Kenosha telegraph. [volume] (Kenosha, Wis.) 1850-1854, 1852-04-23


ofsuch rail road company shall file in like man
ner a statement under the oath of its president
aud secretary, setting forth the cost of such por-
ton of road, and the net revenues thereof for the
year next proceeding.
| SEC. 9. Such bonds or obligations shall not
be received at a'rate higher than eighty cents on
every dollar of the current and actual value
thereof, nor rate, estimating the whole number
OF continuous miles in such portion OF road, and
the amount of bonds and obligations secured
thereby, exceeding the one-half of the average
cost and value of such road, nor at rate, TO be
ascertaned by such estimate, exceeding eight
thousand dollars per mile, for every mile there
Of
SEC. 10 The bank comptroller in conjunc-
ton with the governor shall reject such bonds or
obligations, the security of which shall be found
upon examination 10 be doubtful or liable TO be
seriously impaired and in case the current or ac-
tual value of said bonds or obligations shall have
deprecated, after shall have been received the
bank comptroller shall reduce the rate at which
the same shall be continued to be held as secu-
rites, and require other bonds or obligations. or
public stocks of the United States, or of any,
state, to be deposited TO make good the deficit
in like manner as is provided for in this act in
case of the depreciation of the value of such bonds
or public stocks.
SEC. IL. Every such mortgage or deed of
trust BY which such bonds of obligations shall
be secured, shall be recorded in the office of the
secretary of state, in proper book kept for that
purpose, whose certificate of such registering
endorsed on such mortgage shall be evidence
thereof; and the said mortgage or deed of trust
50 recorded shall have the same effect as if re-
corded in the several counties through which
such road may be built.
Sec. II. a descriptive list of the circulating
, notes so registered and countersigned by the
bank comptroller or his deputy as provided in
sec of this act, shall be delivered to the state
treasurer, who shall copy the same in the book
hereinafter required TO be kept by him for record
ing descriptive Lists of securities deposited with
, him for safe keeping.
SEC. -. The descriptive lists of the secu-
rites transferred to the state treasurer in trust
as aforesaid, shall be made and signed by the
, bank comptroller and persons making the trans
, fer one in a well bound book to be kept by the
! comptroller for that purpose, one in a like book
to be kept by the treasurer, and one in book to
be kept by the association, and securities shall
then be delivered to the state treasurer for safe
: keeping who shall receipt to comptroller for the
r same, and who shall be responsible for any loss
] or destruction there of, growing out of or re-
suIting from negligence, or the want of reason
j
: of said securities may be re-delivered to the
9 comptroller for the purpose of being sold under
! the provisions of this act, or being used or dis
{ posed OF under any order or decree of court, or
Of being returned to the owner in conformity
with the provisions Of this act, the comptroller
in either case giving a receipt upon the book kept
: by rhe treasurer aforesaid specifying therein the
purpose for which such re delivery was made
which receipt shall discharge the treasurer from
all further responsibility for the stocks re-de-
? livered to the comptroller
SEC. ii. The treasurer may give to any per-
son or association Of persons 50 transferring Sc
= curiues in pursuance of the provisions OF this
: act, powers of attorney, TO be countersigncd by
; the bank comptroller, and recorded by him in q
; book to be procured and kept for that purpose
to receive interest or dividends thereon, which
f such association may receive and apply to their
: own use; but such power may be revoked upon
such person or association Of persons failing tt
. redeem the circulating notes so issued, or when
in the opinion Of the bank comptroller the prin-
p cipal of such securities shall become insufficient
e security; and the bank comptroller upon appli-
: cation OF the owners Of such transferred secu-
: rites in trust, may in his discretion, with the
= approval of the treasurer in writing change or
transfer the same for other securities of the kind
before specified in this act, or may transfer the
said securities or any part thereof upon rcceiv-
: ing and cancelng an equal amount of such cir
5 cu!ating notes delivered by him to such person or
? association of persons, in such manner that the
e circulating notes shall always be secured in full
by securities as in this act provided.
: Sec. Is. The bills or notes so to be counter
t signed and registered, and the payment ofwhch
f shall be 50 secured by the transfer of public
: stock shall be stamped upon their face, "secur,
ed by the pledge Of public stock" and the bills OF
: notes. the payment of which shall be secured by
g the transfer Of public stocks and rail road bonds
h shall be stamped upon their face, secured by
: the pledge of public stock and rail road bonds,
: and the amount Of capital stock of the bank
4 shall be stamped on all such bills or notes.
c Sec. l6. Every bank and banking associa
II ton organized under the provisions Of this act
!. shall pay TO the state treasurer the first day
: of January and July OF each year, a semi-annu.
/ al tax OF threetourths of one per Centum on the
e amount of capital stock of such bank or banking
h associations the first payment of stch tax to be
II computed at the rate of one and half per cent
: um per annum, from the time of filing the Ger
d tIhc8:e required in section nineteen, to the frs
= day of January or July then next succeeding, -
II any bank or banking association as aforesaid
shall neglect or refuse 70 pay said tax for ten days
o after il shall become Grc, notice of non paymen
n shall be sent to such delinquent by the state treas
: uror; and if the payment be not made within
= twenty days thereafter, such delinquent bank OF
r banking association, shall in addition to the tag
Y aforesaid, forfeit and pay to the said treasurer
y for the use OF tic state one per centum on The
- amount of It's capital stock. The above semi
= annual tax and forfeiture shall always constitute
a q lien on the interest of the securities dcp0sc,
4 with the treasurer as provided in section five, ant
d IN case of non-payment Of such tax and forfeit
II urn or of either OF them the treasurer is author