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

years in some newspaper in the county where /
such bank shall have been located that all the !
circulating notes issued bv such banking ASSOC !
citation must be presented at the treasurers OIL
flee within two years from the date of such no
tice, or that the funds deposited for the redcmp-
ton of the notes will be given up to the bank
or association and on receiving satisfactory
proof of the giving of such notice for the time
aforesaid, the treasurer shall surrender, to the
order OF such association or bank, any securi-
ties which hr may hold for the payment of any
unrc lermcd notes of the said association or
bank.
SEC, 40. 1t shall be the duty Of the treas
urer to receive mutilated circulating notes is
sued by him. and after making record of them
their denomination and amount to deliver III
lieu thereof other circulating notes to the same
amount.
! SIC. A. There shall be appointed, annual
ly, II Joint committee Of the legislature, whose
duty 1t shlll be to examine such of the sccurl-
ties deposited in the trcasurer's office, by bank
lng associations, together with the books and
pap rs therein relating to the business Of bank
ing, Is the said committee may deem necessary
10 enable them to report the tue state and con-
dHion of that department to the Legislature.
. SIC. ~. he report of the bank commas
sioner shall show the amount OF olns and dis .
counts. over drafts, due from banks, due from
directors of said banks. due from breakers, real
estate, specie cash items, stock and promisso-
nv notes, bills of solvent banks. bills of suspen-
Died banks. loss and expense accOunt,capltal, CIR
culatlon, profits, amount due to banks, amount
/. buc to individuals, amount due treasurer OF
state, amount due depositurs on hand. amount
due not included under either Of the above
heads.
SIC. AZ be capital stock of every bank
: inc association, established unler the pruvls-
ions of his act, shall be liable to taxation, and
it shall be the duty Of the cashier OF such bank
lnr association to transmit to the clerks of the
several towns within this state, III which amy
shareholders of the same shall reside, true list
of the names of all such shareholders, with the
amount every such shareholder may own, on
:, the first day of April III each year, which
amount shall by the listers be set Ill the list OF
such shareholder, at It's actual market value.
SEC. II. he directors ofany such banking
=, association shall be liable to pay to the crcdl
:. tors and stockholders of an such bank all loss
es which may be sustained in consequence
any violation by them of the provisions of this
act. or Of any other law, or other uniLlthtul-
ness IN the discharge of their official duties
and any number of such directors may be sued
m tho Slnc action by any clamlnt under the
provisions of this section.
= SIC h. Any director. who may have paic
nU.r tIIrn his share OF the Liabilities mentioned
= III the preceding section OF this act. may have
q any proper action in law or in equity against
: such other directors AS shall not hlYc paid thci
iu.l shares.
Sc. IL. Such banking association shlll no
receive or demlnl any greater lntcrc t or dis
count ON any nnte, draft or security, than a
the rate OF SIX per cent. per amman but sucI
> interest or discount may be calculated ant
t.tDl isI h
blnling.
:, SEC At. No such banking association sinai
Il directly or indirectly employ It's money in trade
or commerce, other than is in this act provld
, ed, or deal or trade in buying or selling any
- goods, chate@, wares OF merchandise Pro
rided, That such banking association may Eel
: all kinds of property which shall come into il
possession in the ordinary collection of its debts
SEC. 40. All bills and notes of such bank
ing citation shall at all times be received b.
:, SAID association, on all judgments, executions
i or demands, made payable 10 or the property Of
=, such banking assocai ion.
y SEC. 40. All such banking associations
sJa'I scml,annuaIly II, the times at which TN
~ dividends Of profits shall usually be declared
pay INTO the treasury of this stale one per cent
, a of the capital f such banks: ProriIed Tina
IT, # such banking association shall keep suifi
u cient deposit OF funds in the city of b I,ton, il
u = c commonwealth of Massachusetts, and shal
at that city uniformly cause their bills to be re
- deemed at par, such bank shall be exempt from
such payment; but If they shall fail to redeem
. their bills or notes, for the period OF ten days il
~ the whole, in any one year, the said tax shall b.
y paid for that year.
SEC 50. Before any banking association
l. formed under this act, shall receive from tn
treasurer any circulating notes, as provided il
= the second section of this act, the directors 0
, ',ocklo ders shall give to the treasurer good an
, sufficient bonds, to the amount OF the note
~ that said association shall propose to receive
" as an additional security to indemnify the bill
no ders against any loss that may be sustained
~, IN case said mortgages or other securities sha
= lie insufficient, and also to secure the bill hold
ars for all costs and int rest that may accru
IN case OF a suspension Of payment by such in
srituton, and for all other liabilities or indebted
y ness OF said institution.
" SEC 81. II a majority of the shareholder
Di oiany incorporated bank shall agree to 90 int
r. 81 9 alton, under the provisions of this act a
Or provided in sections thirty five and thirty 81,
OF md any individual shareholder shall be oppose
le thereto, and shall signify such opposition to tn
10 president, her. or directors, in writing, sue
IN bank shall not avail itself OF the prov ,sons c
:, this act until the amount due to such shareholc
= tr shall have been first paid, which amour
rs shall be an equal proportion of the whole prop
i erty Of such institution, according to the mum
s. Der OF shares that such individual shall own.
"a Sec. 81, The legislature may at any tim
St alter or repeal this act.
- SEC. 3d. This act shall take effect from il
nc passage
a. Approved November II, 1851
IL (Conciuded on second page.)
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