors
shareholders of any such association, whose
eotS or shares shall amount to one thousand
oiiars' and stating facts, verified by affidavit,
chahcellor my, IN his discretion. order n
rlct examination to be made hv a master in
hancery, of all tn affairs of such association.
'r the purpose of ascertanlng the safety of its
NeStHlentS, and the prudence of its manage
eht and the result of every such examin.
on together with the opinion of the master,
nd oi the chancellor thereon, shall be published
such manner as the chance lOr shall direct
no shall make such order in respect to the
'PchSe OF such examination and publication,
he may deep proper.
SEC -. If any portion of tn, original cap
oi any such association shall be withdraw
any purpose "httever whilst any debts of
c aSsocIdtlon shall remain unsatis6ed no
vldends or profits on the shares of the capital
'rk OF the asSoclatlon shall thereafter bs
ide' until the deficit of capital shall have been
IL