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

association, and to be used in all its dealings,
which name shall not be that of any other bank
ing association in this state.
I'd. The place where the business Of dis
count and deposit of such association is to be
carried on, designating the particular city, town
or village.
Sd. the amount of capital stock of such as
ISOLATION, and the number of shares into which
the same shall be divided.
4th. The names and places of residence of
the shareholders and the number Of shares held
by each Of them respectfully.
9TH The period at which such association
shall coriinenceand terminate which certificate
shall be acknowledged and recorded in the Of
fee OF the register of deeds of the county where
any office of such association shall be establish
ed, and copy thereof filed in the office Of the
state treasurer and of the comptroller and upon
the recording of which certificate, the person or
association OF persons aforesaid, shall become
body polite and corporate by the name assumed
as aforesaid, for and during the time fixed in the
certificate, and by such name shall have power
to contract and Be contracted, with, and shall
have oil other powers privileges and mmunities
incident TO corporations, as provided in chapter
81, title 49, OF the revised statutes of this state.
SEC. 90. A copy of the certificate required
by the preceding section duly certified by the
register of deeds of the county, or comptroller,
or either OF those officers, may be used as evil
dence IN oil courts and places. for or against
whom any such evidence may be necessary on
any civil or criminal trial.
SEC. 81. Such association shall have pow
er to carry on the business of banking by dis
counting bills notes, and other evidences of debt,
by receiving deposits; by buying and selling
gold and silver bullion foreign coin and foreign
and inland bills of exchange; by loaning money
-,
ing such incidental powers az may be necessary
to carry on such business; may choose one of
their number as president, and appoint cashier
and such other officers and agents their bust
ness may require; but no association or banker
shall commence the business of banking under
; this act, until such association or banker, shall
have deposited with the treasurer the securities
} required by law, to the amount of twenty-five
thousand dollars, exclusive of the bonds of d.
rectors of stockholders
: SEC. % The shares of such association
shall be deemed personal property, as shall be
transferable on the books of the association, in
such manner as may be agreed on in tie articles
of associations and every person becoming a
, Shareholder by such transfer, shall in proportion
to his shares, succeed to all the liabilities of prior
shareholders No change shall be made in the
r articles of association by which the rights rem
eGies or securities of its existing creditors shall
r be weakened or impaired such association shall
not be dissolved by the death or insanity of any
, one Of the shareholders therein.
Sec %. In case the maker or makers ofany
circulating note or notes, countersigned and re-
gistered as aforesaid, shall at any time hereaf-
ter, on lawful demand, during the usual hours Of
business, between the hours of ten and three o.
clock, at the place where such note or notes
5 is or are payable, fail or refuse to redeem such
: note or notes in the lawful money of the Uni
! ted States; the holder or holders of such note
or notes making such demand, may cause the
/ same to be protested, in one package for nom
r payment, by notary public, under his official
seal, unless The PRESIDENT cashier or teller shall
offer to waive demand and notice of the protest,
I and shall in pursuance of such offer make, sign,
and deliver to the party making such demand, an
admission in writing, stating the time of the de-
mand, the amount demanded, and the fact of the
nOn-pay ment thereof; and the bank comptroller
; on receiving and fling in his Office such admis-
sion or protest, together with such note or notes.
shall forthwith give notice in writing to the ma.
: ker or maker of such note or notes to paw the
same, and if they shall omit to do so for five days
after such notice, the bank comptroller shall i'm
r medlately thereupon, (uness he shall be salts
: fed that there is good and legal defence against
the payment of such note or notcs,) give notice
person or association of persons will be redeem
! ed out of the trust funds in his hands for that
? purpose, which notice shall be given by publish
ing the same in some newspaper printed in the
r county where the business of such association
is established, or in there is no neWspa pei
printed in such county, such notice shall be pub
' lished in some newspaper printed at the seat oil
y government of this state, and the comptrolle,
shall be required to apply the said trus. funds be-
longing to the maker or makers of such protes-
: ted note or notes to the payment pro-rata of all
, circulating notes whether protested or not, put
Y in circulation by the maker or makers of such
protested note or notes pursuant to the provi-
g sons of this act, and TO adopt such measures 70,
: the payment ofsuch notes as will in his opinion
most eeetualy prevent loss to the holders there
: of.
: Sec. "a. In case such person or association
t of persons, shall fail or refuse to pay such bill
: or notes on demand in the manner specified in
, the preceding section Of this act, the comptroll-
5 er after the expiration of the five days notice
t mentioned in the preceding section, shall after
: giving thirty days notice by publication in some
II newspaper printed at the seat of government OF
r this state, and in one daily paper published in
x the City of New York proceed TO sell at the
5 Merchants Exchange in the city of New York al
public auction the securities SO pledged, and out
e the bills or notes which have been issued or pu
d in circulation by uchassociation under the pro
d visions of this act TO be applied pro-raa to the
+ payment of all such circulating notes but no
: thing in this act contained shall be considered a:
= implying any pledge on the part of the state fol
: the payment of said bills or notes beyond The
/ proper application of the securities pledged t
i the treasurer for their redemption
d Sec rs. In case the current market value o
h any portion of the securities transferred oy any
5 banking association to the state treasurer, il
/ trust as provided in this act shall at any time fol
II the period of sixty days be less than the value a
: which they were deposited, the comptroller shal
: notify such bank of the depreciation in value o
such stock and such banks within thirty days af
= ter receiving such notice, shall cause securitie
n Of the kinds before specified, or an qua amour
n OF their circulating notes to be transferred 10 thu
e treasurer of state, in trust, 10 an amount equa
/ 10 the difference between the current marke
ID value at the time OF notice, and the value a
< which the same were deposited and if sail
e banking association shall neglect or refuse t
n deposte securities or circulating notes to the a
n mount of such difference, within the thirty day,
Il after the date of said notice the said association
y Shall be deemed to have forfeited their rights
powers, pYVllepeS and immuujtips "a han kim