Plymouth banner., 1855-05-03

subscribed. aud shall be paid TO SUBJ
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 instalmen,.
the ub-commissioners shall strike his
name from the books and Immediately
re open said books 10 receive subscrip-
tions. to make up the deficiency from
any person who will pay such install
ment. AS soon as bra nch is organized.
said sub commissioner shall pay over
thereto, all the money received from
such subscriptions, and all books and pa
pers appertaining thereto. which. with
the returns of the election for directors.
and the certificates thereof. shall be en-
tered or copied into the record books coz
tanning the proceedings of the board of
directors. which entries shall be prima
lfacie evidence Of the fact therein stated.
If any sub commissioner shall from any
cause. fail TO perform any of the duties
required of him the same may be per-
formed by any other person appointed by
the commissioners to supply his place.
The residue of said stock shall be paid in
such installments as the board Of direc.
but such instullments shall be so gradu
ated, that not less than one hundred thou
sand dollars shall be required to be paid
into each branch. on or before the first
day of January. 1857.
SEC. 50. The board of directors of
each branch shall meet as soon as con-
veniently may be after their election.
and after being duly sworn to support
the constitution and laws of the United
States and of the State Of Indiana, and
faithfully and honestly 10 perform The
duties of their office; shall proceed 10
elect the proper officers Of such branch,
and lso one of their number mem
Der Of the board OF directors of the bank
of the State Of Indiana, aud when not
less than ten branches have thus organ.
lied. the members elected to the board of
directors of the bank shall meet at the
city of indianapolis at such time SIS shall
be agreed upon, and organize said board
/! any members of such board have been
elected by the Legislature. they shall be
added thereto, and whenever. from time
to time. members of said board shall be
elected by the Legislature. or by branch
es that may be subsequently, organized,
such members shall be admitted to their
sea; at said board.
/ SEC SO. When not less than ten members
of the board of director. of the bank of
| the State of Il diana, shall meet afore-
said, and shall have been duly sworn TO
H., L
States and of the Stlte of Indiana. and faith
fully and honestly TO perform the duties oftheir
office. the commissioners shall deliver to them
all the books. papers and property in their pos
session, appertaining to said bank, together
with full report of all their proceedings III
the premises. which report shall be entered
on the record of said board. and when so en-
tered. said report shall be prima facie evidence
of the contents thereof, said board shall then
proceed TO elect their proper officers and when
thus organized. said board shall writ
ten statement of all the proceedings III the or
ganizl,ion of said bank and of each branch to
be made and filed IN the Office of the Secreta,y
of State which statement shall be accompa-
MED by the atfidavits of the President and
Cashier. that To- the best of their knowledge
and belief said statemen, is 'rrect, and that
said bank and branches have been organized in
SUud f-:sl, -.-d ;-i .i :-,.~-. e, ~a.I sIie
objects of Its charter fairly and honestly; aud
thereupoa said bank shall be dny organized
! for all the purposes contemplated in this Act,
except that ii shall Issue no bills or notes in
tended for circulation until after the first day of
January. 1857 and no such Bills or notes shall
be issued to any branch until at leaS; fifty
( thousand dollars shall have been paid into such
branch upon tue subscriptions for its stock
SEC. 81. The board of directors of the bank
Of the State of Indiana, is authorized TO increase
the capital stock of amy of the branches, by
empowering them To receive additional sub
scrip,ions thereto. TO such an amount as can be
| profitably empl lyed. but the aggregate capital
of the bank and branches shall not exceed six
mil inns of dollars.
| SEC. IS. Should any subscriber for stock in
any OF the branches fail 10 make payment Of
| the first or any subsequent instalment the par
ty faiiing shall make installment TO be recover
ell by said bank in an action at law. and in
case of the failure To- paw any subsequent in
| stallment the board of directors of the proper
branch may Sc and transfer any such share or
shares of stock at public auction, after ten days
notice IN writing put up at the door of such
4 branch, or so much thereof may be neces-
sary TO pay the dnes of such failing parry, if he
same cannot be sold for sufficient 10 pay all the
ins' ailments due, the same shall be forfeited
and become the property ofthe proper branch
and whenever any slockholder shall be indebt-
ed 20 any branch, and such branch shall hold
lien upon his stock to secure such Indebted
ness. if by reason of insolvency other cause.
he sh1ll be unable to pay such Indebtedness,
such branch shall have power to purchase and
hold much of such stock as may be neces-
sary TO discharge such len.
| SEC. Sc. The board of directors of the bank
of the State of Indiana may, from time to ii N e,
authorize the several branches. or any o { them,
to extend treir discounts To an amount, the
average of which for elch fiscal year shall not
exceed their deposites and two and half times
| the amount of the capital stock actually paid
IN, but never shall exceed that proportion. and
such discounts shall never exceed three times
the amount of the capital actually pad in, and
the amount of deposits; the power being still
reserved by the board of directors of the bank
to restrict the branches in their discounts TO
once and a quarter the amouat of its capita
paid In at its discretion. and in case of exccss
the directors under whose administration il
shall happen, shall be liable fer the same in
their individual and private capacities, in an
action of debt against them or any of them In
any curt competent to try the same, by any OF
the creditors of said bank or the bank tse f.
and may be prosecuted TO iud cement and ex-
ecution, any condition. covenant or agreemen,
TO the contrary notwithstanding; but this shall
not be construed 10 exempt the said bank OF
lands. tenements, goods, chattels. moneys and
effects ofthe same, for being also liable for and
chargeable with such excess. And any direc-
tor or directors who may be absent when such
excess Is ere ated or contracted, or who may