The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1855-04-19

themselves from being so liable, by causingor
requesting in writing, at the time, his or theis
dissent, 10 be entered the minutes of the board
and by forthwith giving notice, Of bis or their
absence or dissent to the Governor of the State,
and to the stockholders by giving no. ice thereof
in some newspaper published near said bank or
branch
SIC. 81. Every director not present at the
meeting when such excess shall he created or
contracted shall, nevertheless be d. emed to have
been concerned therein, ifthe same shall appear
on the books of The board and he remain d.
rector for six months thereafter. anu does not,
within that lime, give notice OF the same as re-
qured in the preceding section.
SEC. So The Insolvency of said bank or any
branch shall be deemed fraudulent unless its
affairs shall appear, upon Investigation, TO have
been fairly and legally administered, and gener-
ally with the same care and diligence that agents,
receiving compensation for their services are
bound bv law to observe; and it shall be incum-
benz on the directors and stockholders of the bank,
or any branch should the same become insol.
vent. 10 iepel by proof the presumption of fraud.
Sec 50. In case of the fra udnlent in solvency
of said bank or any branch, the Presider and di-
reclo,s of said bank or branch respectively, by
whose acts or omissions the insolvency was
wholly or in part occasioned. and whether then
in Office or not shall each be liable, in the first
instance 10 the creditors and stockholders OF the
said bank or branch or any or either Of them, for
his proportional share for their respective losses,
the proportion TO be ascertaned by dividing the
whole loss among The waole number OF directors
liable: and if anv such President or director
shall be unable, by reason OF being insovent, or
for anv other cause, to paw his proportional part
of such loss then the residue of said loss shall be
borne and paid in equal parts bv the remaining
directors liable as aforesaid until the Who'll. loss
! ch he inh tho vuhn
rights credits and effects of each of said directors
shall have been exhausted toward the payment
of such loss; but this section shall no, be con-
strued to diminish The liability of oh ec,ors as be-
fore declared.
SEC. 80. If the monies remaining due 10 the
creditors of said bank anv branch whose in
sulvency shall be aj}udged fraudulent, after dis
tributon of its effects. and alter the property,
rights credits and effects of the. President and
directors of such insovent bank or branch shall
have been exhausted. shall not be paid by the
stockholders. the deficiency shall be made good
by the contributions of the stockholders of the
branch becoming insolvent. Tn. whole amount
| of the deficiency shall he assessed on the whole
number of shares of the capital stock Of sail
branch and the sum necessary TO be paid OF
each share shall then be ascertained, and each
stakeholder shall be liable for the sum assessed on
the number of shares held ~ him not exceeding
the nominal amount OF such shares, IN addition
4
pay account of those shares; bat, before such
contribution shall be required, or assessment
made on any shares where the whole stock had
been paid, the instalmeLts unpaid or any shsres
shall be required 10 be paid up, and The estimates
oft the deficiency made accordingly
SIC 81 That il shall be lawful for the Gen.
efal Assembly, (by and with the consent of the
President and directors Of the bank and OF the
President and directors of each branch, and not
otherwise TO make such amendments and alter
aIiohs in this charter may be found expedient:
Provided. That said bank or anv OF its bi anches,
shall TO, be authorized by any such amendment
TO suspend refuse The payment OF specie for its
notes, bills or obligations or for any monies re-
cessed upon deposit, and that no such amendment
shall be made, the faith of the State is hereby
pledged by the creditors of said bank and branch
es: And provided further, That the State reserves
the right TO au. horiZe the establishment OF add.
tional bank districts and branches with The con.
sent of the boards of directors OF two-,hirds The
branches then organized.
SEC. %. II shall not be lawful for the said
hank after the expiration of twenty years from
its organization, 10 discount, loan money, or do
any cher banking business; and all The powers
herein conferred shall cease. except those incl
dental and necessary 10 close up its business for
which purposes only rs organization may be
continued for anv period Of time not more than
three years thereafter.
| Y.
in all conrts, and by all judges, magistrates and
other persons as public act; and all printed
copies of the same which shall be printed by or
under the authority of the Gener i Assembly
shall be admitted as good evidence thereof
without any other proof whatever.
See. 81 All expenses incurred in carrying
into effect the provisions of this Act shall be
paid by said bank. The board Of directors,
when organized shall make easonable allow
ances for the services of the commissioners and
other agents employed, and may require each
branch 10 contribute rateable proportion Tor
tie payment of all such expenses.
| Sec g5 Inasmuch as il is desirable that The
commissioners appointed by this Act shlll be
qualified and perform their duties. without de-
lay, il is declared that an emergency exists in
this case and this act shall be in force and take
effect, from and after its publication in one or
more newspapers published in the city OF Indian
apolis
| Passed Senate, Ftb. 24th. 1855.
SOLON THURMAN, Secy.