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

bond or undertaking signed by all the
owners Of stock, or a bond signed by
any stakeholder, with security to be
approved by the Audito-, conditioned
for the prompt payment on demand OF
all its outstanding notes. il any such
notes remain unpaid.
Sec. So. All laws and parts of laws
conflicting with this act are hereby re-
pealed.
Sec. 81. Each bank organized I'M
der the provisions Of this act. and
each bank now in existence instituted
under The provisions of said amended
act, shall. upon its compliance with the
provisions of this act, appoint an agent,
who shall keep an Office in the city of
indianapolis for the redemption Of the
circulating notes Of such bank, either
in coin or exchange upon the city Of
New York, at the option of such bank:
Provided, however, that such circula-
ting notes may be redeemed at such
agency, if in coin. at a rate of discount
not exceeding one per cent, and if in
exchange, at a rate not exceeding the
current rate of exchange at the time
upon New York. Such agent shall be
appointed in writing, certificate Of
which shnll be fled in said banking
department. which shall cause list of
the agents appointed under this act to
be published in one Of the daily news
papers of the city Of indianapolis
Each bank whose ageat shall for the
space Of ten days refuse to redeem its
notes, as aforesaid, may be proceeded
against by the banking department,
upon protest, in the same manner as
herein provided, upon a refusal to pay
coin at the bank.
Sec. 55. The Auditor of State shall
give bond with security, in the sum of
twenty-five thousand dollars, and the
Treasurer of State shall give bond.
with security, in the sum of fifty thou
sand dollars, payable to the State Of
Indiana, conditioned for the faithful
performance Of their respective duties
under this act; which bonds and Sec
urity shall be approved by the Cover
nor, and his approval shall then be
placed by him in the Office Of Secretary
Of State, who shall file and deposite
them in his Office: and suit may be
brought thereon for the use Of any
persons, or banking association which
may be injured by and breach Of duty
on the part Of said Auditor or Treasur-
Ell, in relation to any duties required
Of them respectively by this act
The Auditor sh all receive a salary Of
fifteen hundred dollars, and the Treas
urer Of State shall receive eight HUI
dred dollars salary in addition to all
other fees and salaries for the per-
Torrance of all the duties required OF
them by this act, which salaries shall
be paid oct Of the State Treasury, by
the banks in the form Of fee Of one
cent on each bill for circulation sign
ed by the Auditor; and il said fees
does not amount TO n sum sufficient TO
repay the same, the residue shall be
apportioned equally amongst the
banks, and retained out Of their inter-
est on their bonds, unless otherwise
paid by retrospective banks upon be.
ing duly Informed Of the amount
thereof.
Sec. Sc. Inasmuch as the present
General Banking law Of this State is
insufficient to afford the people n sound
circulating medium. an emergency
exists for the immediate taking effect
from and after passage.
STATE OF INDIANA, Office Of he
Secretary Of STATE, to-tuit: l hereby
certify that the above and foregoing
act Of the Legislature Of said State, is
correct copy Of the enrolment now
on file in my Office, except the words
inserted thus in order to aid the
sense.
In TESTIMONY WHEREOF, / have
hereunto set my hand and affixed the
seal Of State at the City Of Indianapo-
lis. this goth day Of March A. d.
1858.