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

they may think proper, the aggregate capital not
TO exceed five hundred thousand dollars, as be-
fore provided.
Sec. %. Contracts made by any such associ-
alton and all notes and bills by them issued, and
put in circulation as money, shall be signed by
the president or vice president and cashier there
OF.
Sec. %. 1t shall be lawful for such associa-
to purchase, hold convey real estate for the fol-
lowing purposes
LIST. Such as shall be necessary for its imme-
date accommodation in the convenient transac-
ton Of its business;
End. Such as shall be mortgaged to it in good
faith by way OF security for loans made by, or
money due TO such association:
Sd. Such US shall be conveyed to it in salts
faction of debts previously contracted in the
course Of its dealing and
4th. Such as it shall acquire by sale on exc
cution or decree of any court in its favor. The
said association shall not purchase, ho0 or con-
vey real estate in any other case or for any other
purpose whatever; and all conveyances of such
real estate shall be made to the corporation, and
which real estate the president and cashier may
sell, assign, grant, or convey, under the direction
OF the association, free from any claim therein,
in favor of or against the stockholders, or any
persons claiming under them.
Sec. 80. Such association shall be liable to
pay the holder of every bill or note put in cir
culatIon as money, the payment OF which shall
have been demanded and protested, five per cent
damages for the on-payment thereof.
Sec. 81, The President and cashier of every
association formed pursuant to the provisions of
this act, shall at all times, keep a true and cor
rect list of the names of the share holders of
such association, and shall file copy of such
list in the office of Register of Deeds of the
county where any office of any such association
may be located, and also in the office of the bank
comptroller, on the first Monday in January and
July in each year.
Sec. 50. 1t shall not be lawful for any asso-
citation formed under the provisions of this act
to make any Of its bills or notes, to be put in cir
cuaton as money. payable at any other place
than at the office where the business of the asso-
citation is carried on and conducted, and said
bills or notes shall be made payable ON demand
and without interest.
! Sec. SO. Whenever the securities deposited
for the redemption Of circulating notes, shall in
the opinion of the comptroller become INSULT
Gent FOR that purpose, he may receive the inter
est and dividend on all securities and shall de.
post the same with some safe banking assoCia-
ton the deposit to be made on such terms and
at such rate Of interest as the comptroller may
association, and to be withdrawn and paid over
whenever in the opinion of the comptroller the
securities of such association shall be sufficient
to warrant il.
Sec. "a. All fees for protesting the circula-
ting notes issued by any banking association
shall be paid by the person procuring the servi-
ces to be performed tnr which said association
shall be liable, but no part Of the securities de-
posted by such association shall be applied to
the payment of such fee.
SEC. So. When the officers of any banking
association, DESTROYS Of rehnquishing the bank
ing business, shall have redeemed at least nine
ty per cent. of their circulating notes, and shall
have returned, cancelled, the said notes to the
comptroller, and shall produce to the comptrol-
Ter certificate Of deposit to his credit in such
bank as he Shall approve, to an equal amount
with tie circulating notes of such banking asso-
citation unrodeemod, it shall be lawful for him &c
receive the SANE, and to give up all the securi-
ties therefore eposted by such banking asso-
citation for the redemption OF circulating notes is
sued.
SEC. Sc. Such banking association, after ha-
wing complied with the provisions of the last
preceding section, shall give notice for two years
in some newspaper in the county where such
bank shall have been located, that oil the circu-
la!in notes issued by such banking association
must presented at the comptroller's office
T withiG@see years from the date of such notice
or that the funds deposited for the redemption OF
thesnotes will be given up to the banking associ
alton: and OF receiving satisfactory proof of the
giving of such notice for the time aforesaid, the
comptroller shall surrender, TO the order of such
banking association, Gny securities which he
may hold for the payment of any unredeemed
f notes of the said banking association.
Anv hau1yinr- aCSoc;o,;or -
withdraw any of the securities BY them deposi-
ted with the comptroller, may do 60 By deposit
ting in lieu thereof, an equal amount Of specie
!. or of the circulating notes which have been is
sued to said association by the comptroller in
sums of not less than one Thousand dollars.
Sec. SO. The securities to be deposited with
the treasurer in trust by any association, shall
be held by him exclusively for the redemption OF
ME bills or notes of such association pnt in cir
culation rs money, until the same are paid and
returned to the comptroller as provided in this
act; but the treasurer may assign said securi-
ties to said association transferring the same
upon receiving therefor equivalent securities, or
being notified by the comptroller that such bank
has deposited with him all equivalent amount ii
f specie, or circulating notes issued by such bank
as provided in section thrty-seven of this act.
, SEC. 80 All the circulating notes of banks
anu UdIhliIB bSSOCldtOIlS 10 tIiC comp
t troller, shall be destroyed by him after he shat
| have made a record of the same, which record
t shall specify the number of each bill, lis date
and by whom it was countersigned, and shall BE-
, made in the books to be kept by him for regis
tering circulating notes, as provided in section
four of this act and said comptroller shall also
furnish the state treasurer with a copy of the rec
: ord required by this section, who shall RECORD
} said copy in the book in which he is required Il
copy descriptive securities and circulating note!
f by sections twelve ard thirteen of this act.
SEC. 40. If any portion of the original capita
/ of any banking association shall be withdrawn
for any purpose whatever, whilst any debts o
t the association shall remain unsatsfied, no divi
dends or profits in the shares ofthe capital stool
of the association shall thereafter be made unit
: the deficit of capital shall have been made gooc
; either by the subscription of the shareholders
t or out of the subsequent accruing profits of the
association; and if it shall appear that any such
| dividends have been made, it shall be the duty o
t any Judge of the circuit court of the county in
t which said association may be located, Oh appli-
1 cation of any person in interest, 10 make the ne
cessary orders and DEGREES for closing the affairs
of the association and distribute its property anC
; effects among its creditors and shareholders.
! Sec. Al Every bank and banking associa
ton shall on the first Monday of January ant
IulI- bovi,,r ~