Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1851-12-04

directors of sai bank to purchase and hold such stock
and other securities rs the IS or may be auhor
lied to receive Tor circulating notes under the provisions
of this act 10 such amount as they shall deem or Tue
interest of the SHAREHOLDERS thereof.
Sec. 81. An association hereafter formed 10 take
the place Of incorporated bank whose charter has eX-
PRED, or about expire, may, when all the share
holders Of such incorporated bank have assened to IT'S
organization under this act take and hold, ~ addition
such real estate us is prescribed by The twenty'lou
section Of this act, such other real estate as such DahN
may hold at the time Of the transfer Of the properly o'
the incorporated bank, having been received ny 1t ~
payment Of debts previously contracted TO saio o"""'
according to law.
Sec 49, When the officers of any banking assoca'
ton, DESTROYS Of renqushng the banking business
sh have redeemed at least ninety per cent o. ue'
circulating notes. aud shall produce 10 me treasurer
certificate ola deposit to his credit in such OhN rs 'e
shall approve, to an equal amount with the cmcea',ns
notes OF such bank unredeemed, it shall be a"lul lo'
him to receive the same, and give up all the secu'l
ties heretofore deposited by such bankng association"
for the redemption Of circulating notes issued
| Sec. 80. Such banking association, alter ha''"s
complied with the provisions olhe last preceding Sec
ton shall give notice for years in some newspdpe,
in the county where such bank shall have been located
that all the circulating notes issued by such banking
association must be presented at the ueasure's oiSo
within Two year from the date Of such notice. OF Una!
the funds deposited for the redemption oil Inc hoeS WIN
be given up The bank or association; ana on eoeV
ing satisfactory proof of the giving Of such notice Ior
The time aforesaid, the treasurer shall surrender le
order of such association orr bank, any securities "pc
he may hold for the payment oil any uuredeemeu "o'oS
of the said association or bank.
Sec 40 1t shall be tbs duty Of the treasurer 10 re-,
ceive nutated circulating notes issued ny him' snI
after making record OF them, their denomination auu
amount to deliver in lieu thereof other CIRCULATING n0'''
TO the same amount. -.
Sec Al. There shall be appointed, annually, JOINT
committee of the legislature, whose duty IL shd JIG "
examine such of the securities deposited IN the 'Iedsu
er's office by banking associations, to geIher WIN lc
books and papers therein relating to the bushes oil BANK
ing as the said committee may deem necessary 10 en-
able them to report the State and condition Of lual
department 10 The legislature.
| Sec 49, The report of the bank commissioners
shall show The Of loans and DISCOUNTS over drafts
due from banks due from directors Of said banks due
from brokers' real estate special cash items, stock and
promSsory notes, bills OF solvent banks, bills OF suspend
ed banks, loss and expense account capital circulation
profits due banks, amount due to individuals
amount due deposors hand, amount due not lnclud
ed under either Of the aboue heads.
Sec. 43. The capital stock Of every banking ascot
ton established un lei the provisions of This act, shall
be liable to taxaion and it shall be the duty of the cash
Ter Of such banking association to transmit TO The clerks
OF the several towns within this state, in winch any
shareholder Of he same shall reside true list OF the
names oil all such shareholders with the amount every
such shareholder may the first day oil April II
each year, which amount shall by the listers be set il
the list Of such shareholder, at its actual market value
Sec. A. The directors ofany such banking assoc
alton shall be liable to pay the creditors and stocKhOld
ers Of any such bank all losses which may be sustained
in consequence Of any violation by them OF the proyIs
ions this act, Of any other law, or other unaIth
ness in the discharge of their official duties and any
number ofslch directors may De sued in the same ac
ton by any claimant under the provisions OF this Sec
ton.
Sec. 40. ANY director, who may have paid more
than his share Of liabilities mentioned in the preceding
section Of this act, mayh any proper action in law
equity against such other directors as shall not have pa
their full shares.
Sec. 46. Such banking association shall not receiv
demand any greater interest or discount on any note
draft, security, than at the rate Of SIX per cent pc
annun but such interest or Discount may be caCuat
ed and taken according 10 the established rules OF bank
ing.
Sec. A. No such banking association shall drectl
or indirectly employ its money in trade or commerce
other than is in this act provided,o or deal or trade
buyng ar selling any goods, Chaltes, wares or mer
chandise: PROVIDED, That such banking associa
ZION may sell all kinds Of property which shall come int
its possession in the ordinary collection OF debts.
Sec. As. All bills andnoes Of such ing assocla
ton shall at all times be received by said association
on all judgements, executions or demands made paya
Bile to, or the property Of, such banking association
Sec 49, All such banking associations shall, sem
annually, at the times which The divIdens OF profit
shall usually be declared pay into the treasury OF III
state one per cent. Of he capital Of such banks: Pre-
VlDED, That tit such banking association shall keep
sufficient deposit Of funds, in tie city OF Boston, in Il
commonwealth Of Massachusetts, and shall al that Gil
uniformly cause their bills 10 he redeemed at par SUI
bank shall be exempt from such payment but if the
shlll fail to redeem their bills notes, for the period
ten days the whole, 10 sny year, the saidax sha
be paid for that year.
Sec. co. Before any banking association, (orme
under this act, shall receive from the treasurer any Gil
culaing notes, provided in The second section Of lh
act, The directors stockholders shall give the treh
urer good and sufficient bonds, to the amount of note
that said association shall propose To receive, I'D
dional security to indemnify the hiIIhoders again:
any loss that may be sustained, in said mortgage
other securities shall be insufficient, and also to Sc
cure the bill holders for all and interest that mn
accrue in of supension Of payment by such inst
tuition, and for all other Liabilities indebtedness of sal
institution,
Sec. oil. II majority of the shareholders of an
Incorporated bank shall agree to go into operation III
der he provisions of this act provided in section
thiry-6ve and thrtysX and any individual sharehode
shall be opposed thereto and shall signify such oppos
% the president, CASHIER directors, in writing sue
bank shall not avail itself of the provisions of this az
until the amount due to such shareholder shall have bee
first paid, which amount shall he equal proportion {
the whole property of such institution, according TO I'll
number of shares that such individual shall own.
Sec. 81. The Legislature may at any time alter Q
repeal this act.
Sec. So. This act shall take effect from its passage
Approved November II, 1851.