The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1855-04-18


er, as circumstances may require; but they
shall in no case withdraw any part of the
capitsl stock of any branch, or any part of
its local funds, without the consent of the
Board Of Directors of such branch, to be
ssed in any other branches except in cases
requiring such branch to be closed, as here.
in provided for; and they shall have power
to make and prescribe all necessary bylaws
to carry the powers herein conferred into
effect.
SEC. 3s. Theyshall have power to appoint
one or more Of their number to visit and in
spect the condition and affairs Of each branch
when and as often as to them shall seem
necessary: and it shall be their duty to make
such examination at least once in six months,
snd also a. any other time when thereto re-
quired by the directors Of any branch. No
director shall be appointed by the bank to
examine, visit and inspect the condition and
affairs of any branch from which he has re-
ceived his appointment.
SEC 81. The person or persons so examin-
ing shall have power to examine on oath or
affirmation. (Which they are hereby author.
lied to administer.) all the officers, servants
or agents of any branch, or any other person
in relation to the affairs and condition of
such branch, and they shall have power TO
examine all the books, papers, notes, bonds
and other evidences Of debt Of any branch; to
compare the books, funds and property OF
said branch with their returns and state
ments made thereof; to ascertain the amount
of money and available funds on hand. and
generally to make every other inquiry and
examination necessary to ascertain the
actual condition of such branch.
SEC. SO. The Board of Directors ofthe
Bank shall have power TO require of the
Boaid OF Directors of each branch reports of
their business and condition, as often as
shall be sxpedient, and not less than once
each month.
SEC. 80. They shall have power, when.
ever they sh III ascertain in any manner that
any branch is insolveut, OF, is mismanaging
its affairs. whereby the interest of the other
branches is endangered. or that branch
hath violated any Of the provisions of this
act. or any other act binding upon them. or
that any branch hath neglected or refused to
comply with any legal order or direction of
the Board of Directors OF the bank, and it is
hereby made the duty Of said Board forth.
with TO suspend the business of such branch,
and the power Of the branch directors over
the same, and If the interest OF The State or
the safety OF the other branches requires il,
TO close up the affairs and business OF said
branch entirely; and to effect the same, they
are hereby vested with power to appoint
receiver or receivers who shall, under their
direction and control, collect and receive
the rights, credits and effects due such
branch. and turn them into avsilable fupds;
to settle, adjust and compound the same; TO
sattle. adjust and pay off the debts due by
such branch; and any portion OF the capital
stock OF such branch, or stock notes given
therefor, shall be unpaid, to sue for and COL
lect the ssme, as also all contributions re.
CURED from ste ckbolders under the provi.
sions OF the ninty.fifih section Of this act. or
so pnch as shall be necessary TO meet the
demands against such branch.
SEC. 40. That copy Of such order sus.
pending or closing any b-anch. and appoint
ing receiver, or receivers 10 take charge Of
the same, signed by the President and at
tested by the clerk ofsaid Board and the seal
of said Bank, shall be sufficient to suthorize
snch receiver to seize and take charge OF
the same; and all officers, stockholders,
servants and agents OF such branch shall
be required To obey and submit to same,
and in default may he indicted for misde.
meanor, and fined and imprisoned at the dis
erection OF the jury trying the same; and any
person frauduently holding or concealing any
OF the property or effects Of such branch
from such receiver shall, upon conviction
thereof upon presentment or Indictment, be
fined in any sum not exceeding one thousand
dollars, and confined at hard labor in The
State prison for any term Of time not less
than one year nor more than ten years.
SEC. Al. 1t shall be the duty OF the D.
rectors Of the Bank to provide for the. pay
ment of all the debts OF failing branch that
shall remain due after all the property, real
and personal, rights. credits and effects. and
all the stocks of such falling branch, and the
contributions of its stockholders, shall have
beet, first applied; and for that purpose they
are hereby authorized to call on the other
branches for their respective proportions; ar
ranging the time OF making such calts so
that the whole amount oil such debt shall be
within one year afser such falling branch
shall have been suspended.
SEC. AZ. And if it shall so happen that
the stock, property. contribution or effects
OF such failing branch shall not by that time
have been turned into available means, the
same shall be collected and distributed
among the eeve al branches, to meet the ad-
vances by them made TO pay the debts Of
such failing branches.
SEC. A. After payment of all demands
against failing branch, If any residue re.
mains, it shall be paid to the stoc kholders in
due proportions. @
SEC. a. ANY order of the Board Of Di.
rectors to suspend or close branch, shall
be carried by at least two-thirjs OF the mem
beers present. AZ some meeting. 80 aegeud
W. ich all the members Of the Board shall
have bern notified; and the question shs u
be taken BY ayes and noes, and the same re-
corded on the minutes of the Board.
| SEc Is. The order Of the Board Of Dr.
rectors of the Bank suspending any branch.