Kenosha telegraph. [volume] (Kenosha, Wis.) 1850-1854, 1852-02-20

stract of each section. We have had but little
opportunity to examine the bill, but should think
from hasty reading that would meet the wish
es and expectations of large majority of the
voters of the State:
Sec. provides for the election every years
of IA Bank Comptroller by the Legislature, whose
compensation, including rent, clerk hire, &c,
shall be $4,000.
Sec. 2 * 3 provide for performance of the du-
ties of the above office in case of his absence or
disability.
Sec. provides that Comptroller shall cause
the notes to be engraved, registered, signed, and
countersigned.
Sec. g. Any person or persons who shall
assign or transfer in trust to the State Treasur-
er, u. 5. or State stock-to be valued at rate
TO be governed by the average rate at which they
shall have sold in New York for the previous six
months-may receive from the Comptroller an
equal amount of circulating notes-sald stocks
to be eqna to per cent stocks, and not to be re-
ceived above their par value or current value in
n Y, city at the time of the application.
Sec. & 7. Lists of notes and securities 10
be kept by the omptroller-securities to be in
charge Of State Treasurer-and may be redeliv-
cred to the Comptroller for sale under certain
contingencies.
Sec. g. Comptroller may give powers of at
torney to banks or bankers 10 receive the inter
est on the stocks deposited by them, to be revo-
ked when there is failure TO redeem their notes
and may, on application change the deposited
securities for others, the notes always TO be Sc
cured in full
Soc O. Bills to be Stamped Secured by pledge
of public stocks.
Sec 10. Plates and dies to be kept by the
Comptroller. and expenses incurred in therpur-
chase and use to be paid by the association or
person applying for notes.
Sec ii Salary of Comptroller to be assessed
pro reto ofthe circulating notes, upon the banks
or bankers.
Sec II. Persons or associations complying
with this act may issue notes, payable on demand
at their place of business within this state.
Ssc. Is. Persons may associate in establish
ing Offices of discount deposit, and circulation
under This act the aggregate OF the capital stock
of each TO Be within certain limits.
Sec. II. They shall certify, their name, place
% business, amount of capital stock and number
cf shares, names and places of residence of share
holders and number of shares of each, and peri
Cd of commencing and terminating business -
Said certificate to be recorded IN the registers
office of the county, aud copies filled with the
State Treasurer and Comptroller, and thereupon
become Incorporated.
Sec. Is. Copies of this certificate by the
Register or Comptroller, to be used Is evidence
in courts of justice.
Sec. l6. Grants the usual powers Of bank
ing institutions.
Sec. II. Shares 10 be deemed personal prop
efty transferable Oh the books Of the association
No change to be made in the articles of assocla
ton to the prejudice of existing creditors. Tax
es TO be levied upon the association and not up
Il. l.. IL h,
assessed where located.
Sec. Is. If the makers of circulating notes
shall fail to redeem them, the notes shall be pro
tested for non-pavnGnt, unless the officers OF
the bank shall make admission of the tact.-
Bank Comptroller, on receipt of such protest OF
admission, shall notify the bank to pay the note:
in case OF refusal or neglect for go days, unless
good reason is given, shall give public notice II
newspapers in the county when the bank is loca
ted or at the seat of government, that the notes
will be redeemed out of the trust fund; anC
the comptroller shall apply the trust funds to tht
purpose.
Sec. 10. Comptroller shall sell the stocks
in such cases at public anCIOn-the State to b
: in no wise liable beyond the application Of th
securities deposited.
Sec 20. If the current market value OF thu
stocks Shall for 90 days be less than the nonna
the depreciation, and the Banks shall within 81
days deposit additional stocks equal to the differ
ence. If they fail to do so, they shall lorlci
their powers and privileges, and the comptrolle
shall apply to the Circuit Court to have receiver
: appointrt who shall perform the duties prcscri
bed by Sec. 8, Chap 81, Title l3. r. $.
Sec p. Comptroller not TO sign bills above
value of stock deposited, under penalty of fine o
not less than $4,000, or Imprisonment in State
; Prison not less than years, or both
Sec. %. Associations may provide for in
crease Of capital to certain limit.
Sec %. Contracts and notes to be signed
by the officers of the association, and suits to bl
brought in name of the said association.
Sec 81. Such association may hold and con
yev real estate for their business accommodates
such as shall be mor;gaged for loans or mon
ey dnc-such as shall be conveyed in the course
OF deang-and such as they may acquire by
execution, and for no other purpose except those
named.
Sacc 25. Twelve per cent interest for dam
ages to be paid on notes, the payment of which
is demanded and refused.
Sec. %. Last ofshareholders to be filed semi
annually with the County Register and Bank
Comptroller.
Sec. y. Notes not to be pu, in circulation
payable at any place except where the business
otthe bank is carried On-Sa!d notes TO be pay
able on demand without interest.
Sec. %. If the Comptroller shall at any
time deem the securities insufficient to redeem
the circulation Of any bank, he may receive the
dividends on the same, and loan them on such
terms as he may deem expedient.
Sec 20. Fees for protesting notes TO be pait
by the person for whom they are performed, tho
bank to be liable for the same, but none Of the
securities to be applied for that purpose.
Seq. 80 L 81 Provides for manner of relin.
gushing business.
Sec 50. Mutilated notes may be returned
to the comptroller and exchanged.
Sec 80 No greater interest to be received
BY banks that is allowed by law in this state
Sec 81. Shall receive their own notes in
payment of all demands
Sec. 35 Provisions Of this act to CONTROL al
persons conducting business under il.
Sec. SO. At the next general election in No
vembcr, the question of approval Of this act to be
submitted to the public, and a majority of all
votes cast on the subject shall decide.
Sec 81. Form of ballots at said election.
BR1sToL, Feb. llth, 1852.
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