The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1855-06-18

~ HS. lOlIOWltlS tHS SSSLiOuS VI IlC
Bank Law alluded 10 by our correspondent
''F.'' few days ago, and which we promised
to publish. relative to the capital stock of
the new State Bank Branches:
SEC. 10. The capital stock of said Bank
and branches shall be divided into shares of
fifty dollars each. No branch shall be orr
ganized until capital stock to the amount of
one hundred thousand dollars shall be sub
scribed therefor, and the commissioners here
in before appointed. after giving at least
thirty days notice by publication in three or
more newspapers published in the city of
Indianapolis nd at least twenty days no.
tlce in three or more newspapers published
in each bank district, or as many as may De
published In any district where there are not
three published, shall cause books to opened
by the sub-commissioner to be appointed fer
that purpose, for the subscription of the re-
quisite amount of stock, at such places with
in the districts aforesaid as shall have been
designated for the location of branches,
which books. shall be opened between the
hours of 9 and u, A. M. on the days and at
the times specified in such notice and if the
requisite amount of stock shall not sooner be
subscribed, said books may be kept open be-
tween the same hours each day, for the space
of thirty days. If more than the requisite
amount of stock shall be subscribed while
the books are open for any branch, the excess
shall be taken first from such as reside out
of the State, next corporations, and should
there still be an excess, the same shall be
taken in proportion from the subscriptions over
one thousand dollars, until all are reduced to
that amount, and then from all equally.
Sec. 80 If a sufficient amount of stock
shall be subscribed by responsible persons at
any branch, it shall be the duty of the sub
commissioners to notify the commissioners
| thereof who shall give notice to the SUBJ
scribers of the time when the first payment
on their stock shall be made, which notice
shall be by publication in one or more news
papers published in the proper bank district,
sixty days before such payment is to be made
and they shall also give notice in like man
ner, that an election will be held on the day
succeeding that appointed for the payment
of such nstalment, between the hours of 10
A. M. and O'Clock P. NJ, at some specified
place at the point where such branch is to
be located, for the election of five directors
on the part of the stockholders of such branch.
At such time and place, the stockholders
present shall appoint two suitable persons
who are not stockholders, to act as Judges,
and one to act as clerk, who SHALL after be-
ing duly sworn, faithfully to perform their
duties, receive the ballots for directors, and
certify that those receiving majority of the
votes cast were duly elected, and the direc-
tors so elected, shall constitute the board of
directors of such branch, for the purpose of
its organization and until the board of d.
rectors of the Bank of the State of Indiana
shall be organized and appoint directors on
the part of said boards, and the directors so
| tod ch II hon ha oddod RI cyrH hro oh
board.
Sec. 81. Such first instalment shall be
two dollars on each share of stock subscribed,
and shall be paid to sub commissioners, by
whom the books were opened, and who shall
attend for that purpose, and in case of the
failure of any subscriber to pay such first in
!. stalment, the sub-commissioners shall strike
his name from the books, and Immediately
re.ope said books to receive subscriptions
to make up the deficiency from any persons
who will pay such instalmen AS soon as
a branch is organized said sub-commission-
ers shall pay over thereto, all the money re-
j ceived from such subscriptions, and III books
and papers appertaning thereto, which with
the returns of the election for directors, and
4 the certificates thereof, shall be entered or
copied into the record books containing the
proceedings of the Board of Directors, which
entries shall be primG fdcie evidence of the
fact therein stated. If any sub commission
ers shall from any cause, fail to perform any
of the duties required of him, the same may
be performed by any other person appointed
by the commissioners to supply his place.
The residue of said stock shall be paid in
such instruments as the Board of Directors
of the proper branch shall require, but such
Iinstalments shall be so graduated. that not
less than one hundred thousand dollars shall
i be required to be paid into each branch, on or
before the first day of January, 1857.