Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1855-03-09
THE WILMINGTON JOURNAL.
wIImIraToN. n. G., MONDAY, MARoH s. ls55.
The Cane Fear Bank Rc-churter.

Bank of Cape Fear. The first section provides Tor
keeping in force former acts in relation to the Bank
until the lst January, 1880, except so far as the
same are hereby altered, amended or repealed
Section second provides for the opening forthwith OF
books of subscription to additional stock to the
amount of five hundred thousand dollars. Section
third provides for the scaling of stock IN the eVent Of
a larger amount than five hundred thousand dollars
being subscribed new subscribers TO have the prefer
ence and to be entitled TO retain the whole amount
subscribed for by them before any OF the present
stockholders in said Bank shall be permitted 10
retain any share or shares subscribed for by HIM OF
her Section four provides for the opening OF books
at some thirty-three places in the State. Sectlon
5th The State shall be entitled to subscribe Tor one
third of the contemplated addition, and be represented
precisely in proportion to her stock oec'loh o'n'
The number of directors shall be apportoned between
the State and the individual holders IN the pre-
else ratio of their respective stock Sections 'tn anu
Shall property and estate held by the stockholders
in the present Bank, over and above the par
value of their stock to belong exclusively to Them and
to be divided or if retained by the new Bank its val
ue to be ascertained by committee, composed OF one
on part of the Stae-one on part of the old soockhol-
new stockholders shall pay fair equivalent for the
interest they may acquire in such property or estate
Section 9th.-The Bank not TO acquire real estate,
save what is necessary for the accommodation OF Its
business in the way Of mortgage, or judgment
Sales in the bona fde of its business Section
DIFFERENTIATION not to exceed twice the amount OF
capital stock, actually paid in. Section Ii imposes
an annual tax Of 30 cents on each Individual share,
to be reserved out of the dividend such shares
The Legislature having the right to increase said
tax to 81 per share provided all other Bank shares
are equally taxed.
The 18th section we do not quite understand, but
insert it in full as follows: Section II. That no
dividend of profits on the additional stock by this
act authorized shall be declared until the time OF
declaring the first dividend, which may be declared
next after the last payment such additional stock
and then only such shares as shall have been Who'll
" paid in Section 18th makes the real estate held
by the Bank subject to taxation. Section l4th pro-
7ides for the individual liability of stockholders in
the event of the insolvency of the Bank Section 15th
makes any false entry by any officer agent or servant
of he Bank with intent to defraud the Bank, or any
person whatever, felony punishable with fine, I'M
prisonment and pory any or all at the discretion OF
the court Section 10th provides for annual meetings
of stockholders Section 18th provides that the notes
of the Bank shall be legal tender in payment OF all
debts due to said Bank, its branches, without re-
gard 10 the place where the may be payable and
demandable Section 18th prohibits the Bank from
issuing or paying out oes other circulation for
less sum than five dollars, either of it's own or any
other Bank unless in settling with Banks issuing such
circulation. Section 10Th provides for semi-annual
statements made to the public Treasurer showing the
condition of the Bank.
Section Goth gives Legislative committees power Of
examination and inspection into the affairs of the
corporation Section 21st-Amended charter to be
accented by 1s June next and the Governor to be no.
titled of such acceptance by the President of the
Bank Section ed prohibits officers from acting as
proxies Section 23d--Additional subscription TO be
paid in gold silver, notes of specie paying Banks
of other States Section 24th--No director or other
officer to receive directly indirectly, any compen-
sation for any agency in procuring discounts,
ais, etc Section 25th prohibits any trading by Off
GERS in shaving notes with their private funds, and
having them placed in the Bank as the property Of
the Bank, etc
The Observer seems to think that the Bank ough
not to accept the amended charter There may be
something in its objections but many of them strike
us rather as being dictated by spirit of faultfnd
ing. The main objection seems to be 10 the ncreas
ed tax on dividends. In this, at least, there Is NJ
partality; for all the Bank charters granted by thu
last Legislature present similar feature all take
are increased. The right to increase to one dolla
per share is reserved, but in this respect the Cap
Fear placed the same footing with all other bank
chartered at the last to be chartered by succeeding
Legislatures. The prob; bon of notes under SIS will b
more announcement than hurtful has been show
by the experience of other States and the main obec
ton the existence of banks unbound by any such
stricton. Justice would require uniformity i
these matters We really don't think there is niue
in this matter. The settling of balances may
snces may be adjusted or debts paid to the Bank
its notes no matter where payable, it seems
us that such has been the fact for long time
does an oversight to exclude all old sharehOl(
ers from any new stock until all new subscriber
satisfied No doubt it the intention TIL;
until new subscriber got equal footing wit
an old stockholder,-- until he had secured as man
shares, he should have the preference, but
further. AS for the matter of directors or office
being prohibited from acting proxies it is provi
ion by no means unusual in charters. All that CT
be said against it is the of convenience, viii
more substantial arguments might be urged in
favour. Tie same will apply 10 officers acting
agents for the renewal of notes, sc. Our prese
knowledge of individuals would lead us to say tn
evil could result from allowing them so to &C
but there is no great harm in an abundant caution
If, TO the services of the proper officers an
crease of salary is requested why we don't see W