Indiana American. [volume] (Brookville, Ind.) 1833-1861, 1855-04-06

lthen1 such association shall be re.
quired to withdraw the said stocks so
failing TO pay interest. and 10 subsi-
tutc for the same the stocks Of interest
paying States, or else surrender an
amount Of its notes equal to the
amount OF stocks so required TO be
Withdrawn.
See. o. Such association Of persons
are hereby authorized. after having
executed and signed such circulating
notes in tho manner required by law,
TO make them obligatory promissory
notes, payable, on demand. Mt the
place Of business, rs hereinafter speci'
fed. within this State. of such associ-
alton, to loan and circulate the same
as money. according TO the ordinary
course Of banking business, rs regu'
lated by the laws and usagcs Of this
State.
Sc,. o. In case the makers of any
such circulating notes, countersignet
and registered as aforesaid. shall. N
any time hereafter, on awful demand
ut the place OF business specified II
such note. during the usual hours o
banking business, rs hereinafter men
toned. fall or refuse such note or note,
in the lawful money of the Unitet
States, the holder Of such note o.
notes. making such demand. may
cause the same to be protested fol
non. payment, by q notary public, II
the usual manner. and the Auditor
on receiving and fling In his Office
such protest. shall forwith give writ
ten notice 10 the president, cashier o
any director OF said association, VIII,
issued such notes. TO pay the same
and II such association shall not i'm
mcdiatcly do so, the Auditor shall
without delay. (unlss' he shall b.
satisfied that there Is good and lie
gal defence. against the payment o
such note or notes, give notice in on
Of tho newspapers published IN Indi
annapolis, that all the circulating note
issued by such association will be re
deemed out Of the stocks held by hin
in trust for that purpose; and II shsl
be lawful for the Auditor to apply th
said trust funds belonging to the ma
kers Of such protested notes to tn
payment and redemption Of such note
with costs Of protest. and to adoI
such measures for the payment Of q
such circulating notes. whether pre-
tested or not. put in circulation by III
makers Of such protested notes. pui
suant 10 the provisions Of this act,
will, In the opinion Of the Governor
Treasurer. and Secretary of State. @
a majority Of them, most eiiectusll
prevent loss to the holders thereo
Provided. that all the notes presente
for redemption ut one time shall !
included in n single protest. Provide
further. that no preference in III
payment shall be given TO proteste
notes over non protested.
Sec. 10. The Auditor shall give an
association to transferring stock
pursuance of the provisions Of this nc
powers OF attorney TO receive intcre
on dividends thereon which such a
ISOLATION may receive and apply
their own use; but such powers ma
: be revoked. upon such association fai
ing 10 redeem the circulating notes
issued or whenever in the opinion
the Auditor. Governor. Treasurer. an
Secretary of State or n majority
I them, the principal Of such stock shs
{ become insufficient security; said A,
di,or also at the instance OF the ow
ers Of such stock so transferred
! trust, aforesaid. may in his discreet,
. change or transfer the same for 9th
stock Of the same kind specified abo
. in this act. or shall re.transfer Il
stocks or any part thereof upon =
! ceivihg and canceling an equ
; amount Of such circulating notes
|, livered by him to such association
such manner that the circnlatil
9 notes shall always be secure in full
such stocks, and shall not be rcduc,
0 or withdrawn rs aforesaid, below d
{ value of fifty thousand dollars wor
/. Of stocks Of any association.
a Sec. II. The bills or notes so TO
countersigned and the payment
9 which shall DO 80 secured rs aforesn
: shall he stamped on their face. IS
n cured by pledge ofpublic stocks"
Q Sec. t2. Nothing In this act co
i. tanned shall be considered as implyi,
i any pledge On the part Of tho Sta
# for the payment Of said bills or not
'f beyond the proper application Of t
G securities pledged with the Trcasur
d for their redemption, nor shall an
thing herein contained be constru
Il 10 empower any association 10 condl
II or carry on the business of banking
II any other than the place Of busin,
II Of such banking association which pla
II Of business shall in every instance
g the same ut which their bank bills !
e spectivcly are made payable.
d Sec. IS. Public stock TO be depo,
" ed with the Treasurer by any such
|. ISOLATION shall be held by him exc
II sively for the redemption Of the bi
d or notes Of such association. put
d circulation rs money until the sal
/. are paid and shall In no case be h,
1t for the benefit Of any deposition
j. otherperson having business with su
of banking association until after
n issue Of said bank Is redeemed.
" Sec. II. Thesplates, dies. aud n
e terisls to be procured by the Audi
;. or by any other person for the pri
'e ing and making OF the circulating no
,f provided for hereby. shall be plac
h In the custody and under the dir
. tions Of the Treasurer: and the exp,
Is SEES necessarily incurred in executi
1t the provisions Of this act. shall BIO |
n ditcd and settled by the Auditor. n
/. paid out Of and moneys in the Ire
3; ury not otherwise appropriated, q
:. for the purpose Of reimbursing
I. same. the said Auditor is hereby
4. thorized and required TO cha
=. against and receive from such asse
" alton applying for such circulat
o. notes, ruch rate per cent. ther