Litchfield enquirer. [volume] (Litchfield, Conn.) 1829-current, 1852-07-29
,cted to be p,ads, and sos else

before directed to be made, 9nd -sQs else
where. ~ - !
CnSSx. 30. No corporation as such, shall
issue or put ia circulation any bill o. note o
isaid corporation unless the same shai DC
made payable on demand and without in'
,teresl: and every ViOlatiOn OF TINS section
nv any officer or member OF banking as
,aoeiation, shaHbe deemed ana Rdjudged a
smrsdemeanor punishable by ine and i'm
prisoDment, Oh beth, 10 the discretion of the
curt having cognizance thereof.
Sec. 3l'"lt shall be the Iuly OF the Joint
select committee on banks, at each session
ol the Legislature, to examine the tfeaS-
urer's account with such corporations as
NAV be Organized under this Act, and 10
examine The securities deposited with the
Treasurer" Gy Blinking corporations, to-
ge,her witt such books and papers relating
to The business Of banking, as The san'
committees may deem necessary 10 enable
them 10 report the true state and conditions
Of that Department. o the Legis 'ature.
SCI. 81. When apy corporation organ
ix.d under this Act, is DESTROYS OF relia-
anishine the banking business, and shall
thave redeemed at least ninety per cent. Of
Its circulating notes, ard shall! produce to
.tlle Treasurer a certificate of a deposit to
the credit OF The Treasurer in such iisttu-
ton, as the Treasurer shall approve, 10 an
tpduul amount wifi Tie circulating notes
of such bank, unredesmed. 1t sliaIf be laws
j., full for the Treasurer 10 teceiso ths same.
"A nd 10 give up all the securities Heretofore
deposited sy ssueF corporation, for the 70,
.Jemptl:ih of circulating notes Issued.
< S5ss. 80. Such corporation after having
rolnyleI with 'tlIe~ provisions of the pre-.
tcsdifig SECTION. may give notice for two
Wears, in some newspaper printed in The
county where the said corporation shall
shave been located, and such otl1er notice as
The Treasurer Sc II Prescribe, ,.lat all cir.
auaiihg notes issbed>hy such corporation
nus be presented at The Trcasurcr's Office
w;tlin two years frlm tile date Of such
notice, 0r9har the funds deposited for the
redemption Of the notes wifi be given up to
the cotpolaFi0D, and on receiving salisfac
,lury proof Of the giving such notice for
me irnie aforesaid, the Treasurer shall |
Sur euGer to the order of the said corpo>
,ia,ion and securities which lie may hold /
for rhe payment Of any Inredtem notes |
Of the said coIroi alton. :" - -
! Sec 81 The TREASURER Of this State !
and The Cotnmi soGei Uf tie School Fund, !
shall constitute a board. whose duly il |
shall be to me ct 1T least once in each |
month, ana oheuer Whenever they dee N it |
advisable 10 investigate file value of the
securities deposited with tho Treasurer
under the provision Of this Act; and if, in I
s;e,f O iuiop, they have become made
Quits for die purposes for Which they
Wefc deposited, or are likely 10 become SO
Jptlo:e their mex; meeting, ri.ey shall i'm
fnetitely notify the Dispositions of such
SECURITIES 10 procure additional 81 curity, or
~ atiirn such PREPARATION OF their circulat-
fhg>n0les us the Treasurer and Commits
1ioner may direct. - ~
Aud if the depositors shall neglect to
procure such additional security, or to re-
lurn such notes, Cor the period Of twenty |,
days, then upon application Of the Treas>
prer to"0ny Judge Of the superior court,
the said judge, If he 6ndsthe orders CT tie
Treasurer and Commissioner have not been /
complied WITH shall declare such corpora
tidh ',nsoveut, and ska appoint receiver,
who shall proceed to sstle'the affairs of the |
Corporation as provided ny law.
+ Sec. 35 Every corpor,siion formed under
the provisions Of this Act shall be snbject
TO the provisions of 'tke 18Th chapter, Tdtlc
8, Of ,Le Reyise,i' siai ates Of lS4g-except
when sdcB provisi0n5 conflict Will, and are
in opposition 10, Ihs 9pecial provisions of
this Act. =" i" -. ',s..~
Sec. So THIS act may be altered. amend.
ed, or repealed, 0. the powers OF any cor
poration Created pursuant thereto, by the
General Assembly. -
Approved, June 25th, 1852.